[RSQUARE] 2024_Q3 OFFICE Market Report_ENG

MARKET REAL REPORT

2024 Q3 RSQUARE= OFFICE RRRRRRRRRRRRRRRRRRRRRRRRRRRR Leasing Investment 1LEASING MARKET Office Leasing CBD GBD YBD Q3 2024

Seoul Office Snapshot

YBD \ New Supplies Vacancy Rate NOC Transaction Volume py Incl. new \ W100M CBD '24. 30 - 3.1% 274,490 ﹍ 13﹒969 QoQ -12,184 +0.5%p +0.3% +12,654 GBD '24.3Q 4,198 3.0% 289,480 22,905 QoQ +946 +0.2%p +1.3% +11,380 YBD '24.3Q - 1.9% 262,380 QoQ - 0.2%p -2.3% - BBD '24. 30 - 2.8% 229,773 ﹍ 1559 QoQ ﹣ +0.9%p +4.3% +1,559 Seoul '24. 30 166,256 3.0% 196,247 8,725 QoQ ﹢147﹒059 +0.1%p +0.2% +7,760 Seoul Office Market Overview ﹁24﹒3Q Seoul Office Vacancy Rate at 2.9%, Up by 0.3%p from the Previous Quarter The average vacancy rate 이 24﹒3Q office buildings in Seoul rose by 0.3%p from the previous quarter, reaching 2.9% Vacancy rates increased across all building sizes. It appears that the overall rise in Seoul's office vacancy rate 15 due to major tenants relocating their headquarters across different districts. For instance, 11st moved from ‘Seoul Square’ to Gwangmyeong, while SSG.COM moved from ‘Centerfield’ to the newly supplied ‘KB Yeongdeungpo Tower﹁ Additionally, Coupang, which currently has offices in Gangnam and Songpa, 15 56110 move to ‘East Pole,' a new property in Guui. It has been reported that many tenants are planning to relocate their headquarters for management efficiency. This shift in leasing strategies is expected to significantly impact the Korean office leasing market, necessitating close monitoring. Seoul Office New Supply in 3Q: 170,000 py, with 85% of New Supply Concentrated in the Magok Area The total new office supply in Seoulfor 24 3Q was recorded at 170,000 py, marking the largest supply since 20﹒3Q﹒ when the YBD ﹁Parc One Tower was completed. Approximately 85% 아 the new office supply was concentrated in the Magok area, with "One Grove" in Magok as a notable example, covering 140,19 py. The supply was primarily concentrated in the Magok area, 25 well 35 in other regions categorized 25 OTHERS including Godeok Yeongdeungpo, and Yongsan. In the main business districts, only two small office spaces were added within the GBD district. Examples of New Supply in ﹁24﹒3Q District Buiding Location GFA(py) 413 Tower Yeoksam﹣dong， Gangnam-gu 1,976 Seoho Building Seocho-dong, Seocho-gu 2,222 m Boryung Biopharma HQ Godeok-dong, Gangdong-gu 2,978 | others | ECOUNT Godeok-dong, Gangdong-gu 4,362 Woojin Electric Godeok HQ Godeok-dong, Gangdong-gu 4,750 m Ecorbit Magok-dong, Gangseo-gu 3,969 One Grove Magok-dong, Gangseo-gu 140,119 KB Yeongdeungpo Tower Yeongdeungpo 4-ga, Yeongdeungpo-gu 4,170 m TYM Dongbinggo-dong, Yongsan-gu 1,909 Average Vacancy (Seoul) Average Rent (Seoul) 一一 incl New Excl. New 一一 MOC Nominal Rent 5% ——\ e 100 0% 9 1 2 ﹩ 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 Overall ﹍XL L ML M 5 Overall ﹍XL Ｌ ML M 5 NOC w1000/py 258 323 267 218 192 158 29 12 28 37 40 56 A03 V02 AO08 AO5 AO06 AO7 Nominal Rent w 97 123 98 80 74 66 소 이3 A03 A04 A0.004 AO3 A01 A09 소 0.8 A13 A07 A12 《15 CBD 3.1% average vacancy rate in 24﹒3Q， continuing a slight upward trend forthree consecutive quarters The average vacancy rate in the CBD area for 24﹒3Q was 3.1%, an increase 이 0.5 percentage points from the previous quarter. Although still below the natural vacancy rate it has shown a slight upward trend for three consecutive quarters since recording 1﹒/% at the end of

