[RSQUARE] 2024_Q4 OFFICE Market Report_ENG

MARKET REAL REPORT

2024 Q4 RSQUARE= OFFICE RRRRRRRRRRRRRRRRRRRRRRRRRRRR Leasing Investment 1LEASING MARKET Office Leasing CBD GBD YBD Q4 2024

Seoul Office Snapshot

YBD \ New Supplies Vacancy Rate NOC Transaction Volume py Incl. new \ W100M CBD '24.4Q 1,883 3.1% 274,096 21,364 QoQ +1,883 -0.1% +7,395 GBD '24. 40 16,615 3.2% 290,300 13,658 QoQ +12,417 +0.2%p +0.3% -9,247 YBD '24. 40 - 1.3% 265917 ﹍ 8﹒313 QoQ ﹣ -0.6%p +1.3% +8,313 BBD '24. 40 2.8% 233,803 ﹍ 5﹒816 QoQ ﹣ 0.1%p +1.8% +4,257 Seoul '24. 40 240,347 10.6% 194,101 7,736 QoQ +74,092 +7.6%p +5.0% ﹣989 Seoul Office Market Overview '24.4Q Seoul Office Vacancy Rate at 4.9%, Up by 2.0%p from the Previous Quarter due to Large-Scale Office Supply in Magok The average vacancy rate of '24.4Q office buildings in Seoul rose by 2.0%p from the previous quarter, reaching 4.9%, with vacancy rates increasing 801055 해 building gzes due 10 large-scale office supply, particularly in the Magok area. This quarter, the 10131 new office supply in Seoul reached 255,000py, the highest since '20.03 when ﹁Park One Tower was completed in YBD. Notably, vacancy rates for extra-large office spaces increased by 6.8%p from the previous quarter, driving up the overall vacancy rate in Seoul primarily due 10 the supply of 232000py 이 office leasing space in Magok. Meanwhile, the increase in average rental rates 1125 continued 10 slow, with the average quarterly increase at 1.5% since '22.10 but dropping 10 1.2% last year. Ths slowdown is attributed to weakened tenant activity due to economic downturns. Easing Rental Increases and Corporate Moves for Operational Efficiency ln 2440 the rental increase rate for the overall Seoul office market was 0.6% from the previous quarter, maintaining a similar level to the prior quarter. The YoY increase was 4.5%, ‘whichiis lower than the 6.7% and 5.6% increases recorded in 2022 and 2023, respectively. This slowdown in rental growth is attributed to the combination of continuously rising rental costs and comporate efforts to improve operational efficiency, leading to relocations across districts or space reductions upon lease renewals. The office market is expected to maintain asimilar trendin 2025, highlighting the need for continuous monitoring of tenant demand, particularly in areas where new office spaces have been introduced. New Supply in ﹁24﹒4Q District Building Locaton GFA(py) m Energy Plus Seoul-ro Jung-gu Namdaemun-ro 5-ga 1,882 Daese 700 Gangnam﹣gu Yeoksam-dong 2,222 m Center Point Gangnam Gangnam-gu Yeoksam-dong 2,978 Shinhan Bank Apgujeong Galleria Branch Gangnam-gu Sinsa-dong 4,362 m Gangnam Doruko New Headquarters Gangnam﹣gu Dogok-dong 4,750 Aju Smart Tower Gangseo﹣gu Godeok﹣dong 2﹒055 岫 Wellkeeps Tower Gangseo﹣gu Magok﹣dong 1960 鼯 L。!uest City Tower (CP1) Main Buiding, Annex (Office C Buiding Gangseo﹣gu Magok-dong 98,500 | 07605 | K Square Magok (CP3-2) Gangseo﹣gu Magok-dong 48,513 LG Science Park (DP2 Block) W1﹣10 Gangseo﹣gu Magok﹣dong 124,806 KORNER 136 Mapo-gu Seogyo-dong 1,393 Average Vacancy (Seoul) Average Rent (Seoul) 一一 incl New Excl. New 一一 NOC Nominal Rent 5% ′/ˋ˙一ˉ\ ~ ㅅ > 0% o 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Overall XL L ML M 5 Overall ﹍XL L ML M 5 NOC 257 319 266 ﹍ 28 192 157 49 80 24 39 36 56 m A06 A04 V02 AO1 AO1 曳 0 97 122 98 80 74 66 A20 소 68 Vo5 A03 vo3 ﹣ 臚入 03 曳 0 vo1 A01 A01 voa CBD '24.4Q Average Vacancy Rate at 3.1%, Remaining Stable from the Previous Quarter in "24.4Q, the average office vacancy 1316 in the CBD remained stable at 3.1%, similar to the previous quarter. Seoul City Center resolved a significant vacancy issue 35 Hanwha Financial Services, previously located in ‘Metro Tower， signed a 16856 agreement following the completion of the building’s remodeling. Additionally, ‘Seoul Square’, which experienced a large vacancy due to the relocation of 11st, saw 3 slight improvement as the insurance firm A+ Asset Advisor leased 356py of office space. These corporate relocations within the CBD have contributed 10 maintaining a stable vacancy rate compared to the previous quarter. Meanwhile, in this quarter, the CBDS NOC and nominal rent remained at 274,000 KRW/py and 111,000 KRW/py, respectively, marking the third consecutive quarter at this level since ﹁24﹒20﹒ However, while the average NOC quarterly increase rate was 1.6% in 2023, last year's quarterly increase slowed 10 0.9%, indicating a deceleration in rental cost growth. Continued Relocation of Large Corporations (Affiliates) Within the Area The trend of large corporations relocating, which has been a key topic in the CBD leasing marketin 2024, continues. SK Group, which has its headquarters and many affiliates in the CBD, 15 planning further relocations. Following 11st's move from 'Seoul Square' to Gwangmyeong last quarter, SK Group has acquired Chungmuro 15 Building' through SK REITs and 15 considering relocating SKC and SK C&C, which are currently leasing space in 'Grand Seoul'. Additionally, DL E&C, which is currently leasing space 1 Donuimun D Tower，has finalized is move to Magok One Grove'. Meanwhile, SCK Company (formerly Starbucks Korea), which s leasing space 10 'State Tower Namsan', s considering relocating to 'KDB Life Tower and 'Centerfield' in the GBD area. Furthermore, several companies have expressed interest in relocating from their current leased spaces in the CBD, indicating that this trend will significantly impact tenant demand in the district in 2025. Key Activities in ﹁24﹒4Q (CBD) Sampung Nexus Building Eulji-ro 158 123 Gwanghwamun G Square Sejong-daero 22-gil 12 242 KDB Life Tower Hangang-daero 372 369 Hanwha Life Financial Seoul City Tower Huam-ro 110 1,699 Services A Plus Asset Advisor Seoul Square Hangang-daero 416 356 Average Vacancy (CBD) Average Rent (CBD) ﹤ 一一 Incl New Excl. New 400 一一 NOC Nominal Rert 15% 5% 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 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Overall XL L ML M S Overall XL L ML M S 274 340 286 207 179 136 V10 A07 AO5 A001 15 84 71 58 0 V01 V20 V10 ﹍ ﹒ 圖 ﹚ o V10 A10 AO08 A003 GBD Vacancy Rates Remain Low but Continue to Show a Slight Upward Trend In'24.4Q, the average office vacancy rate in GBD was recorded at 3.2%, up by 0.2%p from the previous quarter. Although the absolute vacancy rate remains low, there has been a slight upward trend for six consecutive quarters since '23.2Q. This quarter, as in previous ones, the vacancy rate for mid-to-large office spaces 1056 by 1.4%p from the previous quarter, exceeding the overall average. While the supply of Center Point Gangnam (total floor area: 8,181py) appears to have influenced the average vacancy rate for mid-to-large office spaces, there Is also a growing trend among small to mid-sized tenants in GBD reducing fixed 00515 due 10 financial difficulties, which could further impact future vacancy rates. For example, Chrono Studio, a subsidiary of gaming company NPIXEL, previously leasing space in ‘Centerfield, relocated to ‘The Pinnacle Yeoksam 2' this quarter to cut costs. in 2025, GBD is expected 10 see limited new office supply. As a result, tenant relocations wil lkey play a key role in determining vacancy rates within the district. Given the ongoing financial challenges faced by tenants it may be difficult for the leasing market to remain as active as in previous year Rental Rates Continue to Rise, but the Rate of Increase Has Significantly Slowed This quarter, the average office rental rate (NOC) in GBD was 290,000 KRW/py, continuing its upward trend, though the rate of increase has significantly slowed. The NOC growth rate for this quarter was 0.3% (QoQ), marking the lowest increase in the past five years. This slowdown is attributed 10 worsening business conditions, particularly among small and mid-sized tech companies, leading 10 reduced office relocations and weaker new leasing demand. Key Activities in 24﹒4Q (GBD) Tenant Building Location Net area (py﹚ WWezon Landmark Tower Gangnam﹣daero 508 581 Samsung Securities Lynn Square Teheran﹣ro 201 622 贗 Centerfield West Seocho﹣daero 398 1,198 Average Vacancy (GBD) Average Rent (GBD) ” 一一 Incl New Excl. New 一一 NOC Norminal Rent 哇 9 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 囡 22 23 24 20 21 22 23 24 Overall ﹍XL L ML M s Overall ﹍XL L ML M 5 380 315 277 220 183 32 03 24 56 40 51 A10 《 02 A02 VO3 V10 142 16 104 86 78 A02 A03 V02 Al4 V002 VO3 A10 A02 & 02 曲 9﹒4 男 97 YBD Maintaining the Lowest Average Vacancy Rate Among Major Districts, but Tenant Decisions Upon Park One's Lease Expiry Will Be Key In 、24.40, the average vacancy rate in YBD decreased by 0.6%p from the previous quarter 10 1.3%, maintaining the lowest level among Seours major business districts. The overall decline in vacancy rates was driven by KB Bank leasing approximately 3,000py in Anchor One'. Additionally, Mirae Asset Life Insurance pre-leased 1134py in the soon-to-be-completed ‘One Sentine while Woori investment & Securities 300 Sentbe also completed pre-leases of approximately 700py and 398py, respectively. Following the high pre-lease rates achieved by ‘TP Tower and ﹕Archor One before their completion, ‘One Sentinel'is also seeing steady pre-leasing activity. The YBD district continues 10 experience demand from financial institutions for relocations, expansions, and new leases. With no additional office supply expected beyond One Sentinel', the current low vacancy rate s lkely 10 persist. However several large tenants occupying significant office space in Park One Tower, which was completed in 2020, are approaching lease expirations, making this a key factor to watch in YBDS leasing market in 2025 Rental Growth Rate Exceeds the Overall Seoul Average This quarter, the rental rate (NOC) in YBD increased by 1.3% from the previous quarter to 266,000 KRW/py. This quarterly increase surpasses the Seoul-wide average growth rate 아 0.6%. The rise in rental rates 15 attributed 10 the active leasing demand in newly completed or recently renovated office buildings within the district. However, given the ongoing economic downturn, the overall gowdown in tenant demand across the Seoul office market raises uncertainties about the sustainability of this upward trend. As a result, closely monitoring market movements in a supply-constrained environment is more critical than ever. Key Activities in ﹁24﹒4Q (YBD) Tenant Building Location Net area (py﹚ One Sentinel Yeouidae﹣ro /0 1134 Insurance Sentbe One Sentinel Yeouidae﹣ro 70 398 Lakewood Partners Yeouido Finance Tower Gukjegeumyung-ro 2﹣gi 32 67 Galaxy Corporation IFC Gukjegeumyung-ro 10 500 Average Vacancy (YBD) Average Rent (YBD) 一一 incl New Excl. New 一一 MOC Nominal Rent 10% 300 200 ˊˍ_′ˊ'一_ˍ一 5 <& = 100 _— > 0% 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 20 囡 22 23 24 20 21 22 23 24 Overall ﹍XL L ML M s Overall ﹍XL L ML M 5 264 176 153 17 08 14 17 12 46

