Seoul CBD prime office vacancy rate expected to edge up in Q3

There are several lease expirations and downsizing transactions.

According to a Savills report, in the Seoul CBD, SKaffiliates such as SKInnovation and SKC are expected to relocate from Gran Seoul and K-Twin Tower to SK-C Tower and Jongno Tower, both of which are assets under SKREITs. The 12,000 sq m space vacated by SKC in K-Twin Tower is reportedly set to be occupied by the Jongno-gu Office.

“Nevertheless, with upcoming downsizing and lease expirations among financial institutions, professional services firms, and government/public entities, the CBD vacancy rate is projected to edge up slightly in Q3/2025,” the report said.
Here’s more from Savills:

In the GBD, Bithumb is scheduled to relocate to Gangnam N Tower in 2H/2025, following its acquisition of shares in the Gangnam N Tower REIT managed by KB Real Estate Trust. Meanwhile, several large conglomerate affiliates and multinational firms are expected to downsize or relocate to other districts, suggesting that the GBD vacancy rate will remain stable through the next quarter.

In the YBD, several finance and fintech companies are expected to occupy or expand approximately 7,500 sq m across three floors in One Centinel. Additionally, NH Capital is set to lease six upper floors totaling 14,000 sq m between Q2 and Q3. 

If all anticipated relocations proceed as planned, the current vacancy rate of 60% at One Centinel is expected to fall below 30% by the end of 2026, with a gradual downward trend expected across the YBD.