Seoul office supply pipeline to drive leasing shifts in 2026

Three new prime office buildings are set for completion in the CBD this year.

Seoul’s office leasing market is poised for increased tenant movement in 2026 as new supply and major development projects reshape key districts, according to Savills.

Savills said the Gangnam Business District (GBD) is set for significant expansion following revisions to the district unit plan by the Seoul Metropolitan Government. The changes allow floor area ratios of up to 1,800% in key areas around Teheran-ro, including Yeoksam-dong, Samseong-dong and Daechi-dong, supporting additional large-scale developments alongside the Seoripul project.

The report also noted that Hyundai Motor Group has resumed its Global Business Center (GBC) project, targeting completion by December 2031. In addition, several mid-sized redevelopment and remodeling projects are underway, with further office supply expected from underutilised sites such as the Lotte Chilsung Beverage site.

In the Central Business District (CBD), three new prime office buildings — G1 Seoul, Rene Square and EUL Tower — are scheduled for completion in 2026. Savills said G1 Seoul is being marketed at net operating costs in the low KRW40,000s per pyeong, with MetLife reportedly planning to relocate its headquarters there, occupying three floors.

Leasing campaigns across the new CBD assets are being supported by rent-free periods and expanded tenant incentives, aimed at attracting occupiers, including those relocating from the GBD. Similar pricing and incentive strategies are being applied at Rene Square and EUL Tower, Savills added.

With a wave of new prime completions and ongoing development activity, Savills expects tenant relocations to increase both within and between Seoul’s major office districts, shaping leasing dynamics in the year ahead.