asia pac office market overview 3q 2012
TRANSCRIPT
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AsiA PAciicOice Market Overview
3Q 2012
Accelerating success.
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table O cOntentsAsiA PAciic oice mArket overview | 3Q 2012
rgna o 3
Ga chna 4-6
Beijing, China ....................................................................................................................................
Chengdu, China .................................................................................................................................
Guangzhou, China .............................................................................................................................
Shanghai, China ................................................................................................................................
Hong Kong SAR, China .....................................................................................................................Taipei, Taiwan ...................................................................................................................................
Nh Aa 7
Seoul, South Korea ...........................................................................................................................
Tokyo, Japan ........................ ....................... ........................ ....................... ........................ ...............
sha Aa 8-11
Jakarta, Indonesia ........................ ....................... ....................... ........................ ........................ .......
Kuala Lumpur, Malaysia ....................................................................................................................
Karachi, Pakistan...............................................................................................................................
Manila, Philippines ............................................................................................................................
Singapore ..................... ........................ ....................... ........................ ....................... ..................... Bangkok, Thailand ........................ ....................... ....................... ........................ ........................ .....
Hanoi, Vietnam .................................................................................................................................
Ho Chi Minh City, Vietnam ...............................................................................................................
inda 12-13
Bengaluru (Bangalore) ..................... ....................... ....................... ........................ ........................
Chennai .................... ........................ ....................... ........................ ....................... ........................ .
Mumbai ..................... ....................... ........................ ....................... ........................ ....................... ..
New Delhi ..................... ........................ ....................... ....................... ........................ .....................
Aaaa 14-17
Adelaide, Australia ...................... ........................ ....................... ........................ ....................... ...... Brisbane, Australia ...................... ....................... ........................ ....................... ........................ .....
Canberra, Australia ...................... ....................... ....................... ........................ ........................ .....
Melbourne, Australia ....................... ........................ ........................ ....................... ........................ .
Perth, Australia ........................ ....................... ........................ ....................... ........................ .........
Sydney, Australia ..................... ....................... ........................ ....................... ........................ .........
Auckland, New Zealand ...................................................................................................................
Wellington, New Zealand .................................................................................................................
P o spp, rn and N ta-p 18-19
tnd & a 20-21
Dfnn & tng 22-23
cna 24-25
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regiOnal Overview
ecoNomic overviewThe oce sector in the Asia Pacic region continued to be challenging in Q with
a slowing economic growth and the unresolved European debt crisis. Although overall
market sentiment was weakening, it remained positive in Q . Following two rounds
o quantitative easing (QE and QE), the US Federal Reserve announced a third round
(QE) on September . With the US Federal Reserve instigating the third round o
bond purchases, commodity prices have been pushed up and this has spilled over to real
estate costs and pricing.
Based on the ndings o Coll iers Asia Oce Leasing Survey or Q , market participants
are holding positive views on market outlook but condence is not as strong as the previous
quarter.
leAsiNG mArketThe overall level o new oce leasing inquiries decreased in Q . However vacancy
rates and rentals remained strong throughout the quarter due to the limited supply o oce
space. Firms in the IT/communication and Finance industries continued to be the major
source o leasing demand in Q .
Most cities in Australia and China continued to exhibit positive rental growth. The average
rent increased .% QoQ during Q . Individual markets like Guangzhou, Hanoi, Ho
Chi Minh City, New Delhi and Singapore on the other hand, are expected to ace growing
downward pressure or the coming months despite the solid demand or Grade A ocespace. The Colliers Asia Oce leasing Survey or Q ound that most tenants are
seeking expansion however the pace will be less aggressive.
sAles mArketOn the sales ront, average transacted oce prices edged up by .% QoQ. The oce market
became more active compared to the rst hal o . This is mainly due to high quality
projects receiving encouraging sales perormance in the last quarter, especially in Auckland,
Sydney, Perth and Brisbane which all saw an increase in sales activities. Institutions and
oreign investors remained active to source quality oce developments in prime locations.
mArket outlookMarket sentiment remained positive in Q and market players are holding an optimistic
view on the market outlook. Thereore looking ahead, the prospective trend o oce rents in
most cities will remain positive in the next months, despite a substantial supply projected
to enter the market in individual cities.
With the expectation o the low interest rate trend to continue and the Chinese government
to continue stimulate growth, investment in oce real estate in the region is expected to
remain strong.
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asia pacific office market overview | 3Q 2012
cHiNA
Beijing
• Supply remained tight in Beijing’s Grade A oce property market during Q, with the
total stock resting at . million sq m, due to a lack o new completions or the third
consecutive quarter.
• Overall, demand remained strong throughout the quarter. However, due to the limitedletting space available on the market, leasing transaction volume continued to decrease.
Net absorption o the Grade A oce property market in Q totalled , sq m, down
.% QoQ and the overall average vacancy rate edged down by . percentage points
to .%.
• Rentals continued with its upward trend during this quarter, with the average net eective
rent growing by .% QoQ to RMB. per sq m per month. The expansion o rental
growth, was mostly a result o the epidemic o reduced or even withdrawal o rent ree
periods provided by most landlords.
• Oce investment market activity increased in Q . A domestic BB enterprise
acquired a , sq m Grade A oce building in the Wangjing area or owner-occupancy.Moreover, a private equity investor acquired our blocks o Grade A oce buildings or
a total o , sq m or investment purpose.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Parkview Green L Roche 71,000
Gateway Plaza L Nanyang Commercial Bank NCB 48,400
Oriental Plaza L Cheung Kong Graduate School
o Business
32,300
SK Tower L Black & Veatch 16,100
Tengda building L China State Construction 16,100
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
R e n t a l s
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
C a p i t a l V a l u e s
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
BEIJING OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F0.00
0.20
0.40
0.60
0.80
1.00
M i l l i o n s q m
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
BEIJING OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
CHENGDU OFFICE CAPITAL AND RENTAL VALUES
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
0.00
25.00
50.00
75.00
100.00
125.00
150.00
175.00
200.00
225.00
R e n t a l s
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
22,500
C a p i t a l V a l u e s
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
CHENGDU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2009 2010 2011 2012 F 2013 F0.00
0.10
0.20
0.30
0.40
0.50
M i l l i o n s q m
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
V a c a n c y R a t e
Supply Take-up Vacancy Rate
chengdu
• Raes City, the Grade A oce building comprising , sq m, was introduced in
September, thus boosting the total stock o Grade A oce space in Chengdu to , sq m.
• The average rent decreased .% QoQ to RMB. per sq m per month. The overall
vacancy rate edged .% QoQ, to .% in Q .
• The average vacancy rate o the Grade A oce buildings remained steady, signiying
the solid demand or Grade A oce space.
• In view o the current supply cycle and the continued slowdown o economic environment,the local oce market is expected to ace growing downward pressure over the coming
months.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Western Tower L Ganzi Shangshan Water 12,900
Aerospace Technology Plaza L Starbucks Coee 10,800
Square One L Kasikorn Bank o Thailand 7,500
Square One L Jintai International Investment 9,700
China Overseas International
Centre
L Chengdu Runu Properties 12,200
China Overseas International
Centre
L Yusen Agriculture 9,900
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asia pacific office market overview | 3Q 2012
colliers iNterNAtioNAl | P. 5
shanghai
• Shanghai remained the world's sixth-most competitive nancial center in , according
to Xinhua-Dow Jones International Financial Centers Development Index released in
August .
• Five new projects were launched in Q , adding a total o approximately ,
sq m new supply to Shanghai’s Grade A oce market.
• Average Grade A oce rental rates increased .% QoQ to RMB . per square meter
per day.
