JLL

Q4 volumes reached $34.9b, a 10% YoY increase.

Meanwhile, office rents grew by 2.4% for the full-year 2024.

Vacancy rates are expected to be within range.

A total of 22,500sqm of new retail space entered the market in Q3.

And rents are expected to decline gradually.

Prices are expected to increase in the coming quarters.

Space rationalisation is likely to continue.

Only four centres were completed in Q3 2024.Seoul’s challenging project financing market remained prominent. According to a JLL report, in Q3 2024, only four centres were completed, which was fewer than initially speculated. In terms of area, this represented the lowest level in nine quarters, and in terms of number, the fewest in three years.

Newly turned-over units pushed vacancy upwards.

Six new facilities entered the market during the quarter.

These projects will yield over 111,00sqm of new stock.

Altaire Tower is expected to be completed in Q1 next year.

It added 335 units to the city’s current stock.

Shop owners are getting the best units in the most prime locations amidst thin supply. 

Analysts expect the retail market to remain buoyant.

Rents are expected to decline by up to 5% in Q4.