What's a typical lease term in Seoul?

5 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.

How is rent quoted in Seoul?

In KRW/sqft/year. We also publish a USD-normalised view ($34/sqft/yr) for cross-market comparison.

Standard 5-year lease (often 3+2).

Typical lease length: 5 years.
Typical rent-free: 6 months.
Vacancy: 5.2%; trend rising.
Standard 5-year lease (often 3+2).

Seoul office lease norms

Standard 5-year lease (often 3+2).

TL;DR

Typical lease length: 5 years.
Typical rent-free: 6 months.
Vacancy: 5.2%; trend rising.
Standard 5-year lease (often 3+2).

Structure

Standard 5-year lease (often 3+2). Rent + management fees billed separately. Large jeonse (lease deposit) common — 10-20x monthly rent. Reinstatement contractual.

Negotiating levers

Free rent and TI remain the most negotiable line items; landlords prefer concessions to face-rent cuts because they preserve headline rent and implied valuation. Always model effective rent (face minus PV of concessions).

Key facts

city	Seoul
country	South Korea
region	APAC
classARentLocal	₩142,000/pyeong/mo · ≈ $34.5 PSF/yr USD
classARentUsd	$34/sqft/yr
vacancy	5.2%
typicalLeaseYears	5
typicalRentFreeMonths	6
submarkets	6
primeYieldPct	4%

Frequently asked questions

What's a typical lease term in Seoul?: 5 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.
How is rent quoted in Seoul?: In KRW/sqft/year. We also publish a USD-normalised view ($34/sqft/yr) for cross-market comparison.

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

Full sources index · Submit a correction