Boosting Occupancy Rate for Asem Tower
JLL implemented a strategic, proactive agency leasing focused on forging long-term tenant relationships and increasing value of assets
Asem Tower is one of the most prominent prime office buildings located in the Gangnam Area. It has direct underground connections to subway stations, COEX, Hyundai Department Store, Trade Tower and Parnas Tower. Providing great accessibility to nearby retail providers and office buildings, Asem Tower plays a key role in creating center business district in Gangnam.
Taking a proactive and strategic approach, JLL has successfully closed various deals on Asem Tower with global tenants using JLL’s extensive global tenant pool. Based on a deep understanding of the building’s preferred tenants, JLL positioned a target market strategy focused on Korean conglomerates and foreign companies, which contributed to enhancing Asem Tower’s building image. Asem Tower now presents various Tenant Mix configurations that will help enhance Asem Tower’s asset value.
JLL has successfully renewed foreign IT company A (Gross Area 15,000 pyung)’s lease contract for five consecutive years at Asem Tower since its initial lease in year 2017. In 2015 1Q, JLL closed deal with a foreign manufacturing company B (Gross Area 2,250 pyung) at Asem Tower, contributing significantly in decreasing the asset’s high vacancy rate of 13%. Through a number of deals at Asem Tower including lease contract with foreign medical equipment company C (Gross Area 500 pyung) and foreign pharmaceutical company D (Gross Area 950 pyung), JLL built a strong cooperative business partnership with the landlord of Asem Tower.
Lease deals with new global tenants continue to be discussed at Asem Tower due to JLL’s reputable record of accomplishment. As a result of JLL’s continued effort and excellent target lease marketing, Asem Tower now represents one of the most stable assets in Gangnam with a vacancy rate of 1%.