Download - Asia Pacific Regional Office Market Report Q1 2010

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

QUARTERLY UPDATE | APR IL | 2010

COLLIERS INTERNATIONAL | REGIONAL RESEARCH2

ASIA PACIFIC OFFICE MARKET OVERVIEW | APRIL | 2010

Regional Overview .....................................................................3

Greater China ..........................................................................4-6

Beijing, China ...................................................................................................... 4

Chengdu, China ................................................................................................. 4

Guangzhou, China ............................................................................................. 5

Shanghai, China .................................................................................................. 5

Hong Kong SAR, China .................................................................................... 6

Taipei, Taiwan ...................................................................................................... 6

North Asia ...................................................................................7

Seoul, South Korea ............................................................................................ 7

Tokyo, Japan ........................................................................................................ 7

Southeast Asia ...................................................................... 8-10

Jakarta, Indonesia ............................................................................................... 8

Kuala Lumpur, Malaysia ..................................................................................... 8

Manila, Philippines .............................................................................................. 9

Singapore ............................................................................................................ 9

Bangkok, Thailand ............................................................................................ 10

Ho Chi Minh City, Vietnam ............................................................................ 10

India ..................................................................................... 11-12

Bangalore .......................................................................................................... 11

Chennai ............................................................................................................. 11

Mumbai .............................................................................................................. 12

New Delhi ........................................................................................................ 12

Australasia .......................................................................... 13-16

Adelaide, Australia ........................................................................................... 13

Canberra, Australia ......................................................................................... 13

Melbourne, Australia ....................................................................................... 14

Perth, Australia ................................................................................................. 14

Sydney, Australia .............................................................................................. 15

Auckland, New Zealand ................................................................................. 16

Wellington, New Zealand .............................................................................. 16

Prime Offi ce Rentals ................................................................17

Trends & Forecasts ............................................................. 18-19

Defi nitions & Terminology ................................................. 20-21

Contacts .............................................................................. 22-23

CONTENTS

COLLIERS INTERNATIONAL | REGIONAL RESEARCH 3


EXECUTIVE SUMMARY

REGIONAL OVERVIEW

Market Outlook

Attributed largely to the relaxed monetary measures adopted by various central governments,

the ease of credit and the sustained low interest rates, the region’s economy continued to

move ahead with its recovery in 1Q2010. With a stronger-than-expected pace of recovery

registered in a number of centres in 1Q2010, the region’s economy has been returning

gradually to its pre-crisis levels. Against this favourable economic backdrop and the sustained

positive market sentiment boosted by the performance of a number of asset and equity

markets, the office real estate market in the region displayed corresponding positive signs,

with a measurable revival in demand during the period.

A number of multinational corporations have been encouraged by the stronger-than-

anticipated economic conditions to re-activate their real estate plans, which had been

largely put on hold immediately after the crisis hit. In Hong Kong, companies engaged in

the financial sector were bold in committing to new space in 1Q2010 thanks in part to

the return of hedge funds and private equities. In Beijing, domestic corporations engaged

in the finance, technology and services sectors were particularly active in securing their

office addresses. Elsewhere, in India, occupational demand improved across both IT and

non-IT sectors as occupiers moved pre-emptively to secure new leases before rentals increase

again from their cyclical lows in 1Q2010. The trend towards a flight to quality remained

popular in many cities, with plenty of brand new space coming up for lease especially in

decentralised locations. Overall, the leasing market in the region revived, with rentals edging

up by 0.9% quarter-on-quarter in 1Q2010 – the first positive quarterly growth registered

in the past one and a half years.

On the sales front, the investment demand for office real estate remained strong

notwithstanding the continued compression of investment yields in 1Q2010. Local private

investors continued to be one of the key groups of players. In addition, there were initial

signs of a return of real estate funds into the market. In China, the highlight was the sale of

Gateway Plaza, a prime office building comprising 131,575 sq m in the Lufthansa precinct,

to the Mapletree India China Fund for a total consideration of US$425 million (RMB2.9

billion). Elsewhere in Australasia, Aviva Investors acquired 80 Clarence Street in Sydney

for US$27.86 million (AU$29.95 million).

Looking ahead, the demand for office real estate in the region continues to gather strength

on the back of further economic growth expected over the next couple of years. Despite

the projection that interest rates might edge up again, possibly in the latter part of 2010,

the prospective rate hike by virtue of market consensus will be mild. In addition, with

expectations of a further catch-up of rentals, the current price level across various key

centres continues to represent an attractive entry point in the present real estate cycle,

despite the challenge of compressed investment yields.

Market Revival

Sales Market

Leasing Trends



MAJOR TRANSACTIONS

C H I N A

MAJOR TRANSACTIONSBuilding Lease (L) / Tenant / Area

Sale (S) Purchaser (sq ft)

Gateway Plaza S Mapletree India China Fund Ltd. 1,416,300

World Financial Centre L Halliburton 40,900

Tengda Building L A subsidiary of BiAuto 37,700

Raffl es City L Sumitomo Pharm 24,800

Raffl es City L CITIC Investment 24,600

China Overseas Plaza L Trimble 19,400

China Central Place L Zhong De Securities 16,100

Yintai Centre L He Yu Real Estate 16,100

China Central Place L Hanas Natural Gas 12,900

China Central Place L Sequoia Capital 10,800

Building Lease (L) / Tenant / Area


Central Plaza L Cenosls PTE CTD 4,500

Lippo Tower L Lenovo 30,000

Chengdu

• The overall leasing market picked up additional momentum on the back of improving

economic conditions during 1Q2010.

• Major deals included the lease of 450 sq m at Centre Plaza by CENOSLS PTE CTD.

Meanwhile, Lenovo took 3,000 sq m at Lippo Tower and rented 2,000 sq m at Air

China Century Centre.

• No new development was completed in 1Q2010 and the average vacancy rate remained

at 16%. Average office rentals edged up to RMB108 per sq m per month as at the end

of 1Q2010.

• In anticipation of new supply coming through in 2011 and 2012, the average vacancy

rate is predicted to edge up to over 30%. However, vendors might prefer to keep rentals

high at the expense of low occupancy.

Beijing

• Phoenix Place I in Lufthansa was completed in 1Q2010, adding 32,000 sq m of new office space to the stock. Despite the new release, the overall vacancy rate dropped by 0.88 percentage points to 16.27% as at the end of 1Q2010 on the back of an active leasing market.

• With growing leasing demand from multinational corporations, the market saw an increase in transactions in 1Q2010. For example, Halliburton and Sumitomo Pharmaceuticals took up 3,800 sq m and 2,300 sq m, respectively, in the World Financial Centre and Raffles City. Meanwhile, domestic corporations engaged in the finance, technology and services sectors also contributed to the revival of demand in 1Q2010.

• Prime office rent edged up 1.06% quarter-on-quarter (QoQ) to RMB166.49 per sq m per month in 1Q2010 on an effective basis as a result of improving market sentiment and a general reduction in the rent-free period by most landlords.

