Transcript
Page 1: Asia pacific office market overview 3Q 2012

AsiA PAcificOffice Market Overview3Q 2012

Accelerating success.

Page 2: Asia pacific office market overview 3Q 2012

table Of cOntentsAsiA PAcific office mArket overview | 3Q 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

Page 3: Asia pacific office market overview 3Q 2012

colliers iNterNAtioNAl | P. 3

regiOnal Overview

ecoNomic overviewThe office sector in the Asia Pacific region continued to be challenging in 3Q 2012 with a slowing economic growth and the unresolved European debt crisis. Although overall market sentiment was weakening, it remained positive in 3Q 2012. Following two rounds of quantitative easing (QE1 and QE2), the US Federal Reserve announced a third round (QE3) on 13 September 2012. With the US Federal Reserve instigating the third round of bond purchases, commodity prices have been pushed up and this has spilled over to real estate costs and pricing.

Based on the findings of Colliers Asia Office Leasing Survey for 3Q 2012, market participants are holding positive views on market outlook but confidence is not as strong as the previous quarter.

leAsiNG mArketThe overall level of new office leasing inquiries decreased in 3Q 2012. However vacancy rates and rentals remained strong throughout the quarter due to the limited supply of office space. Firms in the IT/communication and Finance industries continued to be the major source of leasing demand in 3Q 2012.

Most cities in Australia and China continued to exhibit positive rental growth. The average rent increased 2.3% QoQ during 3Q 2012. Individual markets like Guangzhou, Hanoi, Ho Chi Minh City, New Delhi and Singapore on the other hand, are expected to face growing downward pressure for the coming months despite the solid demand for Grade A office space. The Colliers Asia Office leasing Survey for 3Q 2012 found that most tenants are seeking expansion however the pace will be less aggressive.

sAles mArketOn the sales front, average transacted office prices edged up by 2.1% QoQ. The office market became more active compared to the first half of 2012. This is mainly due to high quality projects receiving encouraging sales performance in the last quarter, especially in Auckland, Sydney, Perth and Brisbane which all saw an increase in sales activities. Institutions and foreign investors remained active to source quality office developments in prime locations.

mArket outlookMarket sentiment remained positive in 3Q 2012 and market players are holding an optimistic view on the market outlook. Therefore looking ahead, the prospective trend of office rents in most cities will remain positive in the next 12 months, despite a substantial supply projected to enter the market in individual cities.

With the expectation of the low interest rate trend to continue and the Chinese government to continue stimulate growth, investment in office real estate in the region is expected to remain strong.

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P. 4 | colliers iNterNAtioNAl

asia pacific office market overview | 3Q 2012

cHiNABeijing• Supply remained tight in Beijing’s Grade A office property market during 3Q12, with the

total stock resting at 5.17 million sq m, due to a lack of new completions for the third consecutive quarter.

• Overall, demand remained strong throughout the quarter. However, due to the limited letting space available on the market, leasing transaction volume continued to decrease. Net absorption of the Grade A office property market in 3Q12 totalled 1,888 sq m, down 85.6% QoQ and the overall average vacancy rate edged down by 0.04 percentage points to 3.51%.

• Rentals continued with its upward trend during this quarter, with the average net effective rent growing by 7.47% QoQ to RMB325.1 per sq m per month. The expansion of rental growth, was mostly a result of the epidemic of reduced or even withdrawal of rent free periods provided by most landlords.

• Office investment market activity increased in 3Q 2012. A domestic B2B enterprise acquired a 57,000 sq m Grade A office building in the Wangjing area for owner-occupancy. Moreover, a private equity investor acquired four blocks of Grade A office buildings or a total of 26,000 sq m for investment purpose.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Parkview Green L Roche 71,000Gateway Plaza L Nanyang Commercial Bank NCB 48,400Oriental Plaza L Cheung Kong Graduate School

of Business

32,300

SK Tower L Black & Veatch 16,100Tengda building L China State Construction 16,100

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chengdu• Raffles City, the Grade A office building comprising 74,024 sq m, was introduced in

September, thus boosting the total stock of Grade A office space in Chengdu to 718,922 sq m.

• The average rent decreased 0.38% QoQ to RMB137.28 per sq m per month. The overall vacancy rate edged 3.75% QoQ, to 24.42% in 3Q 2012.

• The average vacancy rate of the Grade A office buildings remained steady, signifying the solid demand for Grade A office space.

• In view of the current supply cycle and the continued slowdown of economic environment, the local office market is expected to face growing downward pressure over the coming months.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Western Tower L Ganzi Shangshan Water 12,900

Aerospace Technology Plaza L Starbucks Coffee 10,800

Square One L Kasikorn Bank of Thailand 7,500

Square One L Jintai International Investment 9,700

China Overseas International

Centre

L Chengdu Runfu Properties 12,200

China Overseas International

Centre

L Yusen Agriculture 9,900

Page 5: Asia pacific office market overview 3Q 2012

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 5

shanghai• Shanghai remained the world's sixth-most competitive financial center in 2012, according

to Xinhua-Dow Jones International Financial Centers Development Index released in August 2012.

