2 JLL Korea Property Digest Q4 2016

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Korea Property Digest Q1 2017 The occupancy rate of all

1 Korea Property Digest Q The occupancy rate of all three major districts improves JLL Korea Property Digest Q

2 2 JLL Korea Property Digest Q4 2016

3 6 Office JLL Korea Property Digest Q Retail 3

4 4 JLL Korea Property Digest Q4 2016

5 We are your best resource Providing expert research consultancy services and economic, demographic and infrastructural insights to investors across office, hotels, retail, residential and industrial sectors. From bespoke consultancy to in-depth advisory, get in touch today. 오피스, 호텔, 리테일, 주거및물류분야투자자들에게경제, 통계, 구조적인측면의인사이트와전문적인맞춤형리서치서비스를제공합니다. 타당성검토 투자전략 사업확장전략 사례분석보고서 물리실사보고서 JLL Korea Property Digest Q

6 Seoul Office 6 JLL Korea Property Digest Q4 2016

7 Seoul Rental Growth Y-O-Y 3.5% pyung per month, net effective on GFA KRW 93,560 Stage in Cycle Rents Falling Moderate tenant demand and a lack of new supply boosts occupancy rates. Yongmin Lee, Head of Research, Korea Leasing activity focused on the CBD Financial Indices Overall net absorption was recorded at 15,000 pyung and was led by the CBD where a technology division of KB Card leased 4,300 pyung at Tower 8, and pharmaceutical company MSD (2,400 pyung) relocated to Seoul Square from the Mapo sub-district. The Gangnam market was also active, with Samsung s Enterprise Resource Planning team taking up 2,800 pyung at Samsung Secho Town, Medidata Korea leasing 700 pyung at Gangnam Finance Center and Analog Device occupying 540 pyung at Posco Center. Index Lotte World Tower completes in Jamsil Aided by positive absorption and a lack of Grade A supply, overall vacancy declined 100 bps q-o-q to 10.8%. Outside of our Grade A basket, SK D&D completed refurbishment of Susong Square in the CBD and the landmark Lotte World Tower completed in Jamsil. The office portion of 123 floor tower is 56.2% committed, predominantly by affiliates of Lotte Q12 Rental Value Index Arrows indicate 12-month outlook Index base: 4Q12 =100 Financial Indicators for the CBD. Source: JLL 4Q13 4Q14 4Q15 4Q16 4Q17 Capital Value Index Rents decline in the CBD and Yeouido Overall rents declined 0.8% q-o-q reflecting the subdued occupier market and competition between CBD and Yeouido landlords to lease several large vacant units. Physical Indicators Investment volumes softened to KRW 757 billion following record deal volumes in 4Q16. Concluded transactions were dominated by Samsung affiliates which disposed of three office buildings: Samsung Fire & Marine Insurance s Euljiro HQ, Samsung Life s Taepyeongro Building in the CBD and Metro Tower in Gangnam. Thousand sqm Percent Outlook: Robust investment despite soft leasing demand Net absorption may swing negative as local conglomerates depart leased buildings for owner-occupied stock. Sluggish tenant demand may result in further pressure on rent incentives, although Gangnam looks likely to outperform given the lack of expected departures from the district as well as the comparably low vacancy rate of the district. In contrast to the leasing market, the investment market is expected to remain robust aided by significant domestic and international liquidity, although rising interest rates may provide some headwinds over the medium term Take-Up (net) Future Supply Completions Vacancy Rate For 2012 to 2016, take-up, completions and vacancy rates are year-end annual. For 2017, take-up, completions and vacancy rate are as at 1Q17, while future supply is for 2Q17 to 4Q17. Physical Indicators are for the overall market. Source: JLL 17F 0 Note: Seoul Office refers to Seoul s Grade A office market. JLL Korea Property Digest Q

