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  2. Cornell SC Johnson College of Business
  3. Cornell Peter and Stephanie Nolan School of Hotel Administration
  4. Cornell Real Estate Review
  5. CRER Vol. 16 (2018)
  6. Seoul Office Market: Occupancy Characteristics and Their Impact on Market Stability at a Global Level

Seoul Office Market: Occupancy Characteristics and Their Impact on Market Stability at a Global Level

File(s)
20_Article_Ryu.pdf (2.64 MB)
Permanent Link(s)
https://hdl.handle.net/1813/70818
Collections
CRER Vol. 16 (2018)
Author
Ryu, Jongpil
Abstract

While other major cities in the global real estate market experienced a stiff downturn after the Global Financial Crisis in 2008, the Seoul office market remained very stable. Focusing on steady rent growth, this paper examines the characteristics of seventy-three office buildings in the city. The result shows three distinct features: (1) the office market, especially the manufacturing sector, is more diversified than that in other global cities, (2) the office space is chiefly occupied by local companies with a small number of foreign financial firms concentrated in the city center, and (3) Chaebols, the large family-based industrial conglomerates, constitute the most notable portion of major office buildings.

Journal / Series
Cornell Real Estate Review
Volume & Issue
Vol. 16
Date Issued
2018-05-04
Keywords
Global Financial Crisis
•
office buildings
•
real estate investments
•
global cities
•
Yeouido Business District
•
tenant analysis
•
Chaebol
Rights
Required Publisher Statement: © Cornell University. Reprinted with permission. All rights reserved.
Type
article

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