[RSQUARE] 2025_Q3 OFFICE Market Report_ENG

LEASING MARKET OFFICE MARKET REAL REPORT 2025 Q3 Leasing 2025 Q3 MARKET REAL REPORT OFFICE YBD Office Leasing 1 LEASING MARKET LEASING MARKET YBD New Supplies py

Vacancy Rate

Incl. new

NOC Transaction Volume

￦100M 11,077 +11,077 4.42% + 0.06%p 289,365 +1.2% 18,961 +1,603 GBD 7,428

• 6,542

4.74% +0.23%p 293,791 +0.1% 12,378 -13,956 YBD - - 2.03% -0.65%p 282,285 +0.3% -3,548 BBD - - 5.54% +0.48%p 254,169 +2.7% 24,148 +22,478 Seoul 19,860 -18,501 12.84% -1.77%p 201,079 +0.3% 17,354 +9,560 Q3 2025 Seoul Office Snapshot LEASING MARKETSeoul Office Market Overview YBD Drives Decline in Seoul’s Overall Office Vacancy Rate After ’25. 1Q In 25.3Q, Seoul’s office market continued to stabilize, with vacancy rates declining for the second consecutive quarter. The average vacancy rate fell to 6.6%, down 0.5 percentage points from the previous quarter, driven mainly by vacancy absorption in YBD and Other districts. During the quarter, around 38,000 py of new office space was supplied across the CBD, GBD, and Other districts, including Samyang Round Square N Tower (CBD), S1310 (GBD), and MUSINSA S1 (Others). Seoul Office Average Rent at KRW 265,000 per py, Steady Growth Amid Slowing Increases The average office rent (NOC) in Seoul reached KRW 265,000 per py in 25.3Q, up 0.5% from the previous quarter. While the pace of growth has continued to slow since 2023, rents maintained a solid upward trend, recording a 3.6% increase compared to the same period last year. In the mid-sized office segment, vacancy rates rose and nominal rents declined, while super-large offices saw lower vacancy rates and higher nominal rents. This divergence highlights concentrated tenant demand for competitive prime assets and suggests that value polarization across office assets is likely to intensify. District Building Location GFA(py) CBD Building 1897 (Donghwa Pharma HQ) 51 Sunhwa-dong, Jung-gu 4,764.15 CBD Samyang Round Square N Tower 532 Chungmu-ro 2-ga, Jung-gu 6,312.51 GBD Bundes Gangnam 819-2 Yeoksam-dong, Gangnam-gu 1,819.00 GBD AHN385 Seocho-dong 1319-9, Seocho-gu 1,448.63 GBD S1310 Seocho-dong 1310-15, Seocho-gu 4,160.24 Others Singongdeok IPARK Office Singongdeok-dong 27-8, Mapo-gu 6,723.42 Others MUSINSA S1 Seongsu-dong 2-ga 324-2, Seongdong-gu 7,648.62 Others Superfast Seongsu Seongsu-dong 2-ga 269-75, Seongdong-gu 1,756.58 Others NEXUS ONE Tower Seongsu-dong 2-ga 284-8, Seongdong-gu 2,528.60 Others Jangji-dong Complex Center Munjeong-dong 656-1, Songpa-gu 1,202.76 Average Vacancy (Seoul) Average Rent (Seoul) ’20 ’21 ’22 ’23 ‘24 Vacancy % 6.6% 7.3% 6.1% 5.5% 6.0% 8.0% QoQ %p ▼ 0.5 ▼ 1.9 ▲ 0.3 ▲ 0.3 ▼ 0.5 - NOC ￦1000/py 265 331 277 226 199 157 QoQ %p ▲ 0.5 ▲ 0.7 ▲ 0.5 ▲ 0.1 ▲ 0.6 ▲ 0.4 99 126 100 82 78 67 QoQ %p ▲ 0.4 ▲ 0.5 ▲ 0.4 ▼ 0.1 ▲ 0.6 ▲ 0.4

