Asia pacific office market overview 3Q 2012

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Colliers International Research has just released the Asia Pac Office Market Overview 3Q 2012. The report provides real estate office market trends in Asia Pac region. The office sector in the Asia Pacific region continued to be challenging in 3Q 2012 with a slowing economic growth and the unresolved European debt crisis; market participants are holding positive views on market outlook but confidence is not as strong as the previous quarter. Looking ahead, the prospective trend of office rents in most cities will remain positive in the next 12 months, despite a substantial supply projected to enter the market in individual cities.

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  • 1.Asia PacificOffice Market Overview3Q 2012Accelerating success.

2. table of contentsasia pacific office market overview | 3q 2012Regional Overview 3Greater China 4-6Beijing, China.....................................................................................................................................4Chengdu, China..................................................................................................................................4Guangzhou, China..............................................................................................................................5Shanghai, China.................................................................................................................................5Hong Kong SAR, China......................................................................................................................6Taipei, Taiwan....................................................................................................................................6North Asia7Seoul, South Korea............................................................................................................................ 7Tokyo, Japan...................................................................................................................................... 7Southeast Asia 8-11Jakarta, Indonesia..............................................................................................................................8Kuala Lumpur, Malaysia.....................................................................................................................8Karachi, Pakistan...............................................................................................................................9Manila, Philippines.............................................................................................................................9Singapore......................................................................................................................................... 10Bangkok, Thailand............................................................................................................................ 10Hanoi, Vietnam.................................................................................................................................. 11Ho Chi Minh City, Vietnam................................................................................................................ 11India 12-13Bengaluru (Bangalore).................................................................................................................... 12Chennai............................................................................................................................................ 12Mumbai............................................................................................................................................. 13New Delhi......................................................................................................................................... 13Australasia14-17Adelaide, Australia........................................................................................................................... 14Brisbane, Australia.......................................................................................................................... 14Canberra, Australia.......................................................................................................................... 15Melbourne, Australia........................................................................................................................ 15Perth, Australia................................................................................................................................ 16Sydney, Australia............................................................................................................................. 16Auckland, New Zealand....................................................................................................................17Wellington, New Zealand..................................................................................................................17Prime Office Supply, Rents and Net Take-up 18-19Trends & Forecasts20-21Definition & Terminology22-23Contacts24-25 3. regional overviewEconomic OverviewThe office sector in the Asia Pacific region continued to be challenging in 3Q 2012 witha slowing economic growth and the unresolved European debt crisis. Although overallmarket sentiment was weakening, it remained positive in 3Q 2012. Following two roundsof quantitative easing (QE1 and QE2), the US Federal Reserve announced a third round(QE3) on 13 September 2012. With the US Federal Reserve instigating the third round ofbond purchases, commodity prices have been pushed up and this has spilled over to realestate costs and pricing.Based on the findings of Colliers Asia Office Leasing Survey for 3Q 2012, market participantsare holding positive views on market outlook but confidence is not as strong as the previousquarter.Leasing MarketThe overall level of new office leasing inquiries decreased in 3Q 2012. However vacancyrates and rentals remained strong throughout the quarter due to the limited supply of officespace. Firms in the IT/communication and Finance industries continued to be the majorsource of leasing demand in 3Q 2012.Most cities in Australia and China continued to exhibit positive rental growth. The averagerent increased 2.3% QoQ during 3Q 2012. Individual markets like Guangzhou, Hanoi, HoChi Minh City, New Delhi and Singapore on the other hand, are expected to face growingdownward pressure for the coming months despite the solid demand for Grade A officespace. The Colliers Asia Office leasing Survey for 3Q 2012 found that most tenants areseeking expansion however the pace will be less aggressive.Sales MarketOn the sales front, average transacted office prices edged up by 2.1% QoQ. The office marketbecame more active compared to the first half of 2012. This is mainly due to high qualityprojects receiving encouraging sales performance in the last quarter, especially in Auckland,Sydney, Perth and Brisbane which all saw an increase in sales activities. Institutions andforeign investors remained active to source quality office developments in prime locations.Market OutlookMarket sentiment remained positive in 3Q 2012 and market players are holding an optimisticview on the market outlook. Therefore looking ahead, the prospective trend of office rents inmost cities will remain positive in the next 12 months, despite a substantial supply projectedto enter the market in individual cities.With the expectation of the low interest rate trend to continue and the Chinese governmentto continue stimulate growth, investment in office real estate in the region is expected toremain strong.Colliers International |p. 3 4. asia pacific office market overview | 3Q 2012 CHINA BEIJING OFFICE SUPPLY, TAKE-UP &Beijing VACANCY RATE Supply remained tight in Beijings Grade A office property market during 3Q12, with the 1.00 25.0%total stock resting at 5.17 million sq m, due to a lack of new completions for the third 0.80 20.0%consecutive quarter. Overall, demand remained strong throughout the quarter. However, due to the limited Vacancy Rate15.0%Million sq m 0.60 0.40 10.0%letting space available on the market, leasing transaction volume continued to decrease. 0.20 5.0% Net absorption of the Grade A office property market in 3Q12 totalled 1,888 sq m, down 85.6% QoQ and the overall average vacancy rate edged down by 0.04 percentage points 0.00 0.0%2009 2010 20112012 F 2013 Fto 3.51%.SupplyTake-up Vacancy Rate Rentals continued with its upward trend during this quarter, with the average net effective rent growing by 7.47% QoQ to RMB325.1 per sq m per month. The expansion of rental growth, was mostly a result of the epidemic of reduced or even withdrawal of rent free BEIJING OFFICE CAPITAL AND RENTAL VALUESperiods provided by most landlords. 800.00 80,000 Office investment market activity increased in 3Q 2012. A domestic B2B enterprise 700.00 70,000 600.00 60,000 acquired a 57,000 sq m Grade A office building in the Wangjing area for owner-occupancy. 500.00 50,000 Moreover, a private equity investor acquired four blocks of Grade A office buildings or Capital ValuesRentals 400.00 40,000 a total of 26,000 sq m for investment purpose. 300.00 30,000 200.00 20,000 major transactions 100.00 10,000 0.00 0Building Lease (L) / Tenant / PurchaserArea 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20113Q 2013 F2Q 20113Q 20114Q 20111Q 2012 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F4Q 2013 F1Q 2014 F2Q 2014 F Sale (S) (sq ft) Parkview Green LRoche71,000 Rentals (RMB / sq m / Month) Capital Values (RMB / sq m) Gateway PlazaL Nanyang Commercial Bank NCB 48,400 Oriental Plaza LCheung Kong Graduate School32,300of Business SK Tower L Black & Veatch16,100 Tengda buildingL China State Construction16,100 CHENGDU OFFICE SUPPLY, TAKE-UP &chengdu VACANCY RATE Raffles City, the Grade A office building comprising 74,024 sq m, was introduced in 0.50 50.0% September, thus boosting the total stock of Grade A office space in Chengdu to 718,922 sq m. 0.40 40.0% The average rent decreased 0.38% QoQ to RMB137.28 per sq m per month. The overall Vacancy Rate 0.30 30.0% vacancy rate edged 3.75% QoQ, to 24.42% in 3Q 2012.Million sq m 0.20 20.0% The average vacancy rate of the Grade A office buildings remained steady, signifying 0.10 10.0% the solid demand for Grade A office space. 0.00 0.0%2009 201020112012 F 2013 F In view of the current supply cycle and the continued slowdown of economic environment,SupplyTake-up Vacancy Rate the local office market is expected to face growing downward pressure over the coming months. CHENGDU OFFICE CAPITAL AND RENTAL VALUESmajor transactions 225.00 22,500 Building Lease (L) /Tenant / Purchaser Area 200.00 20,000 Sale (S) (sq ft) 175.00 17,500 Western TowerL Ganzi Shangshan Water 12,900 150.00 15,000 Capital Values 125.00 12,500 Aerospace Technology Plaza LStarbucks Coffee 10,800Rentals 100.00 10,00075.00 7,500 Square One L Kasikorn Bank of Thailand7,50050.00 5,000Square One L Jintai International Investment9,70025.00 2,500 0.00 0China Overseas International L Chengdu Runfu Properties12,200 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 2012 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F4Q 2013 F1Q 2014 F2Q 2014 F Centre China Overseas International L Yusen Agriculture9,900 Rentals (RMB / sq m / Month) Capital Values (RMB / sq m) Centrep. 4| Colliers International 5. asia pacific office market overview | 3Q 2012CHINA GUANGZHOU OFFICE SUPPLY, TAKE-UP & guangzhou VACANCY RATE Evergrande Center and Poly V Plaza in Pearl River New City and Lavendome Hui in2.00 40.0%Pazhou, were launched in 3Q 2012, providing a total of 266,627 sq m new stock. Thetotal stock of Grade A office grew to 2.80 million sq m. The overall vacancy rate increased 1.5030.0%1.6 percentage points to 22.2% in 3Q 2012.Vacancy RateMillion sq m 1.0020.0% The average rental recorded RMB157.6 per sq m per month, down 2.3% Q-o-Q, due to 0.5010.0%the weak demand and large supply. Enterprises from IT/communication, pharmaceuticalsand professional services were the major source of leasing demand in 3Q 2012.0.00 0.0%20092010 2011 2012 F 2013 F SupplyTake-up Vacancy Rate High quality projects such as R&F Yingkai Plaza and Bravo Plaza received encouragingsales performance. The achievable price of R&F Yingkai Plaza reached about RMB50,000per sq m in 3Q 2012. The average sales price of Guangzhou Grade A office further edgedup by 1.61% QoQ to RMB32,586 per sq m. GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES 36,000 180.00major transactions 160.0032,000 28,000 140.00BuildingLease (L) / Tenant / PurchaserArea 120.0024,000 Sale (S) (sq ft)Capital Values 100.0020,000Rentals 80.00 16,000 International Financial L Alcatel Lucent16,000 60.00 12,000 40.00 8,000Center (IFC) 20.00 4,000China International CenterL Guangzhou City Telecom23,500 00.00Centra PlazaLQianhai Life Insurance 13,600 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 2012 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F4Q 2013 F1Q 2014 F2Q 2014 FLeatop PlazaL Lukadilong Clothes 5,400Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)R&F Yingkai Plaza S ANGLEE51,700 SHANGHAI OFFICE SUPPLY, TAKE-UP & shanghai VACANCY RATE Shanghai remained the worlds sixth-most competitive financial center in 2012, according 1.2020.0%to Xinhua-Dow Jones International Financial Centers Development Index released inAugust 2012. 0.9015.0% Five new projects were launched in 3Q 2012, adding a total of approximately 330,256Vacancy RateMillion sq m 0.6010.0%sq m new supply to Shanghais Grade A office market. 0.305.0% Average Grade A office rental rates increased 1.2% QoQ to RMB 8.7 per square meter0.002009201020112012 F 2013 F 0.0% per day. SupplyTake-up Vacancy Rate In 3Q 2012, the overall vacancy rate increased from the previous quarters 6.7 to 9.5%.Among the six major central business districts, Jingan recorded the lowest vacancyrates, at 5.3%. Zhuyuan and Changning posted the highest vacancy rates, at 14.9% and SHANGHAI OFFICE CAPITAL AND RENTAL VALUES14.2% respectively.18.0072,00015.0060,000 major transactions12.0048,000BuildingLease (L) / Tenant / PurchaserAreaCapital ValuesRentals 9.0036,000 Sale (S) (sq ft) 6.0024,000International Commerce CenterLAdidas 187,300 3.0012,000Kerry Parkside L Danone Group 76,4000.00 0LAvenue L3M72,000 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 20103Q 2013 F 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 2012 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F4Q 2013 F1Q 2014 F2Q 2014 FJin Mao TowerLMWE China Law Office22,900Rentals (RMB / sq m / Day) Capital Values (RMB / sq m)CITIC Square LNike China16,800 Colliers International |p. 5 6. asia pacific office market overview | 3Q 2012 h o ng ko ngHONG KONG OFFICE SUPPLY, TAKE-UP & hong kongVACANCY RATE In view of uncertain economic outlook, individual large tenants downsized their premises4.50 9.0% but still prefer to stay in the same district. The overall net take up fell 80% QoQ to 111,0004.00 8.0%3.50 7.0%sq ft in 3Q 2012, which reflects the slowdown in leasing activity especially in Central/3.00 6.0% Admiralty.Vacancy RateMillion sq ft2.50 5.0%2.00 4.0% The overall Grade A office rent rebounded in 3Q 2012 after falling for three consecutive1.50 3.0%1.00 2.0% months, rising a solid 1.5% QoQ. Meanwhile, the average Grade A office rent in Cetral/0.50 1.0%Admiralty showed its first quarterly gain since 3Q 2011, rising 0.8% QoQ in 3Q 2012 to0.00 0.0% 2009 201020112012 F2013 FHK$ 98.8 per sq ft.SupplyTake-upVacancy Rate The outlook for the Hong Kong Grade A office market has been brighten up due to thepositive market sentiment and increased leasing enquires. On the back of scare supplyand positive demand, overall Grade A office rents are projected to climb 4% over theHONG KONG OFFICE CAPITALnext 12 months.AND RENTAL VALUES175.00 35,000 major transactions150.00 30,000Building Lease (L) /Tenant / Purchaser Area125.00 25,000Sale (S) (sq ft)Capital Values100.00 20,000RentalsChina Resources BuildingL Regus10,300 75.00 15,000 50.00 10,000Grand Century Place Tower 1 L Covidien 12,800 25.00 5,000Exchange TowerL Parsons Brinckerhoff (Asia) Ltd12,2000.00 04 floors, Kowloon CommercialSChina Shipping Logistics105,2001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20122Q 20123Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 FCentre Tower B5 floors, Kowloon CommercialS The Open University of Hong124,800 Rentals (HK$ / sq ft / Month)Capital Values (HK$ / sq ft)Centre Tower BKongPark Building SBillion Mart Dec Ltd145,000 ta i wanTAIPEI OFFICE SUPPLY, TAKE-UP & TaipeiVACANCY RATE With a net take-up of Grade A office at 3,111 ping in 3Q 2012, vacancy rate was down40,000 40.0%58 basis point to 9.42% - the lowest point since 1Q 2009.35,000 35.0%30,000 30.0% The total net take up of Hsin-Yi district amounted to 2,160 ping in 3Q 2012. The key25,000 25.0%contributor was Shin Kong Bank who leased 2,400 ping in Shin Kong Xin Yi FinancialVacancy RatePing20,000 20.0%15,000 15.0%Building.10,000 10.0% 5,000 5.0% Thanks to the net take up of 680 ping at the Pacific Century Tower in West district, the0 2009 2010 2011 2012 F2013 F 0.0%average vacancy in the district decreased 1.45 percentage points to 4.92%.-5,000 -5.0%SupplyTake-upVacancy Rate The average effective Grade A office rent edged up mildly to NT$ 2,441 per ping permonth in 3Q 2012. The effective rent of Hsin-Yi district was NT$ 2,824 per ping permonth, an increase of 0.32% QoQ. However, MS-TN district fell 0.30% to NT$ 2,247TAIPEI OFFICE CAPITAL AND RENTAL VALUES per ping per month. 