• Five new projects were launched in 3Q 2012, adding a total of approximately 330,256 sq m new supply to Shanghai’s Grade A office market.

• Average Grade A office rental rates increased 1.2% QoQ to RMB 8.7 per square meter per day.

• In 3Q 2012, the overall vacancy rate increased from the previous quarter’s 6.7 to 9.5%. Among the six major central business districts, Jing’an recorded the lowest vacancy rates, at 5.3%. Zhuyuan and Changning posted the highest vacancy rates, at 14.9% and 14.2% respectively.

guangzhou• Evergrande Center and Poly V Plaza in Pearl River New City and Lavendome Hui in

Pazhou, were launched in 3Q 2012, providing a total of 266,627 sq m new stock. The total stock of Grade A office grew to 2.80 million sq m. The overall vacancy rate increased 1.6 percentage points to 22.2% in 3Q 2012.

• The average rental recorded RMB157.6 per sq m per month, down 2.3% Q-o-Q, due to the weak demand and large supply. Enterprises from IT/communication, pharmaceuticals and professional services were the major source of leasing demand in 3Q 2012.

• High quality projects such as R&F Yingkai Plaza and Bravo Plaza received encouraging sales performance. The achievable price of R&F Yingkai Plaza reached about RMB50,000 per sq m in 3Q 2012. The average sales price of Guangzhou Grade A office further edged up by 1.61% QoQ to RMB32,586 per sq m.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

International Financial

Center (IFC)

L Alcatel Lucent 16,000

China International Center L Guangzhou City Telecom 23,500Centra Plaza L Qianhai Life Insurance 13,600Leatop Plaza L Lukadilong Clothes 5,400R&F Yingkai Plaza S ANGLEE 51,700

cHiNA

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

International Commerce Center L Adidas 187,300Kerry Parkside L Danone Group 76,400L'Avenue L 3M 72,000 Jin Mao Tower L MWE China Law Office 22,900 CITIC Square L Nike China 16,800

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Page 6: Asia pacific office market overview 3Q 2012

P. 6 | colliers iNterNAtioNAl

asia pacific office market overview | 3Q 2012

HoNG koNGhong kong• In view of uncertain economic outlook, individual large tenants downsized their premises

but still prefer to stay in the same district. The overall net take up fell 80% QoQ to 111,000 sq ft in 3Q 2012, which reflects the slowdown in leasing activity especially in Central/Admiralty.

• The overall Grade A office rent rebounded in 3Q 2012 after falling for three consecutive months, rising a solid 1.5% QoQ. Meanwhile, the average Grade A office rent in Cetral/Admiralty showed its first quarterly gain since 3Q 2011, rising 0.8% QoQ in 3Q 2012 to HK$ 98.8 per sq ft.

• The outlook for the Hong Kong Grade A office market has been brighten up due to the positive market sentiment and increased leasing enquires. On the back of scare supply and positive demand, overall Grade A office rents are projected to climb 4% over the next 12 months. ������������������������

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tAiwAN

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Prince Financial Building S Cathay Life Insurance Co. 262,000CEC Tun Nan Building L 3M Taiwan Ltd. 113,500 Taipei 101 Tower L Bayer Taiwan Ltd. 69,900Shin Kong Xin Yi Financial

Building

L Kraton Polymers International

Limited

10,700

Cathay Xin-Yi Trading Center L China Construction Bank 10,100 Exchange Square Two L Bates Asia Pacific Taiwan Ltd. 9,200Taipei 101 Tower L Christian Dior Taiwan Ltd 8,900

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

China Resources Building L Regus 10,300Grand Century Place Tower 1 L Covidien 12,800Exchange Tower L Parsons Brinckerhoff (Asia) Ltd 12,2004 floors, Kowloon Commercial

Centre Tower B

S China Shipping Logistics 105,200

5 floors, Kowloon Commercial

Centre Tower B

S The Open University of Hong

Kong

124,800

Park Building S Billion Mart Dec Ltd 145,000

taipei• With a net take-up of Grade A office at 3,111 ping in 3Q 2012, vacancy rate was down

58 basis point to 9.42% - the lowest point since 1Q 2009.

• The total net take up of Hsin-Yi district amounted to 2,160 ping in 3Q 2012. The key contributor was Shin Kong Bank who leased 2,400 ping in Shin Kong Xin Yi Financial Building.

• Thanks to the net take up of 680 ping at the Pacific Century Tower in West district, the average vacancy in the district decreased 1.45 percentage points to 4.92%.

• The average effective Grade A office rent edged up mildly to NT$ 2,441 per ping per month in 3Q 2012. The effective rent of Hsin-Yi district was NT$ 2,824 per ping per month, an increase of 0.32% QoQ. However, MS-TN district fell 0.30% to NT$ 2,247 per ping per month.

Page 7: Asia pacific office market overview 3Q 2012

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 7

seoul• During 3Q 2012, a total of two buildings covering 122,147 sq m came in market including

Two IFC in YBD of 78,031 sq m. The launch of State Gwanghwamun Building of 40,972 sq m is delayed to next quarter.

• The average rent increased 8.85% QoQ in 3Q 2012 to KRW 24,103 per sq mper month. The YBD showed a rental increase of 2.15% due to completion of A+ office building Two IFC.

• The overall vacancy rate rose 0.92 percentage points QoQ in 3Q 2012 to 7.88%. Despite the large new space from Two IFC, the vacancy rate in YBD witnessed marginal increase of 0.50 percent points QoQ owing to the successful take-up in One IFC.

• The net take-up in 3Q 2012 softened from the previous quarter to 44,956 sq m. Net take-up increased in the GBD and YBD, but decreased in the CBD.

tokyo• New supply declines after significant completion during the first half of 2012.

• Vacancy increase has slowed and may begin to decline modestly in the near term.

• Corporate restructuring continues keeping rents low and vacancy high.

• Relocation to higher grade and more efficient space continues.

• Value for money, cost reduction and workplace modernization are key factors.

• Some rent stabilization on an individual building basis, but overall market remains weak.

soutH koreA

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Otemachi Financial City

North Tower

L Morgan Stanley MUFG

Securities

248,500

Mita Bellju L Japan Marine United 63,900Lunesite Tower L TDK 63,900Roppongi First Building L Nuclear Regulatory Agency 71,000Shinjuku Eastside Square L Citibank Japan 177,500

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jAPAN

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Rinnai Korea Bldg S Private 186,600CJ E&M Bundang Building S Gongpyung Savings Bank 73,700Junghak Building S Vestas Investment Manage-

ment

902,200

Hyundai Group Building S KORAMCO REITS & Trust 564,800 Asia Tower L GS Construction 53,400Banpo Building L Sanofi Aventis 80,600IFC L Citrix 29,500

Page 8: Asia pacific office market overview 3Q 2012

P. 8 | colliers iNterNAtioNAl

asia pacific office market overview | 3Q 2012

iNDoNesiAjakarta• The authority of Jakarta province issued a new environmental policy. As such, more

new buildings in compliance with environmental guidelines can be seen in the future.

• The absorption level is expected to remain high as the rental rates are anticipated to climb further due to a scarce supply of good quality office space.

• Up to 3Q 2012, the mining, oil & gas related companies and other business sectors like consumer goods, agribusiness, insurance and finance related industries continued to expand their business operation.

• With the increasing office demand from business expansion, competition for office space can be expected for 2013.

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kuala lumpur• New completion in 3Q 2012 include Menara Darulssalam and Menara Binjai and

contributed a total of 564,000 sq ft of net lettable area

• Tun Razak Exchange (TRX) was launched in July to promote Malaysia as an international financial hub and to attract foreign investment. It is estimated to generate a gross development value of RM26 billion.

• TRX-status companies will be given 10 years income tax exemption, stamp duty exemption, industrial building allowance and accelerated capital allowance for TRX Marquee-status companies while tax exemption is also available for property developers

• Although the office market was generally subdued, it is noted that tenants have been taking the opportunity to relocate and / or expand to better quality buildings within city centre.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Menara MBF L BostonWeb College of

Technology & Management

12,400

Hampshire Place L Tioman Drilling Co Sdn Bhd 70,800Menara Prestige L KFH (Malaysia) Berhad 133,100

mAlAysiA

Data sourced from C H Williams Talhar & Wong Sdn Bhd

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

The East L Net Mediatama Indonesia 54,800Eighty 8 L Prudential 53,800Eighty 8 L Huawei 32,300Menara 165 L PT. Rajawali Swiber Perkasa 19,400Eighty 8 L Regus 14,000Menara 165 L PT. Feni Haltim 13,000Menara Mulia L Trijaya Pratama Futures 12,900

Page 9: Asia pacific office market overview 3Q 2012

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 9

karachi• The office market is not expected to revive over the medium term due to the political

scenario in the country. As a result, many companies have adopted a cautious approach in the office market.

• No major office leasing deals were concluded in 3Q 2012. The office sector has been stable and showed no signs of demand growth.

• Asking rent in the recently launched Bahria Complex IV has been reduced by nearly 40% in order to attract tenants.

