ASIA PACIFIC OUTLOOK 2025

SEOUL

DEMAND & VACANCY

The office leasing market in Seoul reflects a strong preference for prime-grade offices, sustaining a low vacancy rate of around 3% In major business districts, sustained growth in the number of businesses and employees has fueled a trend toward upgrading to prime-grade office spaces, emphasizing enhanced workplace environments and employee well-being. It is anticipated that the office vacancy rate will remain low until new office spaces are supplied in the main business districts.

350,000

6.0%

FORECAST

300,000

5.0%

250,000

4.0%

200,000

3.0%

150,000

2.0%

100,000

1.0%

50,000

0.0%

0

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

NET ABSORPTION (SQM) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield