offices · 2011. 11. 4. · savills research offices savills research i seoul, korea november 4,...

Savills Researchwww.savills.com

Offices

Savills Research I Seoul, Korea

November 4, 2011

Image: A view of Seoul, CBD

SeoulofficevacancyratesreachedanhistorichighinQ3.However,levelsareunlikelytoclimbhigher,consideringthatanumberoflargeleasesweretransacted,withtherelocationsduetogoaheadinQ4,andalsothedeclineinnewbuildingcompletionsoverthecoming12months.

Prime absorption was again dominated bytenantsrelocatingfromsecondarybuildings,ashighlightedbyDaelimmovingfromasecondaryYBDbuilding to take up 100%of the recentlycompletedTwinTreesonthenorthernfringeoftheCBD.

"CBD net absorption was at the highest level in nearly ten years. However, office demand could not match record new supply, with the vacancy rate climbing to 11.6% due to the completion of four buildings. Investment transactions were dominated by core office properties and the 2011 transaction volume has already exceeded the 2010 level."

TheportfoliosaleofthreecoreofficebuildingsbyRREEFtoaSamsungprivateinvestmentfundwasthestandoutinvestmenttransactionofQ3.AlackofcoreofficesalesislikelyinQ4;however,anumberofsecondaryofficesalesareforecast.

Year-on-year GDP growth slowed to 3.4% inQ3, the lowest level in twoyears,on thebackof global economic uncertainty which has thepotentialtonegativelyimpactthemarketheadinginto2012.

Over 200 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.

I 02

Offices


Market Overview

Monthly rents and vacancy rates by district, Q3/2011

Supply

FournewprimebuildingswerecompletedduringQ3,representinga 7.2% (360,806 sqm) increase in totalleasablestockcomparedwiththepreviousquarter,andthelargestamountofquarterlyprimeofficesupplyinthehistoryoftheSeoulofficemarket.ThreeofthebuildingswerelocatedintheCBD,whereleasablestockincreasedby272,554sqm(12.5%),whilethecompletionofOneIFCsawleasableYeouidobusinessdistrict(YBD)stockincreaseby88,248sqm(9.9%).

Building supply, Q3/2011

District BuildingName GFA(sqm) Floors Remarks

CBDEuljiroMiraeAssetTower(A)andPineAvenue(B)

130,018 25/F-B6/F 49%leased(0%occupied)

CBD Signature TowersSeoul 99,994 17/F-B6/F 1%leased

YBD OneIFC 88,248 32/F-B7/F 76%leased(0%occupied)

CBD YGTower 42,542 23/F-B6/F 68%leased

Total 360,802Source:SavillsKorea

The smallest of theQ3 completions, YGTower, hassignedanumberoftenants;SamsungFireandMarineInsurance(21,223sqm)whichisalsoaninvestorintheproperty,HISKorea(1,137sqm),andYGC(926sqm).OneIFCis76%leasedbutoccupancywillnotcommenceuntilQ4.Recent additions to the project includeGFIKoreaandChinaMerchantSecurities.EuljiroMiraeAssetTowerisawaitingtheQ4arrivalofSKConstruction,whichhassignedupfor65,000sqm,whilePineAvenueisyettosecureatenant.Nearby,Ascendas-ownedSignatureTowershassignedupasingletenant,BursonMarsteller;however,theywilloccupyjust1%oftheproperty.

Fourth quarter supply is limited to LG Twin Tower(East), as the owner-occupied buildingwill return tothemarket following a six-month refurbishment. LG’stotalSeoulprimeofficeoccupancyhasdoubledsincethe commencement of refurbishmentworks on theirheadquartersandanumberofaffiliateswillrelocatetothebuildingpost-refurbishment,aswellastoOneIFC.

