Gangnam Business District

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Commercial property investment in South Korea rose 38 percent on year in the April-June period despite depression in the property market under the weight of heavy taxes on multi-property owners, data showed.

According to real estate service firm CBRE Korea on Tuesday, transactions in real estate properties in the country totaled 4.3 trillion won ($3.65 billion) in the quarter ended June, up 38 percent from three months ago.

Investment in the first six months jumped 11 percent on year to reach 7.5 trillion won, it added.

Major deals closed in the second quarter include State Tower Namsan, Eulji Twin Tower and Jongno Tower, all in Central Business District (CBD) in downtown Seoul – an area encompassing Gwanghawmun, City Hall and Seoul Station.

The vacancy rate of offices in Seoul’s three prime districts, where a majority of offices are concentrated, averaged 10.5 percent, unchanged from a quarter ago.

Central Business District showed a vacancy rate of 14.6 percent, up 2.3 percentage points from a quarter ago, on a rise in new supplies with some moving out of the region. Gangnam Business District (GBD)’s office vacancy was down 1.7 percent points at 3.8 percent, and the rate in Yeoido Business District (YBD), home to many bank headquarters and financial institutions, also 2.2 percentage points lower at 11.8 percent on sustained demand.

Meanwhile, transactions in logistics centers in satellite cities totaled 656.7 billion won, with the opening of three new centers in Ansan, Pyeongtaek and Icheon in Gyeonggi Province.

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