8 Seoul 주요권역내제한적오피스공급으로평균공실률하락 임대료변동 (CBD 전년동기대비 ) 실질임대료 (CBD 원 /3.3 m²/ 월 ) 순환주기 리서치이용민팀장 1.0% 93,560 원 임대료하락 IT 업관련사업확장이신규오피스수요로연결 Financial Indices CBD: 기업들이새로운사업모델개발을위한 IT 산업의차세대기술개발에더욱집중할것으로예상되며, KB 카드 IT 본부는새로운프로젝트실행을위해타워 8 에신규입주함. 외국계제약업체인 MSD 가마포의서울신용보증재단빌딩에서서울스퀘어로이전하는등외부권역의오피스이전수요가발생함 삼성화재가삼성화재빌딩을부영에게매각후강남으로이전하는등의외부이탈수요로 CBD 의공실률은전분기대비 1.7%p 하락함. Index 여의도 : 디에스자산운용 (5,300 m²) 및신한계열사 (5,300 m²) 등의입주로신한금융투자타워는 100% 임차되었으며, Two IFC 에입주한인스파이어의추가수요 (1,100 m²) 로 HP 빌딩에임대, IFC 에흥국생명 (670 m²) 및 CMS (650 m²) 가신규입주하여여의도의공실률은전분기대비 0.9%p 하락 Q12 4Q13 4Q14 4Q15 4Q16 4Q17 Rental Value Index Capital Value Index 강남 : GAP (2,000 m²) 의사업철수및법무법인에이펙스 (600 m²) 의임대계약종료로메리츠타워의공실증가, 서초교보타워에입주해있던 SKC (9,200 m²) 가 CBD 의 The-K Twin Tower 로이전하는등공실증가발생. 그러나삼성 ERP 팀이 (9,300 m²) 삼성서초타운에입주하고, 나머지계열사들도올해상반기까지이전을완료할것으로알려져삼성주요계열사이전은마무리단계인것으로파악됨. 또한, 메디데이타코리아 (2,300 m²) 의 GFC 입주, 아나로그디바이스 (1,800 m²) 의포스코센터입주, 히어솔루션즈코리아 (1,800 m²) 의포스코 P&S 타워입주, 비바리퍼블리카 (1,600 m²) 의캐피탈타워신규입주등 IT 업종의신규계약사례들에힘입어강남공실률은전분기대비 0.3%p 하락. CBD 및여의도권역에서실질임대료하락 오피스의신규임대로평균공실률이하락하였음에도불구하고, 자가사옥으로이전이계획되어있는잠재공실발생을대체할신규임차인을아직구하고있음. 따라서대형공실발생전잠재임차인들에게과감한임대료할인을제안중이며이로인하여서울의평균오피스실질임대료는전분기대비 1.2% 하락및전년동기대비 0.4% 하락. 실질임대료변동은권역별공실률변동과는반대로나타나고있으며, 추가공실면적발생이예상되는 CBD 의임대료는전분기대비 1.7% 하락, 신한금융투자타워이외에대형임차인입주계획이없는여의도의임대료는전분기대비 4.5% 하락함. 그러나타권역대비안정적임차율과신축오피스에공실이빠르게해소되고있는강남권역의임대료는전분기대비 1.3% 전년동기대비 3.4% 상승. Arrows indicate 12-month outlook Index base: 4Q12 =100 Financial Indicators for the CBD. Source: JLL (Unit: KRW, per 3.3 m² per month) Office Rental Information 실질월임대료 Effective Rent (Based on GFA) 1Q17 q-o-q y-o-y Seoul 90, % 0.4% CBD 93, % 3.5% Yeouido 78, % 1.6% Gangnam 93, % 3.4% Office 등급기준 : 주요업무구역에위치, 연면적약 3만m2이상, 기준층약 8백m2이상, 투자및임대가능등 공실률 : 임대를목적으로하는오피스빌딩을대상으로, 실제입주 ( 이전 ) 기준으로하고있으며, 준공과동시에공실률조사샘플에포함. 임대료 : 준공전 후신규임차인은자산에대한적정임대료와다른경우가많음, 따라서자산이안정화되었다고판단되는준공 1년후, 임대 자산가치평가샘플에포함 q-o-q: 전분기대비 y-o-y: 전년도대비 Effective Rent (Base on GFA): 임대면적당실질임대금액 = Achievable Rents - Free Rent + Assumed profit on CAMs Net absorption: 전기대비오피스사용면적증감량 = ( 예시 ) 3Q14 오피스총사용면적 4Q14 오피스총사용면적 8 JLL Korea Property Digest Q4 2016

9 잠실롯데월드타워준공 주요오피스권역내 Grade A 급오피스신규공급은없었음. Physical Indicators 강남과가까운잠실권역에롯데월드타워 ( 총연면적 327,137 m², 오피스임대면적 140,348 m²) 이 2 월사용승인및 4 월준공식을하였으며, 오피스임대면적중 56.2% 는롯데계열사가, 21.4% 는데상트코리아가강남의캐피탈타워에서이전할예정. 실질임대료하락에따른자산가치하락 투자자들의강력한매입의지에도불구하고, 대출금리상승등불안한환경으로 Grade A 급오피스수익률은전분기대비동일한수준인 4.5% 로추정되며, 실질임대료하락에따라자산가치또한 1.1% 하락한것으로추정됨. 주요거래사례로는삼성화재가매각한 CBD 의부영을지로빌딩 ( 연면적 54,654 m²) 을부영이 4,380 억원에매입, 태평로빌딩 ( 연면적 40,002 m²) 을 IGIS 가 2,300 억원에매입, 강남메트로빌딩 ( 연면적 86,100 m²) 을안젤로고든이 861 억원에매입등이있음. 또한마이다스에셋이보유하고있던 CBD 의 T Tower ( 연면적 41,615 m²) 를 PGIM 이 IGIS 를통해 1,887 억원에매입, KTB 자산운용이강남권역의테헤란로에위치한일송빌딩 ( 연면적 20,126 m²) 을 1,272 억원에미래에셋으로부터매입함. 12-month Outlook 한국은행이본사리모델링을위해약 3 년간삼성본사빌딩에임차예정및 A 급오피스외임차중인임차인들이강남파르나스타워입주를적극적으로검토하는등신규오피스수요가예상됨. 그러나, CBD 의하나은행, 아모레퍼시픽, SK 건설등이사옥재건축또는리모델링을완료하고현재임차해있는빌딩에서사옥으로의이전이확정되어있으며, 부영태평로빌딩에입주해있던삼성계열사들의강남이전과강남캐피탈타워에입주해있던데상트코리아의잠실롯데월드타워로이전계획등임차사이탈로평균공실률상승이예상됨. 공실발생이예상되는빌딩의건물주들은공격적인임대료할인마케팅을진행중이며, 따라서실질임대료는소폭하락할것으로전망됨. 투자사들을위한대출금리는작년말대비상승하였으며공실위험또한상승하고있어오피스시장수익률또한높아질것으로예측됨. Thousand sqm For 2012 to 2016, take-up, completions and vacancy rates are year-end annual. For 2017, take-up, completions and vacancy rate are as at 1Q17, while future supply is for 2Q17 to 4Q17. Physical Indicators are for the overall market. Source: JLL Source: JLL Korea (Unit: %, %p) (Unit: vㄴㅍ ) 오피스사용증감면적 Net absorption 1Q17 4Q16 Last 12 month Seoul 49, , ,981 CBD 34,617 56,128 7,458 Yeouido 9,436 7,326 32,355 Gangnam 5, ,867 Source: JLL Korea Take-Up (net) Future Supply Completions Vacancy Rate 공실률 Vacancy Rate 1Q17 q-o-q y-o-y Seoul CBD Yeouido Gangnam F Percent JLL Korea Property Digest Q

10 Seoul Retail 10 JLL Korea Property Digest Q4 2016

11 Seoul Rental Growth Y-O-Y 1.0% pyung per month, net on NLA KRW 1,986,178 Stage in Cycle Rents Falling THAAD missile dispute with- China slows tourist arrivalsand consumption. Yongmin Lee, Head of Research, Korea Retail demand impacted by decline in Chinese visitors The government s decision to deploy the THAAD missile system resulted in Chinese visitor numbers declining 39.4% y-o-y in March. The slowdown in arrivals had a significant impact on the Seoul retail market as duty free sales declined 35% y-o-y, and retailers in tourist dependent locations such as Myeongdong witnessed sharp declines in sales. Nonetheless, consumer sentiment improved to a five month high in March following the decision to oust President Park Geun-hye and signs of a continued recovery in exports. Vacancy rises as international fashion retailers close stores No new major retail supply was reported during the quarter; however, vacancy increased 220 bps q-o-q to 2.5% as fashion retailers including Gap Kids and American Apparel departed Hongdae, while Brooks Brothers and Abercrombie & Fitch vacated their stores in Cheongdam. Garosu-gil dominated new store activity as Under Armour launched their second Seoul store in the district and Hong Kong based 6ixty 8ight opened an outlet. In Cheongdam, H&M s luxury brand & Other Stories opened while several cosmetics stores opened for business in Myeongdong despite the slowdown in Chinese tourist spending. Rents soften north of the Han River Financial Indices Index Q12 4Q13 4Q14 4Q15 4Q16 4Q17 Rental Value Index Arrows indicate 12-month outlook Index base: 4Q12 =100 Financial Indicators are for Myeondong. Retail Sales 18 Capital Value Index Overall high street rents are estimated to have increased 1.0% q-o-q as rent growth at Gangnam Station and Garosugil offset weakness in rents at Cheongdam, Myeongdong and Hongdae. No major retail sales concluded during the quarter with private deals between private investors dominating activity. The majority of activity was focused on Garosu-gil where three high street buildings totalling KRW 27 billion transacted. y-o-y (%) Outlook: Retail environment expected to improve Retail spending is likely to face headwinds from the soft domestic economy and ongoing impact of the dispute with China. These issues are expected to be key focuses for the presidential election in May. Modest rent increases are expected for major high street locations; however, fringe markets may see a slight decline in rents, reflecting comparably weak demand for space in these locations Q11 Source: Statistics Korea 4Q12 4Q13 4Q14 4Q15 Sales Growth of Large-Scale Retail Stores in Seoul 4Q16 Note: Seoul Retail refers to Seoul s major high streets. JLL Korea Property Digest Q

12 Seoul 사드보복으로중국인단체관광객및매출급감 임대료변동 (CBD 전년동기대비 ) 실질임대료 (CBD 원 /3.3 m²/ 월 ) 순환주기 리서치이용민팀장 1.0% 1,986,178 원 임대료보합 중국인관광객감소여파로리테일소비하락 정부의사드배치결정에대한반발로중국인관광객수가전년대비 39.4%p 하락하며주요리테일상권에큰영향을끼침. 면세점매출이전년대비 35%p 하락하였으며, 관광객들의방문수요가많은명동의경우에도매출이급감함. 한편, 박근혜전대통령의탄핵인용및국가수출량증가에따라소비자심리지수는 5 개월연속상승. 해외패션브랜드의실적하락으로공실률발생 리테일신규공급이없었음에도불구하고공실률이 2.5%p 증가함. 홍대의 Gap Kids 와 American Apparel 스토어가문을닫았고, 청담의 Brooks Brothers 와 Abercrombie & Fitch 스토어또한철수함. Under Armour 는서울의두번째직영점을가로수길에오픈하였고, 6ixty 8ight 또한신규입점함. 청담에서는 H&M 의프리미엄 SPA 브랜드인 & Other Stories 가새로런칭하였으며, 명동에서는중국인관광객감소전계획되었던신규화장품스토어들이오픈함. Financial Indices Index Q12 4Q13 4Q14 4Q15 4Q16 4Q17 Rental Value Index Arrows indicate 12-month outlook Index base: 4Q12 =100 Financial Indicators are for Myeondong. Capital Value Index 강북임대료성장세둔화 중심가를기준으로전체적인임대료는전분기대비 1.0%p 상승하였으며이는강남역과가로수길의임대료상승여파로, 청담, 명동, 홍대등강북지역의성장세둔화를상쇄함. 1 분기주목할만한기관투자자의투자사례는없었으며개인투자자간거래는활발하였음. 가로수길에서대부분의거래들이집중적으로일어났으며, 3 건의시내중심가건물거래가총합 270 억에거래되었음. Retail Sales 전망 : 성장률개선예측 리테일소비는내수부진과사드배치여파로더욱침체될것으로전망됨. 시내중심의리테일임대료는소폭상승할것으로예측되지만, 기타지역에서는비교적낮은임차수요로인해임대료하락이예상됨. y-o-y (%) Q11 4Q12 4Q13 4Q14 4Q15 Sales Growth of Large-Scale Retail Stores in Seoul 4Q16 Source: Statistics Korea 12 JLL Korea Property Digest Q4 2016