laSt year

While the Booyoung Taepyeong Building, Mirae Asset Center One， and Hanwha Financial Center each saw over 1,000 py of vacancy the reinsurance company Korean Re contributed to reducing vacancy by temporariy leasing 50306 in Signature Tower 35 its Jongno headquarters undergoes reconstruction. In the current quarter, the average NOC in the CBD ares was 274,000 KRW per py， an increase 이 0﹒3% from the previous quarter. The average nominal rent rose by 0﹒6% from the previous quarter, reaching 111,000 KRW perpy﹒ Large Corporations (including affiiates﹚ relocating outside their current district continue Cases of large corporate affiliates relocating outside the CBD continue to emerge﹒ Korea Seven，previously a tenant in Signature Tower, has completed its move 10 East Ceniral Tower in Gangdong﹒ Additionally, SK Group affiliate 11st, which was located in Seoul Square has confirmed its relocation tothe Desiang U Planet Buliding in Gwangmyeong﹒ Other tenants are also considering moves outside the CBD，including KB Kookmmin Card in Crystal Square and DL Group in Donuimun D Tower These potential relocations could impact CBD vacancy rates﹒ Key Activities in '24.3Q (CBD) Tenant Building Location Net area (py) Nomura Research ㅣ SFC 136 Sejong-daero 80 nstitute Sharp Avaiation K Gwanghwamun G Square 12 Sejong-daero 22-gil 480 WBooyoung Taepyeong Building 55 Sejong-daero 390 m Signature Tower 100 Cheonggyecheon-ro 1,670 Average Vacancy (CBD) Average Rent (CBD) ﹤ 一一 Incl New Excl. New 400 一一 NOC Nominal Rert 15% ˊ′ˊ_﹨ 200 5% 66 N\ N\ 100 0% 0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 1 2 a 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 NOC w1000/py 274 340 . 289 ﹍ 206 178 136 25 40 45 57 A03 V001 AO7 AO02 A09 AO04

