SEOUL OFFICE MARKET SNAPSHOT Accelerating success.
Grade A Office Market Overview market indicators(q-o-q) Supply Trend Unit: sq m Grade A Office Trend KRW /sq m / month 4Q 2012 24,209 원 / m2 24,478 원 / m2 Vacancy Rates 7.52% 7.89% Capital Value 4.46mn 4.46mn New Supply 15,380 m2 40,972 m2 Net TAke-up 6,682 m2 39,940 m2 SUPPLY 2013년서울오피스시장에공급예정인오피스빌딩은 7개동으로총연면적은 500,830m2임. 이중 1분기에공급된오피스빌딩은도심권역의스테이트타워광화문한개동으로, 연면적 40,991m2의 A급오피스빌딩임. 2013년중공급예정인오피스빌딩대부분이도심권역과여의도권역에집중되어있음. 도심권역은스테이트타워광화문을시작으로순화동에 N 타워가 2분기중공급될예정임. 이밖에도도심환경정비사업인도렴 24지구가 3분기중 39,322m2의규모로완공될예정임. 2013년중여의도권역에공급될오피스빌딩은 2 개빌딩으로, 프라임급오피스빌딩인 Three IFC와전경련타워가각각 106,778m2, 168,682m2의규모로공급될예정임. 2013년하반기부터도심권역의도심환경정비사업지구들이속속들이완공될예정임. 도렴24지구는연면적약 39,322m2의규모로 2013년 7월중완공예정이며, 전체면적을김 & 장법률사무소에서임차할예정으로알려짐. 강남권역에공급예정인신규오피스들은중소형으로기존오피스시장에미치는효과는크지않을것으로보임. 양재역부근에위치한대우건설의신축오피스 ( 도곡동 956번지, 연면적 3,600m2 ) 는매각절차가완료되었으며, 이는 LG전자 R&D 용도로사용될예정임. 2012년 4분기에공급예정이었던 Three IFC는 Two IFC의낮은임차율로인해현재까지도오픈일이계속미뤄지고있음. 3분기에는전경련타워가공급될예정이어서여의도의공급물량이큰폭으로상승할것으로예상됨. 이밖에도공사가재개될가능성이있는 Parc1이나리모델링계획을가진키움파이낸스스퀘어, 재건축시기가다가오는 MBC, KBS별관부지등앞으로도공급에관한이슈들이많아향후여의도권역의오피스면적이크게증가할것으로판단됨. Grade A Office MArket Cycle RENT 2013년 1분기서울오피스임대료는 24,478원 / m2로연초임대료상승률은 1.11% 를기록함. 2012년연초임대료상승률이 3.82% 였던점을감안했을때, 해당연도의연초상승률은미미한수준임. 도심권역의평균임대료는 28,211원 / m2로주요권역중가장높은수준을유지하고있음. 특히 A+ 급오피스빌딩의평균임대료는 36,234원 / m2으로전분기대비보합세를유지하고있으며, A급및 B급대부분의오피스빌딩들또한임대료를동결하면서연초임대료조정이거의없는것으로조사됨. 강남권역의평균임대료는전분기대비 1.22% 상승한 24,427원 / m2로전년동기대비로는 1.84% 상승한수치임. 조사한강남권역의오피스빌딩중약 35% 의빌딩이임대료를인상한것으로조사되었으나, 대부분 1% 이하로인상되어사실상보합세를유지하였음. 여의도권역의평균임대료또한전분기대비 0.42% 상승한 20,795원 / m2으로변동이거의없는것으로조사됨. 이는꾸준히증가추세에있는공실면적에대한압력과신규공급되는오피스빌딩과의경쟁으로, 주요권역대부분의오피스빌딩들이기존의임대료수준을고수하고있기때문으로풀이됨. 2013년중도심권역에공급되는오피스빌딩의대부분이 A급이상의오피스빌딩으로, 기존도심의평균임대료보다높은수준으로책정될것으로보임. 이로인해도심권역의평균임대료는다소상승할수있으나, 임차인유치경쟁이심화됨에따라 1개월이상의무상임차기간이나실제계약임대료를인하해주는등파격적인 promotion이제공될가능성이높아실질임대료는하락할것으로판단됨. 변동이거의없는강남권역의경우, 연초에임대료조정한빌딩들이많아당분간임대료변동은거의없을것으로보임. 여의도권역에공급예정인 Three IFC와전경련타워의예상임대료는모두 IFC빌딩과비슷한수준으로마케팅중으며, 이로인해평균임대료가약 3% 가량상승할것으로예상됨. 하지만기존 B급오피스빌딩들은장기공실리스크로인해기존임대료를유지할것으로보임. RECESSION RECOVERY EXPANSION Seoul CONTRACTION RECESSION p. 2 Colliers International
Vacancy Rate 2013년 1분기서울오피스시장의공실률은 7.89% 로 3 분기연속 7% 대를유지하였음. 주요권역중가장공실률이높은권역은도심권역으로전분기대비 130bps 상승한 13.5% 를기록함. 1분기에신규공급된스테이트타워광화문은현재까지입주가결정된임차인이없는것으로알려짐. 신규공급된오피스빌딩의공실면적은감소추세를보이는반면, B급및다소낙후된 A급빌딩은공실면적이증가하고있는것으로조사됨. 광화문빌딩, 종로타워, 중앙일보빌딩등기존 A급오피스빌딩의공실률이전반적으로상승하며도심권역의 A급오피스의공실률은전분기대비 190 bps 상승한 11.4% 를기록하였음. B급오피스빌딩의공실률또한전분기대비 150 bps 상승한 11.7% 로조사되었음. 강남권역의공실률은전분기대비 30bps 감소한 4.8% 로조사되었음. 외부권역으로임차인의이탈과중소형빌딩의신규공급이이루어지고있으나, 프라임급오피스빌딩의공급이제한적이고꾸준한임차수요로큰변동없이안정세를이어가고있음. 강남권역의 A+ 급오피스빌딩의공실률은 0.3% 로사실상공실면적이전무한수준이지만, 도심권역과마찬가지로기존의 A 급빌딩과 B급빌딩의임차인들이타권역으로꾸준히빠져나가면서평균공실률이각각 7.6%, 6.7% 로등급별공실률편차가높은실정임. 여의도권역의평균공실률은지난분기대비큰변동없이 9.1% 를기록함. 2012년 3분기에완공된 Two IFC가공실률이 80% 에육박함에따라 Three IFC의오픈날짜도계속연기되고있음. 이로인해해당분기중공실률의급격한증가는없었음. 