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Quarterly Report | Seoul Office Market: Q1 2022

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Continued fall in office vacancy rate across Seoul; Gangnam area close to full occupancy.


Key report highlights:

  • Average Grade A vacancy rates across the whole of the Seoul market has dropped to 4.0%, the lowest rate since 2010.

  • Coupled with a shortage of upcoming supply, this has turned the market into a landlord market. We expect Seoul to be landlord-favourable for at least the next three years.

  • The Gangnam Business District (GBD), which is traditionally the favoured sub-market for tech occupiers, is particularly tight, with a vacancy rate of below 1%. Landlords in the GBD are becoming very selective as to who they lease to and are now offering no incentives.

  • Colliers recommends occupiers consider other submarkets for their expansion needs.

Download the report below for more expert insights and recommendations on the Seoul office market.


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Quarterly Report | Seoul Office Market: Q1 2022

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