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Offices

Savills Research I Seoul, Korea

27 April 2011

Image: A view of Seoul, CBD

Demandforofficespaceisexpectedtomaintainstable throughout2011, if theeconomyremainsunaffectedbyexternal factors andmaintains itspredictedgrowthrateof4.5%.

Net absorption rose by 146,000 sqm inQ1,attributabletolargebusinessesrequiringgreaterofficespaceandincreaseddemandfromthenewtenants.

Whileoverallfacerentswereincreasedby1.9%year-on-year,about10%ofsurveyedbuildingsloweredtheirrents.

"The office vacancy rate dropped to 7.8% in Q1 due to increased demand from large corporations. Office indices remained consistant, with face rents showing a slight rise and effective rents unchanged, as a result of rent-free periods."

The investmentmarketwasonceagain ledbydomesticinvestors.

The transaction volume remained at a similarpace to the first quarter volumes of 2007 to2009.

Cap rates and capital values seem to haveremainedatalevelsimilartothoseseenattheendof2010.

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

I 02

Offices


Market Overview

Monthly rent and vacancy rate by district, Q1/2011

DistrictAverageRent

(KRW/3.3058sqm,basedonGLA)

AverageRent(KRW/3.3058sqm,basedonNLA)

YoY IncreaseRate(%)

VacancyRate(%)

CBD 90,400 157,700 1.4 13.7

GBD 79,200 154,600 1.5 4.0

YBD 65,300 137,900 3.9 2.4

Overall Seoul Average

81,600 152,900 1.9 7.8

Source:SavillsKorea

Supply

GTTower,whichcameouttothemarketinGangnaminQ1/2011,hasleasedoutsevenofitsfloors(31%)asofMarch2011.ThemaintenantsincludeCheilWorldwide,RocheKorea,SolarParkandKoreaMurataElectronicsCompany. It is known thatGarakConstruction, theownerofGTTower,prefersamonthly rentalpaymentwithahigherratioofsecuritydepositthanthecheonseirentmethod.

New building supply in Q1/2011Completion

DateDistrict Building Name GFA(sqm) Floors

Q1/2011 GBD GTTower 54,399 24/B8F

Source:SavillsKorea

InQ2, StateNamsanTower andYGBuilding in theCentralBusinessDistrict(CBD)isdueforcompletion.These buildings are not known to have landed anytenantstodate.

Upcoming building supply in Q2/2011Completion

DateDistrict Building Name GFA(sqm) Floors

Q2/2011 CBDStateNamsan

(UrbanredevelopmentprojectinHoehyeondistrict2-1)

66,799 24F/B6F

Q2/2011 CBDYGBuilding

(Dadongdistrict7,8)42,549 23F/B6F

Source:SavillsKorea

Demand and Vacancy Rate

As large companies recruited new employees andexpandedinvestmentduringQ1,demandforofficespacesurged,resultinginnetabsorptionof146,000sqm,thehighestlevelsincetheGlobalFinancialCrisisin2008.

Vacancy absorption of conglomerates, Q1/2011

OccupiedbyExpansionofLargeConglomerates

68%

Others32%

Source:SavillsKorea

A number of factors are considered to bebehind theriseinnetabsorptiontoitshighestlevelintenquarters.Firstly,itisbelievedthatdemandforofficespace,whichtendstolagbehindtherealeconomy,hasfinallycaughtupin2011,followingthehigheconomicgrowthrateof6.1%postedin2010.Secondly,thesupplyofnewlargehigh-endprimebuildingshasprovidedtheopportunityforpotentialtenantstofinallymakedecisionsandsatisfytheirdemandforofficespace.Lastly,rent-freeperiods,tenantimprovements(TI)andotherbenefitswereofferedto the tenants to combat heightened vacancy rates.These factorswere themain contributor in loweringeffectiverentsandstimulatingtherelocationoftenantsfromsecondarybuildingstoprimebuildings.

GDP and net absorption, Q3/1998 - Q1/2011

-600,000

-300,000

0

300,000

600,000

900,000

1,200,000

-9%

-6%

-3%

0%

3%

6%

9%

12%

15%

18%

Q3

Q4

Q1

Q2

Q3

Q4

Q1

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Q1

99 00 01 02 03 04 05 06 07 08 09 10 11Source:KoreaNationalStatisticalOffice,SavillsKorea

4QuarterNetAbsorption- RHSAxis AnnualGDPGrowth- LHSAxisNetAbsorptionAverage(1998~2003) NetAbsorptionAverage(2004~2008)

AnnualGDPGrowth NetAbsorption(sqm)


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Offices


Conglomerateaffiliates'expansionofexistingofficespaceandleasestakenonbynewtenantsmadearemarkableimpactonthemarketinQ1.Securitiescompaniesalsocontributed to vacancy absorption as they increasedtheir office space requirements, following their annualnewyearreorganisation. InQ1/2011,thevacancyrateinSeoul's primebuildings droppedby 2.7% from thepreviousquarterto7.8%.

Vacancy rate of prime office buildings, Q1/2002 - Q1/2011

InQ1,thevacancyrateintheCBDfellto13.7%,whichisa3.5%decreasefromthepreviousquarter.Center1,whichwas completed inQ4/2010, filledapproximately5,000pyeongofitsofficespacewithMiraeAssetGlobalInvestmentandMiraeAssetMAPSGlobal Investment.TheCBDvacancy ratewasalso helpedbySamsungSecurities'relocationtoOliveTower,aSamsungaffiliate'sofficeexpansioninTaepyeongnoBuildingandSKE&C'srelocationtoSCFirstBankHQBuilding.

TheGangnamBusinessDistrict (GBD) also saw anincreaseinleasingdemand,withitsvacancyratefallingto4.0%.ExcludingthenewlycompletedGTTower,theaveragevacancyrate intheGBDwas2.1%.ThiswasprimarilyduetoSamsungSDSmovingintoGoldenTower,SamsungC&TCorporationintoKTBNetworkBuildingandSamsungEngineeringintoPrudentialTower.

OnedistinctfeatureofYeouidoBusinessDistrict(YBD)areaisthataslightchangeinvacancytendstohaveasignificantimpactonthevacancyrate,duetothesmallleasablearea.HPBuilding,whichsufferedthehighestamount of vacancy last quarter, benefited from newleasestoSCEngineering,SewonCellontechandMeritzSecurities.PrudentialAssetManagement,whichwasacquiredbyHanwhaGroup,relocatedfromPrudentialTowerinGangnamto63BuildinginYeouido.

Overall,thevacancyrateintheYBDfellto2.4%andwasalsoaidedbygreaterdemandfromfinancialcompaniesexpanding their existing offices, such as EugeneInvestment&SecuritiesleasingspaceinitsownEugeneInvestment&SecuritiesBuilding.

Vacancy rate distribution among surveyed prime buildings, Q4/2010 - Q1/2011

Morethan76%ofprimebuildingsinSeoulwerefoundtohavelessthan5%vacancy.Meanwhile,only12%ofprimebuildingshadvacancyratesofover10%whichishalfthelevelrecordedattheendof2010.

Employment in the financial and insurance sectors, Q1/2002 - Q1/2011

InQ1, all three business districts saw their vacancyratesdeclineduetotheoverallincreaseinofficeleasingdemand,partlydue toseasonal factors, suchasnewemployeerecruitment.Forexample,majorcorporationsincreasedtotalnumberofnewemployeehiringby6.7%,accordingtoJobkorea.Inaddition,theKoreaneconomyisprojectedtoachieveeconomicgrowthof4.5%in2011,despiteofpoliticalinstabilityintheMiddleEastandtheearthquakesinJapan.

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q1

Q2

Q3

Q4

Q1

Q2

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Q1

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source:SavillsKorea

CBD Gangnam Yeouido

0%

10%

20%

30%

40%

50%

60%

0% Lessthan5% 5~10% 10~15% Over15%

%ofSurveyedBuildings

Source:SavillsKorea

Q4/2010 Q1/2011

680

700

720

740

760

780

800

820

840

860

Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11

NumberEmployed(thousands)

Source:SavillsKorea


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Offices


InQ2,weexpect to see large companies continuingtofulfiltheirrequirementsformoreprimeofficespace,sustaining the demand hike in themarket.However,thecitywidevacancyrateisexpectedtoriseupto9%during the quarter as a result of an increase in newbuildingsupply.

Major Tenant Relocations, Q1/2011

Rent

Withtheoverallvacancyratedecliningandannualrentincreasesoccurring in someprimebuildings,Q1 facerentsroseby0.9%fromthepreviousquarterand1.9%fromthesameperiodlastyear.However,buildingswithhighcurrentorforthcomingvacancyloweredtheireffectiverent,throughlongerrent-freeperiodsandsomebuildingshaveevenmarkeddowntheirrents.Of81primebuildingsintotal,26raisedrentsandsevenofferedlowerrents.

Changes in prime buildings' face rent, Q4/1997 - Q1/2011

LandlordsintheCBDareawerecautiousinraisingrentsdue to the continuoussupplyof primebuildings seensince 2010.Rentswere increased in sevenbuildingswhose vacancy rates were below 5%, while fourbuildings, either newly suppliedbuildingsor buildingsanticipatingvacancy,loweredtheirrents.

Prime office building face rent index, Q3/1997 - Q1/2011

MeanwhileintheGBD,11outofatotalof31buildingsraised their rents with the backing of strong officedemand. It becamea norm for buildings in theYBDareatoraiserentat leastonceayear-afterenjoyingavacancyrateofbelow5%for thepreviousfive-yearperiod.Rental increaseswereseen ineightof the15primebuildingsinYBD.ProvingsuchconfidenceintheYBDofficemarket,OneIFC,plannedforcompletioninQ2/2011,hasalreadysignedleasecontractsforaround60%ofitsofficespaceandisexpectedtohaveonlyaminorimpactonvacancyratesinthedistrict.TheYBDpostedarentalincreaseof2.5%,higherthan0.4%intheCBDand0.6%inGBD.

Face rental trends, Q1/2011

DistrictFaceRent

(KRW/3.3058sqmbasedonGLA)

FaceRent(KRW/3.3058sqmbasedonNLA)

MonthlyRentalRatefromQ1/2010

CBD 90,400 157,700 1.4%

Gangnam 79,200 154,600 1.5%

Yeouido 65,300 154,600 1.5%

Seoul 81,600 154,600 1.5%

Source:SavillsKorea

PreviousBuilding CurrentBuilding

Tenant District Building Name

Lease area

(sq m)District Building

Name

Lease area

(sq m)

STX CBD SeoulCityTower 11,200 CBD

STX NamsanTower

21,279

SamsungSecurities CBD MPlaza

Tower N/A CBD Olive Tower 6,473

SKE&C CBD SKE&CHQ N/A CBDSCFirstBank'sHQ

2,354

SamsungSDS Bundang

SamsungSDS

BuildingN/A GBD Golden

Tower 15,617

SamsungC&T

CorporationGBD

SamsungSeochoTower

N/A GBD KTB Network 6,998

SC Engineering YBD

GoodMorning ShinahnSecurities

2,942 CBD HPBuilding N/A

SamsungEngineering NewTenant GBD Prudential

Tower 12,860

Source:SavillsKorea

40

60

80

100

120

140

160

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19971998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011

Q1/2001=100

Source:SavillsKorea

CBD Gangnam Yeouido

-60%

-40%

-20%

0%

20%

40%

60%

80%

Q4

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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011

Source:SavillsKorea

RentIncrease RentDecrease


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Offices


Outlook

Despite the forecast for a continued hike in demandduringQ2,increasedvacancyfromnewofficesupplyislikelytoleadtoeitherstagnationoraslightdecreaseineffectiverents.RentaldeclineintheCBDinparticularappearsinevitableassomebuildingsalreadyseemedtohavebeenloweringtheirmarketrentsandprovidingatleastaone-monthrent-freeperiodforeachyearoftheleasetoattracttenants.Assuch,effectiverentshaveplungedbyhalfinsomebuildingsandsuchadownwardtrendineffectiverent,unrelatedtofacerent,isexpectedtocontinueforsometimetocome.

Transactions and Investment Market

ThetransactionvolumeofKRW670billioninQ1/2011waslowerthanthatofQ4/2010butonaparwiththelevelsrecordedinthefirstquartersof2007to2009.

Seoul office building cap rate trends, Q1/2001 - Q1/2011

SKSeorin Building was the only prime building tochangehandsinQ1/2011.SK,theconcurrentinvestorand tenant, acquired the building jointly with NPSthroughNPSDaolLandChipPrivateREIT33,inwhichSKandNPSjointlyinvested.AsSKGroupisnotonlyusing the building for its affiliates' offices but alsoparticipatingasamajorinvestorintheREITowningthebuilding,therentandbuildingpricesarenotconsideredtoreflectcurrentmarkettrends.

JRREIT5purchasedWiseBuildingandisplanningtoconvert thebuilding intoahotelafter threemonthsofremodelling.KocrefREIT17acquiredJudoAssociationBuilding,aretailbuildinginYeouido,andisexpectedtoconvertitintoofficesfollowingremodelling.

Cap rate trends, Q1/2005 - Q4/2011E

Amongsmallandmedium-sizebuildings,SamsungLifeInsuranceYeongdeungpoBuilding,Roi Building andDaeheungBuilding, located in theYeongdeungpoandDangsanareas,allchangedhandsinQ1.

Seoul prime office transaction volume, Q1/2001 - Q1/2011

ItisnotpossibletoaccuratelyestimatecapratesforQ1,withnoprimebuildingtransactionsexceptforSKSeorinBuilding.However,capratesareconsideredtobesimilartothoseofthepreviousquarter,andcapvaluesarealsoestimatedtohaveremainedsimilartoQ4/2010.

Withthecontinuedlackofinvestment-gradeofficebuildingsavailable in themarket, investors are now turning todevelopmentprojectswhichhadnotbeenconsideredforinvestmentin2010.Assuch,higherpricesarebeingofferedthanlastyearfordevelopmentprojects.Inaddition,alackof available stableoffice investmentopportunitieshasledinvestmentcompaniestokeepaneyeonnon-officecommercialbuildingssuchashotelsandretailproperties.

4%

5%

6%

7%

8%

9%

10%

Jan-05

May-05

Aug-05

Dec-05

Apr-06

Aug-06

Dec-06

Apr-07

Aug-07

Dec-07

Apr-08

Aug-08

Dec-08

Apr-09

Aug-09

Dec-09

Apr-10

Aug-10

Dec-10

Mar-11

Source:SavillsKorea

CBD GBD YBD

-100

100

300

500

700

900

-1%

0%

1%

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5%

6%

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8%

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Q1

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Q2E

Q3E

Q4E

2005 2006 2007 2008 2009 2010 2011

Source:SavillsKorea

Spread(RHS) Caprate(LHS) 5yrTreasuryBond(LHS)

0

1

2

3

4

5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Source:SavillsKorea

Unit:1,000KRWbillionsQ1 Q2 Q3 Q4

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

Nomuraisforminganinvestmentfundtoacquireexistinghotels,aswellassmall-scaleretailandofficebuildingstooperateashotels.Inaddition,JRAMCisremodellingWiseBuildingtooperateasahotel.Consideringsuchactivity, investors are expected to continue to showinterestinnon-officecommercialbuildingsin2011.

Major Transactions in Q1/2011

District Building Name Seller Purchaser

Area of

Transaction

(sqm)

Transaction

Price

(KRWBil.)

CBD WiseBuildingHyundaiAuction

REIT1JRREITs5 7,111 26.4

CBD SKHQ

GiantSpeicialized

LiquidationLtd./MerrillLynch-ShinhanBankConsortium

NPSDaolLandChipPrivateREITs

80,215 553

YBD

YeouidoSportsComplexCenter(Judo

AssociationBuilding)

KoreaJudoFoundation

KocrefREIT17

18,122 45

Others

SamsungLifeInsurance

YeongdeungpoBuilding

SamsungLifeInsurance

KOVIX Corporation

7,060 16.8

OthersDaeheungBuilding

K1CR-REIT

MisungIn.Div.(20%)+MisungS&P(60%)+

SPM(15%)+MisungGSE

(5%)

6,433 14.5

Others

Roi Building/former

DaeyeongBuilding

DaeyoengConstruction

Korea Cooking&CulinaryVocational

College

9,880 15

Source:SavillsKorea


I 07

Offices


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

Closeto70%oflargeofficebuildings(30,000sqmormore)inSeoulareconcentratedinthreemajorbusinessdistricts-Central(CBD)36.3%,Gangnam(GBD)24.7%andYeouido(YBD)13.5%.CBDisthelargestofthesedistrictsandishometomajorgovernmentandmultinationalinstitutions.GBDalsohousesmanymultinationalcompaniesandisaninformationtechnologycentre.YBD,the"WallStreet"ofSouthKorea,includestheheadquartersofmajorsecuritiesfirmsandbroadcastingcompanies.

SummaryofSurveyedBuildings,March2011

CBD GBD YBD Total

A

NumberofBuildings 17 14 5 35

AverageGFA(sqm) 81,387 96,231 90,964 89,459

AverageYearofCompletion 1999 1999 1994 1998

B

NumberofBuildings 19 17 10 46

AverageGFA(sqm) 49,223 39,153 44,115 44,391

AverageYearofCompletion 1995 1998 1995 1996

TotalNumberofBuildings 36 31 15 82

TotalArea(sqm) 2,318,816 2,012,831 895,971 5,173,034

TheSavillsKoreaQuarterlyOfficeSurveyisthelongestrunningsurveyofprimeofficestockinSeoul.Establishedin1997,itcurrentlycomprises82ofthe111buildingsinSeoulclassifiedas"prime"buildings.

Primebuildings:BuildingswithaGFAgreaterthan30,000sqmwithgoodaccessibilityandfacilities,ahighleveloffinish,andcreditworthybluechiptenants.

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

Netabsorption:Thenetchangeinoccupiedspaceoverthequarter.

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

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