Supply increase (includes owner-occupied and leased buildings), 2011

Totalstock(2010)

Totalstock(2010)

Totalstock(2010)

GTTower

StateNamsan

EuljiroMiraeAsset,SignatureTower,

YGTower

OneIFCLGTwinTower

1,000

1,300

1,600

1,900

2,200

2,500

2,800

3,100

3,400

3,700

CBD GBD YBD

unit:1,000sqm

Source:SavillsKorea

+11%

+2%

+14%

Planned building supply, Q4/2011District BuildingName GFA(sqm) Floors

YBD LGTwinTower(East) 78,917 34/F-B3/F

Source:SavillsKorea

Demand and Vacancy Rate

Korea’seconomicfundamentalsremainedsolidduringQ3with thenational unemployment rate remainingat3.0%inSeptember.However,aslightdeclineinfinanceand insurance sector employmentwaswitnessed inSeptemberfollowingarecordhighinAugust,reportedlyasaresultofglobaleconomicuneasiness.

Employment in the financial and insurance sectors, Jan 2000 - Sep 2011

680

700

720

740

760

780

800

820

840

860

880

Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11

Numberemployed(thousands)

Source:BankofKorea

DistrictAverageRent

(KRW/3.3058sqm,basedonGLA)

AverageRent(KRW/3.3058sqm,basedonNLA)

YoY IncreaseRate(%)

VacancyRate(%)

CBD 91,100 159,900 1.6% 18.8%

GBD 79,400 154,900 0.6% 1.9%

YBD 61,600 130,200 3.3% 13.0%

OverallSeoul Average

81,500 152,600 1.5% 11.6%

Source:SavillsKorea


I 03

Offices


TheSeoulprimeofficemarketexperiencedpositivenetabsorptionof116,557sqmduringQ3,dominatedbynetabsorptionof109,128sqmintheCBD,thehighestCBDfigurefornearlytenyears.WithnewsupplyintheCBDatnearrecordlevels,largetenantsaretakingadvantageofattractiveleasingincentivestorelocatemultipleofficesto a single location and to upgrade from secondaryaccommodation.TheGangnambusinessdistrict(GBD)alsoexperiencedpositivenetabsorptionof17,883sqm;however,theYBDexperiencedareductioninofficespacedemandwithnegativenetabsorptionof10,454sqm.

Despite theoverallpositivenetabsorption, recordnewsupplyoutpaceddemand,which led toan increase intheSeoulprimebuildingvacancyratefrom7.3%inQ2to11.6%inQ3.Thisrepresentsthefirsttimesince1997,whenSavills began their surveyofSeoul primeofficespace,thattheaverageSeoulvacancyratehashitdoubledigits.

Net absorption, Q1/2008-Q3/2011

13 20

244

-141

-51-85

-29 -25

10260

264

146

86117

-150

-100

-50

0

50

100

150

200

250

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32008 2009 2010 2011

Source:SavillsKorea

unit:1,000sqm

TheCBD vacancy rate spiked to 18.8% inQ3 from13.5%inQ2duetothecompletionofthreenewbuildings(excludingthesethreebuildings,vacancyfellto9.7%).

Themostsignificant tenantmovementwasbyDaelimwhich took over the entire 54,919-sqm,Pramerica-ownedTwinTreesbuilding.RecentcompletionsCentre1andFerrumTowercontinuedtoenjoypositiveabsorptionwithtake-upof9,914sqmand3,828sqmrespectively.Centre1isnow65%occupiedwhileFerrumTowerhasreached95%occupancy.KyoboBuildingsawadeclineinvacancyto27%followingtake-upof5,736sqm,includingleases toSBSMediaHoldings (1,735sqm)andVisitSingapore(655sqm).TaepyungnoBuilding,SeoulCityTowerandSToweralsobenefitedfromtake-uprangingfrom1,600sqmto2,100sqm.

