SEOUL, July 29 (Korea Bizwire) — With strong social distancing measures enforced to limit the spread of the coronavirus, the number of vacant commercial properties is on the rise, and rents are falling. The Korea Real Estate Board reported a 9.5 percent vacancy rate for large-sized stores and a 6.5 percent vacancy rate for small [...]
SEOUL, April 29 (Korea Bizwire) — With the prolonged COVID-19 outbreak resulting in restrictions on socializing, South Korea’s commercial property vacancy rate continues to rise. The vacancy rate of mid and large-sized commercial properties across the country averaged 13 percent in the first quarter of this year, up 0.6 percentage points from the previous quarter, [...]
SEOUL, July 6 (Korea Bizwire) –Global IT firms have increasingly settled down in Gangnam district of Seoul, which has struggled with a growing vacancy rate due to the existing tenants’ relocating to other popular business towns such as Pangyo or Gangbuk regions. Over the past year, the number of international firms relocated to Gangnam has [...]
SEOUL, Korea, April 19, 2014 (Korea Bizwire) – Office buildings are becoming more and more hollowed out. In the premium-grade skyscrapers in Seoul, it is rather easy to find empty offices these days. The vacancy rate in buildings in the Yoido district – Seoul’s main business and investment banking area dubbed as “Wall Street of Korea” [...]