• Vacancy for prime office buildings in Seoul rose from 2.0 per cent in Q1/2009 to 3.3 per cent in Q2/2009
• Virtually all landlords held face rents steady during Q2/2009, with the annual rate of rental increase falling to 3.9 per cent
• After accounting for the rise in tenant incentives, effective rents have been reduced by 10 per cent or more in some cases 
• The Korean economy appears to have passed the bottom, with economic indicators rebounding strongly over Q2. If sustained, this recovery should see a recovery in leasing demand from around the end of the year
• The economic rebound appears to have boosted investor confidence and pushed up transaction prices
• Market prices look to have clawed back between a third and a half of the total 25 to 30 per cent fall that occurred over Q4/2008 and Q1/2009

CONTACT INFORMATION
JoAnn Hong
+822 2124 4182
jhong@savills.co.kr

Simon Smith
+852 2842 4573
ssmith@savills.com.hk