Average general retail vacancy rate surpasses 13%

The average vacancy rate for general retail spaces nationwide has surpassed 13 percent, with vacancy rates rising in 16 of the country's 17 cities and provinces compared to five years ago.

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A leasing notice is posted at a commercial building in Seoul on Sept. 28. The average vacancy rate for general retail spaces nationwide has surpassed 13 percent, with vacancy rates rising in 16 of the country’s 17 cities and provinces compared to five years ago, according to data submitted by the Korea Real Estate Board to Rep. Hwang Hee of the Democratic Party, a member of the National Assembly’s Land, Infrastructure and Transport Committee. The nationwide vacancy rate rose in the second quarter of this year for the seventh consecutive quarter since the third quarter of 2024 and marked its highest level since 2021.

A leasing notice is posted at a commercial building in Seoul on Sept. 28. The average vacancy rate for general retail spaces nationwide has surpassed 13 percent, with vacancy rates rising in 16 of the country’s 17 cities and provinces compared to five years ago, according to data submitted by the Korea Real Estate Board to Rep. Hwang Hee of the Democratic Party, a member of the National Assembly’s Land, Infrastructure and Transport Committee. The nationwide vacancy rate rose in the second quarter of this year for the seventh consecutive quarter since the third quarter of 2024 and marked its highest level since 2021.

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