Seoul Office Transactions Surpass ₩13 Trillion in 2024 and Outlook for 2025

2024 Seoul Office Market Scale

Seoul Office: In 2024, the annual transaction volume of Seoul’s office market totaled ₩13.3487 trillion. Marking a 77% increase from the previous year and ranking as the second-largest on record after ₩13.9916 trillion in 2020. The fourth-quarter alone exceeded ₩5.0532 trillion. Major asset transactions—such as D-Tower Donuimun (₩895.3 billion). K-Square Magok (₩690.6 billion), and Coreight Tower (₩445.0 billion)—accounted for 59% of the total. This surge reflects post-pandemic recovery, expectations of rate cuts, and renewed institutional investor confidence.경제 인사이트

Regional Transaction Performance

By district, Central Business District (CBD) led with ₩2.1703 trillion (43% of total). Followed by Gangnam Business District (GBD) at ₩1.2730 trillion, Yeouido Business District (YBD) at ₩836.2 billion, and other areas at ₩773.7 billion. Transaction prices per 3.3㎡ were highest in GBD at ₩34.03 million, CBD at ₩30.73 million. YBD at ₩24.85 million, and other districts at ₩17.09 million. Notably, GBD’s annual volume of ₩5.7602 trillion set a new record, underlining the sustained office demand in Gangnam.

Vacancy Rates and Rental Trends

In Q4 2024, Seoul’s office vacancy rate rose to 6.0%, up 1.4 percentage points from the previous quarter, driven by the delivery of roughly 103,500 pyeong of new supply mainly in Magok. However, the CBD vacancy rate fell slightly to 3.3%, buoyed by occupancy at Post Tower and Seoul City Tower. Overall rents climbed 1.0% quarter-on-quarter. In GBD, average monthly rents reached ₩108,500 per pyeong, up 2.1%, while other districts also saw modest rent growth. 강남 사무실 임대

2025 Outlook and Strategies

GenstaMate forecasts that active rate cuts and renewed institutional investor confidence will drive Seoul’s office transactions in 2025. Nonetheless, rising supply, interest rate volatility, and economic uncertainties pose risks. Companies should adopt flexible space strategies, such as combining traditional headquarter offices (BTO) with co-working spaces to accommodate hybrid work models. Proactively securing space in emerging districts with high growth potential will also be a prudent approach.