2025.03.24 (월)

  • 맑음동두천 21.7℃
  • 구름많음강릉 24.4℃
  • 구름많음서울 20.0℃
  • 구름조금대전 21.8℃
  • 맑음대구 25.1℃
  • 맑음울산 21.3℃
  • 맑음광주 22.3℃
  • 맑음부산 16.9℃
  • 맑음고창 18.7℃
  • 맑음제주 23.2℃
  • 맑음강화 14.3℃
  • 맑음보은 21.1℃
  • 맑음금산 22.2℃
  • 맑음강진군 21.9℃
  • 맑음경주시 25.1℃
  • 맑음거제 17.5℃
기상청 제공
닫기

English

Increasing Office Vacancy Rates in Seoul…The 'Magok Effect' Becomes More Pronounced

 

[NewsSpace=Jack Moon] Seoul’s office vacancy rate has been rising for four consecutive quarters, driven largely by the significant supply of large-scale assets in the Magok Business District.

 

According to the Q4 2024 Office Market Report published by R.A. (RSQUARE Analytics), a division of RSQUARE (CEO Yongkyun Lee), a leading commercial real estate services firm, the average office vacancy rate in Seoul for Q4 stood at 4.9%. This represents a 2.0%p increase from the previous quarter, continuing an upward trend for four consecutive quarters.

 

By asset class, the increase in vacancies among prime-grade offices (gross floor area over 20,000 py) was the primary driver of the overall vacancy rate rise.

 

In Q4, the prime-grade office vacancy rate reached 8.0%, reflecting a sharp 6.8%p increase from the previous quarter. This surge was primarily due to the new supply of approximately 232,000py of office space in the Magok Business District.

 

Rental growth has also slowed. While the quarterly average rental growth rate for Seoul offices was 1.5% from 2022 to 2023, it declined to 1.2% in 2024.

 

In Q4 2024, the nominal rent for Seoul office space was KRW 97,000/py, reflecting a modest 0.3% increase from the previous quarter. Notably, prime-grade offices, which exhibited higher vacancy rates, recorded a nominal rent of KRW 122,000/py, marking a 0.8% decline.

김문균 기자의 전체기사 보기

저작권자 © 뉴스스페이스(NewsSpace) 무단전재 및 재배포 금지

배너
배너
배너

관련기사

93건의 관련기사 더보기

이 시각 추천뉴스

Factory & Warehouse Transaction Volume Surges 70% from Previous Month…Signaling Market Recovery

[NewsSpace=Jack Moon] The factory and warehouse transaction market in South Korea showed a strong recovery at the end of 2024, marked by a slight increase in transaction volume and a sharp rise in total transaction value, driven by large-scale deals. According to an analysis by RSQUARE’s R.A. (RSQUARE Analytics), based on real transaction data from the Ministry of Land, Infrastructure, and Transport, there were 502 factory and warehouse transactions nationwide in December 2024, amounting to 1.86 trillion KRW. While transaction volume saw a modest 5.5% increase from November’s 476 transactions,

Hanwha Life Insurance's general shareholders are in a state of martial law? ... Shareholders are blocked from entering and the retail investors are 'outraged'

[News Space=Reporter seungwon lee] An absurd incident occurred where Hanwha Life Insurance did not allow shareholders to enter the shareholders’ meeting, creating a situation similar to ‘martial law.’ It is pointed out that this is a clear violation of shareholder rights by preventing shareholders from attending the meeting where the company’s major management matters were explained and approved. At the shareholders’ meeting held on the second floor of the main building of Hanwha Financial Center 63 in Yeouido, Seoul on March 20, shareholders who appeared to be company employees were seated in

Hyosung Cho Hyun-sang, Cho Hyun-joon 'Brave Brothers'... Performance and stock price are a mess, but compensation of 40 billion won 'snapped'

[News Space=Reporter seungwon lee] Hyosung Group Chairman Cho Hyun-joon and HS Hyosung Group Vice Chairman Cho Hyun-sang received the highest compensation among domestic conglomerate heads, regardless of the company’s performance and stock price. The combined compensation of the two brothers’ salaries and bonuses amounts to a whopping 40 billion won. This is in stark contrast to Samsung Electronics Chairman Lee Jae-yong, who has been managing the company without compensation since 2017 in order to save it, which is going through a difficult time due to worsening performance. Vice Chairman Cho