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manila• The Grade A office stock in Makati CBD reached 922,944 sq m with Zuellig Building

(57,000 sq m) completed in 3Q 2012. In 2013, Alphaland Makati Tower and V Tower will be completed, thus adding about 61,400 sq m new space to the total stock.

• Amongst the various sub-markets, Makati CBD remains the preferred office location by tenants. In 3Q 2012, the overall vacancy rate increased by 4.28% due to the inclusion of Zuellig Building. However, it is forecast to taper off to 3.2% by late 2012.

• Average prime rental rate was at P755 per sq m per month in 3Q 2012. It is projected to increase above P800 per sq m by 2Q 2013 due to the limited supply of office space.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Aseana One L Seven Tall Trees Events, Inc. 62,400Q-Plaza L Results Manila 25,800Science Hub 2 L Factset Philippines Inc. 22,900Net Cube Bonifacio L Shore Solutions Inc. 12,100

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Page 10: Asia pacific office market overview 3Q 2012

P. 10 | colliers iNterNAtioNAl

asia pacific office market overview | 3Q 2012

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Bangkok• In 3Q 2012, many international companies have been looking for Grade A office space

in the CBD area.

• During the last quarter some companies have expanded their office space or have relocated to CBD area.

• The rental rate of Grade A office buildings in the CBD area has increased over the year due to the limited supply.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Ploenchit Center L Bumrungrad Hospital Pcl. 28,000

Sathorn Square L Ford Sales & Service (Thailand)

Co., Ltd.

43,100

Asia Centre L Ipsos Thailand Co., Ltd. 32,100

singapore• The rent of Grade A office buildings in the CBD continued to decline under the slowing

global economy in 3Q 2012. Nonetheless, the average rent decline slowed for the second consecutive quarter due to an increasing number of foreign companies setting up entities in Singapore and existing companies relocating to higher quality office space.

• The average occupancy rate of Grade A office in the CBD increased from 92.0% in 2Q 2012 to 93.1% in 3Q 2012, which is the highest level in the last five consecutive quarters.

• Supported by a stronger occupancy rate, the drop in rents slowed marginally to 1.0% QoQ in 3Q 2012, from 1.1% QoQ in 2Q 2012. By the end of September 2012, monthly gross rents for CBD Grade A office space averaged at S$8.37 per sq ft.

• With the long-running Eurozone debt crisis and the risk of an office supply overhang, office rents in the CBD are expected to continue on a downtrend for the rest of 2012.

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mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Marina Bay Financial Centre

Tower 3

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Marina Bay Financial Centre

Tower 3

L Lego 20,000

Ocean Financial Centre L Freshfields 8,300One Raffles Place Tower 2 L Virgin Active 33,000

Page 11: Asia pacific office market overview 3Q 2012

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 11

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hanoi• The total stock of Grade A office market was unchanged at 298,000 sq m in 3Q 2012.

• In 3Q 2012, the average occupancy rate was 78.3%, up by 2.90 percentage points against 2Q 2012. The average rent decreased by 1.55% to US$40.59 per sq m month.

• Developers have been offering various promotions and incentives to attract new tenants.

• The supply of two major Grade-A office buildings, namely EVN Tower and Indochina Plaza Hanoi, will add pressure to the office market in 3Q 2012. Both asking rents and occupancy rate are expected to fall in both the CBD and non-CBD sub-markets.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Bitexco Financial Tower L Viet Capital Securities JSC 10,600Bitexco Financial Tower L Viet Hong Investment General Co 1,800Kumho Asiana Plaza L Accadent International Holding

GMBH

3,500

Kumho Asiana Plaza L TMI Associates HCMC Branch 1,400REE Tower L Marina Logistics 900 REE Tower L Petroleum Network Company Ltd 3,200

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ho chi minh city• The total supply of Grade A office space in prime location was approximately 140,000

sq m NFA.

• No new Grade A office buildings were completed in 3Q 2012.

• Occupancy rate and rental rate of Grade A office buildings remained the same, with respectively 87% and US$34 per sq m per month.

• Approximately 48,000 sq m NFA of Grade A office space is expected to enter HCMC’s market in the 3Q 2012. Due to the current uncertain economic situation and the supply glut, vendors are anticipated to compete for tenants in order to fill their space in both Grade A and B office buildings.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Crown Plaza S Viettel Group 195,900Keangnam Landmark L Nissan Vietnam 104,400Keangnam Landmark L Fujitsu Vietnam 6,500Capital Tower L Lien Viet Securities 4,100Capital Tower L HR2B Hanoi 1,600Pacific Place L Sumitomo Mitsui Bank Corp. 4,800

Page 12: Asia pacific office market overview 3Q 2012

P. 12 | colliers iNterNAtioNAl

asia pacific office market overview | 3Q 2012

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Bengaluru (Bangalore)• In 3Q 2012, Bengaluru’s Grade A new supply totalled approximately 0.8 million sq ft,

including Prestige Tech Park II – Etamin Block, VRC Tower and Condor.

