Seoul

Seoul is having a cultural renaissance, and residents, businesses and visitors alike are conscious of its growing global reputation for media, music and film. It is no surprise that this explosion of interest and cultural success is being felt in the fit-out market too.

Major international tech and media businesses are keen to invest in new Korean campuses and offices – with a leading online streaming service being one of the most prominent. As a city associated with innovation, it is also one of the worldwide hotspots for firms working on AI. Accordingly, fit outs are increasingly focused on the quality of technology and MEP – allowing for seamless digital working and the heavy tech demands of uses such as filming, music production, and AI research.

Seoul is a good location for this premium-specification investment, as it remains a relatively inexpensive market. At ₩3,289,271 per m2 for a high-specification fit out, it is more economical per square metre than a low-specification fit out would be in Japan.

Location has also become important, with businesses increasingly looking to relocate to areas known for their culture, amenities and even nightlife – helping to attract a new generation of talent that prioritises their lifestyle and entertainment. As much of this is in the city centre, it does mean that there is now some oversupply of non-core offices that were built post-pandemic in expectation that people would move out of the congested CBD.