Asia Pacific Regional Office Market Overview Q2 2010

24
Asia Pacifc Ofce Market Overview REGIONAL RESEARCH QUARTERLY UPDATE | JULY | 2010

Transcript of Asia Pacific Regional Office Market Overview Q2 2010

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Asia Pacifc

Ofce Market OverviewR E G I O N A L R E S E A R C H

QUARTERLY UPDATE | JULY | 2010

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

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

Greater Cina ..........................................................................4-6

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

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

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

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

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

Nort Asia ...................................................................................7

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

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

Souteast Asia ...................................................................... 8-10

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

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

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

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

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

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

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

Bengaluru .......................................................................................................... 11

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

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

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

 

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

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

Brisbane, Australia ........................................................................................... 13

Canberra, Australia ......................................................................................... 14

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

Perth, Australia ................................................................................................. 15

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

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

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

Prime Ofce Rentals ................................................................17

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

Defnitions & Terminology ................................................. 20-21

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

CONTENTS

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

REGIONAL OVERVIEW

Market Outlook

In tandem with the continued economic recovery in the region, the office market across

most centres registered further signs of growth in 2Q2010. In view of the stronger-than-

anticipated recovery of intra-regional trade and resilient private consumption expenditure,

business confidence among most office occupiers strengthened. From the human resources

perspective, the growth was evident in the increasing positive hiring expectations in the

private sector, according to a hiring expectations sur vey undertaken by Hudson in 2Q2010.

The findings of the survey suggested that overall hiring expectations continued to rise in

a number of key centres in the region, with over two-thirds of the respondents engaged in

the banking and financial services planning to increase their headcounts in 2Q2010.

The overall office leasing demand in the region showed no signs of abating in 2Q2010,

despite the imminent threat of a sovereign debt crisis in Europe. Led by occupiers engaged

in the financial services sector, leasing demand was particularly strong in certain centres

 with a high financial services component, such as Hong Kong and Singapore. A number

of companies took advantage of competitive rental offers in the markets by committing to

additional space for headcount expansions in the future. For example, in Singapore, Barclays

Capital which recently pre-committed to take 250,000 sq ft in the Marina Bay Financial

Centre (MBFC) Tower 2, further committed to take up an additional 100,000 sq ft in the

same building in 2Q2010. In India, occupational demand was particularly strong in the

aerospace, IT and auto sectors. In Hong Kong, AXA leased 180,000 sq ft in Landmark East 

in 2Q2010, after having committed to about 30,000 sq ft in Exchange Tower in the same

sub-market in March 2010. With sustained absorption, average office rentals in the region

picked up additional momentum, with a growth of 1.4% quarter-on-quarter in 2Q2010.

On the sales front, overall buying interest remained strong in 2Q2010. In addition to high-

net-worth private investors, there were signs that institutional investors started returning

to the market in 2Q2010, thanks to the continued growth in occupational demand and

concrete signs of rental increases over the past few quarters. In Hong Kong, a Singaporean

real estate investment fund acquired Manulife Tower for a total consideration of US$288

million (HK$2.25 billion). Meanwhile, institutional players in Brisbane became active in2Q2010 after staying on the sidelines for the past one and a half years.

Looking forward, we expect that office demand fundamentals will remain solid in the region

over the next 12 months given the prospective economic growth and the sustained hiring

expectations in the private sector. Although individual centres currently in the midst of their

supply cycle might see slow rental growth, the anticipated catch-up of the non-finance sector

 will take the leasing market in the region to the next stage of rental increase. Meanwhile,

overall investment demand is expected to strengthen further given the positive scenario

of a low interest rate environment and accelerating rental growth, and, more importantly,

the return of institutional players over the near to medium term.

On te Pat to

Recovery

Sales Market

Leasing Trends

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

MAJOR TRANSACTIONS

C h I N A

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Gateway Plaza L BMW 129,200

  World Financial Centre L King & Wood 96,900

Oce Park Tower C L Panasonic 75,300

Pingan International Financial Centre L Polycom 47,400

Metropolis L Cadence Electronics 43,100

Hyundai Motor Tower L Laarge 25,800Rafes City L National Oilwell Varco 25,800

China Central Place L AECOM 23,700

Fortune Resource International Centre L Founder Securities 16,100

China Overseas Plaza L OMRON 12,900

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)Lippo Plaza L Chengdu Forte 19,400

Cengdu

• TheChengduGradeAofficemarketcontinuedtostayonitsupwardtrendwithasteady

increase in rentals during 2Q 2010. With the overall rate at 14.61%, the average rental

 was at RMB109.43 per sq m per month as of 2Q2010.

• MajortenantsareprincipallylocatedalongSouthRenminRoad.Individualtenants

have been looking to expand and the latest example was the commitment by Chengdu

Forte to take 1,800 sq m of office space at Lippo Plaza during 2Q2010.

• TherewerenocompletionsofmajorGradeAofficebuildingsinChengdurecorded

in2Q2010.Scheduledforcompletionin3Q2010,GradeAofficeunitsinYanlord

LandmarkandOneAeroSpaceCenterhavealreadybeenofferedforpre-lease.Given

the new office supply of over 130,000 sq m, the market will face a greater challenge in

absorption rate going forward. On the sales front, the average transacted price increased

slightly to RMB15,500 per sq m as of 2Q2010.

Beijing

• In2Q2010,OfficeParkTowerCintheCBDareawascompleted,injecting52,737sq

mofnewofficespaceintothemarket.Consequently,thetotalstockofGradeAoffice

property exceeded 4.6 million sq m as at the end of 2Q 2010.

• DuetorobustleasingdemandfrombothMNCsanddomesticenterprisesandanetpositiveabsorptionrateof129,175sqm,theaverageofficevacancyrateedgeddown1.85

percentage points to 14.43% as at the end of 2Q2010. The demand stemmed from new 

leases, relocations and renewals, with several representative examples such as BMW’s

renewalof12,000sqminGatewayPlaza,King&WoodandPanasonic’scommitments

to9,000sqmand7,000sqmrespectivelyintheWorldFinancialCentreandOffice

Park Tower C.

• AveragerentintheBeijingGradeAofficemarketgrewby3.92%quarter-on-quarter

(q-o-q)toRMB173.03persqmpermonthasaresultoftheadjustmentsoflandlords’

leasing strategies from maintaining the occupancy rate to optimising tenant quality and

maximising rental income.

• Theinvestmentmarketwasactive,asevidencedbyatleasttwosalestransactionsconcluded

during 2Q 2010 by a domestic financial institution and a global investor.

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

R&F Centre L Wm Wrigley Jr. Company 64,600

China International Plaza L DHL-Sinotrans International Air 23,700

Courier Ltd.

Poly Centre L Zhanjiang Commercial Bank 39,500

Poly Centre L Guangzhou Yu De Long Trade Co., Ltd. 26,900

Poly Centre L Guangzhou Love37 Clothing Co., Ltd. 19,400

Poly Centre L CITIC Securities 12,900

Poly Centre L Guangdong Ying De Feng Financing 10,800

Guarantee Co., Ltd.

