• Total vacancy for prime office buildings in Seoul rose from 3.4 per cent in Q2/2009 to 4.1 per cent in Q3/2009.
• Average face rents declined 0.2 per cent in Q3/2009, reducing the annual rate of increase to 2.3 per cent. This compares with the peak rental growth of 7.5 per cent at the end of last year.
• Largely to the reopening of Samsung Main Tower and Seoul Square, total prime vacancy in Seoul is expected to double to roughly 8 per cent or above in Q4/2009.
• Following a 10 per cent (annualized) GDP rebound in Q2/2009 and continuing strength in forward economic indicators, Korea's economy has clearly turned the corner. This should lead to some pick up in leasing demand in the new year.
• The improvement in investor confidence has continued into Q3/2009, with average prime building transaction prices having recovered to within 10-15 per cent of their peak in 2008.

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

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