CBRE Korea, a global comprehensive real estate service company, has released its Domestic Commercial Real Estate Market Report for Q4 of 2023. The report revealed that the average nominal rent for offices in Seoul increased by more than 8.8% compared to the same period a year prior. Real rent was reported to have increased at a rate of 15.1%. Amid limited supply and intensifying competition for leases, rents have gone up while the free lease periods have become shorter in major business areas. Other incentives have been gradually decreasing, while nominal rent has dramatically increased. With limited space available for leasing, new leasing activity continues to decline, and […]