LEASING MARKETCBD

Rental Rates Continue to Rise as Market Polarization Intensifies In 25.3Q, the average CBD office vacancy rate recorded 4.4%, remaining at a level similar to the previous quarter. However, the completion of DL Group and its affiliates’ headquarters relocation to other districts toward the end of the quarter is expected to impact vacancy levels in 4Q. During the quarter, Building 1987 (GFA: 4,764 py) and Samyang Round Square N Tower (GFA: 6,313 py) were completed, adding a total of 11,077 py of new, owner-occupied office supply to the CBD. Major leasing transactions included MetLife at G1 Seoul (2,216 py), Samsung Fire & Marine Insurance at Tower 107 (1,008 py), Hanwha Loss Adjusting at the Korea Chamber of Commerce building (727 py), and New Balance at INNO88 (621 py). The average CBD office NOC was recorded at KRW 289,000 per py, extending its upward trend for the third consecutive quarter and increasing by approximately 1.2% compared to the previous quarter. NOC for large and prime offices increased by 1.6% compared to the previous quarter to KRW 335,000 per py, while NOC for mid- to small-sized offices declined slightly by 0.1% compared to the previous quarter to KRW 182,000 per py, indicating widening market polarization. MetLife G1 Seoul 87 Insadong-gil, Jongno-gu 2,216 Samsung Fire & Marine Tower 107 107-1 Chodong, Jung-gu 1,008 Hanwha I&A Korea Chamber of Commerce & Industry 45 Namdaemun-ro 4-ga, Jung-gu 727 New Balance INNO 88 98-5 Unni-dong, Jongno-gu 621 Shinhan Life Central Place 419 Jungnim-dong, Jung-gu 306

BlackRock Gran Seoul

70 Cheongjin-dong, Jongno- Heungkuk Fire & Marine

Handuk Building

242-1 Jongno 6-ga, Jongno- Average Vacancy (CBD) Average Rent (CBD) Vacancy % 4.4% 3.8% 4.6% 3.3% 6.8% 5.1% QoQ %p ▲0.1 ▲0.2 ▲0.1 ▲0.7 ▼ 1.4 ▼ 0.3 NOC ￦1000/py 289 366 305 215 195 133 QoQ %p ▲ 1.2 ▲ 2.0 ▲ 1.1 ▼ 0.7 ▲ 0.2 ▲ 0.3 116 149 119 85 77 58 QoQ %p ▲ 1.2 ▲ 2.2 ▲ 1.0 ▼ 0.8 ▲ 0.1 ▲ 0.3 400 NOC Nominal Rent

LEASING MARKETGBD

Vacancy Rates Edge Up, Rental Growth Slows In 25.3Q, the average vacancy rate of GBD office buildings was recorded at 4.7%, up 0.2 percentage points compared to the previous quarter. After a brief pause in the prior quarter, vacancy rates resumed an upward trend, mainly due to newly emerged vacancies at Majesta City, Gangnam Finance Plaza, and Anam Tower. GBD recorded approximately 7,428 py of new office supply following the completion of newly delivered buildings, including Bundes Gangnam, AHN385, and S1310.On the leasing front, fintech firm Viva Republica signed a large-scale lease for 3,930 py at Office 459, fully absorbing the building’s remaining vacancy. Onecell Mediclinic leased 1,070 py at NRA Tower, while U.S.-based cloud data solutions provider Snowflake secured 351 py at POSCO Tower Yeoksam. In addition, Samsung-dong Building, which had faced vacancy issues since 3Q 2024, partially resolved its vacancies through leases signed by Hyundai AutoEver (941 py) and Unilever (356 py). In 25.3Q, average GBD office rent (NOC) stood at KRW 294,000 per py, increasing by 1.0% compared to the previous quarter and by 2.7% compared to the same period last year. While rental growth has moderated compared to earlier periods, the overall upward trend remains intact. Average Vacancy (GBD) Average Rent (GBD) Vacancy % 4.7% 0.5% 3.0% 7.4% 6.8% 7.8% QoQ %p ▲ 0.2 ▲ 0.2 ▲ 0.6 ▲0.2 ▲ 0.2 ▼ 0.5 NOC ￦1000/py 294 393 330 281 223 185 QoQ %p ▲ 0.1 ▼ 0.1 ▲ 0.1 ▲ 0.2 ▲ 0.5 ▲ 0.2 112 151 120 105 88 81 QoQ %p ▼ 0.2 ▼ 0.9 ▲ 0.1 ▼ 0.1 ▲ 0.5 - Viva Republica Office 459 1303-34 Seocho-dong, Seocho-gu 3,930 Onecell Mediclinic NR Tower 9-21 Samseong-dong, Gangnam-gu 1,070 Hyundai AutoEver Samsung-dong Building 157-1 Samseong-dong, Gangnam-gu 941

