Asia Pacific Office Outlook 2024

SEOUL

K E Y M E S S AG E S

SUPPLY

DEMAND

RENTS

KEY OUTLOOK

 While new supply in 2024 is expected to double from 2023, it will still be insufficient to meet existing demand for office space.

 As demand for high-quality office space increases, office vacancy rates will remain low until new office space becomes available.

 As the demand for high quality office spaces in CBD and GBD continues to rise, it is anticipated that rents will increase. The market will continue to be favorable for landlords in 2023.

 The vacancy rate is expected to increase

slightly to around 3% next year, due to a partial decrease in the space requirements of IT and startup companies and the entry of new office supply.  Rents are expected to continue to rise due to high corporate demand for prime office space.