While the office market worldwide is changing dramatically, the Seoul Grade A office market has continued to lower its vacancy rate. This is due to dwindling supply matched with continuous demand. According JLL Korea’s ‘Seoul Class A Office Market Trends in Q1-2023′, the vacancy rate of Class A offices in Seoul in the first quarter of this year was down 67 base points from the previous quarter to 1.1%, and the 8th quarter in a row of decline since the first quarter of 2021. New office building supply has stagnated even while demand remains at previous levels, leaving space limited and businesses deciding not to move, preferring to extend leases […]