Seoul annual office supply to average 158,700 sqm through 2028

This is broadly in line with the 10-year historical average.

Office supply in Seoul remained constrained in 2025, limited to refurbishments of existing assets rather than new developments, according to Savills.

The agency noted that projects such as One Centinel in the Yeouido Business District and KT Gwanghwamun West in the CBD underwent full renovations, highlighting a continued focus on asset repositioning amid tight new supply.

Looking ahead, Savills expects a pickup in 2026, with three prime office buildings scheduled for completion in the CBD, delivering a combined gross floor area of approximately 211000 sq m. This represents about 4.5% of the districts total prime stock.

Savills emphasised that all upcoming projects are concentrated along the Jongno Euljiro corridor, reflecting the ongoing eastward expansion of Seouls CBD.

Beyond 2026, supply is set to tighten again, with no major completions in 2027. Savills forecasts that the next significant wave of new office developments will emerge from 2028 onwards.

Over the 2026 to 2028 period, Savills projects average annual supply of around 158700 sq m, broadly in line with the 10 year historical average of 160800 sq m, suggesting a stable long term pipeline despite short term fluctuations.