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AsiA PAcific Office Market Overview

3Q 2012

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table Of cOntents
AsiA PAcific office mArket overview | 3Q 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

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 trends & forecasts Definition & terminology contacts

18-19 20-21 22-23 24-25

regiOnal Overview
ecoNomic overview
The office sector in the Asia Pacific region continued to be challenging in 3Q 2012 with a slowing economic growth and the unresolved European debt crisis. Although overall market sentiment was weakening, it remained positive in 3Q 2012. Following two rounds of quantitative easing (QE1 and QE2), the US Federal Reserve announced a third round (QE3) on 13 September 2012. With the US Federal Reserve instigating the third round of bond purchases, commodity prices have been pushed up and this has spilled over to real estate costs and pricing. Based on the findings of Colliers Asia Office Leasing Survey for 3Q 2012, market participants are holding positive views on market outlook but confidence is not as strong as the previous quarter.

leAsiNG mArket
The overall level of new office leasing inquiries decreased in 3Q 2012. However vacancy rates and rentals remained strong throughout the quarter due to the limited supply of office space. Firms in the IT/communication and Finance industries continued to be the major source of leasing demand in 3Q 2012. Most cities in Australia and China continued to exhibit positive rental growth. The average rent increased 2.3% QoQ during 3Q 2012. Individual markets like Guangzhou, Hanoi, Ho Chi Minh City, New Delhi and Singapore on the other hand, are expected to face growing downward pressure for the coming months despite the solid demand for Grade A office space. The Colliers Asia Office leasing Survey for 3Q 2012 found that most tenants are seeking expansion however the pace will be less aggressive.

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

mArket outlook
Market sentiment remained positive in 3Q 2012 and market players are holding an optimistic view on the market outlook. Therefore looking ahead, the prospective trend of office rents in most cities will remain positive in the next 12 months, despite a substantial supply projected to enter the market in individual cities. With the expectation of the low interest rate trend to continue and the Chinese government to continue stimulate growth, investment in office real estate in the region is expected to remain strong.

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asia pacific office market overview | 3Q 2012

cHiNA
BEIJING OFFICE SUPPLY, TAKE-UP & VACANCY RATE
1.00 0.80 Million sq m 0.60 0.40 0.20 0.00 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate

Beijing
Supply remained tight in Beijings Grade A office property market during 3Q12, with the total stock resting at 5.17 million sq m, due to a lack of new completions for the third consecutive quarter. Overall, demand remained strong throughout the quarter. However, due to the limited letting space available on the market, leasing transaction volume continued to decrease. Net absorption of the Grade A office property market in 3Q12 totalled 1,888 sq m, down 85.6% QoQ and the overall average vacancy rate edged down by 0.04 percentage points to 3.51%. Rentals continued with its upward trend during this quarter, with the average net effective rent growing by 7.47% QoQ to RMB325.1 per sq m per month. The expansion of rental growth, was mostly a result of the epidemic of reduced or even withdrawal of rent free periods provided by most landlords. Office investment market activity increased in 3Q 2012. A domestic B2B enterprise acquired a 57,000 sq m Grade A office building in the Wangjing area for owner-occupancy. Moreover, a private equity investor acquired four blocks of Grade A office buildings or a total of 26,000 sq m for investment purpose.
mAjor trANsActioNs BuilDiNG Parkview Green Gateway Plaza Oriental Plaza SK Tower Tengda building leAse (l) / sAle (s) L L L L L teNANt / PurcHAser Roche Nanyang Commercial Bank NCB Cheung Kong Graduate School of Business Black & Veatch China State Construction 16,100 16,100 AreA (sq ft) 71,000 48,400 32,300

2009

2010
Supply

2011
Take-up

2012 F

2013 F

Vacancy Rate

BEIJING OFFICE CAPITAL AND RENTAL VALUES


800.00 700.00 600.00 500.00 Rentals 400.00 300.00 200.00 100.00 0.00 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 80,000 70,000 60,000 Capital Values 50,000 40,000 30,000 20,000 10,000 0

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE


0.50 0.40 0.30 0.20 0.10 0.00 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Vacancy Rate

chengdu
Raffles City, the Grade A office building comprising 74,024 sq m, was introduced in September, thus boosting the total stock of Grade A office space in Chengdu to 718,922 sq m. The average rent decreased 0.38% QoQ to RMB137.28 per sq m per month. The overall vacancy rate edged 3.75% QoQ, to 24.42% in 3Q 2012. The average vacancy rate of the Grade A office buildings remained steady, signifying the solid demand for Grade A office space. In view of the current supply cycle and the continued slowdown of economic environment, the local office market is expected to face growing downward pressure over the coming months.
mAjor trANsActioNs BuilDiNG Western Tower
Capital Values

Million sq m

2009

2010
Supply

2011
Take-up

2012 F

2013 F

Vacancy Rate

CHENGDU OFFICE CAPITAL AND RENTAL VALUES


225.00 200.00 175.00 150.00 Rentals 125.00 100.00 75.00 50.00 25.00 0.00 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 22,500 20,000 17,500 15,000 12,500 10,000 7,500 5,000 2,500 0

leAse (l) / sAle (s) L L L L L L

teNANt / PurcHAser Ganzi Shangshan Water Starbucks Coffee Kasikorn Bank of Thailand Jintai International Investment Chengdu Runfu Properties Yusen Agriculture

AreA (sq ft) 12,900 10,800 7,500 9,700 12,200 9,900

Aerospace Technology Plaza Square One Square One China Overseas International Centre China Overseas International Centre

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

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asia pacific office market overview | 3Q 2012

cHiNA
GUANGZHOU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
2.00 40.0%

guangzhou
Evergrande Center and Poly V Plaza in Pearl River New City and Lavendome Hui in Pazhou, were launched in 3Q 2012, providing a total of 266,627 sq m new stock. The total stock of Grade A office grew to 2.80 million sq m. The overall vacancy rate increased 1.6 percentage points to 22.2% in 3Q 2012. The average rental recorded RMB157.6 per sq m per month, down 2.3% Q-o-Q, due to the weak demand and large supply. Enterprises from IT/communication, pharmaceuticals and professional services were the major source of leasing demand in 3Q 2012. High quality projects such as R&F Yingkai Plaza and Bravo Plaza received encouraging sales performance. The achievable price of R&F Yingkai Plaza reached about RMB50,000 per sq m in 3Q 2012. The average sales price of Guangzhou Grade A office further edged up by 1.61% QoQ to RMB32,586 per sq m.