• Due to cautious occupier sentiments in an uncertain economy, the commercial office space market witnessed subdued tenant demand compared to the previous two quarters, resulting in stable rents.

• Looking ahead, rental values are expected to remain stable as substantial supply is projected to enter the market in the near future.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Chambers@Mantri L Exilant Technologies 40,000Independent Building L Happiest Mind 50,000Prestige Corniche L Dexler 8,900

Bearys Global Research

Triangle

L Loreal 25,000

Brigade Hulkul L PWC (PRTM Management

Consultancy)

8,600

Brigade Hulkul L Mitsubishi 8,600

chennai• In 3Q 2012, Chennai Grade A new supply totalled more than 0.8 million sq ft, including

Prestige Polygon and Design Square.

• In this quarter, due to a slowdown in the economy, especially the IT sector, demand for Grade A office space has been reduced compared to the previous two quarters. Companies were following a wait and see policy for expansion or consolidation.

• Average rental values for Grade A office premises remained stable in almost all of the micro-markets and are expected to remain stable as significant supply is projected to enter the market in the near future.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Agnito Park L GE Capital Services 58,000MCTM L Raffles Millennium

International

25,000

Ramanujam SEZ L VIT Consulting 25,000AKDR L Ajuba Solutions India Pvt Ltd 30,000Tek Towers L ISGN 33,000Tek Towers L Sutherland Global Services 33,000

Page 13: Asia pacific office market overview 3Q 2012

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 13

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mumBai• The completion of The Capital, in 3Q 2012, contributed approximately 1.2 million sq ft of

prime office space to the current supply.

• With sustained demand from the banking and financial services sector, absorption in Mumbai remained upbeat.

• Despite increased absorption, average rents for Grade A office premises remained stable in almost all of the micro-markets due to the ample stock availability.

• Looking ahead, rental values are expected to remain stable with substantial future supply.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Indiabulls Finance Centre L Rediffusion 30,000Peninsula Business Park S Tata AIG 32,000FCH House S Delta Corp. 55,000Boomerang L Technip KTI 56,000Peninsula Business Park L Cipla 250,000

new delhi• The total new supply of Grade A office space during the quarter was around 2 million

sq ft. The projects contributing to this new supply were Platinum Tower, Digital Green Techno Heights, NSL, SB TOWER, Koneectus and Ambiance Corporate Tower.

• Absorption increased moderately while rents remained stable across the micro-markets during 3Q 2012.

• Looking ahead, the absorption momentum is likely to continue but overall rents are expected to increase moderately due to ample stock availability.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Logix Cyber Park L Emeter 15,000Spaze Tech Park L CapGemini 40,000Urbtech NPX L Infoedge 100,000Prestige Corporate Park L Ammerprise 140,000NKG Tower L Naukri.com 150,000

Page 14: Asia pacific office market overview 3Q 2012

P. 14 | colliers iNterNAtioNAl

asia pacific office market overview | 3Q 2012

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adelaide• Leasing transaction has been growing since the last quarter.

• As demand for Grade A space continues to intensify, there may be some pressure on rental values and incentives.

• Major tenant relocations are expected in the near future with one of the city’s major developments getting close to completion and another two due next year.

• Core located assets with present value added opportunities are attractive to institutional investors, syndication groups and high net worth individuals.

• Yields are likely to hold in the short term and compress further in early 2013.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

132 Grenfell Street S Primewest Funds Ltd 34,000141 - 143 Rundle Mall S Private 176,30070 Franklin Street L MIGA 14,000431 - 439 King William Street L LogiCamms 9,10030 Flinders Street L Jacobs Engineering 13,60030 Flinders Street L Santos 27,200

BrisBane• With deferred expansion of large mining companies, the number of large lease transactions

declined.

• An escalation in vacancies and subdued market confidence led to constrained rental growth in 1H 2012 across all grades of office space.

• Institutions and foreign investors have made approximately AU$371.25 million worth of major purchases in the first half of 2012.

• Vacancy is forecast to tighten slightly in the second half of 2012 and reach 8.2% by mid-2013 as a result of limited new development in the near term.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

111 Eagle Street L Arrow Energy 159,300

145 Ann Street L Grant Thornton 48,600

12 Creek Street S Dexus 346,500

40 Creek Street S PGA Group 133,000

150 Charlotte Street S CIMB 119,100

Page 15: Asia pacific office market overview 3Q 2012

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 15

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canBerra• Foreign investors have driven demand for prime office assets over the last two years

and this trend is likely to continue for the next 12 months.

• Secondary asset yields are now at the bottom of the market cycle and will remain steady for the next 12 months.

