Seoul Figures Q3 2026

OFFICE
Average Grade A office vacancy in Seoul’s three major business districts fell 1.1 ppts q-o-q to 3.1% this quarter. CBD vacancy declined as the Serious Crimes Investigation Agency leased all of René Square, while GBD and YBD vacancy held in the 1% range on prime demand. Headline rents rose 0.4% q-o-q.

RETAIL
Foreign tourist card spending rose 49% y-o-y in Q3 2026, lifting department stores and major high streets. With Seongsu vacancy at 1.3%, store-opening demand spilled over to Seoul Forest and Konkuk University. Global brand flagships and premium pharmacies continue to attract foreign shoppers.

LOGISTICS
Cumulative supply through Q3 2026 has reached about 90% of the full-year pipeline, effectively completing this year’s pipeline. During the quarter, occupiers secured large-format space through pre-leasing. Vacancy is forecasted to keep declining, with competition for prime assets set to intensify.

INVESTMENT
Investment volume totaled KRW 9.6488 trillion, up about 5% q-o-q but down about 4% y-o-y, with offices accounting for 73% of the total on a string of large deals. Grade A office and logistics yields rose to 4.3% and 5.4%, the first rise in about two years since Q2 2024.