In the first half of this year, the transaction volume for offices in Seoul and Bundang surpassed 10 trillion won, marking a 166% increase compared to the first half of last year.
In the second half, the office market in Seoul and Bundang is expected to continue its recovery trend, focusing on large assets amid supply gaps.
According to the '2025 Q2 Seoul and Bundang Office Report' released on the 10th by commercial real estate service corporations Aikertree, the transaction volume for offices in Seoul and Bundang from January to June this year was recorded at 10.696 trillion won.
This represents a 166% increase compared to the first half of last year (approximately 4.115 trillion won). As of the second quarter of this year, the transaction amount for offices in Seoul and Bundang was surveyed at 6.1 trillion won. Compared to the second quarter of last year, this is an increase of 380% (approximately 4.758 trillion won), while it increased by 21% (approximately 1.061 trillion won) compared to the first quarter of this year.
Looking at major prime office transactions over 300 billion won in Seoul during the second quarter of this year, notable properties in Gangnam (GBD) include SI Tower (897.1 billion won), Gangnam N Tower (680.5 billion won), and BNK Digital Tower (457.8 billion won).
In the case of Jongno and Jung-gu (CBD), transactions included KDB Life Tower (674.4 billion won), CJ CheilJedang Center (673.3 billion won), Crescendo Building (556.7 billion won), and Susong Square (522.5 billion won). In Yeouido (YBD), Hyundai Motor Securities Building (354.8 billion won) found a new owner.
In particular, large office transactions over 33,000 square meters have been prominent in the first half of this year. Large office transactions in the first half of this year accounted for 8.91 trillion won, which is 81% of the total. This is more than 15% above the average transaction share (65%) over the past 15 years since 2011.
Kim Joo-yeon, head of the research team at Aikertree, noted that 'in 2021, the rise in interest rates from the second half of the year led to a decrease in liquidity, making it relatively easier to attract investors for office transactions under 33,000 square meters,' adding that 'recent interest rate cuts have led to a decrease in collateral loan interest rates, resulting in a preference for high-quality assets.'
There are forecasts that the office market in Seoul will enter a recovery phase in the second half of this year.
According to the '2025 H2 Investor Survey' released by commercial real estate integrated service corporations GenstarMate, the percentage of respondents projecting a recovery in the office market (34%) in the second half of this year increased by 5 percentage points compared to the first half, while those forecasting a downturn decreased by 11 percentage points to 15%.
Commercial integrated service corporations L Square also evaluated that the office market in Seoul has entered a full recovery phase.
The transactions of office properties in Seoul are focused on prime large assets, involving not only institutional investors but also many actual users. The purpose of acquisitions is becoming more diverse, not limited to revenue-generation, but also including securing office buildings and strategic asset management.
Jin Won-chang, head of the big data office at L Square, said that 'the office market in Seoul in the second half of this year is expected to continue to recover with a focus on high-quality assets amid supply gaps,' adding that 'the total annual transaction volume is expected to significantly increase compared to previous years.'