1.50 Million sq m

30.0% Vacancy Rate

1.00

20.0%

0.50

10.0%

0.00

2009

2010
Supply

2011
Take-up

2012 F

2013 F

0.0%

Vacancy Rate

GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES


180.00 160.00 140.00 120.00 Rentals 100.00 80.00 60.00 40.00 20.00 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 0.00 36,000 32,000 28,000 Capital Values 24,000 20,000 16,000 12,000 8,000 4,000 0

mAjor trANsActioNs BuilDiNG International Financial Center (IFC) China International Center Centra Plaza Leatop Plaza R&F Yingkai Plaza L L L S Guangzhou City Telecom Qianhai Life Insurance Lukadilong Clothes ANGLEE 23,500 13,600 5,400 51,700 leAse (l) / sAle (s) L teNANt / PurcHAser Alcatel Lucent AreA (sq ft) 16,000

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE


1.20 20.0%

shanghai
Shanghai remained the world's sixth-most competitive financial center in 2012, according to Xinhua-Dow Jones International Financial Centers Development Index released in August 2012.
Vacancy Rate

0.90 Million sq m

15.0%

0.60

10.0%

Five new projects were launched in 3Q 2012, adding a total of approximately 330,256 sq m new supply to Shanghais Grade A office market. Average Grade A office rental rates increased 1.2% QoQ to RMB 8.7 per square meter per day. In 3Q 2012, the overall vacancy rate increased from the previous quarters 6.7 to 9.5%. Among the six major central business districts, Jingan recorded the lowest vacancy rates, at 5.3%. Zhuyuan and Changning posted the highest vacancy rates, at 14.9% and 14.2% respectively.
mAjor trANsActioNs

0.30

5.0%

0.00

2009

2010
Supply

2011
Take-up

2012 F

2013 F

0.0%

Vacancy Rate

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES


18.00 15.00 12.00 Rentals 9.00 6.00 3.00 0.00 72,000 60,000 48,000 36,000 24,000 12,000 0

Capital Values

BuilDiNG International Commerce Center Kerry Parkside L'Avenue Jin Mao Tower CITIC Square

leAse (l) / sAle (s) L L L L L

teNANt / PurcHAser Adidas Danone Group 3M MWE China Law Office Nike China

AreA (sq ft) 187,300 76,400 72,000 22,900 16,800

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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F
Rentals (RMB / sq m / Day) Capital Values (RMB / sq m)

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asia pacific office market overview | 3Q 2012

H o N G ko N G
HONG KONG OFFICE SUPPLY, TAKE-UP & VACANCY RATE
4.50 4.00 3.50 3.00 Million sq ft 2.50 2.00 1.50 1.00 0.50 0.00 2009 2010
Supply

hong kong
9.0% 8.0% 7.0% Vacancy Rate 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%

In view of uncertain economic outlook, individual large tenants downsized their premises but still prefer to stay in the same district. The overall net take up fell 80% QoQ to 111,000 sq ft in 3Q 2012, which reflects the slowdown in leasing activity especially in Central/ Admiralty. The overall Grade A office rent rebounded in 3Q 2012 after falling for three consecutive months, rising a solid 1.5% QoQ. Meanwhile, the average Grade A office rent in Cetral/ Admiralty showed its first quarterly gain since 3Q 2011, rising 0.8% QoQ in 3Q 2012 to HK$ 98.8 per sq ft. The outlook for the Hong Kong Grade A office market has been brighten up due to the positive market sentiment and increased leasing enquires. On the back of scare supply and positive demand, overall Grade A office rents are projected to climb 4% over the next 12 months.
mAjor trANsActioNs BuilDiNG leAse (l) / sAle (s) L L L S S S teNANt / PurcHAser Regus Covidien Parsons Brinckerhoff (Asia) Ltd China Shipping Logistics The Open University of Hong Kong Billion Mart Dec Ltd 145,000 AreA (sq ft) 10,300 12,800 12,200 105,200 124,800

2011
Take-up

2012 F

2013 F

0.0%

Vacancy Rate

HONG KONG OFFICE CAPITAL AND RENTAL VALUES


175.00 150.00 125.00 Rentals 100.00 75.00 50.00 25.00 0.00 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Capital Values

China Resources Building Grand Century Place Tower 1 Exchange Tower 4 floors, Kowloon Commercial Centre Tower B 5 floors, Kowloon Commercial Centre Tower B Park Building

tA i wA N
TAIPEI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
40,000 35,000 30,000 25,000 Ping 20,000 15,000 10,000 5,000 0 -5,000 2009 2010
Supply

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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F
Rentals (HK$ / sq ft / Month) Capital Values (HK$ / sq ft)

taipei
40.0% 35.0% 30.0% Vacancy Rate 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

With a net take-up of Grade A office at 3,111 ping in 3Q 2012, vacancy rate was down 58 basis point to 9.42% - the lowest point since 1Q 2009. The total net take up of Hsin-Yi district amounted to 2,160 ping in 3Q 2012. The key contributor was Shin Kong Bank who leased 2,400 ping in Shin Kong Xin Yi Financial Building. Thanks to the net take up of 680 ping at the Pacific Century Tower in West district, the average vacancy in the district decreased 1.45 percentage points to 4.92%. The average effective Grade A office rent edged up mildly to NT$ 2,441 per ping per month in 3Q 2012. The effective rent of Hsin-Yi district was NT$ 2,824 per ping per month, an increase of 0.32% QoQ. However, MS-TN district fell 0.30% to NT$ 2,247 per ping per month.
mAjor trANsActioNs BuilDiNG Prince Financial Building CEC Tun Nan Building Taipei 101 Tower Shin Kong Xin Yi Financial Building Cathay Xin-Yi Trading Center Exchange Square Two Taipei 101 Tower L L L leAse (l) / sAle (s) S L L L teNANt / PurcHAser Cathay Life Insurance Co. 3M Taiwan Ltd. Bayer Taiwan Ltd. Kraton Polymers International Limited China Construction Bank Bates Asia Pacific Taiwan Ltd. Christian Dior Taiwan Ltd 10,100 9,200 8,900 AreA (sq ft) 262,000 113,500 69,900 10,700

2011
Take-up

2012 F

2013 F

-5.0%

Vacancy Rate

TAIPEI OFFICE CAPITAL AND RENTAL VALUES


3,500 3,000 2,500 Rentals 2,000 1,500 1,000 500 0 1,400,000 1,200,000 1,000,000 800,000 Capital Values

600,000

400,000 200,000 0

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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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F
Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)

asia pacific office market overview | 3Q 2012

s o u t H ko r e A
SEOUL OFFICE SUPPLY, TAKE-UP & VACANCY RATE
800,000 700,000 600,000 500,000 sq m 400,000 300,000 200,000 100,000 0 -100,000 2009 2010
Supply

seoul
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0%

During 3Q 2012, a total of two buildings covering 122,147 sq m came in market including Two IFC in YBD of 78,031 sq m. The launch of State Gwanghwamun Building of 40,972 sq m is delayed to next quarter. The average rent increased 8.85% QoQ in 3Q 2012 to KRW 24,103 per sq mper month. The YBD showed a rental increase of 2.15% due to completion of A+ office building Two IFC. The overall vacancy rate rose 0.92 percentage points QoQ in 3Q 2012 to 7.88%. Despite the large new space from Two IFC, the vacancy rate in YBD witnessed marginal increase of 0.50 percent points QoQ owing to the successful take-up in One IFC. The net take-up in 3Q 2012 softened from the previous quarter to 44,956 sq m. Net take-up increased in the GBD and YBD, but decreased in the CBD.

