Seoul Figures Q3 2024

OFFICE
Seoul Grade A office vacancy remained low at 2.7%, a 0.9%p increase q-o-q in Q3 2024. Effective rents rose 0.7% q-o-q to KRW 35,402 per sq. m., marking a slowdown in growth from the previous quarter.

RETAIL
Cumulative domestic retail sales for the first eight months of the year amounted to KRW 420 trillion, an increase of just 0.4% y-o-y. As in Q2 2024, online and convenience store retail sales grew steadily amid sluggish domestic demand, while duty-free sales reported solid growth of 13% y-o-y.

LOGISTICS
Five new Grade A logistics facilities totaling approximately 633,323 sq. m. were completed in Q3 2024. This quarter’s new stock brought y-t-d Grade A logistics supply in Greater Seoul to 2.4 million sq. m., representing approximately 65% of full-year supply.

INVESTMENT
Commercial real estate investment activity rebounded significantly in Q3 2024, reaching KRW 6.7 trillion, a 43% increase q-o-q. Office transactions accounted for 57% of total investment volume at KRW 3.8 trillion, while logistics transaction volume reached KRW 1.9 trillion.