What is the average Class A rent in Seoul?

Around 142000 KRW/sqft/yr ($102 USD) across the broader Class A index. Trophy submarkets like Jongno / Gwanghwamun (CBD) command 20–40% above that.

How many months of rent-free are normal in Seoul?

6 months on a 5-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Seoul?

The Seoul Class A market is currently rising. Vacancy is 5.2%, which sets the negotiating context.

Headline Class A rent in Seoul is around 142000 KRW/sqft/yr ($102 USD), with 6 months of typical rent-free on a 5-year term.

Headline Class A rent: 142000 KRW/sqft/yr ($102 USD).
Trophy submarket rents (Jongno / Gwanghwamun (CBD)) push to roughly ₩130,000/pyeong/mo · ≈ $31.6 PSF/yr USD.
Typical concessions on a 5-year deal: 6 months free rent.
Vacancy stands at 5.2% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Seoul Class A office rents and incentives

Headline Class A rent in Seoul is around 142000 KRW/sqft/yr ($102 USD), with 6 months of typical rent-free on a 5-year term.

TL;DR

Headline Class A rent: 142000 KRW/sqft/yr ($102 USD).
Trophy submarket rents (Jongno / Gwanghwamun (CBD)) push to roughly ₩130,000/pyeong/mo · ≈ $31.6 PSF/yr USD.
Typical concessions on a 5-year deal: 6 months free rent.
Vacancy stands at 5.2% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Seoul are quoted in KRW per sqft per year. Across the broad Class A index the figure is 142000, but the trophy tier in Jongno / Gwanghwamun (CBD) reaches roughly ₩130,000/pyeong/mo · ≈ $31.6 PSF/yr USD. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Seoul concessions on a 5-year Class A lease run to 6 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — Combined federal corporate tax 24.2% (after surtax). Local taxes apply.

Where rents land by submarket

Jongno / Gwanghwamun (CBD) sits at the top end (~₩130,000/pyeong/mo · ≈ $31.6 PSF/yr USD). Seongsu clears around $35/sqft/yr as the prime tier. The full submarket map is on the Seoul city page.

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%
trophyRent	₩130,000/pyeong/mo · ≈ $31.6 PSF/yr USD
primeRent	$35/sqft/yr

Frequently asked questions

What is the average Class A rent in Seoul?: Around 142000 KRW/sqft/yr ($102 USD) across the broader Class A index. Trophy submarkets like Jongno / Gwanghwamun (CBD) command 20–40% above that.
How many months of rent-free are normal in Seoul?: 6 months on a 5-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Seoul?: The Seoul Class A market is currently rising. Vacancy is 5.2%, which sets the negotiating context.

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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