Guangzou

• TherewasonlyoneGradeAofficebuilding-PolyCentrecomprisingatotalfloorarea

of66,370sqm-releasedinthemarketduring2Q2010.

• Intandemwiththesustainedeconomicgrowth,officeleasingdominated,withanumber

of sizeable companies active during 2Q2010. The average vacancy fell to 15.2% by theend of 2Q2010.

• TheaverageGradeAofficerentalwassteadyatRMB134persqmpermonthasatthe

end of 2Q2010.

• Lookingahead,atotalofover220,000sqmnewofficespacewillbelaunchedin3Q2010.

 With a dramatic increase in new stock, the vacancy rate is anticipated to rise over the

near term.

Sangai• WheelockSquarewasaddedtotheGradeAofficemarketduring2Q2010.However,

 with a significant absorption rate in 2Q2010, the average vacancy rate was virtually 

unchanged during the period.

• Strongleasingactivitywaswitnessedacrosstheboardin2Q2010.Asaresultindividual

landlords became slightly more aggressive with their leasing terms leading to a rise in

the effective rental rate.

• PudongperformedbetterthanPuxiacrossallkeymarketindicators,primarilyduetoa

lack of new supply and the continued strong leasing demand attributed to the financial

services sector.

• Inanticipationofanincreaseinnewsupplyoverthenext18months,vacancyratesare

forecasted to rise during this period, while rental rates will pull back slightly.

C h I N A

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MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Platinum S Hong Kong-listed Company 466,600

  Wheelock Square L Luthansa 11,80

  Wheelock Square L Hitachi 48,40

SOHO L B+H Architects 16,100

DBS Tower L Blackstone 10,800

Diamond Exchange L Ai Jian Securities 75,300

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

Taipei

• Theeconomicenvironmentcontinuedtoimprovedueto the performanceofboth

exports and private consumption, and growing investment in the private sector. The

2010GDPinTaiwanhasbeenrecentlyrevisedupwardto6.14%.

• Nonewsupplywasaddedtothemarketin2Q2010.However,withtherelocationand

consolidation of finance and life insurance companies, the net negative absorption

bought the average vacancy rate up from 13.04% in 1Q2010 to 13.50% in 2Q2010.

• Withan increaseof leasing stockduring2Q2010,asking andeffectiverentalrates

decreasedtoNT$2,781perpingpermonthandNT$2,452perpingpermonth

respectively during 2Q 2010.

• Lookingforward,withthesigningoftheEconomicCooperationFrameworkAgreement

(ECFA), an overall positive absorption is anticipated in 2010. However, with plentiful

supply in the market, rentals will remain largely f lat during the second half of 2010.

T A I W A N

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hong Kong

• ThelocalGradeAofficeleasingmarketwasvirtuallyimmunefromthethreatofthe

outbreak of a debt crisis during 2Q2010 as solid occupational demand, attributed

principally to the f inancial services sector, continued to buoy the market.

• Withoutamajornewsupplyofofficestockintheprimarymarket,prospectivetenantscontinued to focus on the available stock for lease in the secondary markets. With a

positive market absorption, the overall average vacancy rate in the market edged down

100 basis points to 5.0% in 2Q2010.

• Overall, officerentalssawagrowth of8.4%q-o-qin 2Q2010amid the continued

strengthening of occupational demand. Central continued to deliver an exceptionally 

strong rental growth of 13.9% q-o-q during the period.

• Given thesoliddemandfundamentals,ourrentalpredictionremainsunchangedat

20% over the next 12 months. However, with the continued narrowing of the rental

difference between Kowloon East and other sub-markets on Hong Kong Island, the pace

ofmajorrelocationslookssettotakeabreatheroverthenearterm.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

CITIC Tower L Finance company 14,500

The Lee Gardens L Watch and jewellery company 15,600

Exchange Tower L Nike 84,000

Landmark East L AXA 180,000

Kowloon Commercial Centre L Logistic company 60,100

Fortis Centre S Hong Kong Housing Society 289,540

The Broadway S Glorious Sun Enterprises 65,577

Manulie Tower S Singapore real estate und 384,000

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MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

City Link L Tai Airways International Public 12,500

Company Ltd., Taipei Branch

Exchange Square Two L Victrex Manuacturing Limited 2,200

Exchange Square Two L Network Appliance Inc. 3,700

TAIPEI 101 L Sinochem 3,600

TAIPEI 101 L Google 3,600

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

 J A P A N

Tokyo

• Relocationstonewpremisesshowedsignsof increasingaftertwenty-fourmonthsof

limited activity.

• Theofficemarketsawvacancyapproaching9%,buttherateofincreaseslowed.

• Anumberofnewdevelopmentswerecompletedwithverylowlevelsofcommitment.

Individual schemes struggled to achieve acceptable occupancy levels even one year or

more after completion.

• Extendedfreerentperiodsoftwelvemonthsormorehasbecomecommonforlarger

relocations.

• Landlordsofhighvacancypropertieshavebeenofferinggreaterincentivestostimulate

relocations.

• Manyleasessignedorrenewedfrom2006to2009arenoworsoonwillbeover-market.

There will be more opportunities for tenants to negotiate rents down on existing

leases.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Minato Mirai Center Building L Lenovo Japan 71,000

Akasaka 2-3 Project L Tokyo Star Bank 88,750

Harumi Front Tower Project L Tokyo Mitsubishi UFJ Bank 355,000

Shin Maru Building L Asahi Glass 142,000

Ote Center Building L AFLAC 35,500

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S O U T h K O R E A

Seoul

• Primeofficerentalsincreased0.57%QoQintheCBDand0.87%QoQintheYBD

in2Q2010.However,GBDbuckedthetrendwithafallof 0.14%QoQduringthe

period.

• VacancyintheCBDareawas6%in2Q2010,butitisanticipatedtoriseto7%bytheendof2010duetoanincreaseofnewsupply.VacancyinGBDandYBDincreased

slightly in 2Q 2010. With the prospective increase in new supply, the leasing market in

Seoul will continue to be a tenant market.

• TherewerefiveGradeAofficesalestransactionsconcludedduring2Q2010including

some strata-title sales since most domestic pension funds and equity capital have been

focusing on overseas opportunities. Sales prices were approximately 5% lower compared

 with their valuation in 1Q 2010.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Samsung-dong Building L iMarket Korea 69,400

STX Tower L Lilly Korea 58,000

KTB Network L Kyobo Lie Insurance 55,300

KTB Network L Mannatech Korea 23,800

Mirae Asset A Tower L Korea Southern Power Co., Ltd. 39,900

Gangnam Finance Center L Korea Technology Investment 24,400

Corp. (KTIC)

Eugene Securities Building S Public Ocials Benet 435,300

Association (POBA)

Gateway Tower S Dongbu Insurance 432,000

Platinum Tower S Hana Bank 39,200

Samsung Jaeil Building S Busan Bank 134,200

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

 Jakarta

• Occupationaldemandshowedfurthergrowthduring2Q2010,followingtherecovery

trend set in 3Q 2009. Office inquiries came mostly from existing tenants with expansion

plans or relocations.

