asia pacific office market - oct 2009

Asia Pacifi cOffi ce Market OverviewR E G I O N A L R E S E A R C H

QUARTERLY UPDATE | OCTOBER | 2009

COLLIERS INTERNATIONAL | REGIONAL RESEARCH2

ASIA PACIFIC OFFICE MARKET OVERVIEW | OCTOBER | 2009

Regional Overview .....................................................................3

Greater China ..........................................................................4-6

Beijing, China ...................................................................................................... 4

Chengdu, China ................................................................................................. 4

Guangzhou, China ............................................................................................. 5

Shanghai, China .................................................................................................. 5

Hong Kong SAR, China .................................................................................... 6

Taipei, Taiwan ...................................................................................................... 6

North Asia ...................................................................................7

Seoul, South Korea ............................................................................................ 7

Tokyo, Japan ........................................................................................................ 7

South Asia ............................................................................. 8-10

Jakarta, Indonesia ............................................................................................... 8

Kuala Lumpur, Malaysia ..................................................................................... 8

Manila, Philippines .............................................................................................. 9

Singapore ............................................................................................................ 9

Bangkok, Thailand ............................................................................................ 10

Ho Chi Minh City, Vietnam ............................................................................ 10

India ..................................................................................... 11-12

Bangalore .......................................................................................................... 11

Chennai ............................................................................................................. 11

Mumbai .............................................................................................................. 12

New Delhi ........................................................................................................ 12

Australasia .......................................................................... 13-16

Adelaide, Australia ........................................................................................... 13

Canberra, Australia ......................................................................................... 13

Melbourne, Australia ....................................................................................... 14

Perth, Australia ................................................................................................. 14

Sydney, Australia .............................................................................................. 15

Auckland, New Zealand ................................................................................. 16

Wellington, New Zealand .............................................................................. 16

Prime Offi ce Rentals ................................................................17

Trends & Forecasts ............................................................. 18-19

Defi nitions & Terminology ................................................. 20-21

Contacts .............................................................................. 22-23

CONTENTS

COLLIERS INTERNATIONAL | REGIONAL RESEARCH 3


EXECUTIVE SUMMARY

REGIONAL OVERVIEW

Market Outlook

Amid the gradual improvement of global economic fundamentals, the office market in the

region also showed further encouraging signs of recovery during 3Q2009. Although the

overall occupational demand is yet to recover to the pre-financial crisis levels seen in the

first half of 2008, there were positive notes showing market stabilisation and a significant

improvement in market confidence in 3Q2009.

One of the major reasons for the strengthening of market confidence during the period

was the very strong performance of the sales side of the market in terms of the volume of

activity and the general price level achieved. In the Greater China region, the volume of

investment sales transactions was extremely active thanks to the positive sentiment among

a number of state-owned enterprises. In Beijing, three en bloc sales transactions were

registered in 3Q2009, all of which were acquired for owner-occupancy. In Guangzhou, the

major deals were the sale of the R&F Yingyue International Building and the Shanghai

Pudong Development Bank for RMB300 million and RMB400 million, respectively. In

Shanghai, domestic investors and end-users, including SOHO China and the Agricultural

Bank of China, remained active in acquiring quality developments in prime districts

during 3Q2009.

For most of the centres in the region, there were more signs that office rentals are edging

closer toward their cyclical trough during 3Q2009. Individual centres in the Greater China

region, such as Chengdu, saw mild positive rental growth during the period. Across the

region, the pace of rental decline actually tapered off further from 3.6% quarter on quarter

(QoQ) in 2Q2009 to 2.0% QoQ in 3Q2009.

With rentals stabilising, there was a general increase in the level of new space enquiries

during 3Q2009. Although lease renewals continued to be the most-favoured option for

most tenants, a number of occupiers reactivated their real estate plans in 3Q2009 and

started looking to relocate to larger and better quality premises in view of cheaper rental

offers in the marketplace and, more importantly, a better economic outlook for 2010. For

example, AIG in Singapore took advantage of the weak rental environment to relocate its

operations from two adjacent buildings on Martin Road on the fringe of the CBD to five

floors at 78 Shenton South Tower – a newly completed office building in the CBD.

Looking ahead, the pace of recovery of the occupational side of the office market in the

region will be gradual in view of the recovery path of some of the major economies, such

as the US. Further to the current round of cost-driven relocation and consolidation, the

market will pick up additional momentum if tenants are encouraged by the prospective

growth of their top line revenues. On the sales front, given the projection of a sustained

low interest rate environment over the near to medium term, the level of investment

demand will remain strong among a large group of private investors, including a range

of small to medium-size companies that want to secure office space for their long-term

business requirements.

Edging Close to the

Cyclical Trough

A Return of Market

Confidence



MAJOR TRANSACTIONS

C H I N A

MAJOR TRANSACTIONSBuilding Lease (L) / Tenant / Area

Sale (S) Purchaser (sq ft)

Sunny Region S CITIC Securities 572,400

Raycom Infotech Park Tower D S MediaTek 307,200

Xihai 2008 Tower B&C S Undisclosed 149,400

Financial Street Centre L Beijing Rural Commercial Bank 538,200

Fortune Resource International Centre L SPD Bank 322,900

COFCO L China Agriculture Bank 202,400

Phoenix Place L NaviInfo 118,400

Phoenix Place L NTT Data 75,300

Prosper Centre L DNV 38,600

Raffl es City L Chuang Yi He Xuan 37,900

Building Lease (L) / Tenant / Area


Central Plaza L Panasonic 9,500

Central Plaza L The Bank of Tokyo-Mitsubishi 9,500

Central Plaza L Sinosure 9,500

Central Plaza L Thai Airways International Airlines 3,200

Chengdu

• The local office market saw signs of growing demand in 3Q2009. Individual companies

that had postponed their plans during the global financial crisis started looking to relocate

to larger premises with better facilities during the period.

• The sub-market in the CBD area was particularly active, with strong leasing activity in

Central Plaza. Individual tenants, such as Panasonic, The Bank of Tokyo-Mitsubishi

and Sinosure, have taken whole floors for their new offices. With such multinational

companies as Estee Lauder and Thai Airways International Airlines entering the local

office market in 3Q2009, the average vacancy rate edged down to 29% in the quarter.

• A total of 4,564 sq m of new leasing transactions was completed during 3Q2009 and

the average prime office rental was RMB106 per sq m per month as at the end of

3Q2009.

• In the sales market, Hailirun Plaza in Dongda Street and the New Hope Building in

Renmin Road were the focus of the market thanks to their premium locations. The

average sales price at Hailirun Plaza reached RMB17,000 per sq m as at 3Q2009.

