capita symonds real estate asia pacific guide online
TRANSCRIPT
The 2012 Asia Pacific Real Estate Guide offers an overview of the differences in commercial leasing practices across 14 countries.
It includes the standard landlord and tenant obligations, typical costs associated with the purchase and leasing of property as well as prime office and industrial rents.
Capita Symonds4th Floor, 125 Shaftesbury Avenue, London WC2H 8ADt +44 (0)20 7544 2000 f +44 (0)20 7544 2222capitasymonds.com/realestate
The information provided herein is intended as a guide only and reflects typical market practice. Whilst we have no reason to believe that there are any inaccuracies or defects in the information provided in this report, it is constrained by the use of information and forecasts from other persons and we cannot warrant the accuracy and completeness of such information and forecasts. The information provided in this report is of a general property market nature and is provided for information purposes only.
We accept no liability for any loss or damage (including consequential or indirect loss or damage which shall include but not be limited to loss of property or of profit, business revenues or anticipated savings) of any costs, claims, demands, proceedings, expenses or liability of any nature arising directly or indirectly out of use of or access to the information and forecasts of the Report and whether or not arising from our negligence nor that of our employees or agents.
Professional, including legal advice, should be sought for specific transactions.
© Capita Symonds 2012. All rights reserved.
Jonathan KingDirector, UKt +44 (0)20 7544 2129m +44 (0)7971 246 [email protected]
Jonathan has been advising corporate clients for over 15 years. His knowledge has been built through the hands-on experience of clients such as McDonald’s, GE and Royal Bank of Scotland. This experience translates to a true understanding of the importance of the relationship between property and business.
Frédéric Schneider SIORDirector, Europet +44 (0)20 7544 4214m +44 (0)7733 124 [email protected]
Fluent in both French and German, Frédéric has over 10 years experience across EMEA in CRE strategy, due diligence, corporate acquisition, consolidation strategy and transaction management. The provision of strategic advice to his corporate clients has resulted in recent transactions throughout Japan, Singapore, Australia and Hong Kong. Frédéric is Vice-President of the SIOR European Regional Council and member of the International Advisory Board at SIOR.
Paul Van Devender Managing Director, USAt +1-330-286-3660m [email protected]
Paul has over 15 years experience of US and International commercial property markets and an established network of global contacts. His advice on real estate growth opportunities has facilitated key acquisition programmes for clients and accelerated their entry into new and emerging markets.
Asia Pacific. Part of Capita Symonds World.
Asia Pacific Real Estate
Guide 2012
The 2012 Asia Pacific Real Estate Guide offers an overview of the differences in commercial leasing practices across 14 countries.
It includes the standard landlord and tenant obligations, typical costs associated with the purchase and leasing of property as well as prime office and industrial rents.
Capita Symonds4th Floor, 125 Shaftesbury Avenue, London WC2H 8ADt +44 (0)20 7544 2000 f +44 (0)20 7544 2222capitasymonds.com/realestate
The information provided herein is intended as a guide only and reflects typical market practice. Whilst we have no reason to believe that there are any inaccuracies or defects in the information provided in this report, it is constrained by the use of information and forecasts from other persons and we cannot warrant the accuracy and completeness of such information and forecasts. The information provided in this report is of a general property market nature and is provided for information purposes only.
We accept no liability for any loss or damage (including consequential or indirect loss or damage which shall include but not be limited to loss of property or of profit, business revenues or anticipated savings) of any costs, claims, demands, proceedings, expenses or liability of any nature arising directly or indirectly out of use of or access to the information and forecasts of the Report and whether or not arising from our negligence nor that of our employees or agents.
Professional, including legal advice, should be sought for specific transactions.
© Capita Symonds 2012. All rights reserved.
Jonathan KingDirector, UKt +44 (0)20 7544 2129m +44 (0)7971 246 [email protected]
Jonathan has been advising corporate clients for over 15 years. His knowledge has been built through the hands-on experience of clients such as McDonald’s, GE and Royal Bank of Scotland. This experience translates to a true understanding of the importance of the relationship between property and business.
