What's a typical lease term in Seoul?

5 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.

How is rent quoted in Seoul?

In KRW/sqft/year. We also publish a USD-normalised view ($102/sqft/yr) for cross-market comparison.

Standard 5-year lease (often 3+2).

Typical lease length: 5 years.
Typical rent-free: 6 months.
Vacancy: 5.2%; trend rising.
Standard 5-year lease (often 3+2).

Seoul office lease norms

Standard 5-year lease (often 3+2).

TL;DR

Typical lease length: 5 years.
Typical rent-free: 6 months.
Vacancy: 5.2%; trend rising.
Standard 5-year lease (often 3+2).

Structure

Standard 5-year lease (often 3+2). Rent + management fees billed separately. Large jeonse (lease deposit) common — 10-20x monthly rent. Reinstatement contractual.

Negotiating levers

Free rent and TI remain the most negotiable line items; landlords prefer concessions to face-rent cuts because they preserve headline rent and implied valuation. Always model effective rent (face minus PV of concessions).

Key facts

city	Seoul
country	South Korea
region	APAC
classARentLocal	142000 KRW/sqft/yr
classARentUsd	$102/sqft/yr
vacancy	5.2%
typicalLeaseYears	5
typicalRentFreeMonths	6
submarkets	6
primeYieldPct	4%

Frequently asked questions

What's a typical lease term in Seoul?: 5 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.
How is rent quoted in Seoul?: In KRW/sqft/year. We also publish a USD-normalised view ($102/sqft/yr) for cross-market comparison.

Editorial provenance

Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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