도심권역에신규공급된프라임급오피스빌딩들이점차공실을해소하는것은사실이나, 공급후즉각적으로공실면적을해소하지는못하는상황임. 대부분의신규오피스빌딩들이 1년반이상의시간차를두고 take-up 되고있고, 올해공급될스테이트타워광화문과 N타워가적극적으로임차인유치에나서고있어기존의 A 및 B 급의빌딩들의공실률이상대적으로증가할것으로보임. 공급이제한적인강남권역의경우신규오피스빌딩으로의임차인이동은제한적이나주요임차인들이타권역으로이탈하는사례가늘고있어공실률이계속증가할것으로예상됨. 특히하반기중아셈타워 ( 약 12,300m2 ), 경암빌딩 ( 약 18,500m2 ), 엔씨소프트 R&D 센터빌딩 ( 약 24,000 m2 ), 포스코센터 ( 약 11,800m2 ) 등주요빌딩의공실이예정되어있어, 공실률이 6% 이상까지상승할것으로예상됨. 또한 2014년 GS타워의 GS계열사들이대거도심의청진동신사옥으로이전예정에있어공실률상승할것으로예상됨. 프라임급오피스빌딩이집중적으로공급되고있는여의도권역은 TWO IFC의공실면적이쉽게해소되지않는가운데, 하반기중 Three IFC와전경련타워가모두공급되면공실률은빠르게상승할것으로얘상됨. 하지만전경련타워의경우현재몇몇대기업계열사들이협의를진행중으로알려져, 임차계약이성공적으로이뤄질경우, 전경련타워로인한급격한공실증가리스크는크지않을것으로판단됨. DEMAND 2013년 1분기순수요 (Net Take-up) 은 9,940 m2로전분기대비상승하였음. 주요권역중여의도권역을제외한도심권역과강남권역의순수요는각각 6,555 m2, 6,952m2를기록하며소폭상승하였음. 도심권역은공실률이상승하였음에도불구하고 Net Take-Up이증가하였으며, 이는신규로공급된오피스면적대비공실면적이많이해소되었기때문임. 하지만대부분의수요는이전및업그레이드수요로판단되며, 순수하게신규로창출되는수요량은공급량증가분에비해크게부족한실정임. 지난분기에이어 1분기에도국내대기업및관련계열사들의움직임이활발하였으며, 금융사의이전및확장도눈에띄었음. 도심의경우대기업이보유한빌딩의자사사용면적을꾸준히늘리고있는것으로조사되었으며, 타권역으로부터의신규오피스빌딩으로의이전수요도증가하였음. 최근도심권역에신규로공급된오피스빌딩들의공실면적이순차적으로해소되고있는추세임. 지난분기공실률이 18.6% 였던센터원은미쓰이스미토모은행, 평창동계올림픽대회조직위원회및한국마루베니주식회사가계약을완료하며공실률이 10% 대로낮아짐. 완공이후전체연면적의 90% 에육박하는공실면적을해소하지못했던 K Twin Tower는우리카드가 4개층, 마이크로소프트사가 6개층계약을완료하며모두이전을완료하면공실률이 50% 이하까지감소함. 반면기존의오피스빌딩들의임차인들이더나은빌딩으로의이전을적극적으로고려하면서기존 A급및 B급오피스빌딩의공실률은증가하는추세임. 특히 B 급오피스빌딩에주로임차하고있던공기업또는정부관련사무실들이정부개편이후통합되거나폐지되면서공실률이상승한경우도다수있었음. 대형면적으로계약한사례가많았던도심권과다르게강남권역의경우대부분전용면적 200평대의국내기업의움직임이주를이루었음. 최근강남지역을벗어나판교나타권역으로이전이활발한 IT 업체들의이동은계속되고있음. 마이크로소프트사는도심권역의신규오피스빌딩인 K Twin Tower로이전이확정되었음. 반면에스콰이어는성남사옥을매각하면서강남 D&Y 빌딩으로이전하였으며, 쿠팡, 푸르덴셜생명보험사, 과학기술공제회등은증평을하거나확장이전을하는등순수요가소폭증가하였음. 여의도권역또한국내대기업계열사자사사용에의한증평과감평또는비용절감을위한이전임대수요가주를이루었으며, 기존임차중인빌딩의매각이나리모델링계획으로인해이전한경우도있었음. 삼성증권은기존에임차하고있던키움파이낸스스퀘어의리모델링계획을고려하여만기시점에 KTB빌딩으로이전하였으며, 이지스자산운용은비용절감을위해강남파이낸스빌딩에서여의도의세우빌딩으로전격이전한것으로조사됨. Vacancy Trend Take-up Trend Colliers International p. 3
SEOUL MArket Indicators Vacancy Rates New Supply Net TAke-up 도심권역에프라임급오피스빌딩들이대거공급되면서, 기존의빌딩에서업그레이드하는도심내이전수요가증가하고있으며타권역으로부터의진입하는신규수요까지발생하며신축오피스빌딩의입주율 (occupancy rate) 이꾸준히증가하고있음. 하지만 2013년중공급될오피스빌딩들또한도심권역내의순환수요로채워질가능성이높아실질적인 Net take-up 은감소할것으로예상됨. 대규모신규공급이제한적인강남권역의경우, 주요임차인들이타권역으로의이전을꾸준히검토하고있는 것으로알려짐. 이로인해이미예정된공실면적만으로도 6,000m2이상으로, 앞으로도수요가감소세를이어갈것으로예상됨. 지난해 8월공급되었던 TWO IFC의입주율이 17% 정도로공실해소에어려움을겪고있고 THREE IFC도오픈대기중인상황에서, 현재전경련타워또한선임대에어려움을겪고있음. 따라서여의도내의신규빌딩들은예상수요층을특정짓지않고외국계, 대기업, 확장수요등을모두예상수요층으로기대하여마케팅을진행할것으로기대됨. LEASING TRANSACTION in Major Leasing Transaction during Building Distsrict Signing Date Move-in Date Tenant Gross Leased Area(m²) 센터원 CBD 2018 평창동계올림픽대회및장애인동계올림픽대회조직위원회 2,790 844 센터원 CBD 2Q 2013 미쓰이스미토모은행서울지점 6,760 2,045 센터원 CBD 한국마루베니주식회사 2,060 623 페럼타워 CBD SK 텔레콤 6,307 1,908 흥국생명빌딩 CBD 2Q 2013 LG 생활건강 2,076 628 Gross Leased Area(PY) 흥국생명빌딩 CBD 흥국생명자사사용 638 193 종로타워 CBD 2Q 2013 삼성생명자사사용 1,451 439 YG 타워 CBD 삼성화재 1,114 337 중앙일보빌딩 CBD 삼성생명 2,466 746 케이트윈타워 CBD 2Q 2013 우리카드 9,256 2,800 케이트윈타워 