Beijing

• The Greater China project confirmed that an additional GFA of 6,500 sq m was available for lease, resulting in a small increase in Grade A office stock, despite virtually no new projects being completed in Beijing during 3Q2009.

• With financial institutions taking the lead, leasing demand was robust in 3Q2009. For example, the Beijing Rural Commercial Bank leased approximately 50,000 sq m in the north tower of Financial Street Centre, while the Shanghai Pudong Development Bank leased 30,000 sq m in Fortune Resource International Centre. The overall vacancy rate edged down 2.20 percentage points to 16.98% as at the end of 3Q2009.

• However, the economic fundamentals and market conditions continued to put pressure on many landlords. This resulted in a consecutive decrease in Grade A office net effective rents by 1.92% quarter on quarter (q-o-q) to an average of RMB165.89 per sq m per month as at the end of 3Q2009.

• The investment sales market was very active in 3Q2009, with three en bloc sales properties for owner-occupancy transacted, demonstrating the optimistic market sentiment among many state-owned enterprises.

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EXECUTIVE SUMMARY


Sale (S) Purchaser (sq ft)Metro Plaza L Tsit Wing Group 5,400

Skyfame Tower L Heng An Standard Life 9,500

Skyfame Tower L Mead Johnson (Guangzhou) Ltd. 11,500

China International Centre S Domestic Communication Company 20,200

Guangzhou

• The office market saw growing demand in 3Q2009, with the average rental for Grade

A office space rising by 4.3% q-o-q to US$18.50 per sq ft per month in 3Q2009.

• The average office vacancy rate decreased from 25.91% in 2Q 2009 to 22.84% in 3Q

2009.

• The investment market was active during 3Q2009, with two major sales transactions in

Pearl River New City recorded. This included the sale of the R&F Yingyue International

Building to Infinitus (China) Co., Ltd. and the Shanghai Pudong Development Bank

for RMB300 million and RMB420 million, respectively.

Shanghai

• The Grade A office market stabilised in 3Q2009, with the average rental standing at RMB7.0 per sq m per day. However, it was still down 32% compared with its peak in 2008.

• Three office buildings were completed during 3Q2009, including the HSBC Building (Shanghai ifc South Tower) in Lujiazui, and the GC Tower and the China Diamond Exchange Centre in Zhuyuan. The overall vacancy rate of Grade A office space edged down 0.4 percentage points to 13.7% q-o-q in 3Q2009.

• Domestic investors and end-users showed further confidence in 3Q2009 by acquiring properties in prime districts. For instance, SOHO China, the Shanghai Rural Commercial Bank and the Agricultural Bank of China acquired either en-bloc or strata-title office buildings located in the Jing’an and Pudong districts.

• Market sentiment will continue to ride on the policy initiative of Shanghai becoming the “International Financial Centre by 2020”. It is our forecast that the rate of rental decline will narrow to 15% in 2009 and rents will bottom out by 2011.

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Mirae Asset Tower L ANZ Bank 45,200

GC Tower L Pacifi c Aetna Life Insurance 105,500

Raffl es City L ABB China 47,400

Corporate Avenue L Gensler 19,400

Shanghai Times Square L Crocs Inc. 12,900

Azia Centre L Bank of Tokyo Mitsubishi 86,100

Plaza 66 Tower 1 L Carlyle Group 15,100

2 Grand Gateway L Tesco 18,300

CITI Lujiazui Project S China Agriculture Bank 915,700

Zhongrong Jasper Tower S Shanghai Rural Commercial Bank 255,900

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Taipei

• The economic performance saw signs of a recovery in 3Q2009, with exports, private

consumption and investment regaining some rebound momentum.

• On the supply front, the completion of the Kelti Xinyi Building provided an additional

6,000 ping to the total office stock. Due to an uninspiring absorption rate, the overall

vacancy rate increased from 11.17% in 2Q2009 to 12.76% in 3Q2009.

• With the gradual contraction of negotiation margins, the average effective rental increased

mildly from NT$2,456 per ping per month in 2Q2009 to NT$2,462 per ping per month

in 3Q2009.

• The signing of a cross-Strait Memorandum of Understanding and Economic Cooperation

Framework Agreement with China is expected to provide a long-term push to the local

office market.However, the market is predicted to see a further increase in the vacancy

rate over the near term.

T A I W A N

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Hong Kong

• Office rentals showed further signs of stabilisation in 3Q2009. The average prime office

rentals declined 1.3% q-o-q to HK$41.23 per sq ft per month in the quarter, narrowing

significantly from the decline of 12.1% q-o-q in 2Q2009.

• Investors remained keen to commit to any quality opportunistic stock available for sale

due to expectations of sustained low borrowing costs and further capital growth during

3Q2009. Individual popular strata-titled office buildings saw a growth in prices in the

order of 10% in 3Q2009.

• No major office developments were completed in 3Q2009, but the average vacancy rate

edged up from 7.86% in 2Q2009 to 7.93% in 3Q2009.

• Further to the recent signs of stabilisation, the prime office market is expected to see more

solid growth if there is a sustained revival of global demand over the next 12 months.

However, the pace of growth will be capped at 5% during the period unless the bulk of

occupiers once again adopt an expansionary strategy.



Kwun Tong 223 L Insurance company 247,100

Nexxus Building L Accounting fi rm 26,500

Warwick House L Telecom company 31,500

The Gateway Tower 1 & 2 L Trading company 24,600

One Kowloon L Toy company 24,000

10 fl oors, Low Block, Grand Millennium Plaza S Taiwanese investor 137,600

19/F and 24/F Convention Plaza S Mainland China corporation 29,300

32/F Cosco Tower S Local investor 20,500

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Cathay Xin-Yi Trading Centre L Procter & Gamble Taiwan Ltd 44,300

CEC Tun Nan Building L 3M Taiwan Ltd 113,500

TAIPEI 101 L BNP Paribas Taiwan 46,300

Exchange Square II L Standard Chartered Bank, Private Banking 7,800



EXECUTIVE SUMMARY

J A P A N

Tokyo

• Landlords are struggling to fill large blocks of vacancy.

• Larger incentives are negotiable for new leases.

• Rent renegotiation is common.

• Most leases signed during 2006-2008 are “over market” now.

• Current conditions make this a tenant’s market.



Roppongi Hills L BASF 46,000

Marunouchi Trust N Tower L Jupiter Telecom 118,000

Tokyo Mid Town Tower L Uniqlo 142,000

Hirakawacho Mori Tower L LAC Holdings 89,000

JA Building L Tokyo Shoko Research 35,000

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S O U T H K O R E ASeoul

• Due to uninspiring demand, Seoul Grade A office rents in the major business

districts started to fall during 3Q 2009 compared with a slight increase in the previous

quarters.

