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Seoul Prime Office Q1/2026

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Despite relocation-driven leasing volatility, investment activity remains selective alongside resilient demand.

- SAVILLS RESEARCH

Investment activity remains selective

Key Takeaways

  • In Q1/2026, Seoul's prime office vacancy rate rose slightly QoQ to 4.0%; net absorption fell temporarily.
  • GBD maintained the lowest vacancy rate among major districts at 1.7%, supported by the swift backfilling of space following tenant departures.
  • Supported by prime office transactions, including Seoul Square, Seoul's total office transaction volume reached approximately KRW3.0 trillion in Q1/2026, driven by selective investment from financially capable investors and owner-occupiers.
  • Prime office cap rates in Seoul remained broadly in line with the previous quarter, though upward pressure is expected amid rising Treasury bond yields.
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