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October 2021 | Q3 2021 Seoul Office Market (English Version)

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Q3 2021 Seoul Office Market

Gangnam area vacancy rate plunged to 1.4% in Q3 2021 due to continued demand from tech tenants

Insights & recommendations

 

With the expansion of global big tech companies and rapid growth of Korean tech startups centered in the GBD area, vacancy in all districts in Seoul decreased in Q3. In particular, vacancy in Grade A offices in the GBD area plummeted to its lowest rate since 2010 due to major tenant contracts in prime GBD buildings such as the CenterField Building and the Asset Tower

 

  • The market cycle is changing from a tenant-favored market to a landlord-favored market as tech tenants continue to expand and the volume of new office supply decreases
  • We recommend tenants consider the CBD and YBD instead of the GBD which lacks vacant space. In addition, tenants should begin securing additional space now by renewing existing contracts before landlord incentives, such as rent-free periods, decrease even further

Q3 2021 Seoul Office Market

October 2021 | Q3 2021 Seoul Office Market (English Version)

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Judy Jang

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Judy Jang has joined Colliers International Korea as Associate Director of Research & Advisory Services in March 2018. She is responsible for research outputs and will play a major role to drive a more client-oriented research approach to support business win rate.

Judy has over 13 years of experience in real estate business and 6 years in IT industry. Prior to joining Colliers, she has served as a Head of Research for 7 years in Cushman & Wakefield Korea. She also had worked at Golden Bridge Property Management (Vanguarz Asset), Polaris HQ, LAN bird Technology Company, and Alibaba Korea.

 

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