• In Q , the overall vacancy rate increased rom the previous quarter’s . to .%.
Among the six major central business districts, Jing’an recorded the lowest vacancy
rates, at .%. Zhuyuan and Changning posted the highest vacancy rates, at .% and
.% respectively.
guangzhou
• Evergrande Center and Poly V Plaza in Pearl River New City and Lavendome Hui in
Pazhou, were launched in Q , providing a total o , sq m new stock. The
total stock o Grade A oce grew to . million sq m. The overall vacancy rate increased
. percentage points to .% in Q .
• The average rental recorded RMB. per sq m per month, down .% Q-o-Q, due to
the weak demand and large supply. Enterprises rom IT/communication, pharmaceuticals
and proessional services were the major source o leasing demand in Q .
• High quality projects such as R&F Yingkai Plaza and Bravo Plaza received encouraging
sales perormance. The achievable price o R&F Yingkai Plaza reached about RMB,
per sq m in Q . The average sales price o Guangzhou Grade A oce urther edged
up by .% QoQ to RMB, per sq m.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
International Financial
Center (IFC)
L Alcatel Lucent 16,000
China International Center L Guangzhou City Telecom 23,500
Centra Plaza L Qianhai Lie Insurance 13,600
Leatop Plaza L Lukadilong Clothes 5,400
R&F Yingkai Plaza S ANGLEE 51,700
cHiNA
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
International Commerce Center L Adidas 187,300
Kerry Parkside L Danone Group 76,400
L'Avenue L 3M 72,000
Jin Mao Tower L MWE China Law Oce 22,900
CITIC Square L Nike China 16,800
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
R e n t a l s
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
36,000
C a p i t a l V a l u e s
0
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
GUANGZHOU OFFICE CAPITAL
AND RENTAL VALUES
1 Q 2
0 0
9
2 Q 2
0 0
9
3 Q 2
0 0
9
4 Q 2
0 0
9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2 0
1 1
2 Q 2 0
1 1
3 Q 2 0
1 1
4 Q 2 0
1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
R e n t a l s
C a p i t a l V a l u e s
Renta ls (RMB / sq m / Day) Capital Va lues (RMB / sq m)
0.00
3.00
6.00
9.00
12.00
15.00
18.00
0
12,000
24,000
36,000
48,000
60,000
72,000
SHANGHAI OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F0.00
0.30
0.60
0.90
1.20
M i l l i o n s q m
0.0%
5.0%
10.0%
15.0%
V a c a n c y R a t e
20.0%
Supply Take-up Vacancy Rate
SHANGHAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2009 2010 2011 2012 F 2013 F0.00
0.50
1.00
1.50
2.00
M i l l i o n s q m
0.0%
10.0%
20.0%
30.0%
40.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
GUANGZHOU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
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asia pacific office market overview | 3Q 2012
HoNG koNG
hong kong
• In view o uncertain economic outlook, individual large tenants downsized their premises
but still preer to stay in the same district. The overall net take up ell % QoQ to ,
sq t in Q , which refects the slowdown in leasing activity especially in Central/
Admiralty.
• The overall Grade A oce rent rebounded in Q ater alling or three consecutive
months, rising a solid .% QoQ. Meanwhile, the average Grade A oce rent in Cetral/
Admiralty showed its rst quarterly gain since Q , rising .% QoQ in Q to
HK$ . per sq t.
• The outlook or the Hong Kong Grade A oce market has been brighten up due to the
positive market sentiment and increased leasing enquires. On the back o scare supply
and positive demand, overall Grade A oce rents are projected to climb % over the
next months.HONG KONG OFFICE CAPITAL
AND RENTAL VALUES
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0.00
25.00
50.00
75.00
100.00
125.00
150.00
175.00
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
R e n t a l s
C a p i t a l V a l u e s
Renta ls (HK$ / sq ft / Month) Capital Va lues (HK$ / sq ft)
HONG KONG OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2009 2010 2011 2012 F 2013 F0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
M i l l i o n s q f t
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
R e n t a l s
C a p i t a l V a l u e s
Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)
TAIPEI OFFICE CAPITAL AND RENTAL VALUES
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2009 2010 2011 2012 F 2013 F
P i n g
V a c a n c y
R a t e
Supply Take-up Vacancy Rate
TAIPEI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
tAiwAN
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Prince Financial Building S Cathay Lie Insurance Co. 262,000
CEC Tun Nan Building L 3M Taiwan Ltd. 113,500
Taipei 101 Tower L Bayer Taiwan Ltd. 69,900
Shin Kong Xin Yi FinancialBuilding
L Kraton Polymers InternationalLimited
10,700
Cathay Xin-Yi Trading Center L China Construction Bank 10,100
Exchange Square Two L Bates Asia Pacic Taiwan Ltd. 9,200
Taipei 101 Tower L Christian Dior Taiwan Ltd 8,900
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
China Resources Building L Regus 10,300
Grand Century Place Tower 1 L Covidien 12,800
Exchange Tower L Parsons Brinckerho (Asia) Ltd 12,200
4 foors, Kowloon Commercial
Centre Tower B
S China Shipping Logistics 105,200
5 foors, Kowloon Commercial
Centre Tower B
S The Open University o Hong
Kong
124,800
Park Building S Billion Mart Dec Ltd 145,000
taipei
• With a net take-up o Grade A oce at , ping in Q , vacancy rate was down
basis point to .% - the lowest point since Q .
• The total net take up o Hsin-Yi district amounted to , ping in Q . The key
contributor was Shin Kong Bank who leased , ping in Shin Kong Xin Yi Financial
Building.
• Thanks to the net take up o ping at the Pacic Century Tower in West district, the
average vacancy in the district decreased . percentage points to .%.
• The average eective Grade A oce rent edged up mildly to NT$ , per ping per
month in Q . The eective rent o Hsin-Yi district was NT$ , per ping per
month, an increase o .% QoQ. However, MS-TN district ell .% to NT$ ,
per ping per month.
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asia pacific office market overview | 3Q 2012
colliers iNterNAtioNAl | P. 7
seoul
• During Q , a total o two buildings covering , sq m came in market including
Two IFC in YBD o , sq m. The launch o State Gwanghwamun Building o ,
sq m is delayed to next quarter.
• The average rent increased .% QoQ in Q to KRW , per sq mper month.The YBD showed a rental increase o .% due to completion o A+ oce building Two
IFC.
• The overall vacancy rate rose . percentage points QoQ in Q to .%. Despite
the large new space rom Two IFC, the vacancy rate in YBD witnessed marginal increase
o . percent points QoQ owing to the successul take-up in One IFC.
• The net take-up in Q sotened rom the previous quarter to , sq m. Net
take-up increased in the GBD and YBD, but decreased in the CBD.
tokyo
• New supply declines ater signicant completion during the rst hal o .
• Vacancy increase has slowed and may begin to decline modestly in the near term.
• Corporate restructuring continues keeping rents low and vacancy high.
• Relocation to higher grade and more ecient space continues.
• Value or money, cost reduction and workplace modernization are key actors.
• Some rent stabilization on an individual building basis, but overall market remains weak.
soutH koreA
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Otemachi Financial City
North Tower
L Morgan Stanley MUFG
Securities
248,500
Mita Bellju L Japan Marine United 63,900
Lunesite Tower L TDK 63,900
Roppongi First Building L Nuclear Regulatory Agency 71,000Shinjuku Eastside Square L Citibank Japan 177,500
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
C a p i t a l V a l u e s
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
00
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
R e n t a l s
Rentals (Won / sq m / Month) Capital Values (Won / sq m)
SEOUL OFFICE CAPITAL AND RENTAL VALUES
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
0
10,000
20,000
30,000
40,000
50,000
R e n t a l s
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
C a p i t a l V a l u e s
Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)
TOKYO OFFICE CAPITAL AND RENTAL VALUES
0
40,000
80,000
120,000
160,000
200,000
240,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2009 2010 2011 2012 F 2013 F
Supply Take-up Vacancy Rate
T s u b o
V a c a n c y
R a t e
TOKYO OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2009 2010 2011 2012 F 2013 F-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
-100,000
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
V a c a n c y R a
t e
s q m
Supply Take-up Vacancy Rate
SEOUL OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
jAPAN
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Rinnai Korea Bldg S Private 186,600
CJ E&M Bundang Building S Gongpyung Savings Bank 73,700
Junghak Building S Vestas Investment Manage-
ment
902,200
Hyundai Group Building S KORAMCO REITS & Trust 564,800
Asia Tower L GS Construction 53,400
Banpo Building L Sano Aventis 80,600
IFC L Citrix 29,500
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iNDoNesiA
jakarta
• The authority o Jakarta province issued a new environmental policy. As such, more
new buildings in compliance with environmental guidelines can be seen in the uture.
• The absorption level is expected to remain high as the rental rates are anticipated to
climb urther due to a scarce supply o good quality oce space.
• Up to Q , the mining, oil & gas related companies and other business sectors like
consumer goods, agribusiness, insurance and nance related industries continued to
expand their business operation.
• With the increasing oce demand rom business expansion, competition or oce space
can be expected or .
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4 F
0
30,000
60,000
90,000
120,000
150,000
180,000
210,000
240,000
270,000
R e n t a l s
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
C a p i t a l V a l u e s
Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)
JAKARTA OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F
s q m
0
100,000
200,000
300,000
400,000
500,000
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
JAKARTA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
R e n t a l s
200
400
600
800
1,000
1,200
C a p i t a l V a l u e s
0
Capital Values (Ringgit / sq ft)Rentals (Ringgit / sq ft / Month)
KUALA LUMPUR OFFICE CAPITAL AND
RENTAL VALUES
2009 2010 2011 2012 F 2013 F
3.00
3.50
0.00
0.50
1.00
1.50
2.00
2.50
M i l l i o n s q f t
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
V a c a n c y R a t e
Supply Take-up Vacancy Rate
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP
& VACANCY RATE
kuala lumpur
• New completion in Q include Menara Darulssalam and Menara Binjai and
contributed a total o , sq t o net lettable area
• Tun Razak Exchange (TRX) was launched in July to promote Malaysia as an international
nancial hub and to attract oreign investment. It is estimated to generate a gross
development value o RM billion.
• TRX-status companies will be given years income tax exemption, stamp duty exemption,
industrial building allowance and accelerated capital allowance or TRX Marquee-status
companies while tax exemption is also available or property developers
• Although the oce market was generally subdued, it is noted that tenants have been
taking the opportunity to relocate and / or expand to better quality buildings within city
centre.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Menara MBF L BostonWeb College o
Technology & Management
12,400
Hampshire Place L Tioman Drilling Co Sdn Bhd 70,800
Menara Prestige L KFH (Malaysia) Berhad 133,100
mAlAysiA
Data sourced rom C H Williams Talhar & Wong Sdn Bhd
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
The East L Net Mediatama Indonesia 54,800
Eighty 8 L Prudential 53,800
Eighty 8 L Huawei 32,300
Menara 165 L PT. Rajawali Swiber Perkasa 19,400
Eighty 8 L Regus 14,000
Menara 165 L PT. Feni Haltim 13,000
Menara Mulia L Trijaya Pratama Futures 12,900
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colliers iNterNAtioNAl | P. 9
karachi
• The oce market is not expected to revive over the medium term due to the political
scenario in the country. As a result, many companies have adopted a cautious approach
in the oce market.
• No major oce leasing deals were concluded in Q . The oce sector has beenstable and showed no signs o demand growth.
• Asking rent in the recently launched Bahria Complex IV has been reduced by nearly %
in order to attract tenants.
PAkistAN
KARACHI OFFICE CAPITAL AND RENTAL VALUES
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4 F
R e n t a l s
0
20
40
60
80
100
120
140
160
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
C a p i t a l V a l u e s
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Year)
2009 2010 2011 2012 F 2013 F0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
M i l l i o n s q f t
1.60
V a c a n c y R a
t e
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Supply Take-up Vacancy Rate
KARACHI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
PHiliPPiNes
manila
• The Grade A oce stock in Makati CBD reached , sq m with Zuellig Building
(, sq m) completed in Q . In , Alphaland Makati Tower and V Tower will
be completed, thus adding about , sq m new space to the total stock.
• Amongst the various sub-markets, Makati CBD remains the preerred oce location by
tenants. In Q , the overall vacancy rate increased by .% due to the inclusion
o Zuellig Building. However, it is orecast to taper o to .% by late .
• Average prime rental rate was at P per sq m per month in Q . It is projected
to increase above P per sq m by Q due to the limited supply o oce space.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Aseana One L Seven Tall Trees Events, Inc. 62,400
Q-Plaza L Results Manila 25,800
Science Hub 2 L Factset Philippines Inc. 22,900
Net Cube Boniacio L Shore Solutions Inc. 12,100
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4 F
R e n t a l s
0
200
400
600
800
1,000
1,200
0
C a p i t a l V a l u e s
20,000
40,000
60,000
80,000
100,000
120,000
Capital Values (Peso / sq m)Rentals (Peso / sq m / Month)
MANILA OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
s q m
V a c a n c y R a t e
Supply Take-up Vacancy Rate
MANILA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
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tHAilAND
1 Q 2
0 0
9
2 Q 2
0 0
9
3 Q 2
0 0
9
4 Q 2
0 0
9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0
1 1
2 Q 2
0
1 1
3 Q 2
0
1 1
4 Q 2
0
1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
R e n t a l s
0
200
400
600
800
1,000
1,200
1,400
120,000
C a p i t a l V a l u e s
20,000
40,000
60,000
80,000
100,000
140,000
0
Capital Values (Baht / sq m)Rentals (Baht/ sq m / Month)
BANGKOK OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F
s q m
0
20,000
40,000
60,000
80,000
100,000
120,000
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
V a c a n c y R a t e
Supply Take-up Vacancy Rate
BANGKOK OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
Bangkok
• In Q , many international companies have been looking or Grade A oce space
in the CBD area.
• During the last quarter some companies have expanded their oce space or have
relocated to CBD area.
• The rental rate o Grade A oce buildings in the CBD area has increased over the year
due to the limited supply.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Ploenchit Center L Bumrungrad Hospital Pcl. 28,000
Sathorn Square L Ford Sales & Service (Thailand)
Co., Ltd.
43,100
Asia Centre L Ipsos Thailand Co., Ltd. 32,100
singapore
• The rent o Grade A oce buildings in the CBD continued to decline under the slowing
global economy in Q . Nonetheless, the average rent decline slowed or the second
consecutive quarter due to an increasing number o oreign companies setting up entities
in Singapore and existing companies relocating to higher quality oce space.
• The average occupancy rate o Grade A oce in the CBD increased rom .% in Q
to .% in Q , which is the highest level in the last ve consecutive quarters.
• Supported by a stronger occupancy rate, the drop in rents slowed marginally to .%
QoQ in Q , rom .% QoQ in Q . By the end o September , monthly
gross rents or CBD Grade A oce space averaged at S$. per sq t.
• With the long-running Eurozone debt crisis and the risk o an oce supply overhang,
oce rents in the CBD are expected to continue on a downtrend or the rest o .
