JLL

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.

Net absorption was at 1.9m sq ft in Q3 alone.According to a JLL report, premium office locations and high-quality buildings supported by institutional owners are anticipated to see increased leasing activity and rents.

It was a deal worth AUD420 million.

This is from the Marina Central Tower alone.

Demand remains steady despite negative absorption in Q3.