M 셔

曳 94 A04 _ 소 0.3 VO3 83 62 53 史 V04 AO1 AO3 AO5 BBD BBD Office Vacancy Rate Remains Low, but Attention Needed on the Leasing Market Impact from the Weak Performance of the Tech Sector. In "24.4Q, the average vacancy rate for BBD office buildings was 2.9%, maintaining a similar level 10 the previous quarter. After experiencing a significant increase in the prior quarter, the vacancy rate has now stabilized. The district's strong leasing demand from tech companies is seen 85 a key factor in sustaining this stability. However overal tenant demand has been weakening, 300 the downturn in the tech sector could continue 10 impact the Pangyo office leasing market. For instance, NCSoft, which leased approximately 2,000py 10 'AlphaRium 2 Tower，fecenty conducted two rounds of restructuring, leading 10 internal workforce reallocations across its affiliates, ultimately resulting in their departure from the building. Rising Rents for Large Offices in the Pangyo Area Driving Overall Average Rent Increase This quarter, the average office rental rate (NOC) in BBD increased by 1.8% from the previous quarter to 234,000 KRWJpy marking the highest growth rate among Seoul's major business districts. Notably, 13696 office buildings with a total floor area exceeding 10,000py saw a 4.6% increase compared 10 the previous quarter. Specifically, the NOC for extra-large and large office buildings in the Pangyo district and First Pangyo rose by 2.4% and 6.6%, respectively, driving the overall rental increase in BBD. Key Activities in 24﹒4Q (BBD) Samsung Life Insurance Bundang Yemij Building Hwangsaeul-ro 258beon-gil 18 Co﹒ Ltd. 31 SPG Center Jeongja-il-ro 166 413 Daekyo Edu Camp Co., Byucksan Techno Pia ﹍ Ltd. Knowledge Industry Center Dunchon-daero 560 83 People Life Co., Ltd. 니 Building 聰nghyeon莧翼審05beO…g" 64 Average Vacancy (BBD﹚ Average Rent (BBD﹚ ﹤ 一一 incl New Excl. New 一一 NOC Nominal Rert 200 _′__ˊ_ˊ_一_一_′_ 5% B 100 0% ㅡ 『 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 20 囡 22 23 24 20 21 22 23 24 Overall ﹍XL L ML M s XL L ML M 5 臚 266 216 222 201 151 29 0.9 16 10.0 35 36 A24 A46 V06 V24 V27 m 94 80 76 68 54 A02 A0S - 【曳 3﹒8 A5 A10 入 47 ㅜ 1.1 ㅜ 2.1 ㅜ 0.6 OTHERS Increase in Average Vacancy Rate and Rental Prices Due to Office Supply in Magok 10 `、24.40, the average office vacancy rate in Seoul's Others district 1056 10 10.6%, increasing by 7.6%p from the previous quarter due 10 the large-scale office supply concentrated in Magok. The average rental rate (NOC) was recorded at 194,000 KRW/py, reflecting a 5.0% increase from the previous quarter. Compared 10 the 1% increase observed in major Seoul business districts, this represents a significant rise. By office size, the NOC for extra-large offices reached 240,000 KRW/py, marking a 9.7% increase from the previous quarter. The influx of extra-large office supply in Magok, where such spaces were previously scarce, has notably contributed to the overallrise in average rental prices. Increasing Cases of Relocation and Consideration for the ﹁Others﹁ District Due to Companies' Fixed Cost Reduction Needs and Competitive Rental Rates Rental prices in the ‘Others' district vary by sub-region but remain at approximately 75% of the overall Seoul average, making the area highly competitive in terms of pricing. With companies increasingly focusing on reducing fixed costs, more businesses are relocating 10 the ‘Others' district as 3 cost-saving measure. This quarter, Korea Radio Promotion Association (KRPA), previously located in the CBD, completed its move to K Square Magok. Additionally, several small and mid-sized startup tech fims that had been leasing offices in GBD have been observed relocating 10 Seongsu, an emerging business district. Beyond rental competitiveness, if areas like Seongsu and Magok continue to develop strong infrastructure, the ‘Others' district has significant potential to attract tenant demand from other business districts. Need to Monitor the Impact of Large-Scale Office Supply in Magok on Key Leasing Markets With approximately 230,000py of leasable office 503806 being supplied in Magok, there is growing interest in how tenant demand wil respond. Currently, most of the space remains vacant after completion. Recently, DL E&C, which had been leasing space in ‘Donuimun D Tower', finalized a lease for 5,000py in JMagok One West'. Magok not only offers competitive rental prices but also boasts advantages in terms 아 new buildings and well-developed surrounding infrastructure. Given these physical and environmental advantages, companies in major districts may increasingly consider relocation io Magok making it gssentialio monitor its impact on the broader Seoul leasing market. Key Activities in 24﹒4Q (Others)

