Seoul Office 2 JLL Korea Property Digest Q2 2018

Korea Property Digest Q2 2018 Scheduled tenant move-ins coupled with moderate leasing demand boost occupancy rate JLL Korea Property Digest Q2 2018 1

Seoul Office 2 JLL Korea Property Digest Q2 2018

Seoul Office Economy According to the Bank of Korea's latest Economic Outlook Report, exports continued to grow steadily and private consumption showed moderate improvement. During the second quarter, exports slowed down due to base effect from last year and the decrease in working days. However, exports surged 40.2% in semiconductors and 18.6% in petroleum, overall resulting in 3.3% y-o-y growth, excluding shipbuilding exports. According to June statistics, petroleum products continued to perform well, with exports exceeding $3 billion for the eighth consecutive month. According to industrial activity trends in May 2018, facility investment fell sharply during the second quarter due to base effect from last year's surge after the completion of semiconductor facility expansion as well as reduced investment in display products. Construction investment also fell slightly in the second quarter due to SOC budget cuts and decrease in construction works. In terms of private consumption, consumption of public services and education has increased steadily. The same has held true for durable goods, showing a decent improvement from last quarter. However, the growth rate of the retail sales index in May decreased (4.6% in May and 5.5% in April), and the consumer sentiment index in June (105.5) has been declining since November 2017. Thus, the improvement trend has been subdued compared to that at the beginning of this year. In the employment sector, increase in the number of the employed population continued to be sluggish. According to Korea Statistics Employment Trends, the number of employed workers rose by only 0.4% y-o-y to 27 million people in June 2018. This was largely due to the sluggish auto and service sectors and the restructuring of manufacturing companies. By industry, the number of the employed population has shown a modest improvement in Health and Social Welfare Services (8.3%), Public Administration, Defense and Social Security Administration (8.8%) and Financial and Insurance Businesses (8.4%). GDP and CPI (Unit: % growth y-o-y) 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 GDP, real, LCU Source: Bank of Korea, Oxford Economics Employment by Industries Unit: 1,000 people 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 Source: Statistics Korea Consumer price index Forecasts 2010 2/4 2011 2/4 2012 2/4 2013 2/4 2014 2/4 2015 2/4 2016 2/4 2017 2/4 2018 2/4 Manufacturing Construction Wholesale and retail trade Financial and insurance Real estate and Professional, scientific activities leasing activities and technical activities Total number of employees On the other hand, employment decreased in the manufacturing industry (-2.7%), education service industry (-5.5%), business facility management, business support and rental service industry (-3.3%). For the service sector, improvement in employment slowed due to pending foreign tourist arrivals. Unit: 1,000 people 27500 27000 26500 26000 25500 25000 24500 24000 23500 23000 22500 Overall, the increase in employment in the public sector eased the decrease in employment in manufacturing, but the level of employment increase (106,000 in June 2018) is still very marginal, translating to poor improvement. JLL Korea Property Digest Q2 2018 3

Demand / Vacancy In the second quarter of 2018, the average net absorption of Seoul Grade A office recorded 93,951 sqm, showing positive demand in all three major central business districts in Seoul. The figure has been the highest since 4Q06, and continued positive demand in CBD and Yeouido has contributed to a decrease in vacant space in Seoul. As a result, the average vacancy rate in Seoul Grade A offices dropped 1.1% p q-o-q to 12.4%. Breaking down the demand category, New Business accounted for 37% of the demand during the second quarter of 2018, followed by relocation and upgrade demand within the same area, which accounted for 32% and 17%, respectively. Most of the New Business demand in the quarter was dominated by co-working office companies such as WeWork and Fast Five, which continued to actively expand following the previous quarter. Breaking down relocation demand into sub-category, relocation within the same core area accounted for 45%, followed by upgrade demand within the same districts (34%). Relocation from sub-market to core district and relocation between core districts during the quarter accounted for 13% and 8%, respectively. Major relocation deals within the same core area included KB Asset Management (6,631 sqm), which signed a new lease contract to relocate from Shinhan Financial Investment Building in Yeouido to the nearby Three IFC, as well as Samsung Life Insurance (4,959 sqm), which exited Jongno Tower in the CBD to enter Samsung Life Seosomun Building in the same business district. For upgrade demands within the same business districts, major examples include Korea Seven (7,639 sqm), which relocated from the Lotte Non-Life Insurance Building near Seoul Station to Signature Tower in the CBD, and Samsung Securities (6,398 sqm), which moved from KT Tower in Yeouido to the nearby FKI Tower. CBD Net absorption in the CBD recorded 15,855 sqm, and physical vacancy rate decreased by 0.73% p q-o-q to 15%. Major move-ins in the district during the quarter included Tidesquare (2,838 sqm), Samgu INC (2,843 sqm) and Motonic (702 sqm). All three new tenants have Net Absorption for Grade A Offices in Seoul (Unit: m 2 ) 250,000 200,000 150,000 100,000 50,000 0-50,000-100,000 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 Demand Breakdown Demand Type, Others 3% Expansion 11% Upgrade 17% Relocation 32% New Business 37% successfully moved into Signature Tower during the quarter. In May, WeWork s third location was finally launched in Seoul Square (approximately 4 floors, 20,160 sqm). Government entities such as the Ministry of Environment (853 sqm) and the Korea Radioactive Waste Agency (636 sqm) also leased new space in Seoul Square, contributing in part to the decrease in vacancy in the district. CBD Yeouido Gangnam Relocation Breakdown, Relocation from sub-markets 13% Relocation from the other cores 8% Upgrade from the same district 34% Relocation from the same core district 45% New tenant demand was seen especially in 101 Pine Avenue and Signature Tower, which continued to successfully draw in new tenants from last quarter, proving positive demand in the area and continued to reduce vacant spaces at a relatively fast pace. New leases included CJ Healthcare (8,294 sqm), which will use approximately three floors at 101 Pine Avenue, and Korea Seven (7,640 sqm), which already completed its relocation into Signature Tower. 4 JLL Korea Property Digest Q2 2018

