asia pacific office market overvie · table of contents asia pacific office market overview | 2q...

AsiA PAcificOffice Market Overview2Q 2012

Accelerating success.

table Of cOntentsAsiA PAcific office mArket overview | 2Q 2012

regional overview 3

Greater china 4-6Beijing, China ....................................................................................................................................4Chengdu, China .................................................................................................................................4Guangzhou, China .............................................................................................................................5Shanghai, China ................................................................................................................................5 Hong Kong SAR, China .....................................................................................................................6Taipei, Taiwan ...................................................................................................................................6

North Asia 7Seoul, South Korea ........................................................................................................................... 7Tokyo, Japan ..................................................................................................................................... 7

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

Prime office supply, rents and Net take-up 18-19

trends & forecasts 20-21

Definition & terminology 22-23

contacts 24-25

colliers iNterNAtioNAl | P. 3

regiOnal Overview

ecoNomic overviewThe macroeconomic conditions in the region remained challenging in 2Q 2012, with growth rates reducing and price inflation continuing in most countries. The sovereign debt issues in the Eurozone have become a key concern, as it continues to have a negative impact on market sentiment. The expectation of further economic consolidation has led to a number of central banks cutting rates pre-emptively to stimulate growth. The two rounds of unexpected interest rate reductions in China is an example of how the region has reacted to the imminent threat created by the contraction in Europe.

leAsiNG mArketAmid the economic uncertainty, the office leasing market has seen relatively steady enquirylevels from occupiers, with firms in the finance and IT industries among the most active.With total occupation costs paramount in tenant decision making, cost sensitivity is high as firms seek to match their business needs to real estate demands.

The average office rent edged down by 0.1% QoQ during 2Q 2012 – the first dip since 1Q 2010. Individual markets like Hong Kong and Singapore saw downward rent correction by 2 - 3% QoQ during this period, although most cities in China and Australia continued to exhibit positive rental growth.

sAles mArketOn the sales front, average transacted office prices edged up mildly by 0.4% QoQ, this had the effect of compressing the overall investment yields slightly during 2Q 2012. Although interest rates continued to stay low, access to real estate financing remained the common issue for many prospective buyers. Two notable exceptions are China, where owner-occupiers remained active and Sydney, which saw an increase in investment activity.

mArket outlookLooking forward, leasing activity is expected to remain steady as firms continue to pursue consolidation and cost reduction strategies. This trend is expected to be more prevalent in cities where new supply is entering the market. Rentals in the region are expected to remain stable but will come under downward pressure if the economic environment in the Eurozone deteriorates further.

P. 4 | colliers iNterNAtioNAl

asia pacific office market overview | 2Q 2012

cHiNABeijing• With the absence of new completions in the Grade A office property market for the

second consecutive quarter, the total stock remained at 5.17 million sq m as of the end of 2Q 2012.

• Leasing activities and transaction volumes were constrained by the constantly narrowing availability. Net absorption decreased 37.6% QoQ to 13,146 sq m and the overall average vacancy rate dropped marginally by 0.25 percentage points QoQ to 3.55%. Tenants from the service, finance, pharmaceuticals, consumer goods and logistics sectors were the most active in the leasing market.

• Although some landlords became cautious in light of macro-economic uncertainties, overall rents increased further in 2Q 2012. The average net effective rent edged up by 4.2% QoQ, to RMB302.50 per sq m per month as of the end of 2Q 2012.

• Owner-occupiers appeared to be more active in sourcing deals. In addition, several strata-title sales were logged in the CBD and other sub-markets, with domestic enterprises remaining the major buying force.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

SK Tower L Kookmin Bank 32,200Tsinghua Tongfang Hi-Tech

Plaza Tower D

L GREE 27,200

IFC L Astellas 40,500ONE INDIGO L Nestlé 43,000

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chengdu• In 2Q 2012, Towers A and B of China Overseas International Centre were completed,

providing a total office area of 107,209 sq m. This project is offered for lease only, and 45% of the office space has been absorbed. The office units are offered at RMB110 - 130 per sq m per month.

• The Grade A office vacancy rate increased 5.16 percentage points in 2Q 2012 to 20.68%, due to the completion of China Overseas International Centre.

• Domestic enterprises were the major source of tenant demand in 2Q 2012.

• The new office premises from Square One and China Overseas International Centre has put pressure on office rents. In 2Q 2012, average rents declined 3.54% QoQ to RMB137.80 per sq m per month.

mAjor trANsActioNs



Plaza Central L Yinlong Financing Guaranty 4,800

Yanlord Landmark L LVMH 3,200

Aerospace Technology Plaza L Daishi Education Group 11,800

Square One L Regus 19,400

Square One L ERM 2,800

China Overseas International

Centre

L Sichuan Weicheng Trading

Co. Ltd

43,100



shanghai• The economic growth is showing signs of a slowdown. In 1Q 2012, the gross domestic

product (GDP) growth rate slowed to 7% which was the lowest in the past four quarters.

• No Grade A office buildings were completed during 2Q 2012. There was a mild slowdown in leasing activity.

• The average rents continued to increase in the second quarter, up 3.6% QoQ to RMB8.6 per sq m per day, primarily as a result of limited new supply in prime locations.

• In 2Q 2012, the overall vacancy rate decreased to 6.7% from the previous quarter’s 8.3%. Among the six major central business districts, Jing ‘an recorded the lowest vacancy rate, at 5.9%.

guangzhou• Two projects in Pearl River New City, including Guangzhou Bank Plaza and R&F Yingsheng

Plaza, were completed in 2Q 2012, providing about 149,148 sq m of new Grade A office space. The overall vacancy rate was pushed up by 0.2 percentage points to 20.6% in this quarter. The large volume of new completions in Tianhe district, especially in Pearl River New City, put pressure on rents in 2Q 2012. The average rent edged down 0.3% in 2Q 2012 to RMB161.3 per sq m per month.

