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In Q3 2013, the South Korean economy continued on the path to modest recovery and grew by 1.1% quarter-on-quarter (q-o-q) for two consecutive quarters and by 3.3% year-on-year (y-o-y) to nominal GDP KRW 331.5 trillion.
The average monthly rent of Grade A offices rose slightly by 1.2% to KRW 28,662 (US$27) per sq m and the availability ratio increased by 1.9% q-o-q to 12.2%.
Domestic consumption for the third quarter remained stable, as in the second quarter, and drove GDP growth up 1% q-o-q.
According to the Ministry of Land, Infrastructure and Transport, returns on retail property investment for three months dropped 0.71% q-o-q to 0.86% in the third quarter of 2013.
Most investment opportunities involved companies who needed to resolve financial issues by selling their assets. Total investment volume in the fourth quarter reached KRW 2 trillion (US$1.9bn), involving thirteen transactions for office buildings.
Source : DTZ (Groupe UGL)
