Being authentic has been always a priority for Suah. Her inspiring story illustrates how she manages complex negotiations with multiple stakeholders across the world. Take five minutes to learn more about her.
‘My heart starts beating at the thought of vacant office spaces. I picture my client’s employees working and laughing there, and I am excited about helping their business grow. Occupancy strategy? Seoul market review? Negotiation? Leave all complicated tasks and numbers with us. We deliver the best space with the best terms - you just enjoy the rejuvenated space. Your success is my success,’ said Suah Baek, an Associate Director on our Office Services team in Seoul, Korea.
“My clients’ success is my success.” Being authentic has been always a priority for Suah. She is an innovative market leader on our Office Services team, an expert in new ways of working and puts her clients first to lead our industry into the future and deliver enduring value. Her inspiring story illustrates how she manages complex negotiations with multiple stakeholders across the world. Take five minutes to learn more about her.
- Can you share a little bit about yourself?
As an Associate Director in the Office Services Team, I have been leading Global Tenant Representation relationships for Colliers Korea since March 2020. I have extensive experience in providing real estate advice to a range of multinational companies in Korea. We provide solutions to both existing businesses and new market entrants on their occupancy strategy, including market studies and forecasting. The latest projects I have been working on include Microsoft, SAP, Adobe, Qualcomm and Nestle.
- How long have you worked in the real estate industry and how did you come to join Colliers?
I have been in the Korean commercial real estate market for over 10 years, with diverse experience on both the tenant and landlord sides, as well as the flexible workspace sector. With a deep understanding of the market, my expertise is in dealing with complex MNC transactions and Colliers was looking for someone with this background.
- How do you deliver value to your clients?
I always put our clients first, as my clients’ success is my success. I try to see the big picture from a single transaction regardless of project size, even for small transactions. For example, when I work on a new office acquisition for a foreign business, I imagine how their Korean business will get started and keep growing. I put myself in the client’s shoes, then think what will be needed. All of my work directly affects the daily lives of thousands of employees, as well as the cash flow of the corporation, so I cannot help but being prudent and staying focused. During COVID-19, many clients are looking for cost savings. We have a range of creative solutions to achieve this, but it is my job to make sure that they get the best deal, not just for this year, but for the whole term of the lease, be that five or ten years. In addition to the savings, I am focused on getting them maximum flexibility as well as the best non-financial terms. These items are often overlooked by less experienced brokers.
- What opportunities are you seeing in the market?
Whilst Seoul is a massive city, there are three major submarkets for office space. These are the Central Business District (CBD), the Gangnam Business District (GBD) and the Yeouido Business District (YBD). In 2020, more new buildings hit the market than in any of the last ten years. The completion of Parc 1, supplying 376,000 sqm to the market, caused the vacancy rate in the YBD to shoot up to over 20%, which is unprecedented. We advise occupiers to proactively look to take advantage of this tenant-friendly market situation as it will not last forever!. This year will be the best time to negotiate attractive incentives and lock them in for the long term and also to move to a better-quality building. You’d be amazed by what being in the right building in the right location can do for your business in terms of retention and talent attraction, as well as growing the bottom line. As you can tell, I am very passionate about what I do, so please don’t hesitate to reach out to me if I can help with your office real estate needs in Seoul.