JLL: Limited new supply of prime office space in Seoul in 2016
In its Global Market Perspective report for Q315, Jones Lang LaSalle (JLL) notes that the notional capital values of prime office buildings in Seoul have risen by 6.9% over the last year. The prime yield is 4.7%, or a 2.25% premium/discount to the yield on 10-year government bonds. Over the last year, rents have fallen by 0.9% and net absorption (on a rolling one year basis) has been -0.2%. The vacancy rate is currently 11.5%. Taking into account completions of new projects prior to the end of 2016, the supply pipeline is 3.2% of current stock.
Source : November 2015/JLL/Seoul/OFF