The South Korean capital has the strongest office real estate sector in the world, a report says.
In Seoul, over 98% of grade-A offices are occupied thanks to white-collar workers returning to the office post-pandemic. The increase in competition for office space has led to a 15% rise in rental prices over the last year, Bloomberg reported.
The Korean market's strength is not solely down to demand and working culture. There has been a general shortage of office space since 2021 due to government restrictions on redevelopment and disruption to construction caused by the pandemic.
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