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Offices

Savills Research I Seoul, Korea

27 April 2011

Image: A view of Seoul, CBD

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

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

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

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

The investmentmarketwasonceagain ledbydomesticinvestors.

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

Cap rates and capital values seem to haveremainedatalevelsimilartothoseseenattheendof2010.

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

Offices

Market Overview

Monthly rent and vacancy rate by district, Q1/2011

DistrictAverageRent

(KRW/3.3058sqm,basedonGLA)

AverageRent(KRW/3.3058sqm,basedonNLA)

YoY IncreaseRate(%)

VacancyRate(%)

CBD 90,400 157,700 1.4 13.7

GBD 79,200 154,600 1.5 4.0

YBD 65,300 137,900 3.9 2.4

Overall Seoul Average

81,600 152,900 1.9 7.8

Source:SavillsKorea

Supply

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

New building supply in Q1/2011Completion

DateDistrict Building Name GFA(sqm) Floors

Q1/2011 GBD GTTower 54,399 24/B8F

Source:SavillsKorea

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

Upcoming building supply in Q2/2011Completion

DateDistrict Building Name GFA(sqm) Floors

Q2/2011 CBDStateNamsan

(UrbanredevelopmentprojectinHoehyeondistrict2-1)

66,799 24F/B6F

Q2/2011 CBDYGBuilding

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

Source:SavillsKorea

Demand and Vacancy Rate

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

Vacancy absorption of conglomerates, Q1/2011

OccupiedbyExpansionofLargeConglomerates

Others32%

Source:SavillsKorea

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

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

-600,000

-300,000

300,000

600,000

900,000

1,200,000

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

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

AnnualGDPGrowth NetAbsorption(sqm)

Offices

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

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

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

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

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

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

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

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

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

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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source:SavillsKorea

CBD Gangnam Yeouido

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

%ofSurveyedBuildings

Source:SavillsKorea

Q4/2010 Q1/2011

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

NumberEmployed(thousands)

Source:SavillsKorea

Offices

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

Major Tenant Relocations, Q1/2011

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

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

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

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

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

Face rental trends, Q1/2011

DistrictFaceRent

(KRW/3.3058sqmbasedonGLA)

FaceRent(KRW/3.3058sqmbasedonNLA)

MonthlyRentalRatefromQ1/2010

CBD 90,400 157,700 1.4%

Gangnam 79,200 154,600 1.5%

Yeouido 65,300 154,600 1.5%

Seoul 81,600 154,600 1.5%

Source:SavillsKorea

PreviousBuilding CurrentBuilding

Tenant District Building Name

Lease area

(sq m)District Building

Lease area

(sq m)

STX CBD SeoulCityTower 11,200 CBD

STX NamsanTower

21,279

SamsungSecurities CBD MPlaza

Tower N/A CBD Olive Tower 6,473

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

SamsungSDS Bundang

SamsungSDS

BuildingN/A GBD Golden

Tower 15,617

SamsungC&T

CorporationGBD

SamsungSeochoTower

N/A GBD KTB Network 6,998

SC Engineering YBD

GoodMorning ShinahnSecurities

2,942 CBD HPBuilding N/A

SamsungEngineering NewTenant GBD Prudential

Tower 12,860

Source:SavillsKorea

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

Q1/2001=100

Source:SavillsKorea

CBD Gangnam Yeouido

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

Source:SavillsKorea

RentIncrease RentDecrease

Offices

Outlook

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

Transactions and Investment Market

ThetransactionvolumeofKRW670billioninQ1/2011waslowerthanthatofQ4/2010butonaparwiththelevelsrecordedinthefirstquartersof2007to2009.

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

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

JRREIT5purchasedWiseBuildingandisplanningtoconvert thebuilding intoahotelafter threemonthsofremodelling.KocrefREIT17acquiredJudoAssociationBuilding,aretailbuildinginYeouido,andisexpectedtoconvertitintoofficesfollowingremodelling.

