Melbourne ($468/sqft, 18.4% vacancy) and Seoul ($102/sqft, 5.2% vacancy) compete on different axes: Melbourne on talent depth and Seoul on rent and tax.
Melbourne ($468/sqft, 18.4% vacancy) and Seoul ($102/sqft, 5.2% vacancy) compete on different axes: Melbourne on talent depth and Seoul on rent and tax.
| Metric | Melbourne | Seoul |
|---|---|---|
| Region | APAC | APAC |
| Country | Australia | South Korea |
| Class A rent (USD/sqft/yr) | $468 | $102 |
| Class A rent (local) | 720 AUD | 142000 KRW |
| Vacancy | 18.4% | 5.2% |
| Trend | softening | rising |
| Prime yield | 5.4% | 4% |
| Premium flex / seat / month (USD) | $720 | $880 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 30% | 24.2% |
| Metric | Melbourne | Seoul |
|---|---|---|
| Typical term | 7 yrs | 5 yrs |
| Typical rent-free | 14 mos | 6 mos |
| Lease norms | Net leases. 7-10 year terms standard. Incentives of 30-45% (combination of free rent, fitout, and rent abatement) typical on a 10-year Class A deal. | Standard 5-year lease (often 3+2). Rent + management fees billed separately. Large jeonse (lease deposit) common — 10-20x monthly rent. Reinstatement contractual. |
| Tax note | 30% Australian corporate tax (25% for base rate entities). Victorian state payroll tax of 4.85-6.85%. R&D tax incentive available federally. | Combined federal corporate tax 24.2% (after surtax). Local taxes apply. |
| Metric | Melbourne | Seoul |
|---|---|---|
| Talent index (0–100) | 84 | 82 |
| Talent note | Deep professional services, banking, education, and creative talent. Strong feed from University of Melbourne, Monash, and RMIT. English-fluent professional base; multicultural workforce. | Deepest tech (Samsung, LG, Naver, Kakao) and finance talent pool in Korea. Average all-in compensation indexes 82. |
Melbourne: Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD.
Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.
Seoul is the cheaper Class A market on a USD basis.
Melbourne has the deeper talent index (84/100 vs 82/100).
Seoul has the lower headline corporate tax (24.2% vs 30%). Local incentives can change the effective rate materially.
Melbourne typical term is 7 years with 14 months free; Seoul runs 5 years with 6 months free.
Melbourne: Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD. Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.
Score Melbourne, Seoul and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.