JLL Korea reports that the Seoul office market has entered a new phase with full-scale new supply in the CBD area in its “Seoul Class A Office Market Trends Q2 2026”. Seoul’s overall vacancy rate rose 2.3 percentage points quarter-over-quarter to 6.6 percent, exceeding the natural vacancy rate of 5 percent for the first time since first quarter 2022.
Net absorption in Seoul’s grade A office market recorded more than 166,000 square feet in second quarter 2026. However, two large buildings in the CBD — G1 Seoul (approximately 1.53 million square feet) and Rene Square (approximately 640,000 square feet) — were completed with their entire space in physically vacant status.
By submarket, the CBD recorded a sharp 5.4 percentage point quarter-over-quarter increase in vacancy rate to 12.3 percent, materializing oversupply concerns. However, vacancy rates are expected to decline once buildings with completed lease contracts achieve full occupancy. Yeouido recorded a
