Seoul Figures Q4 2024

OFFICE
Seoul Grade A office vacancy remained low at just 2.4% in Q4 2024, down 0.3%p from the previous quarter. Net absorption was approximately 22,000 sq. m.. Face rents continued to edge upwards, rising 1.9% q-o-q to KRW 38,119 per sq. m.. 

RETAIL
While the two interest rate cuts in Q4 2024 were expected to have a positive impact on domestic consumption, the sharp increase in the exchange rate and decline in foreign tourists due to political turmoil in early December caused consumer sentiment to rapidly decline over the quarter.

LOGISTICS
Average Grade A logistics dry face rents rose 2.1% y-o-y to KRW 35,333 per sq. m., driven by strong growth in Anseong and Siheung. Grade A logistics vacancy stood at approximately 23% at quarter’s end, up 2.3%p from H1 2024. Dry and cold storage vacancy rates remained high, at 17% and 41%, respectively. 

INVESTMENT
Seoul commercial real estate investment volume totalled KRW 5.3 trillion in Q4 2024. Cumulative transaction volume in 2024 was about KRW 22 trillion, the highest since 2015.