• Rentals in the CBD areas saw a fall of 3.46% QoQ respectively, during 3Q2009. Rental

in the GBD area which had fallen down with 0.63% during 2Q 2009, slightly recovered

0.34% during 3Q 2009. The YBD area stood out with a positive growth of 0.22% QoQ

during the same period.

• Office capital values exhibited a mild rise due to the growing demand from certain local

investors during 3Q2009.

• Average vacancy rates in the Seoul office market increased from 3.13% in 2Q2009 to

4.30% in 3Q2009. The vacancy rate in the CBD, especially, went up from 2.34% in

2Q2009 to 4.60% in 3Q2009.

• In anticipation of an increase in new stock, including Seoul Square, in 2009, the average

vacancy rate is expected to increase to the level of 5.00% by the end of 2009.



Gangnam Finance Centre L e-Bay 227,700

Times Square(A) L Mirae Asset 128,000

Korea Trade Tower L Dole Korea 13,100

DACOM Building S Shinhan-BNP Paribas Asset Management 370,900

ING Tower S KB Real Estate Trust 712,600

POSCO Yangjae Building S KORAMCO 462,800

E-Land Gasan Building S KR 3 CR-REITs 426,200

Newcore Gangnam S Newcore Gangnam CR-REITs 517,400

Neowiz Building S Neowiz Corp. 171,600

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Jakarta

• Growing signs of recovery in the private sector translated gradually into occupational

demand for offices, as evidenced by the rising number of enquiries in 3Q2009. A number

of multinational companies came with plans either to upgrade to a better-quality building

or to expand their floor area requirements.

• With expectations of a global economic recovery and strengthening market confidence,

asking rentals for a number of quality buildings, particularly those with low vacancy

rates, stayed relatively firm in 3Q2009.

• The majority of new developments scheduled for completion in 2009 are expected to

come onto the market on time, signifying both the commitment of developers and the

growing confidence in the marketplace.

• Due to the increase in new supply in 2009, the prospective vacancy rate is expected to

edge up over the near term. However, the vacancy level will come down again over the

medium term as only two new buildings are scheduled for completion in 2010.

Kuala Lumpur

• Amid the continued improvement in the external economic environment, the local

office sector displayed initial positive signs, despite the challenge of the completion of

500,000 sq ft of new office stock during 3Q2009.

• The pace of recovery of the local office market was enhanced further by the introduction

of various fiscal stimuli and monetary measures. Meanwhile, the initiative to liberalise

the local service sector has been reckoned to be one of the key factors contributing to

the market recovery.

• Despite the large batch of new supply scheduled to come on line before the end of

2010, the prime area will be resilient. However, a cautious market might lead to slower

absorption rates over the near term. With the continued relocation by a number of

multinational corporations, rental rates and occupancy rates in prime areas edged down

mildly in 3Q2009.

• Capital values of prime office buildings declined marginally in 3Q2009 and are expected

to stabilise over the short term.

I N D O N E S I A

M A L A Y S I A


Sale (S) Purchaser (sq ft)Menara Prima L PT. Bank BTPN 7,200

Menara Prima L ZTE Agribusiness 3,000

Menara Prima L Coal & Oil 2,700

Menara Prima L Pelita Samudra Shipping 4,800

Wisma Tamara L Bristol -Myers Squibb 26,900

Wisma GKBI L McKinsey & Company 12,200

Cyber 2 L Generale Insurance 8,600



Wisma Selangor Dredging L Ducking Sdn Bhd 11,000*

Plaza Sentral L SRG Asia Pacifi c Sdn Bhd 9,900*

Plaza Sentral L BT Multimedia (M) Sdn Bhd 9,900*

Quill 7 L Navis Capital 12,900

Quill 7 L Celcom (M) Bhd 12,800

Vista Tower L Roche (M) Sdn Bhd 36,000 (estimate)

Menara Bata L Bata Malaysia 50,000 (estimate)

Menara Citibank S Hap Seng Realty (KL City) Sdn Bhd 733,634

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EXECUTIVE SUMMARY


Sale (S) Purchaser (sq ft)78 Shenton South Tower L AIG 60,000

Marina Bay Financial Centre Phase One L Servcorp 22,000

78 Shenton L Representations International 10,500

Aviva Building S Sommerville Development 67,700

Prudential Towers (6 fl oors) S K-Reit Asia 67,300

Changi Road/Lorong 108 Changi S Fragrance Realty Pte Ltd 59,900

Cecil House S Sommerville Development 50,700

Singapore

• Thanks to the recent economic rebound and the recovery of the financial services sector,

the pace of office rental decline in the Central Business District (CBD) narrowed to

6.4% q-o-q in 3Q2009 compared with the double-digit decline registered in 2Q2009.

The average gross office rental in the CBD was S$6.31 per sq ft as of 3Q2009.

• More companies took advantage of cheaper rentals to expand their f loor area

requirements and upgrade to better quality space in 3Q2009. For example, AIG relocated

its operations from two adjacent buildings on Martin Road on the fringes of the CBD to

five floors at 78 Shenton South Tower, a newly completed office building in the CBD.

Meanwhile, Servcorp committed to one floor at the soon-to-be completed Marina Bay

Financial Centre (Phase One) in the CBD for a period of seven years.

• The average occupancy rates of prime office space in the CBD fell 2.1 percentage points

to 92.2% as of 3Q2009 due to the completion of a number of new buildings, including

Mapletree Anson and 71 Robinson during the period.

• In anticipation of sustained demand weakness and growing new supply, rentals will see

a further downslide of about 5% in 4Q2009.

S I N G A P O R E

MAJOR TRANSACTIONS

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• The average office rental in the CBD came down by 4%-5% quarter on quarter (q-o-q)

in 3Q2009, with premium grade office buildings continuing to lead the overall decline

during the period.

• With a supply glut in the marketplace and the sustained weakness in demand

fundamentals, the office sector remained a tenant’s market, with a continued rise in

the vacancy rate across the board.

• After the downward adjustment of rentals, office capital values in the Makati CBD fell

further to less that P92,000 per sq m as of 3Q2009.

P H I L I P P I N E S



PBCom Tower L Nomad Offi ces 16,200

Ayala Life FGU L Pfi zer Inc. 9,648

Commerce & Industry Plaza L Canon Marketing 22,660

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• Amid the continued economic recovery of the City, the overall office occupancy rate

increased by 5 to 7 percentage points to over 97% during 3Q 2009.

• Prime office rentals in the City were between US$40 – 50 per sq m per month on net

floor area basis as of 3Q 2009.