• On the investment front, the key highlight in 1Q2010 was the transaction of The Gateway Plaza. The development, comprising a total gross floor area of 131,575 sq m in the Lufthansa precinct, was sold by RREEF China Commercial Trust to the Mapletree India China Fund for a total consideration of RMB2.9 billion.

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EXECUTIVE SUMMARY



Poly Centre L Security fi rm 9,100

Poly Centre L Domestic bank 37,700

Poly Centre L Investment company 20,400

Poly Centre L Real estate company 19,700

GT Land Plaza L Accounting fi rm 95,300

Poly Centre L Media company 4,800

Guangzhou

• In tandem with the pace of overall economic recovery, the demand for prime office

space continued on its upward trend in 1Q2010.

• Prime office rentals achieved a notable rise of 7% QoQ to RMB133.7 per sq m per

month as at the end of 1Q2010.

• No new supply entered the market in 1Q2010. The average vacancy rate fell to 16.3%

by the end of 1Q2010 thanks to the improvement in take-up rates.

• As a number of new developments are expected to be launched in 2Q2010, vacancy rates

will edge up in the second half of 2010. However, office rentals may hold firm, given the

quality premium for most new projects coming on line.

• On the investment front, office sales prices are expected to increase due to limited supply

of stock for sale during 2010.

Shanghai

• Notwithstanding the seasonal slow period, particularly during the period of Chinese New Year, prime office space in Shanghai exhibited growth in 1Q2010. Individual buildings in Pudong, which previously suffered from high vacancy rates, saw an encouraging increase in absorption during the period.

• Although there was only one small development (i.e. about 5,000 sq m floor area) completed in Lujiazui, the vacancy rate in the area edged down in 1Q2010. Effective office rent edged up slightly by 1.7% QoQ to RMB6.9 per sq m per day as at the end of 1Q2010, representing the first positive growth over the past 18 months.

• The office investment market remained active in 1Q2010. A number of investment transactions were closed, including the sale of seven floors in 21st Century Tower to Ningbo Bank at an average price of RMB37,500 per sq m.

• Going forward, office leasing demand is predicted to stage further growth in 2010 against the backdrop of the sustained recovery of global and domestic economies. However, plentiful supply in the marketplace will constrain any sharp surge in rentals from now through 2012.

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Corporate Avenue L Analog Devices 29,000

SWFC L Itochu 71,000

Intercontinental Centre L NXP 64,600

Chong Hing Finance L Hugo Boss 6,500

Plaza 66 Tower II L Sanofi Aventis 22,600

21st Century Tower S Ningbo Bank 149,100

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Taipei

• Thanks to the improving global economy, growing domestic consumption and the

external trading environment, the local GDP forecast for 2010 has been revised upward

to 4.72%.

• With 7,600 ping of new space completed in 1Q2010, the average vacancy rate edged up

from 12.32% in 4Q2009 to 13.04% in 1Q2010.

• Asking rental increased to NT$2,787 per ping per month, although the average effective

rental fell to NT$2,461 per ping per month in 1Q2010.

• In anticipation of a gradual growth in take-up, prospective new supply coming on line

is expected to send vacancy rates up further in 2010.

T A I W A N

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Hong Kong

• The local office market witnessed an increase in activity in terms of leasing enquiries from

both existing multinational corporations and newcomers during 1Q2010. Individual

landlords were emboldened to raise asking rentals. Overall, prime office rentals picked

up additional momentum with a growth of 5.2% QoQ to HK$44.70 per sq ft per month

during the quarter.

• With the continued fall in vacant stock in traditional business locations, tenants open to

decentralisation continued to be lured by the brand new stock available in Kowloon East.

The overall prime office vacancy rate in Hong Kong declined from 7.45% in 4Q2009

to 6.02% in 1Q2010.

• Over the next 12 months, the outlook for the local office market remains positive due to

encouraging signs of a growth in demand in the finance industries. There maybe more

significant positive spillover from the financial industries into other sectors.

• With vacancy rates in the secondary stock coming down and a limited supply of new

stock in core locations, rentals are expected to increase 20% over the next 12 months.



Manulife Plaza L Sun Hung Kai Securities 100,000

Landmark East L AIA Insurance 120,000

Landmark East L Levi’s 14,000

Landmark East L Mott McDonald 42,100

Manhattan Place L Kaga Electronics 20,900

8/F, 9 Queen’s Road Central S SiS Capital Ltd 13,700

13/F, New Mandarin Plaza S Pretty Ltd 19,700

10 fl oors, One Harbour East S Undisclosed 157,100

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Exchange Square One L Hermes Greater China Ltd 5,200

TAIPEI 101 L Crown 1,800



EXECUTIVE SUMMARY

J A P A N

Tokyo

• Large leasing transactions increased slightly in 1Q2010 due to greater incentives available

from landlords in view of lower rents.

• Tenants were actively renegotiating leases in buildings they currently occupy. Reductions

of 20% or more are increasingly common on traditional Japanese lease renewals.

• Vacancy rates continued to increase to over 7.5% as tenants reduced space requirements

due to restructuring.

• Relatively new buildings, those completed less than a year ago, commonly have much

higher vacancy rates than the market average.



Roppongi Hills L Google 71,000

Sumitomo Hamarikyu L PWC Japan 159,700

Shinagawa Grand Central L Microsoft 390,500

Shinjuku Mynds Tower L Japan Kantar Research 27,300

Tokyu Capital Tower L Mitsubishi Research Institute 248,500

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S O U T H K O R E A

Seoul

• Overall prime office rentals in Seoul saw a mild drop of 0.43% quarter-on-quarter (QoQ)

in 1Q2010. The CBD registered the steepest fall of 1.42% QoQ due to an increase in

vacancy rates as a result of the re-opening of Seoul Square in 4Q2009. The YBD area

recorded a decrease of 0.75% QoQ in 1Q2010. The only bright spot for landlords was

the GBD area, where an increase of 0.75% QoQ was registered during the period.

• The average vacancy rate in the GBD and YBD areas fell to 4.25% due to a recovery in

demand, although the rate in the CBD edged up to 6.46% in 1Q2010.

• Due to the large amounts of new supply coming on line in the CBD, the vacancy rate

in this area is predicted to rise to 10% by the end of 2010.

• As shown below large Korean companies have been active in the leasing market.

• On the investment front, the number of sales transactions concluded was low in 1Q2010,

as prospective buyers remain cautious about the sustained compression of cap rates.



