ASIA PACIFIC OUTLOOK 2025

SEOUL

NEW SUPPLY

The supply of new buildings in 2024 increased compared to previous years; however, most of these buildings are occupied by SI tenants, indicating that the office leasing market continues to face challenges with limited availability in the main business districts. The rise in construction costs and restrictions on government permits have resulted in delays in the completion of new office spaces, further exacerbating the ongoing supply shortage.

100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000

FORECAST

NEW SUPPLY (SQM)

0 50,000

Starting in 2027, office space availability in the main business districts is expected to improve.

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield