AsiaPacific Office 2Q 2013

7/30/2019 AsiaPacific Office 2Q 2013

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AsiA PAciicOice Market Overview

2Q 2013

Accelerating success.


2/28

table O cOntentsAsiA PAciic oice mArket overview | 2Q 2013

rna o 3

Nh Aa 4-7

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

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

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

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

Hong Kong, HKSAR ...........................................................................................................................Tokyo, Japan .....................................................................................................................................

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

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

sh ea Aa 8-11

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

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

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

Singapore ..........................................................................................................................................

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

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

Hanoi, Vietnam .................................................................................................................................

sh Aa 11-13

Bengaluru (Bangalore), India ..........................................................................................................

Chennai, India...................... ...................... ....................... ....................... ...................... ..................

Delhi NCR, India ...................... ...................... ....................... ....................... ...................... ..............

Mumbai, India ...................... ...................... ....................... ....................... ...................... ..................

Karachi, Pakistan......................... ....................... ....................... ....................... ...................... .........

Aaaa 14-17

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

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

Canberra, Australia ..................... ....................... ...................... ....................... ...................... .......... Melbourne, Australia ...................... ....................... ....................... ...................... ....................... ......

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

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

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

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

P o rna and spp 18-19

tnd & a 20-21

Dfnn & tn 22-23

cna 24-25


3/28colliers iNterNAtioNAl | P. 3

regiOnal Overview

ecoNomic overviewVarious actors impacted the Asian economies during Q , such as urther conrmation

o slower than expected growth in China and increasing worries on the next interest hike

in Asia as the US Federal Reserve signaled they may start scaling back its quantitative

easing policy later this year. Against a backdrop o weakening economic conditions across

the region, individual Asian countries have seen a drop in ination and are still subject to

various challenges ahead such as the potential risk o liquidity outow rom Asia. With

the economic perormance yet to show any sign o acceleration, the region is entering an

era o slower growth.

leAsiNg mArketOce rents in most key cities in Asia Pacic saw no signicant growth in Q . Although

Jakarta and Manila continued to be the key perormers, with strong rental growth in the

order o -% quarter-on-quarter (QoQ), there was a signicant slowdown in terms o space

absorption during Q despite low vacancy rates. Perth saw average rents decrease

the most among cities in the region, in the order o % QoQ, as demand sotened due to

the adoption o more conservative business attitudes in the current global environment.

sAles mArketDue to various property curbs in the investment market, more investment capital originating

rom Hong Kong and Singapore turned to oshore markets such as China and especially

Japan, where inbound purchases doubled in the past six months. In Beijing and Shanghai theen bloc sales market witnessed a rebound in transaction activity in Q , demonstrated

by a number o signicant deals done by both domestic and oreign institutions. However,

in Hong Kong investment demand was dampened by government cooling measures with

speculators exiting the market. Meanwhile, in Australasia, investment demand rom institutional

buyers chasing scarce prime assets remained strong, resulting in a slight tightening o yields.

mArket outlookThe economic environment in Asia is expected to remain uncertain as the region continues

to be reactive to the overall global economic conditions. Individual governments are expected

to ocus on economic issues and introduce additional stimulus measures to help theircountries emerge rom prolonged bouts o deation. Nevertheless, based on the ndings

o Colliers Asia Oce Leasing Survey or Q , it is anticipated that rents wil l increase

in the next months but the pace o rental growth will taper o. Investment transaction

volume is likely to consolidate urther in the second hal o , as risk-averse investors

continue to be cautious, due to concerns that rising interest rates will lead to higher property

yields and reduced property values.


4/28P. 4 | colliers iNterNAtioNAl

asia pacific office market overview | 2Q 2013

cHiNA

Beijing

There were no new completions in Q .

Demand in Beijings Grade A oce property market moderated in Q , with enquiries

and leasing transactions decreasing on the back o the economic deceleration and changes

to corporate expansion plans. Key demand generators were companies rom the nancesector (investment, banking, insurance and securities).

Rents declined or the rst time since Q , by .% QoQ to RMB. per sq m per

month as o the end o Q . By submarket, the CBD area recorded the largest quarterly

rent decline o .%, to RMB. per sq m per month as o the end o Q , while

rents in Financial Street remained stable.

Oce investment market was very active in Q . Three en bloc sales transactions

were concluded, including China Merchants Banks purchase o an oce project (currently

under construction) rom Financial Street Holdings or a total consideration o approximately

RMB. billion.

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F

20,000

40,000

60,000

80,000

00.00

100.00

200.00

300.00

400.00

Rentals

CapitalValues

Renta ls (RMB / sq m / Month) Capital Va lues (RMB / sq m)

BEIJING OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0.00

0.20

0.40

0.60

0.80

0.0%

5.0%

10.0%

15.0%

20.0%

Supp ly Take-up Vacancy Rate

Millionsqm

VacancyRate

BEIJING OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

SHAngHAi

Jingan Kerry Center Tower II was launched during Q , adding , sq m to the

market.

The average vacancy rate edged down rom .% in Q to .% in Q as demand

picked up.

The average Grade A oce rent in the CBD remained unchanged in Q . By sub-market,

the rental rate in Pudong increased by .% QoQ to RMB. per sq m per day while that

in Puxi edged down by .% QoQ to RMB. per sq m per day. Pudong beneted rom the

strong demand rom domestic nancial institutions and proessional service rms.

The investment market remained active with a number o en bloc transactions by both

domestic and oreign institutions.

mAjor trANsActioNs

BuilDiNg leAse (l) /sAle (s)

teNANt / PurcHAser AreA(q )

East Ocean Center S CLSA 516,700

Central Plaza S Carlyle 433,000

Park Place L JP Morgan 86,100

Sandhill L Dupont 58,100

One Lujiazui L Zhonghai Fund Management 32,300

Belle Int'l Plaza L Future Electronics 19,400

SOHO The Exchange L Dockwise 17,200

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

Rentals

CapitalValues

Ren ta ls (RMB / sq m / Day) Cap it al Va lues (RMB / sq m)

0.00

3.00

6.00

9.00

12.00

15.00

18.00

0

12,000

24,000

36,000

48,000

60,000

72,000

SHANGHAI OFFICE CAPITAL AND

RENTAL VALUES

2010 2011 2012 2013 F 2014 F

0.00

0.30

0.60

0.90

1.20

Millionsqm

0.0%

5.0%

10.0%

15.0%

VacancyRate

20.0%


SHANGHAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

mAjor trANsActioNs



Block 4# in Yuetan South

Street, Xicheng District

S China Merchants Bank 766,400

Silicon Valley Tower 4 S BOC International (China) 98,800

Diamond Plaza S BOC International (China) 244,000

Hopson International Tower L CITIC 839,600

China Overseas Plaza L China Unicom 56,000

Parkview Green L China Lianhe Credit Rating 32,300

Rafes City L CITIC Securities 24,600


5/28


colliers iNterNAtioNAl | P. 5

CHengDU The total Grade A oce stock remained at , sq m as no new Grade A oce space

entered the Chengdu oce market in Q .

Most o the leasing deals in Q occurred in the relatively new oce projects,

because o the adequate available area and better hardware.

Average rent stood at RMB. per sq m per month in Q and increased slightly

by .% QoQ with an increase in new oce stock during the past two quarters.

Meanwhile, the vacancy rate dropped by . percentage points QoQ.

The Fortune Global Forum, which was held in Chengdu in June , is expected

to be a positive actor or the Grade A oce market in Chengdu over the long term.However, during the coming two quarters, the Chengdu oce market will suer rom

the pressure o the macro-economy and the huge supply o oce space.

gUAngzHoU

Two new Grade A oce buildings, Fortune Century Plaza and One Bravo Plaza in Pearl

River New City, were completed and injected , sq m o new supply into the market.

The vacancy rate went up by .% QoQ to .% in Q .

The demand or oce space was relatively cold during Q , on the back o a shrinkingmacro-nancial environment. In addition, the upcoming large volume o new supply in

Pearl River New City drove the landlords o newly completed projects to lower the asking

price. The average rent declined by .% QoQ to RMB. per sq m per month in Q

.

The sales price o Guangzhou Grade A oces continued increasing in Q to

RMB,, up .% QoQ.

mAjor trANsActioNs



G.T. Land Building A L Yuanang Technological 53,800

Guangzhou International

Financial Center

L Jing'an Investment Holding 35,500

One Bravo Plaza L Shanghai Leo Burnett

Advertisement

29,100

Onel Link Walk L gzmama.com 17,200

One Bravo Plaza L Saatchi & Saatchi Guangzhou 11,200

CHENGDU OFFICE CAPITAL AND RENTAL VALUES

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014F

2Q2

014F

3Q2

014F

4Q2

014F

1Q2

015F

0.00

50.00

100.00

150.00

200.00

250.00

0

5,000

10,000

15,000

20,000

25,000

Rentals

CapitalValues

Renta ls (RMB / sq m / Month) Capital Values (RMB / sq m)

2010 2011 2012 2013 F 2014 F0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Millionsqm

VacancyRate

Supply Take-up Vacancy Rate

CHENGDU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

cHiNA

mAjor trANsActioNs



China Overseas International Centre L Orientac Management

Co. Ltd

11,300

China Overseas International Centre L Zhongni Investment Co. Ltd 8,100

Rafes City L Chengde Asset

Management Co. Ltd

2,300

Yanlord Landmark L Sumitomo Mitsui

Financial Group

2,700

Square One L Puleidisi Consultancy 2,500

Lippo Tower L Nokia 4,300

Mingyu Financial Centre L Huatu Education 10,800

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

0.00

50.00

100.00

150.00

200.00

0

10,000

20,000

30,000

40,000

Rentals

Renta ls (RMB / sq m / Month) Capital Va lues (RMB / sq m)

CapitalValues

GUANGZHOU OFFICE CAPITAL

AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0.00

0.25

0.50

0.75

1.00

0.0%

10.0%

20.0%

30.0%

40.0%

Millionsqm

VacancyRate


GUANGZHOU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE




tokyo

Macro-economic indicators continued a gradual improvement trend.

The low new supply in provides a recovery opportunity in an oversupplied market.

Rents continue to stabilise.

Vacancy is contracting moderately.

Recent turmoil in nancial markets is expected to weaken business condence in the

near term.

Tenant market conditions prevail based upon relatively high vacancy and only a modest

increase in demand.

HoNg koNg

Hong kong

The Double Stamp Duty introduced by the Hong Kong government has eectively

suppressed acquisition demand as the number o oce sales deals ell sharply in Q

with short-term investors shying away rom the market.

Overall Grade A oce rents stabilised at .% QoQ in Q , with some signs osmall- and medium-sized enterprises reducing their CBD ootprint or downsizing and

cost-savings reasons.

Genuine buying interest among individual cash-rich corporations was still demonstrated

in Q . The latest example being Canadian insurer Manulie, acquiring the West

Tower at One Bay East in Kowloon East or HK$. billion or its own occupation, despite

being caught by the doubling o stamp duty.

With more companies turning cautious in hiring amid deteriorating business conditions,

oce-leasing demand will progressively weaken. The overall Grade A oce rents are

set to slow and undergo mild growth o % over the next months.

HONG KONG OFFICE CAPITAL

AND RENTAL VALUES

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0.00

25.00

50.00

75.00

100.00

125.00

150.00

175.00

Rentals

CapitalValues

Renta ls (HK$ / sq ft / Month) Capital Va lues (HK$ / sq ft)

HONG KONG OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2010 2011 2012 2013 F 2014 F0.00

0.50

1.00

1.50

2.00

2.50

3.00

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Millionsqft

VacancyRat

e


mAjor trANsActioNs



Otemachi Financial City

North Tower

L JFE Shoji Trading Corporation 68,500

Marunouchi Eiraku Building L Abeam Consulting Ltd 104,000

Marunouchi Eiraku Building L Mitsui Sumitomo TrustHoldings

269,800

Think Park Tower L Dassault System 49,700

Nisseki Yokohama Building L Tenneco Japan 49,7001Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014F

2Q2

014F

3Q2

014F

4Q2

014F

1Q2

015F

0

10,000

20,000

30,000

40,000

50,000

Rentals

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

CapitalValues

Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)

TOKYO OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0

40,000

80,000

120,000

160,000

200,000

240,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%


Tsubo

Vacancy

Rate

TOKYO OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

jAPAN

mAjor trANsActioNs



Hutchison House L Undisclosed 12,900

One Pacic Centre L Manulie 8,600

International Commerce Centre L Undisclosed 7,300

4 oors, Kowloon Commerce Centre S China Mobile 104,000

Whole block, Wing Hang Finance

Centre

S Emperor Group 95,600

12/F, Enterprise Square One S Undisclosed 40,500


7/28



SeoUl

A total o oce buildings have come on stream in the rst hal o , all located in

the Central Business District. The State Tower Gwanghwamun, with a total oor area

, sq m came in the market in Q , while the N Tower was opened in Q

with a total gross oor area o , sq m.

Vacancy rate in the rst hal o remained at the % level since Q . Overall

vacancy rate decreased basis points QoQ to .% in Q .

The average rent or oces in Seoul recorded KRW , per sq m in Q , a .%

increase rom the beginning o the year as rent or new oces was set at a higher level

than the standard rent, hence pushing up the average rent.

During the rst hal o , besides the relocation and expansion o oreign companies

most expansionary demand in CBD was noted among local conglomerates and

conglomerate aliates. In YBD, mainly relocation and expansion demand were noted

among nance related rms and oreign-aliated consulting rms.

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Rentals

CapitalValues

Renta ls (NT$ / P ing / Month) Capital Va lues (NT$ / Ping)

TAIPEI OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Ping


Vacancy

Rate

TAIPEI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

soutH koreA

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F

CapitalValues

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

00

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Rentals

Renta ls (Won / sq m / Month) Capital Va lues (Won / sq m)

SEOUL OFFICE CAPITAL AND RENTAL VALUES

0

100,000

200,000

300,000

400,000

500,000

600,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2010 2011 2012 2013 F 2014 F

Vacancy

Rat

e

sqm


SEOUL OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

tAiwAN

mAjor trANsActioNs



Fabulous International

Commercial Building

L Zurich International Lie Taiwan 85,400

Taipei 101 Tower L Alliance Bernstein L.P. Taiwan 24,200

Taipei Financial Center L AVON Cosmetics Taiwan 15,300

City Link Building L Thai Airways 12,500

tAipei

The total Grade A oce stock increased to , ping amid the completion o the

,-ping Taiwan Lie Insurance Financial Headquarter. Net take-up o Grade A oce

reached , ping in Q , which brought vacancy down by basis points to .%

Vacancy rate in West district decreased by . percentage points QoQ to .% in Q

, while that in MS-TN district decreased . percentage points QoQ to .% during

the same period.

Hsin-Yi district recorded the rst negative net take-up since Q , at - ping in

Q . This was due to increase in vacancy in some buildings, such as Taipei Tower, Cathay Financial Center and Shin Kong Xin Yi Financial Building increasing

ping respectively.

The average eective rent o Grade A oces remained stable at NT$, per ping per

month during the quarter. Meanwhile, rective rent o the JA-HS district dropped %

QoQ to NT$, per ping per month.

mAjor trANsActioNs



Kyobo Building L Fujitsu Korea Limited 53,400

Kyungam Building L Coupang 153,000

TWO IFC L OTIS 84,100

Doosan Tower S Deutsche Asset/Wealth Mgmt 588,500

GS Yeokjeon Tower S Angelo Gordon 349,700

Union Steel Building S Samsung Lie Insurance 284,000




iNDoNesiA

jAkArtA

The average occupancy rate or oce buildings in Jakarta was relatively at during

Q . The space absorption slowed due to the consolidation o some companies in

anticipation o the uel price hike.

New oce supply will increase in both the CBD and non-CBD areas over the next threeyears with the majority o projected oce space already in the construction stage.

Despite signs o weakening oce leasing demand, overall Grade A oce rents increased

in Q , mainly dominated by oce buildings charging rupiah taris.

The take-up rate or operating strata-title oce buildings is very high and this is ollowed

by the sales perormance o uture buildings where the pre-committed sales rate has

achieved %. The asking price o these uture oce buildings has increased quite

substantially as well and is now ranging between IDR and million per sq m.

0

100,000

200,000

300,000

400,000

500,000

600,000

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014F

2Q2

014F

3Q2

014F

4Q2

014F

1Q2

015F

Rentals

CapitalValues

Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

02010 2011 2012 2013 F 2014 F

sqm

100,000

200,000

300,000

400,000

500,000


0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

VacancyRate

JAKARTA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F0.00

2.00

4.00

6.00

8.00

10.00

12.00

Rentals

200

400

600

800

1,000

1,200

CapitalValues

0

Capital Values (Ringgit / sq ft)Rentals (Ringgit / sq ft / Month)

KUALA LUMPUR OFFICE CAPITAL AND

RENTAL VALUES

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

28.0%

2010 2011 2012 2013 F 2014 F

Millionsqft

VacancyRate


KUALA LUMPUR OFFICE SUPPLY, TAKE-UP

& VACANCY RATE

kUAlA lUmpUr

There were no new completions in the Kuala Lumpur market during the review period.

New incoming supply o approximately , sq t is anticipated by the end o .

The KLCC REIT, the countrys largest REIT, which was initially a property company, has

restructured itsel into a stapled REIT in a bid to lure yield-hungry investors. The KLCC

REITs portolio includes the Petronas Twin Towers, Tower @ KLCC, Menara ExxonMobil,

Suria KLCC and Mandarin Oriental which have high occupancy rates.

Some landlords o the newly completed buildings were willing to oer more incentives

such as longer rent-ree periods to secure tenants.

Rents have generally remained stable in Q . Oce buildings with MSC Malaysia

status and Green Building Index (GBI) Certied buildings were able to command higher

rental rates despite a longer time needed to ll up with tenants.

mAjor trANsActioNs



Sunway Tower 2 L Worley Parsons Services

Sdn Bhd

10,000

Sunway Tower 2 L ACCA Malaysia Sdn Bhd 10,000

Menara PMI S Admiral Gateway Sdn Bhd 104,000

Menara Tun Ismail Mohd Ali L KL Metropolitan College 101,600

Integra Tower L Aker Solutions 155,000

Integra Tower L Petronas Lubricants

International Sdn Bhd

50,000

mAlAysiA

mAjor trANsActioNs



Gran Rubina S Mandiri Healthcare 33,100

Centennial Tower S PT. Permata Hijau Group 30,100

Tempo Pavilion I L BNI Syariah 60,300

Wisma Mampang L Rekayasa Engineering 40,900

Menara Prima 2 L PT. Excelcomindo 28,000

Lot 18 Tower E L Swiber 24,000

Eighty8 Kota Kasablanka L Danamon 21,500

Data sourced rom C H Williams Talhar & Wong Sdn Bhd


9/28



PHiliPPiNes

mAnilA

Due to attractive business conditions, coupled with the recent investment upgrade by

Standard & Poors (S&P) and Fitch Ratings, more companies are expected to set up

oces in the medium term. The latest example is Citco International Support Services

Limited (CISSL) setting up its Regional Operating Headquarters at the Philamlie Tower

in the Makati CBD.

The vacancy rate in the Makati CBD almost doubled to .% QoQ, mainly driven by the

low take-up rate o the recently completed Alphaland Makati Tower. The overall vacancy

rate in the CBD is set to decline by .% towards the year end as take-up will remain

heavily uelled by the expansion requirements o outsourcing and o-shoring companies.

Premium monthly rents, currently at an average o PHP per sq m, are expected to

exceed the PHP per sq m level by Q backed by a generally higher landlord

condence coupled with the absence o new supply.

mAjor trANsActioNs



One Ecom Center L ACS o the Philippines, Inc. 41,800

Robinsons Equitable Tower L Simpro Solutions 12,700

RCBC Plaza L Bayview Technologies 9,400

Net Lima L Employers Mutual

Management

6,700

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F0

200

400

600

800

1,000

1,200

1,400

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Capital Values (Peso / sq m)Rentals (Peso / sq m / Month)

CapitalValues

Rentals

MANILA OFFICE CAPITAL AND RENTAL VALUES

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2010 2011 2012 2013 F 2014 F

sqm


VacancyRate

MANILA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

SingApore

Driven by tenants continued ight to quality, leasing demand increased or Premium

Grade oce space in the Rafes Place / New Downtown micro-market.

Positive demand lited the overall occupancy rate o Premium and Grade A oce space

in the CBD to .% QoQ as o June , the highest level in . years.

Consequently, the average monthly gross rents or CBD Premium and Grade A oce

space rose or the rst time since the market downturn in Q , inching up .% QoQ

to S$. ps in Q .

On the back o improving market sentiments and demand or ecient oor layouts,rents or Premium and Grade A oce space in the CBD are expected to head north in

H .

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F0.00

5.00

10.00

15.00

20.00

25.00

Rentals

30.00

500

1,000

1,500

2,000

2,500

3,000

CapitalValues

0

Capital Values (Singapore$ / sq ft)Rentals (Singapore$/ sq ft / Month)

SINGAPORE OFFICE CAPITAL AND

RENTAL VALUES

2010 2011 2012 2013 F 2014 F0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

0.00

0.50

1.00

1.50

2.00

2.50

Millionsqft

VacancyRate


SINGAPORE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

siNgAPore

mAjor trANsActioNs



Asia Square Tower 1 L IHS Global Pte Ltd 32,600

Asia Square Tower 2 L National Australia Bank n.a.

Asia Square Tower 2 L Swiss Reinsurance Company n.a.

n.a. : Inormation not available




tHAilAND

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

Rentals

0

200

400

600

800

1,000

1,200

1,400

120,000

CapitalValues

20,000

40,000

60,000

80,000

100,000

140,000

0

Capital Values (Baht / sq m)Rentals (Baht/ sq m / Month)

BANGKOK OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F


sqm

0

20,000

40,000

60,000

80,000

100,000

120,000

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

VacancyRate

BANGKOK OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

BAngkok

The average occupancy rates in the oce market are expected to rise in due to

ever-increasing demand and limited new supply, especially in the CBD area.

Many multinational companies are still looking or oce space in Bangkok, and some

are planning to expand their existing space.

Compared to last year, the average rental rate increased by - % in the rst hal o

, depending on location and building specications. Looking orward, oce rents

in the CBD area will continue to stay on an upward trend in the second hal o due

to the limited supply.

The main obstacle or oce building development in the CBD area is that land prices

are escalating while rents remain relatively static. The majority o the uture supply is

thereore located outside the CBD area, as there is limited land available with reasonable

prices suitable or oce building development in the CBD.

mAjor trANsActioNs



Bangkok City L L'Roeal (Thailand) Co. Ltd 22,100

Mercury Tower L Asia Well Co. Ltd 11,800

mAjor trANsActioNs



Empress Tower L Nestle 32,300

Bitexco Financial Tower L Sano Aventis 10,800

Bao Viet Oce Building L Bridgestone 10,800

Bao Viet Oce Building L Hitachi Electric 8,700

Saigon Airport Plaza L Pepsi Call Center 8,600

President Place L Canon 5,400

vietNAm

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

01

3F

4Q2

01

3F

1Q2

01

4F

2Q2

01

4F

3Q2

01

4F

4Q2

01

4F

1Q2

01

5F

0

10

20

30

40

50

Rentals

Rentals (US$/ sq m / Month)

HO CHI MINH CITY OFFICE RENTAL VALUES

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

sqm

VacancyRate


2010 2011 2012 2013 F 2014 F

HO CHI MINH CITY OFFICE SUPPLY,

TAKE-UP & VACANCY RATE

Ho CHi minH City

Landlords were more willing to lower their asking rents and more generous in oering

incentives in Q .

The oce leasing market in the city is a tenants market. Tenants, especially MNCs, were

aggressive in demanding more incentives, including longer rent-ree and t-out period.

More tenants took the opportunity to relocate to new Grade A oce buildings which

provided more competitive rents when compared to their existing addresses.

New supply is expected to stay humble with about , sq m o new oce space

entering the market in both and .

Overall Grade A oce rents should see a slight decrease beore a modest improvement

throughout thanks to the slow inux o new supply.


11/28



HAnoi

Business conditions improved on the back o a recovering economy. Thereore, some

oce tenants will likely take the opportunity to expand in the coming months.

A large amount o new prime oce space to be nished in the next two years, such as

the Lotte Center, would likely increase competition in the Grade A oce market.

A ew tenants moved out rom high price deals such as SunCity oce building.

Landlords were willing to oer more incentives, including longer rent-ree period up to

our months or a three-year lease even though asking rents stayed relatively high.

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

0

10

20

30

40

50

Rentals (US$/ sq m / Month)

Rentals

HANOI OFFICE RENTAL VALUES

2010 2011 2012 2013 F 2014 F

-50,000

0

50,000

100,000

150,000

200,000

250,000

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

sqm

VacancyRat

e


HANOI CITY OFFICE SUPPLY,

TAKE-UP & VACANCY RATE

vietNAm

mAjor trANsActioNs



Ha Long Marine Plaza L Hoang Anh Commerce and

Service JSC

11,500

iNDiA

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014F

2Q2

014F

3Q2

014F

4Q2

014F

1Q2

015F

0

10

20

30

40

50

60

70

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Rentals

CapitalValues

Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)

BENGALURU OFFICE CAPITAL AND

RENTAL VALUES

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Millionsqft

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

VacancyRate

0.0%


BENGALURU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

BengAlUrU (BAngAlore)

In Q , total absorption was around . million sq t, including . million sq t o

BTS (Build to Suit) absorption concentrated in micro-markets along the Outer Ring Road

and in Whiteeld. The IT/ITeS sector remained the major contributor to this demand.

Amid robust absorption, rental values appreciated in the range o -% QoQ in micro-

markets like the EPIP Zone, Whiteeld, Bannerghatta Road and the Outer Ring Road.

However, rents dipped by % QoQ in Electronic City, keeping overall average rentals

stable or the Bengaluru market.

Construction activities remain steady during Q . Approximately . million sq t

o Grade A commercial oce space was added to the citys total inventory.