3,500 1,400,000 major transactions 3,000 1,200,000 2,500 1,000,000 Building Lease (L) /Tenant / Purchaser Area Sale (S) (sq ft)Capital Values 2,000 800,000Rentals 1,500 600,000 Prince Financial BuildingSCathay Life Insurance Co. 262,000 1,000 400,000 CEC Tun Nan Building L3M Taiwan Ltd.113,500500200,000 Taipei 101 Tower L Bayer Taiwan Ltd. 69,90000 Shin Kong Xin Yi Financial LKraton Polymers International10,7001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20122Q 20123Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F BuildingLimited Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping) Cathay Xin-Yi Trading Center L China Construction Bank 10,100 Exchange Square TwoL Bates Asia Pacific Taiwan Ltd. 9,200 Taipei 101 Tower LChristian Dior Taiwan Ltd 8,900p. 6 | Colliers International 7. asia pacific office market overview | 3Q 2012s o u t h ko r e a SEOUL OFFICE SUPPLY, TAKE-UP &seoul VACANCY RATE During 3Q 2012, a total of two buildings covering 122,147 sq m came in market including800,00016.0% Two IFC in YBD of 78,031 sq m. The launch of State Gwanghwamun Building of 40,972 sq m is delayed to next quarter.700,00014.0%600,00012.0%500,00010.0% The average rent increased 8.85% QoQ in 3Q 2012 to KRW 24,103 per sq mper month. Vacancy Ratesq m400,0008.0%300,0006.0%The YBD showed a rental increase of 2.15% due to completion of A+ office building Two200,0004.0%IFC.100,0002.0%020092010 2011 2012 F 2013 F 0.0% The overall vacancy rate rose 0.92 percentage points QoQ in 3Q 2012 to 7.88%. Despite-100,000 -2.0% Supply Take-up Vacancy Rate the large new space from Two IFC, the vacancy rate in YBD witnessed marginal increase of 0.50 percent points QoQ owing to the successful take-up in One IFC. The net take-up in 3Q 2012 softened from the previous quarter to 44,956 sq m. Net SEOUL OFFICE CAPITAL AND RENTAL VALUEStake-up increased in the GBD and YBD, but decreased in the CBD. 40,0008,000,000 35,0007,000,000 major transactions 30,0006,000,000 25,0005,000,000 Building Lease (L) /Tenant / PurchaserArea Capital ValuesRentals 20,0004,000,000 Sale (S)(sq ft) 15,0003,000,000 Rinnai Korea Bldg SPrivate 186,600 10,0002,000,0005,0001,000,000 CJ E&M Bundang Building S Gongpyung Savings Bank73,70000 Junghak BuildingS Vestas Investment Manage-902,200 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 20124Q 2013 F 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F1Q 2014 F2Q 2014 FmentRentals (Won / sq m / Month)Capital Values (Won / sq m) Hyundai Group BuildingS KORAMCO REITS & Trust564,800 Asia TowerL GS Construction 53,400 Banpo BuildingL Sanofi Aventis80,600 IFC LCitrix 29,500japan TOKYO OFFICE SUPPLY, TAKE-UP & tokyo VACANCY RATE New supply declines after significant completion during the first half of 2012.240,00012.0%200,00010.0% Vacancy increase has slowed and may begin to decline modestly in the near term.160,0008.0% Corporate restructuring continues keeping rents low and vacancy high. Vacancy RateTsubo120,0006.0% 80,0004.0% Relocation to higher grade and more efficient space continues. 40,0002.0% Value for money, cost reduction and workplace modernization are key factors. 0 0.0%2009 2010 20112012 F2013 F Supply Take-up Vacancy Rate Some rent stabilization on an individual building basis, but overall market remains weak. TOKYO OFFICE CAPITAL AND RENTAL VALUESmajor transactions 50,00010,000,000Building Lease (L) /Tenant / PurchaserArea Sale (S)(sq ft) 40,0008,000,000 Otemachi Financial City LMorgan Stanley MUFG 248,500 Capital Values 30,0006,000,000 North Tower SecuritiesRentals 20,0004,000,000 Mita Bellju L Japan Marine United 63,900 10,0002,000,000 Lunesite TowerL TDK 63,900 Roppongi First Building LNuclear Regulatory Agency71,00000 Shinjuku Eastside SquareL Citibank Japan 177,500 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 20124Q 2013 F 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F1Q 2014 F2Q 2014 FRentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo) Colliers International |p. 7 8. asia pacific office market overview | 3Q 2012 i nd o n es i aJAKARTA OFFICE SUPPLY, TAKE-UP &jakartaVACANCY RATE The authority of Jakarta province issued a new environmental policy. As such, more500,000 20.0%new buildings in compliance with environmental guidelines can be seen in the future.400,000 16.0% The absorption level is expected to remain high as the rental rates are anticipated to climb further due to a scarce supply of good quality office space. Vacancy Rate300,000 12.0%sq m200,000 8.0% Up to 3Q 2012, the mining, oil & gas related companies and other business sectors like100,000 4.0% consumer goods, agribusiness, insurance and finance related industries continued to 02009201020112012 F 2013 F0.0% expand their business operation. SupplyTake-up Vacancy Rate With the increasing office demand from business expansion, competition for office space can be expected for 2013.JAKARTA OFFICE CAPITAL AND RENTAL VALUES270,00045,000,000 major transactions240,00040,000,000210,00035,000,000 BuildingLease (L) /Tenant / PurchaserArea180,00030,000,000 Sale (S)(sq ft) Capital Values 25,000,000150,000 The East L Net Mediatama Indonesia 54,800Rentals120,00020,000,000 90,00015,000,000Eighty 8 L Prudential53,800 60,00010,000,000Eighty 8 LHuawei 32,300 30,0005,000,000 Menara 165 LPT. Rajawali Swiber Perkasa19,400 0 0 Eighty 8 LRegus14,0001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20122Q 20123Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F4Q 2013 F1Q 2014 F 2Q 2014F Menara 165 LPT. Feni Haltim13,000 Menara Mulia LTrijaya Pratama Futures12,900 Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m) m a l ays i aKUALA LUMPUR OFFICE SUPPLY, TAKE-UPkual a lumpur& VACANCY RATE New completion in 3Q 2012 include Menara Darulssalam and Menara Binjai and 3.50 35.0% contributed a total of 564,000 sq ft of net lettable area 3.00 30.0% 2.50 25.0% Tun Razak Exchange (TRX) was launched in July to promote Malaysia as an international Vacancy Rate financial hub and to attract foreign investment. It is estimated to generate a grossMillion sq ft 2.00 20.0% 1.50 15.0% development value of RM26 billion. 1.00 10.0% 0.50 5.0% TRX-status companies will be given 10 years income tax exemption, stamp duty exemption, 0.002009201020112012 F 2013 F0.0% industrial building allowance and accelerated capital allowance for TRX Marquee-status SupplyTake-up Vacancy Rate companies while tax exemption is also available for property developers Although the office market was generally subdued, it is noted that tenants have been taking the opportunity to relocate and / or expand to better quality buildings within cityKUALA LUMPUR OFFICE CAPITAL ANDcentre.RENTAL VALUES12.00 1,200 major transactions10.00 1,000 8.00 800BuildingLease (L) / Tenant / Purchaser AreaCapital ValuesSale (S)(sq ft)Rentals 6.00 600 Menara MBF LBostonWeb College of 12,400 4.00 400 2.00 200 Technology & Management Hampshire PlaceL Tioman Drilling Co Sdn Bhd70,800 0.00 0 Menara PrestigeL KFH (Malaysia) Berhad 133,1001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20122Q 20123Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F4Q 2013 F1Q 2014 F 2Q 2014FData sourced from C H Williams Talhar & Wong Sdn Bhd Rentals (Ringgit / sq ft / Month) Capital Values (Ringgit / sq ft)p. 8| Colliers International 9. asia pacific office market overview | 3Q 2012pa k i stanKARACHI OFFICE SUPPLY, TAKE-UP &KarachiVACANCY RATE The office market is not expected to revive over the medium term due to the political 1.60 80.0%scenario in the country. As a result, many companies have adopted a cautious approach 1.40 70.0% in the office market. 1.20 60.0% 1.00 50.0% No major office leasing deals were concluded in 3Q 2012. The office sector has been Vacancy RateMillion sq ft 0.80 40.0% 0.60 30.0%stable and showed no signs of demand growth. 0.40 20.0% 0.20 10.0% Asking rent in the recently launched Bahria Complex IV has been reduced by nearly 40%0.002009 2010 20112012 F2013 F0.0% in order to attract tenants. SupplyTake-up Vacancy RateKARACHI OFFICE CAPITAL AND RENTAL VALUES 16016,000 14014,000 12012,000 10010,000Capital ValuesRentals808,000606,000404,000202,000 001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20121Q 2013 F2Q 20123Q 20124Q 2012 F2Q 2013 F3Q 2013 F4Q 2013 F1Q 2014 F 2Q 2014FRentals (Rupee/ sq ft / Year)Capital Values (Rupee / sq ft) ph i l i pp i n esMANILA OFFICE SUPPLY, TAKE-UP &manil aVACANCY RATE The Grade A office stock in Makati CBD reached 922,944 sq m with Zuellig Building120,000 12.0% (57,000 sq m) completed in 3Q 2012. In 2013, Alphaland Makati Tower and V Tower will100,000 10.0%be completed, thus adding about 61,400 sq m new space to the total stock.80,0008.0% Vacancy Rate60,0006.0% Amongst the various sub-markets, Makati CBD remains the preferred office location bysq m40,0004.0% tenants. In 3Q 2012, the overall vacancy rate increased by 4.28% due to the inclusion20,0002.0% of Zuellig Building. However, it is forecast to taper off to 3.2% by late 2012. 00.0%2009201020112012 F 2013 F Average prime rental rate was at P755 per sq m per month in 3Q 2012. It is projected-2.0% to increase above P800 per sq m by 2Q 2013 due to the limited supply of office space.-20,000 SupplyTake-up Vacancy RateMANILA OFFICE CAPITAL AND RENTAL VALUESmajor transactions BuildingLease (L) / Tenant / Purchaser Area1,200 120,000Sale (S)(sq ft)1,000 100,000 Aseana One L Seven Tall Trees Events, Inc. 62,400 80080,000 Q-PlazaL Results Manila25,800Capital ValuesRentals 60060,000 Science Hub 2LFactset Philippines Inc. 22,900 40040,000 Net Cube Bonifacio L Shore Solutions Inc.12,100 20020,000 001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20121Q 2013 F4Q 2013 F2Q 20123Q 20124Q 2012 F2Q 2013 F3Q 2013 F1Q 2014 F 2Q 2014FRentals (Peso / sq m / Month)Capital Values (Peso / sq m) Colliers International |p. 9 10. asia pacific office market overview | 3Q 2012s i ngapo r e SINGAPORE OFFICE SUPPLY, TAKE-UP &singapore VACANCY RATE The rent of Grade A office buildings in the CBD continued to decline under the slowing2.50 25.0% global economy in 3Q 2012. Nonetheless, the average rent decline slowed for the second 2.0020.0% consecutive quarter due to an increasing number of foreign companies setting up entities in Singapore and existing companies relocating to higher quality office space. Vacancy Rate1.50 15.0% Million sq ft1.00 10.0% The average occupancy rate of Grade A office in the CBD increased from 92.0% in 2Q 0.505.0% 2012 to 93.1% in 3Q 2012, which is the highest level in the last five consecutive quarters. 