Office Retail Track Record 10

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1 Korea Property Digest I Q Subdued economic outlook impacts office demand

2 Office Retail Track Record 10

3 Office 3 OFFICE 사무실

4 CBD 를 중심으로2014년 3분기 이후 삼성의 강남서초타운 통합이전은 SEOUL SEOUL 오피스 수요에 부정적인 영향을 끼치는 중 첫 오피스 사용면적 증가 리서치 리서치 이용민 이용민 팀장 팀장 임대료 변동 (전년 동기대비) CYCLE 1.3% e the IFC Three. mented e offset by SSURE 016 osition or the tion ing 2015년 3분기에 이어 4분기 또한 오피스 사용 면적은 2분기 연속 감소 년 1분기 당사 서울 오피스 등급 재조정으로 인해, A급 오피스 공실률은 전분기 대비 0.2%p 하락에 그침.1 Index 120 CBD: KT와 다음카카오가 설립한 인터넷 뱅킹 회사 K Bank(1,900평)가 110 the-k 트윈타워에 입주 및 LG 생활건강(900평)이 S Tower 에 입주하여 공실이 감소한 사례들이 있었음 Q11 하지만, 종로타워의 삼성계열사 일부 이전 및 101파인에비뉴에 입주 4Q12 4Q13 Rental Value Index 4Q14 4Q15 4Q16 Capital Value Index Arrows indicate 12-month outlook Index base: 4Q11 =100 Source: JLL Financial Indicators are for the CBD. (3,900평)하였던 하나투어가 하나투어 사옥 리모델링을 마치고 이전, 태평로 한화금융센터에 입주하였던 한컴(1,000 평)이 판교로 이전 하는 등. 공실이 발생한 빌딩들이 증가하여 전분기와 동일한 조사대상 빌딩으로 비교할 경우 오피스 사용면적은 1분기 8,500평 감소함. 여의도: 전경련회관에 LG화학(1,500평) 및 리카르도아시아(170평) 입주, (Unit: KRW, per 3.3 sqm per month) Physical Indicators Office Rental Information 실질 월임대료 Effective Rent (Base on GFA) Q16 q-o-q 400 Seoul 91, % 121.3% CBD , % 91.3% Yeouido , % 90, % 6 Gangnam 100 y-o-y Percent from the nsaction ital values. rtner s 임대료 소폭상승 140 Thousand sqm st 0 pyung) on om several lance of 96,929 순환주기 낮은 오피스 수요에도 불구하고 A급 평균 공실률은 전분기 수준을 유지 Financial Indices ung while Hana ine tment om the ed the Tower. 21 OFFICE 4 OFFICE 사무실 4 OFFICE 사무실 wth wing 실질임대료 (CBD 원/3.3 M2/월) 0.5% 2.6% 3 1. 서울 0오피스 등급 재조정: 신축오피스 공급으로0인해, 2009년 100 말 이후 2015년 말까지 서울 오피스 Grade 3 A % 12 총13 16F 오피스 총량은 190만14m2 이15증가함. JLL Grade A 급Take-Up 오피스(net) 기준에 미달하는 노후화 빌딩, Completions Grade A 임차인Future 비선호 Grade A오피스 등을Rate Grade Supply Vacancy B로 등급 재조정(전년도 말 대비 Grade A급 오피스 Source: 총량 22.5%JLL 감소, 140 만 m2 규모) For 2011 to 2015, take-up, completions and vacancy rates are year-end annual. For 2016, takeup and completions are as at 1Q16, while future supply is from 2Q16 to 4Q16. Physical Indicators are for the Overall market. 범한판토스의 약 500 추가 임차 등으로 공실률 약 5% 미만으로 안정화 됨. 그리고 IFC 에 FG 인베스트먼트를 포함한 총 5개업체(총 500평)가 추가 입주함. 하지만, 신한금융타워에 입주하여 있던 KB 투자증권(1,100평)이 자가사옥인 KB금융타워로 이전 및 KTB빌딩이 판토스가 빠져나간 2,400평을 임대하기 시작하여 여의도 오피스 사용면적은 전분기 대비 3,700평 감소함. 강남: 2015년 4분기 말 삼성물산 판교이전 및 삼성전자 수원 및 우면동 이전 발생한 공실은 도심에서 강남으로 통합되는 삼성계열사로 해소되고 있는 중임. 추가적으로 SI Tower에 시스맥스(830평)과 암젠(400평)입주. 강남파이낸스타워에 SK 계열사 총 700평 입주 등 긍정적인 오피스 수요가 있어, 강남오피스 사용면적은 전분기 대비 6,500평 증가함.

Slowing CBD BEARS BRUNT OF WEAK DEMAND Financial Indices Tenant demand in the CBD was impacted by the departure of Samsung affiliates from four buildings including the Grade A Jongno Tower, while

5 Slowing CBD BEARS BRUNT OF WEAK DEMAND Financial Indices Tenant demand in the CBD was impacted by the departure of Samsung affiliates from four buildings including the Grade A Jongno Tower, while Hana Tour returned to their remodelled headquarters building from 101 Pine Avenue. In Yeouido, KB Investment Securities relocated from Shinhan Investment Tower to an owner-occupied building, while Gangnam benefited from the arrival of Samsung affiliates which partially backfilled space vacated the previous quarter by Samsung Electronics at Samsung Life Seocho Tower Index 110 No new Grade A supply was completed during the quarter. The most significant completion was the Grade B Shinhan L Tower (GFA 9,430 pyung) on the east fringe of the CBD. Shinhan Life consolidated operations from several lower grade buildings to owner-occupy 79% of the building. The balance of the building is being offered to the market for lease. 90 4Q11 4Q14 4Q15 4Q16 Capital Value Index Overall vacancy was 10.8% at end-1q16. Yeouido continued to have the 신한L타워 준공 in the market (16.7%) due to prolonged vacancy at IFC Three. highest vacancy Physical Indicators weakened domestic investors stepped back from Investor 오피스sentiment 수요는 매우 적음에도as 불구하고 임대료 인상을 희망하는 빌딩 중 the market and reassessed pricing levels. However, muted Grade A transaction 일부가 Rent free를 더 제공 하더라도 임대료 인상을 시도함. volumes have yet to provide firm evidence of any correction in capital values. only Grade1분기 A sales transaction in 1Q was Alpha전분기 Investment Partner s The추가적으로 오피스 등급 조정으로 임대료는 대비 1.4% purchase of Jongno Tower in the CBD for KRW 384 billion. 상승하였으나, 오피스등 등급 조정 전 동일 빌딩간의 비교시 2.4%p 하락하여 OUTLOOK: RENTS AND실질임대료는 CAPITAL VALUES LIKELY TO COME UNDER PRESSURE Grade A오피스 하락 중. Office demand is expected to remain subdued over the course of 2016 reflecting변화에 the weak Further relocation and disposition 시장상황 따라economic 투자가의outlook. 투자전략도 바뀌는 중 activity by Samsung affiliates may add to the challenging outlook for the market. occupier 기존 오피스 시장대비 높은 공실 위험 및 낮은 임대료 상승률, 추가적으로 현재시점에 매입 후 향후 매각 시 매각예상가에 대한 불 확실성으로 오피스 With more assets expected to come to the market for sale, transaction 투자자들은 매도자의 희망가보다 금액으로of매입을 volumes are likely to be매각 dependent on a 낮은 realignment vendor희망함. pricing expectations. 하지만 오피스 가치(Capital value)나 수익률 (Yield) 증감 흐름을 바꿀만한 기준이 되는 Core Grade A 오피스 거래는 없었음. 주요 거래 사례로는 알파 인베스트먼트 파트너스가 종로타워(연면적 18,348 평)을 삼성생명(지분 86.7%)과 영보(지분 13.3%)로부터 빌딩 전체를 3,840 억원에 현대 인베스트먼트 Note: Seoul Office 매입. refers to Seoul s Grade A office자산운용이 market. 서대문 웨스트게이트 타워 (연면적 9,100평)를 키움자산운용으로부터 1,497억원에 매입한 사례 등이 있음 Percent Thousand sqm face rent increases; although in most instances, the increases were offset by higher호가 incentives. 임대료 및 Rent free 모두 상승 4Q12 4Q13 Rental Value Index Arrows indicate 12-month outlook Index base: 4Q11 =100 Source: JLL Financial Indicators are for the CBD. CBD Grade A급에 다소 모자란 연면적 9,430평 신한L타워가 RENTS RISE 을지로2가에 BUT SO DO INCENTIVES 준공되었으며, 연면적의 79%를 자가사옥 사용. implemented Despite prevailing market 약 weakness, a number용도로 of landlords SEOUL 100 SHINHAN L TOWER COMPLETES IN CBD 21 OFFI KRW 96,929 5 OFFICE 사무실 1.3% F Take-Up (net) Completions Future Supply Vacancy Rate Source: JLL For 2011 to 2015, take-up, completions and vacancy rates are year-end annual. For 2016, takeup and completions are as at 1Q16, while future supply is from 2Q16 to 4Q16. Physical Indicators are for the Overall market. (Unit: %, %p) 공실률 Vacancy Rate 1Q16 q-o-q y-o-y Seoul CBD Yeouido Gangnam Source: JLL Korea (Unit: m2) 12-month Outlook 강남 파르나스 타워(오피스 임대면적 31,572평)와 명동 대신증권 사옥 (연면적 16,011평) 신규 공급 영향으로 평균 공실률은 일시적으로 상승 전망. 미래에셋과 대우증권 합병으로 기존 대우증권이 센터원으로 이전 계획, 대신증권 신축빌딩에 대신증권 및 We Work(위워크)의 입주 예상되는 등. 2016년 Grade A 오피스 수요는 전년도 보다 많게 예상되지만, 과거 10년 오피스 확장 수요(년간 6만5천평 추가 사용)에 비해 약 35% 수준으로 예상 됨. CBD Grade A 오피스에 입주하여 있던 삼성계열사의 강남 삼성 서초타운 이전 진행 중 등 낮은 오피스 수요로 인하여 임차인 유치경쟁은 치열할 것으로 예상되며, 그에 따른 임대료 인상도 쉽지 않을 것으로 전망 됨. 오피스 사용 증감면적 Net absorption 1Q16 4Q15 Last 12 month Seoul -19,066-5,673 CBD -28,171 14,462-2,011 Yeouido -12,318 21,585 20,135 21,423-41,720-6,465 Gangnam Source: JLL Korea 11,659