Dongyang Securities Bldg. L Woori Asset Management 53,800

Dongyang Securities Bldg. L Dongyang Securities 19,800

Shinsong Centre Bldg. L Dongbu Asset Management 10,900

Olive Tower L Hyundai Oil Bank 56,600

Gateway Tower L Air Products 17,800

K1 REIT Bldg. L Keumho Life Insurance 16,000

Golden Tower L Kyobo Life Insurance 21,700

Daeryung Secho Tower L GAEASOFT 28,900

Nara Bldg. L ALti Soft 32,700

Sigong Tech Bldg. S Sungwoo Automotive (SWA Group) 46,300

Korea Land Housing (LH) Seoul Bldg. S Ottogi Co., Ltd. 183,200

Jungdong Bldg. S Samsung Investments Co., Ltd. 421,400

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Jakarta

• The local office market remained on its upward trend in 1Q2010, with prime office

rentals averaging Rp143,720 per sq m per month during the period. In anticipation of an

increase in the electricity tariff, total rental costs will escalate in the middle of 2010.

• Due to the completion deferral of individual developments, the total new supply coming

on line in 2010 is expected to be over 200,000 sq m.

• The latest economic indicators suggest that the local economy will grow further in 2010,

underpinning further growth of the local office market. As S&P and Fitch have upgraded

the investment outlook on Indonesia, investment flow into the country is expected to

accelerate in 2010.

Kuala Lumpur

• The demand for local office real estate turned positive in 1Q2010 as market confidence

strengthened in tandem with the overall economic growth. There were also signs of a

return of foreign players during the period.

• From 2010 to 2011, more than 3.1 million sq ft of prime new office space will be coming

along the pipeline, although the majority of the space is scheduled for completion during

2011.

• Prime capital values and rentals are expected to remain stable in 2010 due to the

availability of new stock over the near to medium term.

I N D O N E S I A

M A L A Y S I A



Menara Jamsostek (South) L MAA Insurance 21,500

The Plaza L PT. Harta International Management 2,700

The Plaza L United Insurance Service 4,300

The Plaza L Pea Body Energy 2,100

The Plaza L Victus Life 4,000

Graha Aktiva L Sofrecom 4,300

Graha 55 L Badan Nasional Penanggulangan Bencana 16,900

Graha 55 L Rama Express 4,100

Wisma Pondok Indah I L ANZ 4,300



Emerio, Cyberjaya L AT&T Communication Services *11,000

(M) Sdn Bhd

Menara BATA L Mega Advertising Sdn Bhd 3,800

Menara Mustapha Kamal L CHI Fitness 20,000

PJ 8 - Block A L Tenaga Nasional Bhd 14,000

The Icon - West wing L Mustang Engineering 15,000

Menara PJD L Public Works Department Malaysia 360,000

(Jabatan Kerja Raya Malaysia)

UOA Damansara II S UOA REIT 296,800

Menara UOA Bangsar - Tower B S UOA REIT 312,300

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EXECUTIVE SUMMARY



MBFC Phase One Tower Two L Nomura Singapore Limited 102,000

Twenty Anson L Toyota Motors Asia Pacifi c 38,000

Ocean Financial Centre L Verizon Communications 32,000

Robinson Point S AEW Global Advisors 133,000

Marina House S Roxy Pacifi c, Macly Capital, Pinnacle Assets, 130,000

Fission Holdings, Chee Hsian Sing

1 Finlayson Green S Lucrum Capital 89,000

Singapore

• On the back of strengthening economic conditions and improving occupational demand, prime office rents in the Central Business District edged up 0.5% quarter-on-quarter (q-o-q) to S$6.38 per sq ft per month as of the end of 1Q2010.

• There was an increase in leasing activity on all fronts – relocations, renewals, expansions and pre-commitments – with occupiers showing a preference for newer or newly retro-fitted office buildings. For example, Toyota Motors Asia Pacific will be relocating from the 13-year old Centennial Towers in the Marina Centre/City Hall micro-market to the newly completed Twenty Anson in the Shenton Way/Tanjong Pagar micro-market.

• Meanwhile, Nomura Singapore Limited pre-committed to 102,000 sq ft of office space in Tower Two of the first phase of the Marina Bay Financial Centre. Verizon Communications pre-committed to 32,000 sq ft in the Ocean Financial Centre, which is slated for completion in 1Q2011.

• Given the ongoing flight to quality and the gradual expansion in the private sector, the local office market is expected to see a modest recovery over the next three quarters of 2010, with the prospective rental upside capped at 5% during the period.

S I N G A P O R E

MAJOR TRANSACTIONS

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Manila

• With office rentals showing signs of bottoming out in 1Q2010, landlords are expected

to raise asking rentals soon.

• Prime office rentals in 1Q2010 remained lower than the level seen two years ago. Tenants

have been prompted to relocate and upgrade to quality premises in the core Makati

CBD.

• Due to growing demand attributed to the BPO sector, the average vacancy rate in the

marketplace remained steady in 1Q2010.

• The growing optimism concerning the prospective absorption rate in 2010 boded well

for landlords who have existing stock for lease.

• Looking forward, rentals are expected to increase 5%-10% in 2010. However, with

plentiful options available in the marketplace, the prospective rental upside is predicted

to be capped at 30% over the next 18 months.

P H I L I P P I N E S



Ayala Tower One L ING Bank N.V. 47,500

RCBC Plaza L Vestas 12,400

6750 Ayala Avenue L N.V. Besix S.A. Philippine Branch 3,600

Tara Building L Land Bank 9,100

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Ho Chi Minh City

• The office market in Ho Chi Minh City saw a positive impact from the continued recovery

of the economy in Vietnam. Prime office occupancy rates increased by 5-7 percentage

points to 97%-100% in 1Q2010 excluding Kumho Asiana and Vincom Tower offices.

• Excluding service charge or VAT (i.e. 10%), prime office rentals were fetching US$40-

US$50 per sq m per month on a net lettable floor area basis in 1Q2010.

• The completion of Kumho Asiana Plaza added 25,765 sq m to the market, representing

25% of the total office stock. The prevailing office rentals at Kumho Asiana Plaza ranged

between US$45 and US$55 per sq m per month, and occupancy rates were 55% to

65%; Vincom Tower is going to provide to the office market in end of April with a total

lettable area approximately 76,000 sq m and the average rental rate is about US$45 per

sq m without service charge and VAT.

• Looking ahead, Financial Tower, with a total of 37,710 sq m net of office floor area, will

be competed in 2010. A & B Towers, a second-tier development, will provide 25,500

sq m of office space in the same period.

V I E T N A M

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Bangkok

• The office leasing market was quiet in 1Q2010 as tenants preferred to stay put and the

recent political demonstrations disrupted individual tenants’ real estate plans.

• However, with limited new supply coming on line, occupancy rates will edge up marginally

in 2Q2010 and 3Q2010. Office rentals are expected to stay firm during the course of

2010.

• One single development project, comprising about 72,000 sq m of office space, is

scheduled for completion at the end of 2010, pushing vacancy rates up in the CBD.

• In anticipation of improving industrial activity and the gradual recovery of regional

trade, the overall outlook for the local office market is positive for 2010.

