--- title: "Melbourne vs Seoul: Class A office comparison" description: "Side-by-side Class A office comparison for Melbourne and Seoul — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/melbourne-vs-seoul pageType: comparison lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Melbourne ($43/sqft, 18.4% vacancy) and Seoul ($34/sqft, 5.2% vacancy) compete on different axes: Melbourne on talent depth and Seoul on rent and tax. ## TL;DR - Class A rent: Melbourne $43/sqft vs Seoul $34/sqft. - Vacancy: Melbourne 18.4% vs Seoul 5.2%. - Talent index: Melbourne 84 vs Seoul 82. - Corporate tax: Melbourne 30% vs Seoul 24.2%. - Premium flex/seat/month: Melbourne $720 vs Seoul $880. # Melbourne vs Seoul: Class A office comparison **Melbourne ($43/sqft, 18.4% vacancy) and Seoul ($34/sqft, 5.2% vacancy) compete on different axes: Melbourne on talent depth and Seoul on rent and tax.** ## TL;DR - [Class A](/glossary/class-a) rent: Melbourne $43/sqft vs Seoul $34/sqft. - Vacancy: Melbourne 18.4% vs Seoul 5.2%. - Talent index: Melbourne 84 vs Seoul 82. - Corporate tax: Melbourne 30% vs Seoul 24.2%. - [Premium flex](/topics/lease-vs-flex)/seat/month: Melbourne $720 vs Seoul $880. ## Market data side-by-side | Metric | Melbourne | Seoul| | Region | APAC | APAC| | Country | Australia | South Korea| | Class A rent (USD/sqft/yr) | $43 | $34| | Class A rent (local) | 720 AUD | 142000 KRW| | Vacancy | 18.4% | 5.2%| | Trend | softening | rising| | Prime yield | 5.4% | 4%| | Premium flex / seat / month (USD) | $720 | $880| | Submarkets covered | 5 | 6| | Corporate tax | 30% | 24.2%| ## Lease norms | Metric | Melbourne | Seoul| | Typical term | 7 yrs | 5 yrs| | Typical rent-free | 14 mos | 6 mos| | Lease norms | Net leases. 7-10 year terms standard. Incentives of 30-45% (combination of free rent, fitout, and rent abatement) typical on a 10-year Class A deal. | Standard 5-year lease (often 3+2). Rent + management fees billed separately. Large jeonse (lease deposit) common — 10-20x monthly rent. Reinstatement contractual.| | Tax note | 30% Australian corporate tax (25% for base rate entities). Victorian state payroll tax of 4.85-6.85%. R&D tax incentive available federally. | Combined federal corporate tax 24.2% (after surtax). Local taxes apply.| ## Talent | Metric | Melbourne | Seoul| | Talent index (0–100) | 84 | 82| | Talent note | Deep professional services, banking, education, and creative talent. Strong feed from University of Melbourne, Monash, and RMIT. English-fluent professional base; multicultural workforce. | Deepest tech (Samsung, LG, Naver, Kakao) and finance talent pool in Korea. Average all-in compensation indexes 82.| ## Transit & commute **Melbourne:** Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD. **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. ## Top submarkets — Melbourne - [**CBD East (Collins Street)**](/cities/melbourne/cbd-east) — [trophy tier](/topics/trophy-asset-selection) · A$880/sqm/yr · ≈ $53.1 PSF/yr USD - [**CBD West (Spencer Street)**](/cities/melbourne/cbd-west-spencer) — trophy tier · A$800/sqm/yr · ≈ $48.3 PSF/yr USD - [**Southbank**](/cities/melbourne/southbank) — prime tier · A$750/sqm/yr · ≈ $45.3 PSF/yr USD ## Top submarkets — Seoul - [**Gangnam (GBD)**](/cities/seoul/gangnam) — trophy tier · ₩145,000/pyeong/mo · ≈ $35.2 PSF/yr USD - [**Yeouido (YBD)**](/cities/seoul/yeouido) — trophy tier · ₩138,000/pyeong/mo · ≈ $33.5 PSF/yr USD - [**Jongno / Gwanghwamun (CBD)**](/cities/seoul/jongno-gwanghwamun) — trophy tier · ₩130,000/pyeong/mo · ≈ $31.6 PSF/yr USD ## Decision criteria ### Pick by cost Seoul is the cheaper Class A market on a USD basis. ### Pick by talent depth Melbourne has the deeper talent index (84/100 vs 82/100). ### Pick by tax Seoul has the lower headline corporate tax (24.2% vs 30%). Local incentives can change the effective rate materially. ### Pick by lease optionality Melbourne typical term is 7 years with 14 months free; Seoul runs 5 years with 6 months free. ### Pick by transit Melbourne: Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD. 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. ## Run a 4-city comparison Score Melbourne, Seoul 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 →**](/tools/city-comparator) ## Frequently asked questions ****Is Class A office cheaper in Melbourne or Seoul?**** : Seoul is cheaper on a USD basis: $34/sqft vs $43/sqft. ****Which has better talent depth, Melbourne or Seoul?**** : Melbourne indexes higher on talent depth (84 vs 82). ****Which has more sublease availability, Melbourne or Seoul?**** : Melbourne carries higher vacancy (18.4% vs 5.2%) and therefore typically more [sublease](/topics/sublease-strategy)">sublease overhang. ****What lease term should I expect in Melbourne vs Seoul?**** : Melbourne typical term is 7 years with 14 months rent-free; Seoul typical term is 5 years with 6 months rent-free. ****How does transit and commuter access compare?**** : Melbourne: Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD. 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. ## Editorial provenance Reviewed by [**Kenji Watanabe**](/about/authors/kenji-watanabe) — APAC contributing editor. Last updated 2026-04-15. See our [methodology](/about/methodology) and [editorial standards](/about/editorial-standards). ### Primary sources for this page - [CBRE Marketview reports](https://www.cbre.com/insights) — CBRE - [JLL Office Insight](https://www.jll.com/en/trends-and-insights) — JLL - [Cushman & Wakefield Marketbeat](https://www.cushmanwakefield.com/en/insights) — Cushman & Wakefield - [Savills World Research](https://www.savills.com/research_articles/) — Savills - [Colliers Global Office Outlook](https://www.colliers.com/en/research) — Colliers [Full sources index](/about/sources) · [Submit a correction](/about/corrections) --- Citation: Source: Class A Atlas (https://classa.info/compare/melbourne-vs-seoul), updated 2026-04-15T00:00:00.000Z.