Frédéric Schneider SIORDirector, Europet +44 (0)20 7544 4214m +44 (0)7733 124 [email protected]
Fluent in both French and German, Frédéric has over 10 years experience across EMEA in CRE strategy, due diligence, corporate acquisition, consolidation strategy and transaction management. The provision of strategic advice to his corporate clients has resulted in recent transactions throughout Japan, Singapore, Australia and Hong Kong. Frédéric is Vice-President of the SIOR European Regional Council and member of the International Advisory Board at SIOR.
Paul Van Devender Managing Director, USAt +1-330-286-3660m [email protected]
Paul has over 15 years experience of US and International commercial property markets and an established network of global contacts. His advice on real estate growth opportunities has facilitated key acquisition programmes for clients and accelerated their entry into new and emerging markets.
Asia Pacific. Part of Capita Symonds World.
Asia Pacific Real Estate
Guide 2012
Country information Office leasing practice Lease costs Purchase costs
Currency Population (CIA 2012 est.)
Population (CIA 2011 est.)
GDP (CIA 2011 est)
Exchange Rate to 1 USD (Apr 2012)
Capital Prime Office /sqm/year (Apr 2012)
Prime Industrial /sqm/year (Apr 2012)
Typical lease term (years)
Rent quoted in
Breaks Rent Payment (in advance)
Deposit (months' rent)
Statutory Renewal Rights
Basis of rent review
Frequency of review
Building Insurance
Property Taxes
Subleasing/ Assignment
Restoration Measuring Practice Broker (as % of 1st years rent)
Lawyer Stamp Duty Broker Lawyer Stamp Duty
Australia Australian Dollar 'AUD'
22.02 mln 21.77 mln $1.51 trl $1.03 CanberraCanberra $400Sydney $1,000Melbourne $570
Canberra $105 Sydney $140 Melbourne $95
5 - 10 AUD/sqm/year Negotiable Monthly 6-12 No CPI or Fixed 4-5% Annual Landlord* Tenant Yes Yes Net Lettable 11 - 16% As agreed None 1-2% As agreedVaries (4 - 6.75%)
China Chinese Renmibi 'RMB'
1.343 bln 1.337 bln $6.99 trl $0.16 BeijingBeijing $1,000 Shanghai $850 Guangzhou $500
Beijing $70Shanghai $60Guangzhou $80
3 - 5RMB/sqm/mth or RMB/sqm/day. Varies by location
NegotiableMonthly or Quarterly
3
Yes for std lease, no for fixed term lease
OMR 2 - 3 yrs Tenant Landlord Yes Yes Gross floor area 8 - 12.5% As agreed 0.03 - 2% 1 - 1.5% As agreed 0.03 - 1%
Hong KongHong Kong Dollar 'HKD'
7.15 mln 7.12 mln $242.4 bln $0.13 Hong Kong $2,400 $150 3 - 6 HKD/sqft/mth Negotiable Monthly 2-3 No OMR Every 3 yrs Tenant Tenant Yes YesGross Lettable or Net Floor area
8 - 17% As agreed 1% + HKD 5 1% As agreed 0 - 3.75%
India Indian Rupee 'INR'
1.205 bln 1.189 bln $1.84 trl $0.02 New DelhiNew Delhi $740 Mumbai $800 Bangalore $225
New Delhi $65 Mumbai $80 Bangalore $60
3+3+3 or
5+5+5INR/sqft/mth Negotiable Monthly 6-15
No but negotiable where fixed renewal rights
OMRAnnual or every 3 yrs depending on lease
Landlord Landlord Yes YesGross area / Super built-up
17% As agreed 1 - 10% 1 - 4% As agreed 3 - 15%
IndonesiaIndonesian Rupiah 'IDR'
