Average effective rents in Seoul’s three major districts were relatively stable at KRW 21,681 per sq. m.. Leasing demand was dominated by domestic firms across a range of industries.
Several hypermarts have opted to inject assets into REITs, with Lotte Shopping creating Lotte REIT which includes four Lotte Department Stores, four Lotte Marts and two Lotte Outlets.
The completion of large new modern logistics facilities with advanced amenities is encouraging big-name tenants to consolidate multiple centres into a single location.
The Korean commercial property investment market remained upbeat in Q3 2019, with transaction volume totalling KRW 3.6 trillion, supported by several major office deals.