Seoul office vacancies rise to 25% on job loss
Brokerages shed staff, shut branches after 2013 earnings fall to 8-year low
[SEOUL] Lee Sang Kun doesn't need to read the real-estate section to know South Korea's financial hub is emptying.
Mr Lee, 65, who operates a coffee shop in Seoul's main financial district, said his regular customers have been disappearing for most of the past year. First it was the new hires sent to fetch lattes for the office, then the more senior people vanished as local brokerages' headcounts fell to the lowest since 2007.
The office vacancy rate in Yeouido, home of the stock exchange and known locally as Korea's Wall Street, soared to 24.8 per cent in the second quarter, the highest in Savills plc data going back to 2002, as brokerages shed staff and shut branches on falling profits.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Abu Dhabi builder plans US$6.8 billion luxury housing project
JTC to sell hospitality project being built in Punggol Digital District
Mapletree Logistics Trust posts 2.5% drop in Q4 DPU; manager warns of further headwinds
Abu Dhabi developer Aldar posts 88% in Q1 leap
Without a game changer, Sentosa Cove condos will continue underperforming
Church to tackle US housing crisis