• Officedevelopmentsunderconstructionareanticipatedtofinishonschedule.

• Strata-titleofficepricesincreased1.25%QoQtoRp17millionpersqmin2Q2010.

TransactionswereactiveinboththeCBDareaandouterCBDareas.

• Officerentalratesareexpectedtoedgeupoverthenext12months.

Kuala Lumpur

• Theforthcomingnewdevelopmentsscheduledforcompletionduring2010-2011are

anticipated to stay well above the historical average.

• Officeleasingactivitypickedupin2Q2010butyettocatchupwiththeincreaseinnew

supplyduring2Q2010.Vacancyratecontinuedtoedgeupduringtheperiod.

• Luredbyattractiverentalrates,moretenantsareexpectedtorelocatetobrandnewand

refurbishedofficebuildingsinthesecondhalfof2010.Vendorsofolderbuildingsare

going to see strong competition for tenants.

• Lookingforward,primeofficerentalandcapitalvaluesareexpectedtoremainstable

during the second half of 2010.

I N D O N E S I A

M A L A Y S I A

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Citibank Tower 3rd Floor L Bentoel Prima Oce 12,900

Gedung Sarana Jaya L US Embassy 139,900  Wisma Pondok Indah II L Michelin Oce 5,400

UOB Plaza L ISGS 4,300

Equity Tower L Trikomsel 21,500

Equity Tower L Sucorinvest 21,500

  Wisma 46 L MSD Oce 7,500

Menara Cakrawala L Bank Permata 2,200

Atrium Setiabudi L Bank Permata 2,200

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

  Wisma Times S Johor Land Bhd *171,611

Surian Tower L Procter & Gamble (M) Sdn Bhd 15,000

  Wisma 2430 L T Systems (M) Sdn Bhd *14,998

1 Nagasari L Lion Group 100,000

Menara Olympia L GRI Marketing 14,000

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Page 9: Asia Pacific Regional Office Market Overview Q2 2010

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

Singapore

• TheaveragemonthlygrossrentsofGradeAofficespaceintheCBDincreasedby6.1%QoQtoS$6.77persqftpermonthasoftheendofJune2010.Besidestheflightto

quality, the increase in rents can also be attributed to companies taking advantage of 

the competitive rental rates by taking up more space to cater for an expected future rise

in headcount.

• Forexample,ANZBank,whichnowoccupiesslightlymorethan100,000sqftatOne

Raffles Place, is understood to have signed a lease for 209,000 sq ft at Ocean Financial

Centre(OFC)intheRafflesPlace/NewDowntownmicro-marketthatwillbecompleted

in 1Q 2011. Barclays Capital, which has already pre-committed to 250,000 sq f at Marina

Bay Financial Centre (MBFC) Tower 2, increased its space commitment in the same

building by a further 100,000 sq ft.

• Thepositiveeconomicoutlookfor2010isexpectedtoboostdemandforofficespace

further.HoweverthefinancialwoesintheEuropeZonecouldhaveadragonthe

economy if it worsens or is not contained. On balance, the office market is expected to

see a moderate improvement of around 10% in rents for the second half of 2010.

S I N G A P O R E

MAJOR TRANSACTIONS

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Manila

• Newinquiriesforofficespaceremainedsteadyin2Q2010.Demandlargelycamefrom

newcomers and existing tenants going for expansions.

• DemandforGradeAbuildingsinMakatiCBDandotherlocationspickedupin2Q2010.

 WithsignificantvacancyinanumberofpremiumbuildingsinMakatiCBD,landlordsoffered competitive terms in order to fill the space vacated by outgoing BPOs.

• Developershavepushedaheadtheirnewschemesinviewofthegrowingabsorptionin

the marketplace, particularly in the alternative business districts of Metro Manila.

• Officecapitalvaluesshowedinitialsignsofrecoveryasinvestorsanticipate5%to10%

rental growth to happen before the end of 2010.

P h I L I P P I N E S

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

8 / 10 Upper McKinley Road L Cognizant Technology Philippines 49,600One World Square L Modern Imaging Solutions, Inc. 7,900

Commerce and Industry Plaza L Factset Philippines, Inc. 17,200

Fort Legend Towers L Goodyear Philippines 8,400

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Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Ocean Financial Centre L ANZ Bank 209,000

Marina Bay Financial Centre Tower Two L Barclays Capital 100,000

Ocean Financial Centre L Drew and Napier LLC 93,000

Marina Bay Financial Centre Tower Two L Prudential Asset Management 37,00071 Robinson L Sungard Systems 30,000

Millenia Tower L Commonwealth Bank o Australia 18,000

Keppel Bay Tower L BMW Group Asia 18,000

Parkview Square L Proessional Investment Advisory Services 15,000

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

ho Ci Min City

• GDPreturnedtoitspre-crisislevelin2Q2010andtheoverallofficeoccupancyrates

remained high. However, the market was challenged as supply continued to outstrip

demand.RentalsweresoftandtheGradeAsectorsawthesteepestdeclineduring2Q

2010.

• WiththecompletionofTheVincomPlaza,atotalof76,000sqmofnewfloorarea

 wasintroducedintothemarketatacompetitiverentalofUS$37persqmpermonth.

Meanwhile,theFinancialTowerwithatotalof37,710sqmisscheduledforcompletion

in 2010.

• Atthetop-tierof themarket,KumhoPlaza,a GradeA development designed to

international specifications, has been offered at an average rental of US$55 per sq m

per month.

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Bangkok

• TherecentprotestsinAprilandsubsequentriotinginMayhasdampenedsentiment

in the city. As such, the leasing market remained subdued during 2Q 2010.

• Nonewsupplywasaddedin2Q2010buttherewillbearound78,000sqmscheduled

for completion in the second half of 2010.

• Somemarketactivitywasbriskin2Q2010.Individualcompaniesrelocatedtheiroffices

away from the affected area as the short-term solution to maintain their operations.

• Thedynamicsoftheofficemarketcouldseefurtherchangesovertheneartermsince

a number of businesses started looking to set up their back-up offices by splitting their

operations into two locations to provide protection in the event of continued unrest.

ThAILAND

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

United Center L Pzer (expansion) 21,500

United Center L Gold Future 6,500

Vibulthani Tower L MTC Thailand Co., Ltd. 7,500

Vibulthani Tower L Esso (Thailand) Plc 14,400

Silom Complex L Country Group Securities Plc 6,200

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MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Kumho L Thang Long JOC 9,200

Kumho L ANZ 9,100

Kumho L MSD 4,700

Kumho L Akzo Nobel 4,700

Kumho L LevelOne 4,600

Kumho L Masan Group 4,600Kumho L Shell 4,600

Kumho L Thai Thinh 4,000

Kumho L Debenhams 3,600

A & B Tower L Electrolux 3,000

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

Bengaluru (ormerly Bangalore)

• Officeprojectcompletedin2Q2010includedVrindavanTechVillagelocatedatOuter

Ring Road, contributing approximately 0.9 million sq ft to the total stock.

• TwonewprojectswerelaunchedinBengaluru.TheywereBagmaneCommerceIIat

CVRamanagarandStandAloneBuildingatHebbal.

• Theoverallofficespaceabsorptionandthenumberofoutrightsaletransactionsshowed

further signs of improvement thanks to the prevailing lower rentals and improving market 

sentiment. Occupational demand was particularly strong in the IT and auto sectors.

• Bothrentalandcapitalvaluesinmostsub-marketsofBengalururemainedstabledespite

an overall increase in the number of transactions.

I N D I A

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

BPL Towers L Elken 30,000

The Estate L System Advisories 16,000

Embassy Icon L Hexawear Technologies 25,000

Stand Alone Building S MACHINE TOOLS INDIA 5,000

Stand Alone Building L Semler Research Center Pvt. Ltd. 30,000

Stand Alone Building L Crossdomain 40,000

RMZ NXT L Schneider Electrical 70,000

Prestige Meridian L Inragistics India Pvt. Ltd. 3,000

Uthkarsha L Commerce Velocity 4,000

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Cennai

• Therewereabout2millionsqftofnewofficespaceaddedtothetotalinventoryin2Q

2010. Most of this was in the form of IT / ITES office space, thus keeping vacancy rate

at a high level despite an improvement of absorption.

• RentalandcapitalvaluesforIT/ITESprimeofficespacewerestagnantduring2Q2010

due to high vacancy levels and large upcoming supply across most micro-markets.

• Ina recentdecision, theTamilNaduGovernment approveduniformguidelinesof

DevelopmentControlRegulations(DCR)regardingmulti-storeybuildings,special

buildings, group developments, layouts and subdivisions. The areas affected by the

new regulations include Trichy, Madurai, Tirunelveli, Thoothukudi, Salem, Erode,Coimbatore,Tirupur,VelloreandsuburbanareasfallinginKancheepuramand

TiruvallurdistrictsinTamilNadu.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Shreyas L Cevin Care 16,000

DLF Building L Cognizant Technologies 200,000

Shreyas L Dalkia 8,000

RMG Complex L SBB Constructions 12,000

Samson IT Park L Tata Consultancy Services 20,000

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Page 12: Asia Pacific Regional Office Market Overview Q2 2010

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

New Deli• RentalsforGradeAofficespaceacrossallCBDandSBDwitnessedanincreaseof2-3%

QoQduring2Q2010.However,rentalsinPBDremainedstablein2Q2010duetothe

availability of plentiful supply.

• Newsupplyofapproximately1.6millionsqftwasaddedtothecity’sexistinginventory.

 About0.4millionsqftwasinCBDand1.2millionsqftwascompletedinGurgaonand

Noida.ThevacancylevelinCBDwitnessedadecreasein2Q2010.However,vacancy

inSBDandPBDareasremainedlargelyunchanged.

• Capitalvaluesincreased3%to4%acrossallmicro-marketsduring2Q2010.

• Due totheforthcomingCommonwealthGames,theinfrastructureof the city has

been improving noticeably. It is hoped that all the infrastructure work related to the

CommonwealthGameswillbecompletedsoon.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purchaser (sq t)

Times Tower L Sony Ericsson 12,000

ITT Building L Louis Vuitton 5,500

Baani Corporate One L Hyundai 50,000

Salcon Rasvilas L Max Bupa 20,000

DLF Silokhera L Max 25,0000

Gol Course Road (next to Amex) L Remry Sagar 200,000

Gol Course Road (next to Amex) L Amway 100,000Unitech Inospace SEZ L E-value Serve 50,000

Chimes L Contract Advertising 20,000

DLF Cyber City L Protivity 17,000

I N D I A

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Mumbai

• About2.5millionsqfofprimeofficespacewasaddedtothecity’sGradeAoffice

inventoryin2Q2010.MostofthisnewsupplywaslocatedinSBDandPBD,suchas

 Andheri, Bandra Kurla Complex, Lal Bahadur Shastri Marg and Thane. Rental and

capital values for both IT and non-IT office space remained stable during 2Q 2010.

• InlinewithCentralLegislation,theBuildingandtheOtherConstructionworkersCess

 Act,1996,theMaharashtraGovernmentdecidedtocharge1percentlabourcesson

constructioncostofallnewpublicandprivateprojects.

• Ina recentnotification,thestateurbandevelopmentdepartmentdecidedtoamend

regulation33(1)oftheDevelopmentControlRules1991,andtoprovide25%more

floor space index (FSI) to developers if they agree to construct a road on a portion of 

the land that they have surrendered to the Brihanmumbai Municipal Corporation.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / AreaSale (S) Purcaser (sq t)

Lotus Midtown S Edelweiss 200,000

HCC Park L Siemens 100,000

Sun Inotech Park S India Inoline 115,000

Kaledonia L State Bank o India 20,000

Raj Plaza L Cipla 20,000

Rustomjee Nataraj L Canon 15,000

Rustomjee Nataraj L Amway 15,000

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

Adelaide

• Nonewsupplyoptionisanticipateduntilatleast2012/2013.Overallvacancyratewill

remain low as tenants resort to existing stock.

• Afterreachingahighof7.6%inJanuary2010,vacancyisexpectedtofalltobetween

6.5%and7.0%.

• Leaseincentiveswillbescaledbackinthesecondhalfof2010,whilerentalsaregoing

to remain solid during the period.

• Anincreaseinthenumberofmarketopportunitieswillcontinue,particularlyinthe

price bracket below AU$20 million where investment demand is the greatest.

A U S T R A L I A

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Brisbane• AccordingtothePropertyCouncilofAustralia,theaveragevacancyrateforthecombined

PremiumandGradeAofficemarketedgeddownfrom12.6%inJuly2009to8.8%in

 January2010.

• DemandforbrandnewandGreenStarratedofficebuildingsremainedfirmin2Q

2010. Overall occupancy rates were generally above 90%.

• Institutionalinvestorsshowedsignsofmakingacomebacktothemarketafterstayingon

the sideline for the past 18 months. Meanwhile, investors continued to be constrained

by the lack of sufficient financing.

• Itisanticipatedthat38,000sqmofbrandnewofficespaceinCBDwillcomeonline

in 2010. Another 64,000 sq m will be available in 2011.

• Netofficerentsareexpectedtostabiliseoverthenextsixto12months.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

10 Market Street S GDI property Group 73,700

275 George Street S K-Reit Asia (Australia) Trust 449,300

145 Ann Street S Commonwealth Oce Property Fund 297,300

Centra l Plaza Two L AIRC 15,200

Central Plaza One L Hudson 10,800

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MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

45 Grenell Street S Private Investors 139,700

1 King William Street S Record Funds Management Pty Ltd 221,40012-26 Franklin Street L Australian Taxation Oce 322,900

22 King William Street L State Government 17,200

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

Melbourne

• DocklandsremainedthefocusfordevelopmentwithintheMelbournemarketprimarily

due to availability of land and the ability of corporate occupiers to develop purpose built premises in 2Q 2010.

• Therewasabout57,800sqmofnewsupplycompletedinthefirstquarterof2010.The

twonewbuildingsatDocklands,namely400DocklandsDrive(13,650sqm)and800

Collins Street (Myer) (28,650 sq m), contributed to the bulk of the supply. However,

therewillbeverylimitedsupplyintheCBDduring2011and2012.

• Majorpre-commitmentsin2010includedATO(38,000sqm)andMelbourneWater

(12,000 sq m).

• Accordingtoourresearch,MelbourneCBDOfficemarketisexpectedtohavestrong

rental growth over the next 12 to 18 months. Improving occupational demand together

 withexpectationsofrentalgrowthwillbodewellfortheCBDinvestmentmarketinthe

second half of 2010. Further yield compression is expected in 2010.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

356 Collins Street S Undisclosed 77,600

171 Collins Street S (50% share) Cbus Property 49,100

290 LaTrobe Street S Shesh Ghale 107,600

530 Collins Street L AEMO 54,200

717 Bourke Street L AHAC 45,000

1000 LaTrobe Street L Melbourne Water 129,200

360 Elizabeth Street L MacMillan Shakespeare 39,800

181 William Street L WHK 32,600

525 Collins Street L Thomson Playord Cutlers 28,600

530 Collins Street L Mills Oakley Lawyers 37,700

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A U S T R A L I A

Canberra

• Thetop-tierofficemarketinCanberraduring2Q2010remainedresilientbutthe

secondary market was mixed due to less certainty.

• Supportedbypositivemarketsentiment,investmentdemandforofficepropertieswas

stablein2Q2010.However,therewasnoconclusionofamajorinvestmentdealduring

the period.

• TherehasbeenasurgeinnewsupplyonthewesternsideoftheCanberraCBDwiththe

completion of 50 Marcus Clarke Street (40,000 sq m fully pre-leased) and 121 Marcus

Clarke Street (26,000 sq m).

• Tenantscontinuedtocommandstrongbargainingpositionsinboththeprimaryand

secondary market.

• Themandatorydisclosureofenvironmentalratingshasnowbeenintroducedandshould

assist investors and tenants to make informed choices.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

60 Marcus Clarke Street L St George Bank 14,200

Sirius Building L CoA - DoHA 495,200

50 Marcus Clarke L CoA - DEEWR 428,600

40 Bunda Street L ActewAGL 86,400          �     

               

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

Pert

• TheofficeleasingmarketinPerthremainedlargelystablein2Q2010.Transactionsof

small to medium size deals (below 3,000 sq m) were popular. However, large transactions

 were slow during the period.

• Officerentalwasstablein2Q2010,whiletherewasanincreaseintheleveloflease

incentives.

• TherewasnomajorofficeinvestmentsaleintheCBDduring2Q2010.

• Averageofficecapitalvaluesexperiencedamarginalincreaseduring2Q2010.Average

investment yields for prime offices slightly contracted.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Quayside on Mill, 2 Mill Street L Barrick Gold Ltd 26,900

Exchange Plaza, 2 The Esplanade L Sundance Resources Ltd 11,200

66 St Georges Terrace L Acergy Australia Pty Ltd 21,700

Central Park, 152 St Georges Terrace L DLA Philips Fox 28,000

A U S T R A L I A

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Sydney

• Faceofficerentsremainedstablein2Q2010.Leaseincentivesbegantodeclineand

edged close to the long-term average as demand improved.

• Yieldcompressioneasedin2Q2010sincerentalgrowthwasflatandindividualinvestors

becamemorecautious.Generally,overseasinvestorsandhighnet-worthprivateinvestors

remained the most active during the period.

• Due toa lackof new supply and steadyoccupational demand,vacancy ratesare

anticipated to edge down slightly in 2010. However, the rate will increase when new 

supply enters the market in mid 2011.

• Duetotheuncertaintyintheglobaleconomy,individualtenantsmightturncautious

and vacancy rates will go flat in the second half of 2010.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

12 Castlereagh Street S Sydney Metro 78,400

56 Clarence Street S Heathley Diversied Property Fund 55,600

725-731 George Street S Private Investor 33,600

420 George Street L Virgin Active 48,400

135 King Street L Russell Investment 26,200

56 Pitt Street L Suncorp 23,300

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

N E W Z E A L A N D

Auckland

• AucklandCBDofficevacancydeclinedslightlyto10.6%in2Q2010from11.5%in

December2009.TheoverallCBDofficevacancyisexpectedtoclimbtoaround16%

in 2013/2014.

• Theanticipatedrise inCBDofficevacancyis anticipatedtobecausedbycorporatedownsizing or companies leaving their existing offices over the next few years. For

example,theformerBNZtowerat125QueenStreetwasvacantfollowingthebank’s

movingacrosstheroadtotheDeloitteCentre.ASBBankcommittedto18,000sqm

attheWynyardQuarterdevelopment,thusleavingseverallocationsintheCBDvacant

in 2013.

• Investmentactivityremainedweakin2Q2010.Yieldscontinuedtoeaseinbothprime

and secondary grade office precincts but premium grade assets continued to hold firm

at7.50%to8.25%.ThelatestdealwasthesalebyBrookfieldMultiplexoftheDeloitte

Centreat80QueenStreettoaprivateNewZealandinvestmentgroupforNZ$177

million,oraninitialyieldof7.60%.

• Overall,demandintheAucklandCBDofficemarketisexpectedtoremainsubdued

overthe remainderof 2010.Neteffectiverentswillremainweakwitha riseinlease

incentives. Office yields will be f lat after stabilisation in the first half of 2010.

 Wellington

• Leasingactivityshowedsignsofimprovementbutdemandattributedtothepublicsector

remaineduninspiringin2Q2010.Duetoanincreaseofleaseincentives,neteffective

rents particularly for secondary grade office accommodation declined in the first half 

of 2010.

• Aftera recordlevelofinvestmentsalesin2009,theoverallinquiryleveldroppedin

thefirsthalfof2010.Yieldswerestableacrosstheboardin2Q2010,buttherewasno

majorsalesdealconcludedduringtheperiod.

• Theaveragevacancyrateincreasedfrom6.0%inJune2009to6.8%inDecember2009.

