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2018 SEOUL OFFICE TENANT PROFILETHREE MAJOR BUSINESS DISTRICTS & SUB DISTRICTSCBRE RESEARCHEXECUTIVE SUMMARYKey Findings: Three Major Business Districts Among Grade A office buildings located in Seouls three major businessdistricts, 76.3% were identified as leasable assets, a 2.2%pt increase fromthe previous year. The disposal of properties by several owner-occupiersresulted in more office buildings being made available for lease. The percentage of overall Grade A office space occupied by localconglomerates decreased by 2.5%pt, while space occupied by non-conglomerates and the public sector increased by 1.3%pt and 1.2%pt,respectively. Although the total space taken up by conglomeratesincreased compared to the previous year, its overall proportion ofoccupied space decreased due to substantial growth in the proportion ofspace occupied by non-conglomerates and the public sector. Due to the inflow of local conglomerates from other business districts, theGBD witnessed an increase in the proportion of space occupied byconglomerates, the only business district to do so. The ongoing trend for landlords to convert lower office floors to retail spaceled to an increase in the proportion of retail space in Grade A officebuildings to 13.7%, representing growth of 0.4%pt y-o-y. The amount of office space taken up by the Finance and Insurance sectorincreased by 3.0%pt y-o-y, driven by flight-to-quality and consolidation bythe subsidiaries of local financial groups and expansion by FinTechcompanies. The Real estate sector also witnessed 1.0%pt y-o-y growth in its proportionof occupied space on the back of the rapid expansion of the co-workingindustry. In particular, the GBD recorded 2.1%pt y-o-y growth in theproportion of space occupied by real estate-related firms amid robustdemand. Co-working operators occupy a total of 1.2% of space in Grade A & Boffice buildings in Seoul. Their main presence is in the GBD, where theyaccount for 2.3% of total leased space, followed by 0.8% and 0.5% in theCBD and YBD, respectively. In particular, leasing demands from local Co-working service providers in GBD stood out compared to other districts.Key Findings: Pangyo & Sangam DMC The Information and communications sector continued to display solidleasing demand, registering growth of 1.3%pt y-o-y and now occupying36.8% of the Pangyo office market. In Sangam DMC, despite an increase in the total space taken up by theInformation and communication sector last year, the inflow ofmanufacturing related tenants from other districts led to a decrease in itstotal proportion of occupied space. Nevertheless, IT firms still occupyaround 50% of total space in the district.SUMMARY OF KEY FINDINGS 2017 GRADE APERCENTAGE OF SPACE USED BY EACH INDUSTRY WITHIN EACH BUSINESS DISTRICT20%3%5%1%8%48%5%0%9% 1%18%2%6%1%8%50%5%0%10% 0%YBDQ4 2017Q4 2016ConstructionWholesale and retail tradeTransportationInformation and communicationsFinancial and insurance activitiesProfessional, scientific and technical activitiesPublic AdministrationServices OthersManufacturingCBRE Research 2018 SEOUL OFFICE TENANT PROFILE314%13%3%2%11%33%7%3%12% 2%16%7%3%2%10%36%7%3%14%2%CBDQ4 2017Q4 2016ConstructionWholesale and retail tradeTransportationInformation and communicationsFinancial and insurance activitiesProfessional, scientific and technical activitiesPublic AdministrationServicesOthersManufacturing34%1%14%0%7%16%14%1%12% 1% 29%1%11%0%9%20%15%1%13% 1%GBDQ4 2017Q4 2016ConstructionWholesale and retail tradeTransportationInformation and communicationsFinancial and insurance activitiesProfessional, scientific and technical activitiesPublic AdministrationServices OthersManufacturing9% 1%6%0%51%7%8%4%12% 2%9%0%5%1%49%8%8%4%14%2%DMCQ4 2017Q4 2016ConstructionWholesale and retail tradeTransportationInformation and communicationsFinancial and insurance activitiesProfessional, scientific and technical activitiesPublic AdministrationServicesOthers Manufacturing22%4%5%0%35%2%17%2%12% 1%21%4%7%0%37%1%16%3%10% 1%PANGYOQ4 2017Q4 2016ConstructionWholesale and retail tradeTransportationInformation and communicationsFinancial and insurance activitiesProfessional, scientific and technical activitiesPublic AdministrationServices OthersManufacturing*Three Major Districts based on Grade A Offices*Sub Districts based on Grade A&B OfficesMACROECONOMYSEOUL EMPLOYEMENT FIGURES & STATISTICSCBRE Research 2018 SEOUL OFFICE TENANT PROFILE5SERVICE INDUSTRY CONTINUES TO DOMINATE THE LABOUR MARKETRetail & DistributionBusiness ServicesTransport & CommunicationsManufacturingHotels & CateringEducationOther Service ActivitiesConstructionHealth & Social WorkFinancial ServicesPublic Administration & DefenceUtilitiesAgriculture, Forestry & FishingMiningUnit: 000 person, Portion (%)895.6852.1547.0463.4453.2414.7375.3360.0340.6217.2159.721.94.90.0 17.5%16.7%10.7%9.1%8.9%8.1%7.4%7.1%6.7%4.3%3.1%0.4%0.1%0.0%*Source: Oxford Economics, Q4 2017SEOUL EMPLOYMENT GROWTH RATECBRE Research 2018 SEOUL OFFICE TENANT PROFILE6STEADY GROWTH IN TERTIARY SECTOR EMPLOYMENT(Unit: Thousandperson)-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%(150)(100)(50)-501001502007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017FTertiary Industry (LHS) Secondary Industry (LHS) Primary Industry (LHS) Total Employment Growth Rate (RHS) Seoul Grade A Vacancy Rate (RHS)*Source: Oxford Economics, Q4 2017MAJOR DISTRICTSCBD GBD YBD2017 SUMMARY OF KEY FINDINGSCBRE Research 2018 SEOUL OFFICE TENANT PROFILE8GRADE A OFFICE: THREE MAJOR BUSINESS DISTRICTSSEOUL CBD GBD YBD2017 2016 y-o-y (%pt) 2017 2016 y-o-y (%pt) 2017 2016 y-o-y (%pt) 2017 2016 y-o-y (%pt)Owned 23.7% 25.9% -2.2 17.2% 19.2% -2.0 19.4% 20.4% -1.0 41.7% 45.1% -3.4Leased* 76.3% 74.1% 2.2 82.8% 80.8% 2.0 80.6% 79.6% 1.0 58.3% 54.9% 3.4Chaebol 35.7% 38.2% -2.5 35.6% 42.6% -7.0 35.7% 32.0% 3.7 35.9% 36.5% -0.6Non-chaebol 55.4% 54.1% 1.3 56.2% 52.2% 4.0 61.9% 65.0% -3.1 45.7% 45.3% 0.4Public 8.9% 7.7% 1.2 8.2% 5.2% 