Vacancy Rate for Grade A Offices in Seoul 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 In addition, active leasing activities of coworking players continued, such as WeWork (16,117 sqm), which has signed a new lease contract to use eight high floors of Jongno Tower, and Fast Five (8,366 sqm), which has leased three floors in Signature Tower. Major Grade B deals this quarter included Samsung Life Insurance (4,960 sqm) and LG Electronics (3,251 sqm), which entered into lease agreements in Samsung Life Seosomun Building and T Tower, respectively. Yeouido During the second quarter, net absorption of Yeouido Grade A office recorded 73,862 sqm, which was the most positive among the three major business districts. Vacancy rate decreased by 6.4% p from the previous quarter to 18.9%. One of the biggest contributors to the decline in vacancy rates in the district was the move-in of KB group (62,809 sqm) into The-K Tower, which was a new supply added last quarter. This led the occupancy rate of the building to reach 100%. In addition, several new tenants with new lease contracts from last quarter have completed their move-ins. Landlords of prime buildings in Yeouido such as IFC and FKI Tower continued to succeed in attracting new tenants this quarter. The tenants that completed their movements to major buildings included Banker Street (476 sqm) and Polaris Overall CBD Yeouido Gangnam Funding (467 sqm) in Two IFC and Plus Asset (755 sqm), Mckinley Investment (991 sqm), and Momentiv Korea (1,091 sqm) in Three IFC. In addition, Korea Digital Exchange (1,256 sqm) and Green Energy Partners (340 sqm) completed the move-in this quarter into FKI Tower, contributing to the decrease in vacancy rate in the district. The aggressive incentive benefits of IFC and FKI Tower served as not only a good option for new asset management companies in the district, but also appealed to large tenants in other key business districts. This resulted in successfully drawing in new tenants to these buildings. The largest leases in IFC this quarter were Novartis (6,650 sqm), a foreign pharmaceutical company headquartered in CBD, and KB Asset Management (6,631 sqm), currently located in the nearby Shinhan Investment Building, both of which moved to Three IFC. Other notable leases in the building included KCLAVIS Asset Management (1,550 sqm), which is set to upgrade the office space within the same district, Archegos Capital (1,173 sqm), which is scheduled to relocate from FKI Tower, and STIC Alternative (494 sqm) scheduled to open a new office in the building. These new tenants are not only limited to the financial industry, demonstrating that IFC is keen to attract new tenants from various industries. New leases in FKI Tower included Samsung Securities (6,400 sqm), which is scheduled to relocate from KT Tower, and Kalon Investment (567 sqm), which is set to relocate from a secondarygrade building in the same business district. In addition to these two prime buildings, NH Investment & Securities (1,523 sqm), relocating from the nearby NH Investment Securities Building, and Jeju Free International City Development Center (578 sqm), which was categorised as upgrade demand from Taeyoung Building in the same district, are the two new tenants that leased spaces in KTB building. Gangnam Net absorption for Gangnam Grade A offices during the quarter was 4,705 sqm, the weakest compared to the three other business districts. The average vacancy rate in the district rose 1.8% p q-o-q to 5.5% due to the completion of new stock Luceen Tower. Although net absorption demonstrated a weaker figure compared to other districts, it does not translate to insufficient demand. Instead, it would be translated as not having a large vacant space left within Grade A office buildings. Hence, major tenants would have a difficult time signing large spaces in the district. During the second quarter of 2018, major take-up in the district included Tera Funding (1,088 sqm), a real estate P2P financial platform company, which again expanded into SI Tower, following the previous quarter. Other major deals included the expansion of Guess (517 sqm) into Glass Tower and Posco E&C (894 sqm), which recently moved into the Posco Center. New lease contracts in Gangnam business district included Beckton Dickinson (5,642 sqm) and ebay (2,821 sqm) at Arc Place and OTP (2,804 sqm), a shipping-related IT company, and Genoplan Korea (1,474 sqm), which signed new lease contracts at Kyobo Tower. In addition, major Grade B deals in the district included Fast Five (7,674 sqm), a domestic co-working company which completed a new lease contract for the use of three floors in Platinum Tower, demonstrating strong demand for coworking players in the district. JW Asset (605 sqm) and ATG Corp. (579 sqm) also leased space in Keungil Tower and Hyundai Fire & Marine Tower, respectively. JLL Korea Property Digest Q2 2018 5

Supply Luceen Tower in Gangnam business district (office GFA 38,875 sqm) was completed during the quarter, but no tenants are reportedly set to move into the building just yet. Another Grade A building in the same business district, Gangnam N Tower, will be completed in the third quarter of this year. N Tower is expected to finalise its contract with potential tenants before its completion, demonstrating that potential demand in Gangnam area is quite high. Overall, with lack of vacant space in Gangnam coupled with strong demand in the district, Luceen Tower is expected to be leased up by early next year. In the CBD, Centropolis (office GFA 122,718 sqm) is also expected to come online during the third quarter this year. Net Effective Rents for Grade A Offices in Seoul by districts Unit: KRW / py / month 100,000 90,000 80,000 70,000 60,000 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 Overall CBD Yeouido Gangnam Rents Capital Markets Net effective rent in Grade A office buildings in Seoul was 88,738 KRW, slightly growing by 0.2% y-o-y. The actual rent increase during the quarter was led by landlords who did not further expand average rentfree periods, a trend that had continued for the last several quarters. In the CBD, net effective rent during the quarter was 91,028 KRW, down 0.2% q-o-q. However, Yeouido District went up 0.4% to 68,370 KRW, which was the first increase since 2Q09. In particular, the average rentfree period has not yet expanded from the current level, as broader rent incentives in the region have led to successfully drawing in new tenants in IFC and FKI Tower. On the other hand, net effective rent in Gangnam was KRW 98,020, showing 0.5% increase from the previous quarter and demonstrating the most stable growth among the three core business districts in Seoul. In Gangnam, the average rent-free period is less than two months due to frictional vacancy rate compared to the two other districts. The continuous demand from IT and start-up companies have led to reasonable rental growth during the quarter. In the investment market, deal volume continued to rise 69% q-o-q, with core assets continuing to trade during the quarter, underpinned by ample liquidity and positive investment sentiment. Additionally, investors are trying to make the most of the liquidity-driven market situation before the pending interest rate hikes in conjunction with the timing of the current core real estate fund, which started between 2012 and 2014. Most of the investment demand is driven by domestic investors focusing on core assets. For Gangnam area, investment competition for Grade A and Grade B assets is on the rise due to explosive demand in the district. Major transactions in the second quarter of 2018 included KDB Life Tower (GFA 82,538 sqm) near Seoul Station, as KB Asset Management completed acquisition for approximately KRW 422 billion from Consus Asset Management and KDB Life Insurance. Deutsche Asset Management completed the purchase of Kumho Asiana Building (GFA 60,696 sqm) located near Gwanghwamun area from Kumho Asiana Group for KRW 418 billion. The actual investors of this transaction are GIC and Canadian Pension Investment Committee (CPPIB). Another major deal in the CBD was City Center Tower (GFA 36,573 sqm), as Hana Alternative Asset Management completed the purchase from IGIS Asset Management for about KRW 237.6 billion. Meanwhile, DGB Asset Management invested KRW 205.4 billion from Capstone Asset Management in DSME Building (GFA 24,854 sqm). In Yeouido, KB Asset Management completed the purchase of SK Securities Building (GFA 47,632 sqm) from KTB Asset Management for KRW 291.5 billion, the highest price in commercial office transaction history in Yeouido business district, with 20.6 million won per pyung. In addition, NH-Amundi Asset Management completed the acquisition of Hyundai Card Building 1 (GFA 37,207 sqm) from Hyundai Life Insurance for about KRW 177.5 billion. The main investor of the deal is NH Finance Group affiliates. In Gangnam, where investment demand is explosive at the moment, Hanwha Asset Management completed the acquisition of Samsung Life Insurance Daechi 2 Building (GFA 26,389 sqm) from Samsung Life for approximately KRW 190 billion, and Samsung Medison Building in Daechidong was sold to MDM Plus from Samsung Medison for KRW 151 billion. The property reached 100% occupancy after welcoming two new tenants, Yanolja and Big Hit Entertainment, during the quarter. 6 JLL Korea Property Digest Q2 2018