 According to our research, there will be another 63,800 sq m of new space to be added

totheCBDin2010and2011.Anumberofofficedevelopmentswithatotalfloorarea

of106,700sqmhavebeenplannedbuthaveyettoreceivetenants’pre-commitments

before actual commencement of construction.

• Lookingahead,vacancyintheCBDispredictedtorise.However,facerentscouldremain

stable in the second half of 2010. Investment yields will ease 25 to 50 basis points during

the period.

MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Molesworth House S Bronwen Stewart 3,000

NZ Customs House L Chie Electrol Oce 24,900

85 Customhouse Quay L Sinclair Knight Merz 12,500204-206 Thorndon Quay L New Zealand Deence Force 8,700

NZX Centre L Goldman Sachs JB Were 4,500

93 The Terrace L Straterra Ltd 4,900

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MAJOR TRANSACTIONS

Building Lease (L) / Tenant / Area

Sale (S) Purcaser (sq t)

Peace Sotware Building S Private investor 44,500

Deloitte Centre S Private investor 247,600

East on Quay L Rayonair NZ Ltd 9,600

  WHK Gosling Chapman Tower L Morrison Kent 6,900

11 Westhaven Drive L Optimation New Zealand Ltd 6,100

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

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

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

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

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

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

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

Beijing

CBD 4,683,900 0 1,607,222 2,946,994 37.2 22.0 19,398,668 19,398,668 27.20 29.77

Zhongguancun 0 0 317,008 45,714 2.2 1.6 7,619,765 7,619,765 27.33 29.10Financial Street 148,434 0 269,442 188,584 4.8 2.9 9,978,125 9,978,125 39.29 41.84

Luthansa 905,997 828,820 384,155 585,664 24.2 24.7 6,981,950 7,810,770 26.65 27.81

East Chang An Avenue 0 0 -104,991 59,643 6.6 5.7 6,307,067 6,307,064 22.28 24.86

East 2nd Ring 1,442,739 0 671,172 590,077 44.0 33.3 5,504,411 5,504,411 23.81 24.34

Chengdu

Renmin Road 2,760,295 1,216,321 634,454 867,711 55.0 50.0 5,191,009 6,407,330 19.70 21.34

Chunxilu, Yanshikou 0 484,376 159,989 355,944 6.0 10.0 1,999,857 2,484,233 16.42 17.24

East Street 861,112 0 441,547 136,191 40.0 30.0 1,361,913 1,361,913 19.70 21.34

Tianu Avenue 0 1,495,633 94,669 613,374 10.0 40.0 946,685 2,442,318 15.60 16.42

Guangzhou

Yuexiu 0 0 96,326 44,950 7.5 6.3 4,338,799 4,338,799 16.42 15.60

Tianhe 5,117,772 13,410,582 2,539,215 4,775,275 22.0 39.8 18,537,890 31,948,472 23.48 23.15

Haizhu 0 1,183,060 123,785 652,314 25.6 35.7 1,076,390 2,259,450 15.60 15.60

Shanghai

Huangpu 395,520 0 350,735 -21,101 5.8 7.6 3,333,182 3,333,182 34.52 34.99

  Jingan 1,165,601 1,759,822 1,196,713 1,328,645 16.7 18.5 6,886,119 8,645,941 38.96 39.71

Lujiazui 1,793,632 6,208,230 1,033,833 3,005,092 21.0 29.6 16,275,041 22,483,271 30.82 28.49

Zhuyuan 1,229,216 792,686 1,428,261 -70,807 25.2 35.7 4,084,879 4,877,565 27.34 24.55

Changning 341,474 0 306,826 -19,452 9.2 10.7 4,850,805 4,850,805 29.11 29.87

Luwan 699,654 0 668,543 -6,758 1.1 2.5 3,801,777 3,801,777 37.65 38.75

Xuhui 0 1,288,493 -434,706 1,082,260 12.1 13.4 4,294,958 5,583,450 31.70 32.48

Hong Kong

Central 0 0 297,463 137,819 3.8 3.1 21,266,625 21,266,625 150.48 180.58

  Wanchai 0 237,344 215,220 232,355 4.4 4.3 11,095,267 11,332,611 72.49 83.37

HK Island East 434,350 0 344,119 142,130 5.6 4.3 10,974,830 10,974,830 50.51 55.56

Tsim Sha Tsui 0 0 -112,281 39,465 6.4 5.8 6,361,390 6,361,390 59.77 70.53

Taipei

CBD 697,264 0 309,313 681,123 13.9 10.3 19,186,894 19,186,894 25.71 26.99

Seoul

CBD 4,155,833 0 1,617,481 1,404,393 13.3 8.7 30,670,639 30,670,639 22.35 21.94

KBD 329,902 0 332,225 232,430 2.6 1.7 25,709,650 25,709,650 19.45 19.32YBD 949,004 2,835,343 67,115 1,681,387 4.7 10.0 16,299,806 19,135,149 14.94 14.97

Tokyo

CBD 4,001,307 5,758,695 N/A N/A 8.5 8.5 N/A N/A 98.90 98.14

 Jakarta

CBD 2,417,561 3,316,271 2,498,560 2,027,919 12.0 13.8 46,097,252 49,413,524 18.63 19.57

Non-CBD 1,359,222 1,453,643 1,057,133 1,149,068 12.4 13.0 19,283,279 20,736,922 12.15 12.75

Kuala Lumpur

KLCA 1,172,000 2,454,000 700,000 800,000 10.5 15.1 28,420,000 30,874,000 22.99 22.99

Manila

Makati 0 0 273,328 1,081,880 7.1 3.4 9,317,135 9,317,135 16.01 17.55

Ortigas 0 0 233,760 143,752 11.5 8.6 4,961,404 4,961,404 12.16 12.95

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

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

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

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

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

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

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

Singapore

CBD 1,906,000 1,555,241 1,989,942 1,706,151 7.2 6.0 21,191,297 22,746,538 63.71 74.07

Bangkok 

CBD 839,584 290,625 161,459 269,098 18.0 20.0 17,945,940 18,236,565 22.68 24.06

Ho Chi Minh City

CBD N/A N/A N/A N/A N/A N/A N/A N/A 40.13 33.45

Bengaluru

Overall 5,110,000 3,280,000 1,330,000 3,050,000 15.0 17.0 69,233,175 72,513,175 10.82 11.59

