2021 Seoul Office Tenant Profile and outlook
In 2020, the emergence of COVID-19 along with a new supply of 730,000 sq. m. raised concerns over large vacancies and rents forecast in the Grade A office market. Contrary to concerns, tenants’ expansion and relocation activities have recovered significantly since the second half of 2020, and Seoul’s Grade A office market recorded the highest net absorption of 555,000 sq. m. in 2021 despite the ongoing pandemic.
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