The Central Government has approved a proposal or setting up an Inormation Technology

Investment Region near Bengaluru, with an estimated investment o INR, billion. The

project covers around , acres o land, located kilometres north o Bengaluru

International Airport (BIA). The project is expected to generate an annual turnover o

INR, billion by , and create about . million direct, and . million indirect jobs.

mAjor trANsActioNs



RMZ Innity L Analog Devices 54,000

RMZ Ecoworld L Honeywell 500,000

Prestige Tech Park L BMC Sotware 80,000

Mantri Commercio L AXA 237,000

Salarpuria Sotzone L Akamai 70,000




iNDiA

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F0

10

20

30

40

50

60

70

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Rentals

CapitalValues


CHENNAI OFFICE CAPITAL AND

RENTAL VALUES

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

0.00

2.00

4.00

6.00

8.00

10.00

2010 2011 2012 2013 F 2014 F

Millionsqft

VacancyRate


CHENNAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

CHennAi

Absorption remains in line with the previous quarter with a number o mid-sized

transactions (, to , sq t) recorded during Q . Major occupiers like

IBM Daksh, AT & T and Bosch relocated in order to downsize.

The total absorption recorded till Q was . million sq t. The micro-marketswhich remained most active in terms o commercial leasing were OMR, RK Salai and

Dr MGR Road.

No new projects were launched during Q .

In Q , rental values or Grade A oce space remained stable. Average rental values

are expected to remain stable with a downward bias amid cautious market sentiment

and more prime oce supply in the pipeline.

mAjor trANsActioNs



RMZ I L Ford 44,000

ASV Hansa L Frost and Sullivan 42,500

Sunnyside L Bosch 32,000

Prince Inocity-ll L DAKSH IBM 34,000

SP InocityBlock B L Siemens 44,000

AKDR L Ajuba 34,000

DELHI NCR OFFICE CAPITAL AND

RENTAL VALUES

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014F

2Q2

014F

3Q2

014F

4Q2

014F

1Q2

015F

0

50

100

150

200

250

0

5,000

10,000

15,000

20,000

25,000

Rentals

CapitalValues


2010 2011 2012 2013 F 2014 F

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

28.0%

Millionsqft

VacancyRate


DELHI NCR OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

DelHi nCr

Delhi National Capital Region (NCR) witnessed steady occupier demand with absorption

at more than . million sq t during Q . More than % o this absorption was

recorded in Gurgaon.

In Q , the completion o various projects across the city added approximately .

million sq t o Grade A oce stock to the citys total inventory.

Amid steady demand, the large quantum o supply kept rental values steady across Delhi

NCR, except in the CBD, where capital values moved up by % QoQ.

Demand is anticipated to remain moderate in the next quarter due to cautious expansion

plans by occupiers. With the continuous addition o new supply, vacancy levels areexpected to rise putting pressure on the rental values in the mid-term.

mAjor trANsActioNs



Gurgaon L Convergys 227,300

New Delhi L Relaxo Footware (Oce) 50,000

Gurgaon L DuPont 123,000

Gurgaon L Reliance 4G 80,000

Gurgaon L Home Credit 55,000


13/28



iNDiA

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

0

10,000

20,000

30,000

40,000

50,000

60,000

0

50

100

150

200

250

300

Rentals

CapitalValues


MUMBAI OFFICE CAPITAL AND RENTAL VALUES

0.00

2.00

4.00

6.00

8.00

10.00

12.00

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

2010 2011 2012 2013 F 2014 F

Millionsqft

VacancyRat

e


MUMBAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

mUmBAi

Mumbais oce market experienced airly good absorption during the last two quarters

showing healthy occupier demand. The citys total absorption or Q was recorded

at around . million sq t in Q when compared to the Q gure o .

million sq t.

Two new projects, the FIFC (The First International Financial Centre) developed by

Vornado Realty at BKC (Bandra Kurla Complex) and Kalptaru Prime developed by

Kalpataru Group in Thane, were completed in Q , adding approximately million

sq t o oce stock to the citys Grade A inventory.

Rental values or Grade A oce space remained stable in all o the micro-markets, except

BKC, which recorded a marginal appreciation in rental values.

With limited premium commercial development expected to be completed in ,

commercial oce space rents are expected to increase slightly. However, rental values

or IT/ITeS oce space will remain stable due to demand supply equilibrium.

kArACHi

Pakistans change o government had a positive eect on economic activities in Karachi

in Q .

The developers put on hold their commercial development projects since in view

o unavourable conditions. The change o government has brought new hope to the

market and the developers have resumed the development o these projects

A slight improvement in the oce sector was witnessed during the quarter. Occupancy

levels, rents and prices o existing oce premises have edged up.

Looking orward, expansions o companies are expected amid urther economic

improvement, which will create additional demand or oce premises.

mAjor trANsActioNs



Al Tijarah Center L Lotte Chemical Pakistan Ltd. 14,200

Horizon Vista L Pak Brunei 24,000

PAkistAN

KARACHI OFFICE CAPITAL AND RENTAL VALUES

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F

Rentals

0

20

40

60

80

100

120

140

160

Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Year)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

CapitalValues

2010 2011 2012 2013 F 2014 F0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Millionsqft

1.60

VacancyRate

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%


KARACHI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

mAjor trANsActioNs



Marathon Icon L NSDL 200,000

Mindspace SEZ L Cognizant 230,000

IFC L HSBC 72,000

Gcorp L Convergys 120,000

One India Bulls Annexe L ISDI Parsons 210,000




AustrAliA

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013

F

4Q2

013

F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F0

100

200

300

400

500

600

700

Rentals

1,000

2,000

3,000

CapitalValues

4,000

5,000

6,000

7,000

0

Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)

ADELAIDE OFFICE CAPITAL AND

RENTAL VALUES

1Q2

010

2

Q2

010

3

Q2

010

4

Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2

Q2

012

3Q2

012

4

Q2

012

1Q2

013

2Q2

013

3Q

2013F

4Q

2013F

1Q

2014F

2Q

2014F

3Q

2014F

4Q

2014F

1Q

2015F

Rentals

0

200

400

600

800

1,000

1,200

CapitalValues

10,000

12,000

0

2,000

4,000

6,000

8,000


BRISBANE OFFICE CAPITAL AND

RENTAL VALUES

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

2010 2011 2012 2013 F 2014 F

sqm

VacancyRate

Supply Take- up Vacancy Rate

BRISBANE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2010 2011 2012 2013 F 2014 F

sqm

VacancyRate


ADELAIDE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

ADelAiDe

Foreign investor interest or prime quality investment assets should remain elevated in

the medium term. Institutional buyers are making enquiries, and are likely to become

more active during the next - months, provided opportunities are available.

The market recorded its largest oce asset sale or the year ollowing the sale o Pirie Street recently or AU$ million on a passing yield o .%.

Vacancy rates rose urther in Q due to an increase in new supply and backll

space. In the short term, prime incentives are expected to rise marginally.

Yields remained stable and there were positive transactional trends, which showed there

was good demand or prime, well-located investment assets in Adelaide.