• With the completion of Kumho Asiana Plaza in 3Q 2009, a total of 25,765 sq m prime

office space was added to the total stock. In 2010, A & B Tower, a new office development

is anticipated to provide a total of 25,500 sq m net floor area in the second-tier office

market.

• The market will see no new completion of prime office building from 4Q2009 to the

end of 2011 when the Financial Tower containing a total of 50,000 sq m office space is

due for completion.

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• No major new office developments were completed in 3Q2009 but the current demand

fundamental remained weak during the period.

• Most vendors cut their rental rates by 5%-10% during lease renewals in an attempt to

keep their premises occupied during 3Q2009. Fit-out costs remained the key factor

preventing tenants from relocating to other premises.

• The overall take-up was slower than expected during 3Q2009 as individual tenants

reduced their floor area requirements, putting upward pressure on the vacancy rate.

• There have been no major relocations since the beginning of 2009. The current trend

is expected to continue over the remaining months of 2009. The prevailing political

uncertainty and disputes about environmental issues continue to dampen the local real

estate investment market.

THAILAND



UM Tower L Lufthansa Airlines 8,100

Athenee Tower L USAID 32,300

Sermit Tower L The Value Systems Company Limited 26,900

All Seasons Place L UAE Embassy 25,800

Thai Military Bank S CP Real Estate Group N/A

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EXECUTIVE SUMMARY

Bangalore

• Prime office rentals remained largely stagnant in 3Q2009 after a continual fall over the

past couple of quarters. Office capital values also displayed a similar trend during the

period.

• With only a few IT/ITES companies planning to expand, there was no significant

improvement in demand during 3Q2009.

• The Bangalore Metro Rail Corporation Limited was close to finishing the land

acquisition for the Namma Metro. Development work on the first phase has started

and full completion is scheduled by the end of 2012. The portion between M G Road

and Byappanahalli is expected to be completed by the last quarter of 2010.

• A number of infrastructure development projects have been taking place across the city

in an attempt to improve overall traffic conditions.

I N D I A

MAJOR TRANSACTIONS



Subramanya Arcade L Reliance Communications 40,000

Golf View Holmes L Starent 40,000

ITPL L IP Soft 30,000

Subramanya Arcade L National Instruments 10,000

Red Woods L Aligro 10,000

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• The demand for IT/ITES space continued to remain muted in 3Q2009. However,

the availability of IT/ITES stock for lease, representing more than 95% of the total

available space, remained relatively high. However, non-IT space was quite limited in

the marketplace.

• There was an increase in the level of enquiries attributed to those IT companies based

in STPIs, but which have been looking to relocate to SEZs during 3Q2009.

• Office rentals for non-IT space remained stable in 3Q2009. The trend was similar to

the IT/ITES space in all micro-markets except OMR during the period.

• The Tamil Nadu government is planning to set up a financial city near Chennai through

a public/private partnership. The proposed scheme is expected to attract tenants engaged

in the Banking, Financial Services and Insurance sectors, including mutual funds and

stockbrokers.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)Kochar SM Towers L Sutherland 80,000

Shyamala Towers L Expeditors 17,000

DLF SEZ L Laser Words 20,000

Steeple Reach L Synergy Maritime 8,500

Khivaraj Complex L St.Johns Freight Systems 12,000

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• Prime office rentals saw a fall of 2.7% quarter-on-quarter (q-o-q) in 3Q2009 but most

peripheral micro-markets remained largely stable during the period.

• An increased number of enquiries regarding the movement from STPI to the SEZ

were recorded. However, the enquiries are yet to translate into actual movement of

companies.

• With office rentals approaching a state of stabilisation amid the continued improvement

of the global and local market sentiment, a number of commercial projects were launched

during 3Q2009.

• The Delhi government has approved the proposed scheme for Phase III of the metro

line and sanctioned INR 30 million to the Delhi Metro Rail Corporation Ltd to carry

out a detailed project report for this Phase, running a total of 120 km in the National

Capital Region.

MAJOR TRANSACTIONS



Individual Building L Map My India 25,000

Amway L Elegence 26,000

Vatika Business Park L Etisalat 75,000

Vatika Business Park L Xerox 45,000

Individual Building L Syscom Corporation Ltd 42,000

Individual Building L Green Power International 42,000

Individual Building L Eueraka Outsourcing Solutions Ltd 22,000

Individual Building L Azad News 18,000

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• Bucking the downward trend in the first half of 2009, prime office rentals for most

micro-markets started stabilising in 3Q2009. The overall office market also saw an

improvement in the volume of transactions during the period.

• Due to the improved market liquidity, the continued debt restructuring among key

developers and the encouraging performance of the equity market, more solid signs of

real estate market recovery emerged in 3Q2009.

• Market confidence strengthened, as evidenced by the rising level of enquiries during

3Q2009. However, individual investors remained cautious due to which the conversion

rate was low.

• In order to boost the city’s infrastructure, the Mumbai Metropolitan Region Development

Authority awarded the contract for the Mumbai Metro II project - the 32-km elevated

rail line between Charkop and Mankhurd - to Reliance Infrastructure, a consortium led

by the Anil Dhirubhai Ambani Group. The first phase of the Metro Project is expected

to be completed by 2010-11.



Ventura L JP Morgan Chase 200,000

Nirlon L Morgan Stanley 150,000

Kalpataru Square L Mitsui OSK 40,000

Kensington L Wipro 100,000

Nariman Bhawan L Commerz Bank 1,800

Platinum Tech Park L Baker Huges 14,000

215 Atrium L British Marine 20,000

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Adelaide

• Private investors and syndicators remained the key buyers for office properties in

3Q2009, although the access to funding continued to cause significant delays during

the acquisition process.

• The average office vacancy rate increased 1.4 percentage points to 4.8% in July 2009,

but was still below its historical average of 12.7%.

• There was a fall of occupational demand in 3Q2009, but there were signs of stabilisation

towards the end of the period. Average office rental was AU$335 per sq m per annum

as of 3Q2009.

• On the supply front, there will no major completion of new developments before

2011.

MAJOR TRANSACTIONSBuilding Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)115 Grenfell Street S Local Private Investor 149,700

80 King William Street S Local Private Investor 91,200

199 Grenfell Street S Private Investor 54,500

400 King William Street L State Government 33,400

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• Prime face office rents showed slight growth to reach AU$375 per sq m per annum as

of 3Q2009.

• Established secondary buildings are under pressure to maintain current passing rents.

• Vacancy levels rose sharply as a number of tenants migrated from old to new

buildings.

• Prime property yields have stabilised, but secondary yields continued to soften in

3Q2009.

