Seoul prime office rents rise 4.1% in Q1

Gangnam led rental growth during the quarter.

Seoul’s prime office market recorded steady rental growth in Q1 2026, supported by resilient leasing demand, particularly in the Gangnam Business District (GBD), according to Savills.

The average face rent for prime offices reached KRW128,200 per pyeong in Q1 2026. By district, rents stood at KRW133,300 in the Central Business District (CBD), KRW131,300 in the GBD, and KRW112,900 in the Yeouido Business District (YBD).

On a year-on-year basis, average prime office rents rose 4.1%, with growth led by the GBD at 6.2%, followed by the CBD at 3.8% and the YBD at 1.7%. Savills attributed GBD’s stronger performance to sustained leasing demand in the district.

Maintenance fees also increased steadily, rising 2.6% year-on-year to KRW48,400 per pyeong. By district, fees rose 3.2% in the CBD, 2.6% in the GBD and 1.5% in the YBD, remaining broadly aligned with inflation trends at around 2% to 3%.

Savills noted that overall cost growth across Seoul’s prime office market has remained stable, reflecting consistent operating cost increases in line with broader CPI movements.