Average Grade A effective rents were unchanged at KRW 22,671 per sq. m. in Q2 2021. Limited supply ensured vacancy fell for the second consecutive quarter as new Grade A supply completed in H2 2020 was steadily filled.
The period saw strong demand for luxury goods, leading to sales growth and business expansion by related retailers.
Higher rents in newly supplied assets and robust leasing demand drove steady rental gains in the Greater Seoul Grade A logistics market.
Strong demand for logistics and office assets combined with several sizable deals for hotel and retail properties underpinned a 48% q-o-q increase in investment volume.