[RSQUARE] 2025_Q1 OFFICE Market Report_ENG

LEASING MARKET OFFICE MARKET REAL REPORT 2025 Q1 Leasing 2025 Q1 MARKET REAL REPORT OFFICE GBD YBD BBD Office Leasing 1 LEASING MARKET LEASING MARKET YBD GBD BBD New Supplies py Vacancy Rate Incl. new

NOC Transaction Volume

￦100M 17,562 +15,680 4.06% + 0.9%p 283,845 +1.4% 176,034

• 37,606

GBD 7,905

• 8,710

4.46% +1.3%p 291,082 +1.9% 74,606

• 61,975

YBD - 2.99% +1.7%p 274,804 +1.3% 8,242 -74,891 BBD - 3.27% +0.3%p 234,409 +2.4% -58,165 Seoul 27,762 -212,586 15.33% +4.7%p 198,930 +1.2% 339,477 +262,107 Q1 2025

Seoul Office Snapshot

LEASING MARKETSeoul Office Market Overview The overall average vacancy rate for offices in Seoul continued to rise slightly for five consecutive quarters, reaching 7.2% 25.1Q The average vacancy rate of Seoul office buildings recorded 7.2%, up 2.3%p from the previous quarter. This marks the fifth consecutive quarter of gradual increase since the lowest rate of 1.8% in '23.4Q. The main drivers of this quarter’s vacancy rate increase varied by building size. For medium to large-scale offices (GFA over 5,000 py), new asset supply was the primary factor. Following largescale supply in the Magok area last quarter, this quarter saw the addition of ‘One Sentinel’ (21,167 py) in the YBD area after major renovation, and ‘Eastpole’ (26,062 py) in the Others area, both contributing to the increase. In contrast, for small to mid-sized offices (GFA under 5,000 py), declining demand was the main factor. Excluding newly built assets, vacancy rate increases were less than 1.0%p for medium to large-scale offices compared to the previous quarter, while mid-sized and small offices recorded increases of 3.2%p and 3.0%p respectively, showing a clear difference by size. Nominal rental prices continued to rise but at a slower-than-usual pace, with widening disparities in growth rates by office size. '25.1Q The average rent (NOC) for Seoul office buildings recorded 261,045 KRW, up 1.4% from the previous quarter. While the rate of increase was higher than the previous quarter (0.7%), it fell significantly short of the typical year-start hike, which usually reaches around 3%. However, ultra-large offices (GFA over 20,000 py) in major office districts showed over 3% rent (NOC) increases (CBD 3.1%, GBD 3.5%, YBD 3.3%), highlighting a growing disparity in rent growth by office size. District Building Location GFA(py) Gwanghwamun G Square (New Kukje Hotel Remodeling) Jung-gu, Taepyeongno 1-ga 25-3 2,879.62 CBD Project 107 Jung-gu, Chodong 107-1 11,754.22 CBD Sudo Tower Jongno-gu, Sungin-dong 1365 2,928.65 GBD DA one TOWER Gangnam-gu, Nonhyeon-dong 242-51 1,804.73 GBD Hanajin Building Gangnam-gu, Yeoksam-dong 831-28 1,512.47 GBD Korea Customs & Trade Development Institute Gangnam-gu, Nonhyeon-dong 62-13 3,192.87 GBD Square Plus Seocho-gu, Seocho-dong 1327-8 1,394.62 OTHERS Orange Tower Hangang Yeongdeungpo-gu, Yangpyeong 4-ga 29-1 1,700.60 OTHERS Eastpole Tower (Jayang 1 Redevelopment / KT Site) Gwangjin-gu, Jayang-dong 870 26,062.95 Average Vacancy (Seoul) Average Rent (Seoul) New Supply in `25.1Q Vacancy % 7.2% 10.4% 5.6% 4.5% 6.7% 7.9% QoQ %p ▲ 2.3 ▲ 2.4 ▲ 3.0 ▲ 0.5 ▲ 3.1 ▲ 2.3 NOC ￦1000/py 261 323 274 224 198 156 QoQ %p ▲ 1.4 ▲ 1.2 ▲ 1.5 ▲ 2.1 ▲ 3.6 ▲ 1.0 98 122 99 82 77 67 QoQ %p ▲ 1.2 ▲ 0.8 ▲ 0.9 ▲ 2.1 ▲ 4.3 ▲ 1.2

