asia pacific office market overview q4 2009

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

QUARTERLY UPDATE | JANUARY | 2010

COLLIERS INTERNATIONAL | REGIONAL RESEARCH2

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

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

Southeast 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

Thanks to the sustained low-interest rate environment and a number of economic stimulus

packages introduced by various governments, the region showed further signs of improvement

on the economic front during 4Q2009. Hiring expectations were increasingly positive as

more companies in the private sector started replenishing their workforce in anticipation

of stronger economic performance in 2010. Market sentiment remained buoyant since

market players, in particular vendors and investors, were encouraged by the price rise in

stock markets and a number of asset classes, including office real estate. Office capital

values rose in individual centres during 4Q2009 but rentals were yet to show a similar

growth pattern.

Although there was an increase in the level of both enquiries and transactional volume

during 4Q2009, leasing trends in the region remained mixed. Despite the prevailing positive

market sentiment and the reported growth in hiring expectations in individual companies,

office occupiers remained largely cautious about any significant capital expenditure.

Although there was demand attributed to office consolidation and relocations, the pace of

growth in expansionary floor area requirements was yet to catch up with the sales market.

In addition, the supply cycle in 2010 continued to challenge the rental performance of

individual centres where demand fundamentals were relatively fragile.

Overall, the leasing market in the region took another step closer to its cyclical trough.

Thanks to the strong rental performance in a few centres, such as Hong Kong and Chengdu,

where the supply of new development remained tight, the pace of rental decline narrowed

further to less than 1% quarter-on-quarter in 4Q2009.

Similar to the situation in 3Q2009, overall sales activity picked up additional momentum in

4Q2009, with private investors with a strong equity position continuing to be the key group

of buyers in the marketplace. In Beijing, there was a change in buyers’ profiles from state-

owned-enterprises to local listed developers and real estate investors. For example, Beijing

Huarong Infrastructure Investment Co. acquired an 87.5% stake in Beijing Capital Times

Square for a total consideration of RMB2,708 million (US$397 million). In Shanghai, a

range of domestic investors were keen to acquire office premises for their own occupation.

Elsewhere in Australasia, Sydney saw the return of core investment funds during 4Q2009,

with a major sales transaction being the sale of Aurora Place to the Korean National Pension

Fund for a total of AU$685 million (US$614 million).

Looking ahead, the office leasing market in the region is predicted to move further along

its recovery track during 2010. The prevailing supply cycle in some centres will put a

damper on any material rental growth over the near term. However, in anticipation of

the catch-up of occupational demand in tandem with overall economic growth, average

rentals in the region should return to positive growth in the latter part of 2010. On the

sales front, market activity should continue to be underpinned by growing occupational

demand and, importantly, the sustained buying interest of a number of private investors.

In addition, the return of long-term real estate funds to the marketplace is reckoned to be

a good endorsement for the overall market in 2010.

Mixed Leasing Trends

Sales Market



MAJOR TRANSACTIONS

C H I N A

MAJOR TRANSACTIONSBuilding Lease (L) / Tenant / Area

Sale (S) Purchaser (sq ft)

Beijing Capital Times Square S Beijing Huarong Infrastructure 1,291,700

Investment Co.

Nexus Centre S SOHO China 1,112,300

Raycom Infotech Park Tower D S Sohu 441,320

Power Land S NA 461,500

World Financial Centre L Novonordisk 96,900

China World Trade Centre III L Pearson 43,100

China Central Place L ShengDaSen 24,800

China Central Place L TengZhong 24,800

The Fifth Square L Bureau Veritas 23,700

The Fifth Square L Haiwei Energy 21,500

Building Lease (L) / Tenant / Area


Plaza Central L Southwest Chengkong Co Ltd 9,100

Shangri-la Offi ce Tower L Pernod Ricard Group 5,400

Chengdu

• The overall leasing activity picked up additional momentum in 4Q2009 due to an

increase in relocation requirements and the improved economy. Key deals included the

lease of 848 sq m in Central Plaza by Southwest City Holdings Limited and the French

Pernod Ricard Group taking 500 sq m in Shangri-La Office Tower.

• No new projects were completed in 4Q2009 and the average vacancy rate was 18.89%.

The bulk of vacant stock was located in the CBD, and on Dong Avenue and Ren Min

South Road. The average office rentals edged up to RMB107 per sq m per month as of

4Q2009.

• In anticipation of more new new supply coming on stream over the next 1-2 years, the

average vacancy rate will edge up over the near term. Prime office rentals are predicted

to stay at high levels and underpin a further growth of capital values.

Beijing

• Three new projects - PICC Tower, Central Point and ECM Tower - were completed in 4Q2009, providing a total of 126,000 sq m of new office space to the market. The overall vacancy rate edged up 0.18 percentage points quarter-on-quarter (QoQ), to 17.16%, as at end 4Q2009.

• The leasing market continued to be driven by headcount increases and relocations among some major multinational corporations engaged in the pharmaceutical, media, energy, education and electronics sectors. For example, Novo Nordisk committed to 9,000 sq m in the World Financial Centre, while Pearson took up 4,000 sq m in China World Trade Centre III.

• Prime office rents fell 0.68% QoQ to RMB164.75 per sq m per month in 4Q2009. This was despite the improving economic environment, satisfactory occupancy rates achieved in individual new projects and growing expectations among landlords for an improved rental market.

• The investment sales market revealed a significant turnaround in the profiles of buyers from State-owned Enterprises to local listed developers and investors. For example, Wharf sold its 87.5% stake in Beijing Capital Times Square to Beijing Huarong Infrastructure Investment Co. for a total consideration of RMB2.708 billion, while Bluewater sold Nexus Centre with a total GFA of 103,340 sq m to SOHO China for RMB2.34 billion.

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EXECUTIVE SUMMARY


Sale (S) Purchaser (sq ft)Teem Tower L Jewellery products company 12,900

G.T.Land Plaza L Telecommunication company 7,000

R&F Centre L Investment company 7,800

Teem Tower L Travel company 3,200

Guangzhou

• The prime office market in Guangzhou remained stable and average rentals stood firm

at US$18.6 per sq m per month.

• The launch of individual office developments was deferred from 4Q2009 to the first

half of 2010. The average vacancy rate edged down to 18% during the period.

• Investment confidence strengthened during 4Q2009 and the volume of investment

sales transactions remained active. Lately, the Kaisa Group has announced that it has

signed a memorandum of understanding with a prospective buyer to sell an enbloc office

building located in Zhujiang New City.

Shanghai

• Shanghai’s Grade A office market stabilised in 4Q2009 in line with the recovery of the domestic economy. Although net take-up eased back, due partly to the traditionally slow season for office relocations, the net impact on the office market was mitigated by the deferral of the completion of some new projects.

• Only two new office buildings were completed in 4Q2009, providing a total floor area of 93,597 sq m. The average vacancy in the market edged up slightly further to 14.8% in 4Q2009. The average office rental edged down 2.9% QoQ to RMB6.8 per sq m per day in 4Q2009.

• Domestic investors were the key players in 4Q2009, with a number of them purchasing office premises for their own occupation. For example, the HNA Group purchased several office and retail floors in Pufa Tower in Lujiazui, Pudong, at an average price of about RMB35,000 per sq m. Xinglipu Tower, an office building in Huangpu, was sold at an average price of RMB33,600 per sq m to the Shanghai Jiushi Corporation.

• In anticipation of large amount of new supply coming on stream in 2010, the vacancy rate is expected to rise and rentals will come under downward pressure. In the sales market, investors and end-users will remain active in securing the best deals before the anticipated market trough in 2011.

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Xinglipu Tower S Shanghai Jiushi Corporation 807,300

Pufa Tower S HNA Group 499,200

SH ifc L Citic Prudential Fund Management 17,200

AZIA Centre L Panalpina Logistics 38,800

Mirae Asset Tower L Jaguar 25,800

BEA Finance Tower L Cathay Bank 6,500

HSBC Tower L Daiwa Fund Management 22,600

Raffl es City L Total 15,100

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• Thanks to the overall economic recovery in the region, local GDP improved from a

decline of 1.29% year-on-year (YoY) in 3Q2009 to an estimated growth of 6.89% YoY

in 4Q2009.

• No new developments were completed in 4Q2009. With a slight increase in office

demand, the average vacancy rate fell from 12.76% in 3Q2009 to 12.36% in 4Q2009.

As such, the average effective rentals increased to NT$2,463 per ping per month during

4Q2009.

• Given the projection of a sustained economic recovery and the deepening economic co-

operation between Taipei and the mainland, the overall office demand looks positive in

2010. However, with growing new supply coming on stream, the vacancy rate is expected

to edge upward.

T A I W A N

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Hong Kong

• Thanks to the sustained inflow of capital and the low interest rate environment, sales

prices remained buoyant and positive market sentiment continued to prevail in the

prime office sector during 4Q2009.

• Rental performance was mixed across the key sub-markets during 4Q2009. Overall, the

average prime office rentals saw an increase of 3.0% QoQ to HK$42.48 per sq ft per

month during the quarter.

• No major new development was completed during 4Q2009. Amid the gradual absorption

of new premises in Kowloon East, the overall vacancy in the market edged down from

7.95% in 3Q2009 to 7.45% in 4Q2009.

• It is expected that rents may increase 8% over the next 12 months. With expectations

of a sustained recovery in the finance industries and the ongoing trend of corporate

relocations, Central and Kowloon East will be the two major sub-markets experiencing

stronger rental growth during the period.



Manulife Financial Centre L Insurance company 247,100

Harbour City L Insurance company 95,900

One Kowloon L Engineering company 58,100

Pacifi c Place Two L Finance company 48,000

Landmark East L Link REIT 40,000

Warwick House L Insurance company 29,100

16/F and 17/F, Low Block, S Gleeville Co Ltd 30,200

Grand Millennium Plaza

33/F Cosco Tower S Classic Wisdom Ltd 20,500

28/F, 9 Queen’s Road Central S Sing Kee Co Ltd 13,800

32/F Convention Plaza S Nan Hua Int’l Engineering Co Ltd 14,300

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Walsin Hsin Yi Building L Nomura International (Hong Kong) 24,400

Ltd Taipei Branch



EXECUTIVE SUMMARY

J A P A N

Tokyo

• Vacancy rates remain high at over 7% as the strong Yen, domestic deflationary pressure

and increasing new supply restrained demand.

• Demand was generally weak in all industries and sectors. Most companies sought to

reduce leased space and rents in their current premises rather than absorb the capital

required to relocate.

• New supply completed recently suffered from higher than market average vacancy rates

and struggled to secure tenants.

• Individual sizeable leasing deals were realised as landlords with significantly high vacancy

rates offered attractive incentives in order to stimulate relocations.



Osaki Centre Building L Japan Railways East 53,250

Sumitomo Shinagawa Seaside L Rakuten 159,750

Ote Centre Building L Staff Service 49,700

Sumitomo Fudosan Aobadai L Kanpo Life 124,250

Marunouchi Trust Main Tower L White & Case 42,600

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S O U T H K O R E ASeoul

• Thanks to the recovery of leasing demand, the average prime office rental in Seoul

increased 1.05% quarter on quarter (QoQ) in 4Q2009 compared with a decline of

1.18% QoQ in 3Q2009. Rentals in the CBD grew 0.72% QoQ during 4Q2009.

• The average vacancy rate across the board remained largely steady at about 4.31% in

4Q2009. However, the rate in the CBD increased significantly from 4.60% in 3Q2009 to

5.83% in 4Q2009 due to the addition to 132,807 sq m of new space in Seoul Square.

• Given the prospective completion of new developments, such as Centre 1 and Ferrum

Tower, in the CBD during 2010, the average vacancy rate in the area is expected to rise

to approximately 8% in 2010.

• The average office capital value in 4Q2009 was 14.9% lower than in 3Q2009. In

anticipation of buying interest from genuine investors, office capital values are expected

to recover gradually in 2010.



Posteel Bldg. L The Face Shop 59,100

Samsung F&M Seocho Bldg. L Allianz 42,900

W Tower L Interpark INT 38,400

W Tower L OTIS 57,600

Pacifi c Tower S Dohwa Consulting Engineers Co., Ltd 312,600

Mirae Asset Maps Songpa Tower S Hansol Texile Co. 250,700

MBC Business Centre S KTB Asset Management 244,800

Insong Building S KocREF CR-REITS 15 304,700

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Jakarta

• The average occupancy rate stayed at a healthy level of 87% as of 4Q2009. Prime office

rentals were stable at Rupiah 141,946 per sq m per month during the period.

• In terms of new supply, the completion of Bakrie Tower has been deferred to 2010.

With the faster-than-anticipated construction pace, Equity Tower could see full

completion in 2010 rather than 2011. As such, the total new supply in 2010 will be

over 210,000 sq m.

• In anticipation of positive economic growth in 2010, it is expected that the local office

market will stage further growth in the order of 4% over the next 12 months.

Kuala Lumpur

• Thanks to the positive signs of economic recovery, the flow of ample liquidity and the

sustained low interest rate environment, there was an increase in the number of office

sales transactions in 4Q2009.

• The prime office market will see a large batch of new office developments coming on

line before the end of 2011 and the vacancy rate is expected to rise, notwithstanding a

projected steady absorption rate during the period.

• Looking forward, prime office capital values are expected to remain be stable over the

next 6 to 12 months however, prime rentals will soften in view of impending large

supply.

