asia pacific office-2q-2013

AsiA PAcificOffice Market Overview2Q 2013

Accelerating success.

table Of cOntentsAsiA PAcific office mArket overview | 2Q 2013

regional overview 3

North Asia 4-7Beijing, China ....................................................................................................................................4Shanghai, China ................................................................................................................................4Guangzhou, China .............................................................................................................................5Chengdu, China .................................................................................................................................5 Hong Kong, HKSAR ...........................................................................................................................6Tokyo, Japan .....................................................................................................................................6Seoul, South Korea ...........................................................................................................................7Taipei, Taiwan ...................................................................................................................................7

south east Asia 8-11Jakarta, Indonesia .............................................................................................................................8Kuala Lumpur, Malaysia ....................................................................................................................8Manila, Philippines ............................................................................................................................9Singapore ..........................................................................................................................................9Bangkok, Thailand ........................................................................................................................... 10Ho Chi Minh City, Vietnam .............................................................................................................. 10Hanoi, Vietnam ................................................................................................................................. 11 south Asia 11-13Bengaluru (Bangalore), India .......................................................................................................... 11Chennai, India .................................................................................................................................. 12Delhi NCR, India .............................................................................................................................. 12Mumbai, India .................................................................................................................................. 13 Karachi, Pakistan............................................................................................................................. 13 Australasia 14-17Adelaide, Australia .......................................................................................................................... 14Brisbane, Australia ......................................................................................................................... 14Canberra, Australia ......................................................................................................................... 15Melbourne, Australia ....................................................................................................................... 15Perth, Australia ............................................................................................................................... 16Sydney, Australia ............................................................................................................................ 16Auckland, New Zealand ...................................................................................................................17Wellington, New Zealand .................................................................................................................17

Prime office rental and supply 18-19

trends & forecasts 20-21

Definition & terminology 22-23

contacts 24-25

colliers iNterNAtioNAl | P. 3

regiOnal Overview

ecoNomic overviewVarious factors impacted the Asian economies during 2Q 2013, such as further confirmation of slower than expected growth in China and increasing worries on the next interest hike in Asia as the US Federal Reserve signaled they may start scaling back its quantitative easing policy later this year. Against a backdrop of weakening economic conditions across the region, individual Asian countries have seen a drop in inflation and are still subject to various challenges ahead such as the potential risk of liquidity outflow from Asia. With the economic performance yet to show any sign of acceleration, the region is entering an era of slower growth.

leAsiNg mArketOffice rents in most key cities in Asia Pacific saw no significant growth in 2Q 2013. Although Jakarta and Manila continued to be the key performers, with strong rental growth in the order of 4-6% quarter-on-quarter (QoQ), there was a significant slowdown in terms of space absorption during 2Q 2013 despite low vacancy rates. Perth saw average rents decrease the most among cities in the region, in the order of 5% QoQ, as demand softened due to the adoption of more conservative business attitudes in the current global environment.

sAles mArketDue to various property curbs in the investment market, more investment capital originating from Hong Kong and Singapore turned to offshore markets such as China and especially Japan, where inbound purchases doubled in the past six months. In Beijing and Shanghai the en bloc sales market witnessed a rebound in transaction activity in 2Q 2013, demonstrated by a number of significant deals done by both domestic and foreign institutions. However, in Hong Kong investment demand was dampened by government cooling measures with speculators exiting the market. Meanwhile, in Australasia, investment demand from institutional buyers chasing scarce prime assets remained strong, resulting in a slight tightening of yields.

mArket outlookThe economic environment in Asia is expected to remain uncertain as the region continues to be reactive to the overall global economic conditions. Individual governments are expected to focus on economic issues and introduce additional stimulus measures to help their countries emerge from prolonged bouts of deflation. Nevertheless, based on the findings of Colliers Asia Office Leasing Survey for 2Q 2013, it is anticipated that rents will increase in the next 12 months but the pace of rental growth will taper off. Investment transaction volume is likely to consolidate further in the second half of 2013, as risk-averse investors continue to be cautious, due to concerns that rising interest rates will lead to higher property yields and reduced property values.

P. 4 | colliers iNterNAtioNAl

asia pacific office market overview | 2Q 2013

cHiNABeijing• There were no new completions in 2Q 2013.

• Demand in Beijing’s Grade A office property market moderated in 2Q 2013, with enquiries and leasing transactions decreasing on the back of the economic deceleration and changes to corporate expansion plans. Key demand generators were companies from the finance sector (investment, banking, insurance and securities).

• Rents declined for the first time since 4Q 2009, by 1.6% QoQ to RMB322.6 per sq m per month as of the end of 2Q 2013. By submarket, the CBD area recorded the largest quarterly rent decline of 2.6%, to RMB362.9 per sq m per month as of the end of 2Q 2013, while rents in Financial Street remained stable.

• Office investment market was very active in 2Q 2013. Three en bloc sales transactions were concluded, including China Merchants Bank’s purchase of an office project (currently under construction) from Financial Street Holdings for a total consideration of approximately RMB3.902 billion.

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

20,000

40,000

60,000

80,000

00.00

100.00

200.00

300.00

400.00

Rent

als

Capi

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s

Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)

BEIJING OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0.00

0.20

0.40

0.60

0.80

0.0%

5.0%

10.0%

15.0%

20.0%

Supply Take-up Vacancy Rate

Mill

ion

sq m

Vaca

ncy

Rate

BEIJING OFFICE SUPPLY, TAKE-UP & VACANCY RATE

SHAngHAi• Jing’an Kerry Center Tower II was launched during 2Q 2013, adding 43,725 sq m to the

market.

• The average vacancy rate edged down from 9.1% in 1Q 2013 to 8.4% in 2Q 2013 as demand picked up.

• The average Grade A office rent in the CBD remained unchanged in 2Q 2013. By sub-market, the rental rate in Pudong increased by 0.4% QoQ to RMB8.7 per sq m per day while that in Puxi edged down by 0.3% QoQ to RMB8.9 per sq m per day. Pudong benefited from the strong demand from domestic financial institutions and professional service firms.

• The investment market remained active with a number of en bloc transactions by both domestic and foreign institutions.

mAjor trANsActioNs

BuilDiNg leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

East Ocean Center S CLSA 516,700

Central Plaza S Carlyle 433,000

Park Place L JP Morgan 86,100

Sandhill L Dupont 58,100

One Lujiazui L Zhonghai Fund Management 32,300

Belle Int'l Plaza L Future Electronics 19,400

SOHO The Exchange L Dockwise 17,200

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

Rent

als

Capi

tal V

alue

s

Rentals (RMB / sq m / Day) Capital Values (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

2010 2011 2012 2013 F 2014 F0.00

0.30

0.60

0.90

1.20

Mill

ion

sq m

0.0%

5.0%

10.0%

15.0%

Vaca

ncy

Rate

20.0%


SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

mAjor trANsActioNs



Block 4# in Yuetan South Street, Xicheng District

S China Merchants Bank 766,400

Silicon Valley Tower 4 S BOC International (China) 98,800

Diamond Plaza S BOC International (China) 244,000

Hopson International Tower L CITIC 839,600

China Overseas Plaza L China Unicom 56,000

Parkview Green L China Lianhe Credit Rating 32,300

Raffles City L CITIC Securities 24,600



CHengDU• The total Grade A office stock remained at 780,175 sq m as no new Grade A office space

entered the Chengdu office market in 2Q 2013.

• Most of the leasing deals in 2Q 2013 occurred in the relatively new office projects, because of the adequate available area and better hardware.

• Average rent stood at RMB129.51 per sq m per month in 2Q 2013 and increased slightly by 0.47% QoQ with an increase in new office stock during the past two quarters. Meanwhile, the vacancy rate dropped by 1.23 percentage points QoQ.

