Is the era of accumulating wealth through multiple homes coming to an end? 

Interest in commercial real estate expands amid tightened housing regulations… Q2 market indicators improve and building transactions increase

The strategy of expanding assets by purchasing multiple homes has become more difficult than it used to be. This is because the burden and restrictions associated with purchasing additional homes have increased due to tightened tax burdens and lending regulations for multi-home owners. Perhaps for this reason, a trend is being observed among affluent investors shifting away from housing-centric asset management to seek new investment opportunities.

One of the areas attracting interest is commercial real estate. This is because it is subject to different tax and financial systems than residential properties, allows for securing cash flow through rental income, and enables one to take advantage of the value and usability of the building itself.

In particular, it is noteworthy that the commercial real estate market itself is showing strong performance recently, going beyond the ripple effects of housing regulations. Following lower vacancy rates and improved investment returns in major regions in the second quarter of 2026, actual building transactions are also increasing.

Commercial real estate recovery becomes evident in the second quarter

According to the Korea Real Estate Institute's survey on commercial real estate leasing trends for the second quarter of 2026, there was a clear improvement in vacancy rates, centered on major commercial districts and business areas.

While vacancy rates rose slightly in some areas due to factors such as tenant movement and new store openings, vacancy rates in major areas generally decreased. The vacancy rate for medium-to-large commercial properties in Ttukseom, Seoul, fell from 3.41 TP3T to 1.31 TP3T, in Chungmuro from 11.21 TP3T to 3.01 TP3T, and at Gongdeok Station from 5.81 TP3T to 3.71 TP3T. Similarly, office vacancy rates decreased at Gongdeok Station from 2.61 TP3T to 1.41 TP3T, in Jongno from 2.81 TP3T to 2.21 TP3T, and in Mok-dong from 3.01 TP3T to 2.31 TP3T.

In particular, the fact that the vacancy rate dropped to 31 TP3 T in just one quarter in an area like Chungmuro, where it had been in double digits, demonstrates the robust demand for rentals.

The investment return rate, which combines asset value and rental income, is also recording an upward trend. The investment return rate for medium-to-large commercial properties in Seoul rose from 1.631 TP3T in the first quarter of 2026 to 1.871 TP3T in the second quarter, while the investment return rate for Seoul offices recorded 2.771 TP3T. With improvements in vacancy rates and rising investment returns appearing simultaneously, the recovery of the commercial real estate market is being confirmed by these indicators.

Increase in building transactions on-site as well

Changes are appearing not only in statistics but also in actual trading environments.

Commercial real estate transactions by RE/MAX Korea affiliates increased in the second quarter, with building sales transactions rising in particular. This means that the market recovery is not just a statistic but is leading to actual transactions.

With the burden of purchasing additional housing increasing, interest in buildings is rising as they allow for asset management while securing rental income. In particular, buildings are attracting the attention of investors because they offer the opportunity to assess not only rental income but also the value of the land and structure, as well as their potential for future utilization.

From small buildings to factories, logistics centers, and hotels

Interest in commercial real estate is not limited to small commercial buildings. Investment targets are also expanding to include factories, logistics facilities, and hotels.

Small buildings are assets that are relatively accessible to individual investors, allowing them to secure rental income while utilizing the property directly as an office or workspace, or increasing the building's utility through remodeling.

Interest in factories and logistics facilities continues to grow due to space demands from industries and corporations, while hotels and commercial facilities remain driven by asset-specific needs such as increased tourism and the recovery of commercial districts. In essence, different opportunities are emerging in commercial real estate depending on the asset type and location.

As the market recovers, selection becomes more important

It cannot be concluded that all investment funds will shift to commercial real estate simply because housing regulations have been tightened. This is because various factors, such as interest rates, economic conditions, asset prices, and rental demand, influence investment decisions.

However, it is a clear change that interest in commercial real estate is rising amidst the growing burden of additional housing purchases, and that market indicators and actual transactions are improving together in the second quarter.

In particular, the value of buildings varies significantly even within the same area depending on factors such as land type, zoning, building condition, tenant composition, rent, and parking facilities. Therefore, especially during periods of a booming market, it is crucial to select competitive assets and locations with actual rental demand, rather than simply following market trends.

As the traditional method of growing assets by purchasing multiple residential properties shifts, commercial real estate is emerging as a new investment alternative. With declining vacancy rates, improved investment returns, and an increase in building transactions occurring simultaneously, attention is now focused on how far the recovery of the commercial real estate market will continue.