0.00 2009 2010 20112012 F2013 F 0.0% Supported by a stronger occupancy rate, the drop in rents slowed marginally to 1.0% Supply Take-upVacancy Rate QoQ in 3Q 2012, from 1.1% QoQ in 2Q 2012. By the end of September 2012, monthly gross rents for CBD Grade A office space averaged at S$8.37 per sq ft. With the long-running Eurozone debt crisis and the risk of an office supply overhang, SINGAPORE OFFICE CAPITAL ANDoffice rents in the CBD are expected to continue on a downtrend for the rest of 2012. RENTAL VALUES30.003,00025.002,500 major transactions20.002,000Capital Values BuildingLease (L) /Tenant / Purchaser Area Rentals 15.00 1,500Sale (S) (sq ft) 10.00 1,000Marina Bay Financial Centre LGoldin16,0005.00 500Tower 3 0.000Marina Bay Financial Centre LLego20,000 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 2012 2Q 2012 3Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F2Q 2014FTower 3Ocean Financial CentreL Freshfields 8,300 Rentals (Singapore$/ sq ft / Month)Capital Values (Singapore$ / sq ft)One Raffles Place Tower 2 LVirgin Active 33,000t ha i l andbangkok BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE In 3Q 2012, many international companies have been looking for Grade A office space 120,00024.0%in the CBD area. 100,00020.0%16.0% During the last quarter some companies have expanded their office space or have 80,000 relocated to CBD area. Vacancy Ratesq m 60,000 12.0% 40,000 8.0% The rental rate of Grade A office buildings in the CBD area has increased over the year 20,000 4.0% due to the limited supply. 00.0%2009 2010 20112012 F 2013 FSupply Take-upVacancy Rate major transactions BuildingLease (L) / Tenant / PurchaserAreaBANGKOK OFFICE CAPITAL AND RENTAL VALUESSale (S) (sq ft) Ploenchit Center L Bumrungrad Hospital Pcl. 28,000 1,400140,000 1,200120,000 Sathorn Square L Ford Sales & Service (Thailand)43,100 1,000100,000 Co., Ltd. Asia CentreLIpsos Thailand Co., Ltd.32,100Capital Values800 80,000 Rentals600 60,000400 40,000200 20,0000 0 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 3Q 2013 F 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 2012 2Q 2012 3Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 4Q 2013 F 1Q 2014 F2Q 2014F Rentals (Baht/ sq m / Month) Capital Values (Baht / sq m)p. 10| Colliers International 11. asia pacific office market overview | 3Q 2012v i e t na mhanoi HANOI CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE The total stock of Grade A office market was unchanged at 298,000 sq m in 3Q 2012.160,000 80.0%140,000 70.0% In 3Q 2012, the average occupancy rate was 78.3%, up by 2.90 percentage points against120,000 60.0% 2Q 2012. The average rent decreased by 1.55% to US$40.59 per sq m month.100,000 50.0% Vacancy Rate80,00040.0% Developers have been offering various promotions and incentives to attract new tenants.sq m60,00030.0%40,00020.0%20,00010.0% The supply of two major Grade-A office buildings, namely EVN Tower and Indochina0.0% 02009201020112012 F 2013 F-10.0% Plaza Hanoi, will add pressure to the office market in 3Q 2012. Both asking rents and-20,000-40,000 -20.0% occupancy rate are expected to fall in both the CBD and non-CBD sub-markets. SupplyTake-up Vacancy Rate major transactions HANOI OFFICE RENTAL VALUESBuildingLease (L) /Tenant / Purchaser AreaSale (S) (sq ft)60 Crown PlazaS Viettel Group 195,90050 Keangnam LandmarkLNissan Vietnam 104,40040 Keangnam LandmarkLFujitsu Vietnam 6,500Rentals30 Capital TowerLLien Viet Securities4,10020 Capital TowerL HR2B Hanoi 1,600 10Pacific PlaceL Sumitomo Mitsui Bank Corp. 4,800 01Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20124Q 2013 F2Q 20123Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F1Q 2014 F 2Q 2014F Rentals (US$/ sq m / Month) HO CHI MINH CITY OFFICE SUPPLY,ho chi minh cit y TAKE-UP & VACANCY RATE The total supply of Grade A office space in prime location was approximately 140,000180,000 45.0% sq m NFA.160,000 40.0%140,000 35.0%120,000 30.0% No new Grade A office buildings were completed in 3Q 2012. Vacancy Rate100,000 25.0%sq m80,00020.0% Occupancy rate and rental rate of Grade A office buildings remained the same, with60,00015.0% respectively 87% and US$34 per sq m per month.40,00010.0%20,0005.0% 00.0% Approximately 48,000 sq m NFA of Grade A office space is expected to enter HCMCs2009201020112012 F 2013 F-20,000 -5.0%market in the 3Q 2012. Due to the current uncertain economic situation and the supply SupplyTake-up Vacancy Rate glut, vendors are anticipated to compete for tenants in order to fill their space in both Grade A and B office buildings. HO CHI MINH CITY OFFICE RENTAL VALUES major transactions70 Building Lease (L) / Tenant / Purchaser Area Sale (S)(sq ft)6050 Bitexco Financial TowerL Viet Capital Securities JSC10,60040 Bitexco Financial TowerLViet Hong Investment General Co1,800Rentals30 Kumho Asiana Plaza LAccadent International Holding 3,50020GMBH 10 Kumho Asiana Plaza LTMI Associates HCMC Branch 1,400 0 REE TowerLMarina Logistics 9001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 20113Q 2013 F 1Q 20124Q 2013 F2Q 20123Q 20124Q 2012 F1Q 2013 F2Q 2013 F1Q 2014 F 2Q 2014F REE TowerLPetroleum Network Company Ltd3,200 Rentals (US$/ sq m / Month)Colliers International |p. 11 12. asia pacific office market overview | 3Q 2012i nd i a BENGALURU OFFICE SUPPLY, TAKE-UP & bengaluru (Bangalore) VACANCY RATE In 3Q 2012, Bengalurus Grade A new supply totalled approximately 0.8 million sq ft, 12.00 24.0%including Prestige Tech Park II Etamin Block, VRC Tower and Condor. 10.00 20.0% 8.0016.0% Due to cautious occupier sentiments in an uncertain economy, the commercial officespace market witnessed subdued tenant demand compared to the previous two quarters,Vacancy Rate Million sq ft 6.0012.0%resulting in stable rents. 4.008.0% 2.004.0% Looking ahead, rental values are expected to remain stable as substantial supply is 0.000.0% projected to enter the market in the near future. 2009 201020112012 F2013 FSupplyTake-up Vacancy Rate BENGALURU OFFICE CAPITAL AND major transactions RENTAL VALUES 808,000Building Lease (L) / Tenant / Purchaser Area 707,000Sale (S)(sq ft) 606,000Chambers@Mantri LExilant Technologies 40,000 505,000 Capital ValuesIndependent BuildingL Happiest Mind 50,000 Rentals 404,000 303,000Prestige Corniche LDexler8,900 202,000Bearys Global ResearchL Loreal25,000 101,00000TriangleBrigade HulkulLPWC (PRTM Management8,6001Q 20092Q 20093Q 20094Q 2009 1Q 2010 3Q 2013 F2Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 4Q 2013 F2Q 20123Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 1Q 2014 F 2Q 2014 F Consultancy) Rentals (Rupee/ sq ft / Month) Capital Values (Rupee / sq ft)Brigade HulkulL Mitsubishi 8,600 CHENNAI OFFICE SUPPLY, TAKE-UP & chennai VACANCY RATE In 3Q 2012, Chennai Grade A new supply totalled more than 0.8 million sq ft, including 16.00 32.0%Prestige Polygon and Design Square. 14.00 28.0% 12.00 24.0% In this quarter, due to a slowdown in the economy, especially the IT sector, demand 10.00 20.0%for Grade A office space has been reduced compared to the previous two quarters.Vacancy Rate Million sq ft 8.0016.0% 6.0012.0%Companies were following a wait and see policy for expansion or consolidation. 4.008.0% 2.004.0% Average rental values for Grade A office premises remained stable in almost all of the 0.000.0% micro-markets and are expected to remain stable as significant supply is projected to 2009 201020112012 F2013 FSupplyTake-up Vacancy Rateenter the market in the near future.major transactions CHENNAI OFFICE CAPITAL AND BuildingLease (L) /Tenant / PurchaserArea RENTAL VALUES Sale (S)(sq ft) 808,000 707,000Agnito ParkLGE Capital Services58,000 606,000MCTM L Raffles Millennium25,000 505,000 International Capital Values Rentals 404,000Ramanujam SEZL VIT Consulting25,000 303,000 202,000AKDR L Ajuba Solutions India Pvt Ltd 30,000 101,000Tek Towers LISGN 33,00000Tek Towers L Sutherland Global Services33,0001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 4Q 2013 F2Q 20123Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 1Q 2014 F 2Q 2014 F Rentals (Rupee/ sq ft / Month) Capital Values (Rupee / sq ft)p. 12 | Colliers International 13. asia pacific office market overview | 3Q 2012 i nd i aMUMBAI OFFICE SUPPLY, TAKE-UP &mumbaiVACANCY RATE The completion of The Capital, in 3Q 2012, contributed approximately 1.2 million sq ft of15.00 20.0%prime office space to the current supply.12.00 16.0% With sustained demand from the banking and financial services sector, absorption in Mumbai remained upbeat. Vacancy RateMillion sq ft 9.00 12.0%6.008.0% Despite increased absorption, average rents for Grade A office premises remained stable3.004.0% in almost all of the micro-markets due to the ample stock availability.0.000.0%2009 201020112012 F2013 F Looking ahead, rental values are expected to remain stable with substantial future supply. SupplyTake-up Vacancy RateMUMBAI OFFICE CAPITAL AND RENTAL VALUESmajor transactions 30060,000 Building Lease (L) / Tenant / PurchaserArea 25050,000 Sale (S) (sq ft) 20040,000 Indiabulls Finance CentreLRediffusion30,000Capital Values Peninsula Business Park STata AIG32,000Rentals 15030,00020,000 FCH House S Delta Corp.55,000 100 BoomerangLTechnip KTI56,0005010,000 Peninsula Business ParkLCipla 250,000 00 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 20121Q 2013 F4Q 2013 F 2Q 2012 3Q 20124Q 2012 F2Q 2013 F3Q 2013 F1Q 2014 F2Q 2014 FRentals (Rupee/ sq ft / Month) Capital Values (Rupee / sq ft)NEW DELHI OFFICE SUPPLY, TAKE-UP &new delhiVACANCY RATE The total new supply of Grade A office space during the quarter was around 2 million12.00 24.0%sq ft. The projects contributing to this new supply were Platinum Tower, Digital Green10.00 20.0%Techno Heights, NSL, SB TOWER, Koneectus and Ambiance Corporate Tower.8.0016.0% Absorption increased moderately while rents remained stable across the micro-markets Vacancy RateMillion sq ft6.0012.0% during 3Q 2012.4.008.0%2.004.0% Looking ahead, the absorption momentum is likely to continue but overall rents are0.000.0% expected to increase moderately due to ample stock availability.2009 201020112012 F2013 F SupplyTake-up Vacancy Rate major transactions Building Lease (L) / Tenant / PurchaserArea Sale (S) (sq ft)NEW DELHI OFFICE CAPITAL AND RENTAL VALUES Logix Cyber ParkL Emeter 15,000 35035,000 Spaze Tech Park L CapGemini40,000 30030,000 Urbtech NPX LInfoedge 100,00025,000 250 Prestige Corporate Park LAmmerprise 140,000Capital Values 20020,000 NKG Tower L Naukri.com150,000Rentals 15015,000 10010,000505,000 00 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 20121Q 2013 F 2Q 2012 3Q 20124Q 2012 F2Q 2013 F3Q 2013 F4Q 2013 F1Q 2014 F2Q 2014 FRentals (Rupee/ sq ft / Month) Capital Values (Rupee / sq ft)Colliers International |p. 13 14. asia pacific office market overview | 3Q 2012aust r a l i aADELAIDE OFFICE SUPPLY, TAKE-UP & adel aideVACANCY RATE Leasing transaction has been growing since the last quarter. 100,00010.0% 90,000 9.0% As demand for Grade A space continues to intensify, there may be some pressure on 80,000 8.0% 70,000 7.0%rental values and incentives.Vacancy Rate 60,000 6.0% sq m 50,000 5.0% Major tenant relocations are expected in the near future with one of the citys major 40,000 4.0% 30,000 3.0%developments getting close to completion and another two due next year. 20,000 2.0%10,0001.0%0.0% Core located assets with present value added opportunities are attractive to institutional0 2009 20102011 2012 F2013 Finvestors, syndication groups and high net worth individuals. SupplyTake-upVacancy Rate Yields are likely to hold in the short term and compress further in early 2013.ADELAIDE OFFICE CAPITAL AND RENTAL VALUESmajor transactions700 7,000Building Lease (L) / Tenant / PurchaserArea6,000600Sale (S) (sq ft)500 5,000132 Grenfell Street S Primewest Funds Ltd34,000Capital Values400 4,000 Rentals3,000141 - 143 Rundle Mall S Private 176,300300200 2,00070 Franklin StreetLMIGA14,000100 1,000431 - 439 King William Street LLogiCamms9,1000 0 30 Flinders StreetL Jacobs Engineering 13,6001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20122Q 20123Q 2012 3Q 2013 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F30 Flinders StreetL Santos 27,200 Rentals (Australian $/ sq m / Year) Capital Values (Australian $ / sq m)BRISBANE OFFICE SUPPLY, TAKE-UP & brisbaneVACANCY RATE With deferred expansion of large mining companies, the number of large lease transactions 180,00018.0% declined. 160,00016.0%14.0% An escalation in vacancies and subdued market confidence led to constrained rental 140,000 120,00012.0%growth in 1H 2012 across all grades of office space.Vacancy Rate 100,00010.0% sq m 80,000 8.0% 60,000 6.0% Institutions and foreign investors have made approximately AU$371.25 million worth of 40,000 4.0% 20,000 2.0%major purchases in the first half of 2012.0 0.0%20092010 20112012 F2013 F Vacancy is forecast to tighten slightly in the second half of 2012 and reach 8.2% by SupplyTake-upVacancy Ratemid-2013 as a result of limited new development in the near term.major transactions BRISBANE OFFICE CAPITAL AND RENTAL VALUESBuildingLease (L) / Tenant / Purchaser Area Sale (S)(sq ft)1,20012,000111 Eagle StreetL Arrow Energy159,3001,00010,000145 Ann StreetLGrant Thornton48,6008008,00012 Creek Street SDexus346,500Capital ValuesRentals6006,00040 Creek Street S PGA Group 133,0004004,000150 Charlotte StreetS CIMB119,1002002,000001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20122Q 20123Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F Rentals (Australian $/ sq m / Year) Capital Values (Australian $ / sq m)p. 14| Colliers International 15. asia pacific office market overview | 3Q 2012aust r a l i a CANBERRA OFFICE SUPPLY, TAKE-UP & canber ra VACANCY RATE Foreign investors have driven demand for prime office assets over the last two years80,000 16.0%and this trend is likely to continue for the next 12 months.70,000 14.0%60,000 12.0% Secondary asset yields are now at the bottom of the market cycle and will remain steady50,000 10.0%for the next 12 months.Vacancy Rate 8.0%sq m40,00030,000 6.0%20,000 4.0% Grade A office rents have recorded 2 - 3% annual growth over recent years and this is10,000 2.0% likely to continue for the next 21 months before growing at an annual rate of 3 - 4 %. 0 0.0% 20092010 2011 2012 F2013 F-10,000-2.0% SupplyTake-up Vacancy Ratemajor transactionsBuildingLease (L) /Tenant / PurchaserArea Sale (S)(sq ft) CANBERRA OFFICE CAPITAL AND RENTAL VALUES10 - 12 Mort Street L Department of Education, Employment,166,300 800 8,000and Workplace Relations 700 7,000Garema CourtL Department of Regional Australia116,600 600 6,000NewActon NishiL Department of Climate Change131,900 500 5,000 Capital Valuesand Energy EfficiencyRentals 400 4,000 300 3,000Penrhyn House SQuintessential Equities Pty. Ltd 135,900 200 2,000 100 1,000 0 0 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 2012 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F4Q 2013 F1Q 2014 F2Q 2014 FRentals (Australian $/ sq m / Year)Capital Values (Australian $ / sq m) MELBOURNE OFFICE SUPPLY, TAKE-UP & melbourne VACANCY RATE The first half of 2012 saw a total of 55,868 sq m of new supply.160,00016.0%140,00014.0% Investment demand from both domestic and offshore institutions remained strong over120,00012.0%the first half of 2012. 10.0%Vacancy Rate100,000sq m80,000 8.0% There is approximately 277,000 sq m of new space set to enter the market over the next60,000 6.0%two years, and 74% of it has been pre-committed.40,000 4.0%20,000 2.0% The rising vacancy rate has had limited impact on pre-commitment activity with two 0 0.0% 20092010 2011 2012 F2013 Fdeals announced during the first half of 2012. SupplyTake-up Vacancy Ratemajor transactionsBuildingLease (L) / Tenant / Purchaser Area MELBOURNE OFFICE CAPITAL ANDSale (S)(sq ft) RENTAL VALUESCity West Police Complex, 313 L Victorian Police306,800 700 7,000 600 6,000Spencer Street, Melbourne 500 5,00011 Exhibition StreetL BUPA126,400360 Collins StreetLLaTrobe University13,600 Capital Values 400 4,000Rentals 300 3,000120 Collins StreetLGresham Partners 6,800 200 2,000459 Collins StreetL Medibank 11,900 100 1,000720 Bourke Street L Medibank322,900 0 0242 Exhibition Street,S Investa Office Fund 709,500 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 20121Q 2013 F 2Q 2012 3Q 20124Q 2012 F2Q 2013 F3Q 2013 F4Q 2013 F1Q 2014 F2Q 2014 FMelbourneRentals (Australian $/ sq m / Year)Capital Values (Australian $ / sq m) 150 Collins Street, Melbourne S GPT Wholesale Office Fund 215,300 Colliers International |p. 15 16. asia pacific office market overview | 3Q 2012aust r a l i a PERTH OFFICE SUPPLY, TAKE-UP & perth VACANCY RATE Recent resource sector developments have resulted in some subleased space coming200,00012.0%onto the market. 9.0%150,000 Premium Grade vacancy and available stock remain relatively tight.Vacancy Rate100,0006.0%sq m Investment expenditures in the resources sector, the main driver of growth for the state, 50,0003.0%remains relatively independent of the recent global economic and financial environment. 0 0.0% 20092010 2011 2012 F 2013 F The new supply cycle momentum has eased due to short- to medium-term economic-50,000-3.0%uncertainty. SupplyTake-up Vacancy Ratemajor transactions PERTH OFFICE CAPITAL AND RENTAL VALUES BuildingLease (L) /Tenant / Purchaser Area Sale (S) (sq ft)1,20012,00066 St Georges Terrace, Perth SInvesta123,2001,00010,00045 St Georges Terrace, Perth SCredit Suisse121,300 800 8,0001 Adelaide Terrace, PerthS GDI 211,300 Capital ValuesRentals 600 6,000255 & 267 St Georges Terrace,SPrimewest 43,900 400 4,000Perth 200 2,000108 St Georges Terrace, PerthL Apache 43,100 0 0108 St Georges Terrace, PerthLAurecon 17,200 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 20124Q 2013 F 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F1Q 2014 F2Q 2014 F50 St Georges Terrace, Perth L AMCOM7,000197 St Georges Terrace, PerthL Undisclosed50,000Rentals (Australian $/ sq m / Year)Capital Values (Australian $ / sq m) SYDNEY OFFICE SUPPLY, TAKE-UP & sydney VACANCY RATE Prime Grade yields have stabilised, while the yield spread between high- and low-quality200,00012.0%Secondary Grade assets has continued to widen.150,0009.0% The sales volumes for Prime and Grade A offices remain low due to limited supply.100,0006.0%Vacancy Ratesq m 50,0003.0% Demand is strong for Secondary Grade properties of less than AU$25 million, while 0 0.0%weak for those above AU$25 million and with weighted average lease expiry less than 20092010 2011 2012 F2013 Ffour years.