Korea Radio Promotion

Association K Square Magok Gonghang-daero 165(Magok) 71 Gwacheon Smart K Gwacheon-daero 7-gil 20 790 Songpa Terra Tower 2 Songpa-daero 201 303 Avenue 123 Itaewon-ro 191 300 Average Vacancy (Others) Average Rent (Others) 一一 incl New Excl. New 400 一一 NOC Nominal Rent 15% 5% W /\′﹨ 100 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Overall ﹍XL L ML M S Overall ﹍XL L ML M 5 240 186 179 151 127 A97 s V08 A06 A0.06 83 63 61 56 51 A76 A251 男 94 AO5 男 97 ﹣ A74 소러 曲 9 入 0﹒8 AO04 M 106 262 27 41 38 67 2 INVESTMENT MARKET Office Investment Seoul and Bundang Sharp Increase in Office Transactions in 24.4Q Highest Quarterly Volume in Four Years Annual Volume Reaches 14

Trillion KRW

in "24.4Q, approximately 226,000py of office space was transacted across Seoul and Bundang, with a total transaction value of 5.7 trilion KRW. This represents 3 21% increase in transaction value compared 10 the previous quarter, marking the highest quarterly transaction volume in the past three years. This quarter's transactions included mid-to-extra-large office assets across various districts, starting with ‘Donuimun D Tower in the CBD. The cumulative transaction value for this years 4Q reached 14.4 trillion KRW, marking a 50% increase compared to last year's total of 9.6 trillion KRW. Additionally, in terms of quarterly transaction volume, this quarter recorded the largest transaction value since 30 2020, breaking a four-year record. Major transactions in the CBD area include Donuimun D Tower Jeongdong Building', ﹁The Exchange Seoul’, ‘Center Place’, and "Myeongdong N Bulding﹒ ﹁Donuimun D Tower was acquired by NH Nonghyup REITs Management from Mastern Investment Management for 895.3 billion KRW (34 million KRW/py). Jeongdong Bulding was purchased by Nuveen Real Estate from IGIS Asset Management for 357 billion KRW (30 million KRW/py). ﹁The Exchange Seoul' was sold by Koramco Asset Management to GIC for 247.7 billion KRW (26.4 million KRW/py). Center Place was acquired by HL REITs Management from KB Asset Management for 2513 billion KRW (25.39 imilon KRW/py). Myeongdong N Building’ was transferred from SK D&D to D&D Investment for 160.1 billion KRW (38.5 million KRW/py) In the 680 area ‘Center Point Gangnam', 'YK Bulding， and ‘Koreit Tower were transacted. ‘Center Point Gangnam’, previously owned by Masiem Asset Management, was 5010 10 fashion company F&F for 3519 bilion KRW (43.02 milion KRW/py). YK Buiding was acquired in ful by Hurom LS for 69.5 bilion KRW (2112 milon KRW/py). Koreit Tower was purchased by Korea Land Trust through the exercise of its right of first refusal for 445 billion KRW (42.05 milion KRW/py), and the asset is expected to be managed through a REIT capital increase. In the YBD area, transactions included Shinsong Center’, ' 빠 1 Nonghyup Capital Building’, Miae Asset Securities Yeouido Office’, and Yeouido Taeyoung Building’. Koramco Asset Management sold Shinsong Center' 10 Shinsong Food for 93 bilion KRW (20.58 million KRW/py). 'NH Nonghyup Capital Building' was sold by K-REITs Investment Management 10 Koramco Asset Management for 140.5 bilion KRW (22.43 million KRW/py). ‘Mirae Asset Securities Yeouido Office’ was sold 10 Woori Asset Management for 372.7 bilion KRW (3152 million KRW/py), while Yeouido Taeyoung Building’ was acquired by D&D Investment for 225.1 billion KRW (18.26 million KRW/py). Over the next 2-3 years, the limited new supply in major districts, coupled with the timing of interest rate cuts, 15 expected to raise expectations for a recovery in the investment market.

