# South Korean commercial vacancy trends > Live situation record from CLSTR: https://clstr.news/situations/south-korean-commercial-vacancy-trends > Updated: 2026-10-08T13:36:22.000Z. Sources: 7. Developments: 2. South Korea’s national commercial vacancy rate reached 13.36% in the second quarter of 2024, the highest level recorded since 2021. This trend follows seven consecutive quarters of rising vacancies, with 16 out of 17 provinces and cities reporting higher rates than five years ago. Sejong recorded the highest vacancy rate at 22.79%, while medium-to-large scale commercial properties in the city reached 29.68%. Other regions experiencing high vacancy rates include Daegu, Chungbuk, Gyeongbuk, and Gwangju. Even prime 1st-floor spaces saw an increase in vacancies to 6.68%. Economic factors contributing to this trend include rising interest rates, high rents, and shifts in consumer environments. While certain areas like Myeong-dong have benefited from increased foreign tourism, many local commercial districts continue to struggle. Representative Hwang Hee noted that the expansion of vacancies serves as a “signal of the domestic economy” and called for tailored policies to support small business owners. ## Timeline ### 2026-10-08: South Africa office vacancy rates hit six-year low South Africa’s commercial office vacancy rates have hit a six-year low of approximately 12%, driven by positive tenant absorption despite the ongoing challenges of hybrid work patterns. 2 sources. https://clstr.news/cluster/south-africa-office-vacancy-rates-hit-six-year-low ### 2026-09-28: South Korea commercial vacancy rate hits highest level since 2021 South Korea's commercial vacancy rate hit 13.36% in Q2 2024, the highest since 2021. Sejong leads with a 22.79% vacancy rate as rising interest rates and high rents impact small businesses. 5 sources. https://clstr.news/cluster/south-korea-commercial-vacancy-rate-hits-highest-level-since-2021 --- Cite as: South Korean commercial vacancy trends. CLSTR, https://clstr.news/situations/south-korean-commercial-vacancy-trends