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August 2020 | Pangyo Office Market After COVID-19

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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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