-50,000-3.0%-100,000-150,000 -6.0% Prime office rents remained stable however incentives have begun to rise due to an SupplyTake-up Vacancy Rateincrease in vacancy and softer tenant enquiry levels, despite growth in demand for CBDspace from metro and fringe based tenants. SYDNEY OFFICE CAPITAL AND RENTAL VALUESmajor transactions1,60016,000 BuildingLease (L) /Tenant / Purchaser Area1,40014,000 Sale (S) (sq ft)1,20012,000 6 - 10 OConnell Street S MGPA 175,6001,00010,00060 Castlereagh Street L Centric Wealth27,600 Capital ValuesRentals 800 8,000 600 6,000175 Pitt Street LVMware Australia 22,200 400 4,000133 Castlereagh StreetLSydney University18,400 200 2,000 0 0 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 20113Q 20114Q 20111Q 20124Q 2013 F 2Q 2012 3Q 20124Q 2012 F1Q 2013 F2Q 2013 F3Q 2013 F1Q 2014 F2Q 2014 FRentals (Australian $/ sq m / Year)Capital Values (Australian $ / sq m)p. 16 | Colliers International 17. asia pacific office market overview | 3Q 2012 n e w z e a l and AUCKLAND OFFICE SUPPLY, TAKE-UP & aUckl and VACANCY RATE According to the latest updates from the Investment Property Databank / Property Council40,000 16.0%of New Zealand (IPD / PCNZ), the total return on office investment has increased slightly35,000 14.0%from 6.6 to 7.0% in 2Q 2012, which is made up of 8.1% income return and negative 1.1%30,000 12.0% 10.0%capital return.Vacancy Rate25,000sq m20,000 8.0%15,000 6.0% Leasing activity has been steady since the beginning of 2012, due to sustained higher-10,000 4.0% than-expected tenancy demand for prime office space. Prime and secondary rents 5,000 2.0% remained stable in the past 12 months but prime rents have begun to move upwards as02009201020112012 F 2013 F 0.0%a result of the recent easing of incentive packages. Supply Take-up Vacancy Rate Office vacancy in the Auckland CBD has fallen 1.3% in the past 12 months, sitting at10.9% in June 2012 and tracking just below the 15-year average of 11.8%. The primeoffice building vacancy rate has dropped 2.4% in the past six months. AUCKLAND OFFICE CAPITAL AND RENTAL VALUES Yields have been relatively stable and are anticipated to hold over the next 12 months. One6006,000notable sale during 3Q 2012 was the ASB Bank Centre, 135 Albert Street, to Auckland5005,000Council for NZ$104 million.4004,000 Capital ValuesRentals3003,000major transactions2002,0001001,000Building Lease (L) /Tenant / PurchaserAreaSale (S)(sq ft)001Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20122Q 20123Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 FASB Bank Centre, 135 Albert Street S Auckland Council356,000106 Albert StreetSNew Development Group 47,500 Rentals (New Zealand $/ sq m / Year) Capital Values (New Zealand $ / sq m)Vero Centre, 48 Shortland Street L Bell Gully 70,100 WELLINGTON OFFICE SUPPLY, TAKE-UP & wellington VACANCY RATE Leasing market remained active as a growing number of office tenants seeking to move60,000 6.0% from those buildings perceived to be earthquake-prone.50,000 5.0%40,000 CBD office vacancy has increased by 4.9 percentage points YoY to 14.9% in June 2012, 4.0%the highest level since June 1995.Vacancy Ratesq m30,000 3.0%20,000 2.0% Due to concern over earthquake, the institutional and private owners have focused on10,000 1.0% strengthening their existing buildings. Consequently, new office supply is anticipated to00.0% slowdown in near term. 2009 201020112012 F 2013 F Supply Take-up Vacancy Rate Office investment activity in CBD was relatively strong in the first half of 2012 with thenotable transaction of Bowen Campus from AMP Capital Property Portfolio to PrecinctProperties New Zealand (formerly AMP Office NZ Limited) for NZ$50.4 million, at aninitial yield of 10.7%. WELLINGTON OFFICE CAPITAL AND RENTAL VALUES 6,000major transactions6005005,000Building Lease (L) /Tenant / PurchaserArea4004,000Sale (S)(sq ft) Capital ValuesBowen Campus,SPrecinct Properties324,700Rentals3003,00034 & 38 Bowen Street New Zealand (former2002,000 AMP Office NZ)1001,00049 Tory Street, Te AroL ANZ Bank 155,90000Telecom Central,LAMP Financial Services 25,4001Q 20092Q 20093Q 20094Q 2009 1Q 2010 3Q 2013 F2Q 20103Q 20104Q 20101Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 20122Q 20123Q 2012 4Q 2012 F 1Q 2013 F 2Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F42 - 52 Willis Street Rentals (New Zealand $/ sq m / Year) Capital Values (New Zealand $ / sq m) Vodafone on the Quay, L Baldwins Intellectual 16,100L14 - 15, 157 Lambton QuayColliers International |p. 17 18. asia pacific office market overview | 3Q 2012pr i m e o ff il i a EW s upp lyaust r a c e N FLOOR AREA (MILLION SQ FT)0.005.00 10.0015.0020.00 25.00Guangzhou Bengaluru New DelhiChengdu Tokyo Mumbai Seoul ChennaiShanghai JakartaBeijing MelbourneKuala LumpurHo Chi Minh City HanoiManilaHong Kong Perth Sydney Taipei SingaporeBrisbane KarachiAdelaideCanberraAuckland Bangkok2012F2013 FNote: Floor area in each of the above centre is the sum of the various key sub-markets outlined under the section of Definitions and Terminologypr i m e r a c e rausto ff il i a e n ta lRENTALS (US$ / SQ FT / YEAR)0.00 20.00 40.00 60.00 80.00100.00 120.00140.00Hong Kong Tokyo Singapore Perth SydneyBeijingBrisbaneShanghai Hanoi Mumbai New DelhiHo Chi Minh CityCanberraAdelaideMelbourne TaipeiGuangzhou WellingtonAucklandKuala LumpurBangkokChengdu Seoul JakartaManila Chennai Bengaluru KarachiNote: 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"p. 18| Colliers International 19. asia pacific office market overview | 3Q 2012n e t ta k e - up 3 q 2 0 1 2 ( s q f t ) Beijing Seoul ShanghaiChengdu TaipeiGuangzhou HanoiHong KongBangkok Manila Ho Chi Minh CityKuala Lumpur SingaporeJakartaOver 1 million sq ft Shanghai1,888,720 Guangzhou 1,791,404500,000 - 1,000,000 sq ft Kuala Lumpur 852,314 Bangkok750,954 Jakarta655,134 Canberra100,000 - 500,000 sq ft Seoul483,906 Manila 469,758Melbourne Chengdu342,229 Singapore225,641 Melbourne134,549Auckland Hong Kong110,679 Taipei 110,673 Hanoi104,926WellingtonBelow 100,000 sq ft Auckland81,655 Beijing 20,322 Canberra11,302 Wellington 6,383 Ho Chi Minh City 4,865Source: ColliersColliers International | p. 19 20. asia pacific office market overview | 3Q 2012 TRE N D S & FOREC A STS City New SupplyTake-up Average VacancyTotal StockAverage Rentals (sq ft) (sq ft) (%)(sq ft) (US$ / sq ft / year) 2012 F2013 F 2012 F2013 F 2012 F2013 F 2012 F 2013 F2012 F 2013 F Beijing CBD 0 2,152,780588,5701,125,9155.49.4 20,543,09722,695,877 65.4369.36 Zhongguancun004,951 01.01.08,095,5298,095,52945.0151.01 Financial Street0645,834-22,680519,434 0.41.6 9,700,524 10,346,358 66.9370.35 Lufthansa 0070,90211,216 2.01.97,477,0897,477,089 53.14 55.16 East Chang An Avenue00 -58,782 25,2311.91.56,307,0646,307,064 49.91 51.28 East 2nd Ring 0 1,521,251-641,076 760,6312.320.8 2,409,7363,930,98746.68 45.52 Other areas 00 854,22311 0.20.2 1,151,3071,151,307 45.58 47.00 Chengdu Renmin Road463,224 1,614,585 221,306 1,086,12030.8 31.43,412,0275,026,61226.3729.01 CBD814,235 0 215,859332,707 22.1 10.52,861,6372,861,63724.61 27.25 Financial Street914,932 430,556301,389551,877 49.0 31.0 1,415,733 1,846,289 28.13 29.01 Tianfu Avenue 2,230,3774,090,282 344,445 2,514,27568.0 44.71,076,3905,166,672 21.10 24.61 Guangzhou Yuexiu00 109,544 83,4746.85.14,683,2444,683,244 19.69 19.66 Tianhe8,215,299 10,554,3915,973,5126,881,48023.4 26.8 25,544,15636,098,547 29.8529.10 Haizhu 557,010 0 373,497 64,476 33.6 30.72,244,6932,244,693 17.58 17.23 Shanghai Huangpu 00 1,709,114 128,488 6.65.29,177,6999,177,699 51.56 55.01 Jingan 539,067 1,216,321 370,533 1,005,674 7.38.6 8,157,1319,373,452 56.58 60.37 Lujiazui-Pudong 0 823,438 -91,187 784,597 9.1 9.0 17,222,30518,045,743 47.54 50.73 Zhuyuan-Pudong2,259,6870 1,111,335275,342 20.3 15.65,858,3495,858,34936.57 39.02 Changning1,295,156 1,197,484 505,078 1,363,78114.29.86,446,5977,644,080 35.01 37.35 Xuhui 00 86,051 19,488 6.05.64,871,8814,871,88146.89 50.03 Hong Kong Central170,000 0-154,268 77,9405.75.3 21,686,41421,686,414166.74 175.08 Wanchai343,740 0171,87050,7773.43.0 11,439,00711,439,007 98.99 102.94 HK Island East00 152,02925,118 2.72.5 10,854,774 10,854,77466.20 68.85 Tsim Sha Tsui 00 134,4005,6000.90.86,361,3906,361,390 83.31 87.48 Kowloon East 619,245886,684704,109837,3439.79.49,297,402 10,184,08654.8557.59 Taipei CBD 177,874 1,250,700 447,571777,173 9.8 11.5 19,327,54320,578,24228.1228.35 Seoul CBD 1,342,893 1,431,825 30,978,763 31,763,02012.113.4 35,222,86636,654,691 27.67 28.33 GBD1,499,164 0 27,155,943 27,458,593 5.44.3 28,697,84128,697,841 24.26 25.35 YBD 1,989,266 1,815,676 15,580,471 13,764,875 14.8 31.5 18,288,08120,103,75821.5422.68 Tokyo CBD 7,354,834 3,091,006N/AN/A8.58.2 79,330,00482,421,010107.80 108.67 Jakarta CBD 4,070,164 430,556 3,893,731 3,145,9875.85.5 50,970,36051,400,916 24.79 28.22 Non-CBD 2,533,779 1,192,436 2,549,5701,230,357 7.36.8 22,772,86023,965,29616.93 18.38 Kuala Lumpur KLCA1,989,000 509,000 2,000,000 1,100,000 12.3 10.033,109,11133,617,69625.44 25.44p. 20| Colliers International 21. asia pacific office market overview | 3Q 2012TRE N D S & FOREC A STSCityNew SupplyTake-up Average VacancyTotal StockAverage Rentals (sq ft) (sq ft) (%)(sq ft) (US$ / sq ft / year) 2012 F2013 F 2012 F2013 F 2012 F2013 F 2012 F 2013 F2012 F 2013FKarachi CBD440,000 145,000100,000 100,000 40.040 15,231,929 15,376,929 1.051.04ManilaMakati 617,342660,903 676,016 695,778 3.83.29,934,47710,595,380 20.6321.96Ortigas0 876,074115,002 727,338 2.6 4.8 4,961,4045,837,489 14.91 15.44SingaporeCBD 806,000 586,036 1,055,498 118,843 7.0 8.823,514,05724,100,09381.06 77.53BangkokCBD00645,834016.9 14.5 17,580,64617,580,646 24.84 25.56HanoiCBD 