The Seoul office market has experienced a slowdown in sales price growth, while rental costs have increased. In the third quarter, the sales price of Seoul office units rose by 0.07%, a decrease of 0.17 percentage points from the previous quarter's increase of 0.24%. In contrast, rental prices grew from 0.9% to 1.02%.
According to the Korea Real Estate Agency's '2026 Third Quarter Office Price Trend Survey' released on October 15, the national sales price for office units fell by 0.33% compared to the previous quarter. However, the rental prices saw an increase, with jeonse (long-term lease) prices rising from 0.09% to 0.15% and monthly rents increasing from 0.71% to 0.86%.
In Seoul, all rental price indicators rose in the third quarter, but the trends varied. The sales price growth rate decreased to 0.07%, while jeonse prices increased by 0.37%, a slight reduction from the previous quarter's 0.4%. Conversely, monthly rents rose by 1.02%, up from 0.9% in the second quarter.
The agency noted that in the Seoul sales market, demand for office units near subway stations and newly built properties continued, but the overall growth was limited due to the emergence of urgent sales amid regulations on multiple homeowners. In the jeonse market, demand remained strong for larger office units due to a shortage of apartment jeonse listings. Factors contributing to the rise in monthly rents included a lack of available rental units, demand for proximity to workplaces, and the needs of one- and two-person households.
By area, the sales price for office units under 40 square meters in Seoul fell by 0.06% in the third quarter, while units between 40 and 60 square meters saw a 0.21% increase. Units larger than 60 square meters but under 85 square meters rose by 1.07%, and those over 85 square meters increased by 1.57%. Nationally, sales prices for units under 40 square meters and those between 40 and 60 square meters dropped by 0.48% and 0.14%, respectively, while prices for units larger than 60 square meters but under 85 square meters rose by 0.06%, and those over 85 square meters increased by 0.38%.
In the greater Seoul area, overall sales prices fell by 0.26%. Jeonse prices increased by 0.27%, a rise from the previous quarter's 0.17%, and monthly rents also grew from 0.78% to 0.93%. In Incheon, jeonse prices rebounded from a 0.22% decline in the second quarter to an increase of 0.08% in the third quarter.
In regional areas, sales prices dropped by 0.63%, a smaller decline compared to the 0.71% drop in the second quarter, while jeonse prices fell by 0.32%, worsening from the previous quarter's decline of 0.22%. Monthly rents increased by 0.57%, up from 0.43% in the second quarter.
The nationwide rental conversion rate was recorded at 6.56%, with Seoul at 6.13%. The yield for office units nationwide was 5.90%, while in Seoul, it was 5.15%.
* This article has been translated by AI.
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