▶ October transaction value reaches 2.7287 trillion KRW… up 26.7% MoM and 100% YoY
▶ Number of deals at 149, down from previous month, but average value per transaction expands to 18.3 billion KRW
▶ "Medium-term trends matter more than short-term fluctuations; supportive interest rate environment needed for sustained recovery"
According to an analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport (MOLIT) by RSQUARE ANALYTICS (RA), the research arm of comprehensive commercial real estate service firm RSQUARE (CEO: Lee Yong-gyun), the Seoul commercial and office real estate market in October 2025 has entered a qualitative recovery phase driven by "transaction scale."
The study reveals that the transaction value of commercial and office buildings in Seoul this past October was 2.7287 trillion KRW with 149 transactions. Compared to the previous month (2.1519 trillion KRW / 193 cases), the value increased by 26.8% while the volume decreased by 22.8%.
On a year-over-year basis, the transaction value surged by 100.4% compared to October 2024 (1.3614 trillion KRW / 148 cases). When compared to October 2023 (1.6371 trillion KRW / 102 cases), the value improved by 66.7% and the volume by 46.1%.
The upward trend since the beginning of the year is also distinct. The average monthly transaction value for the first quarter (Jan–Mar) was 1.2866 trillion KRW with 116 cases. In contrast, the average for the most recent three months (Aug–Oct) rose to 1.9673 trillion KRW and 157 cases, representing an increase of 52.9% and 36.0% respectively. Regardless of monthly fluctuations, the quarterly trend line is moving upward, characterized by a shift from "volume-driven expansion" to "scale-driven expansion."
The average transaction value per deal supports this shift. In October, the average per deal was approximately 18.3 billion KRW, a 63% increase from September (approx. 11.2 billion KRW) and double the figure from the same month last year (approx. 9.2 billion KRW). This indicates a market where the "weight of each transaction" has grown more significant than the frequency of trades.
From a mid-to-long-term perspective, the market entered an adjustment phase following the peak in June 2021 (4.7282 trillion KRW / 328 cases). It hit rock bottom in January 2023 with 495.2 billion KRW and 36 cases, followed by about a year of stagnation. Transaction values began to rebound in March 2024, showing limited improvement in the number of deals.
Following a temporary adjustment in August of this year, the market recorded 193 cases and 2.1519 trillion KRW in September. October continued this trend with "fewer but larger" transactions, showcasing a qualitative recovery.
Notably, the largest transaction in October was confirmed as the Heungkuk Life Insurance Headquarters Building on Saemunan-ro, Jongno-gu, which sold for 719.3 billion KRW. This was followed by the KEPCO Material Center site contract (505.5 billion KRW) awarded to the BS Group, and the Seocho-dong building acquisition (179.3 billion KRW) by Hyundai Alternative Investment Asset Management.
"In the Seoul commercial and office market, medium-term trends hold more important information than short-term fluctuations," advised the RSQUARE Research Center. "The second half of this year is evaluated as a period where market resilience is accumulating, with improvements in both scale and volume compared to the start of the year. However, if the interest rate environment does not provide support, there is a possibility that cautious improvement and intermittent adjustments may occur simultaneously rather than a sustained recovery."
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▶ October transaction value reaches 2.7287 trillion KRW… up 26.7% MoM and 100% YoY
▶ Number of deals at 149, down from previous month, but average value per transaction expands to 18.3 billion KRW
▶ "Medium-term trends matter more than short-term fluctuations; supportive interest rate environment needed for sustained recovery"
According to an analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport (MOLIT) by RSQUARE ANALYTICS (RA), the research arm of comprehensive commercial real estate service firm RSQUARE (CEO: Lee Yong-gyun), the Seoul commercial and office real estate market in October 2025 has entered a qualitative recovery phase driven by "transaction scale."
The study reveals that the transaction value of commercial and office buildings in Seoul this past October was 2.7287 trillion KRW with 149 transactions. Compared to the previous month (2.1519 trillion KRW / 193 cases), the value increased by 26.8% while the volume decreased by 22.8%.
On a year-over-year basis, the transaction value surged by 100.4% compared to October 2024 (1.3614 trillion KRW / 148 cases). When compared to October 2023 (1.6371 trillion KRW / 102 cases), the value improved by 66.7% and the volume by 46.1%.
The upward trend since the beginning of the year is also distinct. The average monthly transaction value for the first quarter (Jan–Mar) was 1.2866 trillion KRW with 116 cases. In contrast, the average for the most recent three months (Aug–Oct) rose to 1.9673 trillion KRW and 157 cases, representing an increase of 52.9% and 36.0% respectively. Regardless of monthly fluctuations, the quarterly trend line is moving upward, characterized by a shift from "volume-driven expansion" to "scale-driven expansion."
The average transaction value per deal supports this shift. In October, the average per deal was approximately 18.3 billion KRW, a 63% increase from September (approx. 11.2 billion KRW) and double the figure from the same month last year (approx. 9.2 billion KRW). This indicates a market where the "weight of each transaction" has grown more significant than the frequency of trades.
From a mid-to-long-term perspective, the market entered an adjustment phase following the peak in June 2021 (4.7282 trillion KRW / 328 cases). It hit rock bottom in January 2023 with 495.2 billion KRW and 36 cases, followed by about a year of stagnation. Transaction values began to rebound in March 2024, showing limited improvement in the number of deals.
Following a temporary adjustment in August of this year, the market recorded 193 cases and 2.1519 trillion KRW in September. October continued this trend with "fewer but larger" transactions, showcasing a qualitative recovery.
Notably, the largest transaction in October was confirmed as the Heungkuk Life Insurance Headquarters Building on Saemunan-ro, Jongno-gu, which sold for 719.3 billion KRW. This was followed by the KEPCO Material Center site contract (505.5 billion KRW) awarded to the BS Group, and the Seocho-dong building acquisition (179.3 billion KRW) by Hyundai Alternative Investment Asset Management.
"In the Seoul commercial and office market, medium-term trends hold more important information than short-term fluctuations," advised the RSQUARE Research Center. "The second half of this year is evaluated as a period where market resilience is accumulating, with improvements in both scale and volume compared to the start of the year. However, if the interest rate environment does not provide support, there is a possibility that cautious improvement and intermittent adjustments may occur simultaneously rather than a sustained recovery."