Investment Volume Unit: KRW trillion 10 9 8 7 6 5 4 3 2 1 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Investment Volume Market Yields for Grade A offices in Seoul 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% No. of sales (RHS) Unit: # of transactions Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Forecasts Spread Overall Market Yields 10 Year Government Bond Yield According to the Bank of Korea s Economic Outlook Report released in July, global economic recovery is expected to continue, leading to a steady growth in exports and consumption growth. The Bank of Korea also expects the number of employed workers to shrink this year due to sluggish market conditions and restructuring of some industries, including the manufacturing industry. 100 However, it is expected that employment growth will improve, driven by the service industry aided by the government job policy and the comeback of foreign tourist arrivals, which is expected to recover gradually. The net absorption for the remainder of this year is expected to improve y-o-y. The first reason is that new leasing demand will be more active due to the arrival of new Grade A office buildings in core business districts 90 80 70 60 50 40 30 20 10 0 this year, potentially creating relocations and upgrade demands. Second, the trend of large domestic corporations that had a great influence in the Seoul office market during the past few quarters moving into owner-occupied stocks would be less frequent this year, which was the trend observed last year. Moreover, the coworking industry, which accounts for 20% of Seoul's leasing demand, is expected to remain quite steady at least until next year. In addition, strong ICT demand in Gangnam, coupled with demand from the financial industry as well as from foreign companies into prime buildings in Yeouido IFC and FKI Tower are continuously improving, which will be another positive factor for further improvement in net absorption. Effective rents are also expected to improve y-o-y, and the average rent-free period is expected to remain relatively stable, which means the current level will be maintained for the remainder of this year compared to the previous year's level. Landlords are also not expected to increase discounts further. By district, the average rent-free period is expected to decline slightly by the end of the year in Grade A buildings in the CBD such as Pine Avenue and Signature Tower, if the momentum continues to draw in new tenants, as seen in the last few quarters. However, given the new supply in the district, namely, Centropolis, which will come online during the third quarter, rent incentives for surrounding buildings are likely to expand. In Yeouido, prime buildings have been very active in drawing in new tenants recently, but it is expected that it will take some time until large-scale vacancies are completely filled. As a result, the incentive period will be maintained at the current level for the remainder of the year. In Gangnam, rental growth is expected to be limited in the short term due to the new Luceen Tower as well as Gangnam N Tower, which is scheduled to be completed in the third quarter. However, the rent-free period will gradually decrease as potential demand in the district is high. Hence, net effective rental growth will be the strongest among the three core business districts. The investment market is expected to record a new volume this year, as strong momentum currently continues, coupled with the market's solid liquidity and domestic investors' high demand. JLL Korea Property Digest Q2 2018 7

Considering the size of the prime offices to be traded, it is expected that The-K Twin Tower, which recorded the highest price per pyung for commercial office in Seoul during the first quarter of this year, will be renewed soon. Major office transactions expected to be concluded in upcoming quarters include Centropolis (GFA 141,475 sqm) in the CBD. Gangnam business district, the area with the highest interest in investment activity, has quite a few deals to be concluded, including Samsung C&T Seocho Building (GFA 81,117 sqm), Gangnam N Tower (GFA 51,119 sqm), Samsung Life Samsungdong Building (GFA 30,675 sqm), Gangnam Finance Plaza (GFA 24,179 sqm) and Platinum Tower (37,182 sqm). Hence, the competition among domestic investors is expected to become even more intense. Major leasing deals in Contract Move in Tenant Industry GFA (sqm) Moved From Moved To WeWork Coworking 16,111 New Business Jongro Tower (CBD Grade A) Fast Five Coworking 8,366 New Business Signature Tower (CBD Grade A) CJ Healthcare Medical/Pharma 8,294 CJ Jeil Building (Chungmuro Grade B) 101 Pine Avenue A (CBD Grade A) Fast Five Coworking 7,674 New Business Platinum Tower (Gangnam Grade B) Novartis Medical/Pharma 6,649 Yonsei Severance Building (CBD Grade B) Three IFC (Yeouido Grade A) KB Asset Management Finance/Banking 6,631 Shinhan Investment Building (Yeouido Grade A) Three IFC (Yeouido Grade A) Samsung Securities Finance/Banking 6,399 KT Tower (Yeouido Grade B) FKI Tower (Yeouido Grade A) Korea Seven Retail 6,074 Lotte Non-life Insurance Building (CBD Grade B) Signature Tower (CBD Grade A) Ebay Korea IT 2,821 New Business ARC Place (Gangnam Grade A) Office Rental Information Effective Rent (Based on GFA) (KRW/pyung/month) q-o-q y-o-y Seoul 88,738 0.2% -0.7% CBD 91,028-0.2% -0.5% Yeouido 68,370 0.4% -9.0% Gangnam 98,020 0.5% 4.5% Major Investment Activity Location Building Name Seller Buyer Deal Area Price CBD KDB Life Tower Consus Asset Management, KDB Life Insurance KB Asset Management 82,116 m 2 KRW 422 billion CBD Kumho Asiana Building Kumho Asiana Group Deutsche Asset Management (GIC, CPPIB) 60,195 m 2 KRW 418 billion Yeouido SK Securities Building KTB Asset Management KB Asset Management 47,362 m 2 KRW 295 billion CBD City Center Tower IGIS (AEW) Hana Alternative Asset Management 36,573 m 2 KRW 238 billion Gangnam Samsung Life Daechi 2 Building Samsung Life Insurance Hanwha Asset Management 26,389 m 2 KRW 190 billion 8 JLL Korea Property Digest Q2 2018

