The ratio of shops is lower compared to other Knowledge Industry Complex districts, and the rent is also affordable, but everyone is struggling due to poor business," said a representative from an A real estate agency in Okgil-dong, Bucheon, Gyeonggi Province.
During a visit on the morning of the 11th, several vacant spaces with papers indicating 'rental inquiries' were noticeable on the first floor of the Knowledge Industry Complex in the Okgil district of Bucheon. Going upstairs, offices were not as severely impacted as the first-floor shops, but vacancies were still visible.
The Knowledge Industry Complex market is suffering from stagnation, leading to numerous vacancies. The Okgil district is home to large Knowledge Industry Complexes such as 'Woosung Technopark I' and 'Gwangyang Frontier Valley.' Given their size, there were expectations for market revitalization, but due to market stagnation, there were many vacancies in both offices and shops within the Knowledge Industry Complex.
The demand for shops cannot be met by just the tenants and employees of the Knowledge Industry Complex, and the demand is dispersed to nearby residential areas and central commercial districts, causing the vacancy rate of shops near the Knowledge Industry Complex to remain unresolved.
A representative from a B real estate agency in the Okgil district noted, "While there are many employees working here, delivery services are used for meals, or they patronize shops across the street, resulting in zero influx of passerby. Given the nature of the Knowledge Industry Complex, there is almost no foot traffic on weekends, making the situation even more challenging.
According to this representative, more than half of the shops in the Knowledge Industry Complex are currently vacant. A representative from a C real estate agency located in the same Knowledge Industry Complex also explained that at least 40% are vacant.
Arriving at the Gasan Digital Complex, located about 20 minutes away by public transport from the Okgil district, the situation was similar. A representative from a D real estate agency in the Gasan Digital Complex stated, "Knowledge Industry Complexes close to the Gasan Digital Complex have somewhat filled their vacancies, but the further you go from the station, the more vacancies there are. New Knowledge Industry Complexes still have some demand for office transfers, but those that have been occupied for over five years are facing serious vacancy issues as existing corporations move to new buildings. Even places with fewer vacancies are seeing some owners looking to sell, raising concerns about the future.
The prolonged stagnation in the Knowledge Industry Complex market has significantly affected the increase in vacancy rates. Knowledge Industry Complexes emerged as alternative investment sites during the real estate boom from 2020 to 2021 when lending regulations on housing such as apartments were tightened. Offices in Knowledge Industry Complexes are not included in the housing statistics, and loans can be obtained for up to 70-80% of the purchase price. There are no restrictions on buying and selling subscription rights. However, due to the stagnation in the real estate market, high interest rates, and oversupply issues, multiple vacancies have arisen, causing transaction volumes to plummet recently.
According to the '2025 Q1 National Knowledge Industry Complex Sales Market Trends Report' published by RealtyPlanet, the total transaction volume of Knowledge Industry Complexes nationwide in the first quarter was 552, a 43.2% decrease compared to the previous quarter (971). The transaction amount also dropped to 218.4 billion won, down 44.8% from the previous quarter (395.9 billion won). Within three months, both transaction volume and amount have nearly halved. Compared to the same period last year (1,010, 439.2 billion won), transaction volume decreased by 45.3%, and transaction amount fell by 50.3%. This is the lowest figure in the past five years.
Experts expressed concerns that the increase in vacancies in the Knowledge Industry Complex due to oversupply and real estate market stagnation is likely to worsen the situation in nearby commercial districts. Go Jun-seok, a professor at the Yonsei University's Sangnam Institute of Management, remarked, "When the economy is active, it’s easier for buyers to find tenants, but currently, small and medium-sized enterprises that should become tenants are struggling due to the economic downturn and high interest rates, making it challenging to find tenants. Some Knowledge Industry Complexes have restrictions on business types, making recovery even more difficult. It seems likely that the current situation will continue for a while.
He added, "As corporations struggle, the shops cannot be revitalized. Even the employees present are beginning to prefer deliveries, indicating that the stagnation in the commercial districts around the Knowledge Industry Complex is likely to continue for some time.