2015-2016

BANGKOK

8

12

16

20

GLOBAL OFFICE MARKET FORECAST OVERVIEW

U.S. COMEBACK FUELS REGIONAL GROWTH

SOUTH AMERICA IN SLUMP

SUN SHINES ON JAPAN AND INDIA

AMERICAS

ASIA PACIFIC

EASTERN EUROPE

WESTERN EUROPE

GLOBAL OFFICE

5

RENTAL GROWTH IN BOTH ESTABLISHED AND EMERGING ASIAN MARKETS

RENTAL GROWTH EXPECTED IN MOST EUROPEANMARKETS OVER THREE YEARS

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

Los Angeles Seattle

New York Barcelona

San Francisco Jakarta

Houston Tokyo Dublin Boston

6

TENANTS MOVING PROACTIVELYIN ACTIVE MARKETS

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%

Jakarta

Shanghai

Manila

Mexico City

Pune

Hyderabad

Shenzhen

Chengdu

Istanbul

Ho Chi Minh City

0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0%

Seattle

Hyderabad

Manila

Mexico City

Shanghai

Mumbai

Jakarta

Guangzhou

Shenzhen

Ho Chi Minh City

GLOBAL OFFICE

AMERICAS

8

RENTS ON THEIR WAY UP IN U.S. GROWTH MARKETS

CANADA ANTICIPATES RECOVERY

GLOBAL OFFICE

9

MEXICO CITY ON THE UPSWING

SOUTH AMERICAN SLOWDOWN

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Ottawa Chicago Atlanta

Los Angeles Montreal

Philadelphia Houston

New York San Francisco

CalgaryWashington, DC

Toronto Dallas

Buenos Aires Boston

Vancouver São Paulo

Santiago Rio de Janeiro

pp y g y ( )

10

GLOBAL OFFICE

11

ASIA PACIFIC

12

DYNAMICS SUPPORT LEASING ACTIVITY

TENANT LEVERAGE IN SEOUL TO ERODE

NEW SUPPLY DRIVES UP VACANCYIN EMERGING MARKETS

TOKYO ON RECOVERY TRACK; HONG KONG ON HOLD

GLOBAL OFFICE

SOUTHEAST ASIA AND INDIA’S OUTLOOK BRIGHTENS

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0

Seoul Hong Kong

Bangkok Chennai

Melbourne Tokyo

Kuala Lumpur Taipei Beijing

Chengdu Sydney

Brisbane Perth

Singapore Pune

Delhi - NCR Bengaluru

Hyderabad Manila

Shanghai Mumbai Jakarta

Guangzhou

AUSTRALIA’S REBALANCING ACT

SOLID INVESTMENT FUNDAMENTALS

GLOBAL OFFICE

15

EUROPE

16

SUPPLY LED REVIVAL

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Barcelona Madrid Lisbon

Amsterdam London Dublin Milan

Stockholm Zurich

Frankfurt Paris

Munich Brussels

Budapest Luxembourg

Bratislava Moscow

Warsaw Prague

Bucharest Istanbul

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

GLOBAL OFFICE

PRIME RENTAL GROWTH IN CORE CITIESQUALITY SPACE IN DEMAND

IS SECONDARY AN OPTION?

18

GLOBAL OFFICE

19

s2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL

CURRENCY US$/SF/YR LOCAL MEASURE SF

LOCAL MEASURE

SF LOCAL MEASURE SF

0 0 500 500

0 0 0 0 550 550

0 0 0 0 615 615

0 0 0 0 606 606

0 0 0 0

20

s2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL

CURRENCY US$/SF/YR LOCAL MEASURE SF

LOCAL MEASURE

SF LOCAL MEASURE SF

0 0 0 0 622 622

50 50

0 0

168 168 892 892

GLOBAL OFFICE

21

s2015 2016 2015 2016 2015 2016

CITY(LOCAL MEASURE) % % %

LOCAL CURRENCY

US$/SF/YRLOCAL

CURRENCYUS$/SF/YR

LOCAL CURRENCY

US$/SF/YRLOCAL

MEASURESF

LOCAL MEASURE

SFLOCAL

MEASURESF

882 882

0 0

0 0 0 0

285 285

909 909

22

s2015 2016 2015 2016 2015 2016

CITY(LOCAL MEASURE) % % %

LOCAL CURRENCY

US$/SF/YRLOCAL

CURRENCYUS$/SF/YR

LOCAL CURRENCY

US$/SF/YRLOCAL

MEASURESF

LOCAL MEASURE

SFLOCAL

MEASURESF

86 929 28

501

216 155

GLOBAL OFFICE

s2015 2016 2015 2016 2015 2016

CITY(LOCAL MEASURE) % % % LOCAL

CURRENCYUS$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

MANILA

162 560

9 58

BANGKOK 0 0 0 0

s2015 2016 2015 2016 2015 2016

CITY(LOCAL MEASURE) % % % LOCAL

CURRENCYUS$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

906

50 802

12 102 8 91

29 812

GLOBAL OFFICE

25

s2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCYUS$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

0 0

266 628

BEIJING

258

26

s2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCYUS$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

111 108

265

0 0 86

90 26 919 0 0

GLOBAL OFFICE

s2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCYUS$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

0 0

862 862

28

s2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCYUS$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL CURRENCY

US$D/SF/YR

LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

GLOBAL OFFICE

29

s 2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL

CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

280 290

515 0 0

s 2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL

CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

0 0

0 0

MILAN

GLOBAL OFFICE

s 2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL

CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

810

s 2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL

CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

GLOBAL OFFICE

VACANCY s 2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL

CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

VACANCY s 2015 2016 2015 2016 2015 2016

CITY (LOCAL MEASURE) % % % LOCAL

CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL

CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL

MEASURE SF LOCAL MEASURE SF

GLOBAL OFFICE

REGIONAL RESEARCH CONTACTS REGIONAL OFFICE SECTOR CONTACTS

GLOBAL OFFICE