Seoul prime office rents rise 5.1% in Q4

CBD, GBD, and YBD all posted rental increases.

Seoul’s prime office market recorded an average face rent of KRW127,200 per py in Q4/2025, reflecting a year-on-year increase of 5.1%, according to a report by Savills. District-level performance showed the Central Business District (CBD) commanding KRW131,900 per py, the Gangnam Business District (GBD) at KRW130,400 per py, and the Yeouido Business District (YBD) at KRW112,000 per py.

While the CBD and YBD recorded rental growth of 4.1% and 4.6% respectively, the GBD led the market with a notable 6.6% increase. Savills noted that this sharp rise in the GBD was largely driven by a single new lease, following a prolonged period of constrained rental growth due to tight vacancy levels in the district.

In addition to face rents, average maintenance fees for prime offices rose by 3.1% year-on-year to KRW48,200 per py. Both the CBD and GBD recorded a 3.1% increase, while the YBD experienced a slightly lower rise of 2.8%. Since Q4/2023, maintenance fee growth has consistently ranged between 2% and 3%, maintaining a pace slightly above the general inflation rate.

Overall, Savills highlighted that Seoul’s prime office rental market continues to show healthy growth, underpinned by district-specific dynamics and sustained tenant demand, while maintenance fees remain stable and predictable for occupiers.