Article

Seongsu cements its place as a Seoul office district

November 13, 2026 / By Yeonkyung Tak

Seongsu was a quasi-industrial district from the 1960s, home to light manufacturing factories for handmade shoes, printing and metalwork. As manufacturing declined from the 1990s onward, most factories shut down, leaving the area run-down. From the 2010s, however, retail shops started moving into vacant factories, reviving Seongsu as an industrial-chic retail district.

In Seongsu, the first major office building with a GFA of over 33,000 sqm, D Tower Seoul Forest, was completed in 2020. Since then, a steady stream of new office supply, including the Musinsa Campus buildings, Noudit Seoul Forest and Factorial Seongsu, has established the area as a modern office district. Thanks to this retail-office synergy, Seongsu’s office market appeals to trend-sensitive, retail-based companies.

Figure 1: Major tenants of Seongsu by tenant industry

Source: JLL

Key tenant industries of Seongsu’s office market include fashion, beauty and gaming. Notably, Musinsa, an online fashion platform, has set up multiple locations across the district. Musinsa Campus N1, N2, N3, E1, E2 and W1 form a ‘Musinsa Town’. At E1, a Musinsa Standard store occupies the lower floors while offices fill the levels above. Many retailers have also adopted this model. Olive Young takes a similar approach at Factorial Seongsu, operating its flagship store, Olive Young N Seongsu, on the lower floors and leasing part of the upper floors as offices.

As Seongsu matures as an office district, the district is attracting tenants from a wider range of industries. Gmarket recently relocated from Gangnam to Starlit Seongsu N. Hyundai AutoEver also plans to consolidate its Software Defined Vehicle (SDV) division in the Samwon PFV building. The building is currently under construction and due for completion in 2027.

Some companies have gone beyond being tenants to become developers. Leveraging its local expertise, Musinsa directly developed Musinsa Campus E1, which was completed in 2023. Musinsa is also currently co-developing Musinsa Campus E4 with Mastern Investment Management. Upon completion in 2028, E4 will be used by Musinsa as both retail and office space. Krafton, a Korean gaming company, has partnered with Mirae Asset Global Investments to develop the ‘K-Project’, a large-scale office with a GFA of approximately 218,000 sqm. The project is due for completion in 2028, with the lower floors designated for pop-up spaces and the upper floors for offices.

Backed by such diverse leasing demand, Seongsu is seeing strong investment activity. Following the sale of D Tower Seoul Forest shortly after its 2020 completion, major office deals have continued. In 2Q26, Base Seongsu and Starlit Seongsu N were successfully transacted.

Figure 2: Major office transactions in Seongsu

Source: JLL

The Seongsu office market continues to see active leasing demand from a wider range of industries. The investment market is likewise drawing interest from both strategic and financial investors, with major transactions continuing. Multiple large-scale developments are also underway, including Grand Seongsu, slated for completion in 4Q26, and HL Group’s Seongsu Headquarters project. As a result, Seongsu continues to solidify its position as one of Seoul’s key office districts.