• The 2013 Fortune Global Forum, which was held in Chengdu in June 2013, is expected to be a positive factor for the Grade A office market in Chengdu over the long term. However, during the coming two quarters, the Chengdu office market will suffer from the pressure of the macro-economy and the huge supply of office space.

gUAngzHoU• Two new Grade A office buildings, Fortune Century Plaza and One Bravo Plaza in Pearl

River New City, were completed and injected 127,600 sq m of new supply into the market. The vacancy rate went up by 1.0% QoQ to 22.9% in 2Q 2013.

• The demand for office space was relatively cold during 2Q 2013, on the back of a shrinking macro-financial environment. In addition, the upcoming large volume of new supply in Pearl River New City drove the landlords of newly completed projects to lower the asking price. The average rent declined by 2.3% QoQ to RMB153.3 per sq m per month in 2Q 2013.

• The sales price of Guangzhou Grade A offices continued increasing in 2Q 2013 to RMB33,446, up 1.0% QoQ.

mAjor trANsActioNs



G.T. Land Building A L Yuanfang Technological 53,800Guangzhou International Financial Center

L Jing'an Investment Holding 35,500

One Bravo Plaza L Shanghai Leo Burnett Advertisement

29,100

Onel Link Walk L gzmama.com 17,200One Bravo Plaza L Saatchi & Saatchi Guangzhou 11,200

CHENGDU OFFICE CAPITAL AND RENTAL VALUES

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0.00

50.00

100.00

150.00

200.00

250.00

0

5,000

10,000

15,000

20,000

25,000

Rent

als

Capi

tal V

alue

s


2010 2011 2012 2013 F 2014 F0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Mill

ion

sq m

Vaca

ncy

Rate


CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE

cHiNA

mAjor trANsActioNs



China Overseas International Centre L Orientac Management Co. Ltd

11,300

China Overseas International Centre L Zhongni Investment Co. Ltd 8,100Raffles City L Chengde Asset

Management Co. Ltd2,300

Yanlord Landmark L Sumitomo Mitsui Financial Group

2,700

Square One L Puleidisi Consultancy 2,500Lippo Tower L Nokia 4,300Mingyu Financial Centre L Huatu Education 10,800

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0.00

50.00

100.00

150.00

200.00

0

10,000

20,000

30,000

40,000

Rent

als


Capi

tal V

alue

s

GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0.00

0.25

0.50

0.75

1.00

0.0%

10.0%

20.0%

30.0%

40.0%

Mill

ion

sq m

Vaca

ncy

Rate


GUANGZHOU OFFICE SUPPLY, TAKE-UP & VACANCY RATE



tokyo• Macro-economic indicators continued a gradual improvement trend.

• The low new supply in 2013 provides a recovery opportunity in an oversupplied market.

• Rents continue to stabilise.

• Vacancy is contracting moderately.

• Recent turmoil in financial markets is expected to weaken business confidence in the near term.

• Tenant market conditions prevail based upon relatively high vacancy and only a modest increase in demand.

HoNg koNgHong kong• The Double Stamp Duty introduced by the Hong Kong government has effectively

suppressed acquisition demand as the number of office sales deals fell sharply in 2Q 2013 with short-term investors shying away from the market.

• Overall Grade A office rents stabilised at 0.9% QoQ in 2Q 2013, with some signs of small- and medium-sized enterprises reducing their CBD footprint for downsizing and cost-savings reasons.

• Genuine buying interest among individual cash-rich corporations was still demonstrated in 2Q 2013. The latest example being Canadian insurer Manulife, acquiring the West Tower at One Bay East in Kowloon East for HK$4.5 billion for its own occupation, despite being caught by the doubling of stamp duty.

• With more companies turning cautious in hiring amid deteriorating business conditions, office-leasing demand will progressively weaken. The overall Grade A office rents are set to slow and undergo mild growth of 2% over the next 12 months.

HONG KONG OFFICE CAPITAL AND RENTAL VALUES

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

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

Rent

als

Capi

tal V

alue

s

Rentals (HK$ / sq ft / Month) Capital Values (HK$ / sq ft)

HONG KONG OFFICE SUPPLY, TAKE-UP & VACANCY RATE

2010 2011 2012 2013 F 2014 F0.00

0.50

1.00

1.50

2.00

2.50

3.00

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Mill

ion

sq ft

Vaca

ncy

Rate


mAjor trANsActioNs



Otemachi Financial City North Tower

L JFE Shoji Trading Corporation 68,500

Marunouchi Eiraku Building L Abeam Consulting Ltd 104,000Marunouchi Eiraku Building L Mitsui Sumitomo Trust

Holdings269,800

Think Park Tower L Dassault System 49,700Nisseki Yokohama Building L Tenneco Japan 49,700

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0

10,000

20,000

30,000

40,000

50,000

Rent

als

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

Capi

tal V

alue

s

Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)

TOKYO OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0

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%


Tsub

o

Vaca

ncy

Rate

TOKYO OFFICE SUPPLY, TAKE-UP & VACANCY RATE

jAPAN

mAjor trANsActioNs



Hutchison House L Undisclosed 12,900One Pacific Centre L Manulife 8,600International Commerce Centre L Undisclosed 7,3004 floors, Kowloon Commerce Centre S China Mobile 104,000Whole block, Wing Hang Finance Centre

S Emperor Group 95,600

12/F, Enterprise Square One S Undisclosed 40,500



SeoUl• A total of 2 office buildings have come on stream in the first half of 2013, all located in

the Central Business District. The State Tower Gwanghwamun, with a total floor area 40,991 sq m came in the market in 1Q 2013, while the N Tower was opened in 2Q 2013 with a total gross floor area of 51,377 sq m.

• Vacancy rate in the first half of 2013 remained at the 7% level since 3Q 2011. Overall vacancy rate decreased 37 basis points QoQ to 7.52% in 2Q 2013.

• The average rent for offices in Seoul recorded KRW 24,522 per sq m in 2Q 2012, a 1.29% increase from the beginning of the year as rent for new offices was set at a higher level than the standard rent, hence pushing up the average rent.

• During the first half of 2013, besides the relocation and expansion of foreign companies most expansionary demand in CBD was noted among local conglomerates and conglomerate affiliates. In YBD, mainly relocation and expansion demand were noted among finance related firms and foreign-affiliated consulting firms.

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0

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

Rent

als

Capi

tal V

alue

s

Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)

TAIPEI OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Ping


Vaca

ncy

Rate

TAIPEI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

soutH koreA1Q

201

02Q

201

03Q

201

04Q

201

01Q

201

12Q

201

13Q

201

14Q

201

11Q

201

22Q

201

23Q

201

24Q

201

21Q

201

32Q

201

33Q

201

3 F

4Q 2

013

F1Q

201

4 F

2Q 2

014

F3Q

201

4 F

4Q 2

014

F1Q

201

5 F

Capi

tal V

alue

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

Rent

als

Rentals (Won / sq m / Month) Capital Values (Won / sq m)

SEOUL OFFICE CAPITAL AND RENTAL VALUES

0

100,000

200,000

300,000

400,000

500,000

600,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2010 2011 2012 2013 F 2014 FVa

canc

y Ra

te

sq m


SEOUL OFFICE SUPPLY, TAKE-UP & VACANCY RATE

tAiwAN

mAjor trANsActioNs



Fabulous International Commercial Building

L Zurich International Life Taiwan 85,400

Taipei 101 Tower L Alliance Bernstein L.P. Taiwan 24,200Taipei Financial Center L AVON Cosmetics Taiwan 15,300City Link Building L Thai Airways 12,500

tAipei• The total Grade A office stock increased to 566,846 ping amid the completion of the

5,500-ping Taiwan Life Insurance Financial Headquarter. Net take-up of Grade A office reached 5,271 ping in 2Q 2013, which brought vacancy down by 7 basis points to 11.07%

• Vacancy rate in West district decreased by 0.83 percentage points QoQ to 5.27% in 2Q 2013, while that in MS-TN district decreased 0.5 percentage points QoQ to 12.6% during the same period.

• Hsin-Yi district recorded the first negative net take-up since 4Q 2010, at -946 ping in 2Q 2013. This was due to increase in vacancy in some buildings, such as Taipei 101 Tower, Cathay Financial Center and Shin Kong Xin Yi Financial Building increasing 500 ping respectively.

• The average effective rent of Grade A offices remained stable at NT$2,441 per ping per month during the quarter. Meanwhile, rffective rent of the JA-HS district dropped 5% QoQ to NT$1,900 per ping per month.

mAjor trANsActioNs



Kyobo Building L Fujitsu Korea Limited 53,400

Kyungam Building L Coupang 153,000

TWO IFC L OTIS 84,100

Doosan Tower S Deutsche Asset/Wealth Mgmt 588,500

GS Yeokjeon Tower S Angelo Gordon 349,700

Union Steel Building S Samsung Life Insurance 284,000



iNDoNesiAjAkArtA• The average occupancy rate for office buildings in Jakarta was relatively flat during

2Q 2013. The space absorption slowed due to the consolidation of some companies in anticipation of the fuel price hike.

• New office supply will increase in both the CBD and non-CBD areas over the next three years with the majority of projected office space already in the construction stage.

• Despite signs of weakening office leasing demand, overall Grade A office rents increased in 2Q 2013, mainly dominated by office buildings charging rupiah tariffs.

• The take-up rate for operating strata-title office buildings is very high and this is followed by the sales performance of future buildings where the pre-committed sales rate has achieved 54%. The asking price of these future office buildings has increased quite substantially as well and is now ranging between IDR30 and 50 million per sq m.

0

100,000

200,000

300,000

400,000

500,000

600,000

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

Rent

als

Capi

tal V

alue

s

Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

02010 2011 2012 2013 F 2014 F

sq m

100,000

200,000

300,000

400,000

500,000


0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

Vaca

ncy

Rate

JAKARTA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Rent

als

200

400

600

800

1,000

1,200

Capi

tal V

alue

s

0

Capital Values (Ringgit / sq ft)Rentals (Ringgit / sq ft / Month)

KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

28.0%

2010 2011 2012 2013 F 2014 F

Mill

ion

sq ft

Vaca

ncy

Rate


KUALA LUMPUR OFFICE SUPPLY, TAKE-UP & VACANCY RATE

kUAlA lUmpUr• There were no new completions in the Kuala Lumpur market during the review period.

New incoming supply of approximately 500,000 sq ft is anticipated by the end of 2013.

• The KLCC REIT, the country’s largest REIT, which was initially a property company, has restructured itself into a stapled REIT in a bid to lure yield-hungry investors. The KLCC REIT’s portfolio includes the Petronas Twin Towers, Tower 3 @ KLCC, Menara ExxonMobil, Suria KLCC and Mandarin Oriental which have high occupancy rates.

• Some landlords of the newly completed buildings were willing to offer more incentives such as longer rent-free periods to secure tenants.

• Rents have generally remained stable in 2Q 2013. Office buildings with MSC Malaysia status and Green Building Index (GBI) Certified buildings were able to command higher rental rates despite a longer time needed to fill up with tenants.

mAjor trANsActioNs



Sunway Tower 2 L Worley Parsons Services Sdn Bhd

10,000

Sunway Tower 2 L ACCA Malaysia Sdn Bhd 10,000Menara PMI S Admiral Gateway Sdn Bhd 104,000Menara Tun Ismail Mohd Ali L KL Metropolitan College 101,600Integra Tower L Aker Solutions 155,000Integra Tower L Petronas Lubricants

International Sdn Bhd50,000

mAlAysiA

mAjor trANsActioNs



Gran Rubina S Mandiri Healthcare 33,100Centennial Tower S PT. Permata Hijau Group 30,100Tempo Pavilion I L BNI Syariah 60,300Wisma Mampang L Rekayasa Engineering 40,900Menara Prima 2 L PT. Excelcomindo 28,000Lot 18 Tower E L Swiber 24,000Eighty8 Kota Kasablanka L Danamon 21,500

Data sourced from C H Williams Talhar & Wong Sdn Bhd



PHil iPPiNesmAnilA• Due to attractive business conditions, coupled with the recent investment upgrade by

Standard & Poor’s (S&P) and Fitch Ratings, more companies are expected to set up offices in the medium term. The latest example is Citco International Support Services Limited (CISSL) setting up its Regional Operating Headquarters at the Philamlife Tower in the Makati CBD.

• The vacancy rate in the Makati CBD almost doubled to 6.7% QoQ, mainly driven by the low take-up rate of the recently completed Alphaland Makati Tower. The overall vacancy rate in the CBD is set to decline by 5.6% towards the year end as take-up will remain heavily fuelled by the expansion requirements of outsourcing and off-shoring companies.

• Premium monthly rents, currently at an average of PHP875 per sq m, are expected to exceed the PHP900 per sq m level by 1Q 2014 backed by a generally higher landlord confidence coupled with the absence of new supply.

mAjor trANsActioNs



One Ecom Center L ACS of the Philippines, Inc. 41,800Robinsons Equitable Tower L Simpro Solutions 12,700RCBC Plaza L Bayview Technologies 9,400Net Lima L Employers Mutual

Management6,700

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0

200

400

600

800

1,000

1,200

1,400

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Capital Values (Peso / sq m)Rentals (Peso / sq m / Month)

Capi

tal V

alue

s

Rent

als

MANILA OFFICE CAPITAL AND RENTAL VALUES

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2010 2011 2012 2013 F 2014 F

sq m

Supply Take-up Vacancy RateVa

canc

y Ra

te

MANILA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

SingApore• Driven by tenants’ continued flight to quality, leasing demand increased for Premium

Grade office space in the Raffles Place / New Downtown micro-market.

• Positive demand lifted the overall occupancy rate of Premium and Grade A office space in the CBD to 95.2% QoQ as of June 2013, the highest level in 4.5 years.

• Consequently, the average monthly gross rents for CBD Premium and Grade A office space rose for the first time since the market downturn in 4Q 2011, inching up 0.1% QoQ to S$8.42 psf in 2Q 2013.

• On the back of improving market sentiments and demand for efficient floor layouts, rents for Premium and Grade A office space in the CBD are expected to head north in 2H 2013.

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0.00

5.00

10.00

15.00

20.00

25.00

Rent

als

30.00

500

1,000

1,500

2,000

2,500

3,000

Capi

tal V

alue

s

0

Capital Values (Singapore$ / sq ft)Rentals (Singapore$/ sq ft / Month)

SINGAPORE OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

0.00

0.50

1.00

1.50

2.00

2.50

Mill

ion

sq ft

Vaca

ncy

Rate


SINGAPORE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

siNgAPore

mAjor trANsActioNs



Asia Square Tower 1 L IHS Global Pte Ltd 32,600Asia Square Tower 2 L National Australia Bank n.a.Asia Square Tower 2 L Swiss Reinsurance Company n.a.

n.a. : Information not available



tHAilAND1Q

201

02Q

201

03Q

201

04Q

201

01Q

201

12Q

201

13Q

201

14Q

201

11Q

201

22Q

201

23Q

201

24Q

201

21Q

201

32Q

201

33Q

201

3 F

4Q 2

013

F1Q

201

4 F

2Q 2

014

F3Q

201

4 F

4Q 2

014

F1Q

201

5 F

Rent

als

0

200

400

600

800

1,000

1,200

1,400

120,000

Capi

tal V

alue

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

2010 2011 2012 2013 F 2014 F


sq 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%

Vaca

ncy

Rate

BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE

BAngkok• The average occupancy rates in the office market are expected to rise in 2013 due to

ever-increasing demand and limited new supply, especially in the CBD area.

• Many multinational companies are still looking for office space in Bangkok, and some are planning to expand their existing space.

• Compared to last year, the average rental rate increased by 5 - 10% in the first half of 2013, depending on location and building specifications. Looking forward, office rents in the CBD area will continue to stay on an upward trend in the second half of 2013 due to the limited supply.

• The main obstacle for office building development in the CBD area is that land prices are escalating while rents remain relatively static. The majority of the future supply is therefore located outside the CBD area, as there is limited land available with reasonable prices suitable for office building development in the CBD.

mAjor trANsActioNs



Bangkok City L L'Roeal (Thailand) Co. Ltd 22,100

Mercury Tower L Asia Well Co. Ltd 11,800

mAjor trANsActioNs



Empress Tower L Nestle 32,300Bitexco Financial Tower L Sanofi Aventis 10,800Bao Viet Office Building L Bridgestone 10,800Bao Viet Office Building L Hitachi Electric 8,700Saigon Airport Plaza L Pepsi Call Center 8,600President Place L Canon 5,400

vietNAm

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0

10

20

30

40

50

Rent

als

Rentals (US$/ sq m / Month)

HO CHI MINH CITY OFFICE RENTAL VALUES

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

sq m

Vaca

ncy

Rate


2010 2011 2012 2013 F 2014 F

HO CHI MINH CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

Ho CHi minH City• Landlords were more willing to lower their asking rents and more generous in offering

incentives in 2Q 2013.

• The office leasing market in the city is a tenant’s market. Tenants, especially MNCs, were aggressive in demanding more incentives, including longer rent-free and fit-out period.

• More tenants took the opportunity to relocate to new Grade A office buildings which provided more competitive rents when compared to their existing addresses.

• New supply is expected to stay humble with about 20,000 sq m of new office space entering the market in both 2013 and 2014.

• Overall Grade A office rents should see a slight decrease before a modest improvement throughout 2014 thanks to the slow influx of new supply.



HAnoi• Business conditions improved on the back of a recovering economy. Therefore, some

office tenants will likely take the opportunity to expand in the coming months.

• A large amount of new prime office space to be finished in the next two years, such as the Lotte Center, would likely increase competition in the Grade A office market.

• A few tenants moved out from high price deals such as SunCity office building.

• Landlords were willing to offer more incentives, including longer rent-free period up to four months for a three-year lease even though asking rents stayed relatively high.

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F0

10

20

30

40

50

Rentals (US$/ sq m / Month)

Rent

als

HANOI OFFICE RENTAL VALUES

2010 2011 2012 2013 F 2014 F

-50,000

0

50,000

100,000

150,000

200,000

250,000

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

sq m

Vaca

ncy

Rate


HANOI CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

vietNAm

mAjor trANsActioNs



Ha Long Marine Plaza L Hoang Anh Commerce and

Service JSC

11,500

iNDiA

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0

10

20

30

40

50

60

70

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Rent

als

Capi

tal V

alue

s

Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)

BENGALURU OFFICE CAPITAL ANDRENTAL VALUES

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Mill

ion

sq ft

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

Vaca

ncy

Rate

0.0%


BENGALURU OFFICE SUPPLY, TAKE-UP & VACANCY RATE

BengAlUrU (BAngAlore)• In 2Q 2013, total absorption was around 2.5 million sq ft, including 0.5 million sq ft of

BTS (Build to Suit) absorption concentrated in micro-markets along the Outer Ring Road and in Whitefield. The IT/ITeS sector remained the major contributor to this demand.

• Amid robust absorption, rental values appreciated in the range of 3-8% QoQ in micro-markets like the EPIP Zone, Whitefield, Bannerghatta Road and the Outer Ring Road. However, rents dipped by 7% QoQ in Electronic City, keeping overall average rentals stable for the Bengaluru market.

• Construction activities remain steady during 2Q 2013. Approximately 0.6 million sq ft of Grade A commercial office space was added to the city’s total inventory.

• The Central Government has approved a proposal for setting up an Information Technology Investment Region near Bengaluru, with an estimated investment of INR1,060 billion. The project covers around 10,500 acres of land, located 14 kilometres north of Bengaluru International Airport (BIA). The project is expected to generate an annual turnover of INR2,010 billion by 2032, and create about 1.2 million direct, and 2.8 million indirect jobs.

mAjor trANsActioNs



RMZ Infinity L Analog Devices 54,000RMZ Ecoworld L Honeywell 500,000Prestige Tech Park L BMC Software 80,000Mantri Commercio L AXA 237,000Salarpuria Softzone L Akamai 70,000



iNDiA1Q

201

02Q

201

03Q

201

04Q

201

01Q

201

12Q

201

13Q

201

14Q

201

11Q

201

22Q

201

23Q

201

24Q

201

21Q

201

32Q

201

33Q

201

3 F

4Q 2

013

F1Q

201

4 F

2Q 2

014

F3Q

201

4 F

4Q 2

014

F1Q

201

5 F

0

10

20

30

40

50

60

70

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Rent

als

Capi

tal V

alue

s


CHENNAI OFFICE CAPITAL ANDRENTAL VALUES

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

0.00

2.00

4.00

6.00

8.00

10.00

2010 2011 2012 2013 F 2014 F

Mill

ion

sq ft

Vaca

ncy

Rate


CHENNAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

CHennAi• Absorption remains in line with the previous quarter with a number of mid-sized

transactions (10,000 to 45,000 sq ft) recorded during 2Q 2013. Major occupiers like IBM Daksh, AT & T and Bosch relocated in order to downsize.

• The total absorption recorded till 2Q 2013 was 1.53 million sq ft. The micro-markets which remained most active in terms of commercial leasing were OMR, RK Salai and Dr MGR Road.

• No new projects were launched during 2Q 2013.

• In 2Q 2013, rental values for Grade A office space remained stable. Average rental values are expected to remain stable with a downward bias amid cautious market sentiment and more prime office supply in the pipeline.

mAjor trANsActioNs



RMZ I L Ford 44,000ASV Hansa L Frost and Sullivan 42,500Sunnyside L Bosch 32,000Prince Infocity-ll L DAKSH IBM 34,000SP Infocity–Block B L Siemens 44,000AKDR L Ajuba 34,000

DELHI NCR OFFICE CAPITAL AND RENTAL VALUES

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

0

50

100

150

200

250

0

5,000

10,000

15,000

20,000

25,000

Rent

als

Capi

tal V

alue

s


2010 2011 2012 2013 F 2014 F0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

28.0%

Mill

ion

sq ft

Vaca

ncy

Rate


DELHI NCR OFFICE SUPPLY, TAKE-UP & VACANCY RATE

DelHi nCr• Delhi National Capital Region (NCR) witnessed steady occupier demand with absorption

at more than 1.34 million sq ft during 2Q 2013. More than 50% of this absorption was recorded in Gurgaon.

• In 2Q 2013, the completion of various projects across the city added approximately 1.8 million sq ft of Grade A office stock to the city’s total inventory.

• Amid steady demand, the large quantum of supply kept rental values steady across Delhi NCR, except in the CBD, where capital values moved up by 3% QoQ.

• Demand is anticipated to remain moderate in the next quarter due to cautious expansion plans by occupiers. With the continuous addition of new supply, vacancy levels are expected to rise putting pressure on the rental values in the mid-term.

mAjor trANsActioNs



Gurgaon L Convergys 227,300New Delhi L Relaxo Footware (Office) 50,000Gurgaon L DuPont 123,000Gurgaon L Reliance 4G 80,000Gurgaon L Home Credit 55,000



iNDiA1Q

201

02Q

201

03Q

201

04Q

201

01Q

201

12Q

201

13Q

201

14Q

201

11Q

201

22Q

201

23Q

201

24Q

201

21Q

201

32Q

201

33Q

201

3 F

4Q 2

013

F1Q

201

4 F

2Q 2

014

F3Q

201

4 F

4Q 2

014

F1Q

201

5 F

0

10,000

20,000

30,000

40,000

50,000

60,000

0

50

100

150

200

250

300

Rent

als

Capi

tal V

alue

s


MUMBAI OFFICE CAPITAL AND RENTAL VALUES

0.00

2.00

4.00

6.00

8.00

10.00

12.00

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

2010 2011 2012 2013 F 2014 F

Mill

ion

sq ft

Vaca

ncy

Rate


MUMBAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

mUmBAi• Mumbai’s office market experienced fairly good absorption during the last two quarters

showing healthy occupier demand. The city’s total absorption for 2Q 2013 was recorded at around 1.58 million sq ft in 2Q 2013 when compared to the 1Q 2013 figure of 2.17 million sq ft.