• Although the MNCs slowed their expansion plans in light of external uncertainties, the leasing demand from domestic corporations such as insurance, cultural and media, and IT companies remained strong in this quarter. One of the major transactions was the lease of 8,000 sq m in Zhujiang International Plaza to CITIC Life Insurance.

• During 2Q 2012, one en bloc sales transaction was booked. Guangzhou Automobile Group acquired 45,600 sq m at Poly D Plaza - Building 1 for RMB1.4 billion. In addition, a domestic buyer acquired 10 office floors or about 20,000 sq m at Grand International Plaza.

• The average price increased 2.5% QoQ to RMB32, 070 per sq m in this quarter.

mAjor trANsActioNs



Poly D Plaza - Building 1 S Guangzhou Automobile Group 490,800

Zhujiang International Plaza L CITIC Life Insurance 86,100Fortune Plaza L Baleno 43,100G.T. Land Plaza - Building A L Gesi Co. Ltd 23,600HNA Plaza L Guangzhou Shangcen Clothes 15,200Zhujiang International Plaza L Sodexo Guangzhou 14,300

cHiNA

mAjor trANsActioNs



Park Place L JP Morgan 32,300New Richport L Dematic Group 24,800Bund Center L Everbright Pramerica 32,300The Headquarters Building L Hitachi Motor 19,400

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HoNG koNGhong kong• A number of private banks remained positive in expanding their businesses. Individual

non-finance companies planned to carry out business expansion in 2Q 2012 regardless of the headwinds from the Eurozone.

• On the back of improved tenant demand, the pace of the rent decline has tapered off. Grade A office rents edged down 0.7% QoQ in 2Q 2012, compared to a drop of 5.5% in 1Q 2012. Meanwhile, Grade A office rents in Central decreased 2.0% QoQ, compared to a drop of 8.9% in 1Q 2012.

• The outlook for the Hong Kong Grade A office market has been brighter due to increased demand for small-to-medium size Grade A office units in Central. Overall Grade A office rents are projected to undergo a mild downward adjustment of 4% over the next 12 months.

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tAiwAN

mAjor trANsActioNs



CHT Building (Front) L Chunghwa Telcom Co. 107,300 Shin Kong Life Tower L TomTom Asia 24,700 Aurora 21st Century Building L Institute for Information

Industry19,200

Aurora 21st Century Building L Cathay Health Care Co. 19,200

mAjor trANsActioNs



Two Exchange Square L Harvest Capital 12,000

Two Pacific Place L Neo Derm 42,300Aon China Building L Quam 18,000Oxford House L LVMH 22,00015/F and 16/F Octa Tower L Avery Dennison 70,0008 floors, Kowloon Commerce

Centre Tower B

S Undisclosed 208,000

23/F, Lippo Centre Tower 1 S Ample Perfect Ltd 14,070

taipei• The net take-up of Grade A offices was 6,979 ping in 2Q 2012 which drove the vacancy

rate down by 1.3 percentage points to 10%, the lowest since 1Q 2009.

• Hsin-Yi district accounted for 66.18% of market absorption or 4,619 ping in this quarter. The key contributor was one multi-national corporation reserving 1,650 ping in Taipei 101 Tower.

• Thanks to Chunghwa Telcom Co. taking 3,015 ping in CHT Building (Front), the vacancy rate of Grade A offices in Tun-S district dropped 3.9 percentage points to 6.76%. In addition, NK-4/5 district also took up 1,000 ping which caused the vacancy rate to drop 7.57 percentage points to 4.95%. The Straits Exchange Foundation moved out of Hung Tai Financial Center in May which caused the vacancy rate of MS-TN district to climb 1.4 percentage points to 14.15%.

• The average effective rent dropped 0.16% or NT$4 QoQ to NT$2,439 per ping per month in 2Q 2012. Although the effective rent of Hsin-Yi district was NT$2,815 per ping per month and was the highest among all districts, it witnessed a drop of 0.63% QoQ within the review period.



seoul• Despite the overall recession in the real estate market, domestic pension funds moved

aggressively for investing in large office buildings instead of putting their money into the volatile stock market. The common range of operating yields for office buildings is approximately 5 - 8% while interest rates for savings accounts are below 4% in Korea.

• In 2Q 2012, two office developments were completed. Junghak Building, providing a total gross floor area of 83,787 sq m in the CBD, was launched in April. A total of 7,141 sq m was pre-committed as well as the Yangjae Building, a 44,116 sq m office building located in the Yangjae area of the GBD. Despite its decentralised location, the whole building was leased by SPC group.

• Average rents in Seoul largely remained stable in 2Q 2012 at KRW23,896 per sq m per month. Rents in the CBD were the highest at KRW27,459 per sq m per month.

• Despite massive new supply coming online, the average vacancy rate decreased 0.41 percentage points QoQ to 7% in 2Q 2012. In light of the increase in take-up in most buildings, the vacancy rate in the CBD decreased 3.7 percentage points to 14.1%.

tokyo• New supply peaked in 1Q 2012 with a similar level of completions in 2Q 2012.

• Vacancy rose slightly in part due to the completion of large, new buildings.

• Corporate restructuring persists due to global and domestic economic issues. Relocations continue to increase, but to similar or less space than is vacated.

• Tenants focused on value for money, weighing location, quality and scale versus cost.

