Status of ordinary rental fees per unit area. It was found that the average ordinary rental fee of the core commercial districts in Seoul, such as Gangnam Station and Myeong-dong, is around 3.29 million won per month.
The Seoul Metropolitan Government announced on the 7th that it was 3.29 million won per month (based on an average store area of 60.8㎡/18.39 pyeong) as a result of a survey of 7500 first-floor stores located in 150 major commercial districts in Seoul, including Gangnam, Myeong-dong, and Hongik University entrance.
The monthly rental fee is calculated by summing the monthly rent, the monthly rent conversion amount, and the common management fee. The usual rental fee per unit area (㎡) was 54,100 won per month, down 0.6% from 54,400 won per month in 2019.
By region, Myeongdong Street was the highest at 220,000 won per unit area per month, and commercial districts such as Insa-dong, Gangnam Station, and Apgujeong Rodeo exceeded 90,000 won per month. By distinction, Gangnam-gu and Nowon-gu were the highest, followed by Jung-gu, Jongno-gu, Dongjak-gu, and Mapo-gu.
Rent fell 0.6%, while the average monthly sales per unit area (m²) last year was 268,000 won, a 36.4% drop compared to 2019. In particular, sales of commercial districts such as Myeongdong Street, Insa-dong, Dongdaemun Station, Yeonnam-dong, Hongik University Station, and Gangnam Station decreased by more than 50%.
In fact, it was found that one out of three places (31.6%) actually received a discount on part of the rent for reasons such as a drop in sales due to Corona 19 last year. In particular, more than half of tenants in Myeongdong Street (53%) and Insa-dong (68%) received a discount or postponement of rent.
Meanwhile, according to the Seoul Metropolitan Government, the average business period of 7500 stores was 8 years and 6 months, and the business hours were 11 hours a day and the holidays were 3.4 days a month. The number of employees was 2.7, and the average exclusive area per store was 60.88㎡ (18.39 pyeong). By industry, 6 out of 10 were Korean and Chinese restaurants (45.9%) and snack restaurants (14.1%) such as chicken and confectionery, and the average age of tenants was 49.
Seo Seong-man, Seoul’s Labor and Public Welfare Policy Officer, said, “Many small business owners are having a hard time due to the drop in sales due to the prolonged Corona 19.” I would like to thank the good renters for joining us with encouraging work,” he said.
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