2023. 06. 27 · Byungki Koh
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Providing Up-to-date news and contents of Korean commercial real estate market including investment, REITs and market players.
The concept of NOC, or Net Occupancy Cost, is an important one in the office rental market. The NOC is the sum of the total cost paid by the lessee per exclusive area. It is usually the sum of the opportunity cost for rent, maintenance, and security deposit. Since each office building has a different exclusive area and different physical conditions, NOC is an indicator that can objectively compare rent levels. Currently, Gangnam has the highest NOC of the three major Seoul office districts, which are Gangnam, Central, and Yeouido. The newly built Gangnam Station Scale Tower (completed in March 2023) and Centerfield (between Yeoksam and Seolleung Stations) […]
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Content Editor, Seoul Property Insight(SPI)
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Byungki, hope you are well and thanks for the insights above. Very helpful.