Issuu on Google+

Asia Pacific Office Market Overview 2Q 2012

Accelerating success.


table of contents asia pacific office market overview | 2q 2012

Regional Overview Greater China

3 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

8-11

Jakarta, Indonesia..............................................................................................................................8 Kuala Lumpur, Malaysia.....................................................................................................................8 Karachi, Pakistan...............................................................................................................................9 Manila, Philippines.............................................................................................................................9 Singapore......................................................................................................................................... 10 Bangkok, Thailand............................................................................................................................ 10 Hanoi, Vietnam.................................................................................................................................. 11 Ho Chi Minh City, Vietnam................................................................................................................ 11

India

12-13

Bengaluru (Bangalore).................................................................................................................... 12 Chennai............................................................................................................................................ 12 Mumbai............................................................................................................................................. 13 New Delhi......................................................................................................................................... 13

Australasia 14-17 Adelaide, Australia........................................................................................................................... 14 Brisbane, Australia.......................................................................................................................... 14 Canberra, Australia.......................................................................................................................... 15 Melbourne, Australia........................................................................................................................ 15 Perth, Australia................................................................................................................................ 16 Sydney, Australia............................................................................................................................. 16 Auckland, New Zealand....................................................................................................................17 Wellington, New Zealand..................................................................................................................17

Prime Office Supply, Rents and Net Take-up

18-19

Trends & Forecasts

20-21

Definition & Terminology

22-23

Contacts 24-25


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

Leasing Market Amid the economic uncertainty, the office leasing market has seen relatively steady enquiry levels from occupiers, with firms in the finance and IT industries among the most active. With total occupation costs paramount in tenant decision making, cost sensitivity is high as firms seek to match their business needs to real estate demands. The average office rent edged down by 0.1% QoQ during 2Q 2012 – the first dip since 1Q 2010. Individual markets like Hong Kong and Singapore saw downward rent correction by 2 - 3% QoQ during this period, although most cities in China and Australia continued to exhibit positive rental growth.

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

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

Colliers International |

p. 3


asia pacific office market overview | 2Q 2012

CHINA Beijing

1.00

25.0%

0.80

20.0%

0.60

15.0%

0.40

10.0%

0.20

5.0%

0.00

2009

2010 Supply

2011 Take-up

2012 F

2013 F

• With the absence of new completions in the Grade A office property market for the second consecutive quarter, the total stock remained at 5.17 million sq m as of the end of 2Q 2012. 



   Â Â?Â?Â? Â Â Â 

0.0%

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

Vacancy Rate

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































                     



    

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

Rentals

BEIJING OFFICE CAPITAL AND RENTAL VALUES





















  





  � ��







 



























                      

p. 4

| Colliers International

SK Tower

L

Kookmin Bank

32,200

Tsinghua Tongfang Hi-Tech

L

GREE

27,200

IFC

L

Astellas

40,500

One Indigo

L

NestlĂŠ

43,000

• In 2Q 2012, Towers A and B of China Overseas International Centre were completed, providing a total office area of 107,209 sq m. This project is offered for lease only, and 45% of the office space has been absorbed. The office units are offered at RMB110 - 130 per sq m per month. • The Grade A office vacancy rate increased 5.16 percentage points in 2Q 2012 to 20.68%, due to the completion of China Overseas International Centre.

major transactions Building

Capital Values

Rentals

 

 Â  Â?    

Area (sq ft)

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

CHENGDU OFFICE CAPITAL AND RENTAL VALUES

     

Tenant / Purchaser

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



  



Lease (L) / Sale (S)

chengdu





Building

Plaza Tower D

 Â Â? Â? Â?   

  

 



major transactions

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Plaza Central

L

Yinlong Financing Guaranty

4,800

Yanlord Landmark

L

LVMH

3,200

Aerospace Technology Plaza

L

Daishi Education Group

11,800

Square One

L

Regus

19,400

Square One

L

ERM

2,800

China Overseas International

L

Sichuan Weicheng Trading

43,100

Centre

Co. Ltd


asia pacific office market overview | 2Q 2012

CHINA guangzhou





























 







   Â Â?Â?Â?    Â 

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



  

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

 































Capital Values



     





















 

Tenant / Purchaser

Area (sq ft)

Poly D Plaza - Building 1

S

Guangzhou Automobile Group

490,800

Zhujiang International Plaza

L

CITIC Life Insurance

86,100

Fortune Plaza

L

Baleno

43,100

G.T. Land Plaza - Building A

L

Gesi Co. Ltd

23,600

HNA Plaza

L

Guangzhou Shangcen Clothes

15,200

Zhujiang International Plaza

L

Sodexo Guangzhou

14,300

shanghai





Lease (L) / Sale (S)

 Â  Â?    





• The economic growth is showing signs of a slowdown. In 1Q 2012, the gross domestic product (GDP) growth rate slowed to 7% which was the lowest in the past four quarters.





major transactions Building

     Â Â?Â?    



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

                     

Rentals

GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES 

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



• No Grade A office buildings were completed during 2Q 2012. There was a mild slowdown in leasing activity. • The average rents continued to increase in the second quarter, up 3.6% QoQ to RMB8.6 per sq m per day, primarily as a result of limited new supply in prime locations. • In 2Q 2012, the overall vacancy rate decreased to 6.7% from the previous quarter’s 8.3%. Among the six major central business districts, Jing ‘an recorded the lowest vacancy rate, at 5.9%.

  

Â?Â?



Â?



Â?



Â?



Â?



Â?





    

major transactions

Capital Values



                    

Rentals

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

Building

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Park Place New Richport

L

JP Morgan

32,300

L

Dematic Group

24,800

Bund Center

L

Everbright Pramerica

32,300

The Headquarters Building

L

Hitachi Motor

19,400

 Â  Â?    

Colliers International |

p. 5


asia pacific office market overview | 2Q 2012

h o ng ko ng hong kong

4.50

9.0%

4.00

8.0%

3.50

7.0%

3.00

6.0%

2.50

5.0%

2.00

4.0%

1.50

3.0%

1.00

2.0% 1.0%

0.50 0.00

• A number of private banks remained positive in expanding their businesses. Individual non-finance companies planned to carry out business expansion in 2Q 2012 regardless of the headwinds from the Eurozone. 



   

 ��    

2009

2010 Supply

2011

2012 F

Take-up

2013 F

0.0%

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

Vacancy Rate

major transactions

HONG KONG OFFICE CAPITAL AND RENTAL VALUES 



Building

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

L

Harvest Capital

12,000

Two Pacific Place

L

Neo Derm

42,300

Aon China Building

L

Quam

18,000

















Oxford House

L

LVMH

22,000





15/F and 16/F Octa Tower

L

Avery Dennison

70,000



8 floors, Kowloon Commerce

S

Undisclosed

208,000

S

Ample Perfect Ltd

14,070

                    



Two Exchange Square Capital Values

Rentals

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

   

Centre Tower B 23/F, Lippo Centre Tower 1

 � � �   

ta i wan Taipei





































 

  





• The net take-up of Grade A offices was 6,979 ping in 2Q 2012 which drove the vacancy rate down by 1.3 percentage points to 10%, the lowest since 1Q 2009.

