2025 Office Tenants Profile Report

Disparities across submarkets and asset classes in the office leasing market are becoming more pronounced. This is largely driven by differences in the timing of new office supply across submarkets as well as the polarization of employment across industries, which together are influencing rent gaps by location and asset grade. Companies are factoring in productivity and operational efficiency when planning office downsizing, relocations, or expansions, and these industry-specific differences in demand are expected to continue shaping leasing strategies going forward.

In Seoul and Pangyo combined, finance, services, and IT together account for around 65% of total occupancy. Notably, financial and IT companies have been leading the trend of “flight to quality” expansions. With large retail corporations moving out of core business districts and contractions in the construction sector, the occupied space of these industries has slightly declined.