CBRE Korea hosted a webinar covering the high potential and positive prospects of the Pangyo, Magok and Seongsu business districts. Claire Choi, Head of Research at CBRE Korea, Sean Choi, Head of Capital Markets at CBRE Korea, and Andy Park, Head of Advisory and Transactions (A&T) Services at CBRE Korea, shared their insights in a Q&A session with participants.

Over 250 industry experts, tenants and landlords participated in the webinar. The event included a presentation by Claire Choi, Head of Research at CBRE Korea, on the market outlook for the emerging business districts. Sean Choi, Head of Capital Markets at CBRE Korea, and Andy Park, Head of Advisory and Transactions (A&T) Services at CBRE Korea, shared their insights in a Q&A session with participants.

“Pangyo Business District (PBD), a cutting-edge hub for the technology sector, will grow further as completions of Pangyo Techno Valley 2 (PTV 2) and Pangyo Techno Valley 3 (PTV 3) happen. Magok Business District (MBD),which has emerged as a locus of the research and development (R&D) industry, is now an important office district in Seoul’s southwest in terms research facilities and office buildings geared toward biotechnology and pharmaceutical companies,” remarked Claire Choi. “Seongsu Business District (SBD), which shows successful leasing activity and expansion of flexible space, is on the way to becoming a top office district centered on young startups leading new trends.”

The event included a Q&A session covering investment and leasing prospects in the three districts. Sean Choi noted, “PBD is developing into a core district where domestic and foreign investors are interested in its location, capital and manpower, and it is expected to reach the level of Yeouido Business District (YBD), one of the Seoul’s top three business districts, in the future.”

Andy Park stated, “The PBD, which has tenants in the IT, game and cultural content industries, has high potential demand considering the expansion of companies currently in Pangyo Techno Valley 1 (PTV 1) and the intention of companies to move into PBD in the future.”

In terms of Magok, Andy Park explained, “MBD is a target for biotechnology and pharmaceutical companies as it is mainly composed of R&D facilities developed for self-use. Additionally, if business infrastructure is created and support services are improved, numerous companies are expected to consider moving in and rent can potentially rise”

Sean Choi explained, “MBD, which is expected to establish itself as a biotechnology and pharmaceutical hub in the future, has a chance to become an attractive investment district since assets that investors prefer are rare from an office investment perspective.”

Regarding Seongsu, which is developing organically, unlike government-planned PBD and MBD, Andy Park stated, “As SBD has been designated as an IT industrial development promotion district, startups including high-tech companies are steadily moving in. Growth in the area will continue thanks to nearby developments such as Ttukseom Island.”

Sean Choi added, “SBD, which has developed from the revitalization of retail such as café streets, is expected to grow into a young and future-oriented business district that absorbs some of the functions of Gangnam Business District (GBD) as it has an environment that meets needs of the young generation.”

“The webinar was a chance to share CBRE’s extensive insights on emerging office districts based on differentiated data and in-depth analysis. CBRE will continue to do its best to provide outstanding real estate solutions to clients with abundant real estate knowledge and expertise,” said Don Lim, Managing Director of CBRE Korea.