• Grade A office rents have recorded 2 - 3% annual growth over recent years and this is likely to continue for the next 21 months before growing at an annual rate of 3 - 4 %.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

10 - 12 Mort Street L Department of Education, Employment,

and Workplace Relations

166,300

Garema Court L Department of Regional Australia 116,600NewActon Nishi L Department of Climate Change

and Energy Efficiency

131,900

Penrhyn House S Quintessential Equities Pty. Ltd 135,900

melBourne• The first half of 2012 saw a total of 55,868 sq m of new supply.

• Investment demand from both domestic and offshore institutions remained strong over the first half of 2012.

• There is approximately 277,000 sq m of new space set to enter the market over the next two years, and 74% of it has been pre-committed.

• The rising vacancy rate has had limited impact on pre-commitment activity with two deals announced during the first half of 2012.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

City West Police Complex, 313

Spencer Street, Melbourne

L Victorian Police 306,800

11 Exhibition Street L BUPA 126,400360 Collins Street L LaTrobe University 13,600120 Collins Street L Gresham Partners 6,800459 Collins Street L Medibank 11,900720 Bourke Street L Medibank 322,900242 Exhibition Street,

Melbourne

S Investa Office Fund 709,500

150 Collins Street, Melbourne S GPT Wholesale Office Fund 215,300

Page 16: Asia pacific office market overview 3Q 2012

P. 16 | colliers iNterNAtioNAl

asia pacific office market overview | 3Q 2012

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perth• Recent resource sector developments have resulted in some subleased space coming

onto the market.

• Premium Grade vacancy and available stock remain relatively tight.

• Investment expenditures in the resources sector, the main driver of growth for the state, remains relatively independent of the recent global economic and financial environment.

• The new supply cycle momentum has eased due to short- to medium-term economic uncertainty.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

66 St Georges Terrace, Perth S Investa 123,20045 St Georges Terrace, Perth S Credit Suisse 121,3001 Adelaide Terrace, Perth S GDI 211,300255 & 267 St Georges Terrace, Perth

S Primewest 43,900

108 St Georges Terrace, Perth L Apache 43,100108 St Georges Terrace, Perth L Aurecon 17,20050 St Georges Terrace, Perth L AMCOM 7,000197 St Georges Terrace, Perth L Undisclosed 50,000

sydney• Prime Grade yields have stabilised, while the yield spread between high- and low-quality

Secondary Grade assets has continued to widen.

• The sales volumes for Prime and Grade A offices remain low due to limited supply.

• Demand is strong for Secondary Grade properties of less than AU$25 million, while weak for those above AU$25 million and with weighted average lease expiry less than four years.

• Prime office rents remained stable however incentives have begun to rise due to an increase in vacancy and softer tenant enquiry levels, despite growth in demand for CBD space from metro and fringe based tenants.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

6 - 10 O'Connell Street S MGPA 175,60060 Castlereagh Street L Centric Wealth 27,600175 Pitt Street L VMware Australia 22,200 133 Castlereagh Street L Sydney University 18,400

AustrAliA

Page 17: Asia pacific office market overview 3Q 2012

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 17

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auckland• According to the latest updates from the Investment Property Databank / Property Council

of New Zealand (IPD / PCNZ), the total return on office investment has increased slightly from 6.6 to 7.0% in 2Q 2012, which is made up of 8.1% income return and negative 1.1% capital return.

• Leasing activity has been steady since the beginning of 2012, due to sustained higher-than-expected tenancy demand for prime office space. Prime and secondary rents remained stable in the past 12 months but prime rents have begun to move upwards as a result of the recent easing of incentive packages.

• Office vacancy in the Auckland CBD has fallen 1.3% in the past 12 months, sitting at 10.9% in June 2012 and tracking just below the 15-year average of 11.8%. The prime office building vacancy rate has dropped 2.4% in the past six months.

• Yields have been relatively stable and are anticipated to hold over the next 12 months. One notable sale during 3Q 2012 was the ASB Bank Centre, 135 Albert Street, to Auckland Council for NZ$104 million.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

ASB Bank Centre, 135 Albert Street S Auckland Council 356,000106 Albert Street S New Development Group 47,500Vero Centre, 48 Shortland Street L Bell Gully 70,100

wellington• Leasing market remained active as a growing number of office tenants seeking to move

from those buildings perceived to be earthquake-prone.

• CBD office vacancy has increased by 4.9 percentage points YoY to 14.9% in June 2012, the highest level since June 1995.

• Due to concern over earthquake, the institutional and private owners have focused on strengthening their existing buildings. Consequently, new office supply is anticipated to slowdown in near term.

