Outlook 2023 South Korea

SEOUL

NEW SUPPLY

NEW SUPPLY (SQ M)

900,000

 There is limited new supply in 2022, before more projects complete in 2023.  In YBD (Yeouido Business District), two projects are currently under construction and are expected to complete in the second half of 2023. Pre-leasing activity is expected to contain the impact of the new supply on vacancy.

FORECAST

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

2020

2021

2022F

2023F

2024F

2025F

2026F

Source: Cushman & Wakefield