▶ RSQUARE Big Data Consulting Division releases ‘Q4 2025 Office Market Real Report’
▶ YBD marks the lowest vacancy rate at 1.9% amid regional polarization; NOC maintains upward trend
▶ 'Share Deals' expand to 46% of transactions; Big Data Consulting Division notes "Clear selective buying led by SIs"
According to the ‘Q4 2025 Office Market Real Report’ released by the Big Data Consulting Division of RSQUARE (CEO: Lee Yong-gyun), a comprehensive commercial real estate service firm, the investment market size for Seoul and Bundang offices reached a total of 26.1 trillion KRW last year, shattering all previous records. This represents a staggering 62% increase compared to the previous record set in 2020 (16.1 trillion KRW), demonstrating the explosive growth of the commercial real estate market.
■ Annual Investment Volume at 26.1 Trillion KRW… Smashing 'All-Time High' Records
The 2025 office investment market surpassed an annual cumulative transaction value of 26 trillion KRW, opening the 20-trillion-KRW era for the first time in history. According to the report, transactions worth 6.9 trillion KRW were closed in the fourth quarter alone. In particular, the Central Business District (CBD) drove the market, anchoring 45% of the total quarterly transaction value.
A noteworthy highlight in this report is the structural shift in transaction types. Out of the total transaction value, 46% was executed in the form of 'Share Deals' (beneficiary certificates). The Big Data Consulting Division analyzed this as "a result reflecting investors' strategic choices to reduce acquisition taxes and expedite fund execution." Furthermore, Strategic Investors (SIs) aiming to secure corporate headquarters emerged as a core pillar of the market, accounting for approximately 40% of the total number of deals.
Major transaction cases included:
Signature Towers in the CBD (1.0346 trillion KRW)
Bundang Doosan Tower in the BBD (790.0 billion KRW)
LG Gwanghwamun Building in the CBD (512.0 billion KRW)
Notably, AP Tower in the GBD (Gangnam Business District) recorded a high unit price of 57.85 million KRW per pyeong, proving the intense heat surrounding prime assets in the Gangnam area.
■ Vacancy Rates Drop for 3 Consecutive Quarters… YBD in the 1% Range, Tilting Heavily Toward Prime Assets
The leasing market maintained a robust flow backed by stable demand. In Q4 2025, the average vacancy rate for Seoul offices stood at 6.2%, down 0.4 percentage points compared to the previous quarter, marking a decline for three consecutive quarters.
By district, the Yeouido Business District (YBD) recorded the lowest vacancy rate in Seoul at 1.9%. This was driven by a concentration of waitlisted demand targeting prime and trophy offices, which rapidly absorbed remaining vacancies. The CBD and GBD maintained stable levels at 4.5% and 4.8% respectively. However, the Bundang Business District (BBD) edged up slightly to 6.3% due to the influx of newly generated vacancies.
In particular, as the 'Flight to Quality' (preference for prime assets) trend became more pronounced, vacancy rates for large and trophy offices declined. Conversely, mid-to-small-sized assets saw a slight increase in vacancies, capturing a distinct polarization in the market.
■ 2026 Outlook: "Quantitative Growth Will Slow, but Qualitative Selective Investment Will Persist"
Regarding the 2026 market, the RSQUARE Big Data Consulting Division forecasted that "the annual transaction volume will undergo a slight downward adjustment." This is due to macroeconomic uncertainties that make it challenging to sustain the explosive transaction momentum seen in 2025.
However, analysis indicates that market liquidity remains abundant, as mega-deals such as Seoul Square, Eulji Twin Towers (Tower A), and G1 Seoul have already selected preferred bidders and are nearing closure.
"Blind-pool funds from institutional investors are supporting the market floor," stated Won-chang Jin, Head of the Big Data Consulting Division. "Even if the overall volume contracts, the selective buying trend centering on prime assets will carry over into 2026."
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▶ RSQUARE Big Data Consulting Division releases ‘Q4 2025 Office Market Real Report’
▶ YBD marks the lowest vacancy rate at 1.9% amid regional polarization; NOC maintains upward trend
▶ 'Share Deals' expand to 46% of transactions; Big Data Consulting Division notes "Clear selective buying led by SIs"
According to the ‘Q4 2025 Office Market Real Report’ released by the Big Data Consulting Division of RSQUARE (CEO: Lee Yong-gyun), a comprehensive commercial real estate service firm, the investment market size for Seoul and Bundang offices reached a total of 26.1 trillion KRW last year, shattering all previous records. This represents a staggering 62% increase compared to the previous record set in 2020 (16.1 trillion KRW), demonstrating the explosive growth of the commercial real estate market.
■ Annual Investment Volume at 26.1 Trillion KRW… Smashing 'All-Time High' Records
The 2025 office investment market surpassed an annual cumulative transaction value of 26 trillion KRW, opening the 20-trillion-KRW era for the first time in history. According to the report, transactions worth 6.9 trillion KRW were closed in the fourth quarter alone. In particular, the Central Business District (CBD) drove the market, anchoring 45% of the total quarterly transaction value.
A noteworthy highlight in this report is the structural shift in transaction types. Out of the total transaction value, 46% was executed in the form of 'Share Deals' (beneficiary certificates). The Big Data Consulting Division analyzed this as "a result reflecting investors' strategic choices to reduce acquisition taxes and expedite fund execution." Furthermore, Strategic Investors (SIs) aiming to secure corporate headquarters emerged as a core pillar of the market, accounting for approximately 40% of the total number of deals.
Major transaction cases included:
Signature Towers in the CBD (1.0346 trillion KRW)
Bundang Doosan Tower in the BBD (790.0 billion KRW)
LG Gwanghwamun Building in the CBD (512.0 billion KRW)
Notably, AP Tower in the GBD (Gangnam Business District) recorded a high unit price of 57.85 million KRW per pyeong, proving the intense heat surrounding prime assets in the Gangnam area.
■ Vacancy Rates Drop for 3 Consecutive Quarters… YBD in the 1% Range, Tilting Heavily Toward Prime Assets
The leasing market maintained a robust flow backed by stable demand. In Q4 2025, the average vacancy rate for Seoul offices stood at 6.2%, down 0.4 percentage points compared to the previous quarter, marking a decline for three consecutive quarters.
By district, the Yeouido Business District (YBD) recorded the lowest vacancy rate in Seoul at 1.9%. This was driven by a concentration of waitlisted demand targeting prime and trophy offices, which rapidly absorbed remaining vacancies. The CBD and GBD maintained stable levels at 4.5% and 4.8% respectively. However, the Bundang Business District (BBD) edged up slightly to 6.3% due to the influx of newly generated vacancies.
In particular, as the 'Flight to Quality' (preference for prime assets) trend became more pronounced, vacancy rates for large and trophy offices declined. Conversely, mid-to-small-sized assets saw a slight increase in vacancies, capturing a distinct polarization in the market.
■ 2026 Outlook: "Quantitative Growth Will Slow, but Qualitative Selective Investment Will Persist"
Regarding the 2026 market, the RSQUARE Big Data Consulting Division forecasted that "the annual transaction volume will undergo a slight downward adjustment." This is due to macroeconomic uncertainties that make it challenging to sustain the explosive transaction momentum seen in 2025.
However, analysis indicates that market liquidity remains abundant, as mega-deals such as Seoul Square, Eulji Twin Towers (Tower A), and G1 Seoul have already selected preferred bidders and are nearing closure.
"Blind-pool funds from institutional investors are supporting the market floor," stated Won-chang Jin, Head of the Big Data Consulting Division. "Even if the overall volume contracts, the selective buying trend centering on prime assets will carry over into 2026."