CBD 4Q 2013 마이크로소프트 13,808 4,177 포스코 P&S GBD 1Q2013 Q1 2013 쿠팡 3,570 1,080 큰길타워 GBD 1Q2013 1Q2013 IT, Life Insurance Agency 3,306 1,000 아세아타워 GBD 1Q2013 1Q2013 과학기술공제 2,017 610 푸르덴셜타워 GBD 1Q2013 1Q2013 푸르덴셜생명 2,182 660 푸르덴셜타워 GBD 1Q2013 1Q2013 아웃백 2,579 780 한국지식센터 GBD 1Q2013 1Q2013 KAIT 3,273 990 그레이스타워 GBD 1Q2013 1Q2013 Pierrefabre 1,160 351 골든타워 GBD 1Q2013 1Q2013 Seabitlaw 2,014 609 D&Y 빌딩 GBD 1Q2013 1Q2013 에스콰이어 4,836 1,463 KTB 빌딩 YBD 2013 1Q 삼성증권 890 270 세우빌딩 YBD 2013 1Q 이지스자산운용 1,090 330 p. 4 Colliers International
Central Business District(CBD) COLLIERS ESTIMATION OF Major OFFICE BUILDINGS IN the cbd Area in Central Business District (CBD) Gross Floor Area (m²) Vacancy KRW Deposit KRW Gross KRW Maint. Efficiency /Month/ PY USD Net Effective /Month / ft² 스테이트타워광화문 40,991 100.0% 362,998 36,300 12,100 51.8% 95,153 314,556 8.15 센터원빌딩 168,049 12.2% 347,873 34,787 12,554 51.0% 94,423 312,142 8.09 서울파이낸스센터 119,646 7.9% 387,198 38,720 13,764 58.0% 92,124 304,545 7.89 태평로한화금융센터 50,011 4.9% 272,249 27,225 10,436 42.7% 89,782 296,803 7.69 스테이트타워남산 66,799 21.6% 369,048 36,905 13,159 57.0% 89,417 295,595 7.66 케이트윈타워 83,787 66.0% 362,998 36,300 13,612 57.4% 88,505 292,578 7.58 서울스퀘어 ( 구, 대우센터 ) 132,806 40.7% 347,873 34,787 12,747 55.6% 86,996 287,590 7.46 광화문교보생명빌딩 94,634 9.9% 362,998 36,300 13,612 60.0% 84,669 279,900 7.26 영풍빌딩 73,677 7.5% 336,681 35,907 15,064 63.8% 81,185 268,381 6.96 한화빌딩 ( 소공 ) 48,595 0.6% 283,481 28,348 11,646 51.0% 79,782 263,743 6.84 파인애비뉴 B 동 64,225 13.8% 305,524 30,552 11,495 54.1% 79,047 261,312 6.77 페럼타워 55,695 3.8% 281,324 28,132 11,192 51.4% 77,879 257,451 6.67 시그니처타워서울 99,993 0.0% 287,374 28,737 12,705 54.2% 77,804 257,204 6.67 흥국생명빌딩 72,054 3.5% 347,873 34,787 13,159 63.3% 77,078 254,806 6.61 올리브타워 59,500 1.6% 272,249 27,225 11,192 52.3% 74,731 247,046 6.40 삼성생명태평로빌딩 40,002 0.0% 302,499 30,250 14,520 61.3% 74,243 245,432 6.36 광화문빌딩 49,934 18.9% 311,574 31,157 13,612 62.0% 73,441 242,780 6.29 종로타워 60,655 4.4% 299,474 29,947 13,310 60.7% 72,473 239,581 6.21 에스타워 42,283 23.7% 285,861 28,586 11,949 58.0% 71,095 235,026 6.09 서울시티타워 60,010 17.8% 238,974 23,897 10,285 49.0% 70,955 234,562 6.08 이마빌딩 33,840 7.8% 312,602 31,260 14,562 67.0% 69,535 229,868 5.96 내외빌딩 29,377 10.0% 290,399 29,040 10,587 58.3% 69,216 228,813 5.93 HSBC 빌딩 37,708 13.3% 223,849 22,385 9,680 48.2% 67,662 223,678 5.80 종로플레이스 45,735 33.8% 229,899 22,990 10,285 51.0% 66,349 219,337 5.69 배재정동빌딩 33,381 0.0% 214,999 21,500 9,800 48.0% 66,305 219,192 5.68 SC 제일은행빌딩 76,975 4.4% 272,249 27,225 12,614 62.3% 65,018 214,936 5.57 LS 용산타워 105,416 0.0% 332,749 33,275 9,075 66.7% 64,715 213,936 5.55 YG 타워 32,718 4.6% 238,369 23,837 10,648 54.4% 64,441 213,029 5.52 삼화타워 22,997 5.3% 266,199 26,620 10,285 58.8% 63,829 211,006 5.47 YTN 타워 28,190 11.1% 235,949 23,595 9,982 55.0% 62,101 205,293 5.32 상공회의소빌딩 113,908 11.5% 210,000 