Vacancy Rate

Ping

TAIPEI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

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



  













 







  

p. 6

 � � �  

| Colliers International





                    





     



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

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



Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

CHT Building (Front)

L

Chunghwa Telcom Co.

107,300

Shin Kong Life Tower

L

TomTom Asia

24,700

Aurora 21st Century Building

L

Institute for Information Industry

19,200

Aurora 21st Century Building

L

Cathay Health Care Co.

19,200


asia pacific office market overview | 2Q 2012

s o u t h ko r e a seoul

600,000

12.0%

500,000

10.0%

400,000

8.0%

300,000

6.0%

200,000

4.0%

100,000

2.0%

0

2009

2010 Supply

2011 Take-up

2012 F

Vacancy Rate

sq m

SEOUL OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

2013 F

Vacancy Rate



























                      



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





   

• In 2Q 2012, two office developments were completed. Junghak Building, providing a total gross floor area of 83,787 sq m in the CBD, was launched in April. A total of 7,141 sq m was pre-committed as well as the Yangjae Building, a 44,116 sq m office building located in the Yangjae area of the GBD. Despite its decentralised location, the whole building was leased by SPC group. • Average rents in Seoul largely remained stable in 2Q 2012 at KRW23,896 per sq m per month. Rents in the CBD were the highest at KRW27,459 per sq m per month.

 

    

• Despite the overall recession in the real estate market, domestic pension funds moved aggressively for investing in large office buildings instead of putting their money into the volatile stock market. The common range of operating yields for office buildings is approximately 5 - 8% while interest rates for savings accounts are below 4% in Korea.

 Â  Â? Â?   

major transactions Building

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Boston Consulting

73,300

Center 1

L

Signature Tower

L

AMORE Pacific

258,800

Signature Tower

L

Kumho Petrochemical

177,900

State Tower Namsan

L

BMW

62,900

Yangjae Posco

L

SPC Korea

474,400

IFC

L

Phillp Moris

63,400

Samsung Life Insurance Chungmuro

S

Herald Media Inc

107,700

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

200,000

10.0%

160,000

8.0%

120,000

6.0%

80,000

4.0%

40,000

2.0%

0

2009

2010 Supply

2011 Take-up

2012 F

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

Tsubo

TOKYO OFFICE SUPPLY, TAKE-UP & VACANCY RATE

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

0.0%

2013 F

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

Vacancy Rate

major transactions

















 



Capital Values



                    

Rentals

TOKYO OFFICE CAPITAL AND RENTAL VALUES

     

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

Building

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Tokyo Sankei

L

Sony Life Insurance

56,800

Sengokuyama Mori Tower

L

Adidas

106,500

Sumitomo Fudosan Iidabashi

L

Misumi Group

106,500

Ochanomizu Sora City

L

Kyorin Pharmaceutical

63,900

Palace Building

L

Bain Capital

23,100

First Bldg

  �     

Colliers International |

p. 7


asia pacific office market overview | 2Q 2012

i nd o n es i a jakarta 20.0%

400,000

16.0%

300,000

12.0%

200,000

8.0%

100,000

4.0%

sq m

500,000

0

2009

2010 Supply

2011 Take-up

2012 F

Vacancy Rate

JAKARTA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

2013 F

• Industries such as banking, insurance, oil and gas, mining and natural resources remained key players in the office sector. The overall occupancy reached about 96% in 2Q 2012, driven by the expansion of the existing tenants. The absorption rate of office space is projected to mildly increase in 2012, but new supply in the CBD is expected to be very limited during 2013. Meanwhile, a challenging situation is expected to occur in the nonCBD area, as around 800,000 sq m of new office space is projected to be injected to the market in 2014. • Again, rents showed an upward trend, as buildings quoting US dollar rates experienced a significant 13.8% surge. Buildings quoting IDR rents increased 7.2%.

Vacancy Rate

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

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































World Trade Center 2



Landmark Tower B Landmark Tower B

L



                    



     

major transactions

Capital Values

Rentals

 

Building

  �      

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

L

Total E&P Indonesie

127,500

L

BRI

43,100

SICOM

21,500

World Trade Center 2

L

Avrist

21,500

Citibank Tower

L

Tokyo Marine

18,800

Alstom

S

Selaras Propertindo

35,400

m a l ays i a kual a lumpur

































 

  







         Â  

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





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

  

major transactions 

























   Â Â?

p. 8

    

| Colliers International

Building

Capital Values



                    

Rentals

KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Menara Prudential

S

OCBC Capital (M) Sdn Bhd

147,800

The Horizon, Tower 8,

S

DKLS Industries Bhd

132,000

S

Lembaga Tabung Haji

146,000

Avenue 5, Bangsar South* The Horizon, Tower 6, Avenue 5, Bangsar South* *

Within Metropolitan Kuala Lumpur

Data sourced from C H Williams Talhar & Wong Sdn Bhd


asia pacific office market overview | 2Q 2012

pa k i stan Karachi

1.60

80.0%

1.40

70.0%

1.20

60.0%

1.00

50.0%

0.80

40.0%

0.60

30.0%

0.40

20.0%

0.20

10.0%

0.00

0.0%

2009

2010 Supply

2011 Take-up

2012 F

2013 F

• No major office leasing deals were concluded in 2Q 2012. Pakistan's office market has been stagnant and there has been no growth in demand for offices. As such, take-up rate in the new developments have been very low. 



  Â  Â? 

• Recently, Bahria IV with an office area of 167,000 sq ft was added into the market. Due to weak demand for office, the owner is struggling to attract tenants • The hotel element in the former Sofitel Tower, under construction for the past five years, has been converted into offices. The offices in this development will be available on lease basis. In view of low take-up rates in new development, this project will add more pressure on the lease rates of Grade A office market upon completion.

Vacancy Rate

160

16,000

140

14,000

120

12,000

100

10,000

80

8,000

60

6,000

40

4,000

20

2,000

0

Capital Values

Rentals

KARACHI OFFICE CAPITAL AND RENTAL VALUES

1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F

0

Rentals (Rupee/ sq ft / Year)

Capital Values (Rupee / sq ft)

ph i l i pp i n es manil a

120,000

12.0%

100,000

10.0%

80,000

8.0%

60,000

6.0%

40,000

4.0%

20,000

2.0%

• Office developments remained quiet in Makati CBD, with only Zuelling Building (57,000 sq m) completed this year. The Grade A office building is expected to open towards the end of 3Q 2012. Vacancy Rate

sq m

MANILA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

0 2009

2010

2011

2012 F

2013 F

-20,000

-2.0%

-40,000

-4.0% Supply

Take-up

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

Vacancy Rate

major transactions























Building Aseana One 



Lease (L) / Sale (S) L

Tenant / Purchaser

Area (sq ft)

Philippine EDS Techno

465,200

Service, Inc. Science Hub Tower 2

L

HCCA Health Connection, Inc.

