# Seoul office deals reach KRW5.1t in Q2 despite cautious investment climate

- **Source:** Real Estate Asia
- **Published:** 2026-08-06T22:37:35.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-office/news/seoul-office-deals-reach-krw51t-in-q2-despite-cautious-investment-climate
- **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets

## Featured rationale

Continued demand for premium, securely leased and owner-occupied assets signals selective investor confidence, while elevated financing costs could constrain volumes and gradually pressure capitalisation rates upward.

## AI summary

Seoul office transactions totalled approximately KRW5.1 trillion in Q2 2026, down 13% from KRW5.8 trillion a year earlier despite several major deals.

## Original article

Owner-occupiers underpin Seoul office investment activity.

Seoul's office investment market remained resilient in the second quarter of 2026 despite softer transaction volumes, with investors continuing to target high-quality assets and owner-occupier opportunities, according to Savills.

Savills reported that office transaction volume totalled approximately KRW5.1 trillion in Q2 2026, including the IFC Seoul transaction, down 13% from KRW5.8 trillion in the corresponding period last year. While several major deals were completed, activity remained below the record quarterly volume achieved in Q2 2025.

According to Savills, investors have adopted a more cautious approach amid ongoing financial market uncertainty and elevated financing costs. However, demand has remained focused on premium assets with secure long-term tenants, while value-add opportunities offering rental growth potential have also attracted interest.

Savills expects transaction activity to gradually improve as interest rate conditions and financing markets stabilise and blind funds established since 2025 begin deploying capital.

Among the quarter's major transactions, Hana Alternative AMC acquired the Hana Securities Building in Yeouido Business District (YBD) for KRW811.2 billion, allowing anchor tenant Hana Securities to regain ownership of its former headquarters after selling the asset in 2015. Savills said the transaction set a record price of around KRW38.4 million per pyeong on a gross floor area basis for a YBD office asset, highlighting strong owner-occupier demand for prime headquarters buildings.

Other notable deals included Pacific AMC's KRW657.0 billion acquisition of Eulji Twin Tower West and its retail component from KT IMC, supported by a long-term master lease with Daewoo E&C, and Gvesco IMC's purchase of Guro G-Tower for approximately KRW697.7 billion. Hanwha AMC, through Hanwha REITs, also acquired E-Mart Tower in the CBD for KRW350.0 billion, with Savills noting the building's long-term lease to E-Mart made it an attractive core asset for a REIT portfolio.

Savills estimated Seoul's prime office capitalisation rates remained in the mid-to-high 4% range based on nominal rents and the low 4% range on an effective rent basis. While higher Korean government bond yields have increased upward pressure on cap rates, the consultancy said transaction pricing has so far shown only limited adjustment. Savills added that cap rates could continue to rise gradually if interest rates and financing costs remain elevated.

## Chinese translation

> Translation model: openai_codex_cli

### 尽管投资环境谨慎，首尔第二季度写字楼交易额达 5.1 万亿韩元

尽管交易量有所走软，首尔写字楼投资市场在 2026 年第二季度仍保持韧性，投资者继续瞄准高品质资产

自用业主支撑首尔写字楼投资活动。

据 Savills 称，尽管交易量有所走软，首尔写字楼投资市场在 2026 年第二季度仍保持韧性，投资者继续瞄准高品质资产和自用业主机会。

Savills 报告称，2026 年第二季度写字楼交易量总计约 5.1 万亿韩元，包括 IFC Seoul 交易，较去年同期的 5.8 万亿韩元下降 13%。虽然数宗重大交易已完成，但活动仍低于 2025 年第二季度创下的季度纪录交易量。

据 Savills 称，在金融市场持续不确定和融资成本高企的背景下，投资者采取了更谨慎的方式。不过，需求仍集中在拥有稳固长期租户的优质资产上，同时具备租金增长潜力的增值机会也吸引了兴趣。

Savills 预计，随着利率环境和融资市场趋于稳定，以及自 2025 年以来设立的盲池基金开始部署资本，交易活动将逐步改善。

在本季度的主要交易中，Hana Alternative AMC 以 8112 亿韩元收购了汝矣岛商务区（YBD）的 Hana Securities Building，使主力租户 Hana Securities 在 2015 年出售该资产后重新取得其前总部的所有权。Savills 表示，该交易按建筑总楼面面积计算为 YBD 写字楼资产创下约每坪 3840 万韩元的纪录价格，凸显自用业主对优质总部大楼的强劲需求。

其他值得注意的交易包括 Pacific AMC 以 6570 亿韩元从 KT IMC 收购 Eulji Twin Tower West 及其零售部分，该交易由与 Daewoo E&C 的长期主租约支持；以及 Gvesco IMC 以约 6977 亿韩元收购 Guro G-Tower。Hanwha AMC 也通过 Hanwha REITs 以 3500 亿韩元收购了中央商务区的 E-Mart Tower，Savills 指出，该大楼与 E-Mart 的长期租约使其成为 REIT 投资组合中具有吸引力的核心资产。

Savills 估计，按名义租金计算，首尔优质写字楼资本化率维持在 4% 中高位区间；按实际租金计算，则处于 4% 低位区间。尽管韩国政府债券收益率上升加大了资本化率的上行压力，但该咨询公司表示，交易定价迄今仅出现有限调整。Savills 补充称，如果利率和融资成本持续高企，资本化率可能继续逐步上升。