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4 F
0.00
5.00
10.00
15.00
20.00
25.00
R e n t a l s
30.00
500
1,000
1,500
2,000
2,500
3,000
C a p i t a l V a l u e s
0
Capital Values (Singapore$ / sq ft)Rentals (Singapore$/ sq ft / Month)
SINGAPORE OFFICE CAPITAL AND
RENTAL VALUES
2009 2010 2011 2012 F 2013 F0.00
0.50
1.00
1.50
2.00
2.50
M i l l i o n s q f t
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
SINGAPORE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
siNGAPore
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Marina Bay Financial Centre
Tower 3
L Goldin 16,000
Marina Bay Financial Centre
Tower 3
L Lego 20,000
Ocean Financial Centre L Freshelds 8,300
One Raes Place Tower 2 L Virgin Active 33,000
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colliers iNterNAtioNAl | P. 11
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4 F
R e n t a l s
0
10
20
30
40
50
60
70
Rentals (US$/ sq m / Month)
HO CHI MINH CITY OFFICE RENTAL VALUES
hanoi
• The total stock o Grade A oce market was unchanged at , sq m in Q .
• In Q , the average occupancy rate was .%, up by . percentage points against
Q . The average rent decreased by .% to US$. per sq m month.
• Developers have been oering various promotions and incentives to attract new tenants.
• The supply o two major Grade-A oce buildings, namely EVN Tower and Indochina
Plaza Hanoi, will add pressure to the oce market in Q . Both asking rents and
occupancy rate are expected to all in both the CBD and non-CBD sub-markets.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Bitexco Financial Tower L Viet Capital Securities JSC 10,600
Bitexco Financial Tower L Viet Hong Investment General Co 1,800
Kumho Asiana Plaza L Accadent International Holding
GMBH
3,500
Kumho Asiana Plaza L TMI Associates HCMC Branch 1,400
REE Tower L Marina Logistics 900
REE Tower L Petroleum Network Company Ltd 3,200
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4 F
0
10
20
30
40
50
60
R e n t a l s
Rentals (US$/ sq m / Month)
HANOI OFFICE RENTAL VALUES
2009 2010 2011 2012 F 2013 F
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
s q m
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
V a c a n c y R a t e
Supply Take-up Vacancy Rate
HANOI CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
2009 2010 2011 2012 F 2013 F-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
s q m
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
V a c a n c y R a t e
Supply Take-up Vacancy Rate
HO CHI MINH CITY OFFICE SUPPLY,TAKE-UP & VACANCY RATE
vietNAm
ho chi minh city
• The total supply o Grade A oce space in prime location was approximately ,
sq m NFA.
• No new Grade A oce buildings were completed in Q .
• Occupancy rate and rental rate o Grade A oce buildings remained the same, with
respectively % and US$ per sq m per month.
• Approximately , sq m NFA o Grade A oce space is expected to enter HCMC’s
market in the Q . Due to the current uncertain economic situation and the supply
glut, vendors are anticipated to compete or tenants in order to ll their space in both
Grade A and B oce buildings.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Crown Plaza S Viettel Group 195,900
Keangnam Landmark L Nissan Vietnam 104,400
Keangnam Landmark L Fujitsu Vietnam 6,500
Capital Tower L Lien Viet Securities 4,100
Capital Tower L HR2B Hanoi 1,600
Pacic Place L Sumitomo Mitsui Bank Corp. 4,800
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asia pacific office market overview | 3Q 2012
iNDiA
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
0
10
20
30
40
50
60
70
R e n t a l s
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
C a p i t a l V a l u e
s
0
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
80
BENGALURU OFFICE CAPITAL AND
RENTAL VALUES
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
R e n t a l s
0
10
20
30
40
50
60
70
80
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
C a p i t a l V a l u e s
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
CHENNAI OFFICE CAPITAL AND
RENTAL VALUES
2009 2010 2011 2012 F 2013 F
8.00
10.00
12.00
14.00
0.00
2.00
4.00
6.00
16.00
M i l l i o n s q f t
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
28.0%
32.0%
V a c a n c y R a t e
Supply Take-up Vacancy Rate
CHENNAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2009 2010 2011 2012 F 2013 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
M i l l i o n s q f t
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
V a c a n c y R a
t e
0.0%
Supply Take-up Vacancy Rate
BENGALURU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
Bengaluru (Bangalore)
• In Q , Bengaluru’s Grade A new supply totalled approximately . million sq t,
including Prestige Tech Park II – Etamin Block, VRC Tower and Condor.
• Due to cautious occupier sentiments in an uncertain economy, the commercial oce
space market witnessed subdued tenant demand compared to the previous two quarters,resulting in stable rents.
• Looking ahead, rental values are expected to remain stable as substantial supply is
projected to enter the market in the near uture.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Chambers@Mantri L Exilant Technologies 40,000
Independent Building L Happiest Mind 50,000
Prestige Corniche L Dexler 8,900
Bearys Global Research
Triangle
L Loreal 25,000
Brigade Hulkul L PWC (PRTM Management
Consultancy)
8,600
Brigade Hulkul L Mitsubishi 8,600
chennai
• In Q , Chennai Grade A new supply totalled more than . million sq t, including
Prestige Polygon and Design Square.
• In this quarter, due to a slowdown in the economy, especially the IT sector, demand
or Grade A oce space has been reduced compared to the previous two quarters.
Companies were ollowing a wait and see policy or expansion or consolidation.
• Average rental values or Grade A oce premises remained stable in almost all o the
micro-markets and are expected to remain stable as signicant supply is projected to
enter the market in the near uture.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Agnito Park L GE Capital Services 58,000
MCTM L Raes Millennium
International
25,000
Ramanujam SEZ L VIT Consulting 25,000
AKDR L Ajuba Solutions India Pvt Ltd 30,000
Tek Towers L ISGN 33,000
Tek Towers L Sutherland Global Services 33,000
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colliers iNterNAtioNAl | P. 13
iNDiA
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
0
10,000
20,000
30,000
40,000
50,000
60,000
0
50
100
150
200
250
300
R e n t a l s
C a p i t a l V a l u e
s
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
MUMBAI OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F
0.00
3.00
6.00
9.00
12.00
15.00
M i l l i o n s q f t
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
MUMBAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
0
50
100
150
200
250
300
350
R e n t a l s
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
C a p i t a l V a l u e s
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
NEW DELHI OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
M i l l i o n s q f t
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
V a c a n c y R a t e
Supply Take-up Vacancy Rate
NEW DELHI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
mumBai
• The completion o The Capital, in Q , contributed approximately . million sq t o
prime oce space to the current supply.
• With sustained demand rom the banking and nancial services sector, absorption in
Mumbai remained upbeat.
• Despite increased absorption, average rents or Grade A oce premises remained stable
in almost all o the micro-markets due to the ample stock availability.
• Looking ahead, rental values are expected to remain stable with substantial uture supply.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Indiabulls Finance Centre L Rediusion 30,000
Peninsula Business Park S Tata AIG 32,000
FCH House S Delta Corp. 55,000
Boomerang L Technip KTI 56,000
Peninsula Business Park L Cipla 250,000
new delhi• The total new supply o Grade A oce space during the quarter was around million
sq t. The projects contributing to this new supply were Platinum Tower, Digital Green
Techno Heights, NSL, SB TOWER, Koneectus and Ambiance Corporate Tower.
• Absorption increased moderately while rents remained stable across the micro-markets
during Q .
• Looking ahead, the absorption momentum is likely to continue but overall rents are
expected to increase moderately due to ample stock availability.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Logix Cyber Park L Emeter 15,000
Spaze Tech Park L CapGemini 40,000
Urbtech NPX L Inoedge 100,000
Prestige Corporate Park L Ammerprise 140,000
NKG Tower L Naukri.com 150,000
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asia pacific office market overview | 3Q 2012
AustrAliA
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F0
100
200
300
400
500
600
700
R e n t a l s
1,000
2,000
3,000
C a p i t a l V a l u e s
4,000
5,000
6,000
7,000
0
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
ADELAIDE OFFICE CAPITAL AND RENTAL VALUES
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
R e n t a l s
0
200
400
600
800
1,000
1,200
C a p i t a l V a l u e s
10,000
12,000
0
2,000
4,000
6,000
8,000
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
BRISBANE OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F
s q m
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
V a c a n c y R a t e
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Supply Take-up Vacancy Rate
BRISBANE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2009 2010 2011 2012 F 2013 F0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
s q m
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
ADELAIDE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
adelaide
• Leasing transaction has been growing since the last quarter.
• As demand or Grade A space continues to intensiy, there may be some pressure on
rental values and incentives.
• Major tenant relocations are expected in the near uture with one o the city’s major
developments getting close to completion and another two due next year.
• Core located assets with present value added opportunities are attractive to institutional
investors, syndication groups and high net worth individuals.
• Yields are likely to hold in the short term and compress urther in early .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
132 Grenell Street S Primewest Funds Ltd 34,000
141 - 143 Rundle Mall S Private 176,300
70 Franklin Street L MIGA 14,000
431 - 439 King William Street L LogiCamms 9,100
30 Flinders Street L Jacobs Engineering 13,600
30 Flinders Street L Santos 27,200
BrisBane
• With deerred expansion o large mining companies, the number o large lease transactionsdeclined.
• An escalation in vacancies and subdued market condence led to constrained rental
growth in H across all grades o oce space.
• Institutions and oreign investors have made approximately AU$. million worth o
major purchases in the rst hal o .
• Vacancy is orecast to tighten slightly in the second hal o and reach .% by
mid- as a result o limited new development in the near term.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
111 Eagle Street L Arrow Energy 159,300
145 Ann Street L Grant Thornton 48,600
12 Creek Street S Dexus 346,500
40 Creek Street S PGA Group 133,000
150 Charlotte Street S CIMB 119,100
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colliers iNterNAtioNAl | P. 15
AustrAliA
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
100
200
300
400
500
600
700
R e n t a l s
0 0
1,000
2,000
3,000
4,000
5,000
6,000
C a p i t a l V a l u e s
7,000
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
MELBOURNE OFFICE CAPITAL AND
RENTAL VALUES
2009 2010 2011 2012 F 2013 F0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
s q m
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
V a c a n c y R a t e
Supply Take-up Vacancy Rate
MELBOURNE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
R e n t a l s
0
100
200
300
400
500
600
700
800
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
C a p i t a l V a l u e s
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
CANBERRA OFFICE CAPITAL AND RENTAL VALUES
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2009 2010 2011 2012 F 2013 F
s q m
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
CANBERRA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
canBerra
• Foreign investors have driven demand or prime oce assets over the last two years
and this trend is likely to continue or the next months.
• Secondary asset yields are now at the bottom o the market cycle and will remain steady
or the next months.
• Grade A oce rents have recorded - % annual growth over recent years and this is
likely to continue or the next months beore growing at an annual rate o - %.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
10 - 12 Mort Street L Department o Education, Employment,
and Workplace Relations
166,300
Garema Court L Department o Regional Australia 116,600
NewActon Nishi L Department o Climate Change
and Energy Eciency
131,900
Penrhyn House S Quintessential Equities Pty. Ltd 135,900
melBourne
• The rst hal o saw a total o , sq m o new supply.
• Investment demand rom both domestic and oshore institutions remained strong over
the rst hal o .
• There is approximately , sq m o new space set to enter the market over the next
two years, and % o it has been pre-committed.
• The rising vacancy rate has had limited impact on pre-commitment activity with two
deals announced during the rst hal o .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
City West Police Complex, 313
Spencer Street, Melbourne
L Victorian Police 306,800
11 Exhibition Street L BUPA 126,400
360 Collins Street L LaTrobe University 13,600
120 Collins Street L Gresham Partners 6,800
459 Collins Street L Medibank 11,900
720 Bourke Street L Medibank 322,900
242 Exhibition Street,
Melbourne
S Investa Oce Fund 709,500
150 Collins Street, Melbourne S GPT Wholesale Oce Fund 215,300
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0
200
400
600
800
1,000
1,200
R e n t a l s
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F0
2,000
4,000
6,000
8,000
10,000
12,000
C a p i t a l V a l u e s
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
PERTH OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F
-50,000
0
50,000
100,000
150,000
200,000
s q m
-3.0%
0.0%
3.0%
6.0%
9.0%
12.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
PERTH OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
R e n t a l s
0
200
400
600
800
1,000
1,200
1,400
1,600
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
C a p i t a l V a l u e s
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
SYDNEY OFFICE CAPITAL AND RENTAL VALUES
2009 2010 2011 2012 F 2013 F
-100,000
-50,000
0
50,000
100,000
150,000
200,000
-6.0%
-3.0%
0.0%
3.0%
6.0%
9.0%
12.0%
s q m
V a c a n c y R a t e
-150,000
Supply Take-up Vacancy Rate
SYDNEY OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
perth
• Recent resource sector developments have resulted in some subleased space coming
onto the market.
• Premium Grade vacancy and available stock remain relatively tight.
• Investment expenditures in the resources sector, the main driver o growth or the state,
remains relatively independent o the recent global economic and nancial environment.
• The new supply cycle momentum has eased due to short- to medium-term economic
uncertainty.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
66 St Georges Terrace, Perth S Investa 123,200
45 St Georges Terrace, Perth S Credit Suisse 121,3001 Adelaide Terrace, Perth S GDI 211,300
255 & 267 St Georges Terrace,
Perth
S Primewest 43,900
108 St Georges Terrace, Perth L Apache 43,100
108 St Georges Terrace, Perth L Aurecon 17,200
50 St Georges Terrace, Perth L AMCOM 7,000
197 St Georges Terrace, Perth L Undisclosed 50,000
sydney
• Prime Grade yields have stabilised, while the yield spread between high- and low-quality
Secondary Grade assets has continued to widen.
• The sales volumes or Prime and Grade A oces remain low due to limited supply.
• Demand is strong or Secondary Grade properties o less than AU$ million, while
weak or those above AU$ million and with weighted average lease expiry less than
our years.