I N D O N E S I A

M A L A Y S I A


Sale (S) Purchaser (sq ft)Cyber 2 L Vilona 7,500

The Plaza L Itochu Corporation 27,800

The Plaza L IBM 52,700

The Plaza L BWM 9,000

The Plaza L Sime Darby 55,600

Sentral Senayan 2 L BASF 10,800

Sentral Senayan 2 L Chuo Senko Indonesia 10,800

Sentral Senayan 2 L Fortice 10,800



Quill 7 L BP Asia Pacifi c (M) Sdn Bhd 84,000

Menara UOA Bangsar - Tower B L Syarikat Prasarana Negara Bhd (SPNB) 50,000*

Menara UOA Bangsar - Tower B L Avaya (M) Sdn Bhd 17,500

Menara UOA Bangsar - Tower B L Hitachi Data Systems Sdn Bhd 35,000

Menara IMC L Boeing Aerospace (M) Sdn Bhd 1,700**

Menara Kenanga S Permodalan Nasional Berhad (PNB) 297,511**

Menara Shell S Haluan Gigih Sdn Bhd 212,867

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EXECUTIVE SUMMARY


Sale (S) Purchaser (sq ft)Mapletree Business City L SP Services 100,000

Marina Bay Financial Centre Phase One L BHP Billiton 89,000

2HR L Estee Lauder 40,000

Twenty Anson L Computer Sciences Corporation 25,000

Singapore Land Tower L Boardroom 24,000

UOB Plaza 1 L CLSA 19,000

North Bridge Commercial Complex S ERC Holdings 38,524

Singapore

• With the dark clouds over the economy clearing, businesses started to prepare for the upturn and the local office market witnessed an increase in leasing activities in 4Q2009.

• Major deals concluded in the quarter included SP Services’ commitment to 100,000 sq ft of space at Mapletree Business City in the Alexandra Road locality and BHP Billiton’s agreement to take up an additional 89,000 sq ft in the yet-to-be-completed Marina Bay Financial Centre, bringing its total space commitment to 231,000 sq ft in the development.

• Due to the improvement in leasing demand, the slide in office rents slowed to 0.4% quarter-on-quarter (QoQ) in 4Q2009. The average office rental was S$6.29 per sq ft per month during the period.

• Although demand for office space is strengthening, the large influx of new supply is expected to put further downward pressure on rents over the medium term. Office rentals might edge down by no more than 5% in 1H2010 before seeing their anticipated

trough in 2H 2010.

S I N G A P O R E

MAJOR TRANSACTIONS

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• Office rentals in prime buildings continued to bring the overall market down due to the

high vacancy rate in 4Q2009. Tenants continued to downgrade from top-tier premises

to newer, cheaper buildings in alternative locations.

• Although expectations point to office rents stabilising, the glut in office space will remain

for another 12 months at least. Taking all office types into consideration, Metro Manila

had around 500,000 sq m of vacant office space at year-end, 30% of which was in the

Makati CBD.

• Following a continued decline in office rents, prime office capital values fell marginally

to P86,000 per sq m in 4Q2009.

• Looking forward, office rentals in the CBD are expected to reach bottom in 1Q2010. As

such, there will be a total decline of 30% compared to the recent peak in June 2008.

P H I L I P P I N E S



Commerce & Industry Plaza L Canon Marketing 22,600

Commerce & Industry Plaza L Datacom Connect 17,200

8 Park Avenue Building B L UST Global 22,900

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Ho Chi Minh City

• The overall office occupancy rate in the city improved 5 to 7 percentage points to the

range of 97%-100% as of 4Q2009 thanks to the continued recovery of the Vietnamese

economy.

• Prime office rentals were between US$40 and US$50 per sq m per month in 4Q2009

based on net lettable area before the inclusion of services charge or VAT.

• Kumho Asian Plaza was introduced to the market in 4Q2009 with rental rates in the order

of US$45-$55 per sq m per month. With a total of 25,765 sq m on a net lettable basis,

the new building constituted 25% of the total existing office stock in the market.

• Financial Tower and A & B Tower will come online in 2010. The former will

provide 37,710 sq m of brand new office space, while A & B Tower will be smaller, at

25,500 sq m.

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Bangkok

• Office leasing demand remained uninspiring in 4Q2009 due to the sustained

uncertainties about both the economic and the political environment. In terms of the

total number of transactions, the final quarter of 2009 was the weakest of the year.

• Prime office rentals were basically flat in 4Q2009. Although there was an average rental

decline of 5% in 2009, prime office rents in the CBD remained firm.

• No major new supply was completed in 4Q2009, helping to prevent any significant

downward pressure on office rentals.

• It is our view that the new supply coming online will satisfy demand in 2010, so no

significant rental growth is expected over the near term.

THAILAND



CIMB Thai Sathorn buildings S Undisclosed 240,400

Land and offi ce building on S TCC Group 301,400

Surawong Road

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EXECUTIVE SUMMARY

Bangalore

• Prime office rentals remained stable across various sub-markets in 4Q2009. Capital

values also displayed the similar trend during the period.