LEASING MARKETCBD

'25.1Q Average vacancy rate at 4.1%, up 1.0%p from the previous quarter In '25.1Q, the average office vacancy rate in the CBD recorded 4.1%, up 1.0%p from the previous quarter. A key new supply was the large-scale office 'Project 107 Chodong Office’ (GFA: 11,754 py). While SK Group affiliates and Samsung Fire & Marine Insurance pre-leased 2,205 py each (based on leasable area), the remaining space is still in lease-up, affecting the regional vacancy rate. In addition, Gwanghwamun G Square (formerly New Kukje Hotel, 2,880 py) and Sudo Tower (2,929 py), both office conversion projects led by GRE Partners, were newly supplied as rental office buildings. Key relocation cases this quarter include the National Institute of Organ, Tissue and Blood Management signing a lease for 685 py at Seoul Square near Seoul Station. Jongno District Office, which had been searching for a temporary office due to reconstruction of its main building, finalized a lease at The-K Twin Towers (3,728 py). Notable relocations to the Others region were also observed. DL E&C, which had confirmed its move to Magok, signed a lease at One Grove, and the Korea National Institute for Lifelong Education (formerly at the NIA Building) signed a relocation lease for 2,816 py at K Square Magok. In '25.1Q, the average office rent (NOC) in the CBD was 284,000 KRW/py, up 1.9% from the previous quarter. This slightly exceeded the overall average increase (1.4%), with ultra-large buildings over 20,000 py within the district recording a relatively higher increase of 3.1%. As the Flight to Quality trend accelerates across the Seoul office market—widening the competitiveness gap between prime and non-prime assets—this pattern was also clearly observed within the CBD. Key Activities in ‘25.1Q (CBD) SK C&C Project 107 Mareunnae-ro 27 2,205 Samsung Fire & Marine Insurance Project 107 Mareunnae-ro 27 1,470 SGI Seoul Guarantee Insurance Boryeong Building Changgyeonggung-ro 136 589 National Institute of Organ and Blood Seoul Square Namdaemun-ro 5-ga 541 348 HLMC Sampung Nexus Euljiro 4-ga 310-68 250 Average Vacancy (CBD) Average Rent (CBD) Vacancy % 4.1% 3.3% 3.8% 1.6% 9.9% 5.3% QoQ ,%p ▲0.9 ▼ 0.2 ▲1.4 ▼ 0.4 ▲ 6.4 ▼ 0.9 ’20 ’21 ’22 ’23 ’24 NOC ￦1000/py 284 355 300 214 193 136 QoQ %p ▲ 1.9 ▲ 3.1 ▲ 1.6 ▲ 1.6 ▲ 5.9 ▲ 1.0 113 143 117 85 77 58 QoQ %p ▲ 1.7 ▲ 2.6 ▲ 1.6 ▲ 1.6 ▲ 7.3 ▲ 0.6 400 NOC Nominal Rent

