Korea: Seoul

Overview

Seoul City is South Korea’s capital and is one of Asia Pacific’s most stable office markets. Seoul is home to around 10 million people and also a center of culture for the region.

Facts and figures

Population	10,013,781
Total office stock in sq m / sq f	7,470,000 sq m (2020)
Total retail stock in sq m / sq f	n/a
Total industrial stock in sq m / sq f	n/a

Economy

Seoul City’s main industries are finance, manufacturing and retail. Seoul City is considered a leading and rising global city which is the result of an economic boom called the miracle on Han River which transformed the city to the world’s largest metropolitan economy back in 2017.

Growth

The gdp per capita of South Korea, where Seoul city is located, is $31,762 usd. Metropolitan areas in Korea account for 75% of the national GDP. Between the year 2000 to 2016, Seoul City contributed two-thirds of the 74% generated National GDP growth.

Unique aspects

Everyone knows about Gangnam Style which has garnered 3 billion views on Youtube, but only a few know about the city where it originated. Seoul City, the capital and largest city, in South Korea is noted for its population density which is almost twice that of New York and eight times greater than Rome.

Because of Seoul’s long history, the city is home to a number of historic sites and monuments. There are five UNESCO World Heritage Sites located in Seoul.

Office overview in Seoul

Seoul, South Korea - office space for rent, lease or sale

Seoul City has three major business districts: the CBD, the Yeouido Business District (YBD) and the Gangnam Business District (GBD). Seoul’s longest standing and core business district is the CBD. The Yeouido Business District, on the other hand, is known for financial occupiers and is home to the Korea Stock Exchange. The Gangnam Business District is home to tech and media businesses. There is a continued upward trend for Seoul’s prime office in the first quarter of 2020. The total rise for net absorption was 78,000 sqm due to the rising demand in Seoul.

Seoul offers many options on office buildings for lease, including the following

Retail overview in Seoul

Seoul, South Korea - retail space for rent, lease or sale

According to a report from Savills, amidst the rise of online commerce and the shrinking share of offline retail sales - the changes in the retail real estate environment are highly visible. In Seoul, owners and operators continue to liquidate hypermarkets and department stores because the market for these assets remains stable.

Target investments become varied like buying small and medium sized buildings, partaking in shopping mall development projects and converting office floors to retail floors. This led to the rise in retail investment in small to medium sized assets in key retail districts such as Myeongdong, Hongdae and Garosugil.

Seoul offers many options on retail buildings for lease, including the following