Here’s what to expect from Seoul’s office property sector this year | Real Estate Asia

Here’s what to expect from Seoul’s office property sector this year

Find out which projects are slated for completion.

According to a Savills report, there has been no new supply of prime offices in Seoul since Q3/2021, keeping the vacancy rate low through to Q1/2023 and net absorption to only 10% of the figure achieved during the same period last year. 

In addition to Scale Tower supplied in March, Savills says projects such as Anchor One Building, TP Tower and the Bongraedong Meritz Fire & Marine Insurance HQ are expected to complete in 2H/2023, which should result in increased tenant activity during the second half of the year. 

Here’s more from Savills:

In the CBD, the remodelling of the Bank of Korea HQ will be completed in April. After the Bank of Korea relocates from Samsung HQ (44,200 sq m), the vacated area will be occupied by Samsung C&T and Samsung Electronics as a satellite office. E-Mart, which sold its headquarters last year, has announced plans to occupy Orange Center in its entirety, which was left empty after the move-out of Shinhan Life. 

Nokia Solutions & Networks Korea have agreed to lease 3,500 sq m of vacant space at SI Tower leaving Autoway Tower. Compared to Q4/2022, the new supply near Gangnam Station offers contiguous floors in the GBD. 

As for the YBD, Raon Secure is expected to lease 6,400 sq m at Parc.1 Tower 2 due to the planned refurbishment of the Wooshin Building in the GBD, while a foreign co-working operator is scheduled to occupy part (2,900 sq m) of the area at Hana Securities Building that was previously occupied by 3M (5,900 sq m).

 

Join Real Estate Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

How Metland Indonesia deals with weaker residential purchasing power
The real estate firm continues to expand with residences that are attractive to consumers because of pricing, the ‘growing house’ concept, and sustainable features.

Event News

Event News

Real Estate Asia Awards 2023 Winner: Henderson Land Development Company Limited
Henderson Land Development Company Limited wins big at the Real Estate Asia Awards 2023 taking home 3 notable accolades, the Developer of the Year, Mixed-Use Development of the Year, and Residential Development of the Year awards for Hong Kong.
Real Estate Asia Awards 2023 Winner: Henderson Land Development Company Limited
Henderson Land Development Company Limited wins big at the Real Estate Asia Awards 2023 taking home 3 notable accolades, the Developer of the Year, Mixed-Use Development of the Year, and Residential Development of the Year awards for Hong Kong.