The Most Expensive Commercial Rent in Seoul Is Not Myeongdong but Bukchang-dong

Major Commercial District Average Rent 4.5 Million KRW per Month
Bukchang-dong 10.87 Million KRW, More Expensive Than Myeongdong Street and Myeongdong Station

The average commercial rent in major shopping districts in Seoul was found to be 4.5 million KRW per month. The most expensive rent was in Bukchang-dong, where it reached 10.87 million KRW per month.

Seoul City announced on the 6th the results of the '2023 Commercial Lease Survey' conducted from August to November last year on 12,531 first-floor stores across 145 major shopping districts including Bukchang-dong, Myeong-dong, and Apgujeong Rodeo Station.

On the 23rd, Myeongdong Shopping Street in Jung-gu, Seoul, is bustling with many shoppers, including foreign tourists. Photo by Yoon Dong-joo doso7@

The survey showed that the average commercial rent last year was 74,900 KRW per 1㎡. Applying the average exclusive store area (60.2㎡), the average monthly rent was calculated to be 4.5 million KRW. The deposit was 956,000 KRW per 1㎡, which amounted to 57.55 million KRW when applying the average store area.

The highest commercial rent was in Bukchang-dong. The monthly rent per 1㎡ was 190,000 KRW, which translates to an average monthly rent of 10.87 million KRW based on the average exclusive area. Following Bukchang-dong were ▲Myeong-dong Street at 173,700 KRW ▲Myeong-dong Station at 153,600 KRW ▲Apgujeong Rodeo Station at 140,800 KRW ▲Gangnam Station at 137,900 KRW per 1㎡.

The average monthly sales in Seoul’s major shopping districts were 463,000 KRW per 1㎡, which amounts to 27.87 million KRW when applying the average exclusive area. The average initial investment per store was 170 million KRW. Among these, key money was 64.38 million KRW, deposits were 53.65 million KRW, and facility investment was 52.29 million KRW. The highest average monthly sales were recorded at City Hall Station (960,600 KRW per 1㎡).

Seoul City will publish the survey results on the city’s Fair Trade Comprehensive Counseling Center website to serve as a reference when determining rent or renewing lease contracts.

Choi Seon-hye, Seoul City’s Small Business Officer, stated, "Since rent-related disputes account for 68% of commercial lease conflicts, it is important to utilize the data from the commercial lease survey. We will strengthen various mediation systems to resolve commercial lease disputes and actively promote the use of survey results to prevent disputes and facilitate mediation, thereby fostering an environment of coexistence and cooperation among tenants."

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