Newmark report reveals Seoul office vacancy rate reached 4 5 percent
Real estate advisory firm Newmark published its third quarter 2026 market report recording a 4 5 per cent vacancy rate across prime Grade A office properties in Seoul
Seoul's office market vacancy rate reached 4.5 percent in Q3 2026, according to Newmark's latest report. Tenant relocations contributed to increased available space in the central business district (CBD) and Gangnam Business District (GBD). Financial institutions' relocation and expansion demands reduced vacancy in the Yoido business district (YBD).
Lease incentives at selected CBD assets highlight the importance of competitive leasing terms. While CBD vacancy rose by 0.5 percentage points to 7.0%, the GBD vacancy rate increased by 0.6 percentage points to 2.7%. In the YBD, vacancy fell by 0.8 percentage points to 2.3%. Growth industries and financial-sector tenants continue to drive demand in key locations, despite increased overall availability.
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