ASIA PACIFIC OUTLOOK 2025

SEOUL

RENT GROWTH

As the demand for prime offices remains strong and inflation persists, it is expected that rental levels for office buildings in main business districts will increase. Rent growth is expected to reach 2.5% in 2025, in line with the relocation of large companies outside the main business districts. The landlord-favorable market is likely to begin shifting in 2025 after the big corporations relocate and vacancy rates rise.

10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

FORECAST

- 5,000

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

KRW/SQM/MO

Rent growth (%)

RENT (KRW/SQM/YR) AND RENT GROWTH (% PER ANNUM)

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield