Class A office vacancy in Seoul, South Korea, rose by 0.2 percentage points quarter over quarter, while face rents increased 4.9 percent year over year, according to Newmark in its “Q3 2026 Seoul Office Market Report,” which highlights that tenant relocations are reshaping leasing conditions across Seoul.
“Headline vacancy rates and face rents only tell part of the story,” said Judy Jang, Newmark executive director, head of research – Korea. “We are seeing increasingly different outcomes at the individual asset level, driven by building quality, location and the lease terms landlords are willing to offer. As new supply comes to market, particularly in the CBD, that com
