Office: Office market leasing activity was curtailed in Q2 by the impact of COVID-19, with transactions dropping 20% y-o-y. However, with limited supply, average vacancy for Grade A office properties rose only slightly from Q1 to record 4.09% at the end of Q2.
Retail: With the damaging effects of COVID-19 easing, consumer activity is resuming, supported by government stimulus measures, and retail sales are on the mend. However, a full recovery to pre-pandemic high street sales levels is likely to be drawn-out.
Investment: The COVID-19 outbreak had limited direct impact on the office investment market in 1H, but the pandemic has had the effect of focusing market liquidity in the market further onto office properties. In particular, investors’ preference for core assets with high-quality tenants, location advantages and superior specifications is growing day by day.
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