Seoul to see over 2.5m sqm of new prime office supply until 2029

This is 1.4x higher than the 10-year average.

According to a recent Savills report, as of end-December 2024, Seoul’s prime office supply totaled approximately 9,960,000 sqm, distributed across CBD (46%), GBD (29%), and YBD (25%), and comprising 25% of total Seoul’s office stock.

New supply in 2024 included Meritz Fire & Marine Insurance HQ (CBD) and TP Tower (YBD), adding a combined total of 171,400 sqm.

Here’s more from Savills:

No new prime office buildings are scheduled for completion in 2025; however, remodeling projects such as One Centinel (formerly Shinhan Financial Investment Tower) in YBD and KT Gwanghwamun Bldg West in CBD are expected to conclude in H1/2025.

Between 2015 and 2024, total 1,770,000 sqm an average of 177,000 sqm of new prime office space was supplied annually across major districts. From 2025 to 2029, approximately 2,530,000 sqm of new supply is anticipated—1.4 times higher than the average recorded over the past decade—with most concentrated in the CBD.

Additionally, large-scale office developments are emerging outside traditional districts in areas like Yongsan, Seongsu, and Magok, indicating further spatial expansion of Seoul’s office market.