THAILAND



Silom Complex L Country Group Securities Co., Ltd. 6,300

Silom Complex L Embassy of Japan in Thailand 6,700

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EXECUTIVE SUMMARY

Bangalore

• Office leasing demand and absorption attributed to the non-IT and IT sectors improved

during 1Q2010 thanks to the economic recovery and the prevailing low rental levels.

However, rental and capital values remained stagnant across the board.

• New developments, including TNR Techzone, Vasvani Centrapolis and Salarpuria

Cosmo Levelle, were ready for fitting-out in 1Q2010, representing a total of 0.4 million

sq ft of office space.

• One of the major projects launched in 1Q2010 was Pride Hulkul – a 0.3 million sq ft

development built by Pride developers on Lal Bagh Road.

• In anticipation of the completion of the first phase of Bangalore Metro by December

2010, the current congestion will improve, boosting both transportation efficiency and

leasing demand for office space in the city.

I N D I A

MAJOR TRANSACTIONS



Maruti Infotech Centre L Misys Software 29,200

JP Techno Park L Samsung 50,000

JP Techno Park L Curum Software 35,000

Prestige UB City L Uninor 26,000

SJR I Park L Intelli Group 25,000

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• Although demand for office and IT space showed signs of improvement in 1Q2010,

the rental and capital values for prime office space remained stable, primarily due to

the significant amount of vacant space available in peripheral locations.

• Vacancy rates in suburban and peripheral regions continued to remain high, at about

30%, while the CBD areas saw the lowest vacancy rates, at about 5% in 1Q2010.

• In a recent development, The Tamil Nadu Housing Board announced the redevelopment

of around 70 acres of land at Foreshore Estate, close to the famed Marina Beach in

Chennai.

MAJOR TRANSACTIONS



DLF SEZ L Continental Data Graphics 24,000

DLF SEZ L iGate 63,000

Ascendas L Lennox 20,000

RMZ L Franklin Templeton 40,000

Sterling Towers L Ven Sat Technologies 7,500

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New Delhi

• Prime office rentals increased 2%-3% quarter-on-quarter (QoQ) in a number of micro-

markets, among them the CBD, Jasola and Saket, thanks to growing demand and

improved leasing activity in 1Q2010.

• A number of brand new office buildings were completed in peripheral locations in

1Q2010. In Gurgaon, the Vipul Trade Centre, the MVL IT Park and the BPTP i Park

were all completed, providing a total of about 1 million sq ft of floor space. Beside that,

Ishan Technology, Eco Tower, NKG Tower and 8 Square in Noida, comprising about

0.7 million sq ft, were also finished.

• A number of projects were launched in 1Q2010, including Ansal Corporate Park and

Logix Techica in Noida, and Vatika Trade Centre and Vipul Trade Tower in Gurgaon.

• With the continued improvement of economic and employment conditions, and the

transportation infrastructure, the overall leasing demand is expected to catch up over

the short to medium term.

MAJOR TRANSACTIONS



Baani Corporate One L Ingersoll Rand 7,000

Baani Corporate One L Chambal Fertilzers 30,000

Vatika Towers L Biogen Idec 15,000

Building 10 L Indus Towers 10,000

ABW Tower L Ministry of Fitness 15000

Gylcosls Pvt Ltd L ICICI Bank 3,500

Gylcosls Pvt Ltd L State Bank of India 2,700

Logix Cyber Park L IFS Solution 10,000

IHDP Business Park L HDFC Bank 1,300

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Mumbai

• Due to the improving market sentiment, the local prime office market saw signs

of stabilisation, with average rentals staying firm at INR193 per sq ft per month in

1Q2010.

• A total new supply of approximately 3.4 million sq ft, concentrated primarily in the

SBD and PBD areas, was completed in 1Q2010.

• Vacancy rates remained high due to lower absorption in relation to the volume of new

supply in 1Q2010.

• Looking forward, prime office rentals and capital values are expected to remain stable over

the short to medium term, due to the large volume of new supply coming on line.



Wadia Plaza L Axis Bank 400,000

Godrej IT Park L CapGemini 75,000

Oberoi Commerze L GroupM 75,000

Times Square L Spectral 15,000

Times Square L Compulink 10,500

Universal Magestic S Partibha Industries 40,000

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EXECUTIVE SUMMARY

Adelaide

• The average office vacancy rate peaked at 7.6% in January 2010 and is expected to edge

down over the near term.

• Investment yields started stabilising in the second half of 2009, with some firming

anticipated in the second half of 2010.

• Our research suggests that no new office development is scheduled for completion before

2012. Therefore, the average vacancy will stay low over the medium term.

• Looking forward, the volume of transactional activity in the investment market will

pick up further and the investment focus will be on premises valued at under AU$20

million.

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• Prime face office rentals were steady, although rentals in secondary locations declined

in 1Q2010.

• Investment demand strengthened in 1Q2010, leading to a compression of prime office

yields.

• Flight to quality continued as tenants preferred to upgrade to better quality premises in

1Q2010.

• Second-tier office developments presented good opportunities to vendors who might

want to refurnish or redevelop their old buildings.

• The delivery of new supply has increased the market size of the CBD by 30% in the last

four years and a further 12% increase is expected in 2010.



490 Northbourne Ave L Australian Government 10,800

Childers Square L Ombudsman 21,600

Childers Square L Sparke Helmore 10,000

Childers Square L Legal Aid 20,700

Childers Square L Australian Reinsurance Pool 13,500

Pharmacy Guild House L Computer Sciences Corporation 22,500

Allan Woods Building L Air Services Australia 182,500

20 Allara St L Australian Government 8,500

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400 King William Street L Department of Correctional Services 33,400

22 King William Street L National Australia Bank 45,300

63 Pirie Street L Randstad 11,600

HP House S Local Government Association 50,200

The Conservatory S Century Funds (Syndicate) 43,000



Perth

• The vacancy rate in the Perth CBD stablised at 8.2% as of January 2010.

• Occupational demand increased with strengthening confidence in the business

community.

• The investment market sentiment in the CBD was positive due to the return of

institutional investors and the sustained demand attributed to local high net worth and

overseas investors during 1Q2010.

Melbourne

• Due to a quicker-than-anticipated economic recovery and the improving job market,

occupational demand for office space in the CBD staged a strong growth in 1Q2010.

• Face office rentals in top-tier premises increased by 3% in 4Q2009 and 1Q2010, although

second-tier buildings remained flat.

• However, with the increase in new supply, the average vacancy rate in the CBD increased

from 4.8% in 4Q2009 to 6.6% in 1Q2010.

• There were a total of 14 major investment sales transactions with lump sum considerations

in excess of AU$10 million, each concluded during the period between 2009 and the

first quarter of 2010. Equivalent reversionary yields tightened by 12.5 basis points during

the period between 4Q2009 and 1Q2010.