Korea Electric Power

Corp.

Nonhyeon Youngpoong

142-12 Nonhyeon-dong, Gangnam-gu 575 Snowflake Posco Tower Yeoksam 735-3 Yeoksam-dong, Gangnam-gu 351 BY4M K407 747-25 Yeoksam-dong, Gangnam-gu 390 Unilever Samsung-dong Building 157-1 Samseong-dong, Gangnam-gu 356

LEASING MARKETYBD

Falling Vacancy in Super-Large Offices Supports Continued Rental Growth In 25.3Q, the average vacancy rate of YBD office buildings was recorded at 2.0%, down 0.7 percentage points from the previous quarter. Vacancy absorption at super-large buildings such as One Sentinel and the FKI Tower drove the overall decline. In addition, several buildings including Meritz Fire & Marine Insurance HQ and Kiwoom Finance Square are currently undergoing redevelopment, while others such as Mirae Asset Securities Tower and the Fire Insurance Association building are at the planning stage, pointing to further reductions in office supply. Together with tenants’ strong preference to remain within the district, these factors have helped keep vacancy rates at a low and resilient level. Notable leasing activity included NH Capital leasing 2,154 py and the Korea Insurance Research Institute leasing 757 py at One Sentinel. At the FKI Tower, Hwaseung Corporation leased 251 py and Korea Investment Real Estate Trust leased 241 py, underscoring solid tenant demand in the district. The average YBD office rent (NOC) reached KRW 282,000 per py, increasing by 0.3% compared to the previous quarter and by approximately 8% compared to the same period last year. This reflects continued rental growth supported by low vacancy levels and stable tenant demand. NH Capital One Sentinel 23-2 Yeouido-dong, Yeongdeungpo-gu 2,154 Korea Insurance Research Institute One Sentinel 23-2 Yeouido-dong, Yeongdeungpo-gu 757 Hwaseung Corporation FKI Tower 28-1 Yeouido-dong, Yeongdeungpo-gu 251 Korea Investment Real Estate Trust FKI Tower 28-1 Yeouido-dong, Yeongdeungpo-gu 241

Ryukyung PSG Asset

Yeouido Finance Tower 23-8 Yeouido-dong, Yeongdeungpo-gu 135 Average Vacancy (YBD) Average Rent (YBD) Vacancy % 2.0% 2.8% 0.7% 1.2% 0.3% 5.1% QoQ %p ▼ 0.7 ▼ 1.4 ▼ 0.1 - ▲0.2 ▲1.6 NOC ￦1000/py 282 337 268 188 160 117 QoQ %p ▲ 0.3 ▲ 0.1 ▲ 0.2 ▲ 0.9 ▲ 4.0 ▼ 1.2 101 125 85 68 56 41 QoQ %p ▲ 0.3 - ▲ 0.3 ▲ 0.8 ▲ 5.0 ▼ 2.1