2011
Take-up

2012 F

2013 F

0.0% -2.0%

Vacancy Rate

SEOUL OFFICE CAPITAL AND RENTAL VALUES


40,000 35,000 30,000 25,000 Rentals 20,000 15,000 10,000 5,000 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 8,000,000 7,000,000 6,000,000 Capital Values 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0

mAjor trANsActioNs BuilDiNG Rinnai Korea Bldg CJ E&M Bundang Building Junghak Building Hyundai Group Building Asia Tower Banpo Building IFC leAse (l) / sAle (s) S S S S L L L teNANt / PurcHAser Private Gongpyung Savings Bank Vestas Investment Management KORAMCO REITS & Trust GS Construction Sanofi Aventis Citrix 564,800 53,400 80,600 29,500 AreA (sq ft) 186,600 73,700 902,200

Rentals (Won / sq m / Month)

Capital Values (Won / sq m)

jA PA N
TOKYO OFFICE SUPPLY, TAKE-UP & VACANCY RATE
240,000 200,000 160,000 Tsubo 120,000 80,000 40,000 0 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

tokyo
New supply declines after significant completion during the first half of 2012. Vacancy increase has slowed and may begin to decline modestly in the near term.
Vacancy Rate

Corporate restructuring continues keeping rents low and vacancy high. Relocation to higher grade and more efficient space continues. Value for money, cost reduction and workplace modernization are key factors. Some rent stabilization on an individual building basis, but overall market remains weak.
mAjor trANsActioNs BuilDiNG Otemachi Financial City leAse (l) / sAle (s) L L L L L teNANt / PurcHAser Morgan Stanley MUFG Securities Japan Marine United TDK Nuclear Regulatory Agency Citibank Japan 63,900 63,900 71,000 177,500 AreA (sq ft) 248,500

2009

2010
Supply

2011
Take-up

2012 F

2013 F

Vacancy Rate

TOKYO OFFICE CAPITAL AND RENTAL VALUES


50,000 40,000 30,000 20,000 10,000 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 Capital Values

Rentals

North Tower Mita Bellju Lunesite Tower Roppongi First Building Shinjuku Eastside Square

Rentals (Yen / Tsubo / Month)

Capital Values (Yen / Tsubo)

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asia pacific office market overview | 3Q 2012

i N D o N es i A
JAKARTA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
500,000 400,000 300,000 sq m 200,000 100,000 0 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% Vacancy Rate

jakarta
The authority of Jakarta province issued a new environmental policy. As such, more new buildings in compliance with environmental guidelines can be seen in the future. The absorption level is expected to remain high as the rental rates are anticipated to climb further due to a scarce supply of good quality office space. Up to 3Q 2012, the mining, oil & gas related companies and other business sectors like consumer goods, agribusiness, insurance and finance related industries continued to expand their business operation. With the increasing office demand from business expansion, competition for office space can be expected for 2013.
mAjor trANsActioNs BuilDiNG The East Eighty 8 Eighty 8 Menara 165 Eighty 8 Menara 165 Menara Mulia leAse (l) / sAle (s) L L L L L L L teNANt / PurcHAser Net Mediatama Indonesia Prudential Huawei PT. Rajawali Swiber Perkasa Regus PT. Feni Haltim Trijaya Pratama Futures AreA (sq ft) 54,800 53,800 32,300 19,400 14,000 13,000 12,900

2009

2010
Supply

2011
Take-up

2012 F

2013 F

Vacancy Rate

JAKARTA OFFICE CAPITAL AND RENTAL VALUES


270,000 240,000 210,000 180,000 Rentals 150,000 120,000 90,000 60,000 30,000 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014F 0 45,000,000 40,000,000 35,000,000 Capital Values 30,000,000 25,000,000

20,000,000 15,000,000 10,000,000 5,000,000 0

Rentals (Rupiah / sq m / Month)

Capital Values (Rupiah / sq m)

m A l Ays i A
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP & VACANCY RATE
3.50 3.00 2.50 Million sq ft 2.00 1.50 1.00 0.50 0.00 2009 2010
Supply

kual a lumpur
35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% Vacancy Rate

New completion in 3Q 2012 include Menara Darulssalam and Menara Binjai and contributed a total of 564,000 sq ft of net lettable area Tun Razak Exchange (TRX) was launched in July to promote Malaysia as an international financial hub and to attract foreign investment. It is estimated to generate a gross development value of RM26 billion. TRX-status companies will be given 10 years income tax exemption, stamp duty exemption, industrial building allowance and accelerated capital allowance for TRX Marquee-status companies while tax exemption is also available for property developers Although the office market was generally subdued, it is noted that tenants have been taking the opportunity to relocate and / or expand to better quality buildings within city centre.

2011
Take-up

2012 F

2013 F

0.0%

Vacancy Rate

KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES


12.00 10.00 8.00 Rentals 6.00 4.00 2.00 0.00 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014F 1,200 1,000 800 600 400 200 0

mAjor trANsActioNs
Capital Values

BuilDiNG Menara MBF Hampshire Place Menara Prestige

leAse (l) / sAle (s) L L L

teNANt / PurcHAser BostonWeb College of Technology & Management Tioman Drilling Co Sdn Bhd KFH (Malaysia) Berhad

AreA (sq ft) 12,400 70,800 133,100

Data sourced from C H Williams Talhar & Wong Sdn Bhd

Rentals (Ringgit / sq ft / Month)

Capital Values (Ringgit / sq ft)

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asia pacific office market overview | 3Q 2012

PA k i stA N
KARACHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
1.60 1.40 1.20 Million sq ft 1.00 0.80 0.60 0.40 0.20 0.00 2009 2010
Supply

karachi
80.0% 70.0% 60.0% Vacancy Rate 50.0% 40.0% 30.0% 20.0% 10.0%

The office market is not expected to revive over the medium term due to the political scenario in the country. As a result, many companies have adopted a cautious approach in the office market. No major office leasing deals were concluded in 3Q 2012. The office sector has been stable and showed no signs of demand growth. Asking rent in the recently launched Bahria Complex IV has been reduced by nearly 40% in order to attract tenants.