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

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

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

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

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

Jan-05

May-05

Aug-05

Dec-05

Apr-06

Aug-06

Dec-06

Apr-07

Aug-07

Dec-07

Apr-08

Aug-08

Dec-08

Apr-09

Aug-09

Dec-09

Apr-10

Aug-10

Dec-10

Mar-11

Source:SavillsKorea

CBD GBD YBD

2005 2006 2007 2008 2009 2010 2011

Source:SavillsKorea

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

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

Unit:1,000KRWbillionsQ1 Q2 Q3 Q4

Offices

Forfurtherinformation,pleasecontact:

ThisdocumentispreparedbySavillsforinformationonly.Whilstreasonablecarehasbeenexercisedinpreparingthisdocument,it issubjecttochangeandtheseparticularsdonotconstitute,norconstitutepartof,anofferorcontract;interestedpartiesshouldnotrelyonthestatementsorrepresentationsoffactbutmustsatisfythemselvesbyinspectionorotherwiseastotheaccuracy.Nopersonintheemploymentoftheagentortheagent'sprincipalhasanyauthoritytomakeanyrepresentationsorwarrantieswhatsoeverinrelationtotheseparticularsandSavillscannotbeheldresponsibleforanyliabilitywhatsoeverorforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisdocument.Thispublicationmaynotbereproducedinanyformorinanymanner,inpartorasawholewithoutwrittenpermissionofthepublisher,Savills. © Savills (Hong Kong) Limited. 2011.

koreaMoonduck KimChiefExecutiveOfficer,Korea+82221244101mdkim@savills.co.kr

leasing services, korea Grace KoDirector,CRES+82221244115graceko@savills.co.kr

Seunghan LeeDirector,Leasing&Marketing,DevelopmentSales+82221244253seunghanlee@savills.co.kr

Sue LeeDirector,TenantRep.+82221244180slee@savills.co.kr

research & consulting, koreaJoAnn HongAssociateDirector+82221244182jhong@savills.co.kr

investment advisory, koreaKookhee HanDirector+82221244181khhan@savills.co.kr

asset management, koreaYoungtaek KimVicePresident+82221244208ytkim@savills.co.kr

research & consultancy, asia pacificSimon SmithSeniorDirector+85228424573ssmith@savills.com.hk

addressSavills Korea Co., Ltd11/FSeoulFinanceCenter84Taepyungro-1-ga,Chung-gu,Seoul,Korea100-768T:+82221244114F:+82221244188

corporate websitewww.savills.co.kr

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

Major Transactions in Q1/2011

District Building Name Seller Purchaser

Area of

Transaction

(KRWBil.)

CBD WiseBuildingHyundaiAuction

REIT1JRREITs5 7,111 26.4

CBD SKHQ

GiantSpeicialized

LiquidationLtd./MerrillLynch-ShinhanBankConsortium

NPSDaolLandChipPrivateREITs

80,215 553

YeouidoSportsComplexCenter(Judo

AssociationBuilding)

KoreaJudoFoundation

KocrefREIT17

18,122 45

Others

SamsungLifeInsurance

YeongdeungpoBuilding

SamsungLifeInsurance

KOVIX Corporation

7,060 16.8

OthersDaeheungBuilding

K1CR-REIT

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

SPM(15%)+MisungGSE

6,433 14.5

Others

Roi Building/former

DaeyeongBuilding

DaeyoengConstruction

Korea Cooking&CulinaryVocational

College

9,880 15

Source:SavillsKorea

Offices

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

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

SummaryofSurveyedBuildings,March2011

CBD GBD YBD Total

NumberofBuildings 17 14 5 35

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

AverageYearofCompletion 1999 1999 1994 1998

NumberofBuildings 19 17 10 46

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

AverageYearofCompletion 1995 1998 1995 1996

TotalNumberofBuildings 36 31 15 82

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

TheSavillsKoreaQuarterlyOfficeSurveyisthelongestrunningsurveyofprimeofficestockinSeoul.Establishedin1997,itcurrentlycomprises82ofthe111buildingsinSeoulclassifiedas"prime"buildings.

Primebuildings:BuildingswithaGFAgreaterthan30,000sqmwithgoodaccessibilityandfacilities,ahighleveloffinish,andcreditworthybluechiptenants.

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

Netabsorption:Thenetchangeinoccupiedspaceoverthequarter.

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

Savills, the international real estate advisor established in the UK since 1855 with over 200 offices and associates worldwide.

RobertMcKellar-CEO,AsiaPacificRaymondLee-CEO,GreaterChinaChrisMarriott-CEO,SouthEastAsiaCharlesChan-MD,Valuation&ProfessionalServices,GreaterChina

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