• Rents are still marginally declining with some buildings beginning to stabilise.

soutH koreA

mAjor trANsActioNs



Tokyo Sankei L Sony Life Insurance 56,800Sengokuyama Mori Tower L Adidas 106,500Sumitomo Fudosan Iidabashi

First Bldg

L Misumi Group 106,500

Ochanomizu Sora City L Kyorin Pharmaceutical 63,900Palace Building L Bain Capital 23,100

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jAPAN

mAjor trANsActioNs



Center 1 L Boston Consulting 73,300Signature Tower L AMORE Pacific 258,800Signature Tower L Kumho Petrochemical 177,900State Tower Namsan L BMW 62,900Yangjae Posco L SPC Korea 474,400IFC L Phillp Moris 63,400Samsung Life Insurance Chungmuro

S Herald Media Inc 107,700



iNDoNesiAjakarta• Industries such as banking, insurance, oil and gas, mining and natural resources remained

key players in the office sector. The overall occupancy reached about 96% in 2Q 2012, driven by the expansion of the existing tenants. The absorption rate of office space is projected to mildly increase in 2012, but new supply in the CBD is expected to be very limited during 2013. Meanwhile, a challenging situation is expected to occur in the non-CBD area, as around 800,000 sq m of new office space is projected to be injected to the market in 2014.

• Again, rents showed an upward trend, as buildings quoting US dollar rates experienced a significant 13.8% surge. Buildings quoting IDR rents increased 7.2%.

• The continuing adjustment in office rentals would open more opportunities for the sales of strata-title office space. In the long term perspective, owning office space will be very attractive, as indicated by the good performance of strata title office performance.

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kuala lumpur• With more prime office supply coming on stream, the KL office market is expected to face

competition among old and new Grade A offices located in suburban areas. As current market rents are beyond their affordability, Average Grade A office rents and capital values remain unchanged. Due to the completion of Grade A office buildings during the quarter, the average vacancy rate increased by 3 percentage points to 15% in 2Q 2012

• Menara FELDA, a GBI certified building that forms part of the Platinum Park development, is the only building completed this quarter, which accounted for 689,000 sq ft of the total supply.

mAjor trANsActioNs



Menara Prudential S OCBC Capital (M) Sdn Bhd 147,800The Horizon, Tower 8,

Avenue 5, Bangsar South*

S DKLS Industries Bhd 132,000

The Horizon, Tower 6,

Avenue 5, Bangsar South*

S Lembaga Tabung Haji 146,000

mAlAysiA

* Within Metropolitan Kuala Lumpur Data sourced from C H Williams Talhar & Wong Sdn Bhd

mAjor trANsActioNs



World Trade Center 2 L Total E&P Indonesie 127,500Landmark Tower B L BRI 43,100Landmark Tower B L SICOM 21,500World Trade Center 2 L Avrist 21,500Citibank Tower L Tokyo Marine 18,800Alstom S Selaras Propertindo 35,400



karachi• No major office leasing deals were concluded in 2Q 2012. Pakistan's office market has

been stagnant and there has been no growth in demand for offices. As such, take-up rate in the new developments have been very low.

• Recently, Bahria IV with an office area of 167,000 sq ft was added into the market. Due to weak demand for office, the owner is struggling to attract tenants

• The hotel element in the former Sofitel Tower, under construction for the past five years, has been converted into offices. The offices in this development will be available on lease basis. In view of low take-up rates in new development, this project will add more pressure on the lease rates of Grade A office market upon completion.

PAkistAN

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PHiliPPiNes

manila• Office developments remained quiet in Makati CBD, with only Zuelling Building (57,000

sq m) completed this year. The Grade A office building is expected to open towards the end of 3Q 2012.

• The robust demand drawn from the Offshore and Outsourcing Industry further narrowed vacancy rates in the second quarter to below 3%. With 81,000 sq m of new office space coming on stream next year, the vacancy rate is projected to increase to 4%.

• Prime rental rates grew by 5% QoQ or 8% YoY to P750 per sq m per month, marking the highest growth rate since its contraction in 2008. Given the limited supply, the rental rate is expected to rise to P800 per sq m level by end 2013.

mAjor trANsActioNs



Aseana One L Philippine EDS Techno

Service, Inc.

465,200

Science Hub Tower 2 L HCCA Health Connection, Inc. 246,200Science Hub Tower 2 L Factset 246,200One Evotech Building L Canon Business Machines 125,900

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Bangkok• The net take-up rate in the Bangkok CBD increased due to the limited new supply coupled

with growing demand.

• Rents in the CBD remained flat during the quarter.

• New international companies were actively looking for Grade A office space in the CBD in 2Q 2012.

mAjor trANsActioNs



Sathorn Square L Samsung Engineering (Thailand)

Co., Ltd.

32,300

Asia Centre L Total Co., Ltd. 15,100

singapore• Rents continued to decline in 2Q 2012 on the back of an increasingly challenging

global economic environment. However, cushioned by a better than expected economic performance in Singapore as well as the temporary relief from a hiatus of major new office completions for the rest of 2012, the rate of rental decline moderated.

• The average monthly gross rents for CBD Grade A office space fell by 1.1% QoQ in 2Q 2012 to S$8.45 per sq ft as of end-June 2012, compared to a drop of 4.3% in 1Q 2012.

• The decrease in Grade A office rents boded well for the market, as it improved Singapore’s competitive edge as a regional hub for business and companies had been able to secure office premises for cheaper rents. This pushed the overall CBD Grade A office occupancy rates up to 92.0% in 2Q 2012, from 90.9% in 1Q 2012.

• Weighed down by the uncertainty in the Eurozone as well as a possible supply overhang, office rental decline in the CBD is expected to continue in 2H 2012. However, the pace of decrease will slow down as Singapore strengthens its position as a compelling regional business hub.

