Cushman & Wakefield says Seoul CBD office renovations drive 8%-12% rent premium over regional average
CWK•Seoul CBD renovations seen as competitiveness driver
Cushman & Wakefield analysis flagged renovation as the key competitiveness driver for Seoul CBD offices in 2026 amid rising new-build supply.
- Assets older than 10 years account for 78% of CBD office stock, totaling about 1.34 million pyeong.
- About 55% of CBD inventory is projected to be 20 years old or older within five years, widening performance gaps versus renovated buildings.
- Renovation strategies showed rent premiums of 8%-12% versus local averages, with vacancy improving to 0.5% from 3%.
- Recent refurbishments were linked to demand signals, including a 322% jump in online mentions for Grand Seoul following a tenant-lounge upgrade.