• The Bangalore market witnessed completion of a few projects in 4Q2009 including

Kalyani Platina in Whitefield and Prestige Dynasty at Ulsoor Rd by Kalyani Group and

Prestige Construction respectively.

• The overall sentiment in the office market reached a state of stabilization in 4Q2009.

Looking forward, the overall demand for office space is expected to strengthen over the

medium to long term.

I N D I A

MAJOR TRANSACTIONS



Maruthi Info tec L Mysis 25,000

Maruthi Info tec L Mercedez 20,000

SJI I park L Unysis 80,000

Salarpuria Touch Stone L Head Strong 40,000

Manyata Tech Park L IBM 400,000

Global Technology Park L LSI Logic 277,000

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• Office rental and capital values remained virtually stagnant across almost all the micro-

markets during 4Q2009. With the exception of Old Mahabalipuram Road, a rental

decline of 4% QoQ registered for buildings exposed to the IT/ITES sector due to the

prevailing high vacancy and uninspiring demand.

• In a recent development, the nodal agency Tidco had identified about 180 acres of land

in Sholinganallur - Perumbakkam village for the development of a proposed financial city.

This project is expected to be the next growth lever for Chennai after the automobile,

IT and healthcare sectors.

• While companies have started expanding their operations and increased hiring, they are

yet to expand their real estate requirements. The overall market is expected to take some

more time to stabilize until more companies finalize their expansion plans in 2010.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)Ambit Tech Park L Cybernet Software Solutions 230,000

Temple Steps L Just Dial 22,000

S P Infocity L Lister Technologies 20,000

Tamarai Tech Park L Invensys 33,000

ECCI Tech Park L Uninor 25,000

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New Delhi

• Prime office rentals in the CBD and SBD (Secondary Business District) showed signs

of stabilization in 4Q2009 but PBD (Peripheral Business District) fell 2% QoQ during

the same period.

• Only a few new projects were completed in 4Q 2009. More new projects have been

launched in Gurgaon and Noida since the last quarter of 2009.

• In order to attract the business process outsourcing and IT/ITES industry, the local

Government of UP has provided a number of incentives. As per the new policy, IT and

BPO companies setting up their units in UP will get 100% relaxation in stamp duty.

Those setting up call centres can now get a land lot in UP on better terms. The cabinet

also decided that those getting a commercial plot through open bidding by March 31,

2010, will have to pay just 1% lease rent instead of the previous rate of 2.5%.

• Due to the Commonwealth Games in October 2010, a number of new infrastructure

projects will be completed in the next 2 quarters, which are anticipated to fuel further

office demand over the medium to long term.

MAJOR TRANSACTIONS



Splendor Forum L National Investigation Agency 17,000

Hindustan Times Bldng L World Bank 57,000

Hindustan Times Bldng L Law Ministry 31,500

Individual Building L India Infoline 100,000

DLF 10B L Schnider Electric 68,000

Cyber City L BMW 20,000

Centrum Plaza L Mercedes 17,000

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Mumbai

• No major new project was launched in 4Q2009. The local office market will see more

new supply in the first half of 2010 in areas such as Andheri, Lower Parel, BKC and

Thane.

• Office rentals remained stable in 4Q2009 in almost all the micro-markets and the average

rental stayed at INR193 per sq ft per month. BKC saw an increase in activity during

4Q2009, as a number of local and overseas companies were keen to consolidate their

business in this location due to prevailing low rentals, good infrastructure and location

advantages.

• In 4Q2009, Mumbai witnessed few large commercial and land transactions. For example,

Rustomjee developers sold 150,000 sq ft of office space in Andheri(E) to SBI Life

insurance company at a price of INR2.11 billion and Wadhwa group acquired 18 acres

of Hindustan Composites land in Ghatkopar for INR5.7 billion.



Rustomjee Natraj S SBI Life 150,000

Rajeja Chromium S Motilal Oswal 100,000

G Corp Tech Park L Birla Sun Life 150,000

Kamala Mills S India Infoline 100,000

Kalpataru Square L Indofi ll 35,000

Peninsula Tech Park L Asia Motor Works 25,000

HCC 24/7 L DHL 18,000

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EXECUTIVE SUMMARY

Adelaide

• No sales or leasing deals were concluded during 4Q2009. However, the market is expected

to see an increase in activity in early 2010 as a number of major office buildings are in

the final stage of the sale process.

• The average office vacancy rate edged up in 4Q2009 and is expected to peak at 6.0%-

6.5% by 1Q-2010, well below its historical average of 13%.

