24.3Q Seoul Office Vacancy Rate at 2.9%, Up by 0.3% from the Previous Quarter

The average vacancy rate of '24.3Q office buildings in Seoul rose by 0.3% from the previous quarter, reaching 2,9% Vacancy rates increased across all building sizes.
it appears that the overall rise in Seoul's office vacancy rate is due to major tenants relocating their headquarters different districts. For instance, 11st moved from 'Seoul Square' to Gwangmyeong, while SSG.COM moved from 'Centerfield' to the newly supplied 'KB Yeongdeungpo Tower.' Additionally, Coupang, which currently has offices in Gangnam and Songpa, is set to move to 'East Pole,' a new property in Guui.
it has been reported that many tenants are planning to relocate their headquarters for management efficiency. This shift in leasing strategies is expected to significantly impact the Korean office leasing market, necessitating close monitoring.

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