6 Relocation of Samsung affiliates drives absorption into negative territory. SEOUL SEOUL Yongmin Lee, Head of Research, Korea 6 OFFICE 사무실 wth wing st 0 pyung) on om several lance of e the IFC Three Q sition or the tion ing 4Q14 4Q15 4Q16 Capital Value Index KRW 96,929 Growth Slowing Tenant demand in the CBD was impacted by the departure of Samsung affiliates from four buildings including the Grade A Jongno Tower, while Hana Tour returned to their remodelled headquarters building from 101 Pine Avenue. In Yeouido, KB Investment Securities relocated from Shinhan Investment Tower to an owner-occupied building, while Gangnam benefited from the arrival of Samsung affiliates which partially backfilled space vacated the previous quarter by Samsung Electronics at Samsung Life Seocho Tower. No new Grade A supply was completed during the quarter. The most significant completion was the Grade B Shinhan L Tower (GFA 9,430 pyung) on the east fringe of the CBD. Shinhan Life consolidated operations from several lower grade buildings to owner-occupy 79% of the building. The balance of the building is being offered to the market for lease. Overall vacancy was 10.8% at end-1q16. Yeouido continued to have the highest vacancy in the market (16.7%) due to prolonged vacancy at IFC Three. Arrows indicate 12-month outlook Index base: 4Q11 =100 Source: JLL Financial Indicators are for the CBD. Physical Indicators Thousand sqm 1.3% STAGE IN CYCLE SHINHAN L TOWER COMPLETES IN CBD 4Q12 4Q13 Rental Value Index RENTS RISE BUT SO DO INCENTIVES Despite prevailing market weakness, a number of landlords implemented face rent increases; although in most instances, the increases were offset by higher incentives Investor sentiment weakened as domestic investors stepped back from the market and reassessed pricing levels. However, muted Grade A transaction volumes have yet to provide firm evidence of any correction in capital values. The only Grade A sales transaction in 1Q was Alpha Investment Partner s purchase of Jongno Tower in the CBD for KRW 384 billion. 0 Percent SSURE 110 ented e offset by from the nsaction tal values. rtner s 140 Index tment om the ed the Tower. PYUNG PER MONTH, NET EFFECTIVE ON GFA CBD BEARS BRUNT OF WEAK DEMAND Financial Indices ung while Hana ne RENTAL GROWTH Y-O-Y 21 OFFICE CYCLE F Take-Up (net) Completions Future Supply Vacancy Rate Source: JLL For 2011 to 2015, take-up, completions and vacancy rates are year-end annual. For 2016, takeup and completions are as at 1Q16, while future supply is from 2Q16 to 4Q16. Physical Indicators are for the Overall market. OUTLOOK: RENTS AND CAPITAL VALUES LIKELY TO COME UNDER PRESSURE Office demand is expected to remain subdued over the course of 2016 reflecting the weak economic outlook. Further relocation and disposition activity by Samsung affiliates may add to the challenging outlook for the occupier market. With more assets expected to come to the market for sale, transaction volumes are likely to be dependent on a realignment of vendor pricing expectations. Note: Seoul Office refers to Seoul s Grade A office market.

