Report | Future Cities

2021 Seoul Office Tenant Profile and outlook

20 Jun 2022

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  • In 2020, the emergence of COVID-19 along with a new supply of 730,000 sq. m. raised concerns over large vacancies and rents forecast in the Grade A office market.

  • Contrary to concerns, tenants’ expansion and relocation activities have recovered significantly since the second half of 2020, and Seoul’s Grade A office market recorded the highest net absorption of 555,000 sq. m. in 2021 despite the ongoing pandemic.

  • Amid strong demand and rental growth in the office market expected to continue, CBRE conducted the 2021 Seoul Office Tenant Profile analysis to identify key demand drivers in the three major and other districts and further suggest potential changes and outlook of the market.

  • A total of 614 office buildings were analysed in Seoul’s three major districts (CBD, GBD, and YBD) and other districts including Pangyo, Seongsu, and Magok across different grades in the form of a chart book.

  • Section 1 presents macro-economy and employment trends, and Section 2 demonstrates Grade A office market overview. Lastly, Section 3 analyses tenant demands in each market by asset grade. 

tenant profile EN 1
tenant profile EN 2