Science Hub Tower 2

L

Factset

246,200 246,200

One Evotech Building

L

Canon Business Machines

125,900

                     





       

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

     Â 

     

Colliers International |

p. 9


asia pacific office market overview | 2Q 2012

s i ngapo r e singapore

























 





 





  

 Â  Â?    

  





























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

Â?     Â?Â?Â

major transactions Building

                    



  

        

• The average monthly gross rents for CBD Grade A office space fell by 1.1% QoQ in 2Q 2012 to S$8.45 per sq ft as of end-June 2012, compared to a drop of 4.3% in 1Q 2012. • The decrease in Grade A office rents boded well for the market, as it improved Singapore’s competitive edge as a regional hub for business and companies had been able to secure office premises for cheaper rents. This pushed the overall CBD Grade A office occupancy rates up to 92.0% in 2Q 2012, from 90.9% in 1Q 2012.





• Rents continued to decline in 2Q 2012 on the back of an increasingly challenging global economic environment. However, cushioned by a better than expected economic performance in Singapore as well as the temporary relief from a hiatus of major new office completions for the rest of 2012, the rate of rental decline moderated.

Ocean Financial Centre

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

K-REIT

887,400

S

(12.39% stake)

     Â

t ha i l and bangkok

120,000

24.0%

100,000

20.0%

80,000

16.0%

60,000

12.0%

40,000

8.0%

20,000

4.0%

0

2009

2010 Supply

2011 Take-up

2012 F

• The net take-up rate in the Bangkok CBD increased due to the limited new supply coupled with growing demand. • Rents in the CBD remained flat during the quarter. Vacancy Rate

sq m

BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

2013 F

Vacancy Rate

major transactions

BANGKOK OFFICE CAPITAL AND RENTAL VALUES 





 

 

Rentals















                             

p. 10

    

| Colliers International

Building Sathorn Square

Lease (L) / Sale (S) L

Tenant / Purchaser

Area (sq ft)

Samsung Engineering (Thailand)

32,300

Co., Ltd. Asia Centre Capital Values





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

L

Total Co., Ltd.

15,100


asia pacific office market overview | 2Q 2012

v i e t na m hanoi

160,000

80.0%

140,000

70.0%

120,000

60.0%

100,000

50.0%

80,000

40.0%

60,000

30.0%

40,000

20.0%

20,000

10.0%

0 -20,000

2009

2010

2011

2012 F

2013 F

Vacancy Rate

sq m

HANOI CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

Supply

Take-up

• Occupancy rates in the CBD dropped one percentage point QoQ to 93.7% in 2Q 2012 due to the relocation of several prominent tenants to the West of Hanoi for cheaper rent. • Up to 2013, new supply of Grade A offices is projected to be approximately 200,000 sq m. The abundant new supply is expected to add pressure to the Grade A office market, leading to a decrease in average asking rents.

-10.0% -20.0%

-40,000

• Hanoi's Grade A office market witnessed a remarkable improvement in the average occupancy rate in 2Q 2012, with the rate increasing 2.95 percentage points to 75.4%. However, there was a slight decrease in average rent, down US$0.32/ sq m / month to US$41.15 per sq m per month.

Vacancy Rate

major transactions

  

Building

60 50



40 30 20 10

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Keangnam Landmark

L

FPT Corporation

75,300

Keangnam Landmark

L

JOC VietGazProm

10,700 16,100

Keangnam Landmark

L

Cisco

Keangnam Landmark

L

KPMG Vietnam

31,200

Keangnam Landmark

L

PricewaterhouseCoopers

15,100

Keangnam Landmark

L

Ericsson Vietnam

0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F

Vietnam 21,500

Rentals (US$/ sq m / Month)

ho chi minh cit y

180,000

45.0%

160,000

40.0%

140,000

35.0%

120,000

30.0%

100,000

25.0%

80,000

20.0%

60,000

15.0%

40,000

10.0%

20,000

5.0%

0

0.0%

-20,000

2009

2010 Supply

2011

2012 F

Take-up

2013 F

Vacancy Rate

-5.0%

• Most of Grade A buildings in prime locations that operated before 2009 achieved an average occupancy rate at 97% in 2Q 2012.

Vacancy Rate

sq m

HO CHI MINH CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• Developers have applied a flexible term of contracts to keep current tenants. Positive signals from the monetary policies of the Vietnamese Government may lend support to the businesses and office market. • The average rents of Grade A offices is expected to continue with its downward adjustment in the next two quarters of 2012 due to a large supply of Grade A office premises from Times Square, Saigon M&C Tower and Eden A Centre, President Place.

major transactions  

 70

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Bitexco Financial Tower

L

FV Hospital

8,600

Bitexco Financial Tower

L

Huy Hong JSC

1,300

Bitexco Financial Tower

L

Nippon Steel

1,600

Bitexco Financial Tower

L

Perfect Network s.r.o

1,400

Kumho

L

Ho Tram Project Company

2,900

10

Kumho

L

Kraft Foods International

1,200

0

Kumho

L

Woori Bank

1,200

Kumho

L

C.A.D

1,000

Saigon Trade Center

L

Do Thanh Viet Co., Ltd

1,000

Saigon Trade Center

L

The Rro of Charter Century

1,600

60 50 40 30 20

1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F



Building

Rentals (US$/ sq m / Month)

Group Ltd in HCMC

Colliers International |

p. 11


asia pacific office market overview | 2Q 2012

i nd i a bengaluru (Bangalore)

12.00

24.0%

10.00

20.0%

8.00

16.0%

6.00

12.0%

4.00

8.0%

2.00

4.0%

0.00

• Due to the completion of Condifent Electra, Confident Aquila, Embassy Vogue and Neo Town during 2Q 2012, Grade A office stock increased about 0.8 million sq ft.





     Â Â? Â?    

0.0% 2009

2010 Supply

2011

2012 F

Take-up

2013 F

Vacancy Rate

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





















Building Capital Values

Rentals

BENGALURU OFFICE CAPITAL AND RENTAL VALUES

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

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Vaswani Centerpolis

L

Axis Aerospace

21,700

Prestige Zeenath

L

Ellusion

31,800

Tyco

25,000









Prestige Shantiniketan

L





Forutna1

L

VM Ware

28,000

Pritech - SEZ

L

Xentrix Studios Private

21,100

                     



      Â  Â?