Seoul Office Economy 한국은행의 2018 년하반기경제전망보고서에따르면, 수출의양호한증가세지속및민간소비가완만한개선흐름을보이며 2 분기현재꾸준한성장세가지속된것으로판단. 2 분기수출은전년동기중선박의큰폭증가에따른기저효과및영업일수감소등으로성장세가둔화되었으나, 선박을제외하면반도체 (+40.2%) 및석유제품 (+18.6%) 등의호조에힘입어전년동기대비 3.3% 증가하며성장세유지. 6 월통계에따르면특히석유제품은 8 개월연속 30 억달러이상수출을기록하며호조세지속. 2018 년 5 월산업활동동향에따르면, 지난해급증에따른기저효과, 반도체설비증설마무리및디스플레이투자축소등으로설비투자는 2 분기크게감소. 건설투자도마찬가지로 SOC 예산축소및건축공사실적이줄어 2 분기소폭감소. 민간소비의경우내구재소비증가뿐만아니라교육등공공서비스에대한서비스소비도완만히증가하여지난분기에이어완만한개선흐름을이어가는모습. 하지만 5 월소매판매액지수의증가폭이축소 (5 월 4.6%, 4 월 5.5%) 되었으며, 6 월의소비자심리지수는 105.5 를기록하며 2017 년 11 월이후하락세가지속되며전체적으로개선흐름이올해초에비해완만해지는추세. 고용부문에서는취업자수증가폭이여전히부진을지속하였으며, 통계청고용동향에따르면 2018 년 6 월취업자는약 2,700 만명으로전년동월대비 0.4% 증가한것에그침. 이는자동차및서비스업등의부진과제조업계업체들의구조조정에대한영향이컸던것으로파악됨. 실질 GDP 성장률및물가상승률 (Unit: % growth y-o-y) 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 실질 GDP 성장률 Source: Bank of Korea, Oxford Economics 산업별취업자수 단위 : 1,000 명 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 Source: Statistics Korea 물가상승률 Forecasts 2010 2/4 2011 2/4 2012 2/4 2013 2/4 2014 2/4 2015 2/4 2016 2/4 2017 2/4 2018 2/4 제조업건설업도매및소매업 금융및보험업부동산업및임대업전문, 과학및기술서비스업 전체취업자수 단위 : 1,000 명 27500 27000 26500 26000 25500 25000 24500 24000 23500 23000 22500 산업별로는보건업및사회복지서비스업 (8.3%), 공공행정 국방및사회보장행정 (8.8%) 및금융및보험업 (8.4%) 등에서취업자가증가. 한편, 제조업 (-2.7%), 교육서비스업 (-5.5%), 사업시설관리 사업지원및임대서비스업 (-3.3%) 등에서는취업자가감소하며, 특히서비스업에서는외국인관광객수회복지연으로인해고용증가폭이둔화. 전반적으로공공부문의취업증가가제조업에서의취업감소를완화시켰지만, 2018 년 6 월전년동월대비취업자수가 10 만명 6 천명증가하는수준에그치며고용부진이지속. JLL Korea Property Digest Q2 2018 9

Demand / Vacancy 2018 년 2 분기서울 A 등급오피스의평균순흡수면적은 93,951 m 2 를기록하며서울의세주요중심권역에서모두긍정적인수요를보임. 이수치는 2016 년 4 분기이후로가장높은수치이며, 도심과여의도에서의최근양호한임차수요가지속, 기존높았던공실이부분적으로해소된것이공실해소에기인한것으로분석. 따라서서울 A 등급오피스의평균공실률은전분기대비 1.1%p 하락한 12.4% 를기록. 2018 년 2 분기의서울 A, B 등급오피스수요를분석한결과신규 (New Business) 수요가차지하는비중이 37% 로가장높았고, 그다음으로이전수요 (Relocation) 와동일권역내에서의업그레이드수요가차지하는비중이각각 32% 및 17% 로조사되었음. 이번분기신규 (New Business) 수요의대부분은위워크, 패스트파이브와같은공유오피스업체들이주도하며지난분기에이어활발한확장세가지속된것으로파악됨. 서울 Grade A 오피스순흡수면적단위 : m 2 250,000 200,000 150,000 100,000 50,000 0-50,000-100,000 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 도심여의도강남 오피스수요카테고리 이번분기이전수요를분류해보면, 동일 Core 권역내에서이전한비중이 45%, 그다음으로동일권역내업그레이드수요는 34% 로조사되었음. Sub-market 에서 Core 로이전하는수요와 Core 권역간이전비율은각각 13% 및 8% 로조사되었음. 동일 Core 권역내에서이전한주요사례로는여의도권역의신한금융투자빌딩에서인근 Three IFC 로이전계약을완료한 KB 자산운용 (6,631 m 2 ) 및도심권역의종로타워에서삼성생명서소문빌딩으로이전한삼성생명 (4,959 m 2 ) 이주요사례로파악되었음. 동일권역내에서업그레이드수요의대표적인사례로는도심권역의서울역인근롯데손해보험빌딩에서수표동시그니쳐타워로이전을완료한코리아세븐 (7,639 m 2 ) 과여의도권역내 KT 타워에서인근전경련타워로이전계약을체결한삼성증권 (6,398 m 2 ) 이대표적인사례로조사되었음. CBD 도심권역의순흡수면적은 15,855 m 2 를기록하며지난분기의마이너스순흡수면적에서반등함에따라공실률 (physical base) 은전분기대비 0.73%p 하락한 15% 를기록. Demand Type, Others 3% Expansion 11% Upgrade 17% Relocation 32% New Business 37% 이번분기입주를완료한사례로는시그니쳐타워에타이드스퀘어 (2,838 m 2 ), 삼구 INC (2,843 m 2 ) 및모토닉 (702 m 2 ) 이있었으며, 5 월에는위워크의세번째지점이서울스퀘어에오픈 ( 약 4 개층, 20,160 m 2 ). 또한정부기관에서의신규수요로원자력환경공단 (636 m 2 ) 및환경부 (853 m 2 ) 가서울스퀘어에입주를완료하며권역내공실해소에부분적으로기여하였음. Relocation Breakdown, Relocation from sub-markets 13% Relocation from the other cores 8% Upgrade from the same district 34% Relocation from the same core district 45% 도심권역의신규계약사례로는특히 101 파인애비뉴와시그니쳐타워에서지난분기에이어이번분기에도신규임차인이유치되면서권역내긍정적인수요를견인한것으로파악되었으며, 공실을비교적빠른속도로해소중. 주요사례로는 101 파인애비뉴에약 3 개층을사용할예정인 CJ 헬스케어 (8,294 m 2 ) 와시그니쳐타워로이전을완료한코리아세븐 (7,640 m 2 ) 등이있었음. 10 JLL Korea Property Digest Q2 2018

