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Parnas Tower, Lotte World Tower Ranks 1st, 2nd Highest in Rent Costs
Rent Costs in Gangnam
Parnas Tower, Lotte World Tower Ranks 1st, 2nd Highest in Rent Costs
  • By Yoon Yung Sil
  • September 8, 2017, 03:45
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Parnas Tower (center) near to the World Trade Tower has the highest rent in Gangnam area, Seoul.
Parnas Tower (center) near to the World Trade Tower has the highest rent in Gangnam area, Seoul.

 

Parnas Tower and Lotte World Tower, which were completed last year, are office buildings that have the highest rent costs in Gangnam, Seoul. Accordingly, Gangnam Finance Center, which had ranked first in terms of monthly rent for 16 years in a row since July 2001, moved down to number three.

Building information service provider RE/MAX Widepartners conducted a survey on monthly rent costs of 115 office buildings in Gangnam as of August. According to the survey, Parnas Tower in Samsung-dong had the highest rent with 136,500 won (US$121.09) per 3.3 square meters, followed by Lotte World Tower in Jamsil with 129,000 won (US$114.43). Gangnam Finance Center in Yeoksam-dong, which took first place last year, slipped to third with 110,000 won (US$97.56) per 3.3 square meters.

It followed by Samsung Life Seocho Tower with 109,000 won (US$96.66), GS Tower with 107,910 won (US$95.69), Meritz Tower with 105,000 won (US$93.11), Capital Tower with 104,000 won (US$92.22), Kyobo Tower with 98,700 won (US$87.52), SI Tower with 97,000 won (US$86.02) and POSCO Center with 96,200 won (US$85.31).

RE/MAX Korea CEO Jang Jin-taek said, “Rental costs went up as new large office buildings were built in Gangnam in where there was in a shorter supply of new office buildings than the downtown areas.”