Asia Pacific Office Outlook 2024

SEOUL

NEW SUPPLY

N EW S U P P LY ( S QM )

500,000

FORECAST

450,000

400,000

 The supply of new buildings in 2023 fell far below the demand for office space after 2022 saw limited new supply enter the market.  The 2024 supply pipeline is projected to double in comparison to 2023, yet it will still fall short of the existing demand for office spaces.  The increase in construction

350,000

300,000

250,000

200,000

150,000

100,000

costs and stricter safety regulations may lead to

50,000

delays in new office spaces. This will further contribute to an ongoing shortage of office supply in the future.

0

2021

2022

2023F

2024F

2025F

2026F

2027F

Source: Cushman & Wakefield