The Seoul office market is experiencing clear polarization recently. Office listings continue to pour into the market despite a lack of liquidity, but the polarization between high-quality and non-prime assets is becoming increasingly severe. Yeongdeungpo’s Time Square is a good example of this. Koramco REITs & Trust conducted a bidding for Times Square on May 8th, but there was not a single bidder. Analysis suggests that the asset has some shortcomings, located on the outskirts of the main business area and with a call center tenant, an industry that is one of the most seriously affected by AI technology. This is still an unusual case as it is very rare […]