Limited Umiya Business Bay

   

   

L

Yokogawa IA Technologies

30,000

India Private Limited

chennai

16.00

32.0%

14.00

28.0%

12.00

24.0%

10.00

20.0%

8.00

16.0%

6.00

12.0%

4.00

8.0%

2.00

4.0%

0.00

2009

2010 Supply

2011

2012 F

Take-up

• In 2Q 2012, the commercial lease market remained active and a number of mid-sized companies were considering consolidation and looking for more cost effective real estate solutions. 





     Â Â?    

0.0%

2013 F

major transactions Building

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Â?

Â?

 

 





Temple Steps

L

Agility Logistics

19,500





L

Beroe Systems

50,000





ASV Chandilya





Prestige Palladium Bayan

L

Emirates

8,000





Ramaniyam

L

GE Converteam

40,000





Khivaraj Complex

L

Kavian Systems

11,000



RR1 Towers

L

Lafarge

10,000

Prestige Palladium Bayan

L

Mitusubishi Corporation

11,000

ASV Chandilya

L

Sundaram Infotech

25,000

                    



     

    

| Colliers International





• Rents remained flat in most of the sub-markets. Going forward, rents are expected to remain stable this year on of the back of limited supply. • In 2Q 2012, NHAI (National Highways Authority of India) has finalised the six-lane Chennai-Bangalore highway with a total cost estimation of around INR 5,000 crore, which is foreseen to boost the real estate activities in the region.

Vacancy Rate



       

p. 12

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


asia pacific office market overview | 2Q 2012

i nd i a mumbai

15.00

20.0%

12.00

16.0%

9.00

12.0%

6.00

8.0%

3.00

4.0%

0.00

• Approximately 0.2 million sq ft of new office space was added to the city’s Grade A office market due to the completion of Star Hub in Andheri East.





 

 Â  Â?  

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

0.0% 2009

2010 Supply

2011 Take-up

2012 F

2013 F

Vacancy Rate

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



 





















major transactions Capital Values

Rentals

MUMBAI OFFICE CAPITAL AND RENTAL VALUES



                     



   

 Â 

Building

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft) 56,000

Supreme Business Park

L

Devon

Peninsula Corporate Park

L

Famy Care

15,000

Times Square

L

Reliance Digital

26,000

Kohinoor Business Park

L

Tata Tesco

50,000

Lotus Midtown

L

Vships

27,000

    

 

new delhi

     Â Â?Â?Â? Â Â Â  12.00

24.0%

10.00

20.0%

8.00

16.0%

6.00

12.0%

4.00

8.0%

2.00

4.0%

• A few office development projects were completed during 2Q 2012, adding a total of about 3.7 million sq ft of new office space to the Grade A office market.





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

• Clouded by economic uncertainties, the Grade A office market witnessed a subdued absorption rate during 2Q 2012. • Average Grade A office rents in 2Q 2012 remained stable. It is expected that rents will stay flat regardless of slower economic growth.

0.0%

0.00 2009

2010 Supply

2011 Take-up

2012 F

2013 F

Vacancy Rate

major transactions Building

Tenant / Purchaser

Area (sq ft)

L

Barista

10,000

35,000

Cyber Terraces

L

Children’s Place

12,000

300

30,000

Time Tower

L

Hitachi

3,000

250

25,000

Pioneer Park

L

Pepsi

2,69,000

200

20,000

Independent Building

L

Stel

4,000

150

15,000

100

10,000

50

5,000

Capital Values

Independent Building

350

0

0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F

Rentals

NEW DELHI OFFICE CAPITAL AND RENTAL VALUES

Lease (L) / Sale (S)

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

Colliers International |

p. 13


asia pacific office market overview | 2Q 2012

aust r a l i a adel aide

ADELAIDE OFFICE SUPPLY, TAKE-UP & VACANCY RATE 90,000

9.0%

80,000

8.0%

70,000

7.0%

60,000

6.0%

50,000

5.0%

40,000

4.0%

30,000

3.0%

20,000

2.0%

10,000

1.0%

0

2009

2010 Supply

2011 Take-up

2012 F

• Investor enquiries remained solid in 2Q 2012. While there remains concerns over the global financial outlook, investment sentiment should improve as some stabilisation returns to the global markets. Vacancy Rate

10.0%

sq m

100,000

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

0.0%

2013 F

Vacancy Rate



Â?



Â?



Â?



Â?



Â?



Â?



major transactions Building

  

Â?

Tenant / Purchaser

Area (sq ft)

132 Grenfell Street

S

Primewest Funds Ltd

34,000

2-12 King William Street

S

Private

55,800



   

 Â 

   

 

brisbane

180,000

18.0%

160,000

16.0%

140,000

14.0%

120,000

12.0%

100,000

10.0%

80,000

8.0%

60,000

6.0%

40,000

4.0%

20,000

2.0%

Vacancy Rate

BRISBANE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

sq m

Lease (L) / Sale (S)

                    



    



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

2009

2010 Supply

2011 Take-up

2012 F

• While vacancy rates are anticipated to fall to 4.3% in 2012 and 3.7% in 2013, rents are also expected to grow at approximately 4% per annum. • A total of over 100,000 sq m of prime office space is expected to be released to the market in 2012. Until 2Q 2012, approximately 78% of this new supply is being pre-committed.

0.0%

0

• Leasing activity remains at or above trend levels on the back of increased demand from the energy and resources sector. The absorption rate was solid, and vacancy rates dropped further during 2Q 2012. Prime office rents are expected to increase over the short term.

2013 F

Vacancy Rate

major transactions Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)



123 Albert Street

L

QTC

43,100





825 Ann Street

L

Macquarie Bank

34,300

324 Queen Street

L

North Queensland Bulk

16,700

345 Queen Street

L













Regus

11,900





145 Ann Street

L

Mills Oakley

11,800



1 Eagle Street

L

Ergon Energy

11,500

10 Eagle Street

S

Commonwealth Property

302,900

                    



   

 Â 

p. 14

Building







        

Ports Corp.

Office Fund

   

 

| Colliers International

215 Adelaide Street

S

Pramerica Real Estate Investors

317,800

379 Queen Street

S

Kingsmede Pty Ltd

58,800

369 Ann Street

S

Bachrach Group

72,000


asia pacific office market overview | 2Q 2012

aust r a l i a canber ra • Prime office rental growth is expected to moderate from 2012 to 2013.

80,000

16.0%

70,000

14.0%

60,000

12.0%

50,000

10.0%

40,000

8.0%

30,000

6.0%

20,000

4.0%

10,000

2.0%

0

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

sq m

CANBERRA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

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

0.0% 2009

2010 Supply

2011 Take-up

2012 F

2013 F

Vacancy Rate

major transactions

 

     























 

Building

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Garema Court Building (140 - 180 City Walk)

L

Government

117,100

121 Marcus Clarke Street

L

Comcare

90,400



Caroline Chisholm Building

S

Frasers Commercial Trust

433,100



10 - 12 Mort Street

S

Growth Point

166,300





•

                     



Â?      Â? Â

   

   Â

melbourne

160,000

16.0%

140,000

14.0%

120,000

12.0%

100,000

10.0%

80,000

8.0%

60,000

6.0%

40,000

4.0%

20,000

2.0%

0

2009

2010 Supply

2011 Take-up

2012 F

• The Melbourne CBD office market remained tight, with continued positive net absorption and a corresponding low vacancy rate.