• Investment confidence improved for prime office assets.

MAJOR TRANSACTIONSBuilding Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)ATO Building City S Real I.S. 467,300

10 Rudd Street S Private Investor 51,000

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Perth

• Perth experienced a significant increase in vacancy levels from 1.3% in January 2009

to 8% in July 2009 due to softening demand amid an increase in supply. Office rentals

came under downward pressure as the level of incentives increased to 10%-20% during

3Q2009.

• On a positive note, a number of sub-lease spaces were taken back from the market due

to the improved business performance and expectations of a future increase in floor

area requirements.

• Given the growing market confidence and the projection of a sustained economic

recovery, demand for office space is expected to strengthen over the medium to long

term.

• The volume of investment transactions was subdued in the first half of 2009 as local

institutional players continued to stay on the sidelines. Buying activity continued to be

dominated by overseas players and cash-rich private investors.

Melbourne

• According to the Property Council of Australia’s July 2009 Office Market Report, the

average office vacancy rate increased mildly to 4.8% as of 3Q2009.

• A total of 168,700 sq m of new office space, currently under construction, is expected

to come on line over the next six months in the Melbourne CBD and Docklands.

• The average net office rental stabilised across the board in 3Q2009. However, it is our

view that prospective rental growth will be limited as competition remains keen among

landlords.

• A total of nine major investment sales with lump sum price of AU$10 million or above

each were transacted year to date, with a total consideration of AU$511 million.

• Office investment yields softened 75 basis points across the board during 2Q and

3Q2009. The Grade A sector softened by about 100 basis points to 7.75%-8.50% as of

3Q2009.

MAJOR TRANSACTIONS



101 Collins Street L Allens Arthur Robinson 135,600

180 Lonsdale Street L Telstra 141,000

271 Collins Street L Optus 147,100

485 LaTrobe Street L BP Elite 59,800

215 Spring Street S Knowles Group 166,400

350 Collins Street S Prime Value 191,600

456 Lonsdale Street S Private Investor 88,600

MAJOR TRANSACTIONSBuilding Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)172 St Georges Terrace S Private Investor 67,400

81 St Georges Terrace S Aviling Pty Ltd 128,200

1 Mill Street L BHP Billiton 67,100

432 Murray Street L JP Kenny 49,900

Durack Centre, 263 Adelaide Terrace L Sinclair Knight Merz Pty Ltd 114,200

Quayside on Mill, 2 Mill Street L Barrick Gold Ltd 10,600

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A U S T R A L I A



EXECUTIVE SUMMARY

A U S T R A L I A

Sydney

• Office vacancy rates increased from 5.4% in January 2009 to 7.7% July 2009. It is

predicted to rise to 9.0% by January 2010 and then to peak by mid-2011.

• Face office rents were stable in 3Q2009. Incentive levels stabilised at about 25%-30% - an

increase of 15 percentage points on average across the board since its peak in September

2008.

• A total of about 110,000 sq m of new supply will be coming on line in 2010. Vacancy

rates are projected to edge up in anticipation of a slow economic recovery and a further

rise in unemployment rate. Rentals will see further downward pressure in 2010.

• Looking into 2011 and 2012, new developments due for completion during the period

have been largely pre-committed.

MAJOR TRANSACTIONS



343 George Street S Abacus 106,900

33 & 35 Bligh Street S Energy Australia * 21,980

264-278 George Street L Patersons Securities 11,100

286 Sussex Street L University of Newcastle 17,600

255 George Street L Ord Minetts (Renewal) 29,500

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N E W Z E A L A N D

Auckland

• Occupational demand remained soft in 3Q2009 and few tenants moved in the CBD. New deals were scarce as the majority of tenants preferred to renew their leases rather than to relocate elsewhere. For example, the AMP NZ Office Trust renewed eight of its major leases for another term for a combined area of 23,000 sq m in both Auckland and Wellington.

• Office vacancy rates continued to edge up in 3Q2009. The average rate in the CBD was 8.4% compared with 5.4% registered in prime buildings as of June 2009.

• Investment yields eased 100 to 150 basis points over the past six quarters. Prime yields in the CBD precincts ranged between 8% and 9%. One of the major office transactions registered in 3Q2009 was the sale of Forsyth Barr Tower at 55-56 Shortland Street to Robt. Jones Holdings for a total consideration of NZ$41.5 million.

• A total of about 59,000 sq m of new office space is scheduled for completion before the end of 2009 and over 70% of the space has been pre-committed. However, occupational demand for office space is expected to remain subdued in 2009. Prime grade office rents will continue to fall, although prime yields should remain static over the remainder of 2009.

Wellington

• Despite the challenge of the recessionary threat, quality office space remained in demand during 3Q2009. Prime office gross rents in the CBD stabilised at NZ$560 per sq m at the high end during 3Q2009.

• Lease renewals continued to be the most favoured option for most tenants. Without a significant increase in new demand, the average vacancy rate increased from 5% in 4Q2008 to 6% in 2Q2009.

• Investment yields hovered between 7.5% and 8.5% as of 3Q2009. AMP Capital Investors sold its 9,110 sq m office building at the corner of Hunter Street and Customhouse Quay for NZ$29.6 million, representing a yield of 8.66% per annum.

• A total of 114,000 sq m of new office space is projected to come onto the market between 2009 and 2011. The market will see a further rise in vacancy rates, but investment yields are expected to stabilise over the remainder of 2009.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)Quaypoint S Private Investor 54,300

State Insurance Tower L South African High Commission 10,800

Tower Building L Duncan Cotterill 8,100

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MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)Forsyth Barr Tower S Robt. Jones Holdings 129,100

Pernod Ricard NZ House S Property Syndicate 79,300



EXECUTIVE SUMMARY

P R I M E O F F I C E R E N T A L S

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T R E N D S & F O R E C A S T SCity New Supply Take-up Average Vacancy Total Stock Average Rentals

(sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year)

2009 F 2010 F 2009 F 2010 F 2009 F 2010 F 2009 F 2010 F 2009 F 2010 F

Beijing

CBD 2,924,745 3,093,674 806,447 1,546,837 35.4 37.7 16,579,266 19,672,940 26.92 29.05

Zhongguancun 269,098 0 -48,760 159,844 8.9 6.8 7,619,765 7,619,765 24.21 24.30

Finance Street 814,596 645,834 662,485 448,032 15.1 16.1 9,978,124 10,623,958 33.38 36.19

Lufthansa 0 344,445 184,869 437,069 19.0 16.5 6,075,952 6,420,397 24.02 24.88

East Chang An Avenue 0 0 -273,137 88,628 8.0 6.6 6,307,067 6,307,067 21.05 23.04

East 2nd Ring 1,295,091 1,442,739 540,985 819,507 35.2 37.3 4,104,727 5,547,466 22.90 26.28