• The office will see no major completion of new developments before 2011 at the

earliest.

• Prime office rents stabilised and incentives increased by approximately 5% during

4Q2009.

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• The local office leasing market remained competitive and tenants continued to have

strong bargaining positions in 4Q2009. However, prime office rentals stayed steady at

an average of AU$375 per sq m per annum in the quarter.

• The trend of existing tenants migrating from old to new developments continued in

4Q2009.

• Rentals for second-tier office developments declined during the period. The current

trend is anticipated to continue throughout 2010.

MAJOR TRANSACTIONSBuilding Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)Allan Woods Building L Australian Government 161,500

Robert Garren Offi ces L Australian Government 53,900

ActewAGL Building L ActewAGL 80,700

10 Rudd Street S Undisclosed 51,000

4 Marcus Clarke S Undisclosed 25,300

19-25 Moore Street S Undisclosed 38,300

7-11 Barry Drive S Undisclosed 25,600

82 Northbourne S Undisclosed 75,300

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Perth

• The average office vacancy rate stayed at about 8% in 4Q2009 and the amount of sub-

lease space remained stable. However, individual space has been withdrawn due to the

recent deals concluded with tenants in the resource sector.

• Prime office rentals stabilised in 4Q2009 due to the general improvement in the

economic performance during the period.

• The overall investment sales activity in the CBD remained subdued in 4Q2009. However,

this is expected to improve over the short to medium term when more institutions start

entering the market again.

• Leasing demand is expected to improve over the medium to long term amid the continued

improvement of economic conditions and business confidence. Due to the new supply

coming on line, the overall vacancy rate will edge up in 2010.

Melbourne

• A total of about 160,000 sq m of new office space was completed during 4Q2009.

• With steady supply and moderate demand, the overall performance of the office market

in Melbourne remained solid in 4Q2009.

• Incentives remained stable at 15%-25% in 4Q2009.

• The recent sales activity reflected a stablisation of prime office yields in the Melbourne

CBD.

• The average vacancy rate is expected to peak at 8.3% in mid-2011.

MAJOR TRANSACTIONS



410-420 Elizabeth Street S Undisclosed 65,600

128 Exhibition Street S Salvest Capital 51,300

525 Lonsdale Street S Undisclosed 204,500

452 Flinders Street L UCMS 57,700

452 Flinders Street L Sinclair Knight Merz 29,000

717 Bourke Street L Chartis 64,600

717 Bourke Street L Financial Ombudisman Service 43,100

MAJOR TRANSACTIONSBuilding Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)Alluvion S* Commonwealth Property Offi ce Fund 240,000

The Quadrant L MGI 11,800

Wesfarmer House L Santos Ltd 9,900

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EXECUTIVE SUMMARY

A U S T R A L I A

Sydney

• With the gradual stabilisation of the local economy and the job market, the overall

number of leasing enquiries and transactional activity in Sydney’s CBD saw a substantial

increase in 4Q2009.

• The projection of vacancy rates has been revised downward as a result of the continued

pick-up in the local economy and stronger-than-expected leasing demand for offices

during 4Q2009.

• Prime office rentals stayed firm at AU$626 per sq m per annum during 4Q2009 and

incentives remained high at about 25% to 30%.

• Recent sales transactions reflected the fact that prime office yields in Sydney CBD were

in the order of 7%-8%. One of the major investment sales transactions in 4Q2009 was

the sale of Aurora Place to a Korean Pension fund for a total of AU$685 million.

MAJOR TRANSACTIONS



302 Pitt Street L Garratts Limited 15,100

50 Bridge Street L Rothchilds Australia 14,000

68 York Street L Coface Australia 10,800

549 Kent Street L AIBM 10,300

1 Chifl ey Square L Penson Financial Services 9,000

Aurora Place S South Korea’s National Pension Fund 526,400

60 Union Street S AFIAA (Swiss Pension Fund) 215,300

505-523 George Street S Coombes Property Group 194,100

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N E W Z E A L A N D

Auckland

• The Deloitte Centre at 80 Queen Street, comprising 23,780 sq m of floor space, was the only new project scheduled for completion in 4Q2009. The average vacancy rates increased across most CBD precincts with an overall rate recorded at 11.5% in December 2009, compared with 8.4% in the preceding six months. Prime office vacancy rates also edged up from 5.4% to 11.5% in December 2009. The average office rental was around NZ$330 per sq m per annum as of 4Q2009.

• Tenants continued to opt for lease renewals rather than committing to new leases. Landlords were more open in offering shorter leases and lease extensions in order to provide tenants with additional flexibility. In some case, rent-free periods were offered as part of the lease incentive package.

