Office: Average Grade A office vacancy rose to 9.2% in Q3, up 5.1pp from Q2, as new supply was concentrated in the second half of the year.
In CBD submarket, the vacancy rate reached 10.3%, up 5.1 pp from Q2. New projects SG Tower and Centerpoint Donuimun launched in the quarter, contributing to vacancy pressure.
Retail: In contrast, physical sales at supermarkets and department stores fell 0.4 pp and 3.2 pp y-o-y respectively in August. However, some large retailers are expanding their bricks and mortar presence, drawing on post-COVID-19 lessons to introduce and benefit from experiential retail aspects.
Investment: CBD and GBD submarkets maintained record high per sqm transaction prices in Q3. Overall average transaction prices per sqm for Grade A office properties in the city’s major districts for the year-to-date stood at KRW8.5 million, up 18.5% from last year, marking the sharpest ever increase.
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