Office rents plummeted worldwide last year amid the economic recession for the first time in six years, but Seoul saw a 3 percent rise to make it the 14th most expensive office location.
Global real estate adviser Cushman & Wakefield said in its Office Space Across the World report released Wednesday that the world's major markets suffered a dramatic fall in demand for office space, which led to a global decline in rents.
Ho Chi Minh City, Vietnam saw the largest fall with 53 percent. Other Asian cities also posted significant declines, with Singapore down 45 percent, Hong Kong 35 percent, and Tokyo 21 percent. But in Seoul's central business districts, rents rose 3 percent on-year to 458 euro per sq.m a year. Yeouido cost 363 euro and the upscale district of Gangnam 455 euro.
Tokyo was the most expensive office location, costing 1,441 euros per sq.m a year, followed by London's West End at 1,220 euros and Hong Kong with 1,207 euros.
But the report painted a rosier picture for this year. It said that as the global economy is recovering, corporate demand is likely to grow again and reduce the supply of office space.