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mAjor trANsActioNs



Ocean Financial Centre

(12.39% stake)

S K-REIT 887,400



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hanoi• Hanoi's Grade A office market witnessed a remarkable improvement in the average

occupancy rate in 2Q 2012, with the rate increasing 2.95 percentage points to 75.4%. However, there was a slight decrease in average rent, down US$0.32/ sq m / month to US$41.15 per sq m per month.

• Occupancy rates in the CBD dropped one percentage point QoQ to 93.7% in 2Q 2012 due to the relocation of several prominent tenants to the West of Hanoi for cheaper rent.

• Up to 2013, new supply of Grade A offices is projected to be approximately 200,000 sq m. The abundant new supply is expected to add pressure to the Grade A office market, leading to a decrease in average asking rents.

mAjor trANsActioNs



Keangnam Landmark L FPT Corporation 75,300Keangnam Landmark L JOC VietGazProm 10,700Keangnam Landmark L Cisco 16,100Keangnam Landmark L KPMG Vietnam 31,200Keangnam Landmark L PricewaterhouseCoopers

Vietnam

15,100

Keangnam Landmark L Ericsson Vietnam 21,500��

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ho chi minh city• Most of Grade A buildings in prime locations that operated before 2009 achieved an

average occupancy rate at 97% in 2Q 2012.

• Developers have applied a flexible term of contracts to keep current tenants. Positive signals from the monetary policies of the Vietnamese Government may lend support to the businesses and office market.

• The average rents of Grade A offices is expected to continue with its downward adjustment in the next two quarters of 2012 due to a large supply of Grade A office premises from Times Square, Saigon M&C Tower and Eden A Centre, President Place.

mAjor trANsActioNs



Bitexco Financial Tower L FV Hospital 8,600Bitexco Financial Tower L Huy Hong JSC 1,300Bitexco Financial Tower L Nippon Steel 1,600Bitexco Financial Tower L Perfect Network s.r.o 1,400Kumho L Ho Tram Project Company 2,900Kumho L Kraft Foods International 1,200Kumho L Woori Bank 1,200Kumho L C.A.D 1,000Saigon Trade Center L Do Thanh Viet Co., Ltd 1,000

Saigon Trade Center L The Rro of Charter Century

Group Ltd in HCMC

1,600



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Bengaluru (Bangalore)• Due to the completion of Condifent Electra, Confident Aquila, Embassy Vogue and Neo

Town during 2Q 2012, Grade A office stock increased about 0.8 million sq ft.

• The leasing market remained active in 2Q 2012. The deals concluded during the quarter were with office size in the range of 10,000 to 50,000 sq ft.

• Average Grade A office rent was stable in most of the sub-markets, with the exception of the CBD, where rents increased 6% QoQ on the back of sustained supply and demand imbalance. Absorption rates are expected to remain high in 3Q 2012. Despite the increasing demand for Grade A office space, rents will remain stable as more supply is expected to enter the market in the near term.

mAjor trANsActioNs



Vaswani Centerpolis L Axis Aerospace 21,700Prestige Zeenath L Ellusion 31,800Prestige Shantiniketan L Tyco 25,000

Forutna1 L VM Ware 28,000

Pritech - SEZ L Xentrix Studios Private

Limited

21,100

Umiya Business Bay L Yokogawa IA Technologies

India Private Limited

30,000

chennai• In 2Q 2012, the commercial lease market remained active and a number of mid-sized

companies were considering consolidation and looking for more cost effective real estate solutions.

• No new Grade A office buildings were completed during the reviewed period.

• Rents remained flat in most of the sub-markets. Going forward, rents are expected to remain stable this year on of the back of limited supply.

• In 2Q 2012, NHAI (National Highways Authority of India) has finalised the six-lane Chennai-Bangalore highway with a total cost estimation of around INR 5,000 crore, which is foreseen to boost the real estate activities in the region.

mAjor trANsActioNs



Temple Steps L Agility Logistics 19,500ASV Chandilya L Beroe Systems 50,000PRESTIGE PALLADIUM BAYAN L Emirates 8,000Ramaniyam L GE Converteam 40,000Khivaraj Complex L Kavian Systems 11,000RR1 Towers L Lafarge 10,000Prestige Palladium Bayan L Mitusubishi Corporation 11,000ASV Chandilya L Sundaram Infotech 25,000



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mumBai• Approximately 0.2 million sq ft of new office space was added to the city’s Grade A

office market due to the completion of Star Hub in Andheri East.

• During 2Q 2012, the absorption rate remained upbeat. However, Grade A office rents were flat across all submarkets. The exception was BKC (Bandra-Kurla-Complex), where rents increased by 3% QoQ on the back of limited supply and strong demand from tenants.

• Looking forward, Grade A office rents are expected to remain stable in almost all sub-markets.

• In 2Q 2012, the state government revised the Lease Land Policy and imposed a 7.5% premium on the market value of the land / plots leased for redevelopment of residential, educational and religious activities. For other activities, 10% was allocated.

mAjor trANsActioNs



Supreme Business Park L Devon 56,000Peninsula Corporate Park L Famy Care 15,000Times Square L Reliance Digital 26,000Kohinoor Business Park L Tata Tesco 50,000Lotus Midtown L Vships 27,000

new delhi• A few office development projects were completed during 2Q 2012, adding a total of

about 3.7 million sq ft of new office space to the Grade A office market.

• Clouded by economic uncertainties, the Grade A office market witnessed a subdued absorption rate during 2Q 2012.