CBD 270,000 450,000 350,000 550,000 16.0 18.5 N/A N/A 17.25 18.03

SBD 900,000 970,000 750,000 1,000,000 9.0 9.5 N/A N/A 10.30 11.59

PBD 3,940,000 1,860,000 230,000 1,500,000 19.0 21.5 N/A N/A 4.64 5.15

Chennai

Overall 5,470,147 4,084,000 681,000 2,500,000 N/A N/A N/A N/A 11.59 11.85

CBD 676,986 684,000 66,000 420,087 N/A N/A N/A N/A 14.94 15.45

SBD 412,000 700,000 4,000 429,913 N/A N/A N/A N/A 11.85 12.10

PBD 4,381,161 2,700,000 611,000 1,650,000 N/A N/A N/A N/A 7.73 7.73

Mumbai

Overall 9,483,000 2,057,000 N/A N/A N/A N/A 85,028,000 85,028,000 49.70 50.47

CBD 0 930,000 N/A N/A N/A N/A N/A N/A 82.40 82.40

SBD 3,978,000 940,000 N/A N/A N/A N/A N/A N/A 42.49 44.29

PBD 5,505,000 187,000 N/A N/A N/A N/A N/A N/A 24.46 24.46

New Delhi

Overall 6,639,272 3,900,000 N/A N/A 18.5 N/A 59,794,158 63,694,158 43.26 43.78

CBD 471,272 400,000 N/A N/A 6.1 N/A 1,861,000 2,261,000 70.82 72.10

SBD 168,000 0 N/A N/A 15.0 N/A 8,150,000 8,150,000 39.91 39.91

PBD 6,000,000 3,500,000 N/A N/A 23.0 N/A 49,783,158 53,283,158 19.06 19.06

Adelaide

CBD 0 0 215,278 209,896 6.8 5.0 13,799,320 13,777,792 27.71 28.51

Brisbane

CBD 409,028 683,508 306,771 444,011 9.0 10.0 9,938,901 10,617,027 45.53 45.53

CanberraCBD 796,529 0 645,834 150,695 8.0 7.5 3,110,767 3,110,767 30.48 31.67

Melbourne

CBD 903,629 312,153 968,751 1,076,390 6.4 6.0 19,845,187 20,157,340 32.04 34.01

Perth

CBD 1,089,145 605,577 753,473 645,834 9.8 9.2 15,838,508 16,444,085 47.90 48.30

Sydney

CBD 1,202,446 1,773,353 430,556 807,293 6.2 7.9 25,643,625 27,416,977 50.24 51.25

Auckland

CBD 0 301,389 241,746 110,427 9.4 11.7 4,332,954 4,634,343 19.89 19.50

Wellington

CBD 581,251 300,313 523,287 213,394 3.0 6.2 2,144,933 2,445,246 23.30 22.79

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

GREATER ChINA

Beijing

Prime oce market in Beijing consists o 6 sub-markets – CBD (CentralBusiness District), Luthansa, East 2nd Ring, Financial Street, East Chang

An Avenue and Zhongguancun.

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

and exclusive o management ees and rent ree period. Capital values

are quoted on RMB per sq m.

Cengdu

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

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

Avenue, and East Street.

Rents are quoted in RMB per sq m per month on gross foor area basis,and exclusive o management ees. Capital values are quoted on RMB

per sq m.

Guangzou

Prime oce buildings in Guangzhou are located in 3 principal sub-markets

 – Dongshan, Yuexiu and Tianhe.

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

and exclusive o any management ees and government taxes. Capital

values are quoted on US$ per sq m.

SangaiPrime oce buildings in Shanghai are located in 7 principal sub-markets

 – Huangpu, Jingan, Lujiazui, Zhuyuan, Changning, Luwan and Xuhui.

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

and exclusive o any management ees. Capital values are quoted on

RMB per sq m.

hong Kong

Prime oce properties in Hong Kong are concentrated in 4 sub-markets

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

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

gross, net or lettable foor area basis, which are exclusive o management

ees, and government tax. Prices are quoted in HK$ per sq t, and are

measurable on gross foor area basis.

Taipei

Prime oce properties in Taipei are concentrated in 7 districts, comprising

Nanking Sung Chiang (NK-SC), Minsheng Tun Hwa Nor th (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 o 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 grossfoor area basis.

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

NORTh ASIA

Seoul

Major oce districts in Seoul include the traditional central businessarea (CBD), Gangnam Business District (GBD) and Yeouido Business

District (YBD).

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

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

months is required, and is usually paid up ront. Management ees are

excluded rom quoted rents. Space is measured on gross foor area basis.

Capital values are quoted in Won per sq m.

Tokyo

The quality oce 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 o service charges. Oce space is measured on an

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

SOUThEAST ASIA

 Jakarta 

The quality oce 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 o service charges but exclusive o government taxes. Oce

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

in Rupiah per sq m.

Kuala Lumpur

Prime oce 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 t per month

on net foor area basis, which are inclusive o service charges and proper ty 

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

Manila

Prime oce 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 foor area basis,

and exclusive o any management ees. Capital values are quoted in Peso

per sq m.

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

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

Singapore

The quality oce buildings covered in the report are located in the Central

Business District o Singapore.

Rents are quoted in S$ per sq t per month on net foor area basis

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

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

quoted on the basis o strata area or strata-titled buildings, and net area

or non-strata-titled developments.

Bangkok

Prime oce properties in Bangkok are located in a wide area encompassing

eastern Silom and Sathorn roads starting rom Narathiwas Ratchanakarin,

Rama IV rom Phayathai to Ratchadaprisek, along Ratchadaprisek rom

Rama IV to Sukhumvit and along Sukhumvit rom Asoke to the whole o 

Pleonchit and then Rama I to Phayathai.

Rents are quoted in Baht per sq m per month on a net foor area basis, and

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

ho Ci Min City

The quality oce 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 foor 

area basis, and exclusive o management ees and government tax. Capital

values are quoted on US$ per sq m.

INDIA

Bengaluru

Prime oce properties in Bengaluru are can be divided in 3 principal

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

Business District) consisting o Bannerghatta Road & Outer Ring Road

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

Zone, Electronic City and Whiteeld.

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

exclusive o maintenance charges, parking charges and property taxes.

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

Cennai

Prime oce properties in Chennai are located in 3 principal submarkets– 

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

and PBD (Peripheral Business District). SBD consists o 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 t per month, which are usually 

exclusive o maintenance charges, parking charges and property taxes.

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

Mumbai

Prime oce properties in Mumbai are primarily concentrated in CBD

(Central Business District) – consist o 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 t per month, which are usually 

exclusive o maintenance charges, parking charges and property taxes.

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

New Deli

Prime oce properties in New Delhi are primarily concentrated in

CBD (Central Business District) – consist o 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 t per month, which are

usually exclusive o maintenance charges, parking charges and property 

 taxes.

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

* Super built-up area reers to the total **built-up area o a building plus a proportional

allocation o all common areas including stairs, lit cores, ground foor lobby, and caretaker’s

oce/fat throughout the building.

** Built-up area reers to the carpet area plus the thickness o external walls and area under columns.

AUSTRALASIA

Australia

Prime oce buildings are located in the CBD and generally avored by 

MNCs.

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

excluding management ee and government charges. Capital values are

quoted on A$ per sq m.

New Zealand

Prime oce buildings are located in the CBD.

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

excluding management ee and government charges. Capital values are

quoted on NZ$ per sq m.