Retail investors 'Angry' at Hanwha Aero's Value Upward Reversal... Hanwha Group Family's Moral Decay 'Criticized'

[News Space=Reporter seungwon lee] On the 21st, the day after defense company Hanwha Aerospace announced a plan to increase capital by 3.6 trillion won, the stock prices of Hanwha Group companies, including Hanwha Aerospace, Hanwha, Hanwha Systems, Hanwha Solutions, and Hanwha Ocean, all fell. Issuing new shares of its own stocks can be an easy way for companies to raise capital. However, existing shareholders inevitably suffer losses due to dilution of their stakes. The indiscriminate and unilateral capital increases used by unprofitable bio companies and some companies facing financial crise

Stock price halved and annual salary is the highest in the business world in korea?...Cho Hyun-sang criticized for HS Hyosung's 'irresponsible management'

[News Space=Reporter seungwon lee] As the stock price of HS Hyosung, which was separated from Hyosung Group, fell by about 70% compared to its initial price, it was confirmed that Vice Chairman Cho Hyun-sang, who leads HS Hyosung, received the highest compensation among domestic business leaders last year. He confidently surpassed business leaders CJ Lee Jae-hyun, Lotte Shin Dong-bin, HanWha Kim Seung-yeon, and Hyundai Motors Chung Eui-sun. Vice Chairman Cho received a total of 32.3 billion won from HS Hyosung and Hyosung last year. In addition to the salary and bonuses he received from Hyosun

True love for Admiral Yi Sun-sin... The love of the country and historical awareness of Chairman Yoon Dong-han of Korea Kolmar, the first Ph.D. in Yi Sun-sin studies

[News Space=Reporter seungwon lee] There are many people in Korea and around the world who respect Yi Sun-sin, but perhaps no one loves Yi Sun-sin as much as this person. This is Chairman Yoon Dong-han of Korea Kolmar, a cosmetics manufacturing, development and production company. Chairman Yoon is a conscious businessman who uses his personal wealth to spread the word about Yi Sun-sin’s leadership and achievements and practices his love for his country and historical awareness. He established the ‘Seoul Yeohae Foundation’ named after General Yi Sun-sin, and signed a business agreement with Dae

Warehouse Oversupply Stabilizing, But Tenant Acquisition Still Remains Challenging

[NewsSpace=Jack Moon] Concerns about an oversupply of logistics centers in the metropolitan area are easing. This is due to a significant decrease in new construction and a gradual filling of existing vacant spaces. However, rental rates have remained stagnant for the second consecutive year, as many logistics centers still struggle to secure tenants. According to RSQUARE Analytics (RA), a commercial real estate services company, the "2024 Second Half Metropolitan Area Logistics Center Market Report," released on the 12th, highlighted these findings. The report states that the new supply of lo

LS Group's Essex Solutions, Fully Operates Factory Due to Surge in Transformer Wire Orders from North America and Europe

[News Space=Reporter seungwon lee] LS Group's US affiliate, Essex Solutions, is operating production lines at full capacity at its factories in Canada and Italy to respond to the rapidly increasing demand for special windings for transformers in North America and Europe. Special windings for transformers are seeing a surge in orders due to the recent increase in artificial intelligence (AI) data centers and the fact that approximately 70% of transformers in the U.S. are due for replacement. Driven by explosive orders, this business unit of Essex Solutions has recorded a compound annual growth

"Spring Comes to KT with Kim Young-seop's Magic" KT Stock Price Surpasses 50,000 Won for the First Time in 15 Years... Telecommunications Sector Market Cap 1st Place 'In Front'

[News Space=Reporter seungwon lee] Is it because of the magic of CEO Young-Seop Kim, who is a strategist and financial expert? KT, which has been promoting AI transformation (AX) and strengthening shareholder returns, has broken through the 50,000 won barrier for the first time in 15 years. According to the Korea Exchange on the 19th, KT's stock price closed at 57,000 won, up 1,200 won (2.42%) from the previous day. This is the first time in about 15 years since February 1, 2010 (the intraday high of 51,200 won) that the stock price reached the 50,000 won range based on the closing price, foll

많이 본 뉴스

더보기