Vacancy Rate

sq m

MELBOURNE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• With an expected slowdown in employment growth, we expect vacancy rate to increase towards the end of this year, but will remain below the long-term average of 6.7%. • Rents and yields remain stable in 2Q 2012. Landlords continued to offer more incentives in order to attract tenants.

0.0%

2013 F

major transactions

Vacancy Rate

Building

Tenant / Purchaser

Area (sq ft)

357 Collins Street

L

Commonwealth Bank of Australia

54,600

530 Collins Street

L

Tertiary Education Quality

24,200

Standards Authority

 

101 Collins Street

L

Gilbert & Tobin

18,700





452 Flinders Street

L

Oceaneering Services Australia

11,900





96 Flinders Street

L

Aconex

18,400





601 Bourke Street

L

CGU

16,800







 



     � 

      

Capital Values

 

                    

Rentals

MELBOURNE OFFICE CAPITAL AND RENTAL VALUES

Lease (L) / Sale (S)

300 LaTrobe Street

L

Amec Aektin

16,000

477 Collins Street

S

Asia Pacific Investment T2

130,000

501 Swanston Street

S

Private Investor

183,000

Northbank Place East

S

AFIAA

108,000

S

Shakespeare Property Group

Pty Ltd

Tower, 525 Flinders Street 565 Bourke Street

Colliers International |

p. 15


asia pacific office market overview | 2Q 2012

aust r a l i a perth

200,000

12.0%

150,000

9.0%

100,000

6.0%

50,000

3.0%

0

2009

2010

2011

2012 F

• The Perth CBD office market remained tight with vacancies estimated to be circa 3.6%, slightly higher than at the end of 2011.

Vacancy Rate

sq m

PERTH OFFICE SUPPLY, TAKE-UP & VACANCY RATE

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

0.0%

2013 F

-3.0%

-50,000 Supply

Take-up

Vacancy Rate

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

























                    



   

 Â 

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



        



   

 

9.0% 6.0%

50,000

3.0%

sq m

150,000 100,000

2011

2012 F

0.0%

2013 F

-50,000

-3.0%

-100,000

-6.0%

Take-up

Vacancy Rate















p. 16

Momentum Engineering

13,000

L

CB & I

12,600

Governor Stirling Tower, 197 St Georges Terrace, Perth

L

CB & I

27,000

The Forrest Centre, 221 St Georges Terrace, Perth

L

BHP

9,500

108 St Georges Terrace, Perth

L

The Executive Centre

18,600

St Georges Square, 225 St Georges Terrace, Perth

L

Bendigo Bank

10,000

• Due to the subdued tenant demand, face rents remained stable and incentives were kept at above average levels. • Investment sales volumes increased over the course of Q2 2012, with the largest being the sale of 7 Macquarie Place to UniSuper for AUD$55million.

Building

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft) 84,000

149 Castlereagh Street

S

Blackstone

333 Kent Street

S

Maville Group

96,200

S

UniSuper

146,800



Barangaroo

L

Westpac

645,800



Barangaroo

L

KPMG

376,700

Barangaroo

L

Lend Lease

269,100

 

 



   

 

| Colliers International

L

7 Macquarie Place

 

   

 Â 

251 St Georges Terrace, Perth 251 St Georges Terrace, Perth

major transactions





                    





     



Area (sq ft)

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

-9.0%

-150,000 Supply

Tenant / Purchaser

• A lack of new supply during Q2 2012 and stable leasing transaction volumes caused vacancy rates to fall further.

Vacancy Rate

12.0%

2010

Lease (L) / Sale (S)

sydney

200,000

2009

major transactions Building

SYDNEY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0

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


asia pacific office market overview | 2Q 2012

n e w z e a l and aUckl and

40,000

16.0%

35,000

14.0%

30,000

12.0%

25,000

10.0%

20,000

8.0%

15,000

6.0%

10,000

4.0%

5,000

2.0%

0

2009

2010 Supply

2011

2012 F

Take-up

Vacancy Rate

sq m

AUCKLAND OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

2013 F

Vacancy Rate

Â?Â? Â?



Â?



Â?



Â?



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

Â? 

major transactions Building

                     



Â?Â?

• Investment yields continue to ease in both the prime and secondary-grade office sectors since the last quarter, with average indicative yields between 8.4% and 10.1%. In one of Auckland’s largest single office transactions in two years, Beca House at 21 Pitt Street in Auckland was sold for NZ$55 million to a private investor which reflects an initial yield of 8.0%. • Prime office vacancy stood at 10.1% in Auckland CBD in June 2012, down from 9.8% recorded in December 2011. With no major office construction projects in the pipeline in the Auckland CBD, companies are facing a shortage of prime office space. Prime CBD office vacancy rates are expected to reduce over the next six months.

        Â?

• According to the Investment Property Databank / Property Council of New Zealand (IPD/ PCNZ) March quarter data update, the overall office investment performance improved moderately to 5.9% in March 2012 compared to 4.8% recorded a year ago. Meanwhile, Auckland CBD office recorded a total return of 5.2% at the end of 1Q 2012.

     Â 

Beca House, 21 Pitt Street,

Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

S

Private Investor

180,800

L

Hesketh Henry

20,100

Auckland

     

PWC Tower, 188 Quay Street, Auckland

wellington

60,000

6.0%

50,000

5.0%

40,000

4.0%

30,000

3.0%

20,000

2.0%

10,000

1.0%

0

2009

2010

2011

2012 F

Vacancy Rate

sq m

WELLINGTON OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

2013 F

-1.0%

-10,000 Supply

Take-up

major transactions 





















Building

Capital Values



Lease (L) / Sale (S)

Tenant / Purchaser

Area (sq ft)

Xero House, 2 Cable Street

S

Local Family Trust

35,700

Eagle Technology House, L4,

L

Credit Consultants Group

11,300

135 Victoria Street

                     

Rentals

• Prime net face rents remained stable at NZ$343 per sq m in June 2012, while prime capital values recorded at NZ$4,183 per sq m. We expect to see a slight improvement in both prime rents and capital values of about 1.5% over the next 12 months. • Prime office vacancy rate is anticipated to increase to 5.1% in 2012 and is expected to rise further in 2013.

Vacancy Rate

WELLINGTON OFFICE CAPITAL AND RENTAL VALUES



• Prime office investment yields remained stable at 8.2% in the June 2012 quarter. One notable transaction during the review period included the sale of the Xero House on the corner of Cable Street to a private investor for NZ$17 million, at a yield of 7.7%. Yields are expected to remain at the current level over the next 12 months.