• Prime oce rents remained stable however incentives have begun to rise due to an
increase in vacancy and soter tenant enquiry levels, despite growth in demand or CBD
space rom metro and ringe based tenants.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
6 - 10 O'Connell Street S MGPA 175,600
60 Castlereagh Street L Centric Wealth 27,600
175 Pitt Street L VMware Australia 22,200
133 Castlereagh Street L Sydney University 18,400
AustrAliA
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New zeAlAND
1 Q 2
0 0 9
2 Q 2
0 0 9
3 Q 2
0 0 9
4 Q 2
0 0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1 2
F
1 Q 2
0 1 3
F
2 Q 2
0 1 3
F
3 Q 2
0 1 3
F
4 Q 2
0 1 3
F
1 Q 2
0 1 4
F
2 Q 2
0 1 4
F
R e n t a l s
0
100
200
300
400
500
600
0
1,000
2,000
3,000
4,000
5,000
6,000
C a p i t a l V a l u e s
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
AUCKLAND OFFICE CAPITAL AND
RENTAL VALUES
2009 2010 2011 2012 F 2013 F0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
s q m
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
V a c a n c y R a
t e
Supply Take-up Vacancy Rate
AUCKLAND OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
WELLINGTON OFFICE CAPITAL AND
RENTAL VALUES
1 Q 2 0
0 9
2 Q 2 0
0 9
3 Q 2 0
0 9
4 Q 2 0
0 9
1 Q 2
0 1 0
2 Q 2
0 1 0
3 Q 2
0 1 0
4 Q 2
0 1 0
1 Q 2
0 1 1
2 Q 2
0 1 1
3 Q 2
0 1 1
4 Q 2
0 1 1
1 Q 2
0 1 2
2 Q 2
0 1 2
3 Q 2
0 1 2
4 Q 2
0 1
2
F
1 Q 2
0 1
3
F
2 Q 2
0 1
3
F
3 Q 2
0 1
3
F
4 Q 2
0 1
3
F
1 Q 2
0 1
4
F
2 Q 2
0 1
4
F
R e n t a l s
0
100
200
300
400
500
600
C a p i t a l V a l u e s
0
1,000
2,000
3,000
4,000
5,000
6,000
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
0
10,000
20,000
30,000
40,000
50,000
60,000
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2009 2010 2011 2012 F 2013 F
V a c a n c y R a t e
s q m
Supply Take-up Vacancy Rate
WELLINGTON OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
auckland
• According to the latest updates rom the Investment Property Databank / Property Council
o New Zealand (IPD / PCNZ), the total return on oce investment has increased slightly
rom . to .% in Q , which is made up o .% income return and negative .%
capital return.
• Leasing activity has been steady since the beginning o , due to sustained higher-
than-expected tenancy demand or prime oce space. Prime and secondary rents
remained stable in the past months but prime rents have begun to move upwards as
a result o the recent easing o incentive packages.
• Oce vacancy in the Auckland CBD has allen .% in the past months, sitting at
.% in June and tracking just below the -year average o .%. The prime
oce building vacancy rate has dropped .% in the past six months.
• Yields have been relatively stable and are anticipated to hold over the next months. One
notable sale during Q was the ASB Bank Centre, Albert Street, to Auckland
Council or NZ$ million.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
ASB Bank Centre, 135 Albert Street S Auckland Council 356,000
106 Albert Street S New Development Group 47,500
Vero Centre, 48 Shortland Street L Bell Gully 70,100
wellington
• Leasing market remained active as a growing number o oce tenants seeking to move
rom those buildings perceived to be earthquake-prone.
• CBD oce vacancy has increased by . percentage points YoY to .% in June ,
the highest level since June .
• Due to concern over earthquake, the institutional and private owners have ocused on
strengthening their existing buildings. Consequently, new oce supply is anticipated to
slowdown in near term.
• Oce investment activity in CBD was relatively strong in the rst hal o with the
notable transaction o Bowen Campus rom AMP Capital Property Portolio to PrecinctProperties New Zealand (ormerly AMP Oce NZ Limited) or NZ$. million, at an
initial yield o .%.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Bowen Campus,
34 & 38 Bowen Street
S Precinct Properties
New Zealand (ormer
AMP Oce NZ)
324,700
49 Tory Street, Te Aro L ANZ Bank 155,900
Telecom Central,
42 - 52 Willis Street
L AMP Financial Services 25,400
Vodaone on the Quay,
L14 - 15, 157 Lambton QuaY
L Baldwins Intellectual 16,100
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AustrAliAPrime oice reNtAl
Note: Rental gure in each o the above centre is the average o the various key sub-markets outlined under the section o "Denitions and Terminology"
AustrAliAPrime oice New suPPly
Note: Floor area in each o the above centre is the sum o the various key sub-markets outlined under the section o “Denitions and Terminology”
FLOOR AREA (MILLION SQ FT)
Guangzhou
Bengaluru
New Delhi
ChengduTokyo
Mumbai
Seoul
Chennai
Shanghai
Jakarta
Beijing
Melbourne
Kuala Lumpur
Ho Chi Minh City
Hanoi
Manila
Hong Kong
Perth
Sydney
Taipei
Singapore
Brisbane
Karachi
Adelaide
Canberra
Auckland
Bangkok
0.00 5.00 10.00 15.00 20.00 25.00
2012F 2013 F
Hong Kong
Tokyo
Singapore
Perth
Sydney
Beijing
Brisbane
Shanghai
Hanoi
Mumbai
New Delhi
Ho Chi Minh City
Canberra
Adelaide
Melbourne
Taipei
Guangzhou
Wellington
Auckland
Kuala Lumpur
Bangkok
Chengdu
Seoul
Jakarta
Manila
Chennai
Bengaluru
Karachi
RENTALS (US$ / SQ FT / YEAR)
0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00
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colliers iNterNAtioNAl | P. 19
Jakarta
Guangzhou
Seoul
Shanghai
Chengdu
Hong Kong
Taipei
Singapore
Hanoi
Beijing
BangkokManila
Ho Chi Minh City
Shanghai 1,888,720
Guangzhou 1,791,404
Over 1 million sq ft
500,000 - 1,000,000 sq ft
100,000 - 500,000 sq ft
Below 100,000 sq ft
Auckland 81,655
Beijing 20,322Canberra 11,302
Wellington 6,383
Ho Chi Minh City 4,865
Seoul 483,906
Manila 469,758
Chengdu 342,229
Singapore 225,641
Melbourne 134,549
Hong Kong 110,679
Taipei 110,673
Hanoi 104,926
Kuala Lumpur 852,314
Bangkok 750,954
Jakarta 655,134
Kuala Lumpur
Melbourne
Auckland
Canberra
Wellington
Net tAke-uP 3Q 2012 (q )
Source: Colliers
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c N spp ta-p Aag vaan ta s Aag rna
(q ) (q ) (%) (q ) (us$ / q / a) 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013
BeijiNG
CBD ,, , ,, . . ,, ,, . .
Zhongguancun , . . ,, ,, . .
Financial Street , -, , . . ,, ,, . .
Luthansa , , . . ,, ,, . .
East Chang An Avenue -, , . . ,, ,, . .
East nd Ring ,, -, , . . ,, ,, . .
Other areas , . . ,, ,, . .
cHeNGDu
Renmin Road , ,, , ,, . . ,, ,, . .
CBD , , , . . ,, ,, . .
Financial Street , , , , . . ,, ,, . .
Tianu Avenue ,, ,, , ,, . . ,, ,, . .
GuANGzHou
Yuexiu , , . . ,, ,, . .
Tianhe ,, ,, ,, ,, . . ,, ,, . .
Haizhu , , , . . ,, ,, . .
sHANGHAi
Huangpu ,, , . . ,, ,, . .
Jingan , ,, , ,, . . ,, ,, . .
Lujiazui-Pudong , -, , . . ,, ,, . .
Zhuyuan-Pudong ,, ,, , . . ,, ,, . .
Changning ,, ,, , ,, . . ,, ,, . .
Xuhui , , . . ,, ,, . .
HoNG koNG
Central , -, , . . ,, ,, . .
Wanchai , , , . . ,, ,, . .
HK Island East , , . . ,, ,, . .
Tsim Sha Tsui , , . . ,, ,, . .
Kowloon East , , , , . . ,, ,, . .
tAiPei
CBD , ,, , , . . ,, ,, . .
seoul
CBD ,, ,, ,, ,, . . ,, ,, . .
GBD ,, ,, ,, . . ,, ,, . .
YBD ,, ,, ,, ,, . . ,, ,, . .
tokyo
CBD ,, ,, N/A N/A . . ,, ,, . .
jAkArtA
CBD ,, , ,, ,, . . ,, ,, . .
Non-CBD ,, ,, ,, ,, . . ,, ,, . .
kuAlA lumPur
KLCA ,, , ,, ,, . . ,, ,, . .