MAJOR TRANSACTIONS



735 Collins Street L Australian Taxation Offi ce 409,000

385 Bourke Street L TRU Energy 96,900

717 Bourke Street L Channel 9 / PBL Media Pty Ltd. 93,400

530 Collins Street L Moore Stephens 46,600

800 Collins Street S SEB Asset Management (50% share) 318,000

383 King Street S Henkell Brothers 139,800

446 Collins Street S Private Investor 57,600

414 LaTrobe Street S Julliard Group 155,200



251 St Georges Terrace L AGC Industries 21,900

169 Hay Street L Fairfax 16,300

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EXECUTIVE SUMMARY

A U S T R A L I A

Sydney

• The average office face rent was generally steady at about AU$635 per sq m per annum

in 1Q2010 and is predicted to remain stable during the remainder of 2010.

• The average vacancy rate in the CBD increased from 7.8% in July 2009 to 8.1% in

January 2010. In anticipation of an increase in demand during the second half of 2010,

vacancy rates will edge down by the end of 2010.

• Lease incentives held steady in the range between 23%-32% in 1Q2010 and are expected

to remain within this range over the medium term until demand improves further.

• Overall market activity increased in 1Q2010, with a total of seven investment sales

transactions recorded between November 2009 and February 2010, totalling about

AU$1.1 billion. As a result, office yields have tightened by 25 basis points since September

2009.

MAJOR TRANSACTIONS



85 Castlereagh Street L JP Morgan 179,800

420 George Street L State Street 113,000

179 Elizabeth Street S Echo Capital Partners 170,800

55 Hunter Street S City Freeholds 152,800

80 Clarence Street S Aviva Investors 67,400

60 Martin Place S Gwynvill Properties 252,600

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N E W Z E A L A N D

Auckland

• The Deloitte Centre at 80 Queen Street and 21 Queen Street were both completed in the latter part of 2009, adding 37,380 sq m of office space to the prime grade office stock. The average office vacancy rate in the CBD increased to 11.5% in 4Q2009 and is forecast to rise further due to the completion of a number of new developments over the near to medium term.

• Amid the current trend of rising vacancy rates, office rentals came under pressure in 1Q2010. For the first time in many years, contiguous office floors are available in almost all prime grade buildings. Prime office rents fell to around NZ$330 per sq m per annum in 1Q2010, representing a fall of 8.4% compared with the level seen in early 2009.

• One of the key leasing deals was that of Southern Cross Medical Care Society’s commitment to taking 6,300 sq m of office space in the Britomart East complex, which is scheduled for completion in early 2011.

• According to the IPD Property Index by the Property Council, the Auckland CBD market recorded a total return to investors of -11.9% for the year ended December 2009.

Wellington

• According to the Property Council/IPD Property Index, the Wellington CBD market recorded a total return to investors of -5.2% for the year ended December 2009. After a series of rental reductions since mid-2008, prime office rentals settled at around NZ$370 per sq m per annum in 1Q2010. A further downslide of 3% is anticipated over the next 12 months.

• Most tenants continued to opt for lease renewals in 1Q2010. Overall leasing activity is expected to remain slow over the short to medium term.

• The average vacancy rate remained at an extremely low level of 0.7% in 4Q2009. Meanwhile, about 54,000 sq m of new office space in the pipeline in 2010 has been pre-committed by major government bodies. For example, The New Zealand Customs Service has confirmed that it will take 6,500 sq m in a project due for completion in early 2010. Looking forward, the CBD office vacancy rate will remain modest over the near term.

• On the sales front, prime grade investment yields edged up by 15 to 25 basis points in the Core precinct in 1Q2010. The key sales deal was the sale by the receivers of Petherick Properties of Morrison Kent House at 105 The Terrace in Wellington City to the Pascoe Group for NZ$33 million.

MAJOR TRANSACTIONS



Morrison Kent House S Pascoe Group 188,600

State Services Commission Building S Undisclosed 144,100

Petherick Tower S Undisclosed 67,900

3-11 Hunter Street L Tech Tonics 5,900

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8 Nelson Street L Goodman Fielder New Zealand 62,400

Britomart East Building Britomart Place L Southern Cross Medical Care Society 67,800



EXECUTIVE SUMMARY

P R I M E O F F I C E R E N T A L S

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T R E N D S & F O R E C A S T S

City New Supply Take-up Average Vacancy Total Stock Average Rentals

(sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year)

2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F

Beijing

CBD 4,683,900 0 1,679,341 2,874,876 39.4 25.2 20,240,599 20,240,599 27.04 29.62

Zhongguancun 0 0 134,172 43,131 4.6 4.0 7,619,765 7,619,765 26.20 26.97

Financial Street 148,434 0 269,442 188,584 4.8 2.9 9,978,125 9,978,125 36.52 38.90

Lufthansa 905,997 828,820 384,155 585,664 24.2 24.7 6,981,950 7,810,770 24.75 24.86

East Chang An Avenue 0 0 -104,991 59,643 6.6 5.7 6,307,067 6,307,064 22.16 24.73

East 2nd Ring 1,442,739 0 671,172 590,077 44.0 33.3 5,504,411 5,504,411 23.69 24.21

Chengdu

Renmin Road 2,341,816 1,216,321 2,871,292 3,300,987 60.0 55.0 4,785,673 6,001,994 19.60 21.23

Chunxilu, Yanshikou 0 484,376 199,982 496,851 10.0 20.0 1,999,857 2,484,233 16.33 17.15

East Street 0 0 245,148 204,288 18.0 15.0 1,361,913 1,361,913 19.60 21.23

Shuncheng Street-Luomashi 0 1,495,633 193,212 142,008 20.0 15.0 946,685 2,442,318 15.51 16.33

Guangzhou

Yuexiu 0 0 96,326 57,167 7.6 6.3 4,338,799 4,338,799 17.47 17.80

Tianhe 4,613,408 13,247,250 1,730,232 5,809,115 27.5 39.8 18,332,450 31,743,032 23.31 23.68

Haizhu 0 1,183,060 161,459 605,437 21.2 35.7 1,076,390 2,259,450 16.33 16.33

Shanghai

Huangpu 395,520 0 350,735 -21,101 9.2 9.9 3,333,182 3,333,182 34.34 34.81

Jingan 1,666,768 1,743,031 1,196,713 1,328,645 19.8 20.5 7,387,286 9,130,317 38.75 39.51

Lujiazui-Pudong 2,100,381 6,208,230 1,033,833 3,005,092 23.9 31.3 17,012,347 23,220,577 30.66 28.34

Zhuyuan-Pudong 2,180,852 627,848 1,428,261 -70,807 27.5 36.8 5,036,516 5,664,363 27.20 24.42

