Seoul Offices 2H/2025

INTRODUCTION

Initially, most prime office development projects in Seoul’s CBD were expected to be delayed or suspended due to soaring construction costs and difficulties in securing project financing. However, demand for prime office space has consistently outpaced supply, leading to a steady decline in vacancy rates over the past five years. From a policy perspective, government initiatives, particularly the expansion of Floor Area Ratio (FAR) incentives, have enabled several projects to proceed.