7 Retail 7 RETAIL 리테일

8 SEOUL 리테일매출액은안정적으로상승중 리서치이용민팀장 임대료변동 실질임대료 ( 원 / 전용 3.3 M 2 / 월 ) 2.5% 1,966,786 순환주기 임대료하락세 8 RETAIL 리테일 Financial Indices Index Q13 4Q14 4Q15 4Q16 Rental Value Index Arrows indicate 12-month outlook Index base: 4Q13 =100 Financial Indicators are for Prime high stree shop in Myeongdong Source: JLL Korea Physical Indicators y-0-y (%) Q11 4Q12 4Q13 4Q14 Sales Growth of Large-Scale Retail Stores in Seoul Source: Statistics Korea 4Q15 외국인관광객은늘고있지만, 내수는부족함 MERS 종료이후, 2016년초부터중국인관광객증가의영향으로외국인관광객수는꾸준히증가. 소비심리약화, 온라인쇼핑거래또는아울렛몰활성화로서울주요가두상권의매출은감소하고공실은증가함. 온라인쇼핑이대중화되는가운데에, 온라인거래가오프라인에현실화되는 Online-to-Offline (O2O) 컨셉스토어가생겨나고있음. 대형온라인쇼핑업체쿠팡의영업이익은 2014년 3,485억원에서 2015년 1조5천억원으로증가하였으며, 그와반대로오프라인매장의대형마트매출은감소함 ; 2015년신세계이마트매출액은 5,038억원으로전년도대비 13.6% 감소및롯데마트는전년도대비 3.4% 감소. 그와반대로롯데아울렛매출액은전년도대비 12.5% 상승하였고신세계여주프리미엄아울렛의경우년간 8만명이방문할정도로쇼핑패턴이변화중. 하이엔드의류액세서리브랜드 Tonino Lamborghini 공식적으로한국진출을선언하고연말까지매장오픈을준비중. 소형백화점컨셉롯데 el CUBE 오픈 롯데쇼핑은변화하는쇼핑트렌드를잡기위해소형백화점컨셉의 el Cube를홍대에오픈하였음. 젊고유행에민감한소비자를대상으로약 20여개브랜드가입점. E-Land 킴스클럽portfolio 매각중 이랜드는하이퍼마트킴스클럽매각을위해 KKR 을우선협상대상자로지정함. 매각진행중인 37개지점의년간매출액은약 1조원으로강남의플래그쉽지점은포함되지않은것으로알려짐. Outlook 내수활성화를위한기준금리인하의잠재적인가능성을포함하여, 향후 12개월간서울리테일시장은비교적큰변동없이안정적일것으로예상됨. 주요가두상권의공실이발생하고있어임대인의임대료인상은제한적일것으로사료됨.

