Business · Economy · 1 hr ago
Seoul Grade A office vacancy rate falls to 3.1% in third quarter
Seoul’s Grade A office vacancy rate fell to 3.1% in the third quarter, down 1.1 percentage points from the previous quarter.
The decline covered the city’s three main business districts: the central business district, Gangnam and Yeouido.
Leasing demand remained strong in Gangnam and Yeouido, while a large tenant took all of the RENE Square building in the central district.
That lease made up about 82% of the central district’s total leasing activity for the quarter.
New leases covered 117,521 square metres, around the quarterly average seen since last year.
Monthly listed rent rose 0.4% from the previous quarter, while higher borrowing costs and two policy rate increases delayed some property deals and put pressure on investment yields.
Seoul’s Grade A office vacancy rate fell to 3.1% in the third quarter, down 1.1 percentage points from the previous quarter.
CBRE Korea attributed the decline to leasing in the central business district and continued demand for prime offices in Gangnam and Yeouido.
Vacancy rates were 5.1% in the central business district, 1.0% in Gangnam and 1.7% in Yeouido.
New leases totalled 117,521 square metres, while nominal rent rose 0.4% from the previous quarter to 41,671 won per square metre per month.
- Who
- CBRE Korea reported the figures for Seoul’s Grade A office market.
- What
- The average vacancy rate fell to 3.1%, down 1.1 percentage points from the previous quarter.
- When
- The third quarter of 2026.
- Where
- Seoul’s three main business districts: the central business district, Gangnam and Yeouido.
- Why
- Leasing at a large central district property and demand for prime offices in Gangnam and Yeouido lowered the overall rate.
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- Overall vacancy rate
- 3.1%
- Change from previous quarter
- Down 1.1 percentage points
- Central business district vacancy rate
- 5.1%
- Gangnam vacancy rate
- 1.0%
- Yeouido vacancy rate
- 1.7%
- New leases in third quarter
- 117,521 square metres
1 source
What people are saying
This quarter, vacancies in newly supplied assets in the central business district were absorbed, while leasing continued in Gangnam and Yeouido, especially in prime assets. However, two base-rate increases and rising financing costs are delaying some transactions and increasing pressure for further yield increases.