P. 20 | colliers iNterNAtioNAl
asia pacific office market overview | 3Q 2012
treNDs & orecAsts
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2012 2013 2012 2013 2012 2013 2012 2013 2012 2013
kArAcHi
CBD , , , , . ,, ,, . .
mANilA
Makati , , , , . . ,, ,, . .
Ortigas , , , . . ,, ,, . .
siNGAPore
CBD , , ,, , . . ,, ,, . .
BANGkok
CBD , . . ,, ,, . .
HANoi
CBD , , , , . . ,, ,, . .
Non-CBD , ,, , , . . ,, ,, . .
Ho cHi miNH city
CBD ,, ,, , , . . ,, ,, . .
BeNGAluru
Overall ,, ,, ,, ,, . ,, ,, . .
cHeNNAi
Overall ,, ,, ,, ,, . ,, ,, . .
mumBAi
Overall ,, ,, ,, ,, . ,, ,, . .
New DelHi
Overall ,, ,, ,, ,, . ,, ,, . .
ADelAiDe
CBD , , , , . . ,, ,, . .
BrisBANe
CBD ,, , , , . . ,, ,, . .
cANBerrA
CBD , , , . . ,, ,, . .
melBourNe
CBD ,, ,, , ,, . . ,, ,, . .
PertH
CBD ,, , ,, . . ,, ,, . .
syDNey
CBD , ,, , , . . ,, ,, . .
AucklAND
CBD , , , , . . ,, ,, . .
welliNGtoN
CBD , , . . ,, ,, . .
c N spp ta-p Aag vaan ta s Aag rna
(q ) (q ) (%) (q ) (us$ / q / a)
asia pacific office market overview | 3Q 2012
colliers iNterNAtioNAl | P. 21
treNDs & orecAsts
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asia pacific office market overview | 3Q 2012
DeiNitioN AND termiNoloGy
GreAter cHiNA
Bng
Pm o m bj o o 6 u-m – cbD (c
bu D), luh, e 2d r, s, e ch
a au d Zhouu.
r quod rMb p q m p moh o o oo ,
d xu o mm d pod. cp u
quod o rMb p q m.
chngd
Pm o ud chdu my od 3 u-m,
rm rod, cbD d s.
r quod rMb p q m p moh o o oo , d
xu o mm . cp u quod o rMb p q m.
Gangh
Pm o ud guzhou od 3 pp u-m
– Hzhu, Yuxu d th.
r quod rMb p q m p moh o o oo ,
d xu o y mm . cp u quod o rMb
p q m.
shangha
Pm o ud shh od 6 pp u-m –
Hupu, J, lujzu-Pudo, Zhuyu-Pudo, ch, d Xuhu.
r quod rMb p q m p dy o o oo , d
xu o y mm . cp u quod o rMb
p q m.
Hng kng
Pm o pop Ho ko od 5 u-m
– c, wh / cuy by, id e, tm sh tu d
kooo e.
r ommoy quod Hk$ p q p moh o h o,
o oo , hh xu o mm , d
om x. P quod Hk$ p q , d mu
o o oo .
tap
Pm o pop tp od 7 d, omp
n su ch (nk-sc), Mh tu H noh (Ms-tn), H Y,
w, tu H souh (tUn-s), J a H sh (Ja-Hs) d n
e rod (nk-4/5).
th o u o mum “p” (.. 3.3 q m). r d p
quod o uy .. n t Do (nt$) o o oo
.
NortH AsiA
s
Mjo o d sou ud h do u
(cbD), gm bu D (gbD) d Youdo bu D
(YbD).
r quod wo p q m p moh o o oo .
gy, dpo qu o 10 moh qud, d uuy
pd up o. Mm xudd om quod . sp
mud o o oo . cp u quod wo
p q m.
t
th quy o ud toyo od h u
(cbD) o x d my, chyod-u, chuo-u,
Mo-u, shjuu-u, shuy-u d sh-u.
r quod Y p uo (.. 3.3 q m) p moh,
hh u o h. O p mud o
oo . cp u quod Y p uo.
soutHeAst AsiA
jaaa
th quy o ud J od h cbD o
h d thm, sudm, go suoo, ru sd d M
ku. th oud h o d oy d
“o-cbD”.
r ommoy quod ruph p q m p moh, hh
u o h u xu o om x. O
p mud o oo . cp u quod
ruph p q m.
kaa lp
Pm o ud od h ku lumpu c a (klca) oy.
th klca omp y h h u d.
r ommoy quod r My (rM) p q p moh
o oo , hh u o h d popy
x. cp u quod r p q .
kaah
Pm o ud kh od h u
(cbD) o 4 u-m – i.i chud rod, shhh--,
co d M koh.
r quod rup p q p y o o oo
d xu o h o mm . cp vu
quod rup p q .
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asia pacific office market overview | 3Q 2012
colliers iNterNAtioNAl | P. 23
DeiNitioN AND termiNoloGy
* Super built-up area reers to the total **built-up area o a building plus a proportional allocation o all common areas including stairs, lit cores, ground oor lobby, and caretaker’s ofce/at throughout the building.
** Built-up area reers to the carpet area plus the thickness o external walls and area under columns.
mana
Pm o ud M od o pp u-m
– M d O.
r quod Po p q m p moh o oo ,
d xu o y mm . cp u quod Pop q m.
sngap
th quy o ud od h po od h c
bu D o spo.
r quod s$ p q p moh o oo (..
ommo uh odo, o, oy . u ud
oum), d u o h. cp u quod
o h o o -d ud, d o o-
-d dopm.
Bang
Pm o pop bo od d omp
som d sho od om nh rh,
rm iv om Phyh o rhdp, o rhdp om
rm iv o suhum d o suhum om ao o h ho o
Poh d h rm i o Phyh.
r quod bh p q m p moh o oo , d
u o h. cp u quod bh p q m.
H ch mnh c
th quy o ud Ho ch Mh cy od D
O - h u d h y.
r ommoy quod Us$ p q m p moh o oo
, d xu o mm d om x. cp
u quod o Us$ p q m.
Han
Pm quy o ud Ho moy od Ho km
d, h ddu quy ud od cu gy d d b
Dh d. th oo o h y pd o
o Ho km l, hh h Ho km d.
r ommoy quod Us$ p q m p moh o oo . r u o h d xu o u ddd
x, hh uy 10% .
iNDiA
Bnga (Banga)
Pm o pop buu ddd 3 pp u-
m – cbD (c bu D), sbD (suu/sody
bu D) o o bh rod & Ou r rod
d PbD (Pph bu D) ud PbD Hou rod, ePiP
Zo, eo cy d whd.
r ommoy quod rup p q p moh, hh
uuy xu o m h, p h d popy
x. O p ommoy mud o *up u up .
chnna
Pm o pop ch od 3 pp um–cbD (c bu D), (suu/sody bu D)
d PbD (Pph bu D). sbD o o gudy d
vhy h PbD ud oh uh Od Mhpum
rod, amu d gst rod mo oh.
r ommoy quod rup p q p moh, hh
uuy xu o m h, p h d popy
x. O p ommoy mud o *up u up .
mba
Pm o pop Mum pmy od cbD
(c bu D) – o o nm Po, od d bde; sbD (sody bu D) ud bd (w d
e), k, lo P d wo/Phd d PbD (Pph
bu D) ud n Mum, vh, Po, goo.
r ommoy quod rup p q p moh, hh
uuy xu o m h, p h d popy
x. O p ommoy mud o *up u up .
N Dh
Pm o pop n Dh pmy od cbD
(c bu D) – o o couh P; sbD (sody
bu D) ud nhu P, Jo, s d nj suhh
P d PbD (Pph bu D) ud guo d nod.
r ommoy quod rup p q p moh, hh uuy
xu o m h, p h d popy x.
