Average Grade A effective rents in Seoul’s three major business districts increased by 0.4% to KRW 22,164 per sq. m.. Vacancy rose to 11.4%.
Retail sales volume for Q2 2020 reached KRW 91.8 trillion (-1.4% y-o-y), the second consecutive quarter of negative growth. However, y-o-y growth has been positive since June due to rapid expansion of online sales.
Logistics assets continue to benefit from the structural shift to e-commerce accelerated by the pandemic, with both newer and older properties attracting strong leasing demand.
Commercial real estate transaction volume surged by 123% q-o-q and 71% y-o-y to KRW 6.27 trillion in Q3 2020, a record quarterly high.