• Average Grade A office rents in 2Q 2012 remained stable. It is expected that rents will stay flat regardless of slower economic growth.

mAjor trANsActioNs



Independent Building L Barista 10,000Cyber Terraces L Children’s Place 12,000Time Tower L Hitachi 3,000Pioneer Park L Pepsi 2,69,000Independent Building L Stel 4,000



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adelaide• Investor enquiries remained solid in 2Q 2012. While there remains concerns over the

global financial outlook, investment sentiment should improve as some stabilisation returns to the global markets.

• Prime office yield is expected to compress further in the second half of 2012. Higher rental growth is anticipated for prime office stock over the short term, while vacancy rates will remain low during the period.

• Positive white collar employment growth is expected to continue and together with the expected expansion in the mining, demand for office space will remain optimistic over the short term.

mAjor trANsActioNs



132 Grenfell Street S Primewest Funds Ltd 34,0002-12 King William Street S Private 55,800

BrisBane• Leasing activity remains at or above trend levels on the back of increased demand from

the energy and resources sector. The absorption rate was solid, and vacancy rates dropped further during 2Q 2012. Prime office rents are expected to increase over the short term.

• While vacancy rates are anticipated to fall to 4.3% in 2012 and 3.7% in 2013, rents are also expected to grow at approximately 4% per annum.

• A total of over 100,000 sq m of prime office space is expected to be released to the market in 2012. Until 2Q 2012, approximately 78% of this new supply is being pre-committed.

mAjor trANsActioNs



123 Albert Street L QTC 43,100

825 Ann Street L Macquarie Bank 34,300

324 Queen Street L North Queensland Bulk

Ports Corp.

16,700

345 Queen Street L Regus 11,900

145 Ann Street L Mills Oakley 11,800

1 Eagle Street L Ergon Energy 11,500

10 Eagle Street S Commonwealth Property

Office Fund

302,900

215 Adelaide Street S Pramerica Real Estate Investors 317,800

379 Queen Street S Kingsmede Pty Ltd 58,800

369 Ann Street S Bachrach Group 72,000



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canBerra• Prime office rental growth is expected to moderate from 2012 to 2013.

• The CBD vacancy rate will remain at a low level until at least 2014. The prime office market continues to attract large multi-national institutions.

• Secondary property yields have been more volatile over the last two years, but recent sales activity has confirmed that yields have bottomed out and are likely to remain stable.

mAjor trANsActioNs



Garema Court Building (140 - 180 City Walk)

L Government 117,100

121 Marcus Clarke Street L Comcare 90,400Caroline Chisholm Building S Frasers Commercial Trust 433,10010 - 12 Mort Street S Growth Point 166,300

melBourne• The Melbourne CBD office market remained tight, with continued positive net absorption

and a corresponding low vacancy rate.

• With an expected slowdown in employment growth, we expect vacancy rate to increase towards the end of this year, but will remain below the long-term average of 6.7%.

• Rents and yields remain stable in 2Q 2012. Landlords continued to offer more incentives in order to attract tenants.

mAjor trANsActioNs



357 Collins Street L Commonwealth Bank of Australia 54,600530 Collins Street L Tertiary Education Quality

Standards Authority

24,200

101 Collins Street L Gilbert & Tobin 18,700452 Flinders Street L Oceaneering Services Australia 11,90096 Flinders Street L Aconex 18,400601 Bourke Street L CGU 16,800300 LaTrobe Street L Amec Aektin 16,000477 Collins Street S Asia Pacific Investment T2

Pty Ltd

130,000

501 Swanston Street S Private Investor 183,000Northbank Place East

Tower, 525 Flinders Street

S AFIAA 108,000

565 Bourke Street S Shakespeare Property Group



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perth• The Perth CBD office market remained tight with vacancies estimated to be circa 3.6%,

slightly higher than at the end of 2011.

• Demand for Prime space remained strong in the first half of 2012, the completion of two major buildings resulted in a new historical high net absorption for the first six months of 2012.

• Investment expenditure in the resources sector, the main driver of growth for the State, continues relatively unaffected by recent global economic and financial developments.

• The new supply cycle is picking up momentum as the shortage of quality space continues to affect rents with a number of projects expected to secure pre-commitments in the short to medium term.

• As demand for space remains strong and new supply from recent Prime space completions committed to, we expect rents of Secondary Grade space to experience strong growth in the next 12 months.

mAjor trANsActioNs



251 St Georges Terrace, Perth L Momentum Engineering 13,000251 St Georges Terrace, Perth L CB & I 12,600Governor Stirling Tower, 197 St Georges Terrace, Perth

L CB & I 27,000

The Forrest Centre, 221 St Georges Terrace, Perth

L BHP 9,500

108 St Georges Terrace, Perth L The Executive Centre 18,600St Georges Square, 225 St Georges Terrace, Perth

L Bendigo Bank 10,000

sydney• A lack of new supply during Q2 2012 and stable leasing transaction volumes caused

vacancy rates to fall further.

• Due to the subdued tenant demand, face rents remained stable and incentives were kept at above average levels.

• Investment sales volumes increased over the course of Q2 2012, with the largest being the sale of 7 Macquarie Place to UniSuper for AUD$55million.

• Despite the increased in investment activity, yields and capital values have generally remained stable during the quarter.

mAjor trANsActioNs



149 Castlereagh Street S Blackstone 84,000333 Kent Street S Maville Group 96,2007 Macquarie Place S UniSuper 146,800Barangaroo L Westpac 645,800Barangaroo L KPMG 376,700Barangaroo L Lend Lease 269,100

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auckland• According to the Investment Property Databank / Property Council of New Zealand (IPD/

PCNZ) March quarter data update, the overall office investment performance improved moderately to 5.9% in March 2012 compared to 4.8% recorded a year ago. Meanwhile, Auckland CBD office recorded a total return of 5.2% at the end of 1Q 2012.