491,060 279,86174,917 188,36817.5 16.52,027,5102,307,37146.97 45.88Non-CBD190,5211,205,083 489,757 602,77845.0 57.01,862,7363,067,819 31.74 28.47Ho Chi Minh CityCBD1,033,334 1,301,528519,369 539,30427.0 38.02,552,7233,854,25136.8833.34BengaluruOverall 6,000,0008,000,000 5,000,000 6,500,000 14.01483,227,17591,227,17510.7011.16ChennaiOverall3,500,000 4,000,000 4,000,000 4,500,000 21.02042,512,48345,512,48310.93 10.93MumbaiOverall 4,200,000 5,000,000 6,000,000 5,000,00015.01698,658,000103,658,000 41.22 41.22New DelhiOverall7,000,000 5,800,000 5,000,000 4,000,000 16.516 71,404,15877,204,15839.4039.17AdelaideCBD193,750215,278 312,153269,0987.79.514,031,55114,584,17033.74 35.07BrisbaneCBD 1,110,372 200,209 857,947 136,691 4.64.311,364,53611,485,09255.4957.27CanberraCBD 226,042 0 193,750 107,639 6.0 8.0 3,013,8923,013,89236.40 36.85MelbourneCBD1,467,647 1,442,363 408,049 1,137,271 7.1 7.1 26,601,75228,044,114 30.36 32.23PerthCBD 1,871,06792,397 1,243,230 0 5.0 4.6 17,132,82417,158,11967.56 72.80SydneyCBD 484,376 1,044,098 458,962 565,105 7.37.727,118,30127,844,42266.9767.22AucklandCBD157,691 46,98481,65593,420 9.09.44,581,2774,570,72925.93 26.70WellingtonCBD00 6,38325,833 4.6 4.03,119,8413,256,973 26.47 26.93 Colliers International |p. 21 22. asia pacific office market overview | 3Q 2012d e f i n i t i o n and t e r m i n o lo gyGREATER CHINA NORTH ASIABeijing SeoulPrime office market in Beijing consists of 6 sub-markets CBD (Central Major office districts in Seoul include the traditional central business areaBusiness District), Lufthansa, East 2nd Ring, Financial Street, East Chang(CBD), Gangnam Business District (GBD) and Yeouido Business DistrictAn Avenue and Zhongguancun. (YBD).Rents are quoted in RMB per sq m per month on gross floor area basis, Rents are quoted in Won per sq m per month on gross floor area basis.and exclusive of management fees and rent free period. Capital values are Generally, a deposit equivalent to 10 months is required, and is usuallyquoted on RMB per sq m. paid up front. Management fees are excluded from quoted rents. Spaceis measured on gross floor area basis. Capital values are quoted in WonChengdu per sq m.Prime office buildings in Chengdu are mainly located in 3 sub-markets,Renmin Road, CBD and Financial Street.TokyoThe quality office buildings in Tokyo are located in the central businessRents are quoted in RMB per sq m per month on gross floor area basis, and area (CBD) area covering six wards namely, Chiyoda-ku, Chuo-ku,exclusive of management fees. Capital values are quoted on RMB per sq m.Minato-ku, Shinjuku-ku, Shibuya-ku and Shinagawa-ku.Guangzhou Rents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month,Prime office buildings in Guangzhou are located in 3 principal sub-marketswhich are inclusive of service charges. Office space is measured on an Haizhu, Yuexiu and Tianhe.internal floor area basis. Capital values are quoted in Yen per tsubo.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 RMBSOUTHEAST ASIAper sq m.JakartaThe quality office buildings in Jakarta are located in the CBD coveringShanghaithe districts Thamrin, Sudirman, Gatot Subroto, Rasuna Said and MegaPrime office buildings in Shanghai are located in 6 principal sub-markets Kuningan. The areas outside the above districts are collectively called asHuangpu, Jingan, Lujiazu-Pudong, Zhuyuan-Pudong, Changning, and Xuhui.non-CBD.Rents are quoted in RMB per sq m per day on gross floor area basis, andRents are commonly quoted in Rupiah per sq m per month, which areexclusive of any management fees. Capital values are quoted on RMBinclusive of service charges but exclusive of government taxes. Officeper sq m.space is measured on lettable floor area basis. Capital values are quotedin Rupiah per sq m.Hong KongPrime office properties in Hong Kong are concentrated in 5 sub-marketsKuala Lumpur Central, Wanchai / Causeway Bay, Island East, Tsim Sha Tsui andPrime office buildings located in the Kuala Lumpur Central Area (KLCA) only.Kowloon East.The KLCA comprises areas generally within the central business district.Rents are commonly quoted in HK$ per sq ft per month on either gross, netRents are commonly quoted in Ringgit Malaysia (RM) per sq ft per monthor lettable floor area basis, which are exclusive of management fees, andon net floor area basis, which are inclusive of service charges and propertygovernment tax. Prices are quoted in HK$ per sq ft, and are measurabletaxes. Capital values are quoted in Ringgit per sq ft.on gross floor area basis.KarachiTaipeiPrime office buildings in Karachi are located in the central business areaPrime office properties in Taipei are concentrated in 7 districts, comprising(CBD) covering 4 sub-markets I.I Chundrigar Road, Shahrah-e-Faisal,Nanking Sung Chiang (NK-SC), Minsheng Tun Hwa North (MS-TN), Hsin Yi,Clifton and Mai Kolachi.West, Tun Hwa South (TUN-S), Jen Ai Hsin Sheng (JA-HS) and NankingEast Road (NK-4/5).Rents are quoted in Rupee per sq ft per year on gross floor area basisand are exclusive of service charges or management fee. Capital ValuesThe local unit of measurement is a ping (i.e. 3.3 sq m). Rents and pricesare quoted in Rupee per sq ft.are quoted in local currency i.e. New Taiwan Dollar (NT$) on gross floorarea basis.p. 22 | Colliers International 23. asia pacific office market overview | 3Q 2012 d e f i n i t i o n and t e r m i n o lo gyManilaRents are commonly quoted in Rupee per sq ft per month, which arePrime office buildings in Manila are located in two principal sub-markets usually exclusive of maintenance charges, parking charges and property Makati and Ortigas. taxes. Office space is commonly measured on *super built up area basis.Rents are quoted in Peso per sq m per month on net floor area basis,Chennaiand exclusive of any management fees. Capital values are quoted in Peso Prime office properties in Chennai are located in 3 principal submarketsper sq m. CBD (Central Business District), (Suburban/Secondary Business District)and PBD (Peripheral Business District). SBD consists of Guindy andSingapore Velechery while PBD includes other areas such as Old MahaballipuramThe quality office buildings covered in the report are located in the Central Road, Ambattur and GST Road amongst others.Business District of Singapore.Rents are commonly quoted in Rupee per sq ft per month, which areRents are quoted in S$ per sq ft per month on net floor area basis (i.e. area usually exclusive of maintenance charges, parking charges and propertyless common areas such as corridors, toilets, lift lobby etc. but including taxes. Office space is commonly measured on *super built up area basis.columns), and are inclusive of service charge. Capital values are quotedon the basis of strata area for strata-titled buildings, and net area for non-Mumbaistrata-titled developments. Prime office properties in Mumbai are primarily concentrated in CBD(Central Business District) consist of Nariman Point, Ford and BallardBangkok Estate; SBD (Secondary Business District) including Bandra (West andPrime office properties in Bangkok are located in a wide area encompassingEast), Kalina, Lower Parel and Worli/Prabhadevi and PBD (Peripheraleastern Silom and Sathorn roads starting from Narathiwas Ratchanakarin, Business District) including Navi Mumbai, Vashi, Powai, Goregaon.Rama IV from Phayathai to Ratchadaprisek, along Ratchadaprisek fromRama IV to Sukhumvit and along Sukhumvit from Asoke to the whole of Rents are commonly quoted in Rupee per sq ft per month, which arePleonchit and then Rama I to Phayathai. usually exclusive of maintenance charges, parking charges and propertytaxes. Office space is commonly measured on *super built up area basis.Rents are quoted in Baht per sq m per month on a net floor area basis, andinclusive of service charges. Capital values are quoted in Baht per sq m. New DelhiPrime office properties in New Delhi are primarily concentrated in CBDHo Chi Minh City(Central Business District) consist of Connaught Place; SBD (SecondaryThe quality office buildings in Ho Chi Minh City are located in DistrictBusiness District) including Nehru Place, Jasola, Saket and Netaji SubhashOne - the central business district in the city.Place and PBD (Peripheral Business District) including Gurgaon and Noida.Rents are commonly quoted in US$ per sq m per month on net floor area Rents are commonly quoted in Rupee per sq ft per month, which are usuallybasis, and exclusive of management fees and government tax. Capital exclusive of maintenance charges, parking charges and property taxes.values are quoted on US$ per sq m.Office space is commonly measured on *super built up area basis.HanoiPrime quality office building in Hanoi are mostly located in Hoan Kiemdistrict, with individual quality buildings located in Cau Giay district and Ba AUSTRALASIADinh district. The central location of the city is perceived as being closeto Hoan Kiem Lake, which is within Hoan Kiem district.AustraliaPrime office buildings are located in the CBD and generally favoured byRents are commonly quoted in US$ per sq m per month on net floor area MNCs.basis. Rents are inclusive of service charges and exclusive of value addedtax, which is currently at 10% level. Rents are quoted on net floor area basis, and in A$ per sq m per annumexcluding management fee and government charges. Capital values arequoted on A$ per sq m.INDIANew ZealandBengaluru (Bangalore) Prime office buildings are located in the CBD.Prime office properties in Bengaluru are can be divided in 3 principal sub-markets CBD (Central Business District), SBD (Suburban/SecondaryRents are quoted on net floor area basis, and in NZ$ per sq m per annumBusiness District) consisting of Bannerghatta Road & Outer Ring Roadexcluding management fee and government charges. Capital values areand PBD (Peripheral Business District) including PBD Hosur Road, EPIP quoted on NZ$ per sq m.Zone, Electronic City and Whitefield.