{"id":15217,"date":"2025-12-01T07:00:00","date_gmt":"2025-11-30T22:00:00","guid":{"rendered":"https:\/\/remaxkorea.co.kr\/?p=15217"},"modified":"2025-12-01T10:01:35","modified_gmt":"2025-12-01T01:01:35","slug":"remaxtrend-2512-2","status":"publish","type":"post","link":"https:\/\/remaxkorea.co.kr\/en\/remaxtrend-2512-2\/","title":{"rendered":"Office vacancy rates in Q3 are clear in Seoul, cloudy in the economy, and regional polarization is deepening."},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"15217\" class=\"elementor elementor-15217\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-35a4994 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"35a4994\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0f3dbd9\" data-id=\"0f3dbd9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f6a476b elementor-widget elementor-widget-text-editor\" data-id=\"f6a476b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 28-02-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>According to the Korea Real Estate Board, the average national office vacancy rate in the third quarter of 2025 was 8.9%, up 0.3% points from the previous quarter (8.6%).\u00a0<span style=\"font-size: 16px;\">The temperature difference within the metropolitan area was evident. Gyeonggi Province saw the largest increase nationwide, with a 4.11 TP3Tp increase to 11.11 TP3Tp from the previous quarter. Seoul remained essentially flat at 5.31 TP3Tp (+0.31 TP3Tp). Incheon actually showed improvement, with 18.71 TP3Tp (-0.31 TP3Tp).\u00a0<\/span><\/p><p><span style=\"font-size: 16px;\">The vacancy rate is a key indicator of the temperature of the office market. Lights on in a building indicate active demand, while an increasing number of unoccupied floors signals a cooling market.<\/span><\/p><p><span style=\"font-size: 16px;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-15231\" src=\"https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/11\/shutterstock_2403819965-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1707\" \/><\/span><\/p><p><strong style=\"font-size: 16px;\">Seoul Metropolitan Area: Gyeonggi Vacancy Alert Amid Stability in Seoul<\/strong><\/p><p>The sharp rise in vacancy rates in Gyeonggi Province was concentrated in the Bundang area. The Bundang Station area, with its vacancy rate rising by 8.51 tpa (total three-quarters of a ton), from 7.21 tpa (total three-quarters of a ton), drove the overall increase. This is attributed to the simultaneous sale of large office buildings, changes in ownership, and new supply, which created a gap in leases.\u00a0<span style=\"font-size: 16px;\">Nearby areas like Ilsan and Pyeongchon also saw vacancy rates rise, driven by a combination of corporate lease cuts, the spread of remote work, and competition for supply. The office market across the metropolitan area appears to be entering a short-term correction phase.<\/span><\/p><p>Seoul maintained a relatively stable trend. The city&#039;s office vacancy rate in the third quarter was 5.31 tp3t, a mere 0.31 tp3t increase from the previous quarter (5.01 tp3t), a level statistically unchanged.\u00a0<span style=\"font-size: 16px;\">In particular, the central business districts (CBDs) of Gwanghwamun, Jongno, and City Hall maintained low vacancy rates, ranging from 2 to 31 tp3t. The Gangnam District (GBD), encompassing Gangnam, Yeoksam, and Seolleung, saw its vacancy rate decline amid robust corporate demand. Gangnam-daero saw a 3.31 tp3tp improvement, dropping from 6.41 tp3t to 3.11 tp3t.<\/span><\/p><p>The Yeouido Business District (YBD), including Yeouido, Gongdeok, and Mapo, also showed a stable trend of around 31 tpa3t. Jongno (2.11 tpa3t) and Mokdong (2.11 tpa3t) maintained market balance, recording the lowest vacancy rates. With limited supply, rental demand in key locations continues to remain strong, demonstrating Seoul&#039;s continued structural stability.<\/p><p><strong>Regional: Honam region shows signs of recovery, while Yeongnam region continues to stagnate.<\/strong><\/p><p><strong><img decoding=\"async\" class=\"alignnone wp-image-14840\" src=\"https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2643818423-1.jpg\" alt=\"\" width=\"1000\" height=\"562\" srcset=\"https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2643818423-1.jpg 500w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2643818423-1-300x169.jpg 300w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2643818423-1-18x10.jpg 18w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/strong><\/p><p>The local office market experienced mixed results across regions. The Honam region, which had been suffering from severe vacancy, showed signs of recovery in some areas. Gwangju saw the largest improvement nationwide, falling 1.21 TP3Tp from 19.61 TP3Tp to 18.41 TP3Tp. South Jeolla Province (-0.71 TP3Tp) and South Chungcheong Province (-0.61 TP3Tp) also showed modest declines.