Vacancy rates of Seoul prime office buildings, Q3/1997–Q3/2011

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

19971998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source:SavillsKorea

CBD GBD YBD

TheGBD vacancy ratewas the lowest of the threesubmarkets, falling 1.0% to 1.9%.Thiswas primarilydriven by take-up of 13,637 sqmwithinGT Tower,whichhadaQ3 vacancy rate of 38%comparedwith63% inQ2.New tenants includedAllergan and J&PLaw, both of which relocated fromGBD secondarybuildings. ING Tower and Kosmo Tower benefitedfromtake-upofapproximately1,350sqmeach,whilevacancyinGangnamFinanceCenterincreasedto3%,following thedepartureofSolarWorldandHeungkukLifeInsurance.

Yeouido’sQ3 vacancy rate spiked dramatically from2.3% inQ2 to 13.0%due to the completion ofOneIFCand the relocation ofS-Oil from six floors of 63Building (approximately 16,000 sqm) to their newMapo headquarters. YuwhaSecuritiesBuilding alsosawitsvacancyrateincreasefrom0%to10%,duetothedepartureofIlsungConstruction,andbothKiwoomSecuritiesandKEBAssetdownsizing.

Consideringthereductioninforthcomingsupplyoverthenext12months,continuingstrongnetabsorption,andanumberoflargeleasesalreadysignedforrelocationsduringnextquarter,Q4vacancyissettoreturntolevelssimilartothoseseenduringthefirsthalfoftheyear.


I 04

Offices


New supply and leasing status, Q3/2011

38%

100%

99%

32%26%

49%62%

1%

68%

74%

51%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

GTTower StateTowerNamsan

SignatureTowersSeoul

YGTower OneIFC EuljiroMiraeAsset

Tower/PineAvenue

unit:sqm

Source:SavillsKorea

Vacancyarea Leasedorpre-leasedarea

Themovementofsecondarytenantstoprimebuildingsagaindominated take-up, ledbyDaelim’s relocation.Going forward,with ample new prime space still tobeabsorbed,secondarytenantsarelikelytocontinuetoexercisetheirdesiretoupgradethequalityoftheiraccommodation.

Very limitedmovement of tenants between primebuildingswaswitnessedduringQ2(3%oftotal take-up); however a number of prime tenants expandedtheirtenancieswithintheircurrentbuildings,includingUnion Steel and SK Telecom at FerrumTower,GSConstructionatSITower,andShinhanBankatGoodMorningShinhanSecuritiesBuilding. Neworganisationswereresponsiblefor17%oftake-upandincludedBarcapKoreaenteringHPBuilding,Jedaat KosmoTower, andSusungAssetmoving intoSKSecuritiesYeouidoBuilding.

Take-up, Q3/2011Enlargementofexistingtenancy

16%

Neworganisation17%

Primetoprime3%

Daelim(secondarytoprime)55%

Secondarytoprime9%

Source:SavillsKorea

Seoul vacancies by total area, Q4/2010 - Q3/2011

30% 32%19% 10%

12% 14%15%

3%

6%6%

7%11%

19%

52%

47% 40%

24%

15%

16%

21%

050100150200250300350400450500550600650

Q4/2010 Q1/2011 Q2/2011 Q3/2011Source:SavillsKorea

EuljiroMiraeAssetTower/PineAvenue SignatureTowerOneIFC OthersStateNamsan KyoboTwinTree Center1

unit:1,000sqm

Vacantspacecontinuestobefocusedinseveralneworrecentlycompletedbuildings,with76%ofthemarket’sQ3vacancylocatedinjustsixbuildings.Asalreadynoted,withsubstantialleasessignedforQ4relocationstotwoof thesebuildings–One IFCandEuljiroMiraeAssetTower–thissituationissettoimprovesignificantlybeforetheendoftheyear.