9 SEOUL Absorption reaches the highest level since 1Q14 amid a modest Retail pick-up sales growth in demand, stable. in particular in the CBD. Yongmin Lee, Head of Research, Korea Yongmin Lee, Head of Research, Korea RENTAL GROWTH Y-O-Y 2.5% PYUNG PER MONTH NET EFFECTIVE RENT ON NLA 1,966,786 STAGE IN CYCLE Rents Falling Financial Indices Index Q13 4Q14 4Q15 4Q16 Rental Value Index Arrows indicate 12-month outlook Index base: 4Q13 =100 Financial Indicators are for Prime high stree shop in Myeongdong Source: JLL Korea Physical Indicators WEAK DOMESTIC DEMAND AIDED BY STRONG TOURIST SPENDING Visitor arrivals to South Korea and Seoul have shown steady improvement in early 2016 following the end of the MERS and supported by the strong demand of Mainland Chinese tourists. Weaker consumer sentiment in Korea and growth of online retail and outlet malls is putting upward pressure on vacancy in some key high streets in Seoul. Amidst strong growth in e-commerce, the concept of Online-to- Offline (O2O) is on the rise, as illustrated by Sweet Spot opening a physical outlet. In 1Q16. Local E-commerce giant, Coupang saw its sales catapult from KRW billion in 2014 to KRW 1.5 trillion in 2015 while the profits of major brickand-mortar hypermarket retailers declined; Shinsegae s E-mart saw profit declined 13.6% y-o-y to KRW billion in 2015 and Lotte Mart profit declined 3.4% y-o-y in Conversely outlet malls benefited from strong growth with Lotte seeing sales growth of 12.5% y-o-y and Shinsegae Yeoju Premium Outlet notching up 8 million annual visitors. High-end apparel and accessories brand, Tonino Lamborghini announced it will enter the Korean market later this year. y-0-y (%) Q11 4Q12 4Q13 4Q14 Sales Growth of Large-Scale Retail Stores in Seoul Source: Statistics Korea 4Q15 LOTTE LAUNCHES el CUBE COMPACT DEPARTMENT STORE CONCEPT Lotte Shopping launched its new compact department store concept el Cube (NLA 630 sqm, B1/3F) in March in Hongdae. The store houses around 20 fashion brands targeting young, trendy consumers. KKR MAY ACQUIRE E-LAND PORTFOLIO E-Land selected KKR as the preferred bidder for their Kim s Club hypermarket business. The deal includes 37 branches with annual revenue of around KRW 1 trillion. The vendor s flagship Gangnam location is known to have been excluded from the deal. OUTLOOK The Seoul retail market is expected to remain relatively stable over the course of 2016 although further potential interest rate cuts may provide a boost to domestic spending. Growth in rents for core locations may also slow as a recent uptick in vacancy is likely to see landlords adopting a less aggressive stance in rental negotiations. 9 RETAIL 리테일

