Seoul Office Market: Occupancy Characteristics and Their Impact on Market Stability at a Global Level
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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.
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Cornell Real Estate Review
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Global Financial Crisis; office buildings; real estate investments; global cities; Yeouido Business District; tenant analysis; Chaebol
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