\u00a0<\/p><p>In Gwangju, startups and SMEs have increased their presence, particularly in the Advanced Zone 3 and Sangmu Districts. In South Jeolla Province, the relocation of public institutions within innovation cities and enhanced rental incentives have contributed to reducing vacancy rates. However, both regions still have vacancy rates more than double the national average (8.91 TP3T), suggesting that this decline is a temporary relief from reduced supply and short-term demand growth, rather than a structural recovery.<\/p><p>The Chungcheong and Yeongnam regions showed a moderate overall stability. South Chungcheong continued its stable trend, reaching 13.81 tp3t (-0.61 tp3tp), while Daejeon (13.51 tp3t), Ulsan (14.81 tp3t), and South Gyeongsang (17.91 tp3t) each saw slight declines of -0.11 tp3tp. Conversely, North Gyeongsang Province remained mired in stagnation, recording the highest vacancy rate in the country at 24.91 tp3t (+1.11 tp3tp).<\/p><p>Jeju remained relatively low at 4.41 TP3T (+0.61 TP3Tp), but saw a slight increase. Vacancy rates remain low due to a virtual supply cutoff. Despite improvements in some areas, the region as a whole continues to experience structural stagnation.<\/p><p><strong>Q4 Outlook: At a Crossroads Between Supply Burdens and Weakening Demand<\/strong><\/p><p><img decoding=\"async\" class=\"alignright wp-image-15103\" src=\"https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939-1024x1024.jpg\" alt=\"\" width=\"400\" height=\"400\" srcset=\"https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939-1024x1024.jpg 1024w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939-300x300.jpg 300w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939-150x150.jpg 150w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939-768x768.jpg 768w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939-1536x1536.jpg 1536w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939-12x12.jpg 12w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939-600x600.jpg 600w, https:\/\/remaxkorea.co.kr\/wp-content\/uploads\/2025\/10\/shutterstock_2355819939.jpg 2041w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/>Following the October 15th measures, housing market regulations were strengthened, and with the onset of the winter off-season, transaction sentiment in the office market has also weakened. Amidst the conflicting trends of new supply burden in the metropolitan area and delayed demand recovery in regional areas, the market entered a transitional period in the fourth quarter, seeking a balance.\u00a0<\/p><p><span style=\"font-size: 16px;\">Whether vacancy rates will rise further or stabilize after a short-term correction depends on the future recovery in corporate demand and changes in leasing strategies. The office market is showing a deepening polarization by region and location, even amidst the overall economic slowdown.<\/span><\/p><p>While vacancy rates remain low in key business districts and areas with excellent transportation access, rental vacancies are prolonging in outlying areas with a high concentration of new supply and areas with a high concentration of older buildings. If supply adjustments coincide with a recovery in corporate demand after the second half of 2025, the market is likely to gradually stabilize.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>According to the Korea Real Estate Institute, the average nationwide office vacancy rate for the third quarter of 2025 was 8.91 TP3T, an increase of 0.31 TP3T points from the previous quarter (8.61 TP3T). A distinct difference in conditions was observed within the Seoul metropolitan area. Gyeonggi Province recorded the sharpest increase nationwide, surging 4.11 TP3Tp from the previous quarter to 11.11 TP3T, while Seoul maintained a virtually flat trend at 5.31 TP3T (+0.31 TP3Tp). Incheon, however, actually recorded an improvement at 18.71 TP3T (-0.31 TP3Tp). The vacancy rate is a key indicator showing the temperature of the office market. Buildings with lights on signify that demand is alive, while the more floors that remain empty, the more [\u2026 ]<\/p>","protected":false},"author":12,"featured_media":15221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","footnotes":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[]},"categories":[86,12],"tags":[93],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - 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