Â?      Â? Â?Â

      Â

Colliers International |

p. 17


asia pacific office market overview | 2Q 2012 p r i m e orff aust ailc ieaN EW s upp ly  











    

    

  

 

��  �    �  ­ €   � ‚� €

€�    ­

 ­  ƒ   �„

Â…    Â…„   



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�

p r i m e orff aust ailc iear e n ta l  















   

     

          �� � ��   �  ­   

   

€ ‚  

 ƒ    ­„      …  �    †         �         „

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"

p. 18

| Colliers International


asia pacific office market overview | 2Q 2012 n e t ta k e - up 2 q 2 0 1 2 ( s q f t )



  

 

 

 



    

 ƒ„   



   

  ��� �� ­�  €��­�



   ƒ„     

�‚€‚�� �‚�� � ‚ � � ��‚‚‚



 

      

€  €�‚ € �€€ ‚�­ €  ��€ €�‚�

        

��­ � �­ €� �€�‚�  ‚€ �

Source: Colliers

Colliers International |

p. 19


asia pacific office market overview | 2Q 2012 TRE N D S & FOREC A STS City

New Supply Take-up (sq ft) (sq ft) 2012 F 2013 F 2012 F 2013 F

Average Vacancy Total Stock (%) (sq ft) 2012 F 2013 F 2012 F 2013 F

Average Rentals (US$ / sq ft / year) 2012 F 2013 F

Beijing CBD

0 2,152,780

Zhongguancun

0

5.4

9.4

1.0

1.0

Financial Street

0 645,834 -22,680 519,434

0.4

1.6 9,700,524 9,700,524 64.74 68.50

Lufthansa

0

0

2.0

1.9

7,477,089 7,477,089

East Chang An Avenue

0

0

-58,782

25,231

1.9

1.5

6,307,064

6,307,064

48.73

51.41

East 2nd Ring

0

1,521,251

-641,076

760,631

2.3

20.8

2,409,736

3,930,987

46.80

45.63

Other areas

0

0

854,223

0

0.2

0.2

1,151,307

1,151,307

44.32

46.98

0

1,796,441 4,951 70,902

1,125,915 0 11,216

20,543,097 22,695,877 8,095,529 8,095,529

64.36

71.29

47.35

51.14

51.17

57.31

Chengdu Renmin Road

463,224

CBD

814,235

Financial Street Tianfu Avenue

1,614,585 0

221,306 215,859

1,086,120 332,707

30.8

31.4

3,412,027

26.44

29.08

22.1

10.5

2,861,637 2,861,637

5,026,612

24.68

27.32

914,932

430,556

301,389

551,877

49.0

31.0

1,415,733

1,846,289

28.20

29.08

2,230,377

4,090,282

344,445

2,514,275

68.0

44.7

1,076,390

5,166,672

21.15

24.68

Guangzhou Yuexiu Tianhe Haizhu

0

0

9,315,650 9,451,888 557,010

0

107,208 6,447,727 373,497

85,821 6,517,606 64,476

6.9

5.1

24.8

26.4

33.6

30.7

4,683,244 4,683,244 26,644,506 36,096,394 2,244,693 2,244,693

19.74

19.98

30.12

29.81

17.63

17.54

Shanghai Huangpu Jingan Lujiazui-Pudong

0

0 2,109,228

82,599

6.1

5.2

9,177,699 9,177,699

51.69 54.69

1,755,388

0 -207,895

319,959

12.8

8.6

7,618,064 7,618,064

56.29 63.26

0

823,438

Zhuyuan-Pudong

1,506,214

Changning

1,295,156 1,197,484

Xuhui

0

0 0

332,601 1,749,046

14.7

8.9

-317,385

107,960

13.6

10.6

3,598,662 3,598,662

36.66

36.66

-347,971 1,234,674

12.8

9.8

5,151,441 6,348,925

37.24

42.60

5.6

4,871,881 4,871,881

47.01 52.37

71,196

97,438

7.6

17,222,305 18,045,743

47.66

50.24

Hong Kong Central

191,250

0

-61,707

77,940

5.7

5.4

21,773,519 21,773,519

Wanchai

343,740

0

171,870

50,777

3.4

3.0

11,439,007 11,439,007

163.25 159.99 95.63

10,854,774 10,854,774

64.67

62.73

92.76

HK Island East

0

0

58,473

25,118

3.6

3.4

Tsim Sha Tsui

0

0

67,200

-57,461

1.9

2.8

6,361,390

6,361,390

72.28

66.50

Kowloon East

619,245

886,684

469,406

558,228

12.3

14.4

9,294,358

10,181,042

50.39

43.84

Taipei CBD

391,322 1,037,252

363,022

574,272

11.2

12.9

19,540,991 20,578,242

27.63

27.92

Seoul CBD

1,342,893 1,431,825 30,541,927 32,162,005

GBD

1,146,742

YBD

1,999,674 1,815,676 17,188,968 18,585,366

0 27,373,661 27,555,466

13.3

12.3

35,222,866 36,654,691

26.74

27.38

3.4

2.8

28,345,420 28,345,420

23.60

24.67

6.1

7.6

18,298,494 20,114,170

20.56

21.65

Tokyo CBD

6,748,551 4,431,224

N/A

N/A

8.5

8.2

N/A

N/A

105.06 105.90

Jakarta CBD

4,070,164

Non-CBD

2,447,668

430,556 1,377,273

3,893,731 3,145,987 1,442,174

1,453,642

7.7 12.0

6.1 10.9

50,970,360 51,400,916

24.88

28.00

22,706,619 24,083,893

17.25

18.35

Kuala Lumpur KLCA

p. 20

1,989,750

| Colliers International

508,585

1,100,000 1,100,000

15.0

13.0

33,084,433 33,593,018

24.55

24.55


asia pacific office market overview | 2Q 2012 TRE N D S & FOREC A STS City

New Supply Take-up (sq ft) (sq ft) 2012 F 2013 F 2012 F 2013 F

Average Vacancy Total Stock (%) (sq ft) 2012 F 2013 F 2012 F 2013 F

Average Rentals (US$ / sq ft / year) 2012 F 2013 F

Karachi CBD

440,000

145,000

100,000

100,000

40.0

40

15,231,929 15,376,929

1.06

1

Manila Makati Ortigas

617,342

516,667

774,796

0 876,074

117,768

672,905

2.8

2.5

9,934,477 10,595,380

20.43

22.67

727,403

3.6

4.7

4,961,404 5,836,520

15.95

16.74

Singapore CBD

806,000

586,036

842,187

160,027

7.9

9.5

23,514,057 24,100,093

75.55

70.71

Bangkok CBD

0

0

538,195

645,834

16.0

14.5

17,580,646 17,580,646

24.18

24.88

Hanoi CBD

491,060 279,861

Non-CBD

190,521 1,205,083

188,368

17.5

16.5

2,027,510 2,307,371

46.97 45.88

489,757 602,778

74,917

45.0

57.0

1,862,736 3,067,819

31.74 28.47

Ho Chi Minh City CBD

1,033,334 1,301,528

519,369

539,304

27.0

38.0

2,552,723 3,854,251

34.28

28.75

Bengaluru Overall

7,534,498 5,084,000 8,000,000 6,500,000

13.0

11

84,761,673 89,845,673

9.80

10.44

Chennai Overall

4,000,000 3,000,000 5,000,000 4,500,000

21.0

20

42,512,483 45,512,483

10.23

10.23

Mumbai Overall

4,200,000 5,000,000

6,000,000

5,000,000

15.0

16

98,658,000 103,658,000

38.57

38.57

New Delhi Overall

7,000,000 5,800,000 5,000,000 4,000,000

16.5

16

70,404,158 70,404,158

36.87

36.65

Adelaide CBD

193,750

215,278

312,153

269,098

7.7

9.5

14,199,543 14,605,891

34.64

36.01

Brisbane CBD

1,094,689 209,896

996,597

154,236

4.3

3.7

11,348,853 11,558,749

56.98

58.80

Canberra CBD

226,042

0

193,750

107,639

6.0

8.0

3,013,892 3,013,892

37.38

37.83