* 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 caretakers office/flat throughout the building.** Built-up area refers to the carpet area plus the thickness of external walls and area under columns. Colliers International | p. 23 24. asia pacific office market overview | 3Q 2012For further details, please contact:GREATER CHINANORTH ASIA Karachi, PakistanSuite 2-A, level 2, Harbour HouseBeijing, China Seoul, South Korea 37-A, Lalazar Avenue502 Tower W3, Oriental Plaza 10F Korea Tourism Organization Bldg. Beach Hotel Road, Off. M.T Khan RoadNo 1 East Changan Avenue 10 Da-dong Karachi, PakistanDongcheng District Jung-gu, Seoul 100-180 Tel : 92 21 3561 2550-2Beijing 100738 Tel : 82 2 6740 2000 Fax : 92 21 3563 6382Tel : 86 10 8518 1633Fax : 82 2 318 2015Mohammed Yasir QidwaiFax : 86 10 8518 1638Jay YunSenior Manager, Corporate Solutions &Amanda Gao Senior Director & General ManagerResearchManaging Director, North China jay.yun@colliers.com research.khi@colliers.comamanda.gao@colliers.com Tokyo, Japan Lahore, PakistanChengdu, China Halifax Building Suite 2, Mezzanine 2, Executive FloorsUnit 1504 Yanlord Landmark 3-16-26 Roppongi Al-Qadir Heights, Main Boulevard1 Renmin South Road Section 2Minato-ku, Tokyo 106-0032 JapanNew Garden Town, Lahore, PakistanChengdu 610016 Tel : 81 3 5563 2111 Tel : 92 42 3584 3474-6Tel : 86 28 8658 6288Fax : 81 3 5563 2100 Fax : 92 21 3563 6382Fax : 86 28 8672 3226James Fink Ahmed KhanJacky Tsai Senior Managing Director Country ManagerGeneral Managerjames.fink@colliers.co.jpahmed.khan@colliers.comjacky.tsai@colliers.comIslamabad, PakistanGuangzhou, ChinaONE Constitution Avenue, Adjacent702 Teem Tower SOUTH EAST ASIAConvention Centre & Diplomatic Enclave208 Tianhe Road Islamabad, PakistanGuangzhou 510620 Jakarta, Indonesia Tel : 92 51 834 7433Tel : 86 20 3819 388810F and 14F World Trade Centre Fax : 92 51 831 4737Fax : 86 20 3819 3899Jl Jenderal Sudirman Waleed MurrawatEric Lam Kav 29-31 Jakarta 12920Regional Sales ManagerManaging DirectorTel : 62 21 521 1400 waleed.murrawat@colliers.comeric.lam@colliers.comFax : 62 21 521 1411 Mike BroomellManila, PhilippinesShanghai, ChinaManaging Director10F Tower 2 RCBC Plaza16F Hong Kong New World Towermike.broomell@colliers.com Ayala Avenue, Makati City300 Huaihai Zhong RoadPhilippines1226Shanghai 200021Kuala Lumpur, Malaysia Tel : 63 2 888 9988Tel : 86 21 6141 3688c/o Mark Lampard*Fax : 63 2 845 2612Fax : 86 21 6141 3699Managing DirectorDavid YoungLina WongCorporate Solutions | Asia Pacific Managing DirectorManaging DirectorTe : 65 6531 8601david.a.young@colliers.comEast and South West ChinaFax : 65 6557 0649Investment Services, China mark.lampard@colliers.comSingaporelina.wong@colliers.com * Based in Singapore 1 Raffles Place#45-00 One Raffles PlaceHong Kong, HKSAR Research data provided bySingapore 0486165701 Central Plaza C H Williams Talhar & Wong Sdn Bhd Tel : 65 6223 232318 Harbour Road30-01, 30th FloorFax : 65 6222 4901Wanchai, Hong Hong Menara Multi-Purpose @ CapSquare Dennis YeoCompany Licence No: C-006052 8 Jalan Munshi AbdullahManaging DirectorTel : 852 2828 9888P O Box 12157Singapore & Industrial Services | AsiaFax : 852 2828 989950100 Kuala Lumpur, Malaysia dennis.yeo@colliers.comRichard Kirke (E-279867) Tel : 603 2616 8888Managing DirectorFax : 603 2616 8899Bangkok, Thailandrichard.kirke@colliers.com URL: http://www.wtw.com.my 17/F Ploenchit Center Foo Gee Jen2 Sukhumvit RoadPiers Brunner (E-183614) Managing DirectorKlongtoey, Bangkok 10110Chief Executive Officer - Asia fgj@wtw.com.my Tel : 66 2 656 7000piers.brunner@colliers.comFax : 66 2 656 7111Simon LandyTaipei, TaiwanExecutive Chairman49F TAIPEI 101 TOWERsimon.landy@colliers.comNo. 7 Xin Yi Road Sec 5, Taipei 110Tel : 886 2 8101 2000Fax : 886 2 8101 2345Andrew LiuManaging Directorandrew.liu@colliers.comp. 24 | Colliers International 25. asia pacific office market overview | 3Q 2012Ho Chi Minh City, VietnamMumbai, India Canberra, AustraliaHo Chi Minh City, Vietnam31-A, 3rd Floors, Film Centre Ground floor, 21-23 Marcus Clarke Street7F Bitexco Building68 Tardeo RoadCanberra ACT 260119-25 Nguyen Hue StreetMumbai 400 034Tel : 61 2 6257 2121District 1, Ho Chi Minh City, VietnamTel : 91 22 4050 4500 Fax : 61 2 6257 2937Tel : 84 83 821 8777 Fax : 91 22 2351 4272 Paul PowderlyFax : 84 83 827 5667 Prabhu RaghavendraState Chief ExecutivePeter DinningOffice Director paul.powderly@colliers.comGeneral Director prabhu.raghavendra@colliers.competer.dinning@colliers.com Melbourne, Australia George McKayLevel 32 367 Collins StreetHanoi, Vietnam South Asia Director Melbourne VIC 300010F, Capital Tower BuildingOffice & Integrated ServicesTel : 61 3 9629 8888109 Tran Hung Dao Street george.mckay@colliers.com Fax : 61 3 9629 8549Hoan Kiem District, Hanoi, Vietnam John MarascoTel : 84 4 3941 3277 New Delhi, IndiaState Chief ExecutiveFax : 84 4 3941 3278 204/205, 2nd Floorjohn.marasco@colliers.comDane MoodieKanchenjunga BuildingManaging Director18 Barakhamba RoadPerth, Australiadane.moodie@colliers.com New Delhi 110 001 Level 19, 140 St Georges Terrace Tel : 91 11 4360 7500 Perth WA 6000 Fax : 91 11 2335 6624 Tel : 61 8 9261 6666 Ajay RakhejaFax : 61 8 9261 6665INDIAOffice Director K. Imran Mohiuddin ajay.rakheja@colliers.com State Chief ExecutiveBengaluru, India imran.mohiuddin@colliers.comPrestige Garnet, Level 2, Unit No. 201/202 Pune, India36 Ulsoor Road, Bengaluru 560 042Bramha Luxury Hotels Ltd. Sydney, AustraliaTel : 91 80 4079 5500(Le Meridien Pune)Level 12, Grosvenor PlaceFax : 91 80 4112 3131101 R.B.M. Road 225 George StreetGoutam Chakraborty Pune 411 001, Maharashtra Sydney NSW 2000Office DirectorTel : 91 20 4120 6435 Tel : 61 2 9257 0222goutam.chakraborty@colliers.comFax : 91 20 4120 6434 Fax : 61 2 9251 3297 Suresh Castellino Malcom TysonChennai, India Office Director State Chief ExecutiveUnit 1C, 1st Floor, Heavitree Complexsuresh.castellino@colliers.commalcom.tyson@colliers.com23 Spurtank Road, ChetpetChennai 600 031Auckland, New ZealandTel : 91 44 2836 1064SAP Tower, Level 27Fax : 91 44 2836 1377AUSTRALASIA 151 Queen StreetKaushik ReddyAuckland 1140Office DirectorAdelaide, Australia Tel : 64 9 358 1888kaushik.reddy@colliers.com Level 10, 99 Gawler Place Fax : 64 9 358 1999 Adelaide SA 5000Mark SynnottGurgaon, India Tel : 61 8 8305 8888Chief Executive Officer, New Zealand1st Floor, Technopolis BuildingFax : 61 8 8231 7712mark.synnott@colliers.comDLF Golf CourseJames YoungMain Sector Road State Chief Executive Wellington, New ZealandSector 54, Gurgaon 122 002 james.young@colliers.comLevel 10, 36 Customhouse QuayTel : 91 124 4375807 Wellington 6011Fax : 91 124 4375806 Brisbane, Australia Tel : 64 4 473 4413Ajay Rakheja Level 20 Central Plaza OneFax : 64 4 499 1550 (Agency)Office Director345 Queen Street: 64 4 470 3902 (Valuation)ajay.rakheja@colliers.comBrisbane QLD 4000 Richard Findlay Tel : 07 3229 1233Managing DirectorKolkata, India Fax : 07 3120 4555richard.findlay@colliers.comInfinity Business Centre, Infinity Benchmark Simon BeirneLevel 18, Room No 13, Plot G - 1 State Chief ExecutiveBlock EP & GP, Sector V, Salt Lake simon.beirne@colliers.comKolkata 700 091, West BengalTel : 91 33 2357 6501Fax : 91 33 2357 6502Soumya MukherjeeOffice Directorsoumya.mukherjee@colliers.com You are receiving this collateral because you either subscribed for it or expressed your interest to receive it at some point to Colliers International. If you do not wish to receive future communications from us, please contact Colliers International by email at unsubscribe.hongkong@colliers.com with your name and item to unsubscribe. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). 2012. All rights reserved. Colliers International is a leading global real estate services company. Colliers International |p. 25 26. asia pacific office market overview | 3Q 2012REVE N UES COUNTRIESOFFICESReal estate is a location business.Thats why we do business where 1.8BILLION62 522you do business.Professionals & staff:12,300Square feet managed:1,250 million*Lease/sale transactions:76,000Total transaction value:$68 billionColliers International is a leading global real estate services organisation defined Asia PACIFICby our spirit of enterprise. Through a culture of service excellence and a sharedsense of initiative, we have integrated the resources of real estate specialistsworldwide to accelerate the success of our partners.Our headquarters in Seattle, Washington and more than 522 offices worldwideshare a common brand and vision to provide the best service experienceavailable. With expertise in the major markets, Colliers is also committed toproviding our clients with access to emerging markets in Asia, Eastern Europeand Latin America.* The combination of Colliers International and FirstService results in 2.55 billion under management - 2nd largest in the world.p. 26| Colliers International 27. www.colliers.com