• There were signs that private investors and property syndicates have been returning to the market as they want to take advantage of the market weakness in the current cyclical downturn. Investment yields ranged from 8% to 9% for prime offices as of 4Q2009.

• Looking forward, rentals are expected to remain stable or stage a moderate decline given the continued surge in vacancy rates. Investment yields will be largely stable over the next 12 months.

Wellington

• Despite the general rental reduction to an average of NZ$374 per sq m per annum, the leasing market in Wellington saw continued activity in 4Q2009. For example, General Market Company leased 775 sq m in Deloitte House to the Real Estate Agents Authority for NZ$296,272 per annum for a four-year term.

• Office investment yields in most precincts remain static in 4Q2009, although there was a 25-50 basis points increase in the Core precinct. Sales transactions remained active for premises priced at NZ$3 million or below during the period.

• Around 54,000 sq m of new office space is scheduled for completion in 2010. The Inland Revenue Department has pre-committed to a 25,000 sq m floor area in a brand new 33,000 sq m office building that will be completed by late 2010.

• Looking forward, the office market in the Wellington CBD will face a further rise in vacancy rates and rentals are expected to decline by 2.4% before the end of 2010.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)L2, Deloitte House, 10 Brandon Street L Real Estate Agents Authority 8,300

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Building Lease (L) / Tenant / Area Sale (S) Purchaser (sq ft)L14, 21 Queen Street L CBRE 9,800

L15, Brookfi elds House, L SMX 5,300

19 Victoria Street West



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

Beijing

CBD 1,060,244 4,958,175 673,944 1,679,341 28.1 37.7 14,714,765 19,672,940 26.66 26.12

Zhongguancun 269,098 0 147,993 45,719 6.3 5.7 7,619,765 7,619,765 24.91 25.13

Financial Street 666,162 794,268 1,424,391 48,820 6.1 6.9 9,829,690 10,623,958 34.44 35.37

Lufthansa 0 344,445 173,867 384,155 19.2 17.5 6,075,952 6,420,397 23.84 23.10

East Chang An Avenue 0 0 -79,518 -104,991 5.0 6.6 6,307,067 6,307,067 22.78 21.69

East 2nd Ring 1,252,035 1,442,739 294,287 331,490 40.6 50.2 4,061,672 5,504,411 23.95 22.74

Chengdu

Renmin Road 0 2,760,295 254,595 421,772 26.0 55.0 2,828,828 5,589,123 17.80 20.41

CBD 0 0 129,191 64,595 12.0 8.0 1,614,886 1,614,886 15.35 17.14

East Street 293,036 861,112 214,289 461,579 29.0 40.0 500,801 1,361,913 22.04 22.86

Tianfu Avenue 946,685 0 477,708 144,837 40.0 30.0 1,448,369 1,448,369 13.06 14.69

Guangzhou

Yuexiu 0 0 339,730 163,568 13.3 7.3 4,338,799 4,338,799 17.03 16.66

Tianhe 1,597,266 4,613,408 1,640,763 3,050,091 24.9 23.4 13,718,946 18,332,353 22.72 21.71

Haizhu 0 0 118,403 160,382 37.1 22.7 1,076,390 1,076,390 15.51 15.51

Shanghai

Huangpu 0 395,520 -93,486 82,479 8.9 17.3 2,937,662 3,333,182 33.89 31.48

Jingan 395,853 1,666,768 126,829 923,594 17.3 23.5 5,720,518 7,387,286 40.63 37.19

Lujiazui-Pudong 2,154,997 4,291,610 1,289,130 2,149,829 19.4 26.6 13,994,741 18,286,351 32.51 29.78

Zhuyuan-Pudong 788,500 2,180,852 696,694 1,162,930 22.1 32.7 2,855,664 5,036,516 25.77 25.37

Changning 207,237 341,474 -86,691 -76,324 12.6 20.4 4,509,331 4,850,805 29.90 26.50

Luwan 0 699,654 -26,498 481,097 4.8 9.7 3,102,124 3,801,777 36.54 35.73

Xuhui 0 0 -3,037 -264,485 5.2 11.4 4,272,386 4,272,386 35.11 33.20

Hong Kong

Central 0 0 -218,093 195,501 5.1 4.2 21,266,625 21,266,625 117.80 133.97

Wanchai 0 0 -367,815 113,705 6.5 5.5 11,095,267 11,095,267 59.02 55.02

HK Island East 0 434,350 -302,501 125,983 5.1 7.7 10,540,480 10,974,830 43.14 40.98