3.0 2.4% 3.0% -0.6 18.4% 18.2% 0.2Foreign 24.6% 24.5% 0.1 25.5% 24.9% 0.6 31.2% 31.8% -0.7 14.4% 15.0% -0.6Local 75.4% 75.5% -0.1 74.5% 75.1% -0.6 68.8% 68.2% 0.7 85.6% 85.0% 0.6Office 86.3% 86.7% -0.4 84.8% 84.6% 0.2 85.7% 86.8% -1.1 90.3% 90.8% -0.5Retail 13.7% 13.3% 0.4 15.2% 15.4% -0.2 14.3% 13.2% 1.1 9.7% 9.2% 0.5Tenant 66.5% 65.2% 1.3 70.6% 69.5% 1.1 72.3% 70.7% 1.6 50.6% 52.2% 0.4Landlord 33.5% 34.8% -1.3 29.4% 30.5% -1.1 27.7% 29.3% -1.6 49.4% 47.8% -0.4*Note: buildings that lease out more than 30% of its space are considered as Leased*Source: CBRE Research, Q4 2017TOP FIVE INDUSTRIES BY DISTRICTGRADE A OFFICE: THREE MAJOR BUSINESS DISTRICTSSEOUL CBD GBD YBD2017 2016 2017 2016 2017 2016 2017 20161 Finance & insurance(34.3%) Finance & insurance (31.3%) Finance & insurance(35.6%) Finance & insurance(32.7%) Manufacturing (29.3%) Manufacturing (33.0%) Finance & insurance (49.7%) Finance & insurance (47.3%)2 Manufacturing (20.2%) Manufacturing (21.3%) Manufacturing(15.8%) Manufacturing (14.4%) Finance & insurance (19.5%) Finance & insurance (15.3%) Manufacturing (18.3%) Manufacturing (20.0%)3Information & communication (9.4%)Information & communication (9.3%)Information & communication (10.0%)Construction (12.4%)Professional, scientific & technical (15.2%)Professional, scientific & technical (14.0%)Information & communication (7.8%)Information & communication (7.6%)4Professional, scientific & technical(8.9%)Professional, scientific & technical(8.9%)Construction (7.3%)Information & communication (10.5%)Wholesale & retail (10.8%)Wholesale & retail (14.0%)Wholesale & retail(5.5%)Wholesale & retail(5.2%)5 Wholesale & retail(5.8%) Construction (6.7%)Professional, scientific & technical (7.1%)Professional, scientific & technical (7.3%)Information & communication(9.5%)Information & communication (6.8%)Professional, scientific & technical(5.0%)Professional, scientific & technical(4.9%)CBRE Research 2018 SEOUL OFFICE TENANT PROFILE9*Source: CBRE Research, Q4 201774.5%25.5%GRADE A OFFICE: THREE MAJOR BUSINESS DISTRICTSPROPORTION OF DOMESTIC & FOREIGN TENANTS SOLID DEMAND FROM FOREIGN TENANTSIN THE CBDPROPORTION OF OFFICE & RETAIL SPACE STRONGER INCREASE IN RETAIL SPACE IN THE GBD COMPARED TO OTHER DISTRICTS PROPORTION OF CHAEBOL, NON-CHAEBOL & PUBLIC TENANTS DEPARTURE RESULTS IN LOWER OCCUPANCY BY CHAEBOLSPROPORTION OF LANDLORDS & TENANTS STEADY INCREASE IN THE PROPORTION OF SPACE OCCUPIED BY TENANTSDomestic Foreign68.8%31.2%85.6%14.4%35.6%8.2%35.7%2.4%35.9%18.4%56.2% 61.9% 45.7%Chaebol Non-chaebol Public70.6%Tenant Landlord29.4%72.3%27.7%50.6%49.4%86.3%84.8%85.7%90.3%13.7%15.2%14.3%9.7%-0.4%pt0.2%pt-1.1%pt-0.5%pt0.4%pt-0.2%pt1.1%pt0.5%pty-o-yTENANT CLASSIFICATION BY DISTRICTCBRE Research 2018 SEOUL OFFICE TENANT PROFILE10SeoulCBDGBDYBDCBD GBD YBD CBD GBD YBDCBD GBD YBDOffice Retail 2017 2016*Source: CBRE Research, Q4 2017Decreased Occupancyy-o-y (%pt)Increased OccupancyGRADE A OFFICE OCCUPANCY ANALYSIS BY INDUSTRY TYPE CBRE Research 2018 SEOUL OFFICE