10 Track record RENTAL GROWTH Y-O-Y PYUNG PER MONTH, NET EFFECTIVE ON GFA STAGE IN CYCLE 0.3% KRW 95,245 Rents Stable CBD LEADS REBOUND IN ABSORPTION 101 Pine Avenue reached full occupancy on move-ins by Hana Tour (3,860 pyung, gross), ABC Mart Korea (2,300 pyung) and Hanwha S&C (2,200 pyung), while Hanwha Finance Center Taepyungro and D-Tower witnessed the arrivals of Hanwha Total (2,200 pyung) and a local taskforce team (1,300 pyung), respectively. In Yeouido, Yello Finance Group (2,000 pyung, gross) commenced business at IFC Three. Gangnam activity was bouyed by the relocation of Amway (2,200 pyung) and Daehan Real Estate (930 pyung) to Asem Tower from Textile Building due to the increased occupancy requirements of Yulchon, Textile Building s anchor tenant. MODEST DECLINE IN VACANCY ACROSS ALL THREE DISTRICTS A lack of new supply aided a 60 bps q-o-q drop in overall vacancy, the largest decline since 2Q14. The decline in vacancy was largest in the CBD and Yeouido, where tenant demand was focussed on recently completed stock. Despite having a low vacancy rate, Gangnam continued to struggle to attract new tenants to the district and to stem the outflow of tenants to newer stock in other districts. RENTS DECLINE MARGINALLY FOR THE THIRD CONSECUTIVE QUARTER Rents declined by 0.5% q-o-q due to increasing incentives in recently completed stock and buildings with sizeable backfill vacancy. Rent declines were largest in Yeouido reflecting attractive deals concluded at IFC. Investment deal volume was muted in the quarter; however, a strong pipeline of deals indicates that transaction volumes should pick-up by year end. The largest deal in 3Q was Hana Financial Group s acquisition of Grace Tower (GFA 7,420 pyung) in Gangnam for owner-occupation. The property was sold by Kormaco on behalf of National Pension Service for KRW billion. Source: JLL For 2011 to 2014, take-up, completions and vacancy rates are year-end annual. For 2015, take-up, completions and vacancy rates are YTD, while future supply is for 4Q15. Physical Indicators are for the Overall market. OUTLOOK: SAMSUNG AFFILIATES MAY RELOCATE TO NEW SUBURBAN PROJECT The only Grade A supply expected over the coming 12 months is Parnasse Tower (GFA 44,460 pyung) in Gangnam which is scheduled for completion in 3Q16. However, the completion of Samsung Electronics Umyeondong R&D Center (GFA 99,800 pyung) on the south fringe of Seoul in 4Q15 may lead to the relocation of several Samsung affiliates to this project from Grade A stock. 10 TRACK RECORD The investment market is forecast to remain robust with 2016 pricing levels likely to be benchmarked off the closing prices for a large number of deals expected to conclude in 4Q15.

11 2016 We made deals happen SEOUL 매입 매각자문 (Capital Markets) 종로플레이스, CBD 매매시기 : 2015 년 4 분기 매수인 : 아센다스 매도인 : 오라이언파트너스 종로플레이스오피스건물매각자문 유안타증권, CBD 매매시기 : 2015 년 3 분기 매수인 : 오라이언파트너스 매도인 : 경찰공제회 해외투자가에국내부동산펀드의수익증권지분매각자문 임차대행 (Tenant Representation) 소시에테제네랄 D 타워이전 암웨이 아셈타워이전 호주대사관 광화문교보생명빌딩임차계약 노무라증권 서울파이낸스센터 Lease restructure 도이치뱅크 영풍빌딩임차재계약 록히드마틴 IFC 원타워이전 슈로더 서울파이낸스센터임차재계약 페이스북 캐피털타워확장 11 TRACK RECORD

12 임대대행 (Leasing) 파인애비뉴 B, CBD 한화 S&C 하나투어 D 타워, CBD 소시에테제네랄 그랑서울, CBD 그로브너 부킹닷컴 주식회사에스디제이 센터원, CBD SCOR RE 로버트월터스 피네간 트레이드타워, 강남 얼라인테크놀로지 아셈타워, 강남 암웨이 나라빌딩, 강남 롯데아사히 신송센터빌딩, 여의도 세왕금속공업 코리아에셋 브릭스타워, 경기도웨스틴타워, 일산 롯데손해보험 시티플라자, 여의도 PVM 자산관리 (Property Asset Management) 12 TRACK RECORD 시티플라자, 여의도 34,313 sqm 규모의업무및상업시설건물자산관리로, 1-3 층저층부는상업시설로확장 JK 로지스틱, 경기도이천 16,061 sqm 규모의물류시설건물의자산관리 신송, 여의도 14,954sqm 규모의업무및상업시설건물의자산관리

