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SEOUL MARKETBEAT REPORTS

Philip Jin • 19/10/2020
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

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.

Learn more by clicking our most recent Seoul MarketBeat reports below.

CURRENT MARKETBEATS

Office Buildings CBD
Seoul Office Report

The high rate of rent increase in YBD is due to new supply of Park One, and excluding Park One, the rate of increase rent was 0.8%.

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Shopping Retail
Seoul Retail Report

Online shopping transactions reached a record high of KRW14.38 trillion in August. Online food delivery services grew most extensively. 

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Warehouse Internal Rack
Seoul Investment Report

The spike in transaction prices is chiefly due to an inflow of capital into the domestic core office market, in an environment of high liquidity and continued low interest rates.

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