M > 배

Nominal Rent w m 140 6 83 거 58 AO05 AO07 A03 AO05 Al4 ﹍男 92 A06 AO1 소 12 AO5 A10 AO7 GBD Slight upward trend in vacancy rates continues, with rental prices also on the rise The average office vacancy rate in the GBD area for 24﹒3Q was recorded at 3.0%, continuing the slight increase observed over the past two years. This trend has been notably impacted by a rise in vacancy rates for small to medium-sized offices (under 5,000 py) this year. However, despite the vacancy rate trend, both the NOC and nominal rent increased by 1.3% and 1.8% respectively from the previous quarter, maintaining a higher rate of increase than the overall Seoul average. Distinct polarization in rental competitiveness for GBD offices due to physical and locational factors Polarization in rental competitiveness among buildings in the GBD office leasing market is becoming more pronounced. The average vacancy rate for extra-large offices (GFA over 20,000py) decreased by 0.1 percentage points from the previous quarter, while nominal rent increased by 2.8%, reflecting a relatively high rate of increase. This demonstrates that prime-grade offices with superior locational and physical specifications within the GBD continue to maintain strong rental competitiveness. Additionally, the rental competitiveness 아 “value for money” office buildings is increasing. This trend reflects a sustained loyalty 10 prime locations within the GBD, combined with growing demand among companies to reduce fixed costs. There is a noticeable preference for offices along Teheran-ro with NOC below 300,000 KRW. For example, the Aju Building on Teheran-ro, with a GFA of 6,914 py, signed contracts with three tenants this quarter, filling about 1,800 py 아 vacant space. Prime-grade offices and medium/large value-for-money offices face relatively low vacancy risks, while other properties are increasingly struggling to fill vacancies and are at higher risk of experiencing new vacancies. As a result, the polarization of rental competitiveness, based on the physical and locational characteristics of offices (particularly around the GBD) 15 expected 10 intensify in the near future. Key Activities in ﹁24﹒3Q (GBD) Craver Corporation Gangnam N Tower 129 Teheran-ro 580 |soomes ﹍ HK Square 133 Teheran﹣ro 490 Aju Building 201 Teheran-ro 530 | Masimo Korea LLC | BNK Digital Tower 398 Seocho﹣daero 130 Average Vacancy (GBD) Average Rent (GBD) ” 一一 incl New Excl New 一一 NOC 5% 0% 0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 20 2 22 23 24 20 21 22 23 24 Overall ﹍XL L ML M s Overall ﹍XL L ML M S NOC w1000/py 289 376 ﹍ 314 27 220 185 00 26 43 41 54 A13 A20 A3 A12 A0003 AOS8 Nominal Rent w 109 141 116 103 86 79 ㅜ 0.1 A06 vo.1 A005 AOS5 A18 A28 A8 A17 A10 AO8 YBD Maintaining the lowest average vacancy rate among major districts The average vacancy rate in the YBD area for 24﹒3Q was 1.9%, maintaining 3 similar level to the previous quarter. Notable leasing cases include Hyundai Motor Securities signing a contract for 758 py in the soon-to-be-completed ‘One Sentinel﹒ Additionally, Shinhan Partners signed a lease agreement in the 'Hi Investment Securities Building’, while Tensegrity Asset Management contracted approximately 100 py in1IFC.". As new office spaces smoothly reduce vacancies, there is an increase in lease renewals and satellite office leases, particularly among existing financial tenants. The "TP Tower," completed earlier this year, has stabilized with no remaining vacancies, while ‘Anchor 1， which was completed in the latter half of last year is also on track to reach 100% occupancy. ‘One Sentinel’, scheduled for construction completion early next year, is currently in lease negotiations with multiple companies, and is expected to stabilize relatively quickly. in the YBD area, financial companies with upcoming lease expirations are increasingly opting for lease renewals over relocation. For instance, Meritz Fire & Marine Insurance， atenant at 1FC considered relocating but ultimately decided to stay. Additionally, ”A Capital and "B Asset Management" are currently negotiating lease renewals for their headquarters offices. This trend appears 10 be influenced by the current leasing market, management environment, and relocation costs. As financial companies increasingly renew leases, they are also actively using satelite offices when additional 50306 15 needed. For example, NH Nonghyup Capital and Hanyang Securities signed satellite office lease agreements in the Simpac Building near their headquarters. Additionally, Hyundai Motor Securities’ lease in "One Sentinel" is for a satellite office to accommodate a new TFT organization. Key Activities in ﹁24﹒3Q (YBD﹚ 鑿‥ ̱`耄﹙旦﹔才…】_1】'L_ˍ】 Simpac Buiiding 52 Gukiegeumyung﹣ro 210 Shinhan Partners 所 \nvestm_en_t Securities 66 Yeouidae-ro 50 Building Hanyang ﹒ 4 ﹒ ﹣ Simpac Buiiding 52 Gukjegeumyung-ro 10 Hyungai Motor One Sentinel Yeouidae﹣ro 750 Securities Average Vacancy (YBD) Average Rent (YBD) 一一 incl New Excl. New 一一 NOC Nominal Rent 10% 300 200 _ˊˍ_′_/˙′﹣` 5% g ﹍ \ˍ ﹍ 100 e ﹍一 0% - 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 NOC w1000/py 262 314 264 176 153 17 45 16 07 35 2.3 V31 AO07 V13 A04 AO1

M " 별

Nominal Rent w 93 17 84 62 53 4 A02 AO1 A06 A03 V08 A02 V05 V03 入 12 V09 AO05 A30 BBD The average vacancy rate for BBD offices increased slightly compared to the previous quarter, while prime offices recorded a high rate of rental increase In 24﹒3Q the average vacancy rate for BBD office buildings increased by 0.9 percentage points from the previous quarter o 2.8%. This change was influenced by vacancies in properties such as Alpha Dome Tower, where Citibank Korea (800 py) vacated, as well as new vacancies in Korea 810 Park U-Space 1 and Pangyo Yemiji Building in the current quarter, the NOC for BBD office buildings 1056 by 4.3% from the previous quarter, reaching 230,000 KRW per py. Large offices with a GFA of over 20,000 py saw an increase of 7.8% from the previous quarter, marking a higher growth rate than other major areas in Seoul. Prime office buildings in the Pangyo central district led this increase, with their NOC surpassing 300,000 KRW per py. Key Activities in ﹁24﹒3Q (BBD) Greats Pangyo 117, Bundangnaegok-ro 180 Tsubaki ) N Tower Garden Building 26, Hwangsaegl-ro 200beon﹣ 60