• Office investment activity in CBD was relatively strong in the first half of 2012 with the notable transaction of Bowen Campus from AMP Capital Property Portfolio to Precinct Properties New Zealand (formerly AMP Office NZ Limited) for NZ$50.4 million, at an initial yield of 10.7%.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Bowen Campus, 34 & 38 Bowen Street

S Precinct Properties New Zealand (former

AMP Office NZ)

324,700

49 Tory Street, Te Aro L ANZ Bank 155,900Telecom Central, 42 - 52 Willis Street

L AMP Financial Services 25,400

Vodafone on the Quay, L14 - 15, 157 Lambton QuaY

L Baldwins Intellectual 16,100

Page 18: Asia pacific office market overview 3Q 2012

P. 18 | colliers iNterNAtioNAl

asia pacific office market overview | 3Q 2012

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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Page 19: Asia pacific office market overview 3Q 2012

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 19

Jakarta

Guangzhou

Seoul

Shanghai

Chengdu

Hong Kong

Taipei

Singapore

Hanoi

Beijing

Bangkok Manila

Ho Chi Minh City

Shanghai 1,888,720Guangzhou 1,791,404

Over 1 million sq ft

500,000 - 1,000,000 sq ft

100,000 - 500,000 sq ft

Below 100,000 sq ft

Auckland 81,655Beijing 20,322Canberra 11,302Wellington 6,383Ho Chi Minh City 4,865

Seoul 483,906Manila 469,758Chengdu 342,229Singapore 225,641Melbourne 134,549Hong Kong 110,679Taipei 110,673Hanoi 104,926

Kuala Lumpur 852,314Bangkok 750,954Jakarta 655,134

Kuala Lumpur

Melbourne

Auckland

Canberra

Wellington

Net tAke-uP 3Q 2012 (sq f t )

Source: Colliers

Page 20: Asia pacific office market overview 3Q 2012

city New supply take-up Average vacancy total stock Average rentals (sq ft) (sq ft) (%) (sq ft) (us$ / sq ft / year) 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f

BeijiNG

CBD 0 2,152,780 588,570 1,125,915 5.4 9.4 20,543,097 22,695,877 65.43 69.36

Zhongguancun 0 0 4,951 0 1.0 1.0 8,095,529 8,095,529 45.01 51.01

Financial Street 0 645,834 -22,680 519,434 0.4 1.6 9,700,524 10,346,358 66.93 70.35

Lufthansa 0 0 70,902 11,216 2.0 1.9 7,477,089 7,477,089 53.14 55.16

East Chang An Avenue 0 0 -58,782 25,231 1.9 1.5 6,307,064 6,307,064 49.91 51.28

East 2nd Ring 0 1,521,251 -641,076 760,631 2.3 20.8 2,409,736 3,930,987 46.68 45.52

Other areas 0 0 854,223 11 0.2 0.2 1,151,307 1,151,307 45.58 47.00

cHeNGDu

Renmin Road 463,224 1,614,585 221,306 1,086,120 30.8 31.4 3,412,027 5,026,612 26.37 29.01

CBD 814,235 0 215,859 332,707 22.1 10.5 2,861,637 2,861,637 24.61 27.25

Financial Street 914,932 430,556 301,389 551,877 49.0 31.0 1,415,733 1,846,289 28.13 29.01

Tianfu Avenue 2,230,377 4,090,282 344,445 2,514,275 68.0 44.7 1,076,390 5,166,672 21.10 24.61

GuANGzHou

Yuexiu 0 0 109,544 83,474 6.8 5.1 4,683,244 4,683,244 19.69 19.66

Tianhe 8,215,299 10,554,391 5,973,512 6,881,480 23.4 26.8 25,544,156 36,098,547 29.85 29.10

Haizhu 557,010 0 373,497 64,476 33.6 30.7 2,244,693 2,244,693 17.58 17.23

sHANGHAi

Huangpu 0 0 1,709,114 128,488 6.6 5.2 9,177,699 9,177,699 51.56 55.01

Jingan 539,067 1,216,321 370,533 1,005,674 7.3 8.6 8,157,131 9,373,452 56.58 60.37

Lujiazui-Pudong 0 823,438 -91,187 784,597 9.1 9.0 17,222,305 18,045,743 47.54 50.73

Zhuyuan-Pudong 2,259,687 0 1,111,335 275,342 20.3 15.6 5,858,349 5,858,349 36.57 39.02

Changning 1,295,156 1,197,484 505,078 1,363,781 14.2 9.8 6,446,597 7,644,080 35.01 37.35