• Two new projects, the FIFC (The First International Financial Centre) developed by Vornado Realty at BKC (Bandra Kurla Complex) and Kalptaru Prime developed by Kalpataru Group in Thane, were completed in 2Q 2013, adding approximately 1 million sq ft of office stock to the city’s Grade A inventory.

• Rental values for Grade A office space remained stable in all of the micro-markets, except BKC, which recorded a marginal appreciation in rental values.

• With limited premium commercial development expected to be completed in 2013, commercial office space rents are expected to increase slightly. However, rental values for IT/ITeS office space will remain stable due to demand supply equilibrium.

kArACHi• Pakistan’s change of government had a positive effect on economic activities in Karachi

in 2Q 2013.

• The developers put on hold their commercial development projects since 2009 in view of unfavourable conditions. The change of government has brought new hope to the market and the developers have resumed the development of these projects

• A slight improvement in the office sector was witnessed during the quarter. Occupancy levels, rents and prices of existing office premises have edged up.

• Looking forward, expansions of companies are expected amid further economic improvement, which will create additional demand for office premises.

mAjor trANsActioNs



Al Tijarah Center L Lotte Chemical Pakistan Ltd. 14,200Horizon Vista L Pak Brunei 24,000

PAkistAN

KARACHI OFFICE CAPITAL AND RENTAL VALUES

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

Rent

als

0

20

40

60

80

100

120

140

160

Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Year)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Capi

tal V

alue

s

2010 2011 2012 2013 F 2014 F0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Mill

ion

sq ft

1.60

Vaca

ncy

Rate

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%


KARACHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

mAjor trANsActioNs



Marathon Icon L NSDL 200,000Mindspace SEZ L Cognizant 230,000IFC L HSBC 72,000Gcorp L Convergys 120,000One India Bulls Annexe L ISDI Parsons 210,000



AustrAliA1Q

201

02Q

201

03Q

201

04Q

201

01Q

201

12Q

201

13Q

201

14Q

201

11Q

201

22Q

201

23Q

201

24Q

201

21Q

201

32Q

201

33Q

201

3 F

4Q 2

013

F1Q

201

4 F

2Q 2

014

F3Q

201

4 F

4Q 2

014

F1Q

201

5 F

0

100

200

300

400

500

600

700

Rent

als

1,000

2,000

3,000

Capi

tal V

alue

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

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

4Q 2

012

1Q 2

013

2Q 2

013

3Q 2

013

F4Q

201

3 F

1Q 2

014

F2Q

201

4 F

3Q 2

014

F4Q

201

4 F

1Q 2

015

F

Rent

als

0

200

400

600

800

1,000

1,200

Capi

tal V

alue

s

10,000

12,000

0

2,000

4,000

6,000

8,000


BRISBANE OFFICE CAPITAL AND RENTAL VALUES

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

2010 2011 2012 2013 F 2014 F

sq m

Vaca

ncy

Rate


BRISBANE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2010 2011 2012 2013 F 2014 F

sq m

Vaca

ncy

Rate


ADELAIDE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

ADelAiDe• Foreign investor interest for prime quality investment assets should remain elevated in

the medium term. Institutional buyers are making enquiries, and are likely to become more active during the next 12 - 18 months, provided opportunities are available.

• The market recorded its largest office asset sale for the year following the sale of 45 Pirie Street recently for AU$87 million on a passing yield of 8.4%.

• Vacancy rates rose further in 2Q 2013 due to an increase in new supply and backfill space. In the short term, prime incentives are expected to rise marginally.

• Yields remained stable and there were positive transactional trends, which showed there was good demand for prime, well-located investment assets in Adelaide.

• Drawn out decision-making tempered overall leasing activity during 2Q 2013. However, it is anticipated that activity will improve in the second half of 2013 due to the increase in high-quality refurbished backfill space.

mAjor trANsActioNs



45 Pirie Street S Private 213,800101 Pirie Street S Health Partners 73,100

BriSBAne• Institutions have dominated the Brisbane investment landscape with approximately AU$1.6

billion in transactions recorded over the first half of 2013. Prime asset sales indicate tight yields and high capital values compared to transactions over the past two years.

• Corporations and the Queensland State Government accounted for the majority of disposals in 2013 YTD at AU$543.9 and 561.9 million, respectively.

• Double-digit vacancy is set to remain in the Brisbane office market in the short to medium term. Research indicates that the current CBD vacancy rate is close to 13%, with the highest vacancy being recorded in the secondary Grade sector.

• Given the tight supply in the prime market, vacancy rates are expected to remain relatively stable over the medium term until new developments are completed.

mAjor trANsActioNs



41 George St S QIC 316,000

400 George Street S Motor Accident Commission (SA) 471,000

480 Queen Street S DEXUS Property Group and DEXUS Wholesale Property Fund

(DWPF)

598,100

259 Queen Street S Investa Commercial Property Fund 266,800

192 Ann Street L Aurizon Property Pty Ltd 30,500

179 North Quay L Maurice Blackburn Lawyers 19,000

480 Queen Street L BHP Billiton 148,500

150 Charlotte Street L Boeing Australia 80,700



AustrAliA1Q

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MELBOURNE OFFICE CAPITAL AND RENTAL VALUES

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CANBERRA OFFICE CAPITAL AND RENTAL VALUES

0

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2010 2011 2012 2013 F 2014 F

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CANBERRA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

CAnBerrA• There was limited leasing activity due to the upcoming 2013 federal elections as most

federal department expansions and moves were put on hold.

• No major federal government workforce reductions were witnessed in 2Q 2013.

• The current supply cycle is coming to an end with limited leasing options offering contiguous space.

mAjor trANsActioNs



40 Macquarie Street L Accenture 32,30014 Mort Street L DEEWR 43,100140 - 180 City Walk L Federal Government 140,00040 Marcus Clarke Street S Private 110,0004 Mort Street S Private 58,800

melBoUrne• The leasing market was more subdued, with limited major deals.

• Sales in the Melbourne CBD were strong compared to the same time last year. The transaction amount reached over AU$1 billion up to June 2013.

• Yield compression was observed in the prime Grade market while secondary Grade yields have remained flat.

• Demand is expected to pick up slightly following the 2013 federal elections.

mAjor trANsActioNs



80 Collins Street L Australia Post 93,000567 Collins Street L Virgin Active 47,400360 Collins Street L UXC 39,700120 Collins Street L Migration Review Tribunal 38,000555 Lonsdale Street S LaSalle Investment Management 174,100567 Collins Street S Investa Office Fund / Investa

Commercial Property Fund

584,200

8 Exhibition Street (50%) S GPT Wholesale Office Fund 484,400575 Bourke Street S RREEF OBO BVV 174,10090 Collins Street S Mirvac 228,700



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PERTH OFFICE SUPPLY, TAKE-UP & VACANCY RATE

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SYDNEY OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0

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SYDNEY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

pertH• Leasing demand has softened due to more conservative business perspectives as a

consequence of continuing sluggish global economic conditions and the subsequent deferral of some capital expenditure projects.

• Vacancy has increased largely due to more direct space being made available in the past six months up to June 2013. However, as a result of a pullback in resource sector investment and the subsequent flow through impact on the engineering / technical services sector there was an increase in availability of sub-lease space.

