Supply of Office-tels in the Seoul Metropolitan Area Halved... Where Are the Newly Launched Complexes?

Office-tel Sales Transactions Down 47% Compared to Last Year Until August
Next Year's Supply Expected to Reach Only 30,000 Units

It has been revealed that the supply volume of officetels has significantly decreased due to the downturn in the real estate market.

An officetel located in Noryangjin, Dongjak-gu, Seoul, where civil service academies and entrance exam academies are concentrated. Photo by Jinhyung Kang aymsdream@

On the 17th, Real Estate R114 analyzed the actual transaction data from the Ministry of Land, Infrastructure and Transport and found that the total number of officetel sales transactions up to August this year was 17,853, which is about a 47% decrease compared to the same period last year (33,939 transactions). In particular, in the metropolitan area, the number of officetel transactions this year dropped by more than half (53.4%), from 25,247 last year to 11,772 this year.

Not only the transaction volume but also the supply volume is on the decline. The number of officetel units for sale (including planned) this year was recorded at 18,404 units, which is more than a 30% decrease compared to 26,587 units last year. Considering that it takes about 2 to 3 years from sale to move-in, the number of officetel move-ins next year is expected to be around 30,000 units.

The sales industry advises considering the purchase of officetels in good locations amid concerns about an overall housing supply shortage.

A representative from the sales industry said, "Due to the recent downturn in the construction market, the income-generating real estate market is facing difficulties. Since the supply volume has been reduced to about half, concerns about future supply shortages may arise, so officetels in good locations in the metropolitan area could be an opportunity."

Major sales complexes currently being supplied or about to be supplied include ‘Dongtan Station Herium Central’ by Himchan Construction, located in Dongtan 2 New Town, Gyeonggi-do. It is composed of 450 units (Phase 1: 144, Phase 2: 144, Phase 3: 162) across three blocks (9-4 Block, 9-5 Block, 15-1 Block) in the Dongtan General Commercial Zone within the Dongtan 2 New Town Culture Design Valley, with 4 basement floors to 10 above-ground floors and three buildings, with exclusive areas ranging from 59 to 72㎡. It is developed as a work-residence complex near major companies such as Samsung Electronics, LG Electronics, Doosan Heavy Industries, Dongtan Techno Valley, Hwaseong General Industrial Complex, and the planned semiconductor cluster in Yongin.

‘e-Pyeonhansesang City Cheonan Asan Station,’ a residential officetel constructed by DL Construction, is scheduled to be supplied this month in Baebang-eup, Asan-si, Chungcheongnam-do. It consists of two buildings with 396 units, from 6 basement floors to a maximum of 46 above-ground floors, all units having a popular exclusive area of 84㎡. Located in a station area, e-Pyeonhansesang City Cheonan Asan Station offers access to KTX·SRT Cheonan Asan Station and Line 1 Asan Station.

Hanyang is currently selling the officetel ‘Anyang Hanyang Sujain Riverview’ in Anyang-dong, Manan-gu, Anyang-si. Located right in front of Anyangcheon Stream, Anyang Hanyang Sujain Riverview consists of two buildings from 3 basement floors to 19 above-ground floors, with 169 units in four types of 55㎡ exclusive area. The complex is considered to have high future value due to its proximity to Geumjeong Station, where the GTX-C line is scheduled to stop.

POSCO E&C is launching the residential officetel ‘The Sharp Ochang Prestige’ this month in Yangcheong-ri, Ochang-eup, Cheongwon-gu, Cheongju-si, Chungbuk. ‘The Sharp Ochang Prestige’ officetel is located in the Ochang Science Industrial Complex and consists of 225 units out of a total of 869 households including apartments, with a single exclusive area of 84㎡, and two buildings with a maximum of 32 and 49 floors above ground.

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