13 가치평가자문 (Advisory) GIC 자산 : 상업용, 리테일, 물류의자산포트폴리오 위치 : 전국 서비스제공 : 자산관리목적의반기가치평가자문 임페리얼퍼시픽 자산 : 종합리조트개발사이트 위치 : 인천미단시티 서비스제공 : 인수목적의주택시장조사 현대라이프, CBD 자산 : 현대캐피털빌딩 3 위치 : 서울여의도 서비스제공 : 인수목적의가치평가자문 해외사모펀드 자산 : 리테일대형슈퍼마켓, 창고및토지포트폴리오 위치 : 전국 서비스제공 : 잠재사업인수목적의가치평가자문 리테일 (Retail) 포에버 21, 홍대 홍대주요상권에위치한리테일자산의임대가치자문 면적 : sqm M 플라자, CBD 명동중앙길에위치한리테일자산의마켓자문 면적 : 27,010.7 sqm 건보빌딩, 마포 마포에위치한리테일자산의컨설팅자문및임대대행 ( 키움자산운용사옥빌딩내오피스시설 ) 면적 : 2,405.6 sqm 빌딩 8, 여의도 서여의도중심부국회의사당에위치한오피스빌딩으로, 리테일자산의컨설팅자문및임대대행 면적 : 3, sqm 시티플라자, 여의도 여의도상징인 IFC 맞은편에위치한오피스빌딩으로, 리테일자산의자문및임대대행 면적 : 1, sqm 신한금융센터, CBD 명동핵심지역에위치한리테일자산의자문 면적 : sqm 13 TRACK RECORD

14 타당성검토 투자전략 사업확장전략 사례분석보고서 물리실사보고서 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, 구조적인측면의인사이트와전문적인맞춤형 리서치서비스를제공합니다. Jones Lang LaSalle 2016 Jones Lang LaSalle IP, Inc. All rights reserved.

15 JLL offices KOREA 23F Two IFC, 10 Gukjegeumyung-ro Yeoungdeungpo-gu Seoul Korea tel fax ASIA PACIFIC 9 Raffles Place #39-00 Republic Plaza Singapore tel fax AMERICAS 200 East Randolph Drive Chicago IL tel fax EMEA 22 Hanover Square London W1A 2BN tel fax Contacts 스티븐크렉대표이사 Managing Director Country Head / Capital Markets steven.craig@ap.jll.com 장재훈상무 National Director Capital Markets / Property & Asset Management chaehun.chang@ap.jll.com 이한국이사 Director Leasing I / Industrial / Residential hankook.lee@ap.jll.com 윤원섭이사 Director Tenant Representation tony.yoon@ap.jll.com 이미연이사 Director Capital Markets miyeon.lee@ap.jll.com 조은성이사 Director Leasing III ian.cho@ap.jll.com 김낙균이사 Director Retail nick.kim@ap.jll.com 리차드오어벨이사 Director Advisory richard.orbell@ap.jll.com 정병화이사 Associate Director Leasing II danny.chung@ap.jll.com 정정우이사 Associate Director Capital Markets jungwoo.jung@ap.jll.com 강용호이사 Director Project & Development Services david.kang@ap.jll.com 곽일웅이사 Director Integrated Facility Management ilwoong.kwak@ap.jll.com 오은정팀장 Consultant Workplace Strategy eunjung.oh@ap.jll.com 이용민팀장 Head of Research yongmin.lee@ap.jll.com

16 JLL Korea office 23F Two IFC, 10 Gukjegeumyung-ro Yeoungdeungpo-gu Seoul Korea JLL 연락처서울시영등포구국제금융로 10 투아이에프씨 23층대표전화 Follow us Disclaimer COPYRIGHT@ JLL 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. 본마켓리포트는 JLL Korea 의자체조사에의하여구축된 Data Base 에의해작성되었으며, 시장의전반적인흐름을파악하여부동산수요자및투자자, 그리고유관기관들의오피스시장에대한이해도를높이는데객관적인자료를제공함을목표로하고있습니다. 따라서, 개별특성및다양한변수가존재하는부동산시장의특징으로투자등의결과에대한법적책임소재와관련해증빙자료로사용될수없습니다.

Office Retail Track Record 10

Office Retail Track Record 10 Korea Property Digest I Q2 2016 Expansion and upgrading activity supports positive absorption in CBD and Yeouido Office Retail 03 07 Track Record 10 Office 3 OFFICE 사무실 CBD 를 중심으로2014년 3분기 이후 신규 또는 확장