Xuhui 0 0 86,051 19,488 6.0 5.6 4,871,881 4,871,881 46.89 50.03

HoNG koNG

Central 170,000 0 -154,268 77,940 5.7 5.3 21,686,414 21,686,414 166.74 175.08

Wanchai 343,740 0 171,870 50,777 3.4 3.0 11,439,007 11,439,007 98.99 102.94

HK Island East 0 0 152,029 25,118 2.7 2.5 10,854,774 10,854,774 66.20 68.85

Tsim Sha Tsui 0 0 134,400 5,600 0.9 0.8 6,361,390 6,361,390 83.31 87.48

Kowloon East 619,245 886,684 704,109 837,343 9.7 9.4 9,297,402 10,184,086 54.85 57.59

tAiPei

CBD 177,874 1,250,700 447,571 777,173 9.8 11.5 19,327,543 20,578,242 28.12 28.35

seoul

CBD 1,342,893 1,431,825 30,978,763 31,763,020 12.1 13.4 35,222,866 36,654,691 27.67 28.33

GBD 1,499,164 0 27,155,943 27,458,593 5.4 4.3 28,697,841 28,697,841 24.26 25.35

YBD 1,989,266 1,815,676 15,580,471 13,764,875 14.8 31.5 18,288,081 20,103,758 21.54 22.68

tokyo

CBD 7,354,834 3,091,006 N/A N/A 8.5 8.2 79,330,004 82,421,010 107.80 108.67

jAkArtA

CBD 4,070,164 430,556 3,893,731 3,145,987 5.8 5.5 50,970,360 51,400,916 24.79 28.22

Non-CBD 2,533,779 1,192,436 2,549,570 1,230,357 7.3 6.8 22,772,860 23,965,296 16.93 18.38

kuAlA lumPur

KLCA 1,989,000 509,000 2,000,000 1,100,000 12.3 10.0 33,109,111 33,617,696 25.44 25.44

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treNDs & forecAsts

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

fkArAcHi

CBD 440,000 145,000 100,000 100,000 40.0 40 15,231,929 15,376,929 1.05 1.04

mANilA

Makati 617,342 660,903 676,016 695,778 3.8 3.2 9,934,477 10,595,380 20.63 21.96

Ortigas 0 876,074 115,002 727,338 2.6 4.8 4,961,404 5,837,489 14.91 15.44

siNGAPore

CBD 806,000 586,036 1,055,498 118,843 7.0 8.8 23,514,057 24,100,093 81.06 77.53

BANGkok

CBD 0 0 645,834 0 16.9 14.5 17,580,646 17,580,646 24.84 25.56

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 36.88 33.34

BeNGAluru

Overall 6,000,000 8,000,000 5,000,000 6,500,000 14.0 14 83,227,175 91,227,175 10.70 11.16

cHeNNAi

Overall 3,500,000 4,000,000 4,000,000 4,500,000 21.0 20 42,512,483 45,512,483 10.93 10.93

mumBAi

Overall 4,200,000 5,000,000 6,000,000 5,000,000 15.0 16 98,658,000 103,658,000 41.22 41.22

New DelHi

Overall 7,000,000 5,800,000 5,000,000 4,000,000 16.5 16 71,404,158 77,204,158 39.40 39.17

ADelAiDe

CBD 193,750 215,278 312,153 269,098 7.7 9.5 14,031,551 14,584,170 33.74 35.07

BrisBANe

CBD 1,110,372 200,209 857,947 136,691 4.6 4.3 11,364,536 11,485,092 55.49 57.27

cANBerrA

CBD 226,042 0 193,750 107,639 6.0 8.0 3,013,892 3,013,892 36.40 36.85

melBourNe

CBD 1,467,647 1,442,363 408,049 1,137,271 7.1 7.1 26,601,752 28,044,114 30.36 32.23

PertH

CBD 1,871,067 92,397 1,243,230 0 5.0 4.6 17,132,824 17,158,119 67.56 72.80

syDNey

CBD 484,376 1,044,098 458,962 565,105 7.3 7.7 27,118,301 27,844,422 66.97 67.22

AucklAND

CBD 157,691 46,984 81,655 93,420 9.0 9.4 4,581,277 4,570,729 25.93 26.70

welliNGtoN

CBD 0 0 6,383 25,833 4.6 4.0 3,119,841 3,256,973 26.47 26.93

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

asia pacific office market overview | 3Q 2012

colliers iNterNAtioNAl | P. 21

treNDs & forecAsts

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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.

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colliers iNterNAtioNAl | P. 23

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.

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.

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.

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.

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.

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asia pacific office market overview | 3Q 2012

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:

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colliers iNterNAtioNAl | P. 25

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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Professionals & staff: 12,300Square feet managed: 1,250 million*Lease/sale transactions: 76,000Total transaction value: $68 billion

real estate is a location business. that’s why we do business where you do business.

reveNues couNtries o f f i c e s

522621.8BILLION

AsiA PAcific

* The combination of Colliers International and FirstService results in 2.55 billion under management - 2nd largest in the world.

Colliers International is a leading global real estate services organisation defined by our spirit of enterprise. Through a culture of service excellence and a shared sense of initiative, we have integrated the resources of real estate specialists worldwide to accelerate the success of our partners.

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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