Seoul prime office leasing set to accelerate in H2
New supply may unlock previously constrained corporate relocations and transactions, although simultaneous tenant departures could raise near-term CBD vacancy while other districts remain stable or improve.
Seoul prime office leasing is expected to accelerate in H2 2026 as G1 Seoul, Rene Square and Eul Tower expand available high-quality space.
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Office relocations are expected to increase as new towers open.
Seoul's prime office market is expected to enter a more active leasing phase during the second half of 2026 as new office supply comes online, although vacancy in the CBD is likely to increase in the near term, according to Savills.
Savills said the completion of G1 Seoul and Rene Square, together with Eul Tower later this year, will significantly expand the amount of leasable prime office space available and encourage corporate relocations that have been constrained by limited options.
The consultancy expects vacancy in the CBD to come under pressure as new supply coincides with several major tenant departures from buildings including Twin Tree Tower, Greits Sungnye, Pacific Tower and KDB Life Tower. However, some of the vacant space is expected to be backfilled by incoming occupiers including Encar.com, Hanwha Life Lab and CJ Olive Young, while Rene Square will be anchored by the Serious Crimes Investigation Agency from October.
In the GBD, Savills expects vacancy to remain broadly stable as expansion by existing occupiers offsets planned departures. Bithumb and Samsung Securities are expected to lease an additional 8,900 square metres, while Anthropic and Sanofi are each expected to take around 3,800 square metres at Centerfield.
The outlook for the YBD remains positive, according to Savills, with vacancy forecast to continue declining as major occupiers absorb available space. NH NongHyup Capital is expected to occupy seven floors at One Centinel, while Shinemage Global, Life AMC and Prada are set to take a combined 9,200 square metres at Parc.1 Tower 1. JustCo Korea is also planning a new location at Parc.1 Tower 2.
Despite recording negative net absorption for a second consecutive quarter, Savills said tenant demand remains intact and expects leasing activity to accelerate as more high-quality office space becomes available across Seoul.