• Investment yields continue to ease in both the prime and secondary-grade office sectors since the last quarter, with average indicative yields between 8.4% and 10.1%. In one of Auckland’s largest single office transactions in two years, Beca House at 21 Pitt Street in Auckland was sold for NZ$55 million to a private investor which reflects an initial yield of 8.0%.

• Prime office vacancy stood at 10.1% in Auckland CBD in June 2012, down from 9.8% recorded in December 2011. With no major office construction projects in the pipeline in the Auckland CBD, companies are facing a shortage of prime office space. Prime CBD office vacancy rates are expected to reduce over the next six months.

• Prime office rents and capital values are anticipated to increase over the next 12 months.

mAjor trANsActioNs



Beca House, 21 Pitt Street,

Auckland

S Private Investor 180,800

PWC Tower, 188 Quay Street,

Auckland

L Hesketh Henry 20,100

wellington• Prime office investment yields remained stable at 8.2% in the June 2012 quarter. One

notable transaction during the review period included the sale of the Xero House on the corner of Cable Street to a private investor for NZ$17 million, at a yield of 7.7%. Yields are expected to remain at the current level over the next 12 months.

• Prime net face rents remained stable at NZ$343 per sq m in June 2012, while prime capital values recorded at NZ$4,183 per sq m. We expect to see a slight improvement in both prime rents and capital values of about 1.5% over the next 12 months.

• Prime office vacancy rate is anticipated to increase to 5.1% in 2012 and is expected to rise further in 2013.

mAjor trANsActioNs



Xero House, 2 Cable Street S Local Family Trust 35,700Eagle Technology House, L4,

135 Victoria Street

L Credit Consultants Group 11,300



AustrAliAPrime office reNtAl

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

AustrAliAPrime office New suPPly

Note: Floor area in each of the above centre is the sum of the various key sub-markets outlined under the section of “Definitions and Terminology”

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Net tAke-uP 2Q 2012 (sq f t )

Source: Colliers

2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f

BeijiNG

CBD 0 2,152,780 1,796,441 1,125,915 5.4 9.4 20,543,097 22,695,877 64.36 71.29

Zhongguancun 0 0 4,951 0 1.0 1.0 8,095,529 8,095,529 47.35 51.14

Financial Street 0 645,834 -22,680 519,434 0.4 1.6 9,700,524 9,700,524 64.74 68.50

Lufthansa 0 0 70,902 11,216 2.0 1.9 7,477,089 7,477,089 51.17 57.31

East Chang An Avenue 0 0 -58,782 25,231 1.9 1.5 6,307,064 6,307,064 48.73 51.41

East 2nd Ring 0 1,521,251 -641,076 760,631 2.3 20.8 2,409,736 3,930,987 46.80 45.63

Other areas 0 0 854,223 0 0.2 0.2 1,151,307 1,151,307 44.32 46.98

cHeNGDu

Renmin Road 463,224 1,614,585 221,306 1,086,120 30.8 31.4 3,412,027 5,026,612 26.44 29.08

CBD 814,235 0 215,859 332,707 22.1 10.5 2,861,637 2,861,637 24.68 27.32

Financial Street 914,932 430,556 301,389 551,877 49.0 31.0 1,415,733 1,846,289 28.20 29.08

Tianfu Avenue 2,230,377 4,090,282 344,445 2,514,275 68.0 44.7 1,076,390 5,166,672 21.15 24.68

GuANGzHou

Yuexiu 0 0 107,208 85,821 6.9 5.1 4,683,244 4,683,244 19.74 19.98

Tianhe 9,315,650 9,451,888 6,447,727 6,517,606 24.8 26.4 26,644,506 36,096,394 30.12 29.81

Haizhu 557,010 0 373,497 64,476 33.6 30.7 2,244,693 2,244,693 17.63 17.54

sHANGHAi

Huangpu 0 0 2,109,228 82,599 6.1 5.2 9,177,699 9,177,699 51.69 54.69

Jingan 1,755,388 0 -207,895 319,959 12.8 8.6 7,618,064 7,618,064 56.29 63.26

Lujiazui-Pudong 0 823,438 332,601 1,749,046 14.7 8.9 17,222,305 18,045,743 47.66 50.24

Zhuyuan-Pudong 1,506,214 0 -317,385 107,960 13.6 10.6 3,598,662 3,598,662 36.66 36.66

Changning 1,295,156 1,197,484 -347,971 1,234,674 12.8 9.8 5,151,441 6,348,925 37.24 42.60

Xuhui 0 0 71,196 97,438 7.6 5.6 4,871,881 4,871,881 47.01 52.37

HoNG koNG

Central 191,250 0 -61,707 77,940 5.7 5.4 21,773,519 21,773,519 163.25 159.99

Wanchai 343,740 0 171,870 50,777 3.4 3.0 11,439,007 11,439,007 95.63 92.76

HK Island East 0 0 58,473 25,118 3.6 3.4 10,854,774 10,854,774 64.67 62.73

Tsim Sha Tsui 0 0 67,200 -57,461 1.9 2.8 6,361,390 6,361,390 72.28 66.50

Kowloon East 619,245 886,684 469,406 558,228 12.3 14.4 9,294,358 10,181,042 50.39 43.84