LEASING MARKETGBD

Krafton Centerfield West Teheran-ro 231 1,198 Toss Income POSCO Tower Yeoksam Teheran-ro 134 171 Goorm The Pinnacle Yeoksam 2 Teheran-ro 145 358 Amid the continued slight increase in average vacancy rates, the most pronounced polarization by office building size was observed among major districts. In '25.1Q, the average vacancy rate of GBD offices was recorded at 4.5%, up 1.3%p from the previous quarter. Although the absolute figure remains low, a slight upward trend has continued for seven consecutive quarters since '23.2Q. As with previous periods, the increase this quarter was largely driven by a higher vacancy rate in small to mid-sized offices. This is partly due to the fact that these offices are primarily leased by small and mid-sized tech companies, which are more affected by the recent downturn in corporate performance. However, the more fundamental reason appears to be the relatively stronger leasing demand for prime-grade offices. In fact, among the major office districts, GBD shows the most pronounced polarization in average vacancy rates by office size. Ultra-large offices (GFA over 20,000 py) recorded a vacancy rate of just 0.4% this quarter, demonstrating strong stability despite the ongoing upward trend in the overall average. In contrast, small offices (GFA under 3,000 py) posted a relatively high vacancy rate of 7.8%. While other districts show less than a 2% gap between size groups, GBD exhibits a significantly wider disparity. Rental growth gap widens across office sizes, mirroring vacancy rate trends In the current quarter, the average office rent (NOC) in GBD was 291,000 KRW/py, up 1.3% from the previous quarter. Similar to vacancy rates, rental growth showed clear variation by office size. Ultra-large offices recorded an average rent of 384,000 KRW/py, representing a 3.5% increase from the previous quarter—significantly exceeding the overall average. In contrast, offices below that size posted growth rates in the 1–2% range, aligning more closely with the average. These trends in both vacancy and rent data indicate that the Flight to Quality phenomenon is relatively more pronounced in the GBD office market. Average Vacancy (GBD) Average Rent (GBD) Vacancy % 4.5% 0.4% 2.4% 7.3% 6.5% 7.8% QoQ %p ▲ 1.3 ▲ 0.1 ▲ 0.1 ▲ 1.6 ▲ 2.4 ▲ 2.7 NOC ￦1000/py 291 384 327 280 223 186 QoQ %p ▲ 1.3 ▲ 3.5 ▲ 2.7 ▲ 1.2 ▲ 2.4 ▲ 2.8 111 147 118 105 88 81 QoQ %p ▲ 1.2 ▲ 3.5 ▲ 2.0 ▲ 1.5 ▲ 2.3 ▲ 3.4 ’20 ’21 ’22 ’23 ‘24 ’25 Key Activities in ‘25.1Q (GBD)

LEASING MARKETYBD

Backed by the most stable leasing market among major districts, recorded a relatively high rental growth rate. In '25.1Q, the average vacancy rate in YBD was recorded at 3.0%, up 1.7%p from the previous quarter. This was mainly due to the addition of 'One Sentinel' (formerly Shinhan Investment Building, GFA 21,167 py) after major renovation. Excluding this property, the adjusted average vacancy rate was 1.5%, the lowest among major districts, continuing a stable trend. Notable leasing cases include Woori Bank signing a lease for approximately 1,000 py at Park One Tower 1, and beauty entertainment company Leferi signing a contract to move into Park One NH Financial Tower. This stable leasing environment also influenced rental growth. In the current quarter, YBD's rent (NOC) rose 3.3% from the previous quarter to 275,000 KRW/py. This increase significantly exceeds the Seoul-wide average of 1.4%, reflecting the effects of a stable leasing market. Woori Bank Parc1 Tower 1 Yeouidaero 108 1,134 Leferi Parc1 Tower 2 Yeouidaero 108 398

PineStreet Asset

Parc1 Tower 2 Yeouidaero 108 324

Hyundai Motor Securities

One Sentinel Yeouidaero 70 720 Key Activities in `25.1Q (YBD) Average Vacancy (YBD) Average Rent (YBD) Vacancy % 3.0% 4.7% 0.9% 1.2% 0.0% 4.3% QoQ %p ▲1.7 ▲ 3.9 ▼ 0.5 ▼ 0.5 ▼ 1.2 ▼ 0.3 NOC ￦1000/py 275 327 365 182 153 118 QoQ %p ▲ 3.3 ▲ 1.3 ▲ 0.9 ▲ 4.2 ▲ 0.8 ▲ 1.2 97 120 84 65 53 42 QoQ %p ▲ 3.4 ▲ 1.1 ▲ 1.1 ▲ 5.7 ▲ 0.8 ▲ 0.3