24,500 9,550 56.4% 61,284 202,594 5.25 나라키움저동빌딩 26,938 9.0% 257,124 25,712 9,680 59.0% 61,055 201,835 5.23 익스체인지서울빌딩 29,482 11.6% 275,274 27,527 12,705 67.5% 60,648 200,489 5.20 중앙일보빌딩 70,005 4.8% 275,274 27,527 12,705 67.6% 60,513 200,044 5.19 웨스트게이트타워 30,133 0.0% 235,949 23,595 8,833 54.7% 60,318 199,399 5.17 극동빌딩 75,253 12.8% 263,174 26,317 10,587 63.2% 59,405 196,380 5.09 에이스타워 43,451 20.4% 223,849 22,385 9,075 55.6% 57,569 190,311 4.93 센트럴플레이스 34,127 0.0% 205,699 20,570 8,772 52.7% 56,677 187,364 4.86 연세세브란스빌딩 108,887 0.0% 263,174 26,317 10,285 65.9% 56,495 186,761 4.84 K1 리트빌딩 25,985 21.1% 190,574 19,057 9,680 54.0% 54,042 178,652 4.63 구세군 100 주년기념빌딩 31,948 6.2% 181,499 16,637 9,075 48.6% 53,877 178,105 4.62 한진빌딩본관 40,922 1.7% 183,000 24,145 10,710 77.0% 45,849 151,568 3.93 Overall Average 13.5% 279,714 28,211 11,459 57.30% 70,430 232,829 6.04 Average of Grade A+ Bdlg 17.3% 358,612 36,234 13,483 57.58% 87,876 290,502 7.53 Average of Grade A Bdlg 12.3% 284,204 28,566 11,697 57.04% 71,808 237,384 6.15 Average of Grade B Bdlg 11.7% 231,284 23,490 9,972 57.68% 58,997 195,033 5.06 * Assumptions = Exchange rate USD 1 = KRW 1,084.08(Mar. 2013, The Korea Exchange Bank) Interest rate = 2.9%, 1 PY = 3.3058 m² = 35.585 ft² Colliers International p. 5
Gangnam Business District(GBD) COLLIERS ESTIMATION OF Major OFFICE BUILDINGS IN the gbd Area in Central Business District (GBD) Gross Floor Area (m²) Vacancy KRW Deposit KRW Gross KRW Maint. Efficiency /Month/ PY USD Net Effective /Month / ft² 강남파이낸스센터 212,253 1.4% 317,624 31,762 12,402 47.5% 94,676 312,981 7.76 GS 타워 141,552 0.0% 287,374 28,737 11,344 44.5% 91,787 303,428 7.52 SI 타워 66,203 4.1% 307,641 30,764 11,344 48.0% 89,484 295,817 7.33 캐피탈타워 ( 구, 한솔빌딩 ) 62,748 5.1% 287,374 28,737 10,890 46.3% 87,332 288,704 7.16 메리츠타워 57,436 0.0% 287,374 28,737 11,495 48.6% 84,389 278,974 6.92 교보타워 92,900 0.0% 283,744 28,374 11,676 49.8% 82,020 271,143 6.72 나라빌딩 29,916 1.8% 257,124 25,712 10,466 46.6% 79,104 261,501 6.48 아셈타워 147,061 0.0% 341,504 28,459 11,559 52.1% 78,582 259,776 6.44 삼성생명서초타워 110,698 0.0% 245,024 24,502 9,982 46.5% 75,497 249,577 6.19 삼성생명역삼동빌딩 ( 구.KTB 네트워크빌딩 ) 32,686 7.4% 290,399 29,040 11,192 55.0% 74,553 246,458 6.11 포스코 P&S 타워 ( 구, 포스틸타워 ) 43,299 4.8% 235,949 23,595 9,982 46.0% 74,293 245,598 6.09 KAIT 빌딩 ( 구. 토마토빌딩 - 데이콤빌딩 ) 34,461 0.0% 235,949 23,595 9,377 46.3% 72,616 240,055 5.95 삼성생명대치타워 44,908 0.0% 248,049 24,805 9,680 48.7% 72,165 238,562 5.91 대륭강남타워 32,623 0.0% 269,224 26,922 10,587 53.0% 72,124 238,426 5.91 글라스타워 60,336 14.4% 245,024 24,502 10,285 50.0% 70,877 234,307 5.81 코스모타워 71,266 4.0% 235,949 23,595 10,587 49.2% 70,780 233,984 5.80 LIG 강남빌딩 7,218 19.8% 241,999 24,200 10,587 50.3% 70,509 233,088 5.78 반포빌딩 44,495 0.0% 211,749 21,175 8,924 43.6% 70,325 232,479 5.76 SYC 밀레니엄 40,146 0.0% 238,974 23,897 10,587 50.0% 70,184 232,015 