Changning 341,474 0 306,826 -19,452 12.5 12.9 4,850,805 4,850,805 28.95 29.72

Luwan 699,654 0 668,543 -6,758 4.7 4.9 3,801,777 3,801,777 37.46 38.55

Xuhui 0 1,288,493 -434,706 1,082,260 15.3 15.5 4,294,958 5,583,450 31.53 32.31

Hong Kong

Central 0 0 198,308 137,819 4.3 3.6 21,266,625 21,266,625 151.38 187.72

Wanchai 0 237,344 161,415 215,758 4.9 4.9 11,095,267 11,332,611 72.51 84.84

HK Island East 434,350 0 240,883 142,130 6.5 5.3 10,974,830 10,974,830 49.76 54.73

Tsim Sha Tsui 0 0 -112,281 39,465 6.4 5.8 6,361,390 6,361,390 59.85 67.04

Taipei

CBD 697,264 0 419,781 635,715 13.3 10.0 19,186,894 19,186,894 26.29 26.61

Seoul

CBD 4,155,833 0 2,481,174 1,107,369 10.5 6.9 30,670,639 30,670,639 24.45 25.65

KBD 329,902 0 809,451 204,520 2.3 1.5 26,105,717 26,105,717 21.36 22.50

YBD 949,004 2,835,343 529,378 1,670,117 4.4 9.7 16,729,297 19,564,640 16.30 17.27

Tokyo

CBD 4,001,307 5,758,695 N/A N/A 7.5 7.5 N/A N/A 95.82 94.73

Jakarta

CBD 2,269,030 3,127,903 2,372,697 1,876,600 11.5 13.3 45,948,721 49,076,624 17.24 17.91

Non-CBD 1,302,335 1,258,117 863,491 998,029 12.7 13.2 19,032,642 20,484,509 12.27 12.42

Kuala Lumpur

KLCA 1,172,000 2,454,000 700,000 700,000 10.5 15.4 28,420,000 30,874,000 22.80 23.17

Manila

Makati 0 0 177,540 -84,615 8.1 9.0 9,317,135 9,317,135 16.89 18.37

Ortigas 0 0 233,760 143,752 11.5 8.6 4,961,404 4,961,404 12.57 13.66



EXECUTIVE SUMMARY

T R E N D S & F O R E C A S T S





2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F

Singapore

CBD 1,906,000 1,555,241 1,638,334 1,611,453 8.9 8.0 21,191,297 22,746,538 56.21 61.76

Bangkok

CBD 837,431 290,625 269,098 322,917 17.5 17.0 17,945,940 18,236,565 22.73 24.11

Ho Chi Minh City

CBD 1,421,481 307,417 964,801 533,750 25.0 10.0 2,533,402 2,878,105 59.09 46.82

Bangalore

Overall 910,000 3,280,000 1,330,000 3,050,000 15.0 17.0 65,033,175 68,313,175 11.17 11.96

CBD 270,000 450,000 350,000 550,000 16.0 18.5 N/A N/A 17.81 18.61

SBD 0 970,000 750,000 1,000,000 9.0 9.5 N/A N/A 10.63 11.96

PBD 640,000 1,860,000 230,000 1,500,000 19.0 21.5 N/A N/A 4.79 5.32

Chennai

Overall 2,068,500 5,586,250 747,100 N/A 22% N/A 28,868,500 34,454,750 11.96 12.23

CBD 0 822,500 70,100 N/A N/A N/A 1,575,000 2,397,500 15.42 15.95

SBD 0 703,500 33,000 N/A N/A N/A 5,845,000 6,548,500 12.23 12.49

PBD 2,068,500 4,060,250 644,000 N/A N/A N/A 21,448,500 25,508,750 7.98 7.98

Mumbai

Overall 3,365,000 2,057,000 1,416,000 N/A N/A N/A 75,545,000 N/A 51.31 51.84

CBD 0 930,000 870,000 N/A N/A N/A N/A N/A 85.07 85.07

SBD 2,060,000 940,000 229,000 N/A N/A N/A N/A N/A 43.86 45.19

PBD 1,305,000 187,000 317,000 N/A N/A N/A N/A N/A 25.25 25.25

New Delhi

Overall 3,368,000 3,900,000 957,000 N/A 18.5 N/A 56,994,158 60,894,158 43.60 44.13

CBD 0 400,000 43,000 N/A 6.1 N/A 1,861,000 2,261,000 71.51 71.78

SBD 168,000 0 55,000 N/A 15.0 N/A 8,150,000 8,150,000 39.88 40.67

PBD 3,200,000 3,500,000 859,000 N/A 23.0 N/A 46,983,158 50,483,158 19.67 19.67

Adelaide

CBD 0 0 215,278 322,917 6.8 5.0 13,799,320 13,777,792 29.78 30.63

Canberra

CBD 796,529 0 645,834 150,695 8.0 7.5 3,110,767 3,110,767 32.76 34.04

Melbourne

CBD 736,789 0 968,751 1,076,390 7.2 7.4 19,678,347 19,678,347 34.43 36.55

Perth

CBD 1,532,833 88,264 538,195 538,195 13.6 10.7 16,282,196 16,370,460 51.48 53.61

Sydney

CBD 1,353,141 1,805,644 430,556 807,293 6.2 7.9 25,794,319 27,599,964 55.01 57.67

Auckland

CBD 0 301,389 241,746 110,427 11.0 14.0 4,258,866 4,560,255 21.43 20.97

Wellington

CBD 581,251 300,313 523,287 213,394 3.0 6.2 2,144,933 2,445,246 23.87 23.34



GREATER CHINA

Beijing

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

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

An Avenue and Zhongguancun.

Rents are quoted in RMB per sq m per month on gross fl oor area basis,

and exclusive of management fees and rent free period. Capital values

are quoted on RMB per sq m.

Chengdu

Prime offi ce buildings in Chengdu are mainly located in 4 sub-markets,

South Renming Road , Chunxi Road - Yanshikou Trading Area, Shuncheng

Street and Luomasi Trading Area, and East Street.

Rents are quoted in RMB per sq m per month on gross fl oor area basis,

and exclusive of management fees. Capital values are quoted on RMB

per sq m.

Guangzhou

Prime offi ce buildings in Guangzhou are located in 3 principal sub-markets

– Dongshan, Yuexiu and Tianhe.

Rents are quoted in US$ per sq m per month on gross fl oor area basis,

and exclusive of any management fees and government taxes. Capital

values are quoted on US$ per sq m.

Shanghai

Prime offi ce buildings in Shanghai are located in 6 principal sub-markets

– Huangpu, Jingan, Lujiazui-Pudong, Changning, Luwan and Xuhui.

Rents are quoted in RMB per sq m per day on gross fl oor area basis,

and exclusive of any management fees. Capital values are quoted on

RMB per sq m.

Hong Kong

Prime offi ce properties in Hong Kong are concentrated in 4 sub-markets

– Central, Wanchai / Causeway Bay, Island East and Tsim Sha Tsui.

Rents are commonly quoted in HK$ per sq ft per month on either

gross, net or lettable fl oor area basis, which are exclusive of management

fees, and government tax. Prices are quoted in HK$ per sq ft, and are

measurable on gross fl oor area basis.