Automotive Korea 에

Macarong Factory N 49, Daewangpangyo-ro Co. Ltd Wemix Tower 644beon-gil 310 Optorain Co. Ltd Mirae Asset Venture Tower 20, 阨‥gyoye菖打冊 247beon- 590 Average Vacancy (BBD) Average Rent (BBD) ﹤ 一一 incl New Excl. New 一一 NOC Nominal Rent 200 _′__ˊ_一_ˊ_一_一_′ 5% 0% 一 0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 1 2 a 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 21 22 23 24 20 21 22 23 24 Overall ﹍XL L ML M S Overall ﹍XL L ML M S 230 260 . 206 ﹍ 223 ﹍ 206 156 28 05 16 87 73 21 A43 A78 V02 A18 A17 A1l Nominal Rent x 매 82 93 76 刁 99 55 A44 A79 V0001 A17 A25 A20 OTHERS Major companies in the retail industry continue to relocate to the 'Others' area, leveraging rental competitiveness in the Seoul Others area， the average office vacancy rate for the current quarter was 3.0%, similar to the previous quarler with the average NOC recorded at 196,000 KRW per py﹒ The NOC in the Others area is approximately 30% lower than the average NOC of major districts which has encouraged ralocations by tenants seeking 10 reduce fixed costs such 35 rent. SSG﹒com previously located in the landmark GBD buiiding 'Centerfield,' confirmed its relocation to the new KB Yeongdeungpo Tower office in Yeongdeungpo this quarier Following Seven Elever﹁s relocation to Gangdong， malor domestic retail companles 116 Coupang and Tist are also relocating ther headquarters from major districts to the Others area，coincidentally moving to the outer business districts of Seoul around the same period﹒ Supply oflarge﹣scale office spaces in Magok becomes more visible， competition for attracting tenants intensifies The supply 이 large﹣scale office buildings planned for the Magok district is becomming more concrete﹒ This quarter saw the completion of ‘One Grove﹁ with a GFA of 140,000 py while next quarter, K﹣Square Magok (GFA of 48,000 py) is expected 10 be completed﹒ Eariy next year Le West is also scheduled forcompletion，leading to a concentration oflarge office 503065 entering the Magok office market As the supply becomes concentrated, competition to attract tenants is intensifying. 046 10 the existing R&D cluster and the characteristics 이 the local industry in the Magok district comparies in related fields such 35 biotech LG Group affiliates, and the aviation sector are showing interestin leasing newly constructed offices. For instance, the low-cost airline Parata Air which is based at Yangyang Airport, has signed a lease for 730 py in One Grove﹁ Additionally, discussions with companies connected to the investors ofthe new office assets Key Activitiesin ﹁24﹒3Q (Others﹚ Parata Airlines One Grove 165 Gonghang-daero (Magok) 730 m Noudit Seoul Forest 6 Achasan-ro (Seongsu) 450 NICE Payments Co Semicolon Mullae N Tower 25 Mullae-ro 28﹣gil (Dangsan﹚ 670 1139 Cheonho﹣daero 臚 Gangdong Green Tower (Gangdong) 510 Average Vacancy (Others) Average Rent (Others) 一一 incl New Excl. New 400 一一 NOC Nominal Rent 200 ˉ_′_ˊ_ˊ_一_一_′ 一 100 o 9 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 NOC w1000/py 196 253 185 180 150 127 A02 V02 入 0﹒2 AO1 A26 0 Nominal Rent w 68 89 62 61 55 51 A04 AO03 A04 VO1 A29 A13 2 INVESTMENT MARKET Office Investment A series of large

deals have been

completed, marking the highest quarterly volume in three years Annual volume 15 expected to recover to 10 trillion won In 24﹒3Q， approximately 157,000 py 이 office space was transacted in the Seoul and Bundang areas, totaling 4.7 trillion won. This is a 240% increase compared to the previous quarter and marks the largest quarterly transaction volume in the past three years. Unlike the previous quarter, which saw mainly transactions of small- 10 mid-sized assets under 5,000 py this quarter featured multiple large transactions, notably including the GBD landmark building The Asset (24,538 py). As of the third quarter of this year, the cumulative transaction amount has reached 8.8 trillion won, surpassing 90% of last years total cumulative transaction amount. With numerous large deals still ongoing in the market, it is expected that this years transaction volume wil comfortably exceed 10 trillion won. Key transactions include three notable deals within the GBD. 'Samsung SRA Asset Management' acquired ﹁The Asset' from 'Koramco REITs & Trust for 1.1042 trillion KRW (45 million KRW/py). 'CapitaLand Investment Management also purchased 'Golden Tower (12,245 py) from Koramco REITs & Trust for 440.8 billion KRW (36 million KRW/py). The transaction for ‘Golden Tower was finally concluded through a private contract after multiple failed negotiations with potential buyers since it first appeared on the market last year. Additionally, Hana Asset Trust' acquired Hana Financial Group Gangnam Office (7,420 py) for 281.9 billion KRW (38 milon KRW/py). Hana Asset Trust' plans to incorporate this asset as a foundational asset of 'Hana Office RElTs and aims for listing next year. in the CBD the 'Janggyo-dong Hanwha Building' (22,484 py) was transacted for 808 billion KRW (36 million KRW/py) in an intra-group deal. The buyer 'Hanwha Asset Management,' acquired the asset from 'Hanwha Life Insurance and plans 10 incorporate it into 'Hanwha REITs." Additionally, 'Shinhan REITs Management purchased 'City Square' (11,571 py) from Hangang Asset Management for 428.1 billion KRW (37 million KRW/py), and this asset is 56110 be included as a new property in Shinhan Alpha REITs,' which is expanding investments near Seoul Station. Furthermore, ‘Gravity Asset Management' acquired the Hanssem Sangam Building' (20,161 py) in Sangam-dong for 320 billion KRW. (15.87 million KRW/py) 4n this quarter, with multiple large transactions being successfully completed, there is growing anticipation for a recovery in the investment market especially 35 the timing aligns with base rate cuts.