tAiPei

CBD 391,322 1,037,252 363,022 574,272 11.2 12.9 19,540,991 20,578,242 27.63 27.92

seoul

CBD 1,342,893 1,431,825 30,541,927 32,162,005 13.3 12.3 35,222,866 36,654,691 26.74 27.38

GBD 1,146,742 0 27,373,661 27,555,466 3.4 2.8 28,345,420 28,345,420 23.60 24.67

YBD 1,999,674 1,815,676 17,188,968 18,585,366 6.1 7.6 18,298,494 20,114,170 20.56 21.65

tokyo

CBD 6,748,551 4,431,224 N/A N/A 8.5 8.2 N/A N/A 105.06 105.90

jAkArtA

CBD 4,070,164 430,556 3,893,731 3,145,987 7.7 6.1 50,970,360 51,400,916 24.88 28.00

Non-CBD 2,447,668 1,377,273 1,442,174 1,453,642 12.0 10.9 22,706,619 24,083,893 17.25 18.35

kuAlA lumPur

KLCA 1,989,750 508,585 1,100,000 1,100,000 15.0 13.0 33,084,433 33,593,018 24.55 24.55

city New supply take-up Average vacancy total stock Average rentals (sq ft) (sq ft) (%) (sq ft) (us$ / sq ft / year)



treNDs & forecAsts

2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f

kArAcHi

CBD 440,000 145,000 100,000 100,000 40.0 40 15,231,929 15,376,929 1.06 1

mANilA

Makati 617,342 516,667 774,796 672,905 2.8 2.5 9,934,477 10,595,380 20.43 22.67

Ortigas 0 876,074 117,768 727,403 3.6 4.7 4,961,404 5,836,520 15.95 16.74

siNGAPore

CBD 806,000 586,036 842,187 160,027 7.9 9.5 23,514,057 24,100,093 75.55 70.71

BANGkok

CBD 0 0 538,195 645,834 16.0 14.5 17,580,646 17,580,646 24.18 24.88

HANoi

CBD 491,060 279,861 74,917 188,368 17.5 16.5 2,027,510 2,307,371 46.97 45.88

Non-CBD 190,521 1,205,083 489,757 602,778 45.0 57.0 1,862,736 3,067,819 31.74 28.47

Ho cHi miNH city

CBD 1,033,334 1,301,528 519,369 539,304 27.0 38.0 2,552,723 3,854,251 34.28 28.75

BeNGAluru

Overall 7,534,498 5,084,000 8,000,000 6,500,000 13.0 11 84,761,673 89,845,673 9.80 10.44

cHeNNAi

Overall 4,000,000 3,000,000 5,000,000 4,500,000 21.0 20 42,512,483 45,512,483 10.23 10.23

mumBAi

Overall 4,200,000 5,000,000 6,000,000 5,000,000 15.0 16 98,658,000 103,658,000 38.57 38.57

New DelHi

Overall 7,000,000 5,800,000 5,000,000 4,000,000 16.5 16 70,404,158 70,404,158 36.87 36.65

ADelAiDe

CBD 193,750 215,278 312,153 269,098 7.7 9.5 14,199,543 14,605,891 34.64 36.01

BrisBANe

CBD 1,094,689 209,896 996,597 154,236 4.3 3.7 11,348,853 11,558,749 56.98 58.80

cANBerrA

CBD 226,042 0 193,750 107,639 6.0 8.0 3,013,892 3,013,892 37.38 37.83

melBourNe

CBD 1,451,846 1,442,363 604,641 1,124,784 6.5 6.6 26,601,752 28,044,114 31.63 33.73

PertH

CBD 2,031,514 207,743 1,534,717 333,681 4.4 2.7 17,336,036 17,364,194 71.81 75.47

syDNey

CBD 504,256 782,234 439,755 782,238 7.0 7.5 27,030,758 28,044,276 69.11 72.02

AucklAND

CBD 131,589 0 81,655 -123,354 10.1 13.7 4,581,277 4,738,968 22.80 23.31

welliNGtoN

CBD 0 0 6,383 -3,035 5.1 5.5 3,119,841 3,119,841 25.65 25.65

city New supply take-up Average vacancy total stock Average rentals (sq ft) (sq ft) (%) (sq ft) (us$ / sq ft / year)



treNDs & forecAsts



DefiNitioN AND termiNoloGy

GreAter cHiNA

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

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

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

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

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

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

shanghaiPrime office buildings in shanghai are located in 6 principal sub-markets – Huangpu, Jingan, lujiazu-Pudong, Zhuyuan-Pudong, changning, and Xuhui.

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

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

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

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

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

NortH AsiA

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

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

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

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

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

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

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

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

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

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



Def iNitioN AND termiNoloGy

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

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

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

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

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

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

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

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

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

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

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

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

iNDiA

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

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

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


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


New DelhiPrime office 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.

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

AustrAlAsiA

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

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

New zealandPrime office buildings are located in the cbD.

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



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, chinaUnit 1504 Yanlord landmark1 renmin south road section 2chengdu 610016tel : 86 28 8658 6288fax : 86 28 8672 3226jacky tsaigeneral [email protected]

Guangzhou, china702 teem tower208 tianhe roadguangzhou 510620tel : 86 20 3819 3888fax : 86 20 3819 3899eric lamManaging [email protected]

shanghai, china16f Hong kong new world tower300 Huaihai Zhong roadshanghai 200021tel : 86 21 6141 3688fax : 86 21 6141 3699lina wongManaging Directoreast and south west chinainvestment services, [email protected]

Hong kong, HksAr5701 central Plaza18 Harbour road wanchai, Hong Hongcompany licence no: c-006052tel : 852 2828 9888fax : 852 2828 9899richard kirke (e-279867)Managing [email protected]

