Seasonal rental adjustments and lower incentives pushed up average Grade A office effective rents in Seoul’s three major business districts by 0.9% q-o-q in Q1 2020.
Retail sales volume for Q4 2019 stood at KRW 97.1 trillion, an increase of 5.4% q-o-q and 2.3% y-o-y. However, brick-and-mortar retail has been hit hard since February, with tourism decreasing sharply and people advised to stay at home.
The logistics sector has been relatively less impacted by the COVID-19 outbreak, as Q1 transaction volume reached 28% of 2019’s total.
Commercial real estate transaction volume stood at KRW 3.0 trillion in Q1 2020, a similar level to that which was recorded in Q1 2019. Office and logistics deals comprised 86% of the total.