"Leave Seoul, Find Gwangmyeong"... Spotlight on Gwangmyeong, the Cradle of Venture and Startups

Office rental prices in Seoul remain the highest nationwide, drawing attention to Gwangmyeong in Gyeonggi-do, which also offers accessibility to Seoul. This area is adjacent to Geumcheon-gu in Seoul and is considered a quasi-Seoul zone, with rental prices lower than those in Seoul. As a result, an increasing number of venture and startup companies are paying close attention to the knowledge industry centers recently supplied in Gwangmyeong.

According to data from the Korea Real Estate Board analyzing nationwide office rental prices, as of the fourth quarter of last year, the rental price per 3.3㎡ in Seoul was approximately 74,000 KRW. This figure not only far exceeds the national average rental price of about 56,500 KRW per pyeong during the same period but also represents the highest rental price among the 17 cities and provinces nationwide. Compared to the neighboring Gyeonggi-do (approximately 39,000 KRW per 3.3㎡), the difference is nearly double.

Given this situation, companies burdened by Seoul's high rental prices are moving to nearby Gyeonggi-do areas. In particular, Gwangmyeong, which serves as a gateway connecting the southwestern metropolitan area and Seoul, has seen strong demand. For example, the ‘Hyundai Terra Tower Gwangmyeong’ launched in June last year was sold out, and the ‘GIDC Gwangmyeong Station’ knowledge industry center supplied in 2018 reportedly sold out within a month after its launch.

As demand increases, premiums are also being added to sales prices. According to Naver Real Estate (as of the first week of February), a 42㎡ unit on the 17th floor of the ‘Gwangmyeong Station Xi Tower’ knowledge industry center in Iljik-dong, Gwangmyeong (occupied since August 2019), is listed at 9.98 million KRW per 3.3㎡. This represents a 29.11% (2.25 million KRW) increase compared to the original sale price on the same floor (7.73 to 7.88 million KRW per 3.3㎡).

Meanwhile, the ‘Gwangmyeong Tiamo IT Tower’ knowledge industry center is about to be launched in the Ilwon area of Gwangmyeong, Gyeonggi-do. Developed by Daon General Construction Co., Ltd. and constructed by Poongsan Construction Co., Ltd., this complex will consist of 458 units across 16 floors above ground and 4 basement levels, with a total floor area of 56,670㎡.

This complex is located within a 2 km radius of Cheolsan Station on Seoul Subway Line 7 and Doksan Station on Line 1, providing access to central Seoul areas such as Gangnam, Yongsan, and City Hall. Additionally, it offers easy access to Seoul and the entire metropolitan area via road networks including the Gangnam Circular Expressway, Seobu Expressway, and the 2nd Gyeongin Expressway.

Furthermore, a new station, Ucheok Sageori Station on the Incheon Subway Line 2 Doksan Extension Line, which completed a preliminary feasibility study at the end of 2019, is planned to be established within walking distance (currently under promotion). Notably, Sindoksan Station, just two stops away from Ucheok Sageori Station, will serve as a transfer station for the Sinansan Line opening in 2024, bringing Ansan, Siheung, and Yeouido closer.

The Seobu Expressway is currently undergoing an underground construction project. Once the section from the southern end of Seongsan Bridge to Geumcheon IC is completed, travel times to central Seoul areas such as Yeouido, Mapo, Gwanghwamun, and Jongno by car are expected to decrease. Additionally, the Gwangmyeong-Seoul Expressway, which connects the already opened Seoul-Munsan Expressway and Suwon-Gwangmyeong Expressway, is under construction and is expected to open in 2025, facilitating easier travel to major cities in the southwestern metropolitan area.

Nearby, large-scale housing development projects are underway, including the Gwangmyeong Haan 2 Public Housing District (5,400 households, planned for completion in 2025) and the Gureumsan Urban Development District (5,096 households, planned for completion in 2025), totaling about 10,000 households. There is also potential demand absorption from companies relocating from the aging Gasan and Guro Digital Complexes within approximately 1.5 km radius.

The complex is surrounded by Gureumsan and Dodeoksan mountains, with various green spaces such as Anter Ecological Park and Cheolmangsan Neighborhood Park nearby. Inside the complex, the environment will be enhanced with landscaping including tree planting, open terraces, and rooftop gardens to create a conducive work environment.

The lobby features a specialized design that expands the perceived area, and spacious outdoor rest areas are provided on each floor for communal use. Additionally, ceiling heights and floor heights have been optimized to maximize space utilization. The underground parking lot has a 7.5 m wide LOOP design to secure parking spaces and includes ramps to enhance convenience when using the parking facilities.

The Gwangmyeong Tiamo IT Tower sales office is located in Gwangmyeong, Gyeonggi-do.