In a metropolitan area like Seoul, office workers spend an average of 57 minutes a day going to work and 59 minutes going home. This is the information announced last month by the Metropolitan Area Transport Committee of the Ministry of Land, Infrastructure and Transport. If you spend an average of about 2 hours every day on the bus or subway, you will inevitably be exhausted.
So many people are trying to shorten the distance between home and work. It is to find an area where so-called ‘direct proximity’ is possible. Real estate is more popular the closer it is to places where many jobs are concentrated. Then, let’s start by looking at where the official business districts in Seoul are located. This topic is CBD·GBD·YBD .
3 major city centers and 3 major business districtsDowntown means the center of a city. It means a very prosperous place where commercial, cultural, administrative and transportation functions are gathered. Seoul, a city with a population of 10 million, has three major city centers. It is △Center of Seoul △Gangnam △Yeouido and Yeongdeungpo.
These areas are sometimes referred to as the three central business districts. When translated into English, the Seoul downtown area is called CBD ( Central Business District ), the Gangnam area is GBD ( Gangnam Business District ), and the Yeouido-Yeongdeungpo area is called YBD ( Yeoido Business District ).
Seoul’s traditional business district
CBDCBD is Seoul’s traditional business district. It refers to Gwanghwamun and Jonggak Station in Jongno-gu, Seoul, and the entire area of Euljiro 1-ga Station in Jung-gu. Subway Lines 1, 2, 3, 4, and 5 mostly pass through.
CBD was developed in earnest in the late 1960s. As it is the oldest, there are many important administrative institutions. Government Complex Seoul, Seoul City Hall, Ministry of Foreign Affairs, Seoul Metropolitan Police Agency, etc. Embassies of major countries such as the United States, China, and Japan are also located here.
Another characteristic is that there are many historical and cultural facilities. Gyeongbokgung Palace, Changgyeonggung Palace, Deoksugung Palace, and the Blue House are in the middle of the CBD . You can also find the main stores of Shinsegae and Lotte Department Stores, Korea’s representative department stores. There are also financial institutions. The headquarters of Shinhan Bank, Hana Bank, Woori Bank, and SC First Bank are representative. Famous buildings include Gwanghwamun Kyobo Building, D Tower, Gran Seoul, Center One, and Centropolis.
According to Mastern Investment Management, a real estate asset management company, the CBD ‘s vacancy rate in the first quarter of this year was 3%. In fact, the natural vacancy rate is low. It means that even if there are naturally empty offices for reasons such as moving, there are no offices that are idle. However, the vacancy rate of 3% is also high compared to other business districts. There are more old buildings than other business districts. Instead, it is an area where the future is expected as old buildings are promoting reconstruction or remodeling one after another.
GBD where conglomerates and
IT companies gatherGBD refers to the business district of Gangnam-gu and Seocho-gu in Seoul. Most of the area where Teheran-ro and Gangnam-daero pass belongs to GBD . Development of GBD began in the mid-to-late 1980s.
Gangnam-gu is home to large corporations, IT companies, game companies, and startups, and Seocho-gu is home to law offices centered on the Supreme Court and the Supreme Prosecutor’s Office. With various bus and subway lines, it is often cited as the best place for public transportation convenience. Subway lines 2, 3, 7, and 9, as well as the Bundang and Shinbundang lines pass by. The Seoul Express Bus Terminal is also nearby.
Public transportation access is good, so there are many offices. According to Mastern Investment Management’s report on the Seoul office market, the supply of GBD offices reached 4.38 million pyeong as of the end of last year. This is much higher than 3.15 million pyeong in CBD and 1.47 million pyeong in YBD .
Empty offices are also said to be at an all-time low. GBD’s vacancy rate in the first quarter of this year was very low at 1.8%. Representative buildings of GBD include COEX, ASEM Tower, Gangnam Finance Center, Centerfield, and Intercontinental Hotel.
YBD, where financial and securities companies flockedYBD , which was developed in earnest in the early 1980s, refers to the Yeouido area in Yeongdeungpo-gu, Seoul메이저사이트. The biggest feature of YBD is that financial companies are concentrated in it. KB Kookmin Bank, NH Nonghyup Bank, IBK Industrial Bank, and KDB Industrial Bank are located here.
There are also many stock exchanges. Meritz Securities, NH Investment & Securities, Korea Investment & Securities, Hana Securities, and SK Securities are typical examples. Since there are many financial companies, the center of Yeouido is designated as a specific financial development promotion area. The Financial Supervisory Service, which oversees financial companies, can also be found in Yeouido. Furthermore, the city of Seoul announced various development plans this year, saying that it would develop this place into an international financial center.
Originally, there were several broadcasting companies in Yeouido, but most of them have moved and only KBS remains. Distribution facilities are getting attention these days. The Hyundai Seoul and IFC Mall are the main characters. In addition to this, the main facility is the National Assembly Building.
Famous buildings include 63 Building and Park One. YBD ‘s vacancy rate in the first quarter of this year was 1.7%. However, there is a possibility that the vacancy rate will increase slightly due to the construction of the TP Tower and Brighton Yeouido this year. Subway lines 5 and 9 mainly pass through.
The subscription market is also strong just for ‘direct stock’In fact, in the Seoul subscription market, it was found that complexes close to direct sales showed a strong performance. From January of last year to June of this year, eight of the top 10 complexes in the first-priority subscription competition rate sold in Seoul were said to be complexes with high accessibility to major business districts in Seoul. This is the result of analyzing the Korea Real Estate Agency’s subscription home by Forad One, a real estate information company.
Individual complexes include △Centreville Asterium Yeongdeungpo △Yeongdeungpo Xidentity △ DMC Gajaeul I-Park △Saejeol Station Doosan We’ve Tresium △Seoul National University Station The Hive Central △Hwikyung Xidisencia △Hillstate Seunwon Central.
ForadOne said, “All of these complexes have in common that they can be reached in about 30 minutes by public transportation to CBD , GBD , YBD , DMC , etc.”
Specifically, the average competition rate for the first place in the eight complexes reached 92.74 to 1. 71,385 people applied for 973 households. This is a figure that greatly exceeds the average competition rate (36.31 to 1) of the first rank for all sales complexes in Seoul during the same period.