Pangyo Techno Valley is a relatively new office district (PBD) completed in 2017 at a 660,000 sq. m. site just outside Seoul’s southeastern boundary.

Established by the government with the aim of creating a Korean innovation hub similar to Silicon Valley in the U.S., PBD now hosts more than 63,000 employees working for more than 1,300 companies in the Information Technology (IT), Cultural Technology (CT), Biotechnology (BT) and Nanotechnology (NT) sectors.

During the initial development of PBD, land sales were subject to various restrictions and were mainly offered to end-users, making it inaccessible to investors. However, as controls have gradually been lifted, land in PBD has become increasingly sought after by institutional investors.

In Q4 2019, CBRE Research Korea conducted a study to profile the composition of office tenants in Pangyo business district by industry, origin, organizational type and whether they own or lease their office space.

This Special Report by CBRE Research Korea presents the findings of this survey and maps out the future of Seoul’s newest office market.