Leasing activity is heating up in Seoul’s Central Business District (CBD) as newly developed office buildings begin aggressive campaigns to attract tenants. A series of high-profile projects—spanning G1 Seoul in Gongpyeong, Euljiro 3-ga redevelopments, and early-stage projects in the Sewoon District—are set to reshape tenant dynamics in the city’s core.

This comes amid an unprecedented pipeline: According to Corebeat research, more than 2.5 million square meters of new office space is expected to be supplied in the CBD by 2030—five times the supply of the past decade. Of that total, nearly 80% is being developed without pre-leased tenants, making them speculative by nature. In this context, the competition for tenant pre-commitments is intensifying sharply.

As of May 20, major advisory firms including CBRE Korea and GenstarMate are spearheading leasing efforts for several upcoming assets. These include G1 Seoul (Gongpyeong Districts 15 and 16), and Euljiro 3-ga Districts 6 and 12. Together, these projects represent over 495,000 square meters of new floor area, signaling a dramatic influx of supply.

G1 Seoul, scheduled for completion in April 2025, consists of two towers—Tower A (25F/8B) and Tower B (12F/8B)—with a combined GFA of 143,431㎡. Developed by Ranspert AMC, the project is currently pursuing tenant pre-commitments ahead of a planned strata sale, with effective net operating costs reportedly around USD 115 per square meter.

Market sources indicate that Kumho Petrochemical has submitted a letter of intent (LOI) for space in G1 Seoul. The company currently occupies Signature Tower as its HQ, but some insiders suspect the LOI may be a strategic move in advance of its 2028 lease expiry.

Following closely behind is the Euljiro 3-ga District 6 redevelopment, due for completion in May 2025. This building offers 60,392㎡ across 17 above-ground and 6 basement floors. Initially intended as the new HQ for the Korea Scientists and Engineers Mutual-aid Association (SEMA), the group withdrew from the project and instead secured priority negotiation rights for NC Tower 1 in Gangnam’s Samsung-dong.

Meanwhile, I-eul Tower in Euljiro 3-ga District 12 is also preparing for its debut in November 2025. With 44,906㎡ of space across 17F/8B, the building is being positioned by Kyobo AIM Asset Management—who signed a forward purchase agreement with the developer—to be delivered upon completion. Kyobo is marketing it as a “five-star office,” emphasizing hotel-grade amenities. The firm has engaged Jongkim Design Studio—known for luxury projects such as Fozes Hangang and Osiria Busan Penthouse—to create a premium design identity.

Though completion is still several years away, redevelopment projects in the Sewoon District are also entering the leasing game. Block 6-3-3 is targeting a 2028 finish, while Blocks 3-2 and 3 are aiming for 2029. These projects are expected to further intensify competition by drawing tenants from the same demand pool.

An industry expert remarked, “With over 2.5 million square meters of new office space projected in the CBD by 2030—most of it speculative—the arms race to lock in tenants early is only beginning. It’s no longer just about quality—it’s about speed to market.”