LEASING MARKETBBD

Average Office Vacancy Rises, Rental Growth Led by Extra-Large Offices In 25.3Q, the average vacancy rate of BBD office buildings reached 5.5%, up 0.5 percentage points compared to the previous quarter. By submarket, the average vacancy rate in Pangyo rose by 0.9 percentage points to 3.7%, while the average vacancy rate in the Bundang area excluding Pangyo declined by 0.4 percentage points to 10.0%. These movements reflect newly emerged vacancies at large Pangyo office buildings such as Two Sun World and Korea Bio Park, contrasted with partial vacancy absorption at large offices outside Pangyo, including Bundang First Tower. Notable leasing activity during the quarter included LIG Nex1 leasing 2,097 py and U.S.-based semiconductor design software provider Synopsys leasing 465 py at H Square S Tower. In addition, medical device manufacturer VIOL leased 465 py at Two Sun Building. The average BBD office rent (NOC) was recorded at KRW 254,000 per py, increasing by 2.7% compared to the previous quarter and by 11.7% compared to the same period last year. While extra-large offices posted a strong rent increase of 4.8% compared to the previous quarter, mid- and small-sized offices saw slowing growth or declines, indicating widening rent differentials driven by asset-level competitiveness within the district. Average Vacancy (BBD) Average Rent (BBD) Vacancy % 5.5% 1.5% 7.8% 10.5% 11.4% 7.1% QoQ %p ▲ 0.5 ▲ 0.2 ▲0.4 ▲0.4 ▲1.9 ▲ 0.9 NOC ￦1000/py 254 305 230 203 213 151 QoQ %p ▲ 2.7 ▲ 4.8 ▲ 0.1 ▲ 0.7 ▼ 0.2 ▲ 0.1 92 112 84 73 72 57 QoQ %p ▲ 3.1 ▲ 5.4 ▲ 0.1 ▲ 1.2 ▼ 0.5 ▲ 0.1 LIG Nex1 H Square S Tower 680 Sampyeong-dong, Bundang-gu, Seongnam-si 2,097 Synopsys H Square S Tower 680 Sampyeong-dong, Bundang-gu, Seongnam-si 465 VIOL Two Sun Building 672 Sampyeong-dong, Bundang-gu, Seongnam-si 465 Kakao Pay Securities Pangyo Tech One 534 Baekhyeon-dong, Bundang-gu, Seongnam-si 119

LEASING MARKETOTHERS

Vacancy Declines for the Second Consecutive Quarter, Rental Growth Moderates In 25.3Q, the average vacancy rate in Seoul’s Other districts declined by 1.8 percentage points from the previous quarter to 12.8%, extending the downward trend. Remaining vacancies at East Pole Tower in Gwangjin-gu were absorbed, while additional vacancy absorption was also recorded at extra-large office buildings in Magok, including One Grove and K-Square Magok. Notable leasing activity during the quarter included cosmetics manufacturer Torriden leasing 1,030 py at Lotte World Tower, Hanil Electric leasing 597 py at Semicolon Mullae, and Shinhan Life Insurance leasing 683 py at BS Hanyang Tower in Munjeong-dong. In addition, cosmetics manufacturer Leterinity leased 116 py at K-Square Magok. The average office rent (NOC) in Seoul’s Other districts reached KRW 201,000 per py, increasing by 0.3% compared to the previous quarter and by 8.5% compared to the same period last year. Average Vacancy (Others) Average Rent (Others) Vacancy % 12.8% 19.8% 13.2% 6.2% 5.1% 11.2% QoQ %p ▼ 1.8 ▼ 5.9 ▲ 0.2 ▲ 0.1 ▼ 1.1 ▲ 0.7 NOC ￦1000/py 201 246 196 188 160 125 QoQ %p ▲ 0.3 ▲ 0.2 ▲ 0.3 ▲ 0.4 ▲ 0.3 ▲ 1.6 69 85 66 62 61 51 QoQ %p ▲ 0.3 ▲ 0.1 ▲ 0.3 ▲ 0.1 ▲ 0.5 ▲ 1.8 400 NOC Nominal Rent Torriden Lotte World Tower 29 Sincheon-dong, Songpa- 1,030 Hanil Electric Semicolon Mullae 55-18 Mullae-dong 3-ga, Yeongdeungpo-gu Shinhan Life Insurance BS Hanyang Tower 641-11 Munjeong-dong, Songpa-gu Gear2 MUSINSA S1 324-2 Seongsu-dong 2-ga, Seongdong-gu

