Pangyo office sees 3square meters of vacancy, 241companies relocate headquarters
In Pangyo’s core office area, about 3square meters of vacancy emerged, and from last year’s 12month through this year’s 5month, companies that moved their headquarters address within the Pangyo area numbered 241. Rental burdens and organizational restructuring continue to drive the movement of IT companies and startups.
In Pangyo’s core office area, roughly 3square meters of vacancy has emerged, bringing changes to the local commercial real estate market. A crack has appeared in Pangyo’s long-held image as having ‘no vacancies’.
An analysis of corporate registry data shows that from last year’s 12month through this year’s 5month, the number of companies that moved their headquarters address within the Pangyo area was 241.
Of the companies that left Pangyo, 40percent are IT companies such as software and games, and 47percent are startups founded less than 5years ago.
Industry observers say rising rent burdens and organizational restructuring are behind companies’ relocations.
The biggest relocation case is SK bioscience. Last year 9it sold its Bundang headquarters, “Ecohub,” to affiliate SK Gas for 506billion won, and last 5month it moved its headquarters and 576employees to Incheon Songdo.
A source in the commercial real estate industry said that over the past 1to 2months, about 3square meters of vacancy has emerged in prime offices near Pangyo Station, and added that further vacancies could follow.
Kakao is reportedly considering additional office leases in Seoul’s central business districts such as Seongsu and Gangnam instead of Pangyo, due to high rents and expansion constraints.
Sources: 뉴시스 경제
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