The rate increased 1.4 percentage points from 11.96 percent in the first quarter of 2021, according to data provided by the board to Rep. Hwang Hee.
Vacancies have risen for seven consecutive quarters since the third quarter of 2024.
The vacancy rate was higher than in early 2021 in 16 of the country's 17 major cities and provinces, with Ulsan the sole exception.
Sejong recorded the highest rate at 22.79 percent, followed by Daegu at 17.84 percent, North Chungcheong Province at 17.43 percent, North Gyeongsang Province at 16.66 percent and Gwangju at 16.50 percent.
Vacancies also increased on ground floors, typically among the most commercially valuable spaces in retail buildings.
The nationwide first-floor vacancy rate rose to 6.68 percent in the second quarter from 4.79 percent in the first quarter of 2021.
The rate for mid-sized and large retail buildings increased to 14.33 percent from 12.98 percent over the same period, while the rate for small retail buildings climbed to 8.47 percent from 6.41 percent.
Sejong's vacancy rate for mid-sized and large retail properties reached 29.68 percent, the highest among the country's major regions.
The Korea Real Estate Board calculates vacancy rates using vacant floor space as a share of total rentable space in its sample, rather than the number of empty storefronts.
Its quarterly commercial real estate survey covers office and retail properties nationwide, including 5,761 mid-sized and large retail buildings and 5,526 small retail buildings.
The latest figures extend a rise in commercial vacancies even as conditions differ sharply by region and property type.
AJP Takeaways
- South Korea's retail property vacancy rate rose to 13.36 percent in the second quarter, 1.4 percentage points above the first quarter of 2021 and the highest in data dating from that year.
- Sejong posted the country's highest regional vacancy rate at 22.79 percent, while 16 of 17 major cities and provinces recorded higher vacancy rates than five years earlier.
- Korea Real Estate Board data showed vacancies rising across both mid-sized and large retail properties and smaller buildings, with first-floor vacancy reaching 6.68 percent.
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