5.75 골든타워 ( 구, 삼화빌딩 ) 40,480 10.0% 241,999 24,200 10,285 50.9% 68,973 228,012 5.65 섬유센터 45,323 0.4% 217,799 21,780 9,680 46.7% 68,606 226,797 5.62 푸르덴셜타워 51,494 16.9% 251,074 25,107 9,377 51.5% 68,217 225,512 5.59 플래티넘타워 37,182 0.0% 245,024 24,502 10,285 52.0% 68,151 225,295 5.59 유니온스틸 26,389 27.0% 217,799 21,780 9,680 48.0% 66,748 220,654 5.47 큰길타워 36,538 5.6% 241,999 24,200 11,192 54.6% 65,987 218,141 5.41 동훈타워 35,203 6.8% 235,949 23,595 9,680 51.6% 65,676 217,113 5.38 동일빌딩 43,798 66.0% 220,824 22,082 9,075 49.0% 64,784 214,164 5.31 포스코센터 180,974 0.0% 270,736 27,074 10,527 60.0% 63,867 211,132 5.23 삼정개발빌딩 26,502 0.0% 211,749 21,175 9,377 49.3% 63,114 208,643 5.17 해성 1 빌딩 35,136 0.0% 235,949 23,595 10,285 55.0% 62,740 207,406 5.14 아세아타워 48,236 4.2% 196,624 19,965 9,982 49.0% 62,146 205,441 5.09 두산랜드마크타워 47,858 4.0% 211,749 21,175 7,562 48.2% 60,764 200,873 4.98 한국고등교육재단빌딩 15,307 49.3% 266,199 26,620 8,470 60.0% 59,662 197,232 4.89 군인공제회관 83,076 5.6% 223,849 22,385 9,982 55.7% 59,232 195,808 4.85 KT&G 대치사옥 20,467 15.8% 373,094 18,655 9,740 50.8% 57,849 191,236 4.74 한국지식재산센터 48,639 0.0% 205,699 20,570 9,529 53.0% 57,822 191,147 4.74 캠코양재타워 43,243 11.4% 217,799 21,780 9,075 55.0% 57,152 188,935 4.68 도심공항타워 47,918 1.8% 241,999 24,200 7,865 57.4% 56,953 188,276 4.67 금강타워 24,814 9.7% 278,778 27,877 10,643 70.0% 56,086 185,410 4.60 무역센터 ( 트레이드타워 ) 107,851 0.0% 196,624 19,662 9,075 52.3% 55,915 184,842 4.58 삼성엔지니어링사옥 41,253 17.4% 205,699 20,570 9,075 55.0% 54,894 181,468 4.50 해성 2 빌딩 37,492 18.5% 254,201 21,183 10,522 59.0% 54,883 181,432 4.50 대륭서초타워 27,641 11.7% 196,624 19,965 9,982 55.9% 54,508 180,193 4.47 삼성금융플라자 24,180 0.0% 232,924 23,292 9,982 63.9% 53,042 175,347 4.35 도심공항터미널 65,537 1.1% 244,407 24,441 9,743 66.7% 52,249 172,724 4.28 건설회관 46,364 2.3% 180,000 17,600 10,500 60.0% 47,631 157,458 3.90 Overall Average 4.8% 251,119 24,427 10,230 52.23% 67,535 223,257 5.79 Average of Grade A+ Bdlg 0.3% 308,747 29,926 11,601 52.06% 81,227 268,519 6.96 Average of Grade A Bdlg 7.6% 264,443 24,910 10,453 51.92% 69,357 229,282 5.94 Average of Grade B Bdlg 6.7% 229,294 22,818 9,767 52.45% 63,197 208,917 5.42 * Assumptions = Exchange rate USD 1 = KRW 1,084.08(Mar. 2013, The Korea Exchange Bank) Interest rate = 2.9%, 1 PY = 3.3058 m² = 35.585 ft² p. 6 Colliers International
Yeouido Business District(YBD) COLLIERS ESTIMATION OF Major OFFICE BUILDINGS IN the ybd Area in Central Business District (YBD) Gross Floor Area (m²) Vacancy KRW Deposit KRW Net KRW Maint. Efficiency /Month/ PY USD Net Effective /Month / ft² 서울국제금융센터 1 88,248 2.2% 332,749 33,275 12,100 55.5% 83,225 275,126 7.13 서울국제금융센터 2 78,031 82.6% 314,599 31,460 12,554 55.0% 81,426 269,178 6.98 삼성생명여의도빌딩 39,648 3.2% 205,699 20,570 9,982 41.0% 75,747 250,405 6.49 하나증권빌딩 49,299 5.5% 226,874 22,687 9,982 44.5% 74,664 246,826 6.40 한화금융센터여의도빌딩 59,641 3.4% 232,924 