LEASING MARKETBBD

Among major districts, the narrowest vacancy rate fluctuation was observed, though some midto-large buildings showed high vacancy levels. In '25.1Q, the average vacancy rate of BBD office buildings was 3.3%, up 0.4%p from the previous quarter. Notably, this represented the smallest change in vacancy rate among all districts. Similar to GBD, large and ultra-large assets maintained low vacancy rates, while assets below mid-to-large scale showed relatively higher vacancy. This is attributed to the recent downturn in smaller IT firms, which make up a large portion of tenants in BBD. Several mid-to-large office buildings with relatively high vacancy were observed, including Ubiquitous Pangyo Building (GFA 5,002 py), Pangyo Innovalley B (7,820 py), and Pangyo Venture Forum (4,700 py), all exceeding 10% vacancy. Pangyo Technovalley C3-7 C Building (5,265 py) and Korea Electronic Trade Center (5,532 py) showed vacancy rates over 30%. In this quarter’s major leasing transactions, cosmetics manufacturer and distributor Cosmento Korea vacated its space in Samhwan Hi-Pex Building B. Similarly, IT materials company Innox exited the 8th floor of Pangyo Technovalley C3-7 C Building. On the other hand, Hyundai Transys, a Hyundai Motor Group parts affiliate, signed a new lease for 581 py (leasable area) at the Pangyo Hyundai Department Store Office. In terms of rent, the average office rent (NOC) in BBD for the current quarter was 234,000 KRW/py, up 1.2% from the previous quarter. Notably, despite the turn of the year, some mid-to-large buildings with relatively high vacancy rates recorded a slight decline in rents compared to the previous quarter. Key Activities in `25.1Q (BBD) Hyundai Transys Pangyo Hyundai Department

Store Office

20, Pangyoyeok-ro 146beon-gil Average Vacancy (BBD) Average Rent (BBD) Vacancy % 3.3% 1.0% 2.1% 10.7% 4.2% 5.8% QoQ %p ▲ 0.3 ▲ 0.1 ▲0.5 ▲ 0.7 ▲0.6 ▲ 2.3 NOC ￦1000/py 234 264 227 201 214 150 QoQ %p ▲ 1.2 ▼ 0.1 ▲ 6.3 ▼ 8.0 ▲ 7.9 ▲ 1.1 84 94 82 72 73 57 QoQ %p ▲ 1.3 - ▲ 3.6 ▼ 5.3 ▲ 7.7 ▲ 4.5 ’20 ’21 ’22 ’23 ‘24’25 ’25

LEASING MARKETOTHERS

Average vacancy rate and rent increased due to new office supply in Magok. In '25.1Q, the average office vacancy rate in Seoul’s Others region was 15.3%, up 4.2%p from the previous quarter. Following a sharp rise in vacancy due to large-scale office supply in the Magok area last quarter, vacancy rates rose again this quarter with the addition of the large-scale Eastpole Tower in Jayang-dong (GFA 26,062 py). However, the Others region offers competitive advantages—such as lower rents compared to other districts, new building premiums, and excellent physical infrastructure—which are expected to positively impact future vacancy absorption. In the same quarter, the average office rent (NOC) in the Others region increased by 2.4% from the previous quarter to 199,000 KRW/py. This growth, which exceeds the Seoul-wide average of 1.4%, is interpreted as being driven by the successive completion of large-scale office buildings. A series of lease agreements signed for newly built offices in the Magok area. Leasing activity has been steadily progressing in the newly supplied ultra-large office buildings in the Magok area from the previous quarter. However, due to the sheer size of the supply, it is expected to take some time before a meaningful reduction in vacancy is achieved. Notable lease deals this quarter include DL E&C signing a lease for 10,000py of leasable area at the One Grove Building in Magok. In addition, Air Incheon and Neuberger Berman Asset Management also signed leases at One Grove. The Korea National Institute for Lifelong Education, previously located in the Gwanghwamun NIA Building, signed a lease for 2,816py at K Square Magok. Given the strong physical competitiveness and rental pricing advantage of newly built offices in Magok, relocation and expansion by companies are expected to continue. DL E&C One Grove 165 Gonghang-daero 10,000 Korea National Institute for Lifelong Education K Square Magok 105-7 Magokjungang-ro 1,500 Average Vacancy (Others) Average Rent (Others) Vacancy % 15.3% 29.9% 12.6% 4.2% 5.6% 11.1% QoQ %p ▲ 4.7 ▲ 3.7 ▲ 9.9 ▲ 0.1 ▲ 1.7 ▲ 4.4 NOC ￦1000/py 199 243 195 185 158 122 QoQ %p ▲ 2.4 ▲ 1.0 ▲ 5.3 ▲ 1.5 ▲ 4.9 ▼ 2.4 69 84 66 61 60 50 QoQ %p ▲ 2.0 ▲ 1.4 ▲ 4.1 - ▲ 6.9 ▼ 2.8 400 NOC Nominal Rent ’20 ’21 ’22 ’23 ‘24’25 ’25 Key Activities in `25.1Q (Others) 2 INVESTMENT MARKET

