Average Grade A office effective rents in Seoul’s three major business districts were largely unchanged in Q2 2020. Vacancy increased slightly.
Retail sales volume reached KRW 87.8 trillion in Q1 2020, a decline of -2.8% y-o-y and the first negative growth rate in five years. However, top tier brands continue to perform well.
The COVID-19 pandemic continues to spur robust demand for logistics space from e-commerce platforms as well as 3PL operators.
Commercial real estate transaction volume stood at KRW 3.0 trillion in Q2 2020, a marginal decrease compared to the same quarter last year. Offices accounted for 74% of investment volume.