23,292 10,285 46.9% 72,810 240,696 6.24 굿모닝신한증권본점빌딩 70,170 3.6% 211,749 21,175 9,438 43.0% 72,399 239,337 6.20 휴렛패커드빌딩 43,835 15.7% 190,574 19,057 9,075 40.6% 70,442 232,866 6.04 동양증권본점빌딩 42,346 5.3% 214,774 21,477 9,075 45.6% 68,155 225,306 5.84 유진증권빌딩 40,440 6.6% 199,649 19,965 9,075 43.4% 68,055 224,976 5.83 대한생명 ( 구.63 빌딩 ) 166,420 5.5% 211,749 21,175 12,039 51.0% 66,208 218,871 5.67 유화증권빌딩 39,149 15.4% 181,499 19,965 9,377 45.0% 66,193 218,822 5.67 하나대투자증권본점빌딩 69,690 11.6% 225,422 22,542 9,982 50.5% 65,486 216,483 5.61 KT 여의도빌딩 65,138 0.8% 217,043 21,704 9,302 48.3% 65,296 215,855 5.60 알리안츠타워 39,459 4.6% 166,374 16,637 8,470 40.0% 63,740 210,711 5.46 신송센터 33,819 0.7% 202,674 20,267 9,075 50.5% 59,087 195,330 5.06 유도회관 20,719 8.9% 190,574 19,057 9,982 50.0% 59,014 195,087 5.06 교보증권빌딩 40,904 5.5% 229,899 22,990 10,315 61.6% 54,981 181,756 4.71 심팩빌딩 22,748 11.1% 196,624 19,662 9,075 54.3% 53,860 178,051 4.62 태영빌딩 41,859 0.0% 169,399 16,940 7,865 49.8% 50,642 167,414 4.34 CCMM 빌딩 89,630 3.1% 181,499 18,150 6,050 49.5% 49,787 164,586 4.27 키움파이낸스스퀘어 ( 구.DBRE 빌딩 ) 19,061 0.0% 220,824 22,082 9,982 68.0% 47,950 158,513 4.11 사학연금회관 41,608 0.0% 191,482 19,148 10,052 64.2% 46,214 152,774 3.96 한진해운빌딩 46,200 0.0% 207,968 20,797 11,166 71.9% 45,152 149,264 3.87 세우빌딩 32,732 2.3% 190,574 19,057 8,167 62.0% 44,664 147,651 3.83 신송빌딩 21,334 4.8% 136,124 13,612 8,167 55.0% 40,206 132,914 3.45 중소기업중앙회빌딩 52,557 0.0% 139,149 13,915 8,470 57.0% 39,870 131,802 3.42 Overall Average 9.1% 207,249 20,795 9,581 51.69% 59,743 197,497 5.12 Average of Grade A+ Bdlg 40.0% 323,674 32,367 12,327 55.25% 82,330 272,166 7.06 Average of Grade A Bdlg 5.2% 221,304 22,130 10,052 48.92% 66,895 221,141 5.73 Average of Grade B Bdlg 4.4% 185,668 18,680 9,002 52.64% 53,455 176,713 4.58 Source : Office Service Team, Colliers International Korea Research * Assumptions = Exchange rate USD 1 = KRW 1,084.08(Mar. 2013, The Korea Exchange Bank) Interest rate = 2.9%, 1 PY = 3.3058 m² = 35.585 ft² Colliers International p. 7
Investment Market Overview Investment MArket Indicators Capital Value Yield average Unit value Trend KRW /sq m 4Q 2012 Market Overview 2013년 1분기중거래된주요오피스빌딩은총 3개동으로평균거래가격은약 4,438,000원 / m2를기록함. 해당분기중의거래는중소형오피스보다는대기업사옥으로사용하던대형오피스들이주로거래되었음. 지난분기와마찬가지로기관투자자들및연기금의투자활동이눈에띄었으며, 매각하는기업의경우부동산경기침체가장기화됨에따라유동성확보및재무건전성을높이기위해보유한자산을매각하는사례가늘고있는것으로나타남. GS건설은사옥으로사용하던서울남대문로 5가 GS 역전타워를베스타스자산운용에약 1,700억원에매각하고 2014년준공예정인청진동사옥으로이전할예정임. 베스타스자산운용이만든이부동산펀드의실투자자는미국계헤지펀드인안젤로고든으로알려짐. GS건설이이전할청진동사옥은현재국민연금의소유이며, 이는 GS건설이오피스빌딩으로개발하던중글로벌금융위기로경기가꺾이자재무구조개선과유동성확보를위해국민연금공단에 1조2,000억원에매각한건물임. 청진동사옥은 2개동으로 GS건설이단독사용할것으로알려졌으며, 남대문과강남에흩어진 GS 사업본부들을통합하여신사옥으로임차할예정임. 우정사업본부는하나다올자산운용을통해강남구논현동에위치한두산건설사옥을약 1,378억원에매입하였음. 이빌딩은우정사업본부가두산건설보유지분의 71% 를매입하여두산건설에재임대하는 Sales & Leaseback 형식으로거래되었음. 두산건설은 15년동안 100% 책임임차를조건으로매각하였으며, 하나다올자산운용은연평균약 6.8% 의임대수익을기대하는것으로알려짐. 