[NewsSpace=Jack Moon] According to the report, Magok is leveraging its competitive rental rates alongside 200,000py of newly supplied office space to attract tenants. The district benefits from the presence of the LG Science Park-led R&D and biotech cluster, as well as excellent transportation accessibility.

Magok is part of Seoul’s large-scale urban development initiative aimed at revitalizing the southwestern economy and fostering an advanced, technology-driven industrial ecosystem. Since development began in 2007, it has evolved into a biotech cluster housing over 20 companies, including Lotte Chemical, Kolon, and Genexine.

In 2024, major office developments such as the 140,000py One Grove Complex, the 40,000py K-Square Magok, and the 50,000py Le West were introduced, marking the expansion of the large-scale rental office market. These developments will also feature hotels, convention centers, and cultural facilities.

From a rental perspective, Magok remains highly competitive. As of Q3 2024, Magok’s marketing rent (excluding newly built assets E.NOC) stood at 130,000 KRW/py, representing 40–50% of rental levels in major business districts. Newly constructed assets are being leased with aggressive discount incentives at rates between 150,000 and 170,000 KRW/py.