Asia Pacific Office Market Overview 2Q 2012

AsiA PAcific Office Market Overview
2Q 2012
Accelerating success.
table Of cOntents
AsiA PAcific office mArket overview | 2Q 2012
regional overview Greater china
3 4-6
Beijing, China ....................................................................................................................................4 Chengdu, China .................................................................................................................................4 Guangzhou, China .............................................................................................................................5 Shanghai, China ................................................................................................................................5 Hong Kong SAR, China .....................................................................................................................6 Taipei, Taiwan ...................................................................................................................................6
North Asia
Seoul, South Korea ........................................................................................................................... 7 Tokyo, Japan ..................................................................................................................................... 7
southeast Asia
8-11
Jakarta, Indonesia.............................................................................................................................8 Kuala Lumpur, Malaysia ....................................................................................................................8 Karachi, Pakistan...............................................................................................................................9 Manila, Philippines ............................................................................................................................9 Singapore ........................................................................................................................................ 10 Bangkok, Thailand ........................................................................................................................... 10 Hanoi, Vietnam ................................................................................................................................. 11 Ho Chi Minh City, Vietnam ............................................................................................................... 11
india
12-13
Bengaluru (Bangalore) ................................................................................................................... 12 Chennai ........................................................................................................................................... 12 Mumbai ............................................................................................................................................ 13 New Delhi ........................................................................................................................................ 13
Australasia
14-17
Adelaide, Australia .......................................................................................................................... 14 Brisbane, Australia ......................................................................................................................... 14 Canberra, Australia ......................................................................................................................... 15 Melbourne, Australia ....................................................................................................................... 15 Perth, Australia ............................................................................................................................... 16 Sydney, Australia ............................................................................................................................ 16 Auckland, New Zealand ...................................................................................................................17 Wellington, New Zealand .................................................................................................................17
Prime office supply, rents and Net take-up trends & forecasts Definition & terminology contacts
18-19 20-21 22-23 24-25
regiOnal Overview
ecoNomic overview
The macroeconomic conditions in the region remained challenging in 2Q 2012, with growth rates reducing and price inflation continuing in most countries. The sovereign debt issues in the Eurozone have become a key concern, as it continues to have a negative impact on market sentiment. The expectation of further economic consolidation has led to a number of central banks cutting rates pre-emptively to stimulate growth. The two rounds of unexpected interest rate reductions in China is an example of how the region has reacted to the imminent threat created by the contraction in Europe.
leAsiNG mArket
Amid the economic uncertainty, the office leasing market has seen relatively steady enquiry levels from occupiers, with firms in the finance and IT industries among the most active. With total occupation costs paramount in tenant decision making, cost sensitivity is high as firms seek to match their business needs to real estate demands. The average office rent edged down by 0.1% QoQ during 2Q 2012 the first dip since 1Q 2010. Individual markets like Hong Kong and Singapore saw downward rent correction by 2 - 3% QoQ during this period, although most cities in China and Australia continued to exhibit positive rental growth.
sAles mArket
On the sales front, average transacted office prices edged up mildly by 0.4% QoQ, this had the effect of compressing the overall investment yields slightly during 2Q 2012. Although interest rates continued to stay low, access to real estate financing remained the common issue for many prospective buyers. Two notable exceptions are China, where owner-occupiers remained active and Sydney, which saw an increase in investment activity.
mArket outlook
Looking forward, leasing activity is expected to remain steady as firms continue to pursue consolidation and cost reduction strategies. This trend is expected to be more prevalent in cities where new supply is entering the market. Rentals in the region are expected to remain stable but will come under downward pressure if the economic environment in the Eurozone deteriorates further.
colliers iNterNAtioNAl |
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asia pacific office market overview | 2Q 2012
cHiNA
BEIJING OFFICE SUPPLY, TAKE-UP & VACANCY RATE
1.00 0.80 Million sq m 0.60 0.40 0.20 0.00 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate
Beijing
With the absence of new completions in the Grade A office property market for the second consecutive quarter, the total stock remained at 5.17 million sq m as of the end of 2Q 2012. Leasing activities and transaction volumes were constrained by the constantly narrowing availability. Net absorption decreased 37.6% QoQ to 13,146 sq m and the overall average vacancy rate dropped marginally by 0.25 percentage points QoQ to 3.55%. Tenants from the service, finance, pharmaceuticals, consumer goods and logistics sectors were the most active in the leasing market. Although some landlords became cautious in light of macro-economic uncertainties, overall rents increased further in 2Q 2012. The average net effective rent edged up by 4.2% QoQ, to RMB302.50 per sq m per month as of the end of 2Q 2012.
2009
2010
Supply
2011
Take-up
2012 F
2013 F
Vacancy Rate
BEIJING OFFICE CAPITAL AND RENTAL VALUES