Major tenant relocations, Q3/2011

PreviousBuilding CurrentBuilding

Tenant District Building Name

Lease Area

(sq m)District Building Name

Lease Area

(sq m)

Daelim

CBDYBD

Daelim N/ACBD

TwinTree

54,919YBD AsiaOne 12,459

HanwhaConstruction

NewTFT CBD Centre1 5,220

GSConstruction

Expansion GBD GFC 2,323

Allergan GBDMetroBuilding

1,421 GBDGT

Tower2,225

J&PLaw GBDIlkwangBuilding

N/A GBDGT

Tower1,966

StateStreetBank

CBD SFC 992 CBD Center1 1,891

Source:SavillsKorea


I 05

Offices


Rent

Thirdquarterfacerentsgrewjust0.2%fromthepreviousquarterand1.5%fromthesameperiodlastyear.Fourbuildingsraisedtheirrents–twobuildingsintheGBDandoneeachintheYBDandtheCBD.Rentalincreasesforthesefourbuildingsrangedfrom2.9%to6.0%.Ofparticularnote,eachofthesebuildingshadavacancyrateoflessthan5%.NobuildingsloweredtheiraskingrentduringQ3.

Increases and decreases of Seoul prime buildings’ face rents, Q1/2008 - Q3/2011

50

1519

12

26

3 6 6

21

11 6 1

28

7 4

(1) (1) (1) (1) (4) (3) (1) (1) (2) (2) (7)

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

-20

-10

0

10

20

30

40

50

60

70

80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32008 2009 2010 2011

unit:1,000sqm

Source:SavillsKorea

Rentincrease-no.ofbuildings(LHS) Rentdecrease-no.ofbuildings(LHS)AverageMarketYoYRentalGrowth(RHS)

Face-rent trends in Seoul, Q3/2011

DistrictFaceRent

(KRW/3.3058sqm,basedonNLA)

FaceRent(KRW/3.3058sqm,basedonNLA)

RentalIncreasefromQ3/2010

CBD 91,000 159,900 1.6%

GBD 79,300 154,800 0.6%

YBD 61,600 130,100 3.3%

Seoul 81,500 152,600 1.5%

Source:SavillsKorea

Seoul prime office building face rents, Q3/1997 - Q3/2011

40

60

80

100

120

140

160

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

19971998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q1/2001=100

Source:SavillsKorea

CBD GBD YBD

Outlook

Withaveragefacerentalgrowthfailingtomatchinflation,whichdeclinedto4.3%inSeptemberfollowingathree-yearhighof5.3%inAugust,effectiverentalgrowthwillcontinuetobeconstrainedovertheremainderof2011andinto2012.Attractivelandlordincentivesforvacantspace,primarilylocatedinnewlyconstructedbuildings,will continue to put pressure on face rental levels,particularlywithintheCBDandYBD,whicharethemostaffecteddistrictsbythecurrentsupplycycle.

Transactions and Investment Market

Trends in Seoul office cap rates, Q1/2005-Q4/2011E

0

100

200

300

400

500

600

700

800

900

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4E

2005 2006 2007 2008 2009 2010 2011Source:SavillsKorea

Spread Caprate Five-yearTreasuryBond

AsanticipatedattheendofQ2,anumberofdealshavecometofruitionduringQ3,withmarketactivityfocusingoncorepropertiesintheGBDandCBD.Thetotaldealvolume forQ3ofKRW761billion representeda 12%increaseoverthesameperiodlastyearandtheyear-to-datevolumeofKRW2.74trillionisalready14%higherthanthetotal2010salesvolume.

Transaction Volume in the Seoul Office Building Market, Q1/2001 - Q4/2011E

0

1

2

3

4

5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source:SavillsKorea

Unit:1,000KRWbillionsQ1 Q2 Q3 Q4


I 06

Offices


ThemostactivemarketplayerduringthequarterwasSamsung AMCwhich acquired a portfolio of threeassets fromRREEF – Prime Tower, whichRREEFacquired fromGIC inmid-2010, Samsung FinancePlazalocatedintheGBD,and66%ofthestrata-titledHSBCBuilding.Thetotalvalueoftheportfolio(KRW396billion)accountedforoverhalfofthetransactionvolumeduringthequarter.