2011
Take-up

2012 F

2013 F

0.0%

Vacancy Rate

KARACHI OFFICE CAPITAL AND RENTAL VALUES


160 140 120 100 Rentals 80 60 40 20 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014F 16,000 14,000 12,000 Capital Values 10,000 8,000 6,000 4,000 2,000 0

Rentals (Rupee/ sq ft / Year)

Capital Values (Rupee / sq ft)

P H i l i PP i N es
MANILA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 2009 -20,000
Supply Take-up Vacancy Rate

manil a
12.0% 10.0% 8.0% Vacancy Rate 6.0% 4.0% 2.0% 0.0%

The Grade A office stock in Makati CBD reached 922,944 sq m with Zuellig Building (57,000 sq m) completed in 3Q 2012. In 2013, Alphaland Makati Tower and V Tower will be completed, thus adding about 61,400 sq m new space to the total stock. Amongst the various sub-markets, Makati CBD remains the preferred office location by tenants. In 3Q 2012, the overall vacancy rate increased by 4.28% due to the inclusion of Zuellig Building. However, it is forecast to taper off to 3.2% by late 2012. Average prime rental rate was at P755 per sq m per month in 3Q 2012. It is projected to increase above P800 per sq m by 2Q 2013 due to the limited supply of office space.

2010

2011

2012 F

2013 F -2.0%

MANILA OFFICE CAPITAL AND RENTAL VALUES


1,200 1,000 800 Rentals 600 400 200 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014F 120,000 100,000 80,000 60,000 40,000 20,000 0

mAjor trANsActioNs BuilDiNG Aseana One


Capital Values

leAse (l) / sAle (s) L L L L

teNANt / PurcHAser Seven Tall Trees Events, Inc. Results Manila Factset Philippines Inc. Shore Solutions Inc.

AreA (sq ft) 62,400 25,800 22,900 12,100

Q-Plaza Science Hub 2 Net Cube Bonifacio

Rentals (Peso / sq m / Month)

Capital Values (Peso / sq m)

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asia pacific office market overview | 3Q 2012

siNGAPore
SINGAPORE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
2.50 2.00 1.50 1.00 0.50 0.00 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate

singapore
The rent of Grade A office buildings in the CBD continued to decline under the slowing global economy in 3Q 2012. Nonetheless, the average rent decline slowed for the second consecutive quarter due to an increasing number of foreign companies setting up entities in Singapore and existing companies relocating to higher quality office space. The average occupancy rate of Grade A office in the CBD increased from 92.0% in 2Q 2012 to 93.1% in 3Q 2012, which is the highest level in the last five consecutive quarters. Supported by a stronger occupancy rate, the drop in rents slowed marginally to 1.0% QoQ in 3Q 2012, from 1.1% QoQ in 2Q 2012. By the end of September 2012, monthly gross rents for CBD Grade A office space averaged at S$8.37 per sq ft. With the long-running Eurozone debt crisis and the risk of an office supply overhang, office rents in the CBD are expected to continue on a downtrend for the rest of 2012.
3,000 2,500 2,000 1,500 1,000 500 0

Million sq ft

2009

2010
Supply

2011
Take-up

2012 F

2013 F

Vacancy Rate

SINGAPORE OFFICE CAPITAL AND RENTAL VALUES


30.00 25.00 20.00 Rentals 15.00 10.00 5.00 0.00

mAjor trANsActioNs
Capital Values

BuilDiNG Marina Bay Financial Centre Tower 3 Marina Bay Financial Centre Tower 3 Ocean Financial Centre One Raffles Place Tower 2

leAse (l) / sAle (s) L L L L

teNANt / PurcHAser Goldin Lego Freshfields Virgin Active

AreA (sq ft) 16,000 20,000 8,300 33,000

tHAilAND
BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014F
Rentals (Singapore$/ sq ft / Month) Capital Values (Singapore$ / sq ft)

Bangkok
In 3Q 2012, many international companies have been looking for Grade A office space in the CBD area. During the last quarter some companies have expanded their office space or have relocated to CBD area. The rental rate of Grade A office buildings in the CBD area has increased over the year due to the limited supply.

2009

2010
Supply

2011
Take-up

2012 F

2013 F

Vacancy Rate

Vacancy Rate

mAjor trANsActioNs BuilDiNG leAse (l) / sAle (s) L L L teNANt / PurcHAser Bumrungrad Hospital Pcl. Ford Sales & Service (Thailand) Co., Ltd.
Capital Values

BANGKOK OFFICE CAPITAL AND RENTAL VALUES Ploenchit Center


1,400 1,200 1,000 Rentals 800 600 400 200 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014F 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0

AreA (sq ft) 28,000 43,100 32,100

Sathorn Square Asia Centre

Ipsos Thailand Co., Ltd.

Rentals (Baht/ sq m / Month)

Capital Values (Baht / sq m)

P. 10

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asia pacific office market overview | 3Q 2012

vietNAm
HANOI CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE
160,000 140,000 120,000 100,000 sq m 80,000 60,000 40,000 20,000 0 -20,000 -40,000
Supply Take-up Vacancy Rate

hanoi
The total stock of Grade A office market was unchanged at 298,000 sq m in 3Q 2012.
80.0% 70.0% 60.0% Vacancy Rate 50.0% 40.0% 30.0% 20.0% 10.0%

In 3Q 2012, the average occupancy rate was 78.3%, up by 2.90 percentage points against 2Q 2012. The average rent decreased by 1.55% to US$40.59 per sq m month. Developers have been offering various promotions and incentives to attract new tenants. The supply of two major Grade-A office buildings, namely EVN Tower and Indochina Plaza Hanoi, will add pressure to the office market in 3Q 2012. Both asking rents and occupancy rate are expected to fall in both the CBD and non-CBD sub-markets.
mAjor trANsActioNs

2009

2010

2011

2012 F

2013 F

0.0% -10.0% -20.0%

HANOI OFFICE RENTAL VALUES


60 50 40 Rentals 30 20 10 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014F

BuilDiNG Crown Plaza Keangnam Landmark Keangnam Landmark Capital Tower Capital Tower Pacific Place

leAse (l) / sAle (s) S L L L L L

teNANt / PurcHAser Viettel Group Nissan Vietnam Fujitsu Vietnam Lien Viet Securities HR2B Hanoi Sumitomo Mitsui Bank Corp.

AreA (sq ft) 195,900 104,400 6,500 4,100 1,600 4,800

Rentals (US$/ sq m / Month)

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


180,000 160,000 140,000 120,000 sq m 100,000 80,000 60,000 40,000 20,000 0 -20,000 2009 2010
Supply

ho chi minh cit y


45.0% 40.0% 35.0% Vacancy Rate 30.0% 25.0% 20.0% 15.0% 10.0% 5.0%

The total supply of Grade A office space in prime location was approximately 140,000 sq m NFA. No new Grade A office buildings were completed in 3Q 2012. Occupancy rate and rental rate of Grade A office buildings remained the same, with respectively 87% and US$34 per sq m per month. Approximately 48,000 sq m NFA of Grade A office space is expected to enter HCMCs market in the 3Q 2012. Due to the current uncertain economic situation and the supply glut, vendors are anticipated to compete for tenants in order to fill their space in both Grade A and B office buildings.