• Yields generally remained stable in the first half of 2013 as demand for properties with good lease covenants was relatively unaffected by increasing vacancy levels.

• Relatively strong pre-commitment activity in the past 6 to 12 months is expected to result in the delivery of 9 buildings totalling 162,725 sq m by mid-2016.

mAjor trANsActioNs



Allendale Square, 77 St Georges

Terrace, Perth

S Mirvac Property Trust 302,400

Kings Square 1, 2 & 3, Wellington

Street, Perth

S Dexus 568,100

QV1 250 St Georges Terrace, Perth L Chevron 301,40032 St Georges Terrace, Perth L Legal Aid 60,000

SyDney• Landlords continued to increase incentives to attract and retain tenants.

• The leasing market continued to remain soft due to low levels of business and investment confidence.

• The investment market remained strong across the Sydney CBD office market with AU$375 million worth of sales taking place during 2Q 2013.

• The weight of funds chasing quality assets has resulted in a slight tightening of yields for well-leased premium Grade properties.

mAjor trANsActioNs



121 - 127 Harrington St S Private 67,90010 Spring St S Centuria 149,000175 Castlereagh St S Centuria 129,000117 Clarence St S Altis Proerty Partners 120,600

AustrAliA



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AUCKLAND OFFICE CAPITAL AND RENTAL VALUES

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AUCKLAND OFFICE SUPPLY, TAKE-UP & VACANCY RATE

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WELLINGTON OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F

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WELLINGTON OFFICE SUPPLY, TAKE-UP & VACANCY RATE

AUCklAnD• In the 12 months leading up to June 2013, both face rents and net effective rents have

increased due to the limited supply of available space. While face rents have increased marginally, incentive packages were reduced by an average of 5 percentage points compared to a year ago. Overall rents are expected to grow by 2.5% between now and mid-2014.

• The confidence in business and employment growth intentions was translated into further demand for Auckland CBD offices. The overall office vacancy rate in the CBD declined to 9.9% in 2Q 2013, with 38,013 sq m of space leased over the first half of 2013.

• The prime vacancy rate decreased to 5.8% in 2Q 2013, declining by almost half in the last two years. Despite the inclusion of the new ASB Building in Wynyard Quarter and the 6,600sq m to be vacated at 205 Queen Street with ANZ Bank’s departure, the prime vacancy rate will remain low in the range of 6% - 6.5% for the rest of the year.

• Given the rise in rents and the firming in yields by between 25 and 50 basis points for prime space, prime capital values are set to rise by 7.4% over the next 12 months.

mAjor trANsActioNs



37 - 39 Anzac Avenue S Private Investor 13,700Vero Centre, L25 - 30

48 Shortland Street

L Russell McVeagh 66,900

L9, 41 Shortland Street L Morgan Coakle 8,700

wellington• The combination of a low employment period in both the public and private sectors and

an emphasis on the building seismic strength provides a challenging environment for the Wellington office market. However, this brings in opportunities, and investment activity remains strong.

• Argosy Property Trust have purchased NZ Post House in Wellington and undertaken significant refurbishment and seismic strengthening works. Lifting the seismic strength of buildings and refurbishment is a recurring theme in Wellington. Landlords with access to sufficient equity are repositioning to attract and retain tenants in a highly competitive market. A significant purchase, further demonstrating buoyant investment activity in Wellington, was Caniwi Capital purchasing the ANZ Bank building in Tory Street for NZ$46.25 million in April 2013.

mAjor trANsActioNs



NZ Post House, 7 Waterloo Quay S Argosy Property 268,900 The Tory Street Campus, Tory Street S Canwi Capital 156,100 Sovereign House, 34 - 42 Manners Street

L Government Department 22,100

L7, Todd Tower, 95 Customhouse Quay

L Assurity 5,900

33 Cuba Street L Design Works NZ 7,600



Note: Rental figure in each of the above centre is the average of the various key sub-markets outlined under the section of "Definitions and Terminology"

AustrAliAPrime office reNtAl

Hong Kong

Tokyo

Singapore

Sydney

Perth

Brisbane

Beijing

Melbourne

Shanghai

Ho Chi Minh City

Hanoi

Adelaide

Jakarta

Mumbai

Canberra

Delhi NCR

Guangzhou

Taipei

Bangkok

Kuala Lumpur

Wellington

Auckland

Seoul

Chengdu

Manila

Bengaluru

Chennai

Karachi

RENTALS (US$ / SQ FT / YEAR)

0.00 20.00 40.00 60.00 80.00 100.00 120.00



Delhi 12,200,000Bengaluru 9,090,000Mumbai 8,700,000Guangzhou 6,673,618Chennai 5,240,000Chengdu 4,628,477Seoul 4,382,317Shanghai 3,790,637

Jakarta

Guangzhou

Seoul

Shanghai

Chengdu

Hong Kong

Taipei

Singapore

Hanoi

Beijing

BangkokManila

Ho Chi Minh City

Over 3,000,000 sq ft

1,000,000 - 3,000,000 sq ft

Below 1,000,000 sq ft

Hong Kong 927,384Manila 413,334Kuala Lumpur 509,000Adelaide 454,936Ho Chi Minh City 117,316Singapore 733,625Brisbane 200,209Karachi 145,000Auckland 193,750Perth 100,524Bangkok 0Canberra 0Wellington 0

Kuala Lumpur

MelbourneAuckland

Canberra

Wellington

Delhi NCR

Bengaluru

Mumbai

Chennai

Tokyo

SydneyAdelaide

Brisbane

Karachi

Perth

Tokyo 2,888,680Beijing 2,730,242Hanoi 1,748,165Melbourne 1,442,363Jakarta 1,564,339Taipei 1,074,641Sydney 1,304,994

Prime office New suPPly forecAst for 2013

Source: Colliers

City new Supply take-up Average Vacancy total Stock Average rentals (sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year) 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F

BeijiNg

CBD 1,614,585 538,195 470,720 1,177,140 10.7 7.6 22,157,679 22,695,874 63.92 68.27

Zhongguancun 0 624,306 26,318 231,908 0.9 5.3 8,095,529 8,719,835 44.79 46.23

Financial Street 406,875 0 366,188 28,967 1.0 0.7 10,107,399 10,107,399 69.14 75.47

Lufthansa 708,781 0 196,867 425,269 8.4 3.2 8,185,871 8,185,871 52.87 55.65

East Chang An Avenue 0 0 140,447 40,903 3.8 3.1 6,307,067 6,307,067 49.00 52.01

East 2nd Ring 0 0 108,500 4,447 1.2 1.1 3,012,514 3,012,514 45.90 49.89

Other areas 0 1,531,918 6,028 453,548 0.5 40.4 1,151,307 2,683,225 46.98 44.62

sHANgHAi

Pudong 0 823,438 914,932 968,751 6.8 5.9 23,080,665 23,904,103 49.06 51.57

Puxi 3,790,637 2,604,455 1,998,795 2,523,742 12.6 11.9 31,904,878 34,509,332 48.52 50.99

guANgzHou

Yuexiu 0 1,618,761 115,206 1,021,171 4.4 12.7 4,683,244 6,302,005 20.46 20.75

Tianhe 6,675,620 6,820,836 3,531,140 4,945,011 28.7 28.5 31,459,844 38,280,680 29.28 28.27

Haizhu 0 0 77,446 109,092 30.2 25.3 2,244,693 2,244,693 17.64 16.24

cHeNgDu

Renmin Road 0 645,834 180,192 444,609 16.0 20.0 1,801,446 2,447,280 29.95 30.67

CBD 0 0 919,722 204,742 25.0 16.0 2,274,913 2,274,913 23.46 25.26

Financial Street 1,376,251 4,240,977 867,960 2,027,962 39.0 48.0 3,373,395 7,614,372 23.10 23.46

