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Briefing Seoul Office Sector Q3 2015

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Briefing Seoul Office Sector Q3 2015 Savills World Research Korea Briefing Seoul office sector Q3 2015 Image : CBD, Seoul SUMMARY The growing demand for office relocations arising from the remodeling of existing buildings and strategic repositioning led to a net demand increase. However, rental rates showed no significant change. In Q3 the net absorption of Seoul In September 2015 international prime office space was 72,300sqm. rating agency Standards & Poor’s “Total employment increased The CBD and YBD posted demand raised Korea’s credit rating back to slightly and demand for office increases while the GBD saw its pre-foreign exchange crisis level demand decrease. of AA-. space rebounded despite recent international financial market The Seoul prime office market The total volume of office posted a 0.4% YoY increase in face transactions executed in Q3 was uncertainty.” rents, which is below CPI (0.6% in KRW 283.2 billion; with small and Q3/2015). medium sized buildings in secondary markets accounting for the majority Savills Research of transactions. savills.co.kr/research 01 Briefing |Seoul office sector Q3 2015 Supply TABLE 1 No new prime office buildings were Montly rent and vacany rate by district, Q3/2015 supplied in Q3 2015. Average rent Average rent YoY rental Net absorption District (KRW per 3.3058 (KRW per 3.3058 Vacancy rate (%) increase rate (%) (sq m) sq m GLA) sq m NLA) Demand and vacancy rate CBD 100,900 180,100 0.7% 63,560 15.7 The IMF recently adjusted its outlook for Korea’s economic growth for 2015 GBD 85,400 166,500 0.1% -1,670 10.4 from 3.1% to 2.7%, whilst the BOK also lowered its GDP forecasts from YBD 78,100 160,600 0.1% 10,400 16.5 2.8% to 2.7%. On a more positive note S&P raised Korea’s credit rating Overall Seoul 91,400 171,800 0.4% 72,300* 14.1 from A+ to AA-, its highest level since Average the foreign exchange crisis. The Source: Savills Korea number of employees in the financial *Net absorption of Seoul prime office buildings. and insurance sectors inched up again in September, after declining GRAPH 1 since May 2015. Growth rate of real GDP and real exports, 2006 - 2016 (E) In Q3/2015, the total net absorption Economic Growth (GDP, annual variance in %) Export Growth (annual variance in %) 18% of the Seoul prime office market 17.1% was 72,300sqm. By district, the 16% CBD posted a net absorption of 14% 63,560sqm and the YBD 10,400sqm, 12.4% 13.5% while the GBD showed a net 12% 13.4% absorption of -1,670sqm. 10% The overall vacancy rate of the Seoul 8% 6.5% prime office market declined by 1.2% 6.0% 6% 5.2% 5.5% ppt from the previous quarter to 4.4% 4.5% 14.1%, as the vacancy rates in both 4% 3.3% 2.7% 3.2% the CBD and YBD fell. 3.7% 2% 2.8% 2.9% 0.7% 2.3% 2.3% 2.3% 0.2% 0.4% The vacancy absorption in Q3/2015 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016F was mainly attributable to office upgrades involving secondary to Source: Bank of Korea prime relocations, which accounted for 36% of total absorption. However, GRAPH 2 our survey shows that many of these The number of employees in the financial and insurance sectors, relocations were temporary moves. Sep 2006 – Sep 2015 Prime to prime office relocations represented 26% of vacancy Financial Institutions & Insurance Employment (LHS) absorption, office expansion 23% Unit : Number Employed (thousands) Total Employment (RHS) 1,200 27,000 and new office establishment 15%. 1,100 25,000 The CBD witnessed a 2.3% ppt QoQ decrease in vacancy to 15.7%. Of 1,000 23,000 all the CBD sub-markets (Jongno/ Gwanghwamun, City Hall/Euljiro, 900 21,000 Seoul station/Namdaemun), the Seoul station area showed the 800 19,000 most significant decline. As large vacancies in STX Namsan Tower 700 17,000 and Twin City Namsan were filled by tenants, the vacancy rate of this 600 15,000 area dropped from 32.6%, posted in Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 the previous quarter, to 28.3%. STX Source: Korean Statistical Information Service savills.co.kr/research 02 Briefing |Seoul office sector Q3 2015 Namsan Tower’s vacancy declined GRAPH 3 as Dongbu Steel and Daewoo Net absorption, Q1/2008 – Q3/2015 Shipbuilding & Marine Engineering CBD GBD YBD took occupation, while Seoul Square Unit: sq m saw its vacancy decline as LG 350,000 Electronics expanded. 