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Office MarketBeat Report

Suki Kim • 13/05/2025
In Q1 2025, the average vacancy rate for Grade A office buildings in Seoul rose by 0.5 pp q-o-q to 4.0%. Amid ongoing economic headwinds, leasing activity remained subdued, while tenant relocations out of major submarkets continued to drive vacancy upward. Overall rents increased by 2.4% q-o-q, largely due to seasonal upward adjustments typically observed at the beginning of the year. Looking ahead, new supply is scheduled for Q2, including OPUS 459 in the GBD and One Sentinel in the YBD.

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