Returnity K-Square Magok

768-1 Magok-dong, Gangseo-gu Office 2 INVESTMENT MARKET Seoul and Bundang INVESTMENT MARKET ’25 Cumulative Transactions Total of KRW 19 Trillion, Excluding YBD Pangyo Tech One Records the Largest Ever Transaction in Office transaction activity across Seoul and the Bundang region reached approximately 240,000 py in 25.3Q, with total transaction value amounting to around KRW 7.3 trillion. Cumulative investment volume in 2025 stood at about KRW 19 trillion. Compared to the previous quarter, transaction area increased by roughly 66,000 py, while transaction value rose by approximately KRW 1.6 trillion, or 28%. Excluding YBD, where available assets remain limited, multiple large-scale transactions exceeding KRW 100 billion were completed across Seoul and Bundang, driven largely by strategic investors. In the CBD, several landmark deals were recorded. Pacific Tower was acquired by Aberdeen Asset Management for KRW 574.0 billion, while Ferrum Tower was repurchased by Dongkuk Steel for KRW 645.0 billion. Hyundai Group Building was sold under a sale-and-leaseback structure for KRW 450.0 billion, and Samyang Foods pre-acquired Samyang Round Square N Tower for KRW 227.0 billion to secure its headquarters. GBD activity was characterized by owner-occupied investments led by strategic investors. Notable transactions included the acquisition of NC Tower 1 for KRW 443.5 billion and Samwon Tower (partial) for KRW 200.6 billion. Transactions in the Other districts included several high-profile deals. Tower 730 traded for KRW 869.4 billion, while Nudit Seoul Forest was acquired for KRW 182.5 billion. Quest City Tower C was also acquired for headquarters use. The BBD recorded a landmark transaction that set a new market benchmark. Pangyo Tech One was acquired by the Korea Investment Real Assets–KakaoBank consortium for KRW 1.982 trillion, marking both the largest transaction in the Bundang region and the largest singlebuilding deal on record. Pangyo Campus A was also acquired for KRW 432.8 billion. Seoul and Bundang Transaction Volume Trend Unit ￦T 0.0 5.0 10.0 15.0 20.0 2020 2021 2022 2023 2024 2025 1Q 2Q 3Q 4Q INVESTMENT MARKET Price Differentiation Driven by Asset Competitive -ness Activity Expected to Remain Stable In 25.3Q, the average transaction price per py for office assets in Seoul and the Bundang region stood at KRW 30.76 million, down approximately 8% from the previous quarter (KRW 33.60 million per py). The decline was mainly driven by lower pricing in small-sized office transactions in the GBD, which outweighed the impact of large-scale transactions in the CBD. This indicates increasingly clear price differentiation based on asset-level competitiveness. The average cap rate for Seoul office assets was recorded at 4.17%, extending its downward trend since 3Q 2024 and declining by 0.13 percentage points from the previous quarter. As of 3Q 2025, the yield on 3-year Korean government bonds stood at 2.45%, resulting in a cap rate spread of 171 bps. Looking ahead, the investment market is expected to maintain a stable trajectory, supported by active participation from strategic investors and easing senior loan interest rates.