Seoul and Bundang

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 2020 2021 2022 2023 2024 2025 1Q 2Q 3Q 4Q 25.1Q Office Volume Highest Q1 in 5 Years Increase in Forward Purchases in

the OTHERS Region

In '25.1Q, approximately 286,000 py of office space was transacted in the Seoul and Bundang regions, with a total transaction value of around 6.0 trillion KRW. This is similar to the previous quarter and reflects a gradual recovery trend since Q1 2023. This quarter’s investment market was mainly driven by transactions involving mid-to-small-scale office assets, such as ‘Crystal Square’ and ‘Daishin 343’ in the CBD, and ‘Gangnam Finance Plaza’, ‘363 Gangnam Tower’, and ‘Dosan 150’ in the GBD, as well as forward purchases in the Others region. This quarter's transaction volume was analyzed to be approximately twice as high as the same period last year, marking the largest Q1 transaction value in five years since Q1 2020. Major transactions this quarter included Crystal Square, Daishin 343, Seoul N Square, Jeongan Building, and Namsan Square in the CBD area. Crystal Square was acquired by LB Asset Management from CapitaLand Investment Management for 206.8 billion KRW (37.1 million KRW/py), with SillaJen participating as a strategic investor. Daishin 343 was purchased by Daishin Asset Trust from Daishin Securities for 662 billion KRW (41 million KRW/py). Namsan Square was acquired by HDC Asset Management from IGIS Asset Management for 580.4 billion KRW (25.5 million KRW/py), with plans for future remodeling and expansion. Seoul N Square was bought by the Korea Financial Telecommunications & Clearings Institute (KFTC) from GRE Partners Asset Management for 154.5 billion KRW (31.2 million KRW/py), while Jeongan Building was acquired by Yonhap Asset Management from Edn Asset Management for 131.5 billion KRW (27.73 million KRW/py). Both Seoul N Square and Jeongan Building are planned to be used as owneroccupied headquarters by KFTC and Yonhap Asset Management. In the GBD area, Gangnam Finance Plaza, 363 Gangnam Tower, and Dosan 150 were transacted. Gangnam Finance Plaza was acquired by Gravity Asset Management from Mastern Investment Management for 276 billion KRW (37.73 million KRW/py) and is planned to be used as the new headquarters of Isu Chemical. 363 Gangnam Tower was purchased by Harmony Partners Ltd. from Starroad Asset Management for 153.3 billion KRW (44.4 million KRW/py), and Dosan 150 was acquired by Jeongseok Enterprise from Mastern Investment Management for 153 billion KRW (40.06 million KRW/py). In the YBD area, Hyundai Card Building 2 was sold by Hyundai Capital to Hyundai Card for 82.4 billion KRW (22.92 million KRW/py), and it is expected to be used as Hyundai Card’s new headquarters. Major transactions in the Others region included Chungjeongno Building, Semi-Aparel Headquarters, One Grove (CP4), G-Valley Biz Plaza, and Le West City Tower A & B (CP1). Chungjeongno Building was acquired by Together Asset Management from Wonsuk D&C and SD Edu for 232 billion KRW (15.75 million KRW/py), with the previous sellers retaining approximately 90% equity investment in common shares. The Semi-Aparel HQ was purchased by Pacific Asset Management from Semi-Aparel for 355 billion KRW (19.32 million KRW/py) for rental housing development purposes. One Grove (CP4) was forward-purchased by IGIS Asset Management from Magok CP4 PFV for 2.3349 trillion KRW (16.66 million KRW/py). G-Valley Biz Plaza was transacted as a beneficiary certificate deal within IGIS Asset Management for 416 billion KRW (13.84 million KRW/py). Le West City Tower A & B (CP1) was forward-purchased by KT Asset Management from Magok MICE PFV for 534 billion KRW (6.44 million KRW/py). In the Others region, forward purchase transactions in the Magok district continued from the previous quarter, driving this quarter’s total transaction volume. As new supply in major regions—excluding the CBD—is expected to remain limited, ongoing monitoring of investment market trends across districts will be necessary. Transaction Volume Trend Unit ￦T Sustained Upward Trend in Average Prices Investor Sentiment Expected to Recover Amid Interest Rate Cuts In 25.1Q, the average transaction price per py for Seoul offices was 30.92 million KRW, marking a 6% increase from the previous quarter (28.99 million KRW/py). This upward trend in average transaction price per py, which began in 24.2Q, continued into the current quarter. The average cap rate for Seoul offices was recorded at 4.67%, while the 3-year Korean Treasury bond yield stood at 2.59%, resulting in a cap rate–interest rate spread of 208 bps. The continued rise in average office transaction prices following rate cuts that began in 24.3Q suggests a recovery in investor sentiment. The impact of further interest rate reductions on the office transaction market remains a key point of observation. Trends in transaction volume and average transaction price per py 10,000 20,000 30,000 40,000 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Transaction Area(Left) Average Price per Py(Right) 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 ’19 ’20 ’21 ’22 ’23 ‘24 Unit PyUnit ￦K Average cap rate of Seoul office buildings 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Cap rate Treasury Bonds (3 Years) 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 ’19 ’20 ’21 ’22 ’23 ‘24 Expansion of Market Driven by Interest Rate Cuts Since the interest rate cuts in Q3 2024, the office investment market has gradually regained momentum. With this shift in sentiment and expectations, assets previously withheld from sale and listings that had remained on the sidelines are now expected to reenter the market in earnest. Numerous assets in major districts are currently under negotiation,and with additional listingsanticipated, overall transaction volumeis projected to increase. The polarization between core and non-core assets is expected to intensify in terms of competitiveness. Recent transaction trends in the CBD and GBD areas show a clear gap in price per py between core and non-core locations. Demand for core assets with strong locations and long-term, stable cash flows is expected to increase, while the pricing gap among non-core assets is likely to widen further. Differences in new supply risk are expected across office districts. In particular, the CBD accounted for approximately 60% of total transaction area this quarter, representing a significantly higher proportion than other districts. This concentration of listings in the CBD, observed since the previous quarter, is expected to continue as both ongoing and upcoming deals further increase supply in the area. In contrast, new office supply in other districts is expected to remain limited, highlighting the need to continuously monitor whether such dynamics will influence asset valuation within the office investment market Polarization Emerging Between Asset Types Impact of Regional New Supply Disparities on

