Seoul office sales rebound for first time in 4 years in 2024

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Seoul office sales rebound for first time in 4 years in 2024 - Korea Economic Daily

Quick Summary:

It also represented the second largest office sales volume in Seoul in one year since the research house began compiling relevant data in 2000.“Over the past two to three years, investors targeted core assets in key business districts because of high borrowing rates and the difficulty of raising equity funds,” said a GenstarMate official.“Assets in other districts such as Sangam and Yeongdeungpo were relatively overlooked.”Office buildings that changed hands in the GBD in 2024 included the Arc Place (791.7 billion won) and KOREIT Tower (480 billion won).

The Seoul office market bounced back for the first time in four years in 2024, with transaction volume soaring 78.7% to 13.4 trillion won ($9.1 billion) from the year prior, according to GenstarMate, a South Korean real estate research firm.

Core office buildings in the Gangnam business district (GBD) and the central business district (CBD) accounted for 80% of transactions, led by The Asset, which marked the country’s largest commercial building sale in 2024.