Transaction Volume Trend

@1Q @2Q ﹍3Q ﹍4Q 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2019 2020 2021 2022 2023 2024 Office Average Price on an Upward Trend Expectations for Recovery In '24.4Q, the average transaction price for Seoul offices was 28.99 imilon KRW/py, maintaining a similar level to the previous quarter's 28.63 million KRW/py. However, this marks a 4.1% increase from the same quarter last year and a 5.2% rise compared to the previous year's average transaction price perpy indicating a continuous upward trend. It remains to 66 seen whether this price increase signals 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 government bonds fell below 3% for the first time since *22.3Q, widening the spread between the cap rate and interest rate to 180 basis points. With interest rates having 0560 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) e=mm/\verage Price per Py (Right) 30.0 40,000 25.0 30,000 20.0 15.0 20,000 10﹒000 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 4 9 20 21 22 123 24 Average cap rate of Seoul office buildings 二 (Cap. Rate Treasury Bonds (3 Years) 6.0% 5.0% 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 4 8 20 21 22 23 24 Core Asset- Centered Transactions Rental Growth Slowing Down Reassessment of Asset Value Intensified Competition Expected in the CBD Area Importance of Tenant Characteristics

and Securing SI

Since 24.3Q, interest rate cuts have diven transactions focused on stable core assets in Seoul's major districts, a trend expected to continueinto 2025. This quarter, the overall average rent increase n Seoul has slowed. The downward pressure n rents appears 10 be 046 10 tenants being unable to sustain higher rental costs, leading to vacancies. This trend impacts office asset values, necessitating reassessments and diverse exit strategies for asset managers (AMCs) and property owners. Additionally, with new office supply expected around 2029, anincreasein physical office asset listingsis anticipated in 2025, particularly in central business districts. ln `24.40, approximately 38% of office market transactions occurred n the CBD aea with around 70,000py ou of the total 226,000py transacted in this district. Currently, a significant porton of listings is concentrated in the CBD. Given that upcorming new suppy is also focused in this area, a substantial number of office listings are expected to emerge in the CBD compared to other key districtsthis year. Consequently, competition for capitalamong existingand newly listed propertiesis licely to ntensify. Tenant characteristics and investor preferences are expected to be key factors in the investment market. In the office sector, demand is liely 10 increase for stable office assets with anchor tenants and long-tem 16856 agreements. Additionaly, 91 investments have recently become a crucial factor in office transactions. Since the Sl proportion in the CBD is reatively lower than in the GBD, securing S| is expectedtoinfluence ongoing transactions within the CBD. Key Deals in Seoul and Bundang( 24﹒4Q﹚ Transaction ﹍Price volume Per Py Buyer Seller W100M WI10K Building Distict GFA (py﹚

