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An understanding of the performance characteristics associated with income producing properties is important in the real estate investment areas. However, there have been little studies in this area. This study analyzes the characteristics of office property returns using performance data collected from individual buildings. The results of the empirical analysis are as follows. Income return of the office building has been stable and higher than the interest rate during past 4 years in Seoul office market. Moreover, it has been higher than the capital return. In addition, there is difference of the returns among three major office submarkets (CBD, YBD, KBD). Another interesting finding is that the income return of the institutional grade office building is relatively high. These empirical results can help asset managers more fully understand of the characteristics of Seoul office market, develop portfolio strategies considering market characteristics.