Magok Market Insight

Major Asian cities that have experienced rapid growth in a short period of time have experienced an accelerated concentration of development in the city center due to the development of transportation networks and industries. As a result, existing city centers have become increasingly obsolete and overcrowded, increasing the need for secondary business districts to complement the functions of the existing city center. These cities experiencing rapid growth began to create new business districts to replace the functions of the CBD through public-private partnerships in the 1980s. The examples of Quarry Bay in Hong Kong and Minato Mirai in Japan, which have become major business districts rather than suburbs of the city, offer lessons for Magok's future as it embarks on a new beginning.