2011
Take-up

2012 F

2013 F

0.0% -5.0%

Vacancy Rate

HO CHI MINH CITY OFFICE RENTAL VALUES


70 60 50 Rentals 40 30 20 10 0

mAjor trANsActioNs BuilDiNG Bitexco Financial Tower Bitexco Financial Tower Kumho Asiana Plaza Kumho Asiana Plaza leAse (l) / sAle (s) L L L L L L teNANt / PurcHAser Viet Capital Securities JSC Viet Hong Investment General Co Accadent International Holding GMBH TMI Associates HCMC Branch Marina Logistics Petroleum Network Company Ltd 1,400 900 3,200 AreA (sq ft) 10,600 1,800 3,500

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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014F

REE Tower REE Tower

Rentals (US$/ sq m / Month)

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P. 11

asia pacific office market overview | 3Q 2012

iNDiA
BENGALURU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
12.00 10.00 8.00 Million sq ft 6.00 4.00 2.00 0.00 2009 2010
Supply

Bengaluru (Bangalore)
24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%

In 3Q 2012, Bengalurus Grade A new supply totalled approximately 0.8 million sq ft, including Prestige Tech Park II Etamin Block, VRC Tower and Condor. Due to cautious occupier sentiments in an uncertain economy, the commercial office space market witnessed subdued tenant demand compared to the previous two quarters, resulting in stable rents. Looking ahead, rental values are expected to remain stable as substantial supply is projected to enter the market in the near future.

2011
Take-up

2012 F

2013 F

Vacancy Rate

BENGALURU OFFICE CAPITAL AND RENTAL VALUES


80 70 60 50 Rentals 40 30 20 10 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 8,000 7,000 6,000 Capital Values 5,000 4,000 3,000 2,000 1,000 0

Vacancy Rate

mAjor trANsActioNs BuilDiNG Chambers@Mantri Independent Building Prestige Corniche Bearys Global Research Triangle Brigade Hulkul Brigade Hulkul L L PWC (PRTM Management Consultancy) Mitsubishi 8,600 8,600 leAse (l) / sAle (s) L L L L teNANt / PurcHAser Exilant Technologies Happiest Mind Dexler Loreal AreA (sq ft) 40,000 50,000 8,900 25,000

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

CHENNAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE


16.00 14.00 12.00 Million sq ft 10.00 8.00 6.00 4.00 2.00 0.00 2009 2010
Supply

chennai
32.0% 28.0% 24.0% Vacancy Rate 20.0% 16.0% 12.0% 8.0% 4.0%

In 3Q 2012, Chennai Grade A new supply totalled more than 0.8 million sq ft, including Prestige Polygon and Design Square. In this quarter, due to a slowdown in the economy, especially the IT sector, demand for Grade A office space has been reduced compared to the previous two quarters. Companies were following a wait and see policy for expansion or consolidation. Average rental values for Grade A office premises remained stable in almost all of the micro-markets and are expected to remain stable as significant supply is projected to enter the market in the near future.
mAjor trANsActioNs

2011
Take-up

2012 F

2013 F

0.0%

Vacancy Rate

CHENNAI OFFICE CAPITAL AND RENTAL VALUES


80 70 60 50 Rentals 40 30 20 10 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 8,000 7,000 6,000 Capital Values 5,000 4,000 3,000 2,000 1,000 0

BuilDiNG Agnito Park MCTM Ramanujam SEZ AKDR Tek Towers Tek Towers

leAse (l) / sAle (s) L L L L L L

teNANt / PurcHAser GE Capital Services Raffles Millennium International VIT Consulting Ajuba Solutions India Pvt Ltd ISGN Sutherland Global Services

AreA (sq ft) 58,000 25,000 25,000 30,000 33,000 33,000

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

P. 12

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asia pacific office market overview | 3Q 2012

iNDiA
MUMBAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
15.00 20.0%

mumBai
The completion of The Capital, in 3Q 2012, contributed approximately 1.2 million sq ft of prime office space to the current supply. With sustained demand from the banking and financial services sector, absorption in Mumbai remained upbeat. Despite increased absorption, average rents for Grade A office premises remained stable in almost all of the micro-markets due to the ample stock availability. Looking ahead, rental values are expected to remain stable with substantial future supply.

12.00 Million sq ft

16.0% Vacancy Rate

9.00

12.0%

6.00

8.0%

3.00

4.0%

0.00

0.0% 2009 2010


Supply

2011
Take-up

2012 F

2013 F

Vacancy Rate

MUMBAI OFFICE CAPITAL AND RENTAL VALUES


300 250 200 Rentals 150 100 50 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 60,000 50,000 40,000 30,000 20,000 10,000 0

mAjor trANsActioNs BuilDiNG Indiabulls Finance Centre Peninsula Business Park FCH House Boomerang Peninsula Business Park leAse (l) / sAle (s) L S S L L teNANt / PurcHAser Rediffusion Tata AIG Delta Corp. Technip KTI Cipla AreA (sq ft) 30,000 32,000 55,000 56,000 250,000

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

Capital Values

NEW DELHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE


12.00 10.00 8.00 Million sq ft 6.00 4.00 2.00 0.00 2009 2010
Supply

new delhi
24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%

The total new supply of Grade A office space during the quarter was around 2 million sq ft. The projects contributing to this new supply were Platinum Tower, Digital Green Techno Heights, NSL, SB TOWER, Koneectus and Ambiance Corporate Tower.
Vacancy Rate

Absorption increased moderately while rents remained stable across the micro-markets during 3Q 2012. Looking ahead, the absorption momentum is likely to continue but overall rents are expected to increase moderately due to ample stock availability.
mAjor trANsActioNs BuilDiNG leAse (l) / sAle (s) L L L L L teNANt / PurcHAser Emeter CapGemini Infoedge Ammerprise Naukri.com AreA (sq ft) 15,000 40,000 100,000 140,000 150,000

2011
Take-up

2012 F

2013 F

Vacancy Rate

NEW DELHI OFFICE CAPITAL AND RENTAL VALUES


350 300 250 Rentals 200 150 100 50 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Capital Values

Logix Cyber Park Spaze Tech Park Urbtech NPX Prestige Corporate Park NKG Tower

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

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asia pacific office market overview | 3Q 2012

Aust r A l i A
ADELAIDE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
100,000 90,000 80,000 70,000 60,000 sq m 50,000 40,000 30,000 20,000 10,000 0 2009 2010
Supply

adel aide
Leasing transaction has been growing since the last quarter.
10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Vacancy Rate

As demand for Grade A space continues to intensify, there may be some pressure on rental values and incentives. Major tenant relocations are expected in the near future with one of the citys major developments getting close to completion and another two due next year. Core located assets with present value added opportunities are attractive to institutional investors, syndication groups and high net worth individuals. Yields are likely to hold in the short term and compress further in early 2013.