Transaction Volume Trend

@1Q @2Q ﹍3Q ﹍4Q 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 圖圖圖圖圖 0﹒0 2019 2020 2021 2022 2023 2024 The investment market indicators show promising signs ofa recovery in

the transaction market

In 24﹒3Q，the average transaction for Seoul offices was 28﹒63 milion KRW/py，an 8.4% increase from the previous quarters 26﹒4 milion KRW/py. However，considering that the average price has generally stayed around 25 to 26 mmilion KRW/py since 2022, despite a few eXceptional quarters, it remains to 66 seen if this recent increase marks a turning point for recovery in the transaction market﹒ Additionally, the average Cap rate for Seoul offices this quarter was 4﹒8%﹒ The yield on three﹣ year govermment bonds fel below 3% for the first time since 22﹒3Q， widening the spread between the 030 rate and interest rate 10 180 basis points﹒ With interest rates having risen Sharply and placed the office building transaction market in a negative Spread situation，there is now some room for market recovery expectations﹒ Trends in transaction volume and average transaction price per py Transaction Area(Left) mAverage Price per Py(Right) 300 40﹒000 25﹒0 30,000 20.0 15.0 20,000 10.0 10,000 5.0 0.0 0 1 2 ﹩ 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 9 0 21 22 23 24 Average cap rate of Seoul office buildings @ Cap rate Treasury Bonds (3 Years) 6.0% 50% W 4.0% 3.0% 2.0% 1.0% 0.0% 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 8 20 21 22 23 24 Interest Grows in Acquiring Low﹣Cost Assets,

Especially in the

”Others ” area in Seoul's "Others" area, interest is rising in acquiring relatively low﹣cost physical office assets. In recert years, land and construction costs along with financing expenses 046 10 interest rate hikes, have pushed office building development costs close to 40 million KRW/py. Physical assets also face challenges, such 35 high prices, increased financing costs and difficulties in sourcing prime assets. In this context, asset management companies are increasingly interested in assets with relatively low acquisition costs but significant upside potential. In the "Others" area of Seoul, NOC levels are only 60-70% of the main districts, while purchase prices remain at 30-40% of those areas, which is a key attraction. In this quarter, "Gravity Asset Management," backed by investment from the U.S.-based real estate firm "Hines," acquired the "Hanssem Sangam Office Building" at a transaction price of 15﹒87 million KRW/py, which is only half 이 the average transaction price for offices across Seoul Meanwhile, in the same area, intense bidding competition has emerged for the ”Sangam Dream Tower," with a preferred bidder securing negotiation rights by offering a price higher than the seller's initial asking price﹒ Although it is not an office building, a similar case 15 the acquisition of the commercial facility ‘Wangsimni Seoul Forest The Sharp﹁ by "GRE Partners﹁ with the intent of converting it into an office building. The purchase price was approximately 10 million KRW/py, even with additional construction costs for conversion, the competitive acquisition cost has played a crucial role in attracting investors. Key Deals in Seoul and Bundang( 24﹒3Q﹚ Transaction ﹒ Buiding District GFA volume Price Per Buyer Seller Py W100M Py WIOK

Samsung SRA

680 24,538 11,042 4,500 Asset Korameo sset Janggyo-dong Hanwha 080 46,320 8,080 3502 HanwhaAsset Hanwha Life 109 Mianagement Insurance Building Capitaland 980 12,245 4,408 3,600 Investment 胸隔牢晶︴套謁創 Shinhan REITs Hangang Asset

