- July 1, 2017: Vol. 9, Number 7

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Seoul determination: Opportunities amidst political turmoil in South Korea’s office market

by Kyung W Paik and Kang Min Ryu

South Korea has long been considered an important player in the global economy, and its capital, Seoul, is now one of the largest cities in the world. The country has experienced tremendous growth since the armistice of the Korean War in 1953, becoming the 11th largest economy in the world and the third largest in Asia over time, according to the International Monetary Fund. The Bank of Korea indicates GDP per capita grew from US$131 in 1966 to US$27,560 in 2016, an 11.5 percent average annual growth rate over the span of 50 years. Today, Seoul is one of the most dynamic cities in Asia, ranking fourth in the world by GDP after Tokyo, New York City and Los Angeles, according to CBRE Research, and Seoul’s office market is the second largest in Asia, behind Tokyo.

In spite of South Korea’s history of growth and track record of strong economic gai

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