TENANT PROFILE11GROWTH IN FINANCE AND INSURANCE FIRMS DRIVEN BY CONSOLIDATION OF LOCAL FINANCIAL SUBSIDIARIES AND FINTECH EXPANSION1st 2nd 3rd 4thFinance &insuranceReal estateactivities and renting and leasingEducationServicesHuman health and social work activities3.0Construction Manufacturing Membership organisations, repair and other personal services Professional,scientific and technicalactivities1.00.4 0.2 -2.4-1.1-0.5 -0.20 0y-o-y (%pt)1st 2nd 3rd 4th*Source: CBRE Research, Q4 20172017 SUMMARY OF KEY FINDINGSCBRE Research 2018 SEOUL OFFICE TENANT PROFILE12GRADE A&B OFFICE: THREE MAJOR BUSINESS DISTRICTSSEOUL CBD GBD YBD2017 2016 y-o-y (%pt) 2017 2016 y-o-y (%pt) 2017 2016 y-o-y (%pt) 2017 2016 y-o-y (%pt)Owned 26.4% 28.0% -1.6 28.5% 30.0% -1.5 12.3% 14.0% -1.7 42.9% 44.3% -1.4Leased* 73.6% 72.0% 1.6 71.5% 70.0% 1.5 87.7% 86.0% 1.7 57.1% 55.7% 1.4Chaebol 31.0% 32.5% -1.5 30.6% 34.8% -4.2 29.6% 27.0% 2.6 34.1% 35.0% -0.9Non-chaebol 58.0% 57.0% 1.0 55.6% 52.5% 3.1 67.1% 69.4% -2.3 49.8% 49.3% 0.5Public 11.0% 10.5% 0.5 13.8% 12.7% 1.1 3.3% 3.6% -0.3 16.1% 15.7% 0.4Foreign 20.4% 20.3% 0.1 19.1% 18.7% 0.4 27.1% 27.2% -0.1 13.2% 13.8% -0.6Local 79.6% 79.7% -0.1 80.9% 81.3% -0.4 72.9% 72.8% 0.1 86.8% 86.2% 0.6Office 86.3% 87.0% -0.7 85.4% 85.7% -0.3 85.8% 86.9% -1.2 89.5% 90.2% -0.7Retail 13.7% 13.0% 0.7 14.6% 14.3% 0.3 14.2% 13.1% 1.2 10.5% 9.8% 0.7Tenant 66.0% 64.5% 1.5 63.3% 61.8% 1.5 79.8% 78.7% 1.0 51.2% 49.7% 1.5Landlord 34.0% 35.5% -1.5 36.7% 38.2% -1.5 20.2% 21.3% -1.0 48.8% 50.3% -1.5*Source: CBRE Research, Q4 2017 *Note: buildings that lease out more than 30% of its space are considered as LeasedSEOUL CBD GBD YBD2017 2016 2017 2016 2017 2016 2017 20161 Finance & insurance (35.2%) Finance & insurance (34.5%) Finance & insurance (34.2%) Finance & insurance (32.9%) Manufacturing (24.6%) Manufacturing (27.2%) Finance & insurance (54.4%) Finance & insurance (53.3%)2 Manufacturing (16.1%) Manufacturing (16.8%) Manufacturing (12.0%) Manufacturing (11.4%) Finance & insurance (24.6%) Finance & insurance (24.4%) Manufacturing (13.2%) Manufacturing (14.4%)3Professional, scientific & technical (9.4%)Professional, scientific & technical (9.5%)Information & communication (9.5%)Information & communication (9.8%)Professional, scientific & technical (13.8%)Professional, scientific & technical (13.8%)Information & communication (7.6%)Information & communication (7.2%)4 Information & communication (8.7%) Information & communication (8.7%)Professional, scientific & technical (8.4%)Professional, scientific & technical (8.5%)Wholesale & retail (10.6%)Wholesale & retail (9.8%)Professional, scientific & technical (4.8%)Professional, scientific & technical (5.2%)5 Wholesale & retail (6.2%) Wholesale & retail (5.9%)Public administration and defence; compulsory social security (6.6%)Construction (7.9%)Information & communication (8.2%)Information & communication (7.9%)Wholesale & retail (3.9%)Wholesale & retail (3.6%)TOP FIVE INDUSTRIES BY DISTRICTGRADE A&B OFFICE: THREE MAJOR BUSINESS DISTRICTSCBRE Research 2018 SEOUL OFFICE TENANT PROFILE13*Source: CBRE Research, Q4 201781.5%18.5%72.9%27.1%87.5%12.5%30.7%13.7%29.6%3.3%34.1%16.1%55.6% 67.1% 49.8%63.3%Tenant Landlord36.7%79.8%20.2%51.2%48.8%Office Retail86.3%85.4%85.8%89.5%13.7%14.6%14.2%10.5%-0.6%pt-0.3%pt-1.2%pt-0.7%pt0.6%pt0.3%pt1.2%pt0.7%ptTENANT CLASSIFICATION BY DISTRICTGRADE A&B OFFICE: THREE MAJOR BUSINESS DISTRICTSPROPORTION OF DOMESTIC & FOREIGN TENANTS MARGINAL INCREASE IN THE PROPORTIONOF FOREIGN TENANTS IN THE CBD PROPORTION OF LANDLORDS & TENANTS CONVERSION OF OWNER-OCCUPIED ASSETS INTO LEASABLE ASSETS RESULTS IN AN INCREASE IN THE PROPORTION OF TENANTSy-o-yCBRE Research 2018 SEOUL OFFICE TENANT PROFILE14Domestic Foreign Chaebol Non-chaebol PublicCBD GBD YBD CBD GBD YBDCBD GBD YBDSeoulCBDGBDYBDPROPORTION OF OFFICE & RETAIL SPACE OVERALL INCREASE IN THE PROPERTION OF RETAILSPACE WITHIN OFFICE BUILDINGS PROPORTION OF CHAEBOL, NON-CHAEBOL & PUBLIC TENANTS INFLOW OF CHAEBOLS FROM OTHER DISTRICTS DRIVES SLIGHT INCREASE IN THE PROPORTION OF CHAEBOLS IN THE GBD2017 2016*Source: CBRE Research, Q4 2017Decreased OccupancyIncreased OccupancyCBRE Research 2018 SEOUL OFFICE TENANT PROFILE151st 2nd 3rd 4thFinance &insuranceReal estateactivities and renting and leasingWholesale and retail tradeBusiness facilitiesmanagementand businessConstruction Manufacturing Membership organisations, repair and other personal services Others1st 2nd 3rd 4thGRADE A&B OFFICE OCCUPANCY ANALYSIS BY INDUSTRY TYPE GROWTH OF THE REAL ESTATE SECTOR SPURRED BY THE EXPANSION OF CO-WORKING OPERATORS 0.70.60.3 0.2-1.0 -0.7-0.3-0.10y-o-y (%pt)y-o-y (%pt)0*Source: CBRE Research, Q4 2017SPACE USED BY CO-WORKING SERVICE PROVIDERSCBRE Research 2018 SEOUL OFFICE TENANT PROFILE16SIGNIFICANT GROWTH BY CO-WORKING OPERATORS, PARTICULARLY IN THE GBDGBDSeoul98.8%1.2%99.2%0.8%97.7%2.3% 0.5%99.5%CBD YBDCo-workingOccupied area*Source: CBRE Research, Q4 2017COMPOSITION OF FOREIGN/LOCAL CO-WORKING OPERATORSCBRE Research 2018 SEOUL OFFICE TENANT PROFILE17LOCAL CO-WORKING SERVICE PROVIDERS MORE CONCENTRATED IN THE GBD COMPARED TO OTHER DISTRICTSGBDSeoulForeign co-working Local co-working57.6%42.4%80.5%19.5%44.6%55.4% 45.0%55.0%CBD YBD*Source: CBRE Research, Q4 2017SUB DISTRICTSPANGYO DMCPANGYO DMC2017 2016 y-o-y (%pt) 2017 2016 y-o-y (%pt)Owned 41.2% 40.5% 0.6 46.5% 43.6% 2.9Leased* 58.8% 59.5% -0.6 53.5% 56.4% -2.9Chaebol 19.6% 19.0% 0.6 21.6% 22.3% -0.7Non-chaebol 77.5% 78.1% -0.6 59.7% 58.2% 1.5Public 2.9% 2.9% 0.0 18.7% 19.5% -0.8Foreign 7.4% 6.9% 0.5 4.8% 4.3% 0.5Local 92.6% 93.1% -0.5 95.2% 95.7% -0.5Office 85.0% 86.7% -1.7 85.2% 85.3% -0.1Retail 15.0% 13.3% 1.7 14.8% 14.7% 0.1Tenant 51.1% 54.4% -3.3 50.8% 54.3% -3.5Landlord 48.9% 45.6% 3.3 49.2% 45.7% 3.52017 SUMMARY OF KEY FINDINGSCBRE Research 2018 SEOUL OFFICE TENANT PROFILE19GRADE A&B OFFICE SUB BUSINESS DISTRICTS*Source: CBRE Research, Q4 2017 *Note: buildings that lease out more than 30% o
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