Hanssem Gravity Asset

Sangam Office Others 20,161 3,200 1,687 Management Hanssem

Global One

Others 27,356 319 1,140 Iconic Asset

Hana Financial Hana

Group Hana Asset Alternative Gangnam 90 7420 2820 3800 Trust Investment

Office Management

Samsung Fire Samsung SRA Sarmsung Fire & & Marine BBD 5,240 1,259 2,402 Asset Marine Pangyo Office Management Insurance " K-Reits CBD 4,567 1193 2,611 Shinhan REITS nvestmert Management M lanagement

Sadang Ssangnip Complex

Building Others 6,495 1,045 1,609 Hyunjin Group Development PFV Active market expected in4Q As major transactions like ﹁The Asset,' ﹁City Square，and ﹁Golden Tower closed in Q3， expectations for deal closings on upcoming office properties have risen﹒ Recently, several large properties such as SFC Crescendo Building，﹁Pacific Tower，﹁Gangnam N Tower and 'KOREIT Tower﹁ have been introduced in key areas﹒ Additionally, deal closings for Jeongdong Buiiging， ́ TES and (Center Place﹁ are becorming visible, indicating an active investment market eXpected in Q4. Key Deals (Scheduled﹚ Buiding District GFA py Seller Remarks Caplaland Investment " m CBD 5,573 Management (Aberdeen) Marketing In Progress CBD 24,936 KB Asset Management Marketing In Progress CBD 16,538 DWS Asset Management Marketing In Progress CBD 36,117 GIC Marketing In Progress cBD 17,998 颳歆惻岫 Asset Marketing In Progress lanagement Mastern Investment Preferred Bidder: NH Reit CBD 26,083 Management Management Preferred Bidder: Koramco- CBD 8,918 GIC City Core N Preferred Bidder: Nuveen CBD 11,901 Igis Asset Management AssetManagemert Preferred Bidder: HL Reit CBD 12,869 KB Asset Management Management GRE Partners Asset Preferred Bidder: Korea CBD 4,800 Management Financial Settlement Service ﹒ Preferred Bidder HDC CBD 22764 Igis Asset Management nsset Management 1915 Asset Management Private Contract: D&D CBD 15,219 (Morgan Stanley) Investment Exercise of Right of First GBD 10,583 Korea Land Trust Refusal GBD 15,465 KB Real Estate Trust Selecting a Sales Manager in Progress Dosan 150 680 3819 Mastern Investment Marketing In Progress g Management NC Tower GBD 9,351 NC Soft Marketing In Progress NH Capital K-RITS Investment Preferred Bidder: Koramco 80 6,262 Management Asset Management Preferred Bidder: 투†&큽 Bundang BBD 7,206 KT&G Pebblestone Asset

ower Management

. Preferred Negotiator Guro G Valley OTHERS 30,050 Igis Asset Management Selection Planned 蕙釀量量… Dream OTHERS 1,518 Ewha Asset Management Preferred Bidder: 080 Survey Area Seoul and Bundang

Survey Quarter Frequency

Survey Method Call Survey Field Research

Lease Flyer

Ministry of Land， Infrastructure， and Transport

Public Data

Survey ltems Leasing Market Security deposit rent management fee vacant area， tenant movermert Investment Market Deals Closed Survey Target 945 Office Buildings with a GFA of 1000+ py Definition (Office Building) Buiidings wherethe area used for office purposes excluding parking areas, accounts for more than 50% ofthe total floor area excluding officetels from the office facility category) Standard (Office Area) Regarded 35 ‘office’ area for keywords ‘office’, ‘finance’, ‘bank’, research insttute﹁ 이 ‘office’ included in the floor usage in the building register provided by public data Size Categories for Office Building XL GFA 20K py+ 66,116 L GFA 10K py~20K py ML GFA 5K py~10K py 16,529m? M GFA 3K py~5K py 5 Less than GFA 3k py Real Estate Investment and Development Division, Big Data Consulting Team Won Chang Jin Director wcjin@rsquare.co.kr Su Young Son Manager swimming93@rsquare.co.kr Chan Young Moon Manager mey1213@rsquare.co.kr Ji Won Lim Researcher jieonelim@rsquare.co.kr Yoon Seo Jang Researcher yoonseo1215rsquare﹒co﹒kr ded in this repo *The intelectual p and (including graphs, 13 Jnauthorized distribution f ommercial RSQUARES ermission may result in le \w,u(l 1