Melbourne CBD

1,451,846 1,442,363

604,641

1,124,784

6.5

6.6

26,601,752 28,044,114

31.63

33.73

Perth CBD

2,031,514

207,743

1,534,717

333,681

4.4

2.7

17,336,036 17,364,194

71.81

75.47

Sydney CBD

504,256

782,234

439,755

782,238

7.0

7.5

27,030,758 28,044,276

69.11

72.02

Auckland CBD

131,589

0

81,655 -123,354

10.1

13.7

4,581,277 4,738,968

22.80

23.31

Wellington CBD

0

0

6,383

-3,035

5.1

5.5

3,119,841 3,119,841

25.65 25.65

Colliers International |

p. 21


asia pacific office market overview | 2Q 2012

d e f i n i t i o n and t e r m i n o lo gy GREATER CHINA

NORTH ASIA

Beijing Prime 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.

Seoul Major office districts in Seoul include the traditional central business area (CBD), Gangnam Business District (GBD) and Yeouido Business District (YBD).

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.

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.

Chengdu Prime 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.

Tokyo The 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.

Guangzhou Prime office buildings in Guangzhou are located in 3 principal sub-markets – Haizhu, Yuexiu and Tianhe.

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.

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.

SOUTHEAST ASIA

Shanghai Prime 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 Kong Prime 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. Taipei Prime 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.

p. 22

| Colliers International

Jakarta 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 Lumpur Prime 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. Karachi Prime 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.


asia pacific office market overview | 2Q 2012

d e f i n i t i o n and t e r m i n o lo gy Manila Prime office buildings in Manila are located in two principal sub-markets – Makati and Ortigas.

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.

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.

Chennai Prime 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.

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 nonstrata-titled developments. Bangkok Prime 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 City The 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.

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. Mumbai Prime 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 Delhi Prime 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.

Hanoi Prime 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 submarkets – 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.

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 Zealand Prime 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.

* 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.

Colliers International |

p. 23


asia pacific office market overview | 2Q 2012

For further details, please contact: GREATER CHINA

NORTH ASIA

Beijing, China 502 Tower W3, Oriental Plaza No 1 East Changan Avenue Dongcheng District Beijing 100738 Tel : 86 10 8518 1633 Fax : 86 10 8518 1638 Amanda Gao Managing Director, North China amanda.gao@colliers.com

Seoul, South Korea 10F Korea Tourism Organization Bldg. 10 Da-dong Jung-gu, Seoul 100-180 Tel : 82 2 6740 2000 Fax : 82 2 318 2015 Jay Yun Senior Director & General Manager jay.yun@colliers.com

Karachi, Pakistan Suite 2-A, level 2, Harbour House 37-A, Lalazar Avenue Beach Hotel Road, Off. M.T Khan Road Karachi, Pakistan Tel : 92 21 3561 2550-2 Fax : 92 21 3563 6382 Mohammed Yasir Qidwai Senior Manager, Corporate Solutions & Research research.khi@colliers.com

Tokyo, Japan Halifax Building 3-16-26 Roppongi Minato-ku, Tokyo 106-0032 Japan Tel : 81 3 5563 2111 Fax : 81 3 5563 2100 James Fink Senior Managing Director james.fink@colliers.co.jp

Lahore, Pakistan Suite 2, Mezzanine 2, Executive Floors Al-Qadir Heights, Main Boulevard New Garden Town, Lahore, Pakistan Tel : 92 42 3584 3474-6 Fax : 92 21 3563 6382 Ahmed Khan Country Manager ahmed.khan@colliers.com

Chengdu, China Unit 1504 Yanlord Landmark 1 Renmin South Road Section 2 Chengdu 610016 Tel : 86 28 8658 6288 Fax : 86 28 8672 3226 Jacky Tsai General Manager jacky.tsai@colliers.com Guangzhou, China 702 Teem Tower 208 Tianhe Road Guangzhou 510620 Tel : 86 20 3819 3888 Fax : 86 20 3819 3899 Eric Lam Managing Director eric.lam@colliers.com Shanghai, China 16F Hong Kong New World Tower 300 Huaihai Zhong Road Shanghai 200021 Tel : 86 21 6141 3688 Fax : 86 21 6141 3699 Lina Wong Managing Director East and South West China Investment Services, China lina.wong@colliers.com Hong Kong, HKSAR 5701 Central Plaza 18 Harbour Road Wanchai, Hong Hong Company Licence No: C-006052

Tel : 852 2828 9888 Fax : 852 2828 9899 Richard Kirke (E-279867) Managing Director richard.kirke@colliers.com Piers Brunner (E-183614) Chief Executive Officer - Asia piers.brunner@colliers.com Taipei, Taiwan 49F TAIPEI 101 TOWER No. 7 Xin Yi Road Sec 5, Taipei 110 Tel : 886 2 8101 2000 Fax : 886 2 8101 2345 Andrew Liu Managing Director andrew.liu@colliers.com

p. 24

| Colliers International

SOUTH EAST ASIA Jakarta, Indonesia 10F and 14F World Trade Centre Jl Jenderal Sudirman Kav 29-31 Jakarta 12920 Tel : 62 21 521 1400 Fax : 62 21 521 1411 Mike Broomell Managing Director mike.broomell@colliers.com Kuala Lumpur, Malaysia c/o Mark Lampard* Managing Director Corporate Solutions | Asia Pacific Te : 65 6531 8601 Fax : 65 6557 0649 mark.lampard@colliers.com * Based in Singapore Research data provided by C H Williams Talhar & Wong Sdn Bhd 30-01, 30th Floor Menara Multi-Purpose @ CapSquare 8 Jalan Munshi Abdullah P O Box 12157 50100 Kuala Lumpur, Malaysia Tel : 603 2616 8888 Fax : 603 2616 8899 URL : http://www.wtw.com.my Foo Gee Jen Managing Director fgj@wtw.com.my

