Last year marked the start of large-scale office supply in Magok, a neighborhood in northwestern Seoul, in the northwest of Seoul. The growth of the Magok office market soon impacted the overall Seoul office market in a major way. Many underestimated Magok, saying that even if large-scale office supply is added, it is too far from the main office districts, so all the talk was just a ‘storm in a teacup’. However, as more companies move to Magok to reduce costs in an economically strained environment, paired with an increase in supply in the main office districts, Magok’s impact is more significant than expected. The move to Magok […]