Drawn out decision-making tempered overall leasing activity during Q . However,

it is anticipated that activity will improve in the second hal o due to the increase

in high-quality reurbished backll space.

mAjor trANsActioNs



45 Pirie Street S Private 213,800

101 Pirie Street S Health Partners 73,100

BriSBAne

Institutions have dominated the Brisbane investment landscape with approximately AU$.billion in transactions recorded over the rst hal o . Prime asset sales indicate

tight yields and high capital values compared to transactions over the past two years.

Corporations and the Queensland State Government accounted or the majority o

disposals in YTD at AU$. and . million, respectively.

Double-digit vacancy is set to remain in the Brisbane oce market in the short to medium

term. Research indicates that the current CBD vacancy rate is close to %, with the

highest vacancy being recorded in the secondary Grade sector.

Given the tight supply in the prime market, vacancy rates are expected to remain relatively

stable over the medium term until new developments are completed.

mAjor trANsActioNs



41 George St S QIC 316,000

400 George Street S Motor Accident Commission (SA) 471,000

480 Queen Street S DEXUS Property Group and

DEXUS Wholesale Property Fund

(DWPF)

598,100

259 Queen Street S Investa Commercial Property Fund 266,800

192 Ann Street L Aurizon Property Pty Ltd 30,500

179 North Quay L Maurice Blackburn Lawyers 19,000

480 Queen Street L BHP Billiton 148,500

150 Charlotte Street L Boeing Australia 80,700


15/28



AustrAliA

1Q2

010

2

Q2

010

3

Q2

010

4

Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2

Q2

012

3

Q2

012

4

Q2

012

1Q2

013

2

Q2

013

3Q

2013F

4Q

2013F

1Q

2014

F

2Q

2014

F

3Q

2014

F

4Q

2014

F

1Q

2015

F0

100

200

300

400

500

600

700

800

900

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Rentals


CapitalValues

MELBOURNE OFFICE CAPITAL AND

RENTAL VALUES

0

50,000

100,000

150,000

200,000

250,000

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

2010 2011 2012 2013 F 2014 F

sqm

VacancyRate


MELBOURNE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

Rentals

0

100

200

300

400

500

600

700

800

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

CapitalValues


CANBERRA OFFICE CAPITAL AND

RENTAL VALUES

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2010 2011 2012 2013 F 2014 F

sqm

Vacancy

Rat

e


CANBERRA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

CAnBerrA

There was limited leasing activity due to the upcoming ederal elections as most

ederal department expansions and moves were put on hold.

No major ederal government workorce reductions were witnessed in Q .

The current supply cycle is coming to an end with limited leasing options oering

contiguous space.

mAjor trANsActioNs



40 Macquarie Street L Accenture 32,300

14 Mort Street L DEEWR 43,100

140 - 180 City Walk L Federal Government 140,000

40 Marcus Clarke Street S Private 110,000

4 Mort Street S Private 58,800

melBoUrne

The leasing market was more subdued, with limited major deals.

Sales in the Melbourne CBD were strong compared to the same time last year. The

transaction amount reached over AU$ billion up to June .

Yield compression was observed in the prime Grade market while secondary Grade

yields have remained at.

Demand is expected to pick up slightly ollowing the ederal elections.

mAjor trANsActioNs



80 Collins Street L Australia Post 93,000

567 Collins Street L Virgin Active 47,400

360 Collins Street L UXC 39,700

120 Collins Street L Migration Review Tribunal 38,000

555 Lonsdale Street S LaSalle Investment Management 174,100

567 Collins Street S Investa Oce Fund / Investa

Commercial Property Fund

584,200

8 Exhibition Street (50%) S GPT Wholesale Oce Fund 484,400

575 Bourke Street S RREEF OBO BVV 174,100

90 Collins Street S Mirvac 228,700




1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

0

200

400

600

800

1,000

1,200

Rentals

0

2,000

4,000

6,000

8,000

10,000

12,000

CapitalValues


PERTH OFFICE CAPITAL AND RENTAL VALUES

-50,000

0

50,000

100,000

150,000

200,000

-3.0%

0.0%

3.0%

6.0%

9.0%

12.0%

2010 2011 2012 2013 F 2014 F

sqm

VacancyRate


PERTH OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015

F

Rentals

0

200

400

600

800

1,000

1,200

1,400

1,600

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

CapitalValues

0


SYDNEY OFFICE CAPITAL AND RENTAL VALUES

2010 2011 2012 2013 F 2014 F0

40,000

80,000

120,000

160,000

200,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

sqm

VacancyRate


SYDNEY OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

pertH

Leasing demand has sotened due to more conservative business perspectives as a

consequence o continuing sluggish global economic conditions and the subsequent

deerral o some capital expenditure projects.

Vacancy has increased largely due to more direct space being made available in thepast six months up to June . However, as a result o a pullback in resource sector

investment and the subsequent ow through impact on the engineering / technical

services sector there was an increase in availability o sub-lease space.

Yields generally remained stable in the rst hal o as demand or properties with

good lease covenants was relatively unaected by increasing vacancy levels.

Relatively strong pre-commitment activity in the past to months is expected to result

in the delivery o buildings totalling , sq m by mid-.

mAjor trANsActioNs



Allendale Square, 77 St Georges

Terrace, Perth

S Mirvac Property Trust 302,400

Kings Square 1, 2 & 3, Wellington

Street, Perth

S Dexus 568,100

QV1 250 St Georges Terrace, Perth L Chevron 301,400

32 St Georges Terrace, Perth L Legal Aid 60,000

SyDney

Landlords continued to increase incentives to attract and retain tenants.

The leasing market continued to remain sot due to low levels o business and investment

condence.

The investment market remained strong across the Sydney CBD oce market with

AU$ million worth o sales taking place during Q .

The weight o unds chasing quality assets has resulted in a slight tightening o yields

or well-leased premium Grade properties.

mAjor trANsActioNs



121 - 127 Harrington St S Private 67,900

10 Spring St S Centuria 149,000

175 Castlereagh St S Centuria 129,000

117 Clarence St S Altis Proerty Partners 120,600

AustrAliA


17/28



New zeAlAND

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014

F

2Q2

014

F

3Q2

014

F

4Q2

014

F

1Q2

015F

Rentals

0

100

200

300

400

500

600

0

1,000

2,000

3,000

4,000

5,000

6,000

CapitalValues

Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)

AUCKLAND OFFICE CAPITAL AND

RENTAL VALUES

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2010 2011 2012 2013 F 2014 F

sqm

VacancyRate


AUCKLAND OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

2Q2

012

3Q2

012

4Q2

012

1Q2

013

2Q2

013

3Q2

013F

4Q2

013F

1Q2

014F

2Q2

014F

3Q2

014F

4Q2

014F

1Q2

015F

Rentals

CapitalValues

Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)

0

100

200

300

400

500

600

0

1,000

2,000

3,000

4,000

5,000

6,000

WELLINGTON OFFICE CAPITAL AND

RENTAL VALUES

2010 2011 2012 2013 F 2014 F

-20,000

0

20,000

40,000

60,000

80,000

100,000

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

VacancyRate

sqm


WELLINGTON OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

AUCklAnD

In the months leading up to June , both ace rents and net eective rents have

increased due to the limited supply o available space. While ace rents have increased

marginally, incentive packages were reduced by an average o percentage points

compared to a year ago. Overall rents are expected to grow by .% between now and

mid-.

