Seoul MarketView Q3 2021

19 oct. 2021

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Average effective Grade A office rents in Seoul's three major business districts stood at KRW 22,854 per sq. m in Q3 2021, an increase of 0.8% q-o-q. The rise was due to lower incentives in the GBD and CBD along with higher face rents in well-leased prime office properties in the YBD.



Retail sales totalled KRW 98.9 trillion in Q2 2021, representing growth of 7.7% y-o-y and 5.4% q-o-q.



Average Grade A logistics rents in Greater Seoul registered slight growth in Q3 2021. Low vacancy ensured rents in newly prime properties rose above existing rents in the same areas.



Commercial real estate investment volume reached KRW 3.7 trillion in Q3 2021, a slight decline from the previous quarter. Year-to-date investment volume totalled KRW 11.6 trillion, a similar figure to that recorded at the same point of 2020, which set a record for full-year investment volume.