▶ RSQUARE analyzes November Seoul transactions: Hotels account for 2 out of the top 3 deals
▶ Transaction value at 2.3667 trillion KRW, 177 cases: Value decreased by 13.2%, but volume increased by 18.8% MoM
▶ Market shifts from office-centric to hotel-led mega-deals while expanding the base of small-to-medium transactions
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), November 2025 was marked by a prominent presence of hotel assets in top-tier deals, even as the overall transaction scale underwent an adjustment.
RA's analysis shows that the transaction value of commercial and office buildings in Seoul for November reached 2.3667 trillion KRW with 177 transactions. Compared to the previous month (October: 2.7287 trillion KRW / 149 cases), the transaction value decreased by 13.2%, but the number of transactions increased by 18.8%. This suggests that while the proportion of mega-deals shrank, the market base expanded through an increase in small and medium-sized transactions.
The shift in the nature of large-scale transactions was particularly notable. Among the top three largest deals by value, two were confirmed to be hotel assets. The largest transaction was the 'Courtyard by Marriott Seoul Namdaemun Hotel' in Jung-gu, which was acquired for approximately 254.2 billion KRW by Taekwang No. 1 REIT, operated by Taekwang Industrial of the Taekwang Group. This was followed by the 'Four Points by Sheraton Josun Seoul Myeongdong,' which traded for approximately 246.3 billion KRW. The third largest deal was the sale of 'SAC Tower,' an office facility in Samseong-dong, Gangnam-gu, valued at 203 billion KRW.
This indicates a departure from October's trend, which was dominated by office-centric mega-deals, as hotel assets took center stage in November's top-tier transactions. RA analyzed this by stating, "The choice of which asset types are being selected is a stronger signal of market sentiment than the transaction volume itself."
Looking at the yearly flow, the recovery trend remains intact. After hitting a low point in January 2025 (606.3 billion KRW / 91 cases), transactions gradually expanded from the first half of the year, with a recovery centered on transaction value appearing in September and October. While the total value adjusted slightly in November, the increase in transaction counts suggests that the recovery phase is diversifying across different asset types.
"The Seoul commercial and office market is maintaining a steady recovery trend from a mid-term perspective," explained the RSQUARE Research Center. "The re-emergence of hotel assets in top-tier transactions shows that investment demand is moving selectively across asset classes." The center added, "In the first half of this year, selective transactions are likely to continue, focusing on assets with proven locations and operational stability."
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▶ RSQUARE analyzes November Seoul transactions: Hotels account for 2 out of the top 3 deals
▶ Transaction value at 2.3667 trillion KRW, 177 cases: Value decreased by 13.2%, but volume increased by 18.8% MoM
▶ Market shifts from office-centric to hotel-led mega-deals while expanding the base of small-to-medium transactions
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), November 2025 was marked by a prominent presence of hotel assets in top-tier deals, even as the overall transaction scale underwent an adjustment.
RA's analysis shows that the transaction value of commercial and office buildings in Seoul for November reached 2.3667 trillion KRW with 177 transactions. Compared to the previous month (October: 2.7287 trillion KRW / 149 cases), the transaction value decreased by 13.2%, but the number of transactions increased by 18.8%. This suggests that while the proportion of mega-deals shrank, the market base expanded through an increase in small and medium-sized transactions.
The shift in the nature of large-scale transactions was particularly notable. Among the top three largest deals by value, two were confirmed to be hotel assets. The largest transaction was the 'Courtyard by Marriott Seoul Namdaemun Hotel' in Jung-gu, which was acquired for approximately 254.2 billion KRW by Taekwang No. 1 REIT, operated by Taekwang Industrial of the Taekwang Group. This was followed by the 'Four Points by Sheraton Josun Seoul Myeongdong,' which traded for approximately 246.3 billion KRW. The third largest deal was the sale of 'SAC Tower,' an office facility in Samseong-dong, Gangnam-gu, valued at 203 billion KRW.
This indicates a departure from October's trend, which was dominated by office-centric mega-deals, as hotel assets took center stage in November's top-tier transactions. RA analyzed this by stating, "The choice of which asset types are being selected is a stronger signal of market sentiment than the transaction volume itself."
Looking at the yearly flow, the recovery trend remains intact. After hitting a low point in January 2025 (606.3 billion KRW / 91 cases), transactions gradually expanded from the first half of the year, with a recovery centered on transaction value appearing in September and October. While the total value adjusted slightly in November, the increase in transaction counts suggests that the recovery phase is diversifying across different asset types.
"The Seoul commercial and office market is maintaining a steady recovery trend from a mid-term perspective," explained the RSQUARE Research Center. "The re-emergence of hotel assets in top-tier transactions shows that investment demand is moving selectively across asset classes." The center added, "In the first half of this year, selective transactions are likely to continue, focusing on assets with proven locations and operational stability."