248.22 mln 245.61 mln $834.3 bln $0.00 Jakarta $230 $50 2 - 3IDR/sqm/mth or USD/sqm/mth
Negotiable Quarterly 3 No OMR Every 2 yrs Landlord Landlord Yes Yes Gross area 3 - 5% As agreed 6,000 Rupiah 2 - 3% As agreed5% of Total transaction value
Japan Japanese Yen 'JPY'
127.37 mln 126.48 mln $5.86 trl $0.01 Tokyo $1,500 $2502 yrs Std or 3-10 fixed term
JPY/tsubo/mth (1 tsubo=3.3 sqm)
Negotiable Monthly 12 Yes OMRDepends on type and term of lease
Tenant Landlord Yes Yes Net Lettable 8% As agreed None3% + JPY 60,000
As agreed4% Acq Tax + 2% Reg & Licence Tax
Malaysia Malaysian Ringit 'MYR'
29.18 mln 28.73 mln $247.6 bln $0.33 Kuala Lumpur $400 $80 3 MYR/sqft/mth Negotiable Monthly 3 No None None Landlord Landlord Yes Yes Gross Internal area 8% As agreedVaries based on Rent
2.75% As agreedVaries based on Rent
New ZealandNew Zealand Dollar 'NZD'
4.33 mln 4.29 mln $168.8 bln $0.81 WellingtonWellington $300 Auckland $350
Wellington $70 Auckland $90
6 - 12 NZD/sqm/year Negotiable Monthly 3 No OMR 2 - 3 yrs Landlord* Landlord Yes YesNet Usable area plus % share of common areas
10 - 19% As agreed None 1.5 - 3.5% As agreed NZD 100 Reg Fee
Philippines Philippine Peso 'PHP'
103.78 mln 101.83 mln $216.1 bln $0.02 Manila $230 $50 3 - 5 PHP/sqm/mth Negotiable Monthly 3 No OMR Annually Landlord Landlord Yes Yes Net Lettable are12.5% for 3 yrs 15-17% for 5 yrs
As agreedVaries based on Rent
3 - 5% As agreed 1.5%
Singapore Singapore Dollar 'SGD'
5.35 mln 4.74 mln $266.5 bln $0.80 Singapore $950 $200 3 SGD/sqft/mth NegotiableMonthly or Quarterly
3 No OMRNone except via rent review clause
Landlord Landlord Yes Yes Net Lettable area 8% As agreed0.4% <1 yr 0.8% 1 - 3 yrs 1.6% > 3 yrs
1% As agreed
1% on 180k, 2% on next 180k, then 3% thereafter
South KoreaSouth Korean Won 'KRW'
48.86 mln 48.75 mln $1.16 trl $0.00 Seoul $475 $125 1 - 3KRW/pyung/mth (1 pyung = 3.3 sqm)
Negotiable Monthly 10 No CPI or Fixed 4-5% Annually Landlord* Landlord Yes Yes Gross Floor area 8% As agreed None 1 - 2% As agreed2.4% Reg Tax & 2.2% Acq Tax
Taiwan Taiwan Dollar 'TWD'
23.11 mln 23.07 mln $504.6 bln $0.03 Taipei $450 $130 2 - 3TWD/ping/mth (1 ping=3.3 sqm)
Negotiable Monthly 3-6 No 2-3% after 2nd yr None Tenant Landlord Yes Yes Gross Floor area 13% As agreed None 6.0% As agreed6% Deed Tax and 0.1% Stamp
Thailand Thai Baht 'THB'
67.09 mln 66.72 mln $345.6 bln $0.03 Bangkok $265 $70 3 THB/sqm/mth None Monthly 3 No None None Landlord Landlord Yes Yes Net Lettable 8% As agreed0.1% + 1% Registration fee
1 - 3% As agreed2% Assessed Value + 3.3% Bus. Tax
VietnamVietnamese Dong 'VND'
91.52 mln 90.55 mln $123.6 bln $0.00 HanoiHanoi $500 Ho Chi Minh City $460
Hanoi $50 Ho Chi Minh City $55
2 - 3
USD/sqm/mth (note: rents converted and paid in VND)
Negotiable Quarterly 3-6 No None None Landlord Landlord Yes Yes Gross Internal area 8% As agreed None 1 - 3% As agreed 1% Reg Fee
KEY* Building insurance and property taxes paid by landlord but recovered from tenant. * Insurance paid by LL and recovered from tenant.
