Is Class A office cheaper in Seoul or Shanghai?

Seoul is cheaper on a USD basis: $102/sqft vs $122/sqft.

Which has better talent depth, Seoul or Shanghai?

Seoul indexes higher on talent depth (82 vs 76).

Which has more sublease availability, Seoul or Shanghai?

Shanghai carries higher vacancy (19.8% vs 5.2%) and therefore typically more sublease overhang.

What lease term should I expect in Seoul vs Shanghai?

Seoul typical term is 5 years with 6 months rent-free; Shanghai typical term is 3 years with 8 months rent-free.

Seoul ($102/sqft, 5.2% vacancy) and Shanghai ($122/sqft, 19.8% vacancy) compete on different axes: Seoul on talent depth and Shanghai on rent and tax.

Class A rent: Seoul $102/sqft vs Shanghai $122/sqft.
Vacancy: Seoul 5.2% vs Shanghai 19.8%.
Talent index: Seoul 82 vs Shanghai 76.
Corporate tax: Seoul 24.2% vs Shanghai 25%.
Premium flex/seat/month: Seoul $880 vs Shanghai $740.

Seoul vs Shanghai: Class A office comparison

Seoul ($102/sqft, 5.2% vacancy) and Shanghai ($122/sqft, 19.8% vacancy) compete on different axes: Seoul on talent depth and Shanghai on rent and tax.

TL;DR

Class A rent: Seoul $102/sqft vs Shanghai $122/sqft.
Vacancy: Seoul 5.2% vs Shanghai 19.8%.
Talent index: Seoul 82 vs Shanghai 76.
Corporate tax: Seoul 24.2% vs Shanghai 25%.
Premium flex/seat/month: Seoul $880 vs Shanghai $740.

Market data side-by-side

Metric	Seoul	Shanghai
Region	APAC	APAC
Country	South Korea	China
Class A rent (USD/sqft/yr)	$102	$122
Class A rent (local)	142000 KRW	880 CNY
Vacancy	5.2%	19.8%
Trend	rising	softening
Prime yield	4%	4.4%
Premium flex / seat / month (USD)	$880	$740
Submarkets covered	6	5
Corporate tax	24.2%	25%

Lease norms

Metric	Seoul	Shanghai
Typical term	5 yrs	3 yrs
Typical rent-free	6 mos	8 mos
Lease norms	Standard 5-year lease (often 3+2). Rent + management fees billed separately. Large jeonse (lease deposit) common — 10-20x monthly rent. Reinstatement contractual.	Standard 3-year lease with renewal option. Rent gross of management fees but exclusive of utilities. Bank guarantee or rent deposit of 3-6 months standard. Reinstatement at lease-end is contractual.
Tax note	Combined federal corporate tax 24.2% (after surtax). Local taxes apply.	Headline corporate tax 25% (15% for High and New Technology Enterprises). Free Trade Zone advantages exist.

Talent

Metric	Seoul	Shanghai
Talent index (0–100)	82	76
Talent note	Deepest tech (Samsung, LG, Naver, Kakao) and finance talent pool in Korea. Average all-in compensation indexes 82.	Mainland China's deepest financial-services and tech talent pool. Average all-in compensation indexes 76.

Transit & commute

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.

Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta.

Top submarkets — Seoul

Gangnam (GBD) — trophy tier · ₩145,000/pyeong/mo · ≈ $35.2 PSF/yr USD
Yeouido (YBD) — trophy tier · ₩138,000/pyeong/mo · ≈ $33.5 PSF/yr USD
Jongno / Gwanghwamun (CBD) — trophy tier · ₩130,000/pyeong/mo · ≈ $31.6 PSF/yr USD

Top submarkets — Shanghai

Lujiazui (Pudong) — trophy tier · ¥280/sqm/mo · ≈ $43.4 PSF/yr USD
Hongqiao CBD — prime tier · $38/sqft/yr
Jing'an — prime tier · ¥240/sqm/mo · ≈ $37.2 PSF/yr USD

Decision criteria

Pick by cost

Seoul is the cheaper Class A market on a USD basis.

Pick by talent depth

Seoul has the deeper talent index (82/100 vs 76/100).

Pick by tax

Seoul has the lower headline corporate tax (24.2% vs 25%). Local incentives can change the effective rate materially.

Pick by lease optionality

Seoul typical term is 5 years with 6 months free; Shanghai runs 3 years with 8 months free.

Pick by transit

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. Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta.

Run a 4-city comparison

Score Seoul, Shanghai and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.

Run a 4-city comparison →

Frequently asked questions

Is Class A office cheaper in Seoul or Shanghai?: Seoul is cheaper on a USD basis: $102/sqft vs $122/sqft.
Which has better talent depth, Seoul or Shanghai?: Seoul indexes higher on talent depth (82 vs 76).
Which has more sublease availability, Seoul or Shanghai?: Shanghai carries higher vacancy (19.8% vs 5.2%) and therefore typically more sublease overhang.
What lease term should I expect in Seoul vs Shanghai?: Seoul typical term is 5 years with 6 months rent-free; Shanghai typical term is 3 years with 8 months rent-free.
How does transit and commuter access compare?: 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. Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta.

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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