Chengdu

Renmin Road 0 233,577 -899,367 808,972 47.0 56.0 2,430,715 4,551,203 17.14 17.96

Chunxilu, Yanshikou 0 0 39,999 -159,984 18.0 26.0 1,999,857 1,999,857 16.00 15.51

East Street 861,112 0 613,166 -128,263 30.0 42.0 1,068,877 1,068,877 22.04 21.22

Shuncheng Street-Luomashi 1,770,952 0 1,401,707 -272,714 20.0 32.0 2,272,636 2,272,636 13.88 13.06

Guangzhou

Yuexiu 0 0 226,483 191,339 14.0 9.3 4,338,799 4,338,799 16.98 16.32

Tianhe 3,345,000 15,740,826 1,286,480 4,632,018 28.7 41.5 15,466,680 31,207,506 22.52 21.71

Haizhu 0 1,183,060 153,278 288,117 36.4 42.5 1,076,390 2,259,450 15.51 14.69

Shanghai

Huangpu 0 395,520 -29,652 101,773 6.8 14.8 2,937,662 3,333,182 34.14 30.20

Jingan 0 1,666,768 130,518 1,025,110 11.1 17.6 5,324,665 6,991,433 42.06 37.27

Lujiazui-Pudong 2,154,997 4,291,610 1,665,977 2,715,670 16.7 21.4 13,994,741 18,286,351 32.47 29.67

Zhuyuan-Pudong 1,263,274 1,706,078 714,440 1,027,662 32.7 35.1 3,330,438 5,036,516 24.94 22.81

Changning 207,237 699,654 626 328,012 10.7 16.4 4,509,331 5,208,985 28.62 25.90

Luwan 0 0 -34,009 118 5.1 5.0 3,102,124 3,102,124 36.12 34.98

Xuhui 0 0 40,801 -36,716 4.2 5.0 4,272,386 4,272,386 34.53 33.13

Hong Kong

Central 0 0 -543,354 82,193 6.0 5.6 21,358,308 21,358,308 116.03 126.09

Wanchai 0 0 -493,960 68,662 7.3 6.7 11,095,267 11,095,267 59.76 60.33

HK Island East 0 0 -368,705 304,045 5.9 6.9 10,540,480 10,540,480 43.11 44.12

Tsim Sha Tsui 0 0 346,486 307,021 5.3 4.7 6,563,890 6,563,890 50.16 51.93

Taipei

CBD 1,016,262 697,264 -350,340 360,194 13.6 14.9 18,489,630 19,186,894 25.64 26.02

Seoul

CBD 1,420,923 5,252,579 4,319,706 5,237,064 5.4 4.6 27,935,728 33,188,308 23.24 23.54

KBD 1,267,696 667,695 2,024,196 1,397,070 5.3 2.5 27,043,512 27,711,207 19.71 20.07

YBD 623,898 949,004 402,479 1,249,959 4.1 2.1 15,974,700 16,923,704 15.13 15.32

Tokyo

CBD 4,051,764 3,615,263 N/A N/A 7.0 7.5 N/A N/A 109.52 101.82

Jakarta

CBD 3,640,200 693,195 1,343,744 1,448,283 14.8 12.9 44,293,728 44,986,924 16.28 16.86

Non-CBD 875,180 672,744 674,272 532,727 12.1 12.4 18,313,560 18,986,303 11.26 11.37

Kuala Lumpur

KLCA 1,939,039 670,000 500,000 500,000 10.6 11.0 27,812,300 28,482,300 21.49 21.84

Manila

Makati 445,130 0 -664,647 172,852 6.8 6.2 9,317,135 9,317,135 14.93 14.69

Ortigas 1,982,194 0 760,093 320,237 12.8 12.3 4,961,404 4,961,404 11.01 10.56



EXECUTIVE SUMMARY

T R E N D S & F O R E C A S T SCity New Supply Take-up Average Vacancy Total Stock Average Rentals


City New Supply Take-up Average Vacancy Total Stock Average Rentals


2009 F 2010 F 2009 F 2010 F 2009 F 2010 F 2009 F 2010 F 2009 F 2010 F

Singapore

CBD 949,704 1,781,656 270,308 914,316 8.5 11.9 19,286,503 21,068,159 51.09 44.21

Bangkok

CBD 299,775 753,473 107,639 538,195 17.6 18.0 16,903,306 17,656,779 21.60 22.43

Ho Chi Minh City

CBD 277,332 274,479 277,332 274,479 5.0 2.5 1,110,296 1,384,776 50.73 59.09

Bangalore

Overall 5,036,343 5,366,832 N/A N/A 16.0 N/A 58,756,343 64,123,175 10.80 10.74

CBD 403,218 172,807 N/A N/A 5.0 N/A N/A N/A 16.99 16.99

SBD 3,500,000 2,700,000 N/A N/A 17.0 N/A N/A N/A 9.99 9.99

PBD 1,133,125 2,494,025 N/A N/A 28.0 N/A N/A N/A 5.00 4.50

Chennai

Overall 7,388,295 N/A N/A N/A 22.5 N/A 26,800,000 N/A 11.52 11.37

CBD 643,295 N/A N/A N/A N/A N/A 1,575,000 N/A 14.99 14.49

SBD 560,000 N/A N/A N/A N/A N/A 5,845,000 N/A 11.74 11.24

PBD 6,185,000 N/A N/A N/A N/A N/A 19,380,000 N/A 7.74 7.49

Mumbai

Overall 9,041,000 N/A N/A N/A N/A N/A 68,980,000 N/A 48.71 47.52

CBD 0 N/A N/A N/A N/A N/A N/A N/A 79.93 74.94

SBD 4,641,000 N/A N/A N/A N/A N/A N/A N/A 32.47 32.47

PBD 4,400,000 N/A N/A N/A N/A N/A N/A N/A 22.48 23.73

New Delhi

Overall 9,530,136 N/A N/A N/A 19.5 N/A 49,802,158 N/A 42.59 41.22

CBD 0 0 N/A N/A 12.0 N/A 1,861,000 1,861,000 76.94 72.44

SBD 1,951,000 N/A N/A N/A 16.0 N/A 6,909,000 N/A 39.47 36.64

PBD 7,579,136 N/A N/A N/A 24.0 N/A 41,032,158 N/A 12.49 11.24

Adelaide

CBD 516,667 0 269,098 430,556 5.0 6.5 13,866,465 13,866,465 27.39 28.62

Canberra

CBD 96,875 775,001 96,875 538,195 1.0 6.0 2,314,239 3,089,239 30.66 31.48

Melbourne

CBD 1,815,870 736,789 0 215,278 5.3 8.2 19,006,141 19,678,347 29.84 29.60

Perth

CBD 753,473 1,462,114 -290,625 322,917 8.3 14.6 14,652,854 16,115,001 49.06 47.26

Sydney

CBD 581,789 971,862 -1,076,390 -107,639 7.6 10.0 51,663,738 51,623,320 51.18 50.69

Auckland

CBD 401,278 0 119,748 75,584 11.5 9.8 4,425,082 4,425,082 21.39 21.39

Wellington

CBD 217,431 581,251 121,567 499,133 6.0 8.0 1,781,425 2,362,676 25.50 24.91



GREATER CHINA

Beijing

Prime offi ce market in Beijing consists of 6 sub-markets – CBD (Central

Business District), Lufthansa, 2nd East Ring, Finance Street, East Chang An

Avenue and Zhongguancun.

