South Korea

Seoul adds over 1,000 new hotel rooms in H1

This includes a luxury project with more than 600 rooms. 

Seoul shopping mall rents inch up 0.8% in Q2

High street rents also slightly increased by 0.6%.

Seoul’s hotel supply pipeline concentrated in provincial markets

Around 3,000 new hotel keys are expected to be added this year.

Seoul’s Grade A office vacancy now at an all-time low of 1.1%

The vacancy rate has been steadily decreasing since 2021.

Why Seoul’s office transaction volumes crashed in Q1

The city’s KRW989.5b transaction in Q1 is a mere 26% of the volumes recorded the previous year.

Seoul prime office rents record highest increase since 2008

Face rents grew 8.1% in the first quarter of 2023.

Why there is limited hotel supply growth in Seoul

Most of the new supply is slated to enter destinations such as Busan and Jeju.

Seoul office vacancy rate hits 13-year low of 2.5% in Q3

This is the lowest recorded vacancy rate since Q2 2009.