PSAMCpurchasedtwoofficebuildingslocatedonthewestern fringeof theCBD fromcivilengineeringandconstruction firm, Limkwang forKRW257billion.Thenewownerisexpectedtobenefitfromarentalupturn.StartingBuildingintheGBDalsofoundanewowner,while the only non-core property to sellwasNeowizHQinBundang.

Anumberofsecondaryofficetransactionsareforecastfor Q4. However, themarket appears to be finelybalanced at themoment, with potential for globaleconomic concerns to negatively impact investorsentimentandtransactionvolume.

Major transactions in Q3/2011

DistrictBuildingName

Seller PurchaserAreaof

Transaction(sqm)

TransactionPrice(KRW

billion)

CBDLimkwangHQ

andNewBuilding

LimkwangPSKORIFREITNo.2

63,970 257.0

CBD Prime RREEFSamsungREITNo.3

33,023 163.8

GBDSamsung

FinancePlazaRREEF

SamsungREITNo.3

24,179 126.5

CBD HSBC RREEFSamsungREITNo.3

24,812 106.0

BBD NeowizHQNeowiz(80%)

NeowizGames

12,752 80.8

GBD Starting Individual Individual 3,312 27.0

Source:SavillsKorea

Offices

Forfurtherinformation,pleasecontact:

ThisdocumentispreparedbySavillsforinformationonly.Whilstreasonablecarehasbeenexercisedinpreparingthisdocument,it issubjecttochangeandtheseparticularsdonotconstitute,norconstitutepartof,anofferorcontract;interestedpartiesshouldnotrelyonthestatementsorrepresentationsoffactbutmustsatisfythemselvesbyinspectionorotherwiseastotheaccuracy.Nopersonintheemploymentoftheagentortheagent'sprincipalhasanyauthoritytomakeanyrepresentationsorwarrantieswhatsoeverinrelationtotheseparticularsandSavillscannotbeheldresponsibleforanyliabilitywhatsoeverorforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisdocument.Thispublicationmaynotbereproducedinanyformorinanymanner,inpartorasawholewithoutwrittenpermissionofthepublisher,Savills. © Savills (Hong Kong) Limited. 2011.


koreaMoonduck KimChiefExecutiveOfficer,[email protected]

leasing services, korea Grace KoDirector,[email protected]

Seunghan LeeDirector,Leasing&Marketing,[email protected]

Sue LeeDirector,[email protected]

research & consulting, koreaJoAnn [email protected]

investment advisory, koreaKookhee [email protected]

asset management, koreaYoungtaek [email protected]

research & consultancy, asia pacificSimon [email protected]

addressSavills Korea Co., Ltd11/FSeoulFinanceCenter84Taepyungro-1-ga,Chung-gu,Seoul,Korea100-768T:+82221244114F:+82221244188

corporate websitewww.savills.co.kr

Appendix 1: Overview of the Seoul Office Market and Savills Korea Office Survey

Closeto75%oflargeofficebuildings(30,000sqmormore)inSeoulareconcentratedinthreemajorbusinessdistricts-CBD36.5%,GBD24.3%andYBD13.2%.TheCBDisthelargestofthesedistrictsandishometomajorgovernmentandmultinationalinstitutions.TheGBDalsohousesmanymultinationalcompaniesandisaninformationtechnologycentre,whiletheYBD,the"WallStreet"ofSouthKorea,includestheheadquartersofmajorsecuritiesfirmsandbroadcastingcompanies

Summary of Surveyed Buildings, September 2011CBD GBD YBD Total

A

Numberofbuildings 19 14 6 39

AverageGFA(sqm) 84,929 96,231 90,511 89,845

Averageyearofcompletion 2000 1999 1997 1999

B

Numberofbuildings 21 17 10 48

AverageGFA(sqm) 49,274 39,153 44,115 44,614

Averageyearofcompletion 1997 1998 1995 1997

Totalnumberofbuildings 40 31 16 87

Totalarea(sqm) 2,648,391 2,012,831 984,219 5,645,441

TheSavillsKoreaQuarterlyOfficeSurveyisthelongestrunningsurveyofprimeofficestockinSeoul.Establishedin1997,itcurrentlycomprises89ofthe116buildingsinSeoulclassifiedas"prime"buildings.