Taipei

Prime offi ce properties in Taipei are concentrated in 7 districts, comprising

Nanking Sung Chiang (NK-SC), Minsheng Tun Hwa North (MS-TN), Hsin

Yi, West, Tun Hwa South (TUN-S), Jen Ai Hsin Sheng (JA-HS) and Nanking

East Road (NK-4/5).

The local unit of measurement is a “ping” (i.e. 3.3 sq m). Rents and prices

are quoted in local currency i.e. New Taiwan Dollar (NT$) on gross

fl oor area basis.

D E F I N I T I O N S A N D T E R M I N O L O G Y

NORTH ASIA

Seoul

Major offi ce districts in Seoul include the traditional central business

area (CBD), Gangnam Business District (GBD) and Yeouido Business

District (YBD).

Rents are quoted in Won per pyung (also equivalent to 3.3 sq m) per

month on gross fl oor area basis. Generally, a deposit equivalent to 10

months is required, and is usually paid up front. Management fees are

excluded from quoted rents. Space is measured on gross fl oor area basis.

Capital values are quoted in Won per sq m.

Tokyo

The quality offi ce buildings in Tokyo are located in the central business

area (CBD) area covering six wards namely, Chiyoda-ku, Chuo-ku,

Minato-ku, Shinjuku-ku, Shibuya-ku and Shinagawa-ku.

Rents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month,

which are inclusive of service charges. Offi ce space is measured on an

internal fl oor area basis. Capital values are quoted in Yen per tsubo.

SOUTHEAST ASIA

Jakarta

The quality offi ce buildings in Jakarta are located in the CBD covering

the districts Thamrin, Sudirman, Gatot Subroto, Rasuna Said and Mega

Kuningan. The areas outside the above districts are collectively called as

“non-CBD”.

Rents are commonly quoted in Rupiah per sq m per month, which are

inclusive of service charges but exclusive of government taxes. Offi ce

space is measured on lettable fl oor area basis. Capital values are quoted

in Rupiah per sq m.

Kuala Lumpur

Prime offi ce buildings located in the Kuala Lumpur Central Area (KLCA)

only. The KLCA comprises areas generally within the central business

district.

Rents are commonly quoted in Ringgit Malaysia (RM) per sq ft per month

on net fl oor area basis, which are inclusive of service charges and property

taxes. Capital values are quoted in Ringgit per sq ft.

Manila

Prime offi ce buildings in Manila are located in two principal sub-markets

– Makati and Ortigas.

Rents are quoted in Peso per sq m per month on net fl oor area basis,

and exclusive of any management fees. Capital values are quoted in Peso

per sq m.



EXECUTIVE SUMMARY

D E F I N I T I O N S A N D T E R M I N O L O G Y

Singapore

The quality offi ce buildings covered in the report are located in the Central

Business District of Singapore.

Rents are quoted in S$ per sq ft per month on net fl oor area basis

(i.e. area less common areas such as corridors, toilets, lift lobby etc. but

including columns), and are inclusive of service charge. Capital values are

quoted on the basis of strata area for strata-titled buildings, and net area

for non-strata-titled developments.

Bangkok

Prime offi ce 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 fl oor area basis, and

inclusive of service charges. Capital values are quoted in Baht per sq m.

Ho Chi Minh City

The quality offi ce buildings in Ho Chi Minh City are located in District

One - the central business district in the city.

Rents are commonly quoted in US$ per sq m per month on net fl oor

area basis, and exclusive of management fees and government tax. Capital

values are quoted on US$ per sq m.

INDIA

Bangalore

Prime offi ce properties in Bangalore are can be divided in 3 principal

sub-markets – CBD (Central Business District), SBD (Suburban/Secondary

Business District) consisting of Bannerghatta Road & Outer Ring Road

and PBD (Peripheral Business District) including PBD Hosur Road, EPIP

Zone, Electronic City and Whitefi eld.

Rents are commonly quoted in Rupee per sq ft per month, which are usually

exclusive of maintenance charges, parking charges and property taxes.

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

Chennai

Prime offi ce properties in Chennai are located in 3 principal submarkets–

CBD (Central Business District), (Suburban/Secondary Business District)

and PBD (Peripheral Business District). SBD consists of Guindy and

Velechery while PBD includes other areas such as Old Mahaballipuram

Road, Ambattur and GST Road amongst others.




The content of this report is for information only and should not be relied upon as a substitute for professional advice, which should be sought from Colliers International prior to acting in reliance upon any such information. The opinions, estimates and information given herein or otherwise in relation hereto are made by Colliers International and affi liated companies in their best judgement, in the utmost good faith and are as far as possible based on data or sources which they believe to be reliable in the contest hereto. Notwithstanding, Colliers International and affi liated companies disclaim to the extent permitted by law, any liability in respect of any claim which may arise from any errors or omissions or from providing such advice, opinions, judgement or information.

Colliers Macaulay Nicolls Inc., and certain of its subsidiaries, is an independently owned and operated business and a member fi rm of Colliers International Property Consultants, an affi liation of independent companies with over 290 offi ces throughout more than 60 countries worldwide

Mumbai

Prime offi ce properties in Mumbai are primarily concentrated in CBD

(Central Business District) – consist of Nariman Point, Ford and Ballard

Estate; SBD (Secondary Business District) including Bandra (West and

East), Kalina, Lower Parel and Worli/Prabhadevi and PBD (Peripheral

Business District) including Navi Mumbai, Vashi, Powai, Goregaon.




New Delhi

Prime offi ce properties in New Delhi are primarily concentrated in

CBD (Central Business District) – consist of Connaught Place; SBD

(Secondary Business District) including Nehru Place, Jasola, Saket and

Netaji Subhash Place and PBD (Peripheral Business District) including

Gurgaon and Noida.

Rents are commonly quoted in Rupee per sq ft per month, which are

usually exclusive of maintenance charges, parking charges and property

taxes.


* Super built-up area refers to the total **built-up area of a building plus a proportional

allocation of all common areas including stairs, lift cores, ground fl oor lobby, and caretaker’s

offi ce/fl at throughout the building.

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

columns.

AUSTRALASIA

Australia

Prime offi ce buildings are located in the CBD and generally favored by

MNCs.

Rents are quoted on net fl oor area basis, and in A$ per sq m per annum

excluding management fee and government charges. Capital values are

quoted on A$ per sq m.

New Zealand

Prime offi ce buildings are located in the CBD.

Rents are quoted on net fl oor area basis, and in NZ$ per sq m per annum

excluding management fee and government charges. Capital values are

quoted on NZ$ per sq m.