Seoul and Bundang

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 2 3 ’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 2 3 ’19 ’20 ’21 ’22 ’23 ‘24 INVESTMENT MARKETSeoul and Bundang Strong Liquidity Driven by SI Demand and Returning Foreign Capital In 25.3Q, the office market in Seoul and the Bundang region set a new quarterly transaction record, supported by expanding market liquidity. Excluding YBD, where available assets remain limited, transactions were active across all districts. A total of 13 large-scale deals exceeding KRW 100 billion were recorded, with CBD and Other districts accounting for four transactions each. Solid demand from strategic investors seeking owner-occupied offices continued, alongside the use of share-deal structures. These transactions are viewed as strategies to enhance cost efficiency by reducing acquisition taxes, while enabling faster asset transfers and flexible assumption of existing financing structures through equity ownership changes. In addition, three transactions involving global investors were confirmed, including BGO (Tower 730), Aberdeen (Pacific Tower), and PAG (Sangam Dream Tower). Falling loan interest rates and the completion of SI-led transactions for prime assets have helped reduce market uncertainty, which in turn is driving renewed interest from foreign investors. Key Deals in Seoul and Bundang (`25.3Q) Building District GFA py Transac tion volume ￦100M Price

Per Py

￦10K

Buyer Seller

Pacific Tower* CBD 17,999 5,740 3,189

Pebblestone Asset

(Aberdeen Asset Management)

Pebblestone Asset

(Housing & Urban Fund) Ferrum Tower CBD 16,848 6,451 3,829 Dongkuk Steel Samsung Life Hyundai Group CBD 15,874 4,500 2,835 Bolt Asset Hyundai Elevator NC Tower 1 GBD 9,351 4,435 4,743 NCSoft WeWork GBD 6,088 2,125 3,490 Urban Asset Hana Alternative

Samwon Tower

(Partial) 12,513 (5,733) 2,007 3,500 (Hecto Group)

JR Asset

(Aberdeen) 413 Towe GBD 1,976 837 4,235 S-ValueUp 413 Avenue Value- Up Co., Ltd.

Sangam Dream

Others 11,518 1,710 1,485

Koramco Asset

Management (PAG)

Ihwa Asset

Tower 730* Others 24,420 8,694 3,560 Hyundai

Investment Asset

(BentallGreenOak)) Hyundai

Investment Asset

(Hyundai Marine & Fire Insurance)

Nudit Seoul Forest

Others 5,157 1,825 3,539 111 Percent

IGIS X Asset

르웨스트시티타워

C동 Others 15,668 2,961 1,890 Sono International Magok MICE PFV SK Pangyo Campus A BBD 20,275 4,328 2,135 SK Broadband SK

Pangyo Tech One

BBD 59,664 19,820 3,322

Korea Investment

Real Assets – KakaoBank Consortium

Mirae Asset

(GIC)

• Share Deal

INVESTMENT MARKETSeoul and Bundang Expectations for a Record High Transaction Value As of 25 3Q on a cumulative basis, office transaction volume in Seoul and the Bundang region reached approximately KRW 19 trillion, already surpassing the full-year 2024 total of around KRW 14 trillion. Preferred bidders have been designated for several large office assets, including Seoul Square, Eulji Twin Tower A, Doosan Construction Headquarters, City Center Tower, and Bundang Doosan Tower. Supported by additional capital inflows from blind funds established by major institutional investors, full-year transaction volume in 2025 is expected to reach a new record high. Key Deals (Scheduled) Building District GFA (py) Seller Remarks Seoul Square CBD 40,174 ARA Korea Asset Korea Investment Real Assets Eulji Twin Tower A CBD 26,093 KT Asset Management Bidding Completed City Center CBD 11,273

Hana Alternative Asset

Preferred Bidder: ST Orange Center CBD 10,337

NH-Amundi Asset

Preferred Bidder: BNK Four Points by Sheraton Josun Myeongdong CBD 6,551 IGIS Asset Management Doosan Construction HQ GBD 12,062 IGIS Asset Management Leading Asset AP Tower GBD 4,373 IGIS Asset Management Smilegate Asset Sangam IT OTHERS 13,961 CAC Partners Asset Korea Land Trust Bundang

Doosan Tower

BBD 38,887 Koramco Asset Trust

Koramco Asset

Humax Village BBD 13,490 Korea Land Trust Bidding Completed 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 A Reum Jo Senior Manager newpeak@rsquare.co.kr Sang Hyun Park Manager sh.park@rsquare.co.kr Chan Young Moon Researcher mcy1213@rsquare.co.kr