Sejong City, South Korea – In a bid to address its skyrocketing commercial vacancy rates, Sejong City is hosting a two-day expo to connect property owners with potential tenants. The "2024 Sejong Vacant Commercial Space Expo" will be held at the Government Sejong Convention Center on October 20th and 21st.
The expo, jointly organized by Sejong City, the Ministry of Land, Infrastructure and Transport, and the Korea Land and Housing Corporation (LH), aims to revitalize the local commercial market by facilitating matchmaking between property owners and businesses.
Comprehensive Approach to Solving Vacancy Issue
On the opening day, representatives from the three organizing bodies will unveil a joint strategy to tackle the city's commercial vacancy problem. The expo's slogan, "Empty Commercial Spaces, New Possibilities," underscores the event's goal of transforming vacant properties into thriving businesses.
A variety of activities are planned for the two-day event. Over 50 booths will be set up, including 14 for commercial complexes, 7 for startups, 4 for franchises, and 9 for government agencies. Property owners will have the opportunity to showcase their vacant spaces and provide rental information, while potential tenants can explore various business opportunities and receive support from government agencies.
In addition to the booths, the expo will feature a range of other activities, such as:
- Expert lectures and panel discussions on commercial real estate investment
- Success stories from established businesses
- Consultations on real estate, taxation, and intellectual property
- Networking events and cultural performances
- Addressing a Pressing Issue
Sejong City has been grappling with a severe commercial vacancy problem, with rates reaching a record high. According to the Real Estate Institute of Korea's 2024 Q2 Commercial Real Estate Market Trend Survey, the vacancy rate for large-scale commercial spaces in Sejong City reached 25.7%, more than double the national average of 13.8%.
By bringing together property owners, potential tenants, and government agencies, the expo aims to stimulate economic activity, create jobs, and improve the overall quality of life in Sejong City.
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