GREATER CHINA

Beijing, China502 Tower W3, Oriental Plaza No 1 East Changan Avenue, Dongcheng DistrictBeijing 100738Tel : 86 10 8518 1633Fax : 86 10 8518 1638Amanda GaoManaging Director, North [email protected]

Chengdu, ChinaRoom L 16F City Tower86 Section One Renmin Nan RoadChengdu 610016Tel : 86 28 8620 2128Fax : 86 28 8620 2158Jacky TsaiGeneral [email protected]

Guangzhou, China702 Teem Tower, 208 Tianhe RoadGuangzhou 510620Tel : 86 20 3819 3888Fax : 86 20 3819 3899Eric LamManaging [email protected]

Shanghai, China16F Hong Kong New World Tower300 Huaihai Zhong Road Shanghai 200021Tel : 86 21 6141 3688 Fax : 86 21 6141 3699 Lina WongManaging Director, East and South West [email protected]

Hong Kong, HKSAR5701 Central Plaza,18 Harbour Road Wanchai, Hong HongCompany Licence No: C-006052

Tel : 852 2828 9888Fax : 852 2828 9899Richard KirkeManaging [email protected]

Piers Brunner (E-183614)

Chief Executive Offi cer - [email protected]

George McKay (E-215150)

Managing Director, Corporate Services - Asia Pacifi [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-dong,Jung-gu, Seoul 100-180Tel : 82 2 6740 2000Fax : 82 2 318 2015Jay YunSenior Director & General [email protected]

Tokyo, Japan Halifax Building 8F, 16-26, Roppongi 3-ChomeMinato-ku, Tokyo 106-0032Tel : 81 3 5563 2111Fax : 81 3 5563 2100James FinkSenior Managing Directorjfi [email protected]

SOUTH EAST ASIA

Jakarta, Indonesia10F World Trade Centre,Jl Jenderal Sudirman Kav 29-31 Jakarta 12920Tel : 62 21 521 1400Fax : 62 21 521 1411Mike BroomellManaging [email protected]

Kuala Lumpur, Malaysiac/o Mark Lampard* Regional Director - Occupier Services - Asia Tel : 65 6531 8601 Fax : 65 6557 0649 [email protected]* Based in Singapore

Malaysia information contributed by:C H Williams Talhar & Wong Sdn Bhd 32nd Floor Menara Tun RazakP O Box 1215750768 Kuala LumpurMalaysiaTel : 603 2693 8888Fax : 603 2693 6565/6655URL: http:// www.wtw.com.myGoh Tian SuiManaging [email protected]

Manila, Philippines10F Tower 2 RCBC Plaza, 6819 Ayala Avenuecorner Sen Gil J Puyat AvenueMakati City, Philippines1200Tel : 63 2 888 9988Fax : 63 2 845 2612David YoungManaging [email protected]

Singapore1 Raffl es Place#45-00 One Raffl es PlaceSingapore 048616Tel : 65 6223 2323Fax : 65 6222 4901Dennis YeoManaging Director, SingaporeAsia Regional Industrial [email protected]

Bangkok, Thailand17/F Ploenchit Center2 Sukhumvit RoadKlongtoey, Bangkok 10110Tel : 66 2 656 7000 Fax : 66 2 656 7111 Patima JeerapaetManaging [email protected]

Ho Chi Minh City, VietnamHo Chi Minh City, Vietnam7F Bitexco Building19-25 Nguyen Hue StreetDistrict 1, Ho Chi Minh CityTel : 84 8 827 5665Fax : 84 8 827 5667Peter DinningGeneral [email protected]

KP SinghManaging [email protected]

Hanoi, VietnamVinaplast - Tai Tam Building, 9th Floor,39A Ngo Quyen StreetHoan Kiem District, Hanoi, Vietnam Tel : 84 4 220 5888 84 4 220 5566Fax : 84 4 220 1133Do Le QuanDeputy General [email protected]

For further details, please contact:



EXECUTIVE SUMMARY

INDIA

Bangalore, IndiaPrestige Garnet, Level 2, Unit No.201/20236 Ulsoor Road, Bangalore 560 042Tel : 91 80 4079 5500Fax : 91 80 4112 3131Goutam ChakrabortyOffi ce [email protected]

Chennai, IndiaUnit 1C, 1st Floor, Heavitree Complex,23 Spurtank Road, Chetpet,Chennai 600 031Tel : 91 44 2836 1064Fax : 91 44 2836 1377Kaushik ReddyOffi ce [email protected]

Gurgaon, IndiaG3, NewBridge Business Centers,TechnoPolis, DLF Golf Course Main Sector RoadSector 54, Gurgaon 122 002Tel : 91 124 4375807Fax : 91 124 4375806Saacketh ChawlaOffi ce [email protected]

Kolkata, IndiaRegus Business Centre Constantia, Level 6,Kolkata 700017Tel : 91 33 4400 0541Fax : 91 33 4400 0555Joe VergheseManaging [email protected]

Mumbai, India31-A, 3rd Floors, Film Centre, 68 Tardeo RoadMumbai 400 034Tel : 91 22 4050 4500Fax : 91 22 2351 4272Poonam MahtaniOffi ce [email protected]

New Delhi, India204/205, 2nd Floor, Kanchenjunga Building,18 Barakhamba RoadNew Delhi 110 001Tel : 91 11 4360 7500Fax : 91 11 2335 6624Prit PaulOffi ce [email protected]

Pune, IndiaVatika Business Center, Level-5C Wing, Panchsheel Tech Park-1, YerwadaPune 411 006Tel : 91 20 4011 1356Fax : 91 20 6640 3138Suresh CastellinoOffi ce [email protected]

AUSTRALASIA

Adelaide, AustraliaLevel 10, 99 Gawler Place,Adelaide SA 5000Tel : 61 8 8305 8888Fax : 61 8 8231 7712James YoungState Chief [email protected]

Canberra, AustraliaGround fl oor, 21-23 Marcus Clarke StreetCanberra ACT 2601Tel : 61 2 6257 2121Fax : 61 2 6257 2937Paul PowderlyState Chief [email protected]

Melbourne, AustraliaLevel 32 367 Collins StreetMelbourne VIC 3000 Tel : 61 3 9629 8888Fax : 61 3 9629 8549John MarascoState Chief [email protected]

Perth, AustraliaLevel 19, 140 St Georges TerracePerth WA 6000Tel : 61 8 9261 6666Fax : 61 8 9261 6665K. Imran MohiuddinState Chief [email protected]

Sydney, AustraliaLevel 12, Grosvenor Place,225 George StreetSydney NSW 2000Tel : 61 2 9257 0222Fax : 61 2 9251 3297Malcom TysonState Chief [email protected]

Auckland, New ZealandLevel 27, 151 Queen Street, AucklandTel : 64 9 358 1888Fax : 64 9 358 1999Mark SynnottManaging [email protected]

Wellington, New ZealandLevel 10, 36 Customhouse QuayWellingtonTel : 64 4 473 4413 Fax : 64 4 499 1550 (Agency) : 64 4 470 3902 (Valuation)Richard FindlayManaging [email protected]

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