Asia Pacific Office Outlook 2024

SEOUL

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

 Seoul saw a notable decrease in vacancy rates due to the rising demand for office space from IT companies and startups during the pandemic.  The global flight-to quality trend continues as the importance of improving employee well-being drives companies to upgrade their office spaces.  It is anticipated that the office vacancy rate will remain low until new office spaces are supplied.  However, the decrease in IT and startup company

FORECAST

9.0%

500,000

8.0%

400,000

7.0%

300,000

6.0%

200,000

5.0%

100,000

4.0%

-

3.0%

-100,000

2.0%

-200,000

1.0%

management as a result of the COVID-19 pandemic is expected to have a slightly negative effect on the demand for office space.

-300,000

0.0%

2020 2021 2022 2023F 2024F 2025F 2026F 2027F Net Absorption Vacancy Rate

Source: Cushman & Wakefield