Office Space Supply Expected to Surge

Office spaces are expected to pour out. The establishment of office buildings equipped with high-tech functions in a number of locations, which is to start from 2011, is even spurring concerns over a possible over supply of office spaces.

Currently, the most expensive office spaces in Seoul are those in the Seoul Finance Center (30 floors & 119, 646㎡) in Gwanghwamun and the Gangnam Finance Center (45 floors & 212,615㎡) in South Han River.

However, jaw-dropping office buildings with truly high-tech, convenient features are expected to be constructed.

Yeouido Park one (640,000㎡ to be completed in 2011), Seoul International Finance Center (510,000㎡, in 2011), Sangam DMC Landmark Tower (240,000㎡, in 2013), Yongsan Dream Tower (500,000㎡, in 2017), Incheon (Songdo) Tower (660,000㎡, in 2013), and Cheongna WTC Tower (330,000㎡, in 2015) are expected to look down over the Seoul Finance Center. In particular, total floor area of the Dream Tower in Yongsan is expected to reach 1,720,000㎡ including its 12 surrounding buildings.

The Gangnam Finance Center which had prided itself on having the largest total floor space seems dwarfed in such comparison. Even the 63Building which is the tallest office building in Korea has a total floor area of a mere 166,100㎡.

Moreover, the new buildings are expected to overpower the preexisting buildings in not just size but also in architectural engineering and aesthetic measures.

Such are the reasons why there might be a restructuring of the office building market. Starting from 2011, when the constructions of new and large buildings are to be completed one by one, the landscape of the market may be reshaped.

[Min-jeong Lee / KHS]

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