연합뉴스yesterdayReal_estate2 min readSouth Korea

Seoul office building transactions decreased by 24% in the third quarter... Offices increased by 105%

In the third quarter, office building transaction volume decreased by 24%, office transaction volume increased by 104.5%.

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In the Seoul commercial real estate market in the third quarter of this year, office building transaction volume decreased by 24%, while office transaction volume increased by 104.5%.
In the GBD area, Gangnam 358 Tower was traded for 445 billion won, leading the office building transaction amount.

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Why It Matters

In the third quarter of this year, office building and office transactions showed conflicting trends in the Seoul commercial real estate market. According to data from Real Estate Planet, office building transaction volume decreased, but transaction amount increased slightly, and office transaction volume increased significantly.

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In the Seoul commercial real estate market in the third quarter of this year, office building transactions showed a contradictory picture, with transaction volume decreasing by 24% and office transactions increasing by about 105%.

According to Real Estate Planet, a commercial real estate company, on the 11th, the volume of office building transactions in Seoul in the third quarter (July to September) was 19, down 24.0% from the previous quarter and 26.9% from the same period last year.

The transaction amount was 1.776 trillion won, an increase of 3.3% from the previous quarter. Compared to the same period last year, it decreased by 9.6%.

By region, the transaction volume (6 cases) in GBD (Gangnam/Seocho-gu) was the same as the previous quarter, but the transaction amount (KRW 645.1 billion) increased by 402.8% compared to the previous quarter.

Gangnam 358 Tower (KRW 445 billion) in Yeoksam-dong was sold at the highest price in the third quarter, raising the overall transaction amount in the region.

YBD (Yeongdeungpo-Mapo-gu) had 5 transactions worth KRW 655.5 billion, with transaction volume increasing by 400.0%, while transaction amount decreased by 19.2%.

CBD (Jongno/Jung-gu) had 4 transactions, the same as the previous quarter. The transaction amount (KRW 268.6 billion) decreased by 58.6%.

In the third quarter, Seoul office transaction volume was 734, an increase of 104.5% compared to the previous quarter and 114.0% compared to the same period last year.

The transaction amount (KRW 1.2024 trillion) decreased by 53.7% from the previous quarter, but increased by 74.8% compared to the same period last year.

GBD trading volume was 63 cases and transaction amount was 155.6 billion won, an increase of 18.9% and 192.9% compared to the previous quarter.

YBD's transaction volume (46 cases) increased by 12.2% and transaction amount (KRW 630.2 billion) increased by 4319.3%.

CBD decreased by 83.5% and 84.2%, respectively, with transaction volume of 13 and transaction amount of 299.2 billion won.

The total amount of domestic REITs (real estate investment companies) assets was KRW 129.82 trillion, an increase of 1.83% compared to the previous quarter.

Open Questions

What is the specific cause of the decline in office building transaction volume?
What are the factors behind the surge in office transaction volume?
What is the market outlook for the fourth quarter?

Seoul office building transactions decreased by 24% in the third quarter... Offices increased by 105%

In the third quarter, office building transaction volume decreased by 24%, office transaction volume increased by 104.5%.

Quick Look

In the Seoul commercial real estate market in the third quarter of this year, office building transaction volume decreased by 24%, while office transaction volume increased by 104.5%.
In the GBD area, Gangnam 358 Tower was traded for 445 billion won, leading the office building transaction amount.