September Seoul Office Transactions Reach KRW 976.2 Billion, Rebound 36% in a Month [Real Estate A to Z]

Large CBD building accounted for more than 80% of total transaction value
Average sale price hit KRW 53.06 million per 3.3 square meters, "the highest this year"

Seoul office transaction value rose 36% in September from a month earlier, with nearly KRW 1 trillion worth of properties changing hands. The sale of a large building in Euljiro for more than KRW 770 billion boosted the overall market. The average sale price per 3.3 square meters also reached its highest level so far this year.

Office buildings clustered in downtown Seoul. Photo by Heo Younghan.

According to Realytics, a commercial real estate information provider, six Seoul office transactions were recorded in September, with a total value of KRW 976.2 billion. In August, seven properties were sold for a total of KRW 718 billion. The number of transactions fell by one month over month, while their total value increased by 36%.

Compared with September last year, when 19 transactions worth KRW 3.1684 trillion were recorded, the total value fell 69.2%. In September this year, transactions involving large buildings priced at more than KRW 30 billion accounted for 95.4% of the total value, driving a rebound in the market. The total transaction area also expanded 31% from a month earlier to 60,823 square meters (18,399 pyeong).

Building prices also rose. The average price of offices sold in September was KRW 53.06 million per 3.3 square meters. That surpassed the previous high for this year, set just a month earlier in August at KRW 51.12 million. The average price was driven up as transactions were concentrated in expensive buildings in prime locations.

By area, transactions in the central business district, which includes City Hall, Gwanghwamun and Euljiro, totaled KRW 786.4 billion across two deals, accounting for 80.6% of Seoul's total. This was a 514.4% surge from KRW 128 billion a month earlier. The Bundang district of Seongnam, Gyeonggi Province, which includes Pangyo and Seohyeon, recorded KRW 131.5 billion in one transaction. Combined, the central business district and Bundang accounted for 94% of the total.

The Gangnam district, covering Gangnam and Seocho, recorded KRW 58.1 billion in two transactions, down 9.2% from KRW 64 billion a month earlier. Transactions in the Yeouido district came to a complete halt in September, after reaching KRW 76 billion in one deal in August. The other districts, where three properties worth KRW 450 billion were sold in August, saw only one small transaction in September, valued at less than KRW 1 billion (about KRW 200 million).

September 2026 Seoul Office Transaction Trends. Realytics

The transaction that boosted the central business district's total was Pine Avenue Building A, which is connected to Euljiro 3-ga Station in Jung-gu. The building, with six basement levels, 25 floors above ground and a total floor area of 65,774 square meters (about 19,897 pyeong), was purchased by MDM Asset Management for KRW 770.1 billion (about KRW 38.7 million per pyeong). Shinhan Card, which had used the building as its headquarters, bought it for about KRW 521.5 billion in 2020 and sold it six years later, making a profit of about KRW 248.6 billion. Shinhan Card signed an agreement to continue leasing the entire building for up to 10 years after the sale. For MDM Asset Management, the buyer, the deal secures a high-quality tenant for an extended period and a stable monthly rental income.

New office construction is entering a lull. In September, the area of office buildings in Seoul granted construction permits totaled 137,894 square meters, down 74.6% from a month earlier. Seongdong-gu had the largest permitted area at 48,329 square meters, followed by Yongsan-gu at 26,733 square meters and Guro-gu at 12,423 square meters. Seongdong-gu and Yongsan-gu together accounted for 54.4% of the total. The area of buildings completed and approved for use reached 103,359 square meters, up 89.9% from a month earlier. Supply was concentrated in Gangseo-gu, with 59,112 square meters, followed by Songpa-gu with 17,633 square meters and Seocho-gu with 6,451 square meters. Gangseo-gu alone accounted for 57.2% of all completed space.

Although the market grew from a month earlier, it is too early to be unreservedly optimistic. Compared with September last year, when transactions totaled KRW 3.1684 trillion across 19 deals, this September's transaction value fell 69.2%, while the total transaction area declined 80.7%. Investors have closed their wallets as high interest rates have increased the burden of loan interest payments.

A Realytics representative said, "The impact of high interest rates limited the overall recovery in the transaction market, but in September, deals were completed mainly for large, high-quality assets in prime locations. Large properties are also lined up for sale in the fourth quarter, so we expect the transaction market to be centered on large assets."

This content was produced with the assistance of AI translation services.