Tianfu Avenue 857,506 0 838,272 356,647 40.0 27.0 2,743,438 2,743,438 21.65 23.46

Other areas 2,357,003 1,937,502 1,714,689 937,923 26.0 37.0 2,357,003 4,294,505 21.65 21.65

HoNg koNg

Central 40,700 0 59,776 60,622 5.0 4.7 21,770,869 21,770,869 157.80 164.59

Wanchai 0 0 88,859 55,379 3.4 2.9 11,439,007 11,439,007 99.17 102.94

HK Island East 0 0 -320,000 25,118 0.7 0.4 10,404,774 10,404,774 71.73 73.88

Tsim Sha Tsui 0 0 -91,938 4,736 1.5 1.4 6,458,960 6,458,960 80.59 76.56

Kowloon East 677,315 0 349,431 305,942 10.8 7.7 9,869,196 9,869,196 61.03 57.98

tokyo

CBD 2,888,680 4,776,226 3,415,997 4,625,829 7.8 7.5 82,179,204 86,955,444 92.13 93.84

seoul

CBD 1,417,293 3,576,467 728,190 3,485,409 11.1 10.3 36,199,141 39,775,608 27.60 28.26

GBD 0 0 441,603 242,426 3.5 2.6 28,697,841 28,697,841 24.03 24.87

YBD 2,965,024 0 487,397 1,544,240 18.8 11.1 20,103,762 20,103,762 21.35 22.25

tAiPei

CBD 1,074,641 2,113,137 624,375 1,141,475 11.6 14.8 20,402,183 22,515,320 27.39 27.46

jAkArtA

CBD 1,564,339 3,407,183 3,185,565 3,551,194 2.5 2.1 51,304,037 54,711,221 44.88 53.52

Non-CBD 1,793,007 4,517,114 2,320,815 2,683,365 3.0 8.8 24,716,627 29,233,741 25.90 30.49

kuAlA lumPur

KLCA 509,000 2,459,266 1,000,000 1,000,000 12.2 15.4 33,424,552 35,883,818 25.29 25.29



treNDs & forecAsts

2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F

mANilA

Makati 413,334 0 330,645 225,095 5.7 5.3 10,347,811 10,347,811 23.17 25.61

Ortigas 721,171 0 705,035 60,848 4.9 3.8 5,682,575 5,682,575 14.80 16.01

siNgAPore

CBD 773,625 1,205,000 710,285 772,462 6.0 7.8 19,471,993 20,676,993 82.79 88.91

BANgkok

CBD 0 0 861,112 645,834 7.0 5.0 17,580,646 17,580,646 27.57 27.93

Ho cHi miNH city

CBD 228,507 234,115 118,403 172,222 12.9 8.5 1,935,360 2,169,475 41.25 41.92

HANoi

CBD 1,748,165 2,046,605 1,340,837 1,412,035 25.0 25.5 5,122,066 7,168,671 35.43 36.27

BeNgAluru

Overall 9,090,000 6,000,000 7,500,000 7,000,000 15.0 16.0 93,517,175 99,517,175 9.65 9.95

cHeNNAi

Overall 5,240,000 8,000,000 4,000,000 5,000,000 21.0 22.0 46,032,483 54,032,483 9.65 9.65

DelHi Ncr

Overall 12,200,000 10,000,000 6,500,000 7,000,000 18.0 20.0 82,804,158 92,804,158 34.37 34.37

mumBAi

Overall 8,700,000 5,000,000 7,000,000 7,000,000 14.5 15.0 110,158,000 115,158,000 35.78 35.78

kArAcHi

CBD 145,000 476,000 100,000 124,000 40.0 42.0 15,376,929 15,852,929 0.99 1.03

ADelAiDe

CBD 454,936 0 55,972 269,098 12.1 11.5 14,853,192 14,853,192 39.05 40.37

BrisBANe

CBD 200,209 0 -59,234 32,819 9.4 9.8 11,522,959 11,522,959 60.10 61.10

cANBerrA

CBD 979,127 200,478 215,278 376,737 12.9 11.4 25,229,764 25,767,959 35.16 38.56

melBourNe

CBD 1,833,781 775,001 78,372 307,729 9.0 9.5 46,445,830 47,080,900 49.68 50.28

PertH

CBD 84,098 78,846 -188,368 123,623 7.2 6.9 17,185,417 17,264,262 71.62 71.62

syDNey

CBD 1,330,827 644,758 393,550 114,313 8.8 9.6 27,937,810 28,311,317 76.18 77.91

AucklAND

CBD 193,750 0 153,386 -4,553 5.8 6.0 4,774,974 4,493,767 25.15 26.38

welliNgtoN

CBD 0 0 15,328 -14,327 3.5 4.0 3,256,973 3,256,973 25.31 25.89

City new Supply take-up Average Vacancy total Stock Average rentals (sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year)



treNDs & forecAsts



DefiNitioN AND termiNology

NortH AsiA

BeijingPrime office market in beijing consists of 6 sub-markets – cbD (central business District), lufthansa, east 2nd ring, financial street, east chang an avenue and Zhongguancun.

rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of management fees and rent free period. capital values are quoted on rMb per sq m.

shanghaiPrime office buildings in shanghai are located in 2 principal sub-markets – Pudong covering lujiazu and Zhuyuan, and Puxi covering Huangpu, Jingan, changning, and Xuhui.

rents are quoted in rMb per sq m per day on gross floor area basis, and exclusive of any management fees. capital values are quoted on rMb per sq m.

guangzhouPrime office buildings in guangzhou are located in 3 principal sub-markets – Haizhu, Yuexiu and tianhe.

rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of any management fees. capital values are quoted on rMb per sq m.

chengduPrime office buildings in chengdu are mainly located in 3 sub-markets, renmin road, cbD and financial street.

rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of management fees. capital values are quoted on rMb per sq m.

Hong kongPrime office properties in Hong kong are concentrated in 5 sub-markets – central, wanchai / causeway bay, island east, tsim sha tsui and kowloon east.

rents are commonly quoted in Hk$ per sq ft per month on either gross, net or lettable floor area basis, which are exclusive of management fees, and government tax. Prices are quoted in Hk$ per sq ft, and are measurable on gross floor area basis.

tokyothe quality office buildings in tokyo are located in the central business area (cbD) area covering six wards namely, chiyoda-ku, chuo-ku, Minato-ku, shinjuku-ku, shibuya-ku and shinagawa-ku.

rents are achievable rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month, which are inclusive of service charges. Office space is measured on an internal floor area basis. capital values are quoted in Yen per tsubo.

seoulMajor office districts in seoul include the traditional central business area (cbD), gangnam business District (gbD) and Yeouido business District (YbD).

rents are quoted in won per sq m per month on gross floor area basis. generally, a deposit equivalent to 10 months is required, and is usually paid up front. Management fees are excluded from quoted rents. space is measured on gross floor area basis. capital values are quoted in won per sq m.

taipeiPrime office properties in taipei are concentrated in 7 districts, comprising nanking sung chiang (nk-sc), Minsheng tun Hwa north (Ms-tn), Hsin Yi, west, tun Hwa south (tUn-s), Jen ai Hsin sheng (Ja-Hs) and nanking east road (nk-4/5).

the local unit of measurement is a “ping” (i.e. 3.3 sq m). rents and prices are quoted in local currency i.e. new taiwan Dollar (nt$) on gross floor area basis.

soutHeAst AsiA

jakarta the quality office buildings in Jakarta are located in the cbD covering the districts thamrin, sudirman, gatot subroto, rasuna said and Mega kuningan. the areas outside the above districts are collectively called as “non-cbD”.

rents are commonly quoted in rupiah per sq m per month, which are inclusive of service charges but exclusive of government taxes. Office space is measured on lettable floor area basis. capital values are quoted in rupiah per sq m.

kuala lumpurPrime office buildings located in the kuala lumpur central area (klca) only. the klca comprises areas generally within the central business district.

rents are commonly quoted in ringgit Malaysia (rM) per sq ft per month on net floor area basis, which are inclusive of service charges and property taxes. capital values are quoted in ringgit per sq ft.

manilaPrime office buildings in Manila are located in two principal sub-markets – Makati and Ortigas.

rents are quoted in Peso per sq m per month on net floor area basis, and exclusive of any management fees. capital values are quoted in Peso per sq m.

singapore the quality office buildings covered in the report are located in the central business District of singapore.

rents are quoted in s$ per sq ft per month on net floor area basis (i.e. area less common areas such as corridors, toilets, lift lobby etc. but including columns), and are inclusive of service charge. capital values are quoted on the basis of strata area for strata-titled buildings, and net area for non-strata-titled developments.