Tsim Sha Tsui 0 0 -407,876 -151,745 7.7 7.1 6,563,890 6,361,390 51.88 54.48

Taipei

CBD 1,016,262 697,264 -109,108 372,810 12.3 13.6 18,489,630 19,186,894 25.94 26.17

Seoul

CBD 1,429,599 2,959,807 42,616 2,572,419 5.8 6.6 26,514,806 29,474,613 23.69 24.62

KBD 0 329,902 -717,619 710,492 4.2 2.7 25,775,816 26,105,717 20.09 20.91

YBD 429,491 949,004 213,081 799,500 2.0 2.8 15,780,292 16,729,297 15.39 16.30

Tokyo

CBD 4,706,568 4,001,307 N/A N/A 7.2 7.5 N/A N/A 101.39 97.73

Jakarta

CBD 2,755,408 2,269,030 1,914,123 2,372,697 12.3 11.5 43,679,691 45,948,721 16.77 17.36

Non-CBD 690,041 904,221 642,164 696,532 13.2 13.6 17,924,057 19,032,642 11.55 11.89

Kuala Lumpur

KLCA 1,437,039 1,172,000 431,000 500,000 8.2 11.2 27,314,778 28,486,778 21.71 22.06

Manila

Makati 445,130 0 166,486 122,728 8.4 6.3 9,317,135 9,317,135 15.33 15.08

Ortigas 1,287,022 0 1,086,776 91,487 6.1 4.2 4,961,404 4,961,404 11.30 10.85



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

Singapore

CBD 948,498 1,811,999 268,686 1,206,414 8.5 10.6 19,285,297 21,097,296 53.78 53.19

Bangkok

CBD 486,625 837,431 80,729 215,278 18.0 20.7 16,903,306 17,740,737 21.72 23.39

Ho Chi Minh City

CBD 277,332 680,386 238,476 556,833 5.0 10.0 1,110,296 1,790,682 56.58 55.18

Bangalore

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

CBD 403,218 172,807 N/A N/A 5.0 N/A N/A N/A 17.22 17.22

SBD 3,500,000 2,700,000 N/A N/A 17.0 N/A N/A N/A 10.28 10.28

PBD 1,133,125 2,494,025 N/A N/A 28.0 N/A N/A N/A 4.63 4.63

Chennai

Overall 7,388,295 N/A N/A N/A 22.5 N/A 26,800,000 N/A 11.83 11.57

CBD 643,295 N/A N/A N/A N/A N/A 1,575,000 N/A 14.78 14.91

SBD 560,000 N/A N/A N/A N/A N/A 5,845,000 N/A 12.21 11.83

PBD 6,185,000 N/A N/A N/A N/A N/A 19,380,000 N/A 8.23 7.71

Mumbai

Overall 12,241,000 N/A N/A N/A 14.5 N/A 72,180,000 N/A 49.36 49.61

CBD 0 N/A N/A N/A N/A N/A N/A N/A 82.26 82.26

SBD 2,631,000 N/A N/A N/A N/A N/A N/A N/A 41.13 42.42

PBD 9,610,000 N/A N/A N/A N/A N/A N/A N/A 24.42 24.42

New Delhi

Overall 10,756,136 1,525,000 N/A N/A 19.5 N/A 51,028,158 N/A 41.65 41.65

CBD 0 0 N/A N/A 12.0 N/A 1,861,000 1,861,000 68.12 68.12

SBD 1,951,000 N/A N/A N/A 16.0 N/A 6,909,000 N/A 37.79 37.79

PBD 8,805,136 1,525,000 N/A N/A 24.0 N/A 42,258,158 43,783,158 19.02 19.02

Adelaide

CBD 516,667 0 269,098 430,556 5.0 6.5 13,866,465 13,866,465 27.91 29.16

Canberra

CBD 96,875 775,001 96,875 538,195 1.0 8.0 2,314,239 3,089,239 31.25 32.08

Melbourne

CBD 1,815,870 736,789 0 215,278 5.3 8.2 19,006,141 19,678,347 30.33 30.50

Perth

CBD 672,475 1,462,147 -182,986 376,737 8.0 14.0 14,715,747 16,177,894 49.99 49.99

Sydney

CBD 581,789 971,862 -861,112 -107,639 4.7 5.7 51,663,738 51,623,320 52.16 51.66

Auckland

CBD 401,278 0 92,914 241,746 11.5 9.9 4,255,454 4,448,343 22.13 21.59

Wellington

CBD 268,484 581,251 240,336 523,287 0.7 2.7 1,563,683 2,144,933 25.08 24.47



GREATER CHINA

Beijing

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

Business District), Lufthansa, East 2nd Ring, Financial Street, East Chang

An Avenue and Zhongguancun.

Rents are quoted in RMB per sq m per month on gross 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 QuanDeputy General [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]

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 overview q4 2009

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