Grade A office buildings in Seoul’s three major business districts saw steady leasing activity in Q2 2019. Vacancy rose in the CBD but declined in the YBD and GBD. Overall rents were unchanged.
Retail sales stood at KRW 90.3 trillion in Q1 2019, representing growth of 3.2% y-o-y (-4.8% q-o-q). F&B retailers drove leasing demand, spearheaded by specialty coffee brands.
Three new Grade A logistics assets were completed in the Greater Seoul area this quarter. Transaction volume in the sector totalled KRW 656.7 billion as several major assets were sold.
Commercial property transaction volume totalled KRW 4.3 trillion, an increase of 38% q-o-q, as local and overseas investors displayed robust demand for office and logistics assets.