Australian Dollar (AUD) 0.97Chinese Renmibi (RMB) 6.31Hong Kong Dollar (HKD) 7.76Indian Rupee (INR) 52.66Indonesian Rupiah (IDR) 9,194.00
Japanese Yen (JPY) 81.20Malaysian Ringit (MYR) 3.07New Zealand Dollar (NZD) 1.23Philippine Peso (PHP) 42.71Singapore Dollar (SGD) 1.25
South Korean Won (KRW) 1,140.69Taiwan Dollar (TWD) 29.48Thai Baht (THB) 30.98Vietnamese Dong (VND) 20,775.91
EXCHANGE RATE TO 1USD(as at 24 Apr 2012)(www.exchange-rates.org)
CCI Cost of Construction index CLI Cost of Living Index CPI Consumer Price Index
CPI-U Consumer Price Index for All Urban Consumers (series 1982-1984=100) Eurozone Harmonized Index of Consumer prices starting from the second year.EI Eurozone inflation/Eurostat Index OMR Open Market Review
(Central intelligence Agency – www.cia.gov) mln - million bln - billion. trl - trillion
The 2012 Asia Pacific Real Estate Guide offers an overview of the differences in commercial leasing practices across 14 countries.
It includes the standard landlord and tenant obligations, typical costs associated with the purchase and leasing of property as well as prime office and industrial rents.
Capita Symonds4th Floor, 125 Shaftesbury Avenue, London WC2H 8ADt +44 (0)20 7544 2000 f +44 (0)20 7544 2222capitasymonds.com/realestate
The information provided herein is intended as a guide only and reflects typical market practice. Whilst we have no reason to believe that there are any inaccuracies or defects in the information provided in this report, it is constrained by the use of information and forecasts from other persons and we cannot warrant the accuracy and completeness of such information and forecasts. The information provided in this report is of a general property market nature and is provided for information purposes only.
We accept no liability for any loss or damage (including consequential or indirect loss or damage which shall include but not be limited to loss of property or of profit, business revenues or anticipated savings) of any costs, claims, demands, proceedings, expenses or liability of any nature arising directly or indirectly out of use of or access to the information and forecasts of the Report and whether or not arising from our negligence nor that of our employees or agents.
Professional, including legal advice, should be sought for specific transactions.
© Capita Symonds 2012. All rights reserved.
Jonathan KingDirector, UKt +44 (0)20 7544 2129m +44 (0)7971 246 [email protected]
Jonathan has been advising corporate clients for over 15 years. His knowledge has been built through the hands-on experience of clients such as McDonald’s, GE and Royal Bank of Scotland. This experience translates to a true understanding of the importance of the relationship between property and business.
Frédéric Schneider SIORDirector, Europet +44 (0)20 7544 4214m +44 (0)7733 124 [email protected]
Fluent in both French and German, Frédéric has over 10 years experience across EMEA in CRE strategy, due diligence, corporate acquisition, consolidation strategy and transaction management. The provision of strategic advice to his corporate clients has resulted in recent transactions throughout Japan, Singapore, Australia and Hong Kong. Frédéric is Vice-President of the SIOR European Regional Council and member of the International Advisory Board at SIOR.
Paul Van Devender Managing Director, USAt +1-330-286-3660m [email protected]
Paul has over 15 years experience of US and International commercial property markets and an established network of global contacts. His advice on real estate growth opportunities has facilitated key acquisition programmes for clients and accelerated their entry into new and emerging markets.
Asia Pacific. Part of Capita Symonds World.
Asia Pacific Real Estate
Guide 2012