2011
Take-up

2012 F

2013 F

Vacancy Rate

ADELAIDE OFFICE CAPITAL AND RENTAL VALUES


700 600 500 Rentals 400 300 200 100 0 7,000 6,000 5,000 4,000 3,000 2,000 1,000 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F Capital Values

mAjor trANsActioNs BuilDiNG 132 Grenfell Street 141 - 143 Rundle Mall 70 Franklin Street 431 - 439 King William Street 30 Flinders Street 30 Flinders Street leAse (l) / sAle (s) S S L L L L teNANt / PurcHAser Primewest Funds Ltd Private MIGA LogiCamms Jacobs Engineering Santos AreA (sq ft) 34,000 176,300 14,000 9,100 13,600 27,200

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

BRISBANE OFFICE SUPPLY, TAKE-UP & VACANCY RATE


180,000 160,000 140,000 120,000 sq m 100,000 80,000 60,000 40,000 20,000 0 2009 2010
Supply

BrisBane
18.0% 16.0% 14.0% Vacancy Rate 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

With deferred expansion of large mining companies, the number of large lease transactions declined. An escalation in vacancies and subdued market confidence led to constrained rental growth in 1H 2012 across all grades of office space. Institutions and foreign investors have made approximately AU$371.25 million worth of major purchases in the first half of 2012. Vacancy is forecast to tighten slightly in the second half of 2012 and reach 8.2% by mid-2013 as a result of limited new development in the near term.
mAjor trANsActioNs

2011
Take-up

2012 F

2013 F

Vacancy Rate

BRISBANE OFFICE CAPITAL AND RENTAL VALUES


1,200 1,000 800 Rentals 600 400 200 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 12,000 10,000 8,000 6,000 4,000 2,000 0

BuilDiNG 111 Eagle Street 145 Ann Street 12 Creek Street 40 Creek Street 150 Charlotte Street

leAse (l) / sAle (s) L L S S S

teNANt / PurcHAser Arrow Energy Grant Thornton Dexus PGA Group CIMB

AreA (sq ft) 159,300 48,600 346,500 133,000 119,100

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

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Capital Values

asia pacific office market overview | 3Q 2012

Aust r A l i A
CANBERRA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
80,000 70,000 60,000 50,000 sq m 40,000 30,000 20,000 10,000 0 -10,000 2009 2010
Supply

canBer ra
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

Foreign investors have driven demand for prime office assets over the last two years and this trend is likely to continue for the next 12 months. Secondary asset yields are now at the bottom of the market cycle and will remain steady for the next 12 months. Grade A office rents have recorded 2 - 3% annual growth over recent years and this is likely to continue for the next 21 months before growing at an annual rate of 3 - 4 %.
mAjor trANsActioNs BuilDiNG leAse (l) / sAle (s) L L L S teNANt / PurcHAser Department of Education, Employment, and Workplace Relations Garema Court
Capital Values

2011
Take-up

2012 F

2013 F

-2.0%

Vacancy Rate

CANBERRA OFFICE CAPITAL AND RENTAL VALUES


800 700 600 500 Rentals 400 300 200 100 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

AreA (sq ft) 166,300 116,600 131,900 135,900

10 - 12 Mort Street

Department of Regional Australia Department of Climate Change and Energy Efficiency Quintessential Equities Pty. Ltd

NewActon Nishi Penrhyn House

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

MELBOURNE OFFICE SUPPLY, TAKE-UP & VACANCY RATE


160,000 140,000 120,000 100,000 sq m 80,000 60,000 40,000 20,000 0 2009 2010
Supply

melBourne
The first half of 2012 saw a total of 55,868 sq m of new supply.
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0%

Investment demand from both domestic and offshore institutions remained strong over the first half of 2012. There is approximately 277,000 sq m of new space set to enter the market over the next two years, and 74% of it has been pre-committed. The rising vacancy rate has had limited impact on pre-commitment activity with two deals announced during the first half of 2012.
mAjor trANsActioNs

2011
Take-up

2012 F

2013 F

0.0%

Vacancy Rate

MELBOURNE OFFICE CAPITAL AND RENTAL VALUES


700 600 500 Rentals 400 300 200 100 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Capital Values

BuilDiNG City West Police Complex, 313 Spencer Street, Melbourne 11 Exhibition Street 360 Collins Street 120 Collins Street 459 Collins Street 720 Bourke Street 242 Exhibition Street, Melbourne 150 Collins Street, Melbourne

leAse (l) / sAle (s) L L L L L L S S

teNANt / PurcHAser Victorian Police BUPA LaTrobe University Gresham Partners Medibank Medibank Investa Office Fund GPT Wholesale Office Fund

AreA (sq ft) 306,800 126,400 13,600 6,800 11,900 322,900 709,500 215,300

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

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P. 15

asia pacific office market overview | 3Q 2012

Aust r A l i A
PERTH OFFICE SUPPLY, TAKE-UP & VACANCY RATE
200,000 12.0%

perth
Recent resource sector developments have resulted in some subleased space coming onto the market. Premium Grade vacancy and available stock remain relatively tight.
Vacancy Rate

150,000

9.0%

sq m

100,000

6.0%

50,000

3.0%

Investment expenditures in the resources sector, the main driver of growth for the state, remains relatively independent of the recent global economic and financial environment. The new supply cycle momentum has eased due to short- to medium-term economic uncertainty.

2009

2010

2011

2012 F

2013 F

0.0%

-50,000
Supply Take-up Vacancy Rate

-3.0%

mAjor trANsActioNs PERTH OFFICE CAPITAL AND RENTAL VALUES


1,200 1,000 800 Rentals 600 400 200 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 12,000 10,000 8,000 6,000 4,000 2,000 0

BuilDiNG 66 St Georges Terrace, Perth 45 St Georges Terrace, Perth


Capital Values

leAse (l) / sAle (s) S S S S L L L L

teNANt / PurcHAser Investa Credit Suisse GDI Primewest Apache Aurecon AMCOM Undisclosed

AreA (sq ft) 123,200 121,300 211,300 43,900 43,100 17,200 7,000 50,000

1 Adelaide Terrace, Perth 255 & 267 St Georges Terrace, Perth 108 St Georges Terrace, Perth 108 St Georges Terrace, Perth 50 St Georges Terrace, Perth 197 St Georges Terrace, Perth

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

SYDNEY OFFICE SUPPLY, TAKE-UP & VACANCY RATE


200,000 150,000 100,000 sq m 50,000 0 -50,000 -100,000 -150,000
Supply Take-up Vacancy Rate

sydney
12.0% 9.0% Vacancy Rate 6.0% 3.0% 0.0% -3.0% -6.0%

Prime Grade yields have stabilised, while the yield spread between high- and low-quality Secondary Grade assets has continued to widen. The sales volumes for Prime and Grade A offices remain low due to limited supply. Demand is strong for Secondary Grade properties of less than AU$25 million, while weak for those above AU$25 million and with weighted average lease expiry less than four years. Prime office rents remained stable however incentives have begun to rise due to an increase in vacancy and softer tenant enquiry levels, despite growth in demand for CBD space from metro and fringe based tenants.