서울 Grade A 오피스공실률 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 Overall 도심 여의도 강남 전경련타워의신규계약사례로는권역내 KT 타워에서이전하며 2 개층을사용할예정인삼성증권 (6,400m 2 ) 과권역내 B 등급빌딩에서이전해오는칼론인베스트먼트 (567 m 2 ) 등이있었음. 이두주요빌딩이외에도 KTB 빌딩에서의신규수요로 NH 투자증권 (1,523 m 2 ) 과동일권역내태영빌딩에서업그레이드수요로분류된제주국제자유도시개발센터 (578.4m 2 ) 등의임차활동이있었던것으로조사되었음. Gangnam 강남 A 등급오피스의 2 분기순흡수면적은 4,704 m 2 로금번분기동안 Core 권역중가장미미한수치를기록하였으며, 루첸타워의준공완료에따른신규공급으로평균공실률은전분기대비 1.8%p 상승한 5.5% 를기록. 또한공유오피스업체들의활발한임차활동이지속되었으며, 종로타워고층부약 8 개층에대한계약을완료한위워크 (16,117 m 2 ) 와시그니쳐타워에 3 개층을사용할예정인패스트파이브 (8,366m 2 ) 가권역내신규수요의대표적인사례로조사되었음. 금번분기권역내대표적인 B 등급임대차사례로는종로타워에서삼성생명서소문빌딩으로신규입주한삼성생명조직 (4,960 m 2 ) 과 T 타워에약 2 개층에대한임차계약을체결한 LG 전자 (3,251 m 2 ) 등이있었음. Yeouido 2 분기여의도 A 등급오피스의순흡수면적은 73,862 m 2 로세중심권역중가장긍정적인수치를기록하였으며, 공실률은전분기대비 6.4%p 하락한 18.9% 를기록. 권역내공실률하락에가장크게기여한사례로는지난분기완공된더케이타워에 KB 그룹 (62,809 m 2 ) 이입주를완료하며빌딩의입주율이 100% 를달성한것에비롯, 추가적으로 IFC 및전경련타워에지난분기계약한신규임차인들이입주를완료함과동시에금번분기에도지속적으로신규임차인유치확보를성공한데있음. 금번분기여의도권역내주요빌딩에입주를완료한임차인으로는 Two IFC 에뱅커스트리트 (476 m 2 ) 및 폴라리스펀딩 (467 m 2 ) 과 Three IFC 에플러스에셋자산운용 (755 m 2 ), Mckinley Investment (991 m 2 ) 및 Momentiv Korea (1,091 m 2 ) 등이있었으며, 전경런타워에는한국디지털거래소 (1,256 m 2 ) 및그린에너지파트너스 (340 m 2 ) 등이이번분기에입주를완료한것으로조사되며권역내추가공실률하락에기여하였음. IFC 및전경련타워의대폭적인임대료인센티브혜택은최근자산운용사들의신규거점마련에좋은옵션이되었을뿐만아니라다른중심권역에서의대형임차인들에게또한매력적으로작용하며, 저번분기처럼이번분기에도신규임차인을성공적으로확보한것으로파악됨. 이번분기 IFC 의가장큰계약사례로는 CBD 에본사를두고있는외국계제약회사인노바티스 (6,650 m 2 ) 와인근신한금융투자빌딩에위치해있던 KB 자산운용 (6,631 m 2 ) 으로조사되었음. 이외에도정부기관인한국해외인프라도시개발지원공사 (KIND, 1,300 m 2 ), 같은권역내에서업그레이드이전하는 KCLAVIS 자산운용 (1,550 m 2 ), 전경련타워에서이전해오는 Archegos Capital (1,173 m 2 ), 그리고 STIC Alternative (494 m 2 ) 등으로금융업계에만국한되지않고다양한산업군에속한임차인들의수요가목격되었음. 비록순흡수면적이기타권역에비하여미미하지만이는권역내신규수요가저조하다기보다는현재권역내낮은공실률로인하여대규모임차공간이없는것으로도해석되므로, 이에대한영향이비교적저조한임대차활동으로이어진것으로분석됨. 2018 년 2 분기강남권역의주요공실해소사례로는지난분기에이어 SI 타워에추가적으로증평을완료한부동산 P2P 금융플랫폼업체인테라펀딩 (1,088 m 2 ) 및글라스타워의기존층에서증평한 Guess (517.2 m 2 ) 가있었으며, 인근포스코센터에신규입주한포스코건설 (894 m 2 ) 등이있었던것으로조사되었음. 2 분기강남권역내 A 급빌딩의신규계약사례로는아크플레이스의 Beckton Dickinson (5,642 m 2 ) 과 ebay (2,821 m 2 ) 가있었으며, 신논현역교보타워에는해운 IT 업체인 OTS (2,804 m 2 ) 와제노플랜코리아 (1,474 m 2 ) 가신규임차계약을체결한것으로파악되었음. 이외에도권역내 B 등급임대차사례로는국내공유오피스업체인패스트파이브 (7,674 m 2 ) 가플래티넘타워의약 3 개층에대한신규임차계약을완료하며지난몇분기동안권역내가장활발하였던공유오피스업체의수요가지속되었고, JW 에셋 (605 m 2 ) 및 ATG Corp(579 m 2 ) 는큰길타워와현대해상강남타워에각각임차계약을완료한것으로조사되었음. JLL Korea Property Digest Q2 2018 11

