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SEOUL MARKETBEAT REPORTS

Jinwoo Jung • 25/04/2022
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Retail: The Seoul high street vacancy rate fell for the first time since the pandemic in Q1 2022. Garosu-gil saw a noticeable drop, with the opening of new stores. The retail industry was not immune to a recession brought on by COVID-19, but is now reviving with the economy’s reopening.

Investment: Total transaction volume in Seoul and Bundang District recorded approximately KRW3.1 trillion in Q1 2022, up 45% y-o-y and rising threefold q-o-q. Some districts are expected to hit record price highs this year because transaction volume set to expand, and sale prices to rise in 2H.

Office: Overall Grade A office vacancy fell to 3.5% in Q1, down 1.7 pp from the previous quarter. Due to the insufficient scheduled supply and recent expansion in leasing demand, the vacancy rate fell below the natural vacancy rate to record the lowest in the past decade. In particular, availability in GBD district is extremely tight, and hence the landlord-favorable market environment is expected to continue in the immediate period.

CURRENT MARKETBEATS

Office Buildings CBD
Seoul Office Report

Vacancy in the CBD submarket dropped 2.1 pp q-o-q to record 6.4%.

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Shopping Retail
Seoul Retail Report

As social distancing measures are eased, the retail industry’s recovery is forecast to accelerate, in turn leading to a further drop in the vacancy rate this year.

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Warehouse Internal Rack
Seoul Investment Report

While transaction volume was at around KRW1 trillion in Q4 2021 transaction activity in Q1 2022 centered on the BBD and Others submarkets, rather than the major Seoul business districts of CBD, GBD, and YBD.

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