O p ommoy mud o *up u up .
AustrAlAsiA
Aaa
Pm o ud od h cbD d y oud y
Mnc.
r quod o oo , d a$ p q m p um
xud mm d om h. cp u
quod o a$ p q m.
N zaand
Pm o ud od h cbD.
r quod o oo , d nZ$ p q m p um
xud mm d om h. cp u
quod o nZ$ p q m.
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asia pacific office market overview | 3Q 2012
greater china
Bng, chna502 to w3, O Pzno 1 e ch auDoh D
bj 100738t : 86 10 8518 1633x : 86 10 8518 1638Aanda GaM Do, noh [email protected]
chngd, chnaU 1504 Yod ldm1 rm souh rod so 2chdu 610016t : 86 28 8658 6288x : 86 28 8672 3226ja tag M
Gangh, chna702 tm to208 th rodguzhou 510620t : 86 20 3819 3888x : 86 20 3819 3899e laM [email protected]
shangha, chna16 Ho ko n wod to300 Huh Zho rodshh 200021t : 86 21 6141 3688x : 86 21 6141 3699lna wngM Doe d souh w chim s, [email protected]
Hng kng, HksAr5701 c Pz18 Hou rodwh, Ho Hocompy l no: c-006052
t : 852 2828 9888x : 852 2828 9899rhad k (e-279867)
P Bnn (e-183614)
ch exu O - [email protected]
tap, taan49 taiPei 101 tOwerno. 7 X Y rod s 5, tp 110t : 886 2 8101 2000x : 886 2 8101 2345And lM [email protected]
north asia
s, sh ka10 ko toum Ozo bd.10 D-doJu-u, sou 100-180
t : 82 2 6740 2000x : 82 2 318 2015ja ynso Do & g M
t, japanHx bud3-16-26 roppoMo-u, toyo 106-0032 Jpt : 81 3 5563 2111x : 81 3 5563 2100ja nso M Do
south east asia
jaaa, indna10 d 14 wod td cJ Jd sudmk 29-31 J 12920t : 62 21 521 1400x : 62 21 521 1411m BM [email protected]
kaa lp, maaa/ ma lapad*M Docopo souo | a Pt : 65 6531 8601x : 65 6557 [email protected]* bd spo
Research data provided by c H wa taha & wng sdn Bhd30-01, 30h ooM Mu-Pupo @ cpsqu8 J Muh aduh
P O box 1215750100 ku lumpu, Myt : 603 2616 8888x : 603 2616 8899Url : hp://..om.my G jnM [email protected]
kaah, Paansu 2-a, 2, Hou Hou37-a, lz aubh Ho rod, O. M.t kh rodkh, Pt : 92 21 3561 2550-2
x : 92 21 3563 6382mhad ya Qdaso M, copo souo &[email protected]
lah, Paansu 2, Mzz 2, exu ooa-Qd Hh, M boudn gd to, lho, Pt : 92 42 3584 3474-6x : 92 21 3563 6382Ahd khancouy [email protected]
iaabad, PaanOne couo au, adjcoo c & Dpom eimd, Pt : 92 51 834 7433x : 92 51 831 4737wad maaro s [email protected]
mana, Phppn10 to 2 rcbc Pzay au, M cyPhpp1226t : 63 2 888 9988x : 63 2 845 2612Dad yngM [email protected]
sngap1 rf P#45-00 O rf Pspo 048616t : 65 6223 2323x : 65 6222 4901Dnn yM Do
spo & idu s | [email protected]
Bang, thaand17/ Poh c2 suhum rodkooy, bo 10110t : 66 2 656 7000x : 66 2 656 7111sn landexu [email protected]
h da, pa na:
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asia pacific office market overview | 3Q 2012
colliers iNterNAtioNAl | P. 25
H ch mnh c, vnaHo ch Mh cy, vm7 bxo bud19-25 nuy Hu sD 1, Ho ch Mh cy, vmt : 84 83 821 8777
x : 84 83 827 5667P Dnnngg [email protected]
Han, vna10, cp to bud109 t Hu Do sHo km D, Ho, vmt : 84 4 3941 3277x : 84 4 3941 3278Dan mdM [email protected]
india
Bnga, indaP g, l 2, U no. 201/20236 Uoo rod, buu 560 042t : 91 80 4079 5500x : 91 80 4112 3131Ga chaabO [email protected]
chnna, indaU 1c, 1 oo, H compx23 spu rod, chpch 600 031t : 91 44 2836 1064x : 91 44 2836 1377kah rddO [email protected]
Ggan, inda1 oo, thopo budDl go couM so rodso 54, guo 122 002t : 91 124 4375807
x : 91 124 4375806Aa rahaO [email protected]
kaa, indaiy bu c, iy bhml 18, room no 13, Po g - 1bo eP & gP, so v, s lko 700 091, w bt : 91 33 2357 6501x : 91 33 2357 6502sa mhO [email protected]
mba, inda31-a, 3d oo, m c68 tdo rodMum 400 034t : 91 22 4050 4500x : 91 22 2351 4272
Pabh raghandaO [email protected]
Gg mkasouh a DoO & id [email protected]
N Dh, inda204/205, 2d ookhju bud18 bhm rodn Dh 110 001t : 91 11 4360 7500
x : 91 11 2335 6624Aa rahaO [email protected]
Pn, indabmh luxuy Ho ld.(l Md Pu)101 r.b.M. rodPu 411 001, Mhht : 91 20 4120 6435x : 91 20 4120 6434sh canO [email protected]
australasia
Adad, Aaal 10, 99 g Padd sa 5000t : 61 8 8305 8888x : 61 8 8231 7712ja yngs ch exu
Bban, Aaa
l 20 c Pz O345 Qu sb QlD 4000t : 07 3229 1233x : 07 3120 4555sn Bns ch [email protected]
canba, Aaagoud oo, 21-23 Mu c sc act 2601t : 61 2 6257 2121x : 61 2 6257 2937Pa Pd
s ch [email protected]
mbn, Aaal 32 367 co sMou vic 3000t : 61 3 9629 8888x : 61 3 9629 8549jhn maas ch exu
Ph, Aaal 19, 140 s go tPh wa 6000
t : 61 8 9261 6666x : 61 8 9261 6665k. ian mhddns ch [email protected]
sdn, Aaal 12, goo P225 go ssydy nsw 2000t : 61 2 9257 0222x : 61 2 9251 3297ma tns ch [email protected]
Aand, N zaandsaP to, l 27151 Qu saud 1140t : 64 9 358 1888x : 64 9 358 1999ma snnch exu O, n [email protected]
wngn, N zaandl 10, 36 cuomhou Quywo 6011
t : 64 4 473 4413x : 64 4 499 1550 (ay): 64 4 470 3902 (vuo)
rhad ndaM [email protected]
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asia pacific office market overview | 3Q 2012
Proessionals & sta: 12,300
Square eet managed: 1,250 million*
Lease/sale transactions: 76,000
Total transaction value: $68 billion
r oo u.
th’ hy do u h
you do u.
reveNues couNtries o i c e s
522621.8BILLION
AsiA PAciic
* The combination o Colliers International and FirstService results in . bil lion under management - nd largest in the world.
Colliers International is a leading global real estate services organisation dened
by our spirit o enterprise. Through a culture o service excellence and a shared
sense o initiative, we have integrated the resources o real estate specialists
worldwide to accelerate the success o our partners.
Our headquarters in Seattle, Washington and more than oces worldwide
share a common brand and vision to provide the best service experience
available. With expertise in the major markets, Colliers is also committed to
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