13 JLL Korea Property Digest Q

14 Contacts JLL Korea HQ 23F Two IFC, 10 Gukjegeumyung-ro Yeoungdeungpo-gu Seoul Korea T ASIA PACIFIC 9 Raffles Place #39-00 Republic Plaza Singapore tel fax 스티븐 크렉 대표이사 Managing Director Country Head / Capital Markets steven.craig@ap.jll.com 김낙균 이사 Director Retail nick.kim@ap.jll.com 강용호 이사 Director Project & Development Services david.kang@ap.jll.com JLL 본사 JLL 강남 오피스 T T 서울시 영등포구 국제금융로 10 투아이에프씨 23층 서울시 강남구 테헤란로 98길 8 KT&G 대치 타워 2층 AMERICAS EMEA 200 East Randolph Drive Chicago IL tel fax Hanover Square London W1A 2BN tel fax 장재훈 상무 National Director Capital Markets / Property & Asset Management chaehun.chang@ap.jll.com 리차드 오어벨 이사 Director Advisory richard.orbell@ap.jll.com 곽일웅 상무 National Director Integrated Facility Management ilwoong.kwak@ap.jll.com 이한국 이사 National Director Markets hankook.lee@ap.jll.com 김명식 이사 Director Investment Sales & Leasing myoungsik.kim@ap.jll.com 오은정 팀장 Consultant Workplace Strategy eunjung.oh@ap.jll.com 이용민 팀장 Head of Research yongmin.lee@ap.jll.com Jones Lang LaSalle IP, Inc. All rights reserved. For further details or to unsubscribe, please ap.research@ap.jll.com or yongmin.lee@ap.jll.com. The items in this publication have been compiled from the various sources acknowledged. The information is from sources we deem reliable; however, no representative or warranty is made to the accuracy thereof. 본 마켓 리포트는 JLL Korea의 자체 조사에 의하여 구축된 Data Base에 의해 작성 되었으며, 시장의 전반적인 흐름을 파악하여 부동산 수요자 및 투자자, 그리고 유관기관 들의 오피스 시장에 대한 이해도를 높이는데 객관적인 자료를 제공함을 목표로 하고 있습니다. 따라서, 개별특성 및 다양한 변수가 존재하는 부동산 시장의 특징으로 투자 등의 결과에 대한 법적 책임소재와 관련해 증빙자료로 사용 될 수 없습니다. 14 JLL Korea Property Digest Q4 2016

공급 에는 권역에 두개의 프라임 오피스가 준공 되었다. 청진구역 2,3지구에는 광화문 D타워가 준공되어 대림에서 약 50%를 사용하며 나머지 50%는 임대마케팅을 진행 중이다. 메트로타워는 GS건설의 사옥에서 매각 이후 2013년 4분기에 리모델링을 시작하여, 에 완공

공급 에는 권역에 두개의 프라임 오피스가 준공 되었다. 청진구역 2,3지구에는 광화문 D타워가 준공되어 대림에서 약 50%를 사용하며 나머지 50%는 임대마케팅을 진행 중이다. 메트로타워는 GS건설의 사옥에서 매각 이후 2013년 4분기에 리모델링을 시작하여, 에 완공 Savills World Research 브리핑 서울 프라임 오피스 사진 :, Seoul 개요 여의도와 도심의 높은 공실률에도 불구하고 향후 공실 감소 기대와 낮은 이자율, 우량물건이 뒷받침되어 서울 오피스 시장은 국내외 투자자들의 지속적인 관심을 받고 있다. 신규공급으로 의 공실률은 증가하였고 GBD와 YBD의 공실률은 감소하였다. 공실률이 증가한 에서 임차인