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January 2023 | Q4 2022 Seoul Office Market

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Seoul continues to be landlord-favourable as vacancy rates continue to decline

Insights & recommendations

Due to the economic downturn and decline in market liquidity, global tech companies underwent large-scale job cuts and reduced investments in startups. However, the impact on the Korean leasing market was minimal. 

    • Despite  concerns about tech companies reducing their leased areas, vacancy rates continued to fall, and rents rose in Q4 2022.
    • Tech companies are unwilling to reduce office space post job cuts due to their preferences for the GBD and the inability to expand later when the market recovers, due to the limited availability of grade A  offices. 
    • In 2023, rent will continue to rise due to stable demand and inflation. The landlord-favored leasing market is expected to continue for the time being.

     

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    January 2023 | Q4 2022 Seoul Office Market

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    Related Experts
    Judy Jang | Colliers | Korea

    Judy Jang

    Director

    Research

    Korea

    +82 2 6325 1918
    Email

    As Director of Korea, Judy  is responsible for research outputs and play a major role to drive a more client-oriented research approach to support business win rate.

    She provided various presentations or documents for clients' market reviews and collaborated with each team to answer client inquiries. She has built a good rapport and reputation with our clients through our services, which provide industry experts with consistently useful market information. 

    Judy has over 15 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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    Robert Wilkinson | Colliers | Korea

    Robert Wilkinson

    Managing Director

    Korea

    +82 2 6325 1901
    +82 10 7209 4609
    Email

    As Managing Director of Colliers International, Rob is responsible for the strategic direction of the Korea business, to lead the growth and diversification initiatives and develop leadership talent. He oversees all service lines as well as shared services including investment sales, office leasing, project management, valuation and advisory, research, marketing and communications, human resources and finance.

    Rob is also a member of the Colliers International Asia Leadership team.

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