The condence in business and employment growth intentions was translated into urther

demand or Auckland CBD oces. The overall oce vacancy rate in the CBD declined

to .% in Q , with , sq m o space leased over the rst hal o .

The prime vacancy rate decreased to .% in Q , declining by almost hal in the

last two years. Despite the inclusion o the new ASB Building in Wynyard Quarter and

the ,sq m to be vacated at Queen Street with ANZ Banks departure, the prime

vacancy rate will remain low in the range o % - .% or the rest o the year.

Given the rise in rents and the rming in yields by between and basis points or

prime space, prime capital values are set to rise by .% over the next months.

mAjor trANsActioNs



37 - 39 Anzac Avenue S Private Investor 13,700

Vero Centre, L25 - 30

48 Shortland Street

L Russell McVeagh 66,900

L9, 41 Shortland Street L Morgan Coakle 8,700

wellington

The combination o a low employment period in both the public and private sectors and

an emphasis on the building seismic strength provides a challenging environment or the

Wellington oce market. However, this brings in opportunities, and investment activity

remains strong.

Argosy Property Trust have purchased NZ Post House in Wellington and undertaken

signicant reurbishment and seismic strengthening works. Liting the seismic strength o

buildings and reurbishment is a recurring theme in Wellington. Landlords with access to

sucient equity are repositioning to attract and retain tenants in a highly competitive market.

A signicant purchase, urther demonstrating buoyant investment activity in Wellington,

was Caniwi Capital purchasing the ANZ Bank building in Tory Street or NZ$. million

in April .

mAjor trANsActioNs



NZ Post House, 7 Waterloo Quay S Argosy Property 268,900

The Tory Street Campus, Tory Street S Canwi Capital 156,100

Sovereign House, 34 - 42 Manners

Street

L Government Department 22,100

L7, Todd Tower, 95 Customhouse

Quay

L Assurity 5,900

33 Cuba Street L Design Works NZ 7,600




Note: Rental gure in each o the above centre is the average o the various key sub-markets outlined under the section o "Denitions and Terminology"

AustrAliAPrime oice reNtAl

Hong Kong

Tokyo

Singapore

Sydney

Perth

Brisbane

Beijing

Melbourne

Shanghai

Ho Chi Minh City

Hanoi

Adelaide

Jakarta

Mumbai

Canberra

Delhi NCR

Guangzhou

Taipei

Bangkok

Kuala Lumpur

Wellington

Auckland

Seoul

Chengdu

Manila

Bengaluru

Chennai

Karachi

RENTALS (US$ / SQ FT / YEAR)

0.00 20.00 40.00 60.00 80.00 100.00 120.00


19/28



Delhi 12,200,000

Bengaluru 9,090,000

Mumbai 8,700,000

Guangzhou 6,673,618

Chennai 5,240,000

Chengdu 4,628,477

Seoul 4,382,317

Shanghai 3,790,637

Jakarta

Guangzhou

Seoul

Shanghai

Chengdu

Hong Kong

Taipei

Singapore

Hanoi

Beijing

BangkokManila

Ho Chi Minh City

Over 3,000,000 sq ft

1,000,000 - 3,000,000 sq ft

Below 1,000,000 sq ft

Hong Kong 927,384

Manila 413,334

Kuala Lumpur 509,000

Adelaide 454,936

Ho Chi Minh City 117,316

Singapore 733,625

Brisbane 200,209

Karachi 145,000

Auckland 193,750

Perth 100,524

Bangkok 0

Canberra 0

Wellington 0

Kuala Lumpur

MelbourneAuckland

Canberra

Wellington

Delhi NCR

Bengaluru

Mumbai

Chennai

Tokyo

SydneyAdelaide

Brisbane

Karachi

Perth

Tokyo 2,888,680

Beijing 2,730,242

Hanoi 1,748,165

Melbourne 1,442,363

Jakarta 1,564,339

Taipei 1,074,641Sydney 1,304,994

Prime oice New suPPly orecAst or 2013

Source: Colliers


20/28

C n Su ta-u Ava Vacac ta Sc Ava ras

(sq f) (sq f) (%) (sq f) (US$ / sq f / a)

2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F

BeijiNg

CBD ,, , , ,, . . ,, ,, . .

Zhongguancun , , , . . ,, ,, . .

Financial Street , , , . . ,, ,, . .

Luthansa , , , . . ,, ,, . .

East Chang An Avenue , , . . ,, ,, . .

East nd Ring , , . . ,, ,, . .

Other areas ,, , , . . ,, ,, . .

sHANgHAi

Pudong , , , . . ,, ,, . .

Puxi ,, ,, ,, ,, . . ,, ,, . .

guANgzHouYuexiu ,, , ,, . . ,, ,, . .

Tianhe ,, ,, ,, ,, . . ,, ,, . .

Haizhu , , . . ,, ,, . .

cHeNgDu

Renmin Road , , , . . ,, ,, . .

CBD , , . . ,, ,, . .

Financial Street ,, ,, , ,, . . ,, ,, . .

Tianu Avenue , , , . . ,, ,, . .

Other areas ,, ,, ,, , . . ,, ,, . .

HoNg koNg

Central , , , . . ,, ,, . .

Wanchai , , . . ,, ,, . .

HK Island East -, , . . ,, ,, . .

Tsim Sha Tsui -, , . . ,, ,, . .

Kowloon East , , , . . ,, ,, . .

tokyo

CBD ,, ,, ,, ,, . . ,, ,, . .

seoul

CBD ,, ,, , ,, . . ,, ,, . .

GBD , , . . ,, ,, . .

YBD ,, , ,, . . ,, ,, . .

tAiPei

CBD ,, ,, , ,, . . ,, ,, . .

jAkArtA

CBD ,, ,, ,, ,, . . ,, ,, . .

Non-CBD ,, ,, ,, ,, . . ,, ,, . .

kuAlA lumPur

KLCA , ,, ,, ,, . . ,, ,, . .

P. 20 | colliers iNterNAtioNAl


treNDs & orecAsts


21/28

2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F

mANilA

Makati , , , . . ,, ,, . .