Primebuildings:BuildingswithaGFAgreaterthan30,000sqmwithgoodaccessibilityandfacilities,ahighleveloffinish,andcreditworthybluechiptenants.

Monthlyrent:Surveyedrentsare"facerents",theaskingrentsreportedbylandlordsformid-levelfloors.TheserentsarestandardisedbySavillsKoreatoaccountforvariationsinthesecuritydepositsrequiredbydifferentlandlordstoproduceaneffectiverentalfigureforNLA.

HONG KONG SAR Savills (Hong Kong) Limited23/FTwoExchangeSquare,Central,HongKongTel:(852)28424534Fax:(852)28696738Contact:RaymondLeeE-mail:[email protected]:C-002450

Savills Valuation and Professional Services Limited28/FTwoExchangeSquare,Central,HongKongTel:(852)28016100Fax:(852)25015810Contact:CharlesChanE-mail:[email protected]:C-023750

Savills Property Management Holdings Limited8/FCityplazaOne,1111King’sRoad,TaikooShing,HongKongTel:(852)25341688Fax:(852)28511249Contact:KendrewLeungE-mail:[email protected]:C-002993

Savills Guardian (Holdings) Limited7/FCityplazaOne,1111King’sRoad,TaikooShing,HongKongTel:(852)25121838Fax:(852)28873698Contact:PeterHoE-mail:[email protected]

MACAU SARSavills - Macau Savills(Macau)LimitedSuite1310,13/FMacauLandmark,555AvenidadaAmizade,MacauTel:(853)85066288Fax:(853)28781805Contact:FrancoLiuE-mail:[email protected]

CHINA Savills - Shanghai 20/FShanghaiCentralPlaza,381HuaihaiMiddleRoad,Shanghai200020,ChinaTel:(86)2163916688Fax:(86)2163916699Contact:AlbertLauE-mail:[email protected]

Savills - Beijing2101EastTower,TwinTowers,B-12JianguomenwaiAvenue,ChaoyangDistrictBeijing100022,ChinaTel:(86)1059252288Fax:(86)1059252299Contact:BillyChauE-mail:[email protected]

Savills - Guangzhou Room906,R&FCentre,No.10HuaXiaRoad,ZhuJiangNewTown,Guangzhou,510623,ChinaTel:(86)38927168Fax:(86)38927030Contact:WoodyLamE-mail:[email protected]

Savills - ShenzhenUnitA,5/F,AnlianPlaza,4018JintianRoad,FutianDistrict,Shenzhen518026,ChinaTel:(86)75588285707Fax:(86)75588285676Contact:WoodyLamE-mail:[email protected] in Chengdu, Chongqing, Dalian, Hangzhou, Shenyang, Tianjin, Xiamen, Zhuhai

ASIA Savills - IndonesiaPT.ProconIndah19/FIndonesiaStockExchangeBuilding,Tower2,JlJenderalSudirmanKav52-53,Jakarta12190IndonesiaTel:(62)215153777Fax:(62)215153232Contact:LucyRumantirE-mail:[email protected]

Savills - JapanSavillsJapanCo.,Ltd.CRKamiyachoBuilding10F,1-11-9Azabudai,Minato-ku,Tokyo106-0041,JapanTel:(81)355621700Fax:(81)355621705Contact:ChristianManciniE-mail:[email protected]

ASIA PACIFIC HEADQUARTERS 23/FTwoExchangeSquare,Central,HongKongTel:(852)28424400Fax:(852)28684386

Savills - KoreaSavillsKorea11/FSeoulFinanceCenter,84Taepyungro-1-ga,Chung-gu,Seoul,Korea100-768Tel:(82)221244201Fax:(82)221244188Contact:MoonduckKimE-mail:[email protected]

