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August 2020 | Pangyo Office Market After COVID-19

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By Judy Jang, Robert Wilkinson and Jay Cho

Korea's Silicon Valley Pangyo Office Market expands despite of Covid-19

Insight & Recommendations

The Pangyo market has gained attention from building owners, investors, and tenants as Pangyo 1st  Techno Valley and Pangyo Alpha Dome City have seen their occupancy stabilize and the resale market has been deregulated in 2020. When Pangyo 2nd is completedin2022and 3rd  Techno Valley is established in 2025, we expect Pangyo will emerge as a major office submarket to rival Seoul’s existing three major office submarkets.

 

  • We recommend investors monitor the market for investment opportunities in Pangyo as the restrictions on resale in Pangyo 1stTechno Valley will be lifted sequentially starting in 2020.
  • As the restrictions on resale are lifted, we recommend owners looking to increase their liquidity can sell their office assets in Pangyo Techno Valley.
  • The opening of Pangyo 2ndTechno Valley brings lettable floorspace in excess of Seoul’s traditional three CBDs. We recommend occupiers, especially tech occupiers with an existing GBD presence look to Pangyo for expansion.
  • We recommend enterprises planning to move or develop their own buildings in Pangyo 3rdTechno Valley take advantage of the relatively low development cost and tax benefits.

 

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August 2020 | Pangyo Office Market After COVID-19

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Related Experts
Judy Jang | Colliers | Korea

Judy Jang

Director

Research

Korea

+82 2 6325 1918
Email

Judy Jang has joined Colliers Korea as Associate Director of Research & Advisory Services in March 2018. 
She is responsible for research outputs and play a major role to drive a more client-oriented research approach to support business win rate.

Judy has over 15 years of experience in real estate business and 6 years in IT industry. Prior to joining Colliers, she has served as a Head of Research for 7 years in Cushman & Wakefield Korea. She also had worked at Golden Bridge Property Management (Vanguarz Asset), Polaris HQ, LAN bird Technology Company, and Alibaba Korea.

 

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Robert Wilkinson | Colliers | Korea

Robert Wilkinson

Managing Director

Korea

+82 2 6325 1901
+82 10 7209 4609
Email

As Managing Director of Colliers International, Rob is responsible for the strategic direction of the Korea business, to lead the growth and diversification initiatives and develop leadership talent. He oversees all service lines as well as shared services including investment sales, office leasing, project management, valuation and advisory, research, marketing and communications, human resources and finance.

Rob is also a member of the Colliers International Asia Leadership team.

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Jay Cho | Colliers | Korea

Jay Cho

Senior Director

Office & Industrial Services

Korea

+82 2 6325 1905
Email

Jay is currently the Head of Colliers’ Office & Industrial Services team in Korea. he has over 17 years of real estate market experience in Seoul for many years he has been focused on Office & Industrial Services. Strong experience in working on a range of both Korean domestic firms. With a proven track record in real estate field as a Senior director, He has successfully nurtured and developed lasting business relationships with a wide range of clients from institutional investors to individual landlords, developers and local conglomerates. Based on the well-maintained relationships, he has successfully closed multiple deals with various projects as indicated on the right, including financial services clients.

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