Average Monthly Rent for First-Floor Shops in Incheon is 1.84 Million KRW... Total Business Duration is 6 Years and 7 Months

The average deposit for first-floor stores located in major commercial districts in Incheon city was found to be 27.77 million KRW, with an average monthly rent of 1.84 million KRW. Additionally, the average store operation period was 6 years and 7 months, and the restaurant industry accounted for the highest proportion at 67.3% of all business types.

Incheon City conducted the "2022 Commercial Lease Survey" targeting 3,016 small business tenants in 31 major commercial districts within the region and announced the results on the 27th.

The survey results showed that the average deposit for first-floor commercial leases was 27.77 million KRW, and the average monthly rent per store was 1.84 million KRW, which is 240,000 KRW less compared to 2.08 million KRW in 2021.

The district with the highest deposit per unit area (3.3㎡) was Bupyeong-gu, at approximately 2.09 million KRW per 3.3㎡. This was followed by Namdong-gu (1.98 million KRW), Michuhol-gu (1.98 million KRW), Gyeyang-gu (1.90 million KRW), and Seo-gu (1.87 million KRW).

The highest monthly rent per unit area was in Namdong-gu at 140,000 KRW, followed by Seo-gu (130,000 KRW), Gyeyang-gu (130,000 KRW), and Yeonsu-gu (120,000 KRW).

The average exclusive area per store among surveyed businesses was 57.52㎡ (17.4 pyeong), with an average total operation period of 6 years and 7 months, average operating days of 27.2 days per month, and 11.1 hours per day.

Regarding store types, 73.3% were independently operated by individuals, while franchise affiliates and directly managed stores accounted for 26.7%.

Furthermore, small business owners cited the top difficulty faced while operating their businesses as the increase in raw material and component prices (47.5%), followed by commercial district decline (23.5%), intensified competition within the same industry (14.1%), and minimum wage increases (8.9%).

The city plans to disclose the results of this commercial lease survey to the Incheon Small Business and Low-Income Financial Welfare Support Center and make it available as a reference for citizens when calculating rent.

2022 Incheon Small Business Tenant Lease Survey [Provided by Incheon City]

This content was produced with the assistance of AI translation services.