2009

2010

2011

2012 F

2013 F

SYDNEY OFFICE CAPITAL AND RENTAL VALUES


1,600 1,400 1,200 1,000 Rentals 800 600 400 200 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 0 16,000 14,000 12,000 Capital Values 10,000 8,000 6,000 4,000 2,000 0

mAjor trANsActioNs BuilDiNG 6 - 10 O'Connell Street 60 Castlereagh Street 175 Pitt Street 133 Castlereagh Street leAse (l) / sAle (s) S L L L teNANt / PurcHAser MGPA Centric Wealth VMware Australia Sydney University AreA (sq ft) 175,600 27,600 22,200 18,400

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

P. 16

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asia pacific office market overview | 3Q 2012

New zeAlAND
AUCKLAND OFFICE SUPPLY, TAKE-UP & VACANCY RATE
40,000 35,000 30,000 25,000 sq m 20,000 15,000 10,000 5,000 0 2009 2010
Supply

auckl and
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0%

According to the latest updates from the Investment Property Databank / Property Council of New Zealand (IPD / PCNZ), the total return on office investment has increased slightly from 6.6 to 7.0% in 2Q 2012, which is made up of 8.1% income return and negative 1.1% capital return. Leasing activity has been steady since the beginning of 2012, due to sustained higherthan-expected tenancy demand for prime office space. Prime and secondary rents remained stable in the past 12 months but prime rents have begun to move upwards as a result of the recent easing of incentive packages. Office vacancy in the Auckland CBD has fallen 1.3% in the past 12 months, sitting at 10.9% in June 2012 and tracking just below the 15-year average of 11.8%. The prime office building vacancy rate has dropped 2.4% in the past six months.

2011
Take-up

2012 F

2013 F

0.0%

Vacancy Rate

AUCKLAND OFFICE CAPITAL AND RENTAL VALUES


600 500 400 Rentals 300 200 100 0 6,000 5,000 4,000 3,000 2,000 1,000 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F

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

mAjor trANsActioNs BuilDiNG ASB Bank Centre, 135 Albert Street 106 Albert Street Vero Centre, 48 Shortland Street leAse (l) / sAle (s) S S L teNANt / PurcHAser Auckland Council New Development Group Bell Gully AreA (sq ft) 356,000 47,500 70,100

Rentals (New Zealand $/ sq m / Year)

Capital Values (New Zealand $ / sq m)

WELLINGTON OFFICE SUPPLY, TAKE-UP & VACANCY RATE


60,000 50,000 40,000 sq m 30,000 20,000 10,000 0 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%

wellington
Leasing market remained active as a growing number of office tenants seeking to move from those buildings perceived to be earthquake-prone. CBD office vacancy has increased by 4.9 percentage points YoY to 14.9% in June 2012, the highest level since June 1995. Due to concern over earthquake, the institutional and private owners have focused on strengthening their existing buildings. Consequently, new office supply is anticipated to slowdown in near term. Office investment activity in CBD was relatively strong in the first half of 2012 with the notable transaction of Bowen Campus from AMP Capital Property Portfolio to Precinct Properties New Zealand (formerly AMP Office NZ Limited) for NZ$50.4 million, at an initial yield of 10.7%.
mAjor trANsActioNs BuilDiNG
Capital Values

2009

2010
Supply

2011
Take-up

2012 F

2013 F

Vacancy Rate

WELLINGTON OFFICE CAPITAL AND RENTAL VALUES


600 500 400 Rentals 300 200 100 0 6,000 5,000 4,000 3,000 2,000 1,000 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 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F

Vacancy Rate

leAse (l) / sAle (s) S

teNANt / PurcHAser Precinct Properties New Zealand (former AMP Office NZ) ANZ Bank AMP Financial Services Baldwins Intellectual

AreA (sq ft) 324,700

Bowen Campus, 34 & 38 Bowen Street 49 Tory Street, Te Aro Telecom Central, 42 - 52 Willis Street Vodafone on the Quay, L14 - 15, 157 Lambton QuaY

L L L

155,900 25,400 16,100

Rentals (New Zealand $/ sq m / Year)

Capital Values (New Zealand $ / sq m)

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asia pacific office market overview | 3Q 2012 Pr i m e o ff il i A e w s uPP ly Aust r A c e N


FLOOR AREA (MILLION SQ FT) 0.00 Guangzhou Bengaluru New Delhi Chengdu Tokyo Mumbai Seoul Chennai Shanghai Jakarta Beijing Melbourne Kuala Lumpur Ho Chi Minh City Hanoi Manila Hong Kong Perth Sydney Taipei Singapore Brisbane Karachi Adelaide Canberra Auckland Bangkok 2012F 2013 F 5.00 10.00 15.00 20.00 25.00

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

Pr i m e r A c e r Austo ff il i A e N tA l
RENTALS (US$ / SQ FT / YEAR)
0.00 Hong Kong Tokyo Singapore Perth Sydney Beijing Brisbane Shanghai Hanoi Mumbai New Delhi Ho Chi Minh City Canberra Adelaide Melbourne Taipei Guangzhou Wellington Auckland Kuala Lumpur Bangkok Chengdu Seoul Jakarta Manila Chennai Bengaluru Karachi 20.00 40.00 60.00 80.00 100.00 120.00 140.00

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"

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asia pacific office market overview | 3Q 2012 N e t tA k e - uP 3 Q 2 0 1 2 ( s q f t )

Beijing

Seoul Shanghai Chengdu Guangzhou Hanoi

Taipei Hong Kong

Bangkok

Manila Ho Chi Minh City

Kuala Lumpur Singapore

Jakarta

Over 1 million sq ft Shanghai Guangzhou Kuala Lumpur Bangkok Jakarta 100,000 - 500,000 sq ft Seoul Manila Chengdu Singapore Melbourne Hong Kong Taipei Hanoi Below 100,000 sq ft Auckland Beijing Canberra Wellington Ho Chi Minh City 81,655 20,322 11,302 6,383 4,865 483,906 469,758 342,229 225,641 134,549 110,679 110,673 104,926 1,888,720 1,791,404 852,314 750,954 655,134