Supply 2018 년 2 분기주요 3 대권역에공급된 A 급신규오피스는강남권역의루첸타워 ( 오피스연면적 38,875 m 2 ) 로오랜기간을거쳐마침내완공. 현재까지임대차계약을체결한임차인은없는것으로파악되었음. 동일권역내또다른 A 급빌딩인강남 N 타워는올해 3 분기준공예정. N 타워의경우준공되기전에잠재적인임차인들과의계약이마무리되어가는것으로알려지며강남권역내잠재적수요가상당한것으로파악. 전반적으로강남권역내공실이부족한가운데수요도강해루첸타워도내년초까지임대완료가능할것으로전망. 도심권역내센트로폴리스 ( 오피스연면적 122,718 m 2 ) 또한 3 분기공급될예정이며현재까지체결된임대차계약은없는것으로파악. Rents 서울 Grade A 오피스권역별실질임대료 단위 : 원 / 월 / 평 100,000 90,000 80,000 70,000 60,000 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 Overall 도심 여의도 강남 Capital Markets 2018 년 2 분기서울 A 등급오피스의평균실질임대료는 88,738 원 / 평으로전분기대비 0.2% 상승. 이는지난몇분기동안지속되었던평균렌트프리기간의확대폭이둔화되면서이번분기에는비교적임대료가소폭이나마상승한것으로판단. 권역별실질임대료는도심권역이 91,028 원 / 평으로전분기대비 0.2% 하락한것에그친반면, 여의도권역은전분기대비 0.4% 소폭상승하며 68,370 원 / 평을기록하였으며 2016 년 2 분기이후처음으로권역내실질임대료가상승한것으로조사됨. 특히권역내대폭적인임대료인센티브혜택이 IFC 나전경련타워등에서성공적인신규임차인유치로이어지면서, 평균렌트프리기간이현재수준에서추가적으로확대되지않은것으로판단됨. 한편, 강남권역의월평균실질임대료는평당 98,020 원으로전분기대비 0.5% 상승하며세권역중가장안정적인성장세가유지된것으로분석. 강남권역의경우세권역중가장낮은공실률로인해평균렌트프리기간이현 2 개월이채안되는수준이며, IT 및스타트업회사들뿐만아니라최근급성장중인공유오피스업체들의지속적인임대수요가현재임대료상승을견인한것으로파악됨. 매매시장은코어자산들이전분기에이어이번분기에도꾸준히거래되고, 풍부한유동성과긍정적인투자심리가지속되며거래량이전분기대비 69% 대폭상승한것으로조사됨. 또한현재 2012 년과 2014 년에시작된주요코어부동산펀드가만기되는시점과맞물려기준금리가다시한번상향조정되기이전에, 유동성이풍부한시장상황을투자자들이최대한활용하면서거래량이늘고있음. 현매물에대한투자수요의대부분은코어자산에중점을둔국내투자자들이견인하고있으며, 특히강남권역의경우폭발적인수요로 A 등급및 B 등급의매물들에대한투자경쟁이매우심화되어가는중인것으로판단. 2018 년 2 분기주요거래사례로는서울역인근 KDB 생명타워 ( 연면적 82,538 m 2 ) 로, KB 자산운용이칸서스자산운용및 KDB 생명으로부터약 4,220 억에매입을완료. 또한도이치자산운용은광화문인근에위치한금호아시아나사옥 ( 연면적 60,696 m 2 ) 를금호아시아나그룹으로부터약 4,180 억에매입을완료했으며, 이거래의실제투자자는싱가포르투자청 (GIC) 과캐나다연금투자위원회 (CPPIB) 인것으로알려짐. 도심권역의또다른주요거래사례로는중구저동에위치한씨티센터타워 ( 연면적 36,573 m 2 ) 로하나대체투자자산운용이이지스자산운용으로부터약 2,376 억에매입을완료하였으며, DGB 자산운용은캡스톤자산운용으로부터 DSME 빌딩 ( 연면적 24,854 m 2 ) 을약 2,054 억에매입을완료한것으로조사되었음. 여의도권역에는 KB 자산운용이 SK 증권빌딩 ( 연면적 47,632 m 2 ) 을 KTB 자산운용으로부터약 2,951 억애매입을완료하였으며, 이거래는평당 2,060 만원으로여의도권역상업용오피스거래사상최고가기록을경신. 또한 NH 아문디자산운용이현대카드빌딩사옥 1 관 ( 연면적 37,207 m 2 ) 을현대라이프생명보험으로부터약 1,775 억에매입을완료하였고, 이거래의주요투자자는 NH 농협금융그룹계열사들인것으로알려짐. 한편투자수요가가장많은강남권역에는한화자산운용이삼성생명대치 2 빌딩 ( 연면적 26,389 m 2 ) 을삼성생명으로부터약 1,900 억원에매입을완료하였고, 대치동의삼성메디슨빌딩은 MDM Plus 가삼성메디슨으로부터약 1,510 억에매입. 삼성메디슨빌딩은이번분기야놀자와빅히트엔터테인먼트를신규임차인으로유치하며, 기존삼성메디슨의퇴거로발생한공실을 100% 해소한것으로조사되었음. 12 JLL Korea Property Digest Q2 2018