Islamabad, Pakistan ONE Constitution Avenue, Adjacent Convention Centre & Diplomatic Enclave Islamabad, Pakistan Tel : 92 51 834 7433 Fax : 92 51 831 4737 Waleed Murrawat Regional Sales Manager waleed.murrawat@colliers.com Manila, Philippines 10F Tower 2 RCBC Plaza Ayala Avenue, Makati City Philippines1226 Tel : 63 2 888 9988 Fax : 63 2 845 2612 David Young Managing Director david.a.young@colliers.com Singapore 1 Raffles Place #45-00 One Raffles Place Singapore 048616 Tel : 65 6223 2323 Fax : 65 6222 4901 Dennis Yeo Managing Director Singapore & Industrial Services | Asia dennis.yeo@colliers.com Bangkok, Thailand 17/F Ploenchit Center 2 Sukhumvit Road Klongtoey, Bangkok 10110 Tel : 66 2 656 7000 Fax : 66 2 656 7111 Simon Landy Executive Chairman simon.landy@colliers.com


asia pacific office market overview | 2Q 2012

Ho Chi Minh City, Vietnam Ho Chi Minh City, Vietnam 7F Bitexco Building 19-25 Nguyen Hue Street District 1, Ho Chi Minh City, Vietnam Tel : 84 83 821 8777 Fax : 84 83 827 5667 Peter Dinning General Director peter.dinning@colliers.com Hanoi, Vietnam 10F, Capital Tower Building 109 Tran Hung Dao Street Hoan Kiem District, Hanoi, Vietnam Tel : 84 4 3941 3277 Fax : 84 4 3941 3278 Dane Moodie Managing Director dane.moodie@colliers.com

INDIA Bengaluru, India Prestige Garnet, Level 2, Unit No. 201/202 36 Ulsoor Road, Bengaluru 560 042 Tel : 91 80 4079 5500 Fax : 91 80 4112 3131 Goutam Chakraborty Office Director goutam.chakraborty@colliers.com Chennai, India Unit 1C, 1st Floor, Heavitree Complex 23 Spurtank Road, Chetpet Chennai 600 031 Tel : 91 44 2836 1064 Fax : 91 44 2836 1377 Kaushik Reddy Office Director kaushik.reddy@colliers.com Gurgaon, India 1st Floor, Technopolis Building DLF Golf Course Main Sector Road Sector 54, Gurgaon 122 002 Tel : 91 124 4375807 Fax : 91 124 4375806 Ajay Rakheja Office Director ajay.rakheja@colliers.com Kolkata, India Infinity Business Centre, Infinity Benchmark Level 18, Room No 13, Plot G - 1 Block EP & GP, Sector V, Salt Lake Kolkata 700 091, West Bengal Tel : 91 33 2357 6501 Fax : 91 33 2357 6502 Soumya Mukherjee Office Director soumya.mukherjee@colliers.com

Mumbai, India 31-A, 3rd Floors, Film Centre 68 Tardeo Road Mumbai 400 034 Tel : 91 22 4050 4500 Fax : 91 22 2351 4272 Prabhu Raghavendra Office Director prabhu.raghavendra@colliers.com George McKay South Asia Director Office & Integrated Services george.mckay@colliers.com New Delhi, India 204/205, 2nd Floor Kanchenjunga Building 18 Barakhamba Road New Delhi 110 001 Tel : 91 11 4360 7500 Fax : 91 11 2335 6624 Ajay Rakheja Office Director ajay.rakheja@colliers.com Pune, India Bramha Luxury Hotels Ltd. (Le Meridien Pune) 101 R.B.M. Road Pune 411 001, Maharashtra Tel : 91 20 4120 6435 Fax : 91 20 4120 6434 Suresh Castellino Office Director suresh.castellino@colliers.com

AUSTRALASIA Adelaide, Australia Level 10, 99 Gawler Place Adelaide SA 5000 Tel : 61 8 8305 8888 Fax : 61 8 8231 7712 James Young State Chief Executive james.young@colliers.com Brisbane, Australia Level 20 Central Plaza One 345 Queen Street Brisbane QLD 4000 Tel : 07 3229 1233 Fax : 07 3120 4555 Simon Beirne State Chief Executive simon.beirne@colliers.com

Canberra, Australia Ground floor, 21-23 Marcus Clarke Street Canberra ACT 2601 Tel : 61 2 6257 2121 Fax : 61 2 6257 2937 Paul Powderly State Chief Executive paul.powderly@colliers.com Melbourne, Australia Level 32 367 Collins Street Melbourne VIC 3000 Tel : 61 3 9629 8888 Fax : 61 3 9629 8549 John Marasco State Chief Executive john.marasco@colliers.com Perth, Australia Level 19, 140 St Georges Terrace Perth WA 6000 Tel : 61 8 9261 6666 Fax : 61 8 9261 6665 K. Imran Mohiuddin State Chief Executive imran.mohiuddin@colliers.com Sydney, Australia Level 12, Grosvenor Place 225 George Street Sydney NSW 2000 Tel : 61 2 9257 0222 Fax : 61 2 9251 3297 Malcom Tyson State Chief Executive malcom.tyson@colliers.com Auckland, New Zealand SAP Tower, Level 27 151 Queen Street Auckland 1140 Tel : 64 9 358 1888 Fax : 64 9 358 1999 Mark Synnott Chief Executive Officer, New Zealand mark.synnott@colliers.com Wellington, New Zealand Level 10, 36 Customhouse Quay Wellington 6011 Tel : 64 4 473 4413 Fax : 64 4 499 1550 (Agency) : 64 4 470 3902 (Valuation) Richard Findlay Managing Director richard.findlay@colliers.com

You are receiving this collateral because you either subscribed for it or expressed your interest to receive it at some point to Colliers International. If you do not wish to receive future communications from us, please contact Colliers International by email at unsubscribe.hongkong@colliers.com with your name and item to unsubscribe. 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). Š2012. All rights reserved. Colliers International is a leading global real estate services company.

Colliers International |

p. 25


asia pacific office market overview | 2Q 2012

Real estate is a location business. That’s why we do business where you do business.

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.

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

p. 26

| Colliers International

REVE N UES

1.8 BILLION

COUNTRIES

62 522

Professionals & staff: Square feet managed: Lease/sale transactions: Total transaction value:

Asia PACIFIC

OFFICES

12,300 1,250 million* 76,000 $68 billion


www.colliers.com


Asia Pacific Office Market Report Q2 2012