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.