NHNonghyup Mastern

CBD 26,083 8,953 3,432 REiTs Investment

Management Management

Jeongdong Building 680 1,901 3570 3,000 ﹏薑菫實璽﹝宣囍_ ^'瞿︴…「〔菫蠹「賣‵韋阜‵﹛ HL REITs KB Asset 680 12,869 2813 2539 0 Managemert Management The Exchange Seoul cBD 8,918 2477 2,640 ˍ〈ˍ【〕ˍ蕓︴…′二‥…菖【昌『′'‵‥曩責】量【 eic Koreit Tower GBD 10,583 4,450 4,205 ˍ[_〈(﹔﹚ˍ﹕︴孛‥旨…手ˋ戶貢′旦 ˍ〔﹛〈﹙(︴^‥宣盲「ˍ崖】a萼糞蓄】︴貢。 Mastern 蠹厂羃忑…… 680 8818 3519 - Investment F&F 9 Managemem . K-Reits A Songhyup Capital. S 6262 1405 ﹍ 2243 Investment K&frgcgrfizzf‘ 9 hianagemmert 9 Mirae Asset - N Securities Yeouido YBD 11284 3727 3152 Né':‘cifijzz‘ A‘figf;‘g';:;f;‘ 880 7,207 1247 1730 KT8G 匪腮‥菖雪蠤鐳戚

Samsung Heavy

Industries Pangyo BBD 17,382 4000 . 2301 SeswgHeavy 0 105769 R&D Center 9 ﹒KB Yeongdeungpo [N 4170 831 _ Euntap Industrial KB Asset

Tower Development Management

W Others 48513 6,905 = Magok MICE PFV K&’ffi'{‘:?x:f' *Excluded from per-py price calculation due to pre-acquisition Expected Office Transactions in `25.10 Similar to ﹁24﹒4Q in 、24.40, major office assets such 25 'D Tower Donuimun﹁ Koreit Tower﹁ and Miae Asset Securities Yeouido Building' were successfully transacted, raising expectations for upcoming office asset transactions. Folowing the previous quarter, ‘Crescendo Building' and ‘Crystal Square﹁have selected preferred bidders while Dosan 150' and NC Tower are in the process of selecting theirs. With the deal closure for ‘Seoul NSQuare becoming more visible, a similar transaction trend is expected to continue into *25.1Q. Key Deals (Scheduled) Building District ﹍GFA (py) Seller Remarks Center Point Koramco Asset Advisory firm selection Gwanghwamun CBD 4,800 Management in progress CBD 24,936 KB Asset Management Bid scheduled Crescendo Preferred Negotiator: oo CBD 16,538 ﹍DWS Asset Management ﹍Koramco Asset Building GRE Partners Asset Korea Financial CBD 4800 Management Telecommunications &

Clearings Institute

CBD 22,764 . 1015 Asset Management ﹍HDC Asset IGIS Asset Management ﹍Private Contract: D&D CBD 15,219 (Morgan Stanley) Investment Crystal 680 5573 Capitaland Investment Preferred Negotiator: " Management (Abrdn) LB Asset Management Gangnam N GBD 15465 KBRealEstate Trust Bid scheduled Mastern Investment Preferred Negotiator 980 3819 Management selection pending 680 9,351 NCSOFT Preferred Negotiator

selection pending

OTHERS 30,050 IGIS Asset Management ﹍IGIS Asset Sangam

Dream Tower

OTHERS 11,518 ﹍Ewha Asset Management 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 Securiy deposit, rent management fee, vacant area, tenant movement Investment Market Deals Closed Survey Target 945 Office Buildings with a GFA of 1000+ py Definition (Office Building) Buildings where the area used for office purposes, excluding parking areas, accounts for more than 50% of the total floor area (excluding officetels from the office facility category) Standard (Office Area) Regarded 35 ‘office’ area for keywords ‘office’, ‘finance’, ‘bank’, research institute’, 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 3 ML GFA 5K py~10K py 16,529~ GFA 3K py~5K py 9,917 S Less than GFA 3k py 15 than 9,917m? Real Estate Investment and Development Division, Big Data Consulting Team Won Chang Jin Sang Hyun Park Su Young Son Chan Young Moon Yoon Seo Jang RSQUARESE Director Manager wcjin@rsquare.co.kr sh.park@rsquare.co.kr swimming93@rsquare.co.kr mcy1213@rsquare.co.kr yoonseol1215@rsquare.co.kr ed in this report