Cushman & Wakefield Korea Publishes “2026 Seoul Office Tenant Sector Trends Report”
Office Demand Grows in Finance and Services… IT, Manufacturing, and Construction Sectors Move Toward Space Efficiency
Cushman & Wakefield Korea, a global full-service real estate firm, has published the “2026 Seoul Office Tenant Sector Trends Report,” which analyzes changes in tenant sectors across Seoul’s major office markets.
This report analyzes changes in tenant composition and leased area by industry among Grade A and higher office tenants in Seoul’s three major office districts—the CBD (Central Business District), GBD (Gangnam Business District), and YBD (Yeouido Business District)—as well as the Pangyo area. It highlights which industries are expanding their space demand in the Seoul office market and which are pursuing space efficiency. The Cushman & Wakefield Korea Research Team has been conducting this survey annually since 2022 using the same criteria, and this year, it conducted on-site surveys of all 167 office buildings.
Expansion of Seoul’s Office Demand Base, Led by Finance and Services
The most notable change in Seoul’s office leasing market in 2026 is the growth of the financial and service sectors.
According to the report, the financial and service sectors showed a broadening of the tenant base, with increases not only in office space occupied but also in the number of tenant companies. Unlike temporary increases driven by space expansions by a few large companies, this can be interpreted as a structural increase in demand resulting from both the influx of new tenants and the expansion of existing companies.
In particular, the financial sector has seen increased office demand from related companies amid a strong performance in the stock market and other financial sectors; as relocations to new buildings and expansions of existing spaces occur in tandem, the sector is expanding its influence in the Seoul office market.
IT at the Center of Change… New Office Demand Emerges Alongside AI Growth
The IT sector showed a slight decline.
While office demand in some IT sectors—which had grown alongside the spread of remote work following the COVID-19 pandemic—has declined, AI-related sectors appear to be continuing their growth trend. Analysts note that it is important to pay attention to the trend of office demand being restructured within the IT sector based on specific sub-sectors and corporate growth stages.
Manufacturing, Wholesale/Retail, and Construction Focus on Space Efficiency Rather Than “Declining Demand”
In contrast, the manufacturing, wholesale and retail, and construction and development sectors have seen cases of large tenants downsizing or relocating their office spaces.
Cushman & Wakefield interpreted this not as a general contraction in office demand within these industries, but rather as a restructuring of space—led by large corporations—aimed at cost reduction and operational efficiency.
In particular, within the construction and development sector, major construction companies have begun reducing office space as they seek to cut costs and establish efficient operational systems.
CBD, GBD, YBD, and Pangyo: Differing Tenant Market Trends by Region
Changes in the Seoul office market also varied by region.
In the CBD, while the financial sector’s expansion in office space was notable, the relocation of major construction firms contributed to a decline in the construction and development sector. In the YBD as well, office demand from the financial sector increased as its status as a financial hub was reinforced.
In the GBD, while the overall sectoral breakdown remained largely unchanged, the departure and expansion of some large tenants emerged as key factors driving change. In the Pangyo area, where office space is relatively small, significant sector-specific volatility occurred due to the movement of large tenants; analysis indicates that cost-efficiency measures by IT companies and the relocation of major firms influenced market changes.
“Seoul Office Market: Focus on ‘Restructuring’ Rather Than Polarization of Demand by Sector”
Through this analysis, the Cushman & Wakefield Korea’s Research Team highlighted that the Seoul office market is not simply a market divided between growth and contraction, but rather one where demand is being restructured in different ways across various sectors.
While the finance and service sectors are expanding their demand base through the influx of new tenants and the expansion of existing companies, the manufacturing, wholesale/retail, and construction sectors are undergoing space optimization, primarily driven by large tenants. In the IT sector as well, changes within the industry are accelerating as new growth drivers, centered on AI, are emerging.
Suki Kim, Head of Cushman & Wakefield Korea’s Research Team, stated, “To understand the Seoul office market, it is necessary to examine not only the overall vacancy rate or rent levels but also **the industries of tenants actually using office space, as well as their patterns of relocation, expansion, and contraction.” She added, “We hope this report will serve as a useful reference for understanding future changes in demand in the Seoul office market and for formulating corporate office strategies.”
Meanwhile, the “2026 Seoul Office Tenant Industry Trends Report” details changes in leased area and tenant composition across major industries—including finance, services, IT, manufacturing, wholesale and retail, and construction and development—along with detailed analyses by key districts such as the CBD, GBD, YBD, and Pangyo, as well as the industry composition and trends within major prime office buildings.
The full report is available on the Cushman & Wakefield Korea website.
