Myeongdong Commercial District Comes Alive: Vacancy Decreasing, Rents Rising The Myeongdong commercial district is being revived after serious stagnation during the height of the COVID-19 pandemic. Vacancy rates of commercial buildings that had skyrocketed over the past three years are now decreasing thanks to the influx of foreign tourists. The rise in rent is also evident. According to the Korea Real Estate Board, as of the third quarter of this year, the vacancy rate for small-scale shopping malls in Myeongdong was 36.9%, and the vacancy rate for medium-to-large shopping malls was 43%. Compared to the same period last year, they decreased by 6.4 percentage points and 4.2 percentage points, respectively. […]