Piers Brunner (e-183614)chief executive Officer - [email protected]

taipei, taiwan49f taiPei 101 tOwerno. 7 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-dongJung-gu, seoul 100-180tel : 82 2 6740 2000fax : 82 2 318 2015jay yunsenior Director & general [email protected]

tokyo, japan Halifax building3-16-26 roppongi Minato-ku, tokyo 106-0032 Japantel : 81 3 5563 2111 fax : 81 3 5563 2100 james finksenior Managing [email protected]

south east asia

jakarta, indonesia10f and 14f world trade centreJl Jenderal sudirmankav 29-31 Jakarta 12920tel : 62 21 521 1400fax : 62 21 521 1411mike BroomellManaging [email protected]

kuala lumpur, malaysiac/o mark lampard*Managing Directorcorporate solutions | asia Pacificte : 65 6531 8601fax : 65 6557 [email protected]* based in singapore

Research data provided byc H williams talhar & wong sdn Bhd30-01, 30th floorMenara Multi-Purpose @ capsquare8 Jalan Munshi abdullahP O box 1215750100 kuala lumpur, Malaysiatel : 603 2616 8888fax : 603 2616 8899Url : http://www.wtw.com.myfoo Gee jenManaging [email protected]

karachi, Pakistansuite 2-a, level 2, Harbour House37-a, lalazar avenuebeach Hotel road, Off. M.t khan roadkarachi, Pakistantel : 92 21 3561 2550-2fax : 92 21 3563 6382mohammed yasir Qidwaisenior Manager, corporate solutions & [email protected]

lahore, Pakistansuite 2, Mezzanine 2, executive floorsal-Qadir Heights, Main boulevardnew garden town, lahore, Pakistantel : 92 42 3584 3474-6fax : 92 21 3563 6382Ahmed khancountry [email protected]

islamabad, PakistanOne constitution avenue, adjacent convention centre & Diplomatic enclave islamabad, Pakistantel : 92 51 834 7433fax : 92 51 831 4737waleed murrawatregional sales [email protected]

manila, Philippines10f tower 2 rcbc Plazaayala avenue, Makati cityPhilippines1226tel : 63 2 888 9988fax : 63 2 845 2612David youngManaging [email protected]

singapore1 raffles Place#45-00 One raffles Placesingapore 048616tel : 65 6223 2323fax : 65 6222 4901Dennis yeoManaging Directorsingapore & industrial services | [email protected]

Bangkok, thailand17/f Ploenchit center2 sukhumvit roadklongtoey, bangkok 10110tel : 66 2 656 7000 fax : 66 2 656 7111 simon landyexecutive [email protected]

for further details, please contact:



Ho chi minh city, vietnamHo chi Minh city, vietnam7f bitexco building19-25 nguyen Hue streetDistrict 1, Ho chi Minh city, vietnamtel : 84 83 821 8777fax : 84 83 827 5667Peter Dinninggeneral [email protected]

Hanoi, vietnam10f, capital tower building109 tran Hung Dao streetHoan kiem District, Hanoi, vietnamtel : 84 4 3941 3277fax : 84 4 3941 3278Dane moodieManaging [email protected]

india

Bengaluru, indiaPrestige garnet, level 2, Unit no. 201/20236 Ulsoor road, bengaluru 560 042tel : 91 80 4079 5500fax : 91 80 4112 3131Goutam chakrabortyOffice [email protected]

chennai, indiaUnit 1c, 1st floor, Heavitree complex23 spurtank road, chetpetchennai 600 031tel : 91 44 2836 1064fax : 91 44 2836 1377kaushik reddyOffice [email protected]

Gurgaon, india1st floor, technopolis buildingDlf golf courseMain sector roadsector 54, gurgaon 122 002tel : 91 124 4375807fax : 91 124 4375806Ajay rakhejaOffice [email protected]

kolkata, indiainfinity business centre, infinity benchmarklevel 18, room no 13, Plot g - 1block eP & gP, sector v, salt lakekolkata 700 091, west bengaltel : 91 33 2357 6501fax : 91 33 2357 6502soumya mukherjeeOffice [email protected]

mumbai, india31-a, 3rd floors, film centre68 tardeo roadMumbai 400 034tel : 91 22 4050 4500fax : 91 22 2351 4272Prabhu raghavendraOffice [email protected]

George mckaysouth asia DirectorOffice & integrated [email protected]

New Delhi, india204/205, 2nd floorkanchenjunga building18 barakhamba roadnew Delhi 110 001tel : 91 11 4360 7500fax : 91 11 2335 6624Ajay rakhejaOffice [email protected]

Pune, indiabramha luxury Hotels ltd. (le Meridien Pune)101 r.b.M. roadPune 411 001, Maharashtratel : 91 20 4120 6435fax : 91 20 4120 6434suresh castellinoOffice [email protected]

australasia

Adelaide, Australialevel 10, 99 gawler Placeadelaide sa 5000tel : 61 8 8305 8888fax : 61 8 8231 7712james youngstate chief [email protected]

Brisbane, Australialevel 20 central Plaza One345 Queen streetbrisbane QlD 4000tel : 07 3229 1233fax : 07 3120 4555 simon Beirnestate chief executive [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 Place225 george streetsydney nsw 2000tel : 61 2 9257 0222fax : 61 2 9251 3297malcom tysonstate chief [email protected]

Auckland, New zealandsaP tower, level 27151 Queen streetauckland 1140tel : 64 9 358 1888fax : 64 9 358 1999mark synnottchief executive Officer, new [email protected]

wellington, New zealandlevel 10, 36 customhouse Quaywellington 6011tel : 64 4 473 4413 fax : 64 4 499 1550 (agency) : 64 4 470 3902 (valuation)richard findlayManaging [email protected]

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.

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reveNues couNtries o f f i c e s

522621.8BILLION

AsiA PAcific

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Our headquarters in Seattle, Washington and more than 522 offices worldwide share a common brand and vision to provide the best service experience available. With expertise in the major markets, Colliers is also committed to providing our clients with access to emerging markets in Asia, Eastern Europe and Latin America.

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