Rents are quoted in RMB per sq m per month on gross fl oor area basis,

and exclusive of management fees and rent free period. Capital values

are quoted on RMB per sq m.

Chengdu

Prime offi ce buildings in Chengdu are mainly located in 4 sub-markets,

South Renming Road , Chunxi Road - Yanshikou Trading Area, Shuncheng

Street and Luomasi Trading Area, and East Street.

Rents are quoted in RMB per sq m per month on gross fl oor area basis,

and exclusive of management fees. Capital values are quoted on RMB

per sq m.

Guangzhou

Prime offi ce buildings in Guangzhou are located in 3 principal sub-markets

– Dongshan, Yuexiu and Tianhe.

Rents are quoted in US$ per sq m per month on gross fl oor area basis,

and exclusive of any management fees and government taxes. Capital

values are quoted on US$ per sq m.

Shanghai

Prime offi ce buildings in Shanghai are located in 6 principal sub-markets

– Huangpu, Jingan, Lujiazui-Pudong, Changning, Luwan and Xuhui.

Rents are quoted in RMB per sq m per day on gross fl oor area basis,

and exclusive of any management fees. Capital values are quoted on

RMB per sq m.

Hong Kong

Prime offi ce properties in Hong Kong are concentrated in 4 sub-markets

– Central, Wanchai / Causeway Bay, Island East and Tsim Sha Tsui.

Rents are commonly quoted in HK$ per sq ft per month on either

gross, net or lettable fl oor area basis, which are exclusive of management

fees, and government tax. Prices are quoted in HK$ per sq ft, and are

measurable on gross fl oor area basis.

Taipei

Prime offi ce 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

fl oor area basis.

D E F I N I T I O N S A N D T E R M I N O L O G Y

NORTH ASIA

Seoul

Major offi ce 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 pyung (also equivalent to 3.3 sq m) per

month on gross fl oor 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 fl oor area basis.

Capital values are quoted in Won per sq m.

Tokyo

The quality offi ce 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 asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month,

which are inclusive of service charges. Offi ce space is measured on an

internal fl oor area basis. Capital values are quoted in Yen per tsubo.

SOUTH ASIA

Jakarta

The quality offi ce 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. Offi ce

space is measured on lettable fl oor area basis. Capital values are quoted

in Rupiah per sq m.

Kuala Lumpur

Prime offi ce 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 fl oor area basis, which are inclusive of service charges and property

taxes. Capital values are quoted in Ringgit per sq ft.

Manila

Prime offi ce 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 fl oor area basis,

and exclusive of any management fees. Capital values are quoted in Peso

per sq m.



EXECUTIVE SUMMARY

D E F I N I T I O N S A N D T E R M I N O L O G Y

Singapore

The quality offi ce 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 fl oor 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.

Bangkok

Rents are quoted in Baht per sq m per month on a net fl oor area basis, and

inclusive of service charges. Capital values are quoted in Baht per sq m.

Ho Chi Minh City

The quality offi ce 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 fl oor

area basis, and exclusive of management fees and government tax. Capital

values are quoted on US$ per sq m.

INDIA

Bangalore

Prime offi ce properties in Bangalore 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 Whitefi eld.

Rents are commonly quoted in Rupee per sq ft per month, which are usually

exclusive of maintenance charges, parking charges and property taxes.

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

Chennai

Prime offi ce 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.




The content of this report is for information only and should not be relied upon as a substitute for professional advice, which should be sought from Colliers International prior to acting in reliance upon any such information. The opinions, estimates and information given herein or otherwise in relation hereto are made by Colliers International and affiliated companies in their best judgement, in the utmost good faith and are as far as possible based on data or sources which they believe to be reliable in the contest hereto. Notwithstanding, Colliers International and affiliated companies disclaim to the extent permitted by law, any liability in respect of any claim which may arise from any errors or omissions or from providing such advice, opinions, judgement or information.

Colliers Macaulay Nicolls Inc., and certain of its subsidiaries, is an independently owned and operated business and a member firm of Colliers International Property Consultants, an affiliation of independent companies with over 290 offices throughout more than 60 countries worldwide

Mumbai

Prime offi ce 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.




New Delhi

Prime offi ce properties in New Delhi 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.


* 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 fl oor lobby, and caretaker’s

offi ce/fl at throughout the building.

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

columns.

AUSTRALASIA

Australia

Prime offi ce buildings are located in the CBD and generally favored by

MNCs.

Rents are quoted on net fl oor 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 Zealand

Prime offi ce buildings are located in the CBD.

Rents are quoted on net fl oor 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.



GREATER CHINA

Beijing, China502 Tower W3, Oriental Plaza No 1 East Changan Avenue, Dongcheng DistrictBeijing 100738Tel : 86 10 8518 1633Fax : 86 10 8518 1638Amanda GaoManaging Director, North [email protected]

Chengdu, ChinaRoom L 16F City Tower86 Section One Renmin Nan RoadChengdu 610016Tel : 86 28 8620 2128Fax : 86 28 8620 2158Jacky TsaiGeneral [email protected]

Guangzhou, China702 Teem Tower, 208 Tianhe RoadGuangzhou 510620Tel : 86 20 3819 3888Fax : 86 20 3819 3899Eric LamGeneral [email protected]

Shanghai, China16F Hong Kong New World Tower300 Huaihai Zhong Road Shanghai 200021Tel : 86 21 6141 3688 Fax : 86 21 6141 3699 Lina WongManaging Director, East and South West [email protected]

Hong Kong, HKSAR5701 Central Plaza,18 Harbour Road Wanchai, Hong HongCompany Licence No: C-006052Tel : 852 2828 9888Fax : 852 2828 9899Richard KirkeManaging [email protected]