the Investment

Key Deals in Seoul and Bundang (`25.1Q) Building District GFA py volume ￦100M

Price Per Py

￦10K

Buyer Seller

Crystal Square CBD 5,573 2,068 3,711

LB Asset CapitaLand

Namsan Square CBD 22,764 5,804 2,550 HDC Asset Daishin 343 Daishin Finance Center CBD 16,144 6,620 4,101 Daishin Asset Trust Daishin Securities Jeongan CBD 4,744 1,315 2,773 UAMCO Edn Investment Seoul N Square

Pfizer Office Building

CBD 4,951 1,545 3,120

Korea Financial

Telecommunications, Seoul FX Brokerage GRE Partners Asset 363 Gangnam GBD 3,453 1,533 4,440

Harmony Partners

Ltd., Harmony Retail Starroad Asset Gangnam Finance Plaza GBD 7,314 2,760 3,773 Gravity Asset Mastern Terrace B

Former Bangbae

GBD 5,642 750 1,329

Samdong Heung

San, Biltech

Kyobo AIM Asset

Dosan 150 GBD 3,819 1,530 4,006 Jungseok Corp. Mastern #81, Dosan150 PFV Hyundai Card Building 2 YBD 8,990 824 2,292 Hyundai Card Hyundai Capital Chungjeong-ro NICE Information Service HQ Others 1,473 232 1,575