Savills - MalaysiaSavillsRahim&CoLevel17,MenaraUni.Asia,1008JalanSultanIsmail,50250KualaLumpur,MalaysiaTel:(60)326919922Fax:(60)326910096Contact:RobertAngE-mail:[email protected]

Savills - SingaporeSavills(Singapore)PteLtd.2ShentonWay,#17-01SGXCentre1,Singapore068804Tel:(65)65365022Fax:(65)65385540Contact:ChrisMarriottE-mail:[email protected]

Savills - TaiwanSavills(Taiwan)Limited17F-1,ExchangeSquare,No.89,SungRenRoadXin-YiDistrict,Taipei,TaiwanTel:(886)287895828Fax:(886)287895929Contact:CynthiaChuEmail:[email protected]

Savills - ThailandSavills(Thailand)Limited26/FAbdulrahimPlace,990RamaIVRoad,Silom,Bangrak,Bangkok10500,ThailandTel:(66)26360300Fax:(66)26360339Contact:RobertCollinsE-mail:[email protected]

Savills - Vietnam 18/F,FidecoTower,81-85HamNghiStreet,District1,HoChiMinhCity,VietnamTel:(84)838239205Fax:(84)838234571Contact:BrettAshtonE-mail:[email protected] in Hanoi AUSTRALIASavills - AustraliaSavills(Aust)PtyLtd.Level7,50BridgeStreet,Sydney,AustraliaTel:(61)282158888Fax:(61)282158899Contact:PaulMcLeanE-mail:[email protected] throughout Adelaide, Brisbane, Canberra, Gold Coast, Liverpool, Melbourne, Parramatta, Perth, Sunshine Coast and Sydney. NEW ZEALANDSavills - New ZealandBarfoot&ThompsonLevel5,50KitchenerStreet,Auckland,NewZealandTel:(64)93075523 Fax:(64)93031689Contact:PeterThompsonE-mail:[email protected]

NORTH AMERICASavills - New YorkSavillsLLC599LexingtonAvenue,36thFloor,NewYork,NY10022Tel:(1)2123282800Fax:(1)2123282828Contact:JohnD.LyonsE-mail:[email protected]

UNITED KINGDOM / EUROPE / SOUTH AFRICASavills - Europe20GrosvenorHill,LondonW1K3HQ,U.K.Tel:(44)2074998644Fax:(44)2074953773Contact:JeremyHelsbyE-mail:[email protected] throughout the United Kingdom, Belgium, France, Germany, Hungary, Italy, Netherlands, Poland, Spain and Sweden. Associate offices in Austria, Greece, Norway, Portugal, Russia, Turkey and South Africa.

ThisdocumentispreparedbySavillsforinformationonly.Whilstreasonablecarehasbeenexercisedinpreparingthisdocument,itissubjecttochangeandtheseparticularsdonotconstitute,norconstitutepartof,anofferorcontract;interestedpartiesshouldnotrelyonthestatementsorrepresentationsoffactbutmustsatisfythemselvesbyinspectionorotherwiseastotheaccuracy.Nopersonintheemploymentoftheagentortheagent’sprincipalhasanyauthoritytomakeanyrepresentationsorwarrantieswhatsoeverinrelationtotheseparticularsandSavillscannotbeheldresponsibleforanyliabilitywhatsoeverorforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisdocument.Thispublicationmaynotbereproducedinanyformorinanymanner,inpartorasawholewithoutwrittenpermissionofthepublisher,Savills.© Savills (Hong Kong) Limited. 2011. (I/11)

Savills, the international real estate advisor established in the UK since 1855 with over 200 offices and associates worldwide.

RobertMcKellar-CEO,AsiaPacificRaymondLee-CEO,GreaterChinaChrisMarriott-CEO,SouthEastAsiaCharlesChan-MD,Valuation&ProfessionalServices,GreaterChina

savills.com

offices · 2011. 11. 4. · savills research offices savills research i seoul, korea november 4,...

Documents