현대캐피탈또한자기자본강화및재무지표개선을위해보유하고있던 3개사옥을현대라이프생명보험에매각하였음. 현대캐피탈은여의도의사옥을포함하여, 동대사옥, 대전사옥및일대대지를약 1,779억원에일괄매각하였음. 여의도사옥의개별매매가는약 1,310 억원으로알려짐. 상반기중매물로나온도심의오피스빌딩들또한대부분대형 A급오피스빌딩임. 최근낮은조달금리와향후매물로나올수있는대형오피스빌딩의 pool이제한적임에따라자산운용사들의인수전이치열하여예상되는매매가격도크게상승한것으로알려짐. 최근매각이진행되고있는도심의오피스빌딩으로는을지로파인애비뉴 B동과중학동트윈트리빌딩, 신문로에위치한대우건설사옥으로모두 A급오피스빌딩임. 을지로파인애비뉴 B동의연면적은약 64,225m2의규모로현재공실률은 13.8% 임. 인수의향서를제출한업체는코람코자산신탁, 이지스자산운용, 미래에셋맵스자산운용, KB자산운용등 10여곳으로알려졌으며, 매각주체인킴스 I&D는최근코람코자산신탁을우선협상대상자로선정하였음. 코람코자산신탁이제시한금액은 3.3m2당약 2,450만원수준으로알려져 1분기중최고가로거래된논현동두산사옥빌딩보다약 20% 이상높은수준임. 신문로대우건설사옥의우선협상대상자는도이치자산운용이선정되었으며, 도이치자산운용이제안한금액은 3.3m2당약 2,200만원으로알려짐. 중학동의트윈트리빌딩은현재이지스자산운용과우선협상중으로이빌딩의가격도대우건설사옥과비슷한가격인 3.3m2당약 2,200만원수준에서협의중인것으로알려짐. 하지만최근몇년간도심권역에공급물량이증가하면서공실률이높아지고실질임대료는하락하는등부정적인요소들로인해실제수익률은추가적으로하락할우려가있음. 그럼에도불구하고매입경쟁이치열한이유는프라임급오피스빌딩, 특히신규오피스빌딩의임대수요가꾸준히발생하면서공실면적이빠르게해소됨에따라, 낙관적인운영수익을기대하는투자자가많기때문으로풀이됨. OFFICE TRANSACTION in Major Sales Transaction in Seoul Grade A Office Market during District Building Date Buyer SELLER Transacted Area(m²) Total Price Unit Price KRW/m² GBD 두산 E&C 빌딩 Q1 하나다올자산운용두산 E&C 19,434 137,814,200,000 6,329,292 YBD 현대캐피탈본사빌딩 Q1 현대해상현대캐피탈 175,536 131,050,000,000 3,522,224 CBD GS 역전타워 Q1 베스타스자산운용 GS E&C 11,409 170,000,000,000 4,259,809 & RCA p. 8 Colliers International
KOREA 1q 2013 Reference Info. 482 offices in 62 countries on 6 continents United States: 140 Canada: 42 Latin America: 20 Asia Pacific: 195 EMEA: 85 $1.9 billion in annualrevenue Over 1,115.1 million square feet under management Over 13,500 professionals Updated March 2013 Regional Office NORTH ASIA PIERS BRUNNER Chief Executive Officer I Asia piers.brunner@colliers.com Mainland China ALAN LIU I North Asia alan.liu@colliers.com Dennis Yeo I Singapore Industrial Services I Asia Investment Services I Asia dennis.yeo@colliers.com Mark Lampard Corporate Solutions I Asia Pacific mark.lampard@colliers.com Chris Cuff Executive Director Corporate Solutions I Asia Pacific Office Services I China chris.cuff@colliers.com George McKay South Asia Director I Office and Integrated Services george.mckay@colliers.com David Faulkner Executive Director Valuation and Advisory I Asia david.faulkner@colliers.com Ashley Osborne Executive Director International Properties I Asia ashley.osborne@colliers.com CENTRAL ASIA Kazakhstan Almaty Tel : 7 727 356 02 90 Bayan Kuatova bayan.kuatova@colliers.com Pakistan Karachi Tel : 92 21 3561 2550 2 Muhammad Hussain Research & Marketing Manager research.khi@colliers.com Lahore Tel : 92 42 3584 3474 6 AHMED KHAN Country Head ahmed.khan@colliers.com Beijing Tel : 86 10 8518 1633 AMANDA GAO I North China amanda.gao@colliers.com Shanghai Tel : 86 21 6141 3688 LINA WONG East and Southwest China Investment Services I China lina.wong@colliers.com Guangzhou Tel : 86 20 3819 3888 ERIC LAM I South China PRC Institutional Client Services eric.lam@colliers.com Chengdu Tel : 86 28 8658 6288 JACKY TSAI General Manager jacky.tsai@colliers.com Nanjing Tel : 86 25 8336 7530 LINA WONG East and Southwest China Investment Services I China lina.wong@colliers.com Hangzhou Tel : 86 571 8606 9045 LINA WONG East and Southwest China Investment Services I China lina.wong@colliers.com Tianjin Tel : 86 22 2339 2439 ROMMEO ZHANG General Manager rommeo.zhang@colliers.com Foshan Tel : 86 757 8628 9938 Sailing Ko General Manager sailing.ko@colliers.com Hong Kong, HKSAR Hong Kong Tel : 852 2828 9888 RICHARD KIRKE richard.kirke@colliers.com Kowloon Tel : 852 2117 3300 RICHARD KIRKE richard.kirke@colliers.com SOUTH ASIA South Korea Seoul Tel : 82 2 6740 2000 JAY YUN Senior Director & General Manager jay.yun@colliers.com Japan Tokyo Tel : 81 3 5563 2111 JAMES FINK Senior james.fink@colliers.co.jp Osaka Tel : 81 6 6232 0771 BRETT JENSEN Account Manager brett.jensen@colliers.co.jp Taiwan Taipei Tel : 886 2 8101 2000 ANDREW LIU andrew.liu@colliers.com SOUTH EAST ASIA Indonesia Jakarta Tel : 62 21 521 1400 Mike Broomell mike.broomell@colliers.com Malaysia Kuala Lumpur Tel : 65 6223 2323 C/O MARK LAMPARD* Corporate Solutions I Asia Pacific mark.lampard@colliers.com * Based in Singapore Philippines Manila Tel : 63 2 888 9988 David A. Young david.a.young@colliers.com Cebu Tel : 63 32 233 6422 Doris Orge Assistant Manager doris.orge@colliers.com Singapore Singapore Tel : 65 6223 2323 Dennis Yeo Industrial Services I Asia Investment Services I Asia dennis.yeo@colliers.com India JOE VERGHESE joe.verghese@colliers.com Bengaluru Tel : 080 4079 5500 GOUTAM CHAKRABORTY goutam.chakraborty@colliers.com Chennai Tel : 044 2836 1064 KAUSHIK REDDY kaushik.reddy@colliers.com Gurgaon Tel : 0124 4375807 SAACKETH CHAWLA saacketh.chawla@colliers.com Kolkata Tel : 033 44000541 JOE VERGHESE joe.verghese@colliers.com Soumya Mukherjee Associate Director Soumya.mukherjee@colliers.com Colliers International Korea 10F Korea Tourism Organization Bldg., 10 Da-dong, Jung-gu, Seoul, Korea 100-180 tel +82 2 6740 2000 FAX +82 2 318 2015 Alan Liu Representative Director Alan.Liu@colliers.com Jay Yun Senior Director & General Manager Jay.Yun@colliers.com Mumbai Tel : 022 4050 4500 POONAM MAHTANI poonam.mahtani@colliers.com New Delhi Tel : 011 4360 7500 AJAY RAKHEJA ajay.rakheja@colliers.com Pune Tel : 20 4120 6438 SURESH CASTELLINO suresh.castellino@colliers.com researcher: Gemma Choi Senior Manager Marketing & Knowledge Management Business Development Gemma.Choi@colliers.com Copyright 2012 Colliers International. This document has been prepared by Colliers International Korea for advertising and general information only. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Thailand Bangkok Tel : 66 26 567 000 Patima Jeerapaet patima.jeerapaet@colliers.com www.colliers.com/korea Accelerating success. Colliers International p. 9