Seoul Figures Q4 2025

OFFICE
Headline rents rose 2.0% q-o-q in Q4 2025, while effective rents increased 6.3% y-o-y despite a slight increment in rent-free periods. Grade A vacancy edged up by 0.2 ppts q-o-q to 3.3%, indicating a continued transition toward a more normalized supply–demand balance.

RETAIL 
Supported by expansion by beauty and wellness retailers, vacancy in major high-street retail areas was absorbed quickly in Q4 2025—particularly in Gangnam, Seongsu, and Hannam—alongside steady rental growth on the back of resilient demand. 

LOGISTICS 
Greater Seoul Grade A dry logistics rents rose by 2.4% y-o-y, with Incheon recording the strongest growth at 5.7% y-o-y. With supply slowing and large vacant assets being absorbed, vacancy stood at 17% at year-end, with dry and cold storage vacancy standing at 10% and 36%, respectively. 

INVESTMENT
Seoul’s commercial real estate investment volume reached KRW 8.8807 trillion in Q4 2025, an increase of 68.6% y-o-y. This brought full-year 2025 investment volume to KRW 33.7 trillion (+53% y-o-y), a record high.