Def iNitioN AND termiNology

* Super built-up area refers to the total **built-up area of a building plus a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretaker’s office/flat throughout the building.

** Built-up area refers to the carpet area plus the thickness of external walls and area under columns.

BangkokPrime office properties in bangkok are located in a wide area encompassing eastern silom and sathorn roads starting from narathiwas ratchanakarin, rama iv from Phayathai to ratchadaprisek, along ratchadaprisek from rama iv to sukhumvit and along sukhumvit from asoke to the whole of Pleonchit and then rama i to Phayathai.

rents are quoted in baht per sq m per month on a net floor area basis, and inclusive of service charges. capital values are quoted in baht per sq m.

Ho chi minh citythe quality office buildings in Ho chi Minh city are located in District One - the central business district in the city.

rents are commonly quoted in Us$ per sq m per month on net floor area basis, and exclusive of management fees and government tax. capital values are quoted on Us$ per sq m.

HanoiPrime quality office building in Hanoi are mostly located in Hoan kiem district, with individual quality buildings located in cau giay district and ba Dinh district. the central location of the city is perceived as being close to Hoan kiem lake, which is within Hoan kiem district.

rents are commonly quoted in Us$ per sq m per month on net floor area basis. rents are inclusive of service charges and exclusive of value added tax, which is currently at 10% level.

soutH AsiA

Bengaluru (Bangalore)Prime office properties in bengaluru are can be divided in 3 principal sub-markets – cbD (central business District), sbD (suburban/secondary business District) consisting of bannerghatta road & Outer ring road and PbD (Peripheral business District) including PbD Hosur road, ePiP Zone, electronic city and whitefield.

rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis.

chennaiPrime office properties in chennai are located in 3 principal submarkets– cbD (central business District), (suburban/secondary business District) and PbD (Peripheral business District). sbD consists of guindy and velechery while PbD includes other areas such as Old Mahaballipuram road, ambattur and gst road amongst others.


Delhi NcrPrime office properties in Delhi ncr are primarily concentrated in cbD (central business District) – consist of connaught Place; sbD (secondary business District) including nehru Place, Jasola, saket and netaji subhash Place and PbD (Peripheral business District) including gurgaon and noida.

rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes.

mumbaiPrime office properties in Mumbai are primarily concentrated in cbD (central business District) – consist of nariman Point, ford and ballard estate; sbD (secondary business District) including bandra (west and east), kalina, lower Parel and worli/Prabhadevi and PbD (Peripheral business District) including navi Mumbai, vashi, Powai, goregaon.


Office space is commonly measured on *super built up area basis.

karachiPrime office buildings in karachi are located in the central business area (cbD) covering 4 sub-markets – i.i chundrigar road, shahrah-e-faisal, clifton and Mai kolachi.

rents are quoted in rupee per sq ft per year on gross floor area basis and are exclusive of service charges or management fee. capital values are quoted in rupee per sq ft.

AustrAlAsiA

Australia Prime office buildings are located in the cbD and generally favoured by Mncs.

rents are quoted on net floor area basis, and in a$ per sq m per annum excluding management fee and government charges. capital values are quoted on a$ per sq m.

New zealandPrime office buildings are located in the cbD.

rents are quoted on net floor area basis, and in nZ$ per sq m per annum excluding management fee and government charges. capital values are quoted on nZ$ per sq m.loor area basis, and in nZ$ per sq m per annum excluding management fee and government charges. capital values are quoted on nZ$ per sq m.



nortH ASiA

mAinlAnD CHinABeijinggeorge YeungManaging Director | north chinatel : 86 10 8518 [email protected]

Shanghailina wongManaging Directoreast and south west chinainvestment services, chinatel : 86 21 6141 [email protected]

guangzhoueric lamManaging Directortel : 86 20 3819 [email protected]

ChengduJacky tsaiManaging Director tel : 86 28 8658 [email protected]

Hong kong, HkSArcompany licence no: c-006052

richard kirke (e-279867)

Managing Directortel : 852 2828 [email protected]

Piers brunner (e-183614)

chief executive Officer | [email protected]

For FUrtHer DetAilS, pleASe ContACt:

SoUtH eASt ASiA

inDoneSiAjakartaMike broomellManaging Directortel : 62 21 521 [email protected]

mAlAySiAkuala lumpurc/o Mark lampard*Managing Directorcorporate solutions | asia [email protected] : 65 6531 8601* based in singapore

research data provided by

c H williams talhar & wong sdn bhdUrl : http://www.wtw.com.myfoo gee JenManaging Directortel : 603 2616 [email protected]

pHilippineSmanilaDavid YoungManaging Directortel : 63 2 888 [email protected]

SingAporeDennis YeoManaging Directorsingapore & industrial services | asiatel : 65 6223 [email protected]

tHAilAnDBangkoksimon landyexecutive chairmantel : 66 2 656 7000 [email protected]

jApAn tokyoJames finksenior Managing Directortel : 81 3 5563 2111 [email protected]

SoUtH koreASeoulJay Yunsenior Director and general Managertel : 82 2 6740 [email protected]

tAiwAntaipeiandrew liuManaging Directortel : 886 2 8101 [email protected]

VietnAmHo chi minh cityPeter Dinninggeneral Directortel : 84 8 3827 [email protected]

Hanoisimon PatersonManaging Directortel 84 4 3941 [email protected]



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SoUtH

inDiABengalurugoutam chakrabortyOffice Directortel : 91 80 4079 [email protected]

Chennaikaushik reddyOffice Directortel : 91 44 2836 [email protected]

Delhi nCrajay rakhejaOffice Directortel : 91 11 4360 [email protected]

gurgaonajay rakhejaOffice Directortel : 91 124 [email protected]

kolkatasoumya MukherjeeOffice Directortel : 91 33 2357 [email protected]

mumbaiPrabhu raghavendraOffice Directortel : 91 22 4050 [email protected]

george Mckaysouth asia DirectorOffice and integrated [email protected]

punesuresh castellinoOffice Directortel : 91 20 4120 [email protected]

AUStrAlASiA

AUStrAliAAdelaideJames Youngstate chief executivetel : 61 8 8305 [email protected]

Brisbanesimon beirnestate chief executive tel : 07 3229 [email protected]

CanberraPaul Powderlystate chief executivetel : 61 2 6257 [email protected]

melbourneJohn Marascostate chief executivetel : 61 3 9629 [email protected]

perthk. imran Mohiuddinstate chief executivetel : 61 8 9261 [email protected]

SydneyMalcom tysonstate chief executivetel : 61 2 9257 [email protected]

pAkiStAnkarachiMohammed Yasir Qidwaisenior Manager, corporate solutions & researchtel : 92 21 3561 [email protected]

lahoreahmed khancountry Managertel : 92 42 3584 [email protected]

islamabadwaleed Murrawatregional sales Managertel : 92 51 834 [email protected]

new zeAlAnDAucklandMark synnottchief executive Officer, new Zealandtel : 64 9 358 [email protected]

wellingtonrichard findlayManaging Directortel : 64 4 473 4413 [email protected]



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