300,000 250,000 Demand arising from the need 200,000 for office upgrades was most 150,000 pronounced in the CBD, which 100,000 recorded the greatest vacancy 50,000 absorption. JR AMC and ABC 0 Mart Korea, which had leased in -50,000 secondary GBD buildings, upgraded -100,000 by relocating to Pine Avenue B. -150,000 Maersk Korea, with its affiliate -200,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Damco Logistics, relocated from Hana Tour’s building to Twin City 2008 2009 2010 2011 2012 2013 2014 2015 Namsan. Temporary office upgrades Source: Savills Korea included Hana Tour, which moved to Pine Avenue B. The tour agency GRAPH 4 signed a six-month lease in Pine Seoul prime office vacancy rate, Q1/2002 – Q3/2015 Avenue B as it began remodeling its own building to include a duty-free CBD GBD YBD shop, after it was granted a duty-free 30% license in July. 25% The overall vacancy rate of the 20% GBD remained at 10.4%. However, there were a number of relocations 15% within the area. Amway Korea left Korea Textile Center for ASEM 10% Tower and the resulting vacancy in Korea Textile Center was filled 5% by law firm, Yulchon, expanded its existing space. SK Hynix relocated 0% from Samsung Life Insurance’s Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Daechi Tower to Pangyo U Tower and the subsequent vacant space Source: Savills Korea was absorbed by Samsung Life Insurance. The relocation of GRAPH 5 Samsung Life Insurance increased The CBD prime office vacancy rate, Q1/2010 – Q3/2015 the vacancy in Samsung Finance Building and Glass Tower. On the Jongno-Gwanghwamun Euljiro-City Hall Seoul Station-Namdaemun other hand, KAIT Tower recorded 35% vacancy rate declines due to office 30% expansion by existing tenants and luring new tenants. 25% 20% In the YBD the vacancy rate dropped by 0.8% ppt quarter-on-quarter 15% to 16.5%. Hanwha Hotel & Resort 10% relocated to Hanwha Life Insurance’s 5% 63 Building as the remodeling of Hanwha Janggyo Building began. 0% The vacancy rate of FKI Tower, which Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 was 18% in the previous quarter, 2010 2011 2012 2013 2014 2015 fell to 11% as the child day care Source: Savills Korea savills.co.kr/research 03 Briefing |Seoul office sector Q3 2015 center of Hyundai Card, the Startup By district, the CBD is likely to to see increased vacancy as Korea Support Center of Hyundai Capital, see the most change, with the Scholarship Foundation will move to Dongbu Fire & Marine Insurance and vacancy rate expected to rise by Daegu. Finally, Servico will lease two Dongbu Asset Management all took approximately 0.3% ppt from Q3 floors at Tower 8. occupation. to around 16%. Samsung Fire & Marine, located at YG Tower, plan In the GBD, the vacancy rate will Outlook to move to City Center Tower. CJ remain in the low-10% range, In Q4, the office market is expected Korea Express will relocate from its which is the same as Q3. Samsung to remain steady with no material own office building in Ssangnimdong Life Insurance’s organizations changes from Q3. to Pacific Tower. Yeonsei Building is will complete their relocation to TABLE 2 Major tenant relocations, Q3/2015 Previous District Current building Tenant Area (sqm) Previous building district D Tower S-Oil Project TFT 4,170 New Office Opening Hana Tour 13,440 CBD Hana Tour Building Pine Avenue B Hanwha S&C 7,198 CBD Hanwha Janggyo ABC Mart Korea 1,637 Others Gangnam Paragon S DSME 6,474 GBD El Crew Building STX Namsan Tower Dongbu Steel 5,346 GBD Dongbu Finance Centre CBD Twin City Namsan Maersk Korea 2,744 CBD Hana Tour Building Twin Tree Embassy of Japan 6,508 CBD Embassy WISE Tower (former YTN Tower) Polaris Shipping 2,561 CBD KCCI Seoul Square LG Electronics 3,855 Office Expansion Ferrum Tower SK 3,155 Office Expansion Hanwha Finance Plaza Hanwha Sogong Hanwha Machinery 3,188 CBD Taepyeongno Building Bullsone 3,134 GBD Dabong Tower KAIT Tower Tech Code 1,825 New Office Opening Dongbu Finance Centre Dongbu's Affiliate 2,875 Office Expansion Samsung Life Insurance N/A GBD KAIT Tower Samsung Life Insurance Daechi Tower Samsung Life Insurance N/A GBD Glass Tower GBD Asia Tower Rockwell Automation Korea 3,742 GBD Golden Tower ASEM Tower Amway Korea 7,164 GBD Korea Textile Center Nokia Korea 2,999 GBD Meritz Tower Autoway Tower ST & Company 2,701 Office Expansion Korea Textile Center Yulchon LLC 8,099 Office Expansion Dongbu Fire 1,862 YBD Sinsong Center Dongbu Asset Management 1,624 YBD Sinsong Center FKI Tower YBD the KIDS (Hyundai Card) 1,759 New Office Opening Foundation Support Center 699 New Office Opening (Hyundai Capital) Hanwha Life 63 Building Hanwha Hotels & Resorts 5,243 CBD Hanwha Janggyo Pangyo U-Tower SK Hynix N/A GBD Samsung Life Insurance Daechi Tower Source: Savills Korea savills.co.kr/research 04 Briefing |Seoul office sector Q3 2015 Samsung Life Insurance Daechi GRAPH 6 Tower in October.
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