상업용오피스거래규모 단위 : 조 10 9 8 7 6 5 4 3 2 1 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 오피스거래규모 서울 Grade A 오피스시장수익률 (Cap-rate) 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% 거래수 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 스프레드시장수익률 (Cap-rate) 10 년만기국고채수익률 단위 : 거래수 100 90 80 70 60 50 40 30 20 10 0 이전및업그레이드를포함한신규임차수요가보다활발해질것으로점쳐지고, 두번째는지난몇분기동안서울오피스시장에큰영향을끼친대형임차인들의사옥이전및타권역으로이전이슈가남은해동안덜빈번할것으로보이며, 세번째는현재서울임차수요의 20% 를차지하는공유오피스가적어도내년까지꾸준하게있을것으로전망되기때문. 이외에도강남을중심으로한꾸준한 ICT 수요와여의도내 IFC 와전경련타워같은프라임급빌딩을중심으로개선되고있는금융및해외업체의수요역시순흡수면적개선에긍정적으로작용될것으로분석됨. 임대료역시전년대비개선될전망이며평균렌트프리기간이큰폭으로확대된작년수준에비해올해하반기까지는비교적안정적으로유지될것으로보임. 또한건물주들이현재인센티브수준에서할인폭을늘리지는않을것으로예상. 권역별로보면최근신규임차인을많이확보한도심권역의 101 파인애비뉴, 시그니쳐타워등에서현재와같은공실률해소속도를보인다면연말까지평균렌트프리기간이소폭줄어들것으로예측. 하지만 3 분기신규공급되는센트로폴리스로인하여주변빌딩의임대료인센티브가확대될가능성이있어권역내렌트프리기간은현재수준이유지될전망. 여의도권역에는프라임급빌딩들의신규임차인유치가최근까지굉장히활발한편이지만, 대형규모의공실이해소되기까지는시간이소요될것으로전망되므로올해하반기에는도심권역과마찬가지로인센티브기간이현수준을유지할것으로전망됨. Forecasts 한국은행이 7 월발표한경제전망보고서에따르면세계교역회복세가지속됨에따라수출의양호한증가세, 소비의개선흐름등으로인한꾸준한성장세를근거로 2018 년중경제성장률을 2.9% 로전망하였음. 한국은행은또한금년중취업자수가제조업계를포함한일부업종의업황부진및구조조정등의영향으로증가폭이축소될것으로전망. 그러나정부일자리정책을비롯하여외국인관광객의점진적인회복이예상되는만큼서비스업을중심으로고용증가세가확대될것으로전망. 2018 년하반기서울 A 등급오피스의순흡수면적은전년대비개선될것으로전망. 첫번째이유로는올해신규로공급된주요권역의 A 급오피스빌딩으로인하여 강남권역의경우, 이번분기에신규공급된루첸타워및 3 분기공급예정인 N 타워로인하여임대료성장폭이제한적일것으로예측되지만, 권역내잠재적인수요가높은만큼현재렌트프리기간이점진적으로감소할것으로분석되어실질임대료인상이세권역중가장빠르게이루어질것으로예측. 투자시장은현재수준의모멘텀이지속되며시장의견조한유동성과더불어특히국내투자자들의수요가매우활발한만큼올해거래규모는재작년에이어새기록을경신할것으로전망. JLL Korea Property Digest Q2 2018 13

현재거래될예정인프라임급오피스들의규모들을고려하였을때올해 1 분기서울상업용오피스역대최고평단가를기록한더케이트윈타워의기록이조만간새롭게경신될것으로예측됨. 주요거래예정사례로는 3 분기도심권역에준공예정인센트로폴리스 ( 연면적 141,475m 2 ) 가있으며특히강남권역의경우, 삼성물산서초빌딩 ( 연면적 81,117 m 2 ), 강남 N 타워 ( 연면적 51,119 m 2 ), 삼성생명삼성동빌딩 ( 연면적 30,675 m 2 ), 강남파이낸스플라자 ( 연면적 24,179 m 2 ) 및플래티넘타워 (37,182 m 2 ) 등 Core 매물이많아진만큼, 강남상업용오피스투자시장은국내투자자들사이의경쟁이더욱심화될전망. 2018 년 2 분기주요임차사례 계약시기입주시기임차인산업군임대면적 (m2 ) Moved From Moved To 위워크공유오피스 16,111 신규 패스트파이브공유오피스 8,366 신규 종로타워 (CBD Grade A) 시그니쳐타워 (CBD Grade A) CJ 헬스케어헬스케어 8,294 CJ 제일제당충무로사옥 (Chungmuro Grade B) 101 파인애비뉴 A (CBD Grade A) 패스트파이브공유오피스 7,674 신규 노바티스제약업 6,649 KB 자산운용금융업 6,631 삼성증권금융업 6,399 코리아세븐유통업 6,074 이베이코리아 IT 2,821 신규 연세세브란스빌딩 (CBD Grade B) 신한금융투자빌딩 (Yeouido Grade A) 여의도 KT 타워 (Yeouido Grade B) 롯데손해보험빌딩 (CBD Grade B) 플래티넘타워 (Gangnam Grade B) Three IFC (Yeouido Grade A) Three IFC (Yeouido Grade A) 전경련타워 (Yeouido Grade A) 시그니쳐타워 (CBD Grade A) 아크플레이스 (Gangnam Grade A) Office Rental Information 실질임대료 (Based on GFA) (KRW/pyung/month) q-o-q y-o-y Seoul 88,738 0.2% -0.7% CBD 91,028-0.2% -0.5% Yeouido 68,370 0.4% -9.0% Gangnam 98,020 0.5% 4.5% Major Investment Activity 1Q18 권역 빌딩명 매도자 매수자 거래면적 (m 2 ) 금액 ( 억원 ) CBD KDB생명타워 칸서스자산운용, KDB생명 KB자산운용 82,116 m 2 4,223 CBD 금호아시아나빌딩 금호아시아나그룹 도이치자산운용 (GIC, CPPIB) 60,195 m 2 4,180 Yeouido SK증권빌딩 KTB자산운용 KB자산운용 47,362 m 2 2,951 CBD 씨티센터타워 이지스자산운용 (AEW) 하나대체투자자산운용 36,573 m 2 2,376 Gangnam 삼성생명대치2빌딩 삼성생명 한화자산운용 26,389 m 2 2,054 14 JLL Korea Property Digest Q2 2018

