Asia Pacific Office Outlook 2024

SEOUL

RENT GROWTH

R E N T ( K RW/ S QM / Y R ) A N D R E N T G R OWT H ( % P E R A N N U M )

FORECAST

40,000

6.0%

35,000

5.0%

30,000

4.0%

25,000

3.0%

20,000

 Rent growth is expected to reach 5.5% in 2023 in line with low vacancy rates and high inflation.  The landlord-favourable market is likely to stay for a while.  As the demand for Prime offices continues to rise, it is expected that rental fees for prime office building in CBD, GBD will also increase.

15,000

2.0%

10,000

1.0%

5,000

0.0%

-

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (KRW/SQM/YR)

Rent Growth

Source: Cushman & Wakefield