Large entertainment companies such as JYP Entertainment, Big Hit Entertainment, and SM Entertainment are leaving Gangnam

SM Entertainment is expected to leave Gangnam, Seoul, and relocate its office building as early as next year.

On December 18th, Hankook Ilbo reported that there is a trend of large entertainment agencies such as JYP Entertainment, Big Hit Entertainment as well as SM Entertainment leaving the Gangnam area. 

According to the report, SM Entertainment plans to relocate its office building to Seongsu-dong, Seongdong-gu, Seoul, next year. The agency plans to move the communication center in Cheongdam-dong, and the studio center in Samseong-dong, Gangnam, into one location in Seoungsu-dong.

The agency revealed that their lease to the communication center building is set to expire next year. It has been reported that the company is speeding up the work of relocating its office building as the lease for the SM Coex Artium ended back in July.

In response, an SM Entertainment official told the Maeil Business Report on the 17th, "The company is considering relocating, but nothing has been confirmed yet."

Gangnam has some of the most expensive rental values in South Korea with rates at around $10,000 per square meter.