500,000 - 1,000,000 sq ft

Canberra Melbourne Auckland Wellington

Source: Colliers

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asia pacific office market overview | 3Q 2012 t r e N D s & fo r ec A s t s


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

BeijiNG
CBD Zhongguancun Financial Street Lufthansa East Chang An Avenue East 2nd Ring Other areas 0 0 0 0 0 0 0 2,152,780 0 645,834 0 0 1,521,251 0 588,570 4,951 -22,680 70,902 -58,782 -641,076 854,223 1,125,915 0 519,434 11,216 25,231 760,631 11 5.4 1.0 0.4 2.0 1.9 2.3 0.2 9.4 1.0 1.6 1.9 1.5 20.8 0.2 20,543,097 22,695,877 8,095,529 9,700,524 7,477,089 6,307,064 2,409,736 1,151,307 8,095,529 10,346,358 7,477,089 6,307,064 3,930,987 1,151,307 65.43 45.01 66.93 53.14 49.91 46.68 45.58 69.36 51.01 70.35 55.16 51.28 45.52 47.00

cHeNGDu
Renmin Road CBD Financial Street Tianfu Avenue 463,224 814,235 914,932 2,230,377 1,614,585 0 430,556 4,090,282 221,306 215,859 301,389 344,445 1,086,120 332,707 551,877 2,514,275 30.8 22.1 49.0 68.0 31.4 10.5 31.0 44.7 3,412,027 2,861,637 1,415,733 1,076,390 5,026,612 2,861,637 1,846,289 5,166,672 26.37 24.61 28.13 21.10 29.01 27.25 29.01 24.61

GuANGzHou
Yuexiu Tianhe Haizhu 0 8,215,299 557,010 0 10,554,391 0 109,544 5,973,512 373,497 83,474 6,881,480 64,476 6.8 23.4 33.6 5.1 26.8 30.7 4,683,244 2,244,693 4,683,244 2,244,693 19.69 29.85 17.58 19.66 29.10 17.23 25,544,156 36,098,547

sHANGHAi
Huangpu Jingan Lujiazui-Pudong Zhuyuan-Pudong Changning Xuhui 0 539,067 0 2,259,687 1,295,156 0 0 1,216,321 823,438 0 1,197,484 0 1,709,114 370,533 -91,187 1,111,335 505,078 86,051 128,488 1,005,674 784,597 275,342 1,363,781 19,488 6.6 7.3 9.1 20.3 14.2 6.0 5.2 8.6 9.0 15.6 9.8 5.6 9,177,699 8,157,131 17,222,305 5,858,349 6,446,597 4,871,881 9,177,699 9,373,452 18,045,743 5,858,349 7,644,080 4,871,881 51.56 56.58 47.54 36.57 35.01 46.89 55.01 60.37 50.73 39.02 37.35 50.03

HoNG koNG
Central Wanchai HK Island East Tsim Sha Tsui Kowloon East 170,000 343,740 0 0 619,245 0 0 0 0 886,684 -154,268 171,870 152,029 134,400 704,109 77,940 50,777 25,118 5,600 837,343 5.7 3.4 2.7 0.9 9.7 5.3 3.0 2.5 0.8 9.4 21,686,414 11,439,007 10,854,774 6,361,390 9,297,402 21,686,414 11,439,007 10,854,774 6,361,390 10,184,086 166.74 98.99 66.20 83.31 54.85 175.08 102.94 68.85 87.48 57.59

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

seoul
CBD GBD YBD 1,342,893 1,499,164 1,989,266 1,431,825 0 1,815,676 30,978,763 27,155,943 15,580,471 31,763,020 27,458,593 13,764,875 12.1 5.4 14.8 13.4 4.3 31.5 35,222,866 28,697,841 18,288,081 36,654,691 28,697,841 20,103,758 27.67 24.26 21.54 28.33 25.35 22.68

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

jAkArtA
CBD Non-CBD 4,070,164 2,533,779 430,556 1,192,436 3,893,731 2,549,570 3,145,987 1,230,357 5.8 7.3 5.5 6.8 50,970,360 51,400,916 24.79 16.93 28.22 18.38 22,772,860 23,965,296

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

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asia pacific office market overview | 3Q 2012 t r e N D s & fo r ec A s t s


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

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

mANilA
Makati Ortigas 617,342 0 660,903 876,074 676,016 115,002 695,778 727,338 3.8 2.6 3.2 4.8 9,934,477 10,595,380 4,961,404 5,837,489 20.63 14.91 21.96 15.44

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

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

HANoi
CBD Non-CBD 491,060 190,521 279,861 1,205,083 74,917 489,757 188,368 602,778 17.5 45.0 16.5 57.0 2,027,510 1,862,736 2,307,371 3,067,819 46.97 31.74 45.88 28.47

Ho cHi miNH city


CBD 1,033,334 1,301,528 519,369 539,304 27.0 38.0 2,552,723 3,854,251 36.88 33.34

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

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

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

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

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

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

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

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

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

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

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

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

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asia pacific office market overview | 3Q 2012

D e f i N i t i o N A N D t e r m i N o lo Gy GreAter cHiNA
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. 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. 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. Guangzhou Prime office buildings in guangzhou are located in 3 principal sub-markets Haizhu, Yuexiu and tianhe. rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of any management fees. capital values are quoted on rMb per sq m. 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.

NortH AsiA
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 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. 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. rents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month, which are inclusive of service charges. Office space is measured on an internal floor area basis. capital values are quoted in Yen per tsubo.

soutHeAst AsiA
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.

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asia pacific office market overview | 3Q 2012

D e f i N i t i o N A N D 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 quoted in Peso per sq m per month on net floor area basis, and exclusive of any management fees. capital values are quoted in Peso per sq m. singapore the quality office buildings covered in the report are located in the central business District of singapore. rents are quoted in s$ per sq ft per month on net floor area basis (i.e. area less common areas such as corridors, toilets, lift lobby etc. but including columns), and are inclusive of service charge. capital values are quoted on the basis of strata area for strata-titled buildings, and net area for 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. 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. 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. 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. 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.

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.

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.

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 caretakers office/flat throughout the building. ** Built-up area refers to the carpet area plus the thickness of external walls and area under columns.

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asia pacific office market overview | 3Q 2012

for further details, please contact:


greater china
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 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 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
company licence no: c-006052

north asia
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 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

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 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 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

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

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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

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

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

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

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

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real estate is a location business. thats why we do business where you do business.

reveNues

couNtries

offices

1.8
BILLION

62 522
12,300 1,250 million* 76,000 $68 billion

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

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.

AsiA PAcific

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

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| colliers iNterNAtioNAl

www.colliers.com

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