Piers Brunner (E-183614)

Chief Operating Officer - [email protected]

George McKay (E-215150)

Managing Director, Corporate Services - Asia [email protected]

Taipei, Taiwan49F TAIPEI 101 TOWER7 Xin Yi Road Sec 5, Taipei 110Tel : 886 2 8101 2000Fax : 886 2 8101 2345Andrew LiuManaging [email protected]

NORTH ASIA

Seoul, South Korea10F Korea Tourism Organization Bldg.,10 Da-dong,Jung-gu, Seoul 100-180Tel : 82 2 6740 2000Fax : 82 2 318 2015Jay YunSenior Director & General [email protected]

Tokyo, JapanHalifax Building 8F, 16-26, Roppongi 3-ChomeMinato-ku, Tokyo 106-0032Tel : 81 3 5563 2111Fax : 81 3 5563 2100James FinkSenior Managing [email protected]

SOUTH ASIA

Jakarta, Indonesia10F World Trade Centre,Jl Jenderal Sudirman Kav 29-31 Jakarta 12920Tel : 62 21 521 1400Fax : 62 21 521 1411Mike BroomellManaging [email protected]

Kuala Lumpur, Malaysiac/o Mark Lampard* Regional Director - Occupier Services - Asia Tel : 65 6531 8601 Fax : 65 6557 0649 [email protected]* Based in Singapore

Malaysia information contributed by:C H Williams Talhar & Wong Sdn Bhd 32nd Floor Menara Tun RazakP O Box 1215750768 Kuala LumpurMalaysiaTel : 603 2693 8888Fax : 603 2693 6565/6655URL: http:// www.wtw.com.myGoh Tian SuiManaging [email protected]

Manila, Philippines10F Tower 2 RCBC Plaza, 6819 Ayala Avenuecorner Sen Gil J Puyat AvenueMakati City, Philippines1200Tel : 63 2 888 9988Fax : 63 2 845 2612David YoungManaging [email protected]

Singapore1 Raffles Place#45-00 OUB CentreSingapore 048616Tel : 65 6223 2323Fax : 65 6222 4901Dennis YeoManaging Director, North AsiaManaging Director, [email protected]

Bangkok, Thailand17/F Ploenchit Center2 Sukhumvit RoadKlongtoey, Bangkok 10110Tel : 66 2 656 7000 Fax : 66 2 656 7111 Patima JeerapaetManaging [email protected]

Ho Chi Minh City, VietnamHo Chi Minh City, Vietnam7F Bitexco Building19-25 Nguyen Hue StreetDistrict 1, Ho Chi Minh CityTel : 84 8 827 5665Fax : 84 8 827 5667Peter DinningGeneral [email protected]

KP SinghManaging [email protected]

Hanoi, VietnamVinaplast - Tai Tam Building, 9th Floor,39A Ngo Quyen StreetHoan Kiem District, Hanoi, Vietnam Tel : 84 4 220 5888 84 4 220 5566Fax : 84 4 220 1133Do Le QuanManaging [email protected]

For further details, please contact:



EXECUTIVE SUMMARY

INDIA

Bangalore, IndiaPrestige Garnet, Level 2, Unit No.201/20236 Ulsoor Road, Bangalore 560 042Tel : 91 80 4079 5500Fax : 91 80 4112 3131Goutam ChakrabortyOffice [email protected]

Chennai, IndiaUnit 1C, 1st Floor, Heavitree Complex,23 Spurtank Road, Chetpet,Chennai 600 031Tel : 91 44 2836 1064Fax : 91 44 2836 1377Saravanan COffice [email protected]

Gurgaon, IndiaG3, NewBridge Business Centers,TechnoPolis, DLF Golf Course Main Sector RoadSector 54, Gurgaon 122 002Tel : 91 124 4375807Fax : 91 124 4375806Saacketh ChawlaOffice [email protected]

Kolkata, IndiaRegus Business Centre Constantia, Level 6,Kolkata 700017Tel : 91 33 4400 0541Fax : 91 33 4400 0555Joe VergheseManaging [email protected]

Mumbai, India31-A, 3rd Floors, Film Centre, 68 Tardeo RoadMumbai 400 034Tel : 91 22 4050 4500Fax : 91 22 2351 4272Poonam MahtaniOffice [email protected]

New Delhi, India204/205, 2nd Floor, Kanchenjunga Building,18 Barakhamba RoadNew Delhi 110 001Tel : 91 11 4360 7500Fax : 91 11 2335 6624Prit PaulOffice [email protected]

Pune, IndiaVatika Business Center, Level-5C Wing, Panchsheel Tech Park-1, YerwadaPune 411 006Tel : 91 20 4011 1356Fax : 91 20 6640 3138Suresh CastellinoOffice [email protected]

AUSTRALASIA

Adelaide, AustraliaLevel 10, 99 Gawler Place,Adelaide SA 5000Tel : 61 8 8305 8888Fax : 61 8 8231 7712James YoungState Chief [email protected]

Brisbane, AustraliaLevel 20, Central Plaza One345 Queen StreetBrisbane QLD 4000Tel : 61 7 3229 1233Fax : 61 7 3229 1100Matt KearneyDirector, Office [email protected]

Canberra, AustraliaGround floor, 21-23 Marcus Clarke StreetCanberra ACT 2601Tel : 61 2 6257 2121Fax : 61 2 6257 2937Paul PowderlyState Chief [email protected]

Melbourne, AustraliaLevel 32 367 Collins StreetMelbourne VIC 3000 Tel : 61 3 9629 8888Fax : 61 3 9629 8549John MarascoState Chief [email protected]

Perth, AustraliaLevel 19, 140 St Georges TerracePerth WA 6000Tel : 61 8 9261 6666Fax : 61 8 9261 6665K. Imran MohiuddinState Chief [email protected]

Sydney, AustraliaLevel 12, Grosvenor Place,225 George StreetSydney NSW 2000Tel : 61 2 9257 0222Fax : 61 2 9251 3297Malcom TysonState Chief [email protected]

Auckland, New ZealandLevel 27, 151 Queen Street, AucklandTel : 64 9 358 1888Fax : 64 9 358 1999Mark SynnottManaging [email protected]

Wellington, New ZealandLevel 10, 36 Customhouse QuayWellingtonTel : 64 4 473 4413 Fax : 64 4 499 1550 (Agency) : 64 4 470 3902 (Valuation)Richard FindlayManaging [email protected]

www.co l l i e r s . com

asia pacific office market - oct 2009

Documents

south asia

r e s e

regional overview

north asia

south korea

r c hquarterly update

ho chi minh city

hong kong sar