The data has been collected based on 110 prime offices, each with more than 30,000 square meters of floor, in Seoul’s three major business districts – Gangnam, Central and Yeouido.“Investors have delayed their decision-making process amid the uncertainties of the timeline for Korea’s base rate,” said Hong Jieun, senior director at research and consultancy of Savills Korea.“As the office leasing market remains robust, price corrections are limited and a number of deals are expected to close in the second half of this year,” she added.
The vacancy rates in CBD and GBD are expected to rise in the third quarter as Korea Seven, the Korean operator of convenience store chain 7-Eleven, will move its headquarters office from downtown Seoul to an eastern district of the capital and e-commerce platform Interpark will move from Gangnam to Pangyo, so-called Silicon Valley of Korea.
Prime office transactions in Seoul hit a 10-year low in the second quarter due to delayed fundraising amid uncertainties of the central bank’s rate cut timeline, global real estate services provider Savills plc’s South Korean unit said on Tuesday.
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