JLL Korea Property Digest Q2 2018 15

Seoul Retail 16 JLL Korea Property Digest Q2 2018 2017

Seoul Retail Rental Growth Y-O-Y -1.1% pyung per month, net on NLA KRW 1,964,211 Stage in Cycle Rents Rising Positive retail leasing activity leads to occupancy improvement in both high streets and shopping malls Sungmin Park, Head of Research, South Korea Retail sales decline despite recovery in Chinese tourist arrivals Sales declined and Consumer Sentiment Index in June continued to show a negative trend for the past few quarters. However, Chinese tourist arrivals increased significantly in May (46.1% y-o-y) although its level prior to the THAAD dispute is yet to be achieved in upcoming quarters. High street leasing activity focused once again in Gangnamdaero during the quarter, led by several international retailers, namely, Magnum (400 pyung), JD Sports (280 pyung) and Dynafit (160 pyung), all of which opened new flagship stores in the most vibrant retail high street. Occupancy improves in both high streets and shopping malls High street vacancy declined 500 bps to 9.5% during the quarter, mostly driven by new store openings in Gangnamdaero and Garosugil. Philosophy (60 pyung), a cosmetic shop with numerous brands, and athleisure retailer Stretch Angels (86 pyung) launched new stores in Garosugil. Shopping mall occupancy improved as Coex Mall filled its lingering vacant space with a local retailer in the lower floor of the centre while IFC Mall completed its tenant mix, contributing to a stable occupancy level in overall prime shopping malls. Modest improvement in shopping mall rents witnessed Rental performance in prime shopping malls showed a modest improvement (0.6% q-o-q) aided by highly attractive locations coupled with increase in household and luxury goods spending. High street rents remained flat mostly due to lingering vacancy in Greater Gangnam area, especially in Garosugil and Cheongdam. No major retail sales were concluded during the quarter as most retail investment activity focused on private deals between private investors. For shopping malls, outside of Seoul, Mastern Investment Management invested KRW 141.5 billion for Esia Polis Lifestyle Center in Daegu. OUTLOOK: Retail sentiment to gain momentum for rest of 2018 As witnessed during this quarter, a recovery in Chinese tourist arrivals is on track, which will benefit the overall retail sales figure and bring more positive sentiment in the retail sector in the upcoming quarters. Improvement in leasing activity in the high street area is expected to lead to a modest improvement in rental performance relative to 2017. High street investment activity is likely to continue to be dominated by private investors with a focus on Gangnam area, as investor sentiment remains positive. However, shopping mall transaction volume may be limited by the tightly held nature of local stock. Index y-o-y (%) Financial Indices 150 140 130 120 110 100 90 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 18 15 12 9 6 3 0-3 -6 Rental Value Index Seoul Retail Sales Capital Value Index Arrows indicate 12-month outlook Index base: 4Q13 =100 Financial Indicators are for Prime high street shop in Myeongdong -9 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 Sales Growth of Large-scale Retail Stores in Seoul Source: Statistics Korea Note: Seoul Retail Market refer to Seoul major high street JLL Korea Property Digest Q2 2018 17

Seoul Retail 임대료변동 실질임대료 순환주기 활발한리테일임대차활동으로서울중심가및쇼핑몰공실하락 ( 명동전년동기대비 ) -1.1% ( 명동원 /3.3 m²/ 월 ) 1,964,221 원 임대료상승 리서치박성민부장 소매판매회복흐름둔화, 중국인관광객수는회복세 소매판매는 4 월과 5 월에전월대비각각 0.9%, 1.0% 하락하며전분기의소매판매개선흐름이소폭둔화되는모습. 6 월의소비자심리지수역시 105.5 를기록하며 2017 년 11 월이후하락세지속. 한편, 5 월중국인관광객수가전년동월대비 46.1% 증가하며마이너스성장세를깨고큰폭의회복세보임. 하지만 THADD 분쟁이전의월별평균인 50 만명에서 60 만명사이수준에는아직미치지못함. 서울중심가및프라임쇼핑몰입주율상승 서울중심가 (High Street) 의공실률은강남대로와가로수길의신규상점의오픈에힘입어금번분기동안 500bps 하락한 9.5% 를기록. 강남대로는영국아이스크림카페인매그넘 (1,290 m 2 ) 과프리미엄스포츠멀티샵인 JD 스포츠 (920 m 2 ), 그리고스포츠브랜드인다이나핏 (530 m 2 ) 이금번분기동안신규스토어를오픈. 가로수길에는다양한화장품브랜드를취급하는 Philosophy (190 m 2 ) 와애슬레저라이프스타일브랜드인 Stretch Angels (290 m 2 ) 등이신규플래그쉽스토어를오픈. 서울프라임쇼핑몰의경우, 코엑스몰은기존아래층에있던공실을 No Brand 가입점하며대부분해소를완료하였고, IFC 몰의경우임차인재배치를성공적으로완료하며전체프라임쇼핑몰의점유율이향상되었음. 매출개선에따른쇼핑몰임대료소폭상승 서울주요쇼핑몰의임대료는전분기대비 0.6% 상승하였는데이는가사용품및명품등에대한소비지출증가로인한매출상승에기인. 더불어쇼핑몰의매력적인위치적요건으로인한지속적인임차수요가긍정적으로함께작용한것으로파악됨. 리테일매물거래는지난분기와마찬가지로상가중심의개인투자자에집중. 금번분기대형쇼핑물주요거래사례로는마스턴인베스트먼트가 KB 자산운용으로부터대구의이시아폴리스쇼핑몰을약 1,415 억에인수하였으며, 케이클라비스자산운용은의정부롯데아울렛이위치한해동본타워를 820 억에매입. 12-month Outlook 정부의여러소비진작정책이하반기소비회복세를지탱하는가운데, 중국인관광객수회복모멘텀이지속되며전반적으로리테일부문에긍정적으로작용할전망. 서울주요중심가및쇼핑몰역시이러한개선세에힘입어대기업및해외브랜드중심의임대차수요가꾸준히지속되면서임대료의완만한상승기대. 투자시장의경우강남지역을중심으로투자자심리가긍정적인상황에서개인이주도하는상가중심의거래가지속될전망. 쇼핑몰의경우한정적인공급으로인해거래규모는제한적일것으로예상되나, 현재오피스섹터에경쟁의심화등으로향후기관투자자들의보다활발한움직임이점쳐짐. Index 150 140 130 120 110 100 90 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 Rental Value Index Retail Seoul Sales Retail Sales y-o-y (%) Financial Indices 18 15 12 9 6 3 0-3 -6 Capital Value Index Arrows indicate 12-month outlook Index base: 4Q13 =100 Financial Indicators are for Prime high street shop in Myeongdong -9 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 Source: Statistics Korea Source: Statistics Korea Sales Growth of Large-scale Retail Stores in Seoul 18 JLL Korea Property Digest Q2 2018

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