Seoul Figures Q3 2025

OFFICE
Average vacancy rose by 0.5 ppts q-o-q to 3.1% in Q3 2025. Net absorption reached 31,493 sq. m.. Face rents continued their gradual upward trend, rising 0.9% q-o-q to KRW 39,964 per sq. m. per month. Aside from the three main business districts, Magok continued to attract a diverse pool of occupiers.

RETAIL 
As of August 2025, cumulative retail sales for the year totaled approximately KRW 428 trillion, up 1.8% y-o-y. The cumulative number of inbound tourists from January to August rose 16% y-o-y to 12.38 million, eclipsing 2019 levels. Retailers, particularly those in fashion and beauty, continued to expand.

LOGISTICS 
New supply totaled 374,861 sq. m., bringing the y-t-d figure to 765,020 sq. m., down 68% y-o-y. Leasing volume reached 699,758 sq. m. on the back of rapid stabilization among newly delivered facilities. Asking rents held steady q-o-q. Leasing demand continued to be dominated by e-commerce and 3PL tenants.

INVESTMENT
Seoul commercial real estate investment volume reached KRW 7.95 trillion in Q3 2025, up 1.4% y-o-y.  Investment volume reached KRW 25 trillion y-t-d, surpassing the KRW 22 trillion recorded in 2024. Office transactions dominated, accounting for KRW 7.66 trillion, or 77% of total investment volume.