This document has been prepared by Colliers International or advertising and general inormation only. Colliers International makes no guarantees, representations or warranties o any kind, expressed or implied,regarding the inormation including, but not limited to, warranties o content, accuracy and reliability. Any interested par ty should under take their own inquiries as to the accuracy o the inormation. Colliers Internationalexcludes unequivocally all inerred or implied terms, conditions and warranties arising out o this document and excludes all liability or loss and damages arising there rom. This publication is the copyrighted proper ty o Colliers International and/or its licensor(s). ©2010. All rights reserved.

Colliers International is the third largest global real estate services company.

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

GREATER ChINA

Beijing, Cina502 Tower W3, Oriental Plaza

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

Cengdu, CinaRoom L 16F City Tower 86 Section One Renmin Nan RoadChengdu 610016Tel : 86 28 8620 2128

Fax : 86 28 8620 2158 Jacky TsaiGeneral Manager  [email protected]

Guangzou, Cina702 Teem Tower,208 Tianhe RoadGuangzhou 510620Tel : 86 20 3819 3888Fax : 86 20 3819 3899Eric LamManaging Director [email protected]

Sangai, Cina16F Hong Kong New World Tower 300 Huaihai Zhong RoadShanghai 200021Tel : 86 21 6141 3688Fax : 86 21 6141 3699Lina WongManaging Director, East and South [email protected]

hong Kong, hKSAR

5701 Central Plaza,18 Harbour Road Wanchai, Hong HongCompany Licence No: C-006052

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

Piers Brunner (E-183614)

Chie Executive Ocer - [email protected]

George McKay (E-215150)

Managing Director,Corporate Services - Asia [email protected]

Taipei, Taiwan49F TAIPEI 101 TOWER No. 7 Xin Yi Road Sec 5, Taipei 110Tel : 886 2 8101 2000

Fax : 886 2 8101 2345Andrew LiuManaging Director [email protected]

NORTh ASIA

Seoul, Sout Korea10F Korea Tourism Organization Bldg.,10 Da-dong, Jung-gu, Seoul 100-180Tel : 82 2 6740 2000Fax : 82 2 318 2015 Jay Yun

Senior Director & General Manager  [email protected]

Tokyo, JapanHaliax Building 8F, 16-26,Roppongi 3-ChomeMinato-ku, Tokyo 106-0032Tel : 81 3 5563 2111Fax : 81 3 5563 2100 James Fink Senior Managing Director  [email protected]

SOUTh EAST ASIA

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

Kuala Lumpur, Malaysia

c/o Mark Lampard*Regional Director -Occupier Services - AsiaTel : 65 6531 8601Fax : 65 6557 [email protected]* Based in Singapore

 Malaysia information contributed by:C h Williams Talar & Wong Sdn Bd32nd Floor Menara Tun Razak P O Box 1215750768 Kuala Lumpur MalaysiaTel : 603 2693 8888

Fax : 603 2693 6565/6655URL: http:// www.wtw.com.my Goh Tian SuiManaging Director [email protected] 

Manila, Pilippines10F Tower 2 RCBC Plaza,6819 Ayala Avenuecorner Sen Gil J Puyat Avenue

Makati City, Philippines1200Tel : 63 2 888 9988Fax : 63 2 845 2612David YoungManaging Director [email protected]

Singapore1 Rafes Place#45-00 One Rafes PlaceSingapore 048616Tel : 65 6223 2323Fax : 65 6222 4901Dennis Yeo

Managing Director, SingaporeAsia Regional Industrial [email protected]

Bangkok, Tailand17/F Ploenchit Center 2 Sukhumvit RoadKlongtoey, Bangkok 10110Tel : 66 2 656 7000Fax : 66 2 656 7111Patima JeerapaetManaging Director [email protected]

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

KP SinghManaging Director [email protected]

hanoi, VietnamVinaplast - Tai Tam Building,9th Floor,39A Ngo Quyen StreetHoan Kiem Distr ict, Hanoi, VietnamTel : 84 4 220 5888

84 4 220 5566Fax : 84 4 220 1133Do Le QuanDeputy General Director [email protected]

For urter details, please contact:

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

INDIA

Bengaluru, IndiaPrestige Garnet, Level 2, Unit No.201/202

36 Ulsoor Road, Bengaluru 560 042Tel : 91 80 4079 5500Fax : 91 80 4112 3131Goutam ChakrabortyOce Director [email protected]

Cennai, IndiaUnit 1C, 1st Floor, Heavitree Complex,23 Spurtank Road, Chetpet,Chennai 600 031Tel : 91 44 2836 1064Fax : 91 44 2836 1377Kaushik Reddy

Oce Director [email protected]

Gurgaon, IndiaG3, NewBridge Business Centers,TechnoPolis, DLF Gol CourseMain Sector RoadSector 54, Gurgaon 122 002Tel : 91 124 4375807Fax : 91 124 4375806Saacketh ChawlaOce Director [email protected]

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

Mumbai, India31-A, 3rd Floors, Film Centre,68 Tardeo RoadMumbai 400 034

Tel : 91 22 4050 4500Fax : 91 22 2351 4272Poonam MahtaniOce Director [email protected]

New Deli, India204/205, 2nd Floor,Kanchenjunga Building,18 Barakhamba Road

New Delhi 110 001Tel : 91 11 4360 7500Fax : 91 11 2335 6624Prit PaulOce Director [email protected]

Pune, IndiaVatika Business Center, Level-5C Wing, Panchsheel Tech Park-1,YerwadaPune 411 006Tel : 91 20 4011 1356Fax : 91 20 6640 3138

Suresh CastellinoOce Director [email protected]

AUSTRALASIA

Adelaide, AustraliaLevel 10, 99 Gawler Place,Adelaide SA 5000Tel : 61 8 8305 8888Fax : 61 8 8231 7712 James YoungState Chie Executive

 [email protected]

Brisbane, AustraliaLevel 20 Central Plaza One345 Queen StreetBrisbane QLD 4000Tel : 07 3229 1233Fax : 07 3120 4555Simon BeirneState Chie [email protected]

Canberra, Australia

Ground foor, 21-23 Marcus Clar ke StreetCanberra ACT 2601Tel : 61 2 6257 2121Fax : 61 2 6257 2937Paul PowderlyState Chie [email protected]

Melbourne, AustraliaLevel 32 367 Collins StreetMelbourne VIC 3000Tel : 61 3 9629 8888

Fax : 61 3 9629 8549 John MarascoState Chie Executive [email protected]

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

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

Auckland, New ZealandLevel 27, 151 Queen Street, AucklandTel : 64 9 358 1888

Fax : 64 9 358 1999Mark SynnottManaging Director [email protected]

 Wellington, New ZealandLevel 10, 36 Customhouse Quay  WellingtonTel : 64 4 473 4413Fax : 64 4 499 1550 (Agency)

: 64 4 470 3902 (Valuation)Richard FindlayManaging Director [email protected]

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