Together Asset

Wonsuk D&C, SD Edu SEMI Apparel HQ Others 1,511 355 1,933 Pacific Asset SEMI Apparel *One Grove Others 140,119 23,349 - Magok CP4 PFV *G Valley Biz Plaza Others 30,050 4,160 - *Le West City

Tower A&B

Others 82,833 5,341 - KT Investment Magok MICE PFV *Excluded from per-py price calculation due to pre-acquisition INVESTMENT MARKETSeoul and Bundang Volume Expected to Increase in 25.2Q In 25.1Q, office assets in key districts such as 'Crystal Square', 'Seoul N Square', 'Gangnam Finance Plaza', and '363 Gangnam Tower' were transacted, drawing attention to whether transactions will close for offices currently under negotiation. As deals with preferred bidders already selected—such as 'KBD Life Tower', 'Crescendo Building', 'Doosan Tower', 'NC Tower 1', 'SI Tower', and 'BNK Digital Tower'—are expected to close, the transaction volume in 25.2Q is anticipated to surpass that of the current quarter. Key Deals (Scheduled) Building District GFA (py) Seller Remarks Signature CBD 30,249 IGIS Asset Management Bidding Scheduled City Center CBD 11,273 Hana Alternative Bidding Scheduled CenterPoint Gwanghwamun CBD 11,781 Koramco Asset Bidding Scheduled Timework Myeongdong CBD 11,291 IGIS Asset Management Bidding Scheduled KDB Life Tower CBD 24,936 KB Asset Management Preferred: CJ Olive Young Crescendo CBD 16,538

DWS Asset

Preferred: Koramco

Asset Management

Doosan Tower CBD 37,082

Mastern Investment

Preferred: Korea Investment & Securities Susong Square CBD 15,219 IGIS Asset Management, (Morgan Stanley) Private Deal: D&D

Namsan N

CBD 6,313 Next Properties Private Deal

Gangnam N

GBD 15,465 KB Real Estate Trust Private: Bithumb NC Tower 1 GBD 9,351 NCSoft Preferred: Pacific AM, Korea Sci. Pension SI Tower GBD 20,025 KB Asset Management Preferred: IGIS Asset

BNK Digital

GBD 20,026 BNK Asset Management Preferred: Shinhan REITs Samsung-dong GBD 9,279 Kyobo Real Estate Trust Preferred: JB Asset CenterPoint Seongsu OTHERS 3,019

Mastern Investment

Advisor Selected: Cushman & Wakefield Sangam Dream OTHERS 11,518

Ewha Asset

Preferred: Koramco Asset Management Research Design Survey Area Seoul and Bundang Survey Frequency Quarter Survey Method Call Survey Field Research

Lease Flyer

Ministry of Land, Infrastructure, and Transport

Public Data

Survey Items Leasing Market Security deposit, rent, management fee, vacant area, tenant movement Investment Market

Deals Closed

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 as ‘office’ area for keywords ‘office’, ‘finance’, ‘bank’, research institute’, or ‘office’ included in the floor usage in the building register provided by public data Size Categories for Office Building XL L ML M S GFA 20K py+ 66,116㎡+ GFA 10K py~20K py 33,058㎡~66,116㎡ GFA 5K py~10K py 16,529㎡~33,058㎡ GFA 3K py~5K py 9,917㎡~16,529㎡ Less than GFA 3k py less than 9,917㎡ Survey Target 945 Office Buildings with a GFA of 1000+ py *The intellectual property rights of the information provided in this report (including graphs, tables, etc.) are owned by RSQUARE. Unauthorized copying and distribution for commercial purposes without permission may result in legal sanctions. Real Estate Investment and Development Division, Big Data Consulting Team Won Chang Jin Director wcjin@rsquare.co.kr Sang Hyun Park Manager sh.park@rsquare.co.kr Chan Young Moon Researcher mcy1213@rsquare.co.kr Yoon Seo Jang Researcher yoonseo1215@rsquare.co.kr Yu Jin Sim Researcher yujin.sim@rsquare.co.kr