The Research & Strategy (R&S) organization of Mastern Investment Management announced on October 19 its forecast for the 2024 office market. It predicts that oversupply mixed with a slow economic environment will lead to a higher office vacancy rate. This is especially true with the new supply to the Magok area of Seoul. According to Mastern, Magok has added approximately 200,000 pyeong in office space, with 450,000 pyeong more on the way. This will lead to a higher vacancy rate from the second half of 2024. Globally, GDP growth is slowing, government R&D programs are receiving budget cuts, and corporate restructuring are also factors in the predicted rise […]