Seoul Office 1H/2019

In Korea, a wide range of industrial sectors such as finance, construction, manufacturing and information technology among others, lead to diversification of demand for prime office space. Analysing prime office tenant types as of 1H/2018, most demand for Seoul’s prime office buildings stemmed from the finance sector (the sector taking the most space with 36%) and manufacturing industries (19%). 

Financial institutions are the major occupiers of prime office space in the CBD (with 37%) and YBD (53%). Headquarters of major banks excluding KB Kookmin Bank (YBD), and foreign bank branches are mostly situated in the CBD where major government agencies and the Bank of Korea are located. On the other hand, YBD has a high proportion of securities, asset management and related financial investment firms, as the Financial Supervisory Service and Korea Exchange are located there. Recently, leasing demand increased in the YBD from fintech firms, financial service providers based on technology, and crypto-currency exchanges.