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CBD Office Supply Check : Euljiro 3-ga Under Construction
Five projects already underway, one set to break ground — total 1.2 million sq. m of new office by 2029
In August 2023, Corebeat projected that Seoul would see 20 million sq. ft. of new office supply over the following five years. That estimate was updated this April in the Corebeat Insight Report, breaking down potential oversupply across major districts including CBD, GBD, YBD, and PBD.
Some observers have since argued that the concern is overstated, pointing out that many office projects face delays and rarely progress on schedule.
To test this, Corebeat is launching a series of ground-level checks in key CBD clusters such as Euljiro, Sewoon, Seoul Station, and Seosomun — areas where much of the city’s new supply pipeline is concentrated.
Euljiro 3-ga: 1.2 Million sq. ft. of Office Coming by 2029
In Euljiro 3-ga alone, six major redevelopment projects are now moving forward.
Corebeat’s review found that five are already under construction, with the sixth having secured project financing last month and scheduled to break ground later this year. By year-end, all six sites will be active construction zones.
Together, these projects will deliver about 1.2 million sq. ft. of new office space to the submarket by 2029. (In April, Corebeat estimated that including these six projects plus the recently completed Cho-dong redevelopment — 420,000 sq. ft. completed in January 2025 — total new office supply in Euljiro would reach 1.3 million sq. ft. by 2030.)
Project Details
Districts 1 & 2 (Eulji Finance Center, developer: IB Networks): After multiple failed forward-sale attempts and a change of contractor, the project finally secured ₩823.7 billion in PF financing in June. Construction began in July. The scheme will deliver a 24-story, 850,000 sq. ft. office tower by 2028. GS Engineering & Construction is leading development, with affiliate Xi S&D as contractor.
District 9 (developer: Gvesco Asset Management, a GS E&C subsidiary): Broke ground last month alongside Districts 1 & 2. Planned as a 19-story, 300,000 sq. ft. office, scheduled for completion in 2028.
District 6 (developer: Woorim AMC): Broke ground April 2023, delivering 650,000 sq. ft. by mid-2026.
District 12 (developer: Eastern Investment Development): Under construction since September 2023, delivering 480,000 sq. ft. in 2026.
Supyo District (developer: Ido Development): Broke ground September 2024, proceeding on schedule. Will house OneX, the largest single office project in Seoul’s CBD, totaling 1.84 million sq. ft. Completion targeted for Q4 2028.
District 10 (developer: TBC): The only site not yet under construction. A ₩328 billion PF loan closed in July, with groundbreaking expected imminently. Planned as a 330,000 sq. ft. office tower due March 2029, with contractor Woomee Construction carrying a completion guarantee through April 2029.
Timelines: Mostly Intact Despite Adjustments
While several projects have experienced minor delays due to plan revisions, financing hurdles, or forward-sale issues, delivery schedules remain broadly within market expectations.
For instance, the Supyo District was originally approved in 2023 as a 25-story, 650,000 sq. ft. office tower with a 2026 completion target. Following Seoul’s 2030 Master Redevelopment Plan, which allowed higher density, the developer revised the plan to a 1.84 million sq. ft. tower — pushing completion back to late 2028.
Despite such adjustments, the broader picture is clear: in Euljiro 3-ga, construction is advancing, and oversupply risks cannot be dismissed as exaggerated.