Ortigas , , , . . ,, ,, . .

siNgAPore

CBD , ,, , , . . ,, ,, . .

BANgkok

CBD , , . . ,, ,, . .

Ho cHi miNH city

CBD , , , , . . ,, ,, . .

HANoi

CBD ,, ,, ,, ,, . . ,, ,, . .

BeNgAluru

Overall ,, ,, ,, ,, . . ,, ,, . .

cHeNNAi

Overall ,, ,, ,, ,, . . ,, ,, . .

DelHi Ncr

Overall ,, ,, ,, ,, . . ,, ,, . .

mumBAi

Overall ,, ,, ,, ,, . . ,, ,, . .

kArAcHi

CBD , , , , . . ,, ,, . .

ADelAiDe

CBD , , , . . ,, ,, . .

BrisBANe

CBD , -, , . . ,, ,, . .

cANBerrA

CBD , , , , . . ,, ,, . .

melBourNe

CBD ,, , , , . . ,, ,, . .

PertH

CBD , , -, , . . ,, ,, . .

syDNey

CBD ,, , , , . . ,, ,, . .

AucklAND

CBD , , -, . . ,, ,, . .

welliNgtoN

CBD , -, . . ,, ,, . .

C n Su ta-u Ava Vacac ta Sc Ava ras

(sq f) (sq f) (%) (sq f) (US$ / sq f / a)



treNDs & orecAsts




DeiNitioN AND termiNology

NortH AsiA

Bn

Pm o m bj o o 6 u-m cbD (c

bu D), luh, e 2d r, s, e cha au d Zhouu.

r quod rMb p q m p moh o o oo ,

d xu o mm d pod. cp u

quod o rMb p q m.

shanha

Pm o ud shh od 2 pp u-m

Pudo o lujzu d Zhuyu, d Pux o Hupu,

J, ch, d Xuhu.

r quod rMb p q m p dy o o oo , d

xu o y mm . cp u quod o rMb

p q m.

ganh

Pm o ud guzhou od 3 pp u-m

Hzhu, Yuxu d th.

r quod rMb p q m p moh o o oo ,

d xu o y mm . cp u quod o rMb

p q m.

chnd

Pm o ud chdu my od 3 u-m,rm rod, cbD d s.

r quod rMb p q m p moh o o oo , d

xu o mm . cp u quod o rMb p q m.

Hn kn

Pm o pop Ho ko od 5 u-m

c, wh / cuy by, id e, tm sh tu d

kooo e.

r ommoy quod Hk$ p q p moh o h o,

o oo , hh xu o mm , dom x. P quod Hk$ p q , d mu

o o oo .

t

th quy o ud toyo od h u

(cbD) o x d my, chyod-u, chuo-u,

Mo-u, shjuu-u, shuy-u d sh-u.

r h quod Y p uo (.. 3.3 q m) p

moh, hh u o h. O p mud

o oo . cp u quod Y p uo.

s

Mjo o d sou ud h do u

(cbD), gm bu D (gbD) d Youdo bu D

(YbD).

r quod wo p q m p moh o o oo .

gy, dpo qu o 10 moh qud, d uuy

pd up o. Mm xudd om quod . sp

mud o o oo . cp u quod wop q m.

tap

Pm o pop tp od 7 d, omp

n su ch (nk-sc), Mh tu H noh (Ms-tn), H Y,

w, tu H souh (tUn-s), J a H sh (Ja-Hs) d n

e rod (nk-4/5).

th o u o mum p ( .. 3.3 q m). r d p

quod o uy .. n t Do (nt$) o o oo

.

soutHeAst AsiA

jaaa

th quy o ud J od h cbD o

h d thm, sudm, go suoo, ru sd d M

ku. th oud h o d oy d

o-cbD.

r ommoy quod ruph p q m p moh, hh

u o h u xu o om x. O

p mud o oo . cp u quod ruph p q m.

kaa lp

Pm o ud od h ku lumpu c a (klca)

oy. th klca omp y h h u

d.

r ommoy quod r My (rM) p q p moh

o oo , hh u o h d popy

x. cp u quod r p q .

mana

Pm o ud M od o pp u-m

M d O.

r quod Po p q m p moh o oo ,

d xu o y mm . cp u quod Po

p q m.

snap

th quy o ud od h po od h c

bu D o spo.

r quod s$ p q p moh o oo (..

ommo uh odo, o, oy . u udoum), d u o h. cp u quod

o h o o -d ud, d o o-

-d dopm.


23/28



DeiNitioN AND termiNology

* 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 oor lobby, and caretakers ofce/at throughoutthe building.

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

Ban

Pm o pop bo od d omp

som d sho od om nh rh,

rm iv om Phyh o rhdp, o rhdp omrm iv o suhum d o suhum om ao o h ho o

Poh d h rm i o Phyh.

r quod bh p q m p moh o oo , d

u o h. cp u quod bh p q m.

H ch mnh c

th quy o ud Ho ch Mh cy od D O

- h u d h y.

r ommoy quod Us$ p q m p moh o oo

, d xu o mm d om x. cp

u quod o Us$ p q m.

Han

Pm quy o ud Ho moy od Ho km

d, h ddu quy ud od cu gy d d b

Dh d. th oo o h y pd o o

Ho km l, hh h Ho km d.

r ommoy quod Us$ p q m p moh o oo

. r u o h d xu o u ddd

x, hh uy 10% .

soutH AsiA

Bna (Bana)

Pm o pop buu ddd 3 pp u-

m cbD (c bu D), sbD (suu/sody

bu D) o o bh rod & Ou r rod

d PbD (Pph bu D) ud PbD Hou rod, ePiP

Zo, eo cy d whfd.

r ommoy quod rup p q p moh, hh

uuy xu o m h, p h d popy

x. O p ommoy mud o *up u up .

chnna

Pm o pop ch od 3 pp um

cbD (c bu D), (suu/sody bu D)

d PbD (Pph bu D). sbD o o gudy d

vhy h PbD ud oh uh Od Mhpum

rod, amu d gst rod mo oh.




Dh Ncr

Pm o pop Dh ncr pmy od cbD

(c bu D) o o couh P; sbD (sody

bu D) ud nhu P, Jo, s d nj suhhP d PbD (Pph bu D) ud guo d nod.

r ommoy quod rup p q p moh, hh uuy

xu o m h, p h d popy x.

mba

Pm o pop Mum pmy od cbD

(c bu D) o o nm Po, od d bd

e; sbD (sody bu D) ud bd (w d

e), k, lo P d wo/Phd d PbD (Pph

bu D) ud n Mum, vh, Po, goo.




O p ommoy mud o *up u up .

kaah

Pm o ud kh od h u

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AsiaPacific Office 2Q 2013

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