800.00 700.00 600.00 500.00 Rentals 400.00 300.00 200.00 100.00 0.00 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 80,000 70,000 60,000 Capital Values 50,000 40,000 30,000 20,000 10,000 0
Owner-occupiers appeared to be more active in sourcing deals. In addition, several stratatitle sales were logged in the CBD and other sub-markets, with domestic enterprises remaining the major buying force.
mAjor trANsActioNs BuilDiNG SK Tower Tsinghua Tongfang Hi-Tech Plaza Tower D IFC ONE INDIGO L L Astellas Nestl 40,500 43,000 leAse (l) / sAle (s) L L teNANt / PurcHAser Kookmin Bank GREE AreA (sq ft) 32,200 27,200
Rentals (RMB / sq m / Month)
Capital Values (RMB / sq m)
CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.50 0.40 0.30 0.20 0.10 0.00 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Vacancy Rate
chengdu
In 2Q 2012, Towers A and B of China Overseas International Centre were completed, providing a total office area of 107,209 sq m. This project is offered for lease only, and 45% of the office space has been absorbed. The office units are offered at RMB110 - 130 per sq m per month. The Grade A office vacancy rate increased 5.16 percentage points in 2Q 2012 to 20.68%, due to the completion of China Overseas International Centre. Domestic enterprises were the major source of tenant demand in 2Q 2012. The new office premises from Square One and China Overseas International Centre has put pressure on office rents. In 2Q 2012, average rents declined 3.54% QoQ to RMB137.80 per sq m per month.
mAjor trANsActioNs BuilDiNG Plaza Central
Capital Values
Million sq m
2009
2010
Supply
2011
Take-up
2012 F
2013 F
Vacancy Rate
CHENGDU OFFICE CAPITAL AND RENTAL VALUES

225.00 200.00 175.00 150.00 Rentals 125.00 100.00 75.00 50.00 25.00 0.00 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 22,500 20,000 17,500 15,000 12,500 10,000 7,500 5,000 2,500 0
leAse (l) / sAle (s) L L L L L L
teNANt / PurcHAser Yinlong Financing Guaranty LVMH Daishi Education Group Regus ERM Sichuan Weicheng Trading Co. Ltd
AreA (sq ft) 4,800 3,200 11,800 19,400 2,800 43,100
Yanlord Landmark Aerospace Technology Plaza Square One Square One China Overseas International Centre
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| colliers iNterNAtioNAl
cHiNA
GUANGZHOU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
2.00 40.0%
guangzhou
Two projects in Pearl River New City, including Guangzhou Bank Plaza and R&F Yingsheng Plaza, were completed in 2Q 2012, providing about 149,148 sq m of new Grade A office space. The overall vacancy rate was pushed up by 0.2 percentage points to 20.6% in this quarter. The large volume of new completions in Tianhe district, especially in Pearl River New City, put pressure on rents in 2Q 2012. The average rent edged down 0.3% in 2Q 2012 to RMB161.3 per sq m per month. Although the MNCs slowed their expansion plans in light of external uncertainties, the leasing demand from domestic corporations such as insurance, cultural and media, and IT companies remained strong in this quarter. One of the major transactions was the lease of 8,000 sq m in Zhujiang International Plaza to CITIC Life Insurance. During 2Q 2012, one en bloc sales transaction was booked. Guangzhou Automobile Group acquired 45,600 sq m at Poly D Plaza - Building 1 for RMB1.4 billion. In addition, a domestic buyer acquired 10 office floors or about 20,000 sq m at Grand International Plaza.
Capital Values
1.50 Million sq m
30.0% Vacancy Rate
1.00
20.0%
0.50
10.0%
0.00
2009
2010
Supply
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES

180.00 160.00 140.00 120.00 Rentals 100.00 80.00 60.00 40.00 20.00 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 0.00 36,000 32,000 28,000 24,000 20,000 16,000 12,000 8,000 4,000 0
The average price increased 2.5% QoQ to RMB32, 070 per sq m in this quarter.
mAjor trANsActioNs BuilDiNG Poly D Plaza - Building 1 Zhujiang International Plaza Fortune Plaza G.T. Land Plaza - Building A HNA Plaza Zhujiang International Plaza leAse (l) / sAle (s) S L L L L L teNANt / PurcHAser Guangzhou Automobile Group CITIC Life Insurance Baleno Gesi Co. Ltd Guangzhou Shangcen Clothes Sodexo Guangzhou AreA (sq ft) 490,800 86,100 43,100 23,600 15,200 14,300
SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

1.20 20.0%
shanghai
The economic growth is showing signs of a slowdown. In 1Q 2012, the gross domestic product (GDP) growth rate slowed to 7% which was the lowest in the past four quarters. No Grade A office buildings were completed during 2Q 2012. There was a mild slowdown in leasing activity. The average rents continued to increase in the second quarter, up 3.6% QoQ to RMB8.6 per sq m per day, primarily as a result of limited new supply in prime locations. In 2Q 2012, the overall vacancy rate decreased to 6.7% from the previous quarters 8.3%. Among the six major central business districts, Jing an recorded the lowest vacancy rate, at 5.9%.
mAjor trANsActioNs BuilDiNG
Capital Values
0.90 Million sq m
15.0% Vacancy Rate
0.60
10.0%
0.30
5.0%
0.00
2009
2010
Supply
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

18.00 15.00 12.00 Rentals 9.00 6.00 3.00 0.00 72,000 60,000 48,000 36,000 24,000 12,000 0
leAse (l) / sAle (s) L L L L
teNANt / PurcHAser JP Morgan Dematic Group Everbright Pramerica Hitachi Motor
AreA (sq ft) 32,300 24,800 32,300 19,400
Park Place New Richport Bund Center The Headquarters Building
1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F
Rentals (RMB / sq m / Day) Capital Values (RMB / sq m)
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H o N G ko N G
HONG KONG OFFICE SUPPLY, TAKE-UP & VACANCY RATE
4.50 4.00 3.50 3.00 Million sq ft 2.50 2.00 1.50 1.00 0.50 0.00 2009 2010
Supply
hong kong
9.0% 8.0% 7.0% Vacancy Rate 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%
A number of private banks remained positive in expanding their businesses. Individual non-finance companies planned to carry out business expansion in 2Q 2012 regardless of the headwinds from the Eurozone. On the back of improved tenant demand, the pace of the rent decline has tapered off. Grade A office rents edged down 0.7% QoQ in 2Q 2012, compared to a drop of 5.5% in 1Q 2012. Meanwhile, Grade A office rents in Central decreased 2.0% QoQ, compared to a drop of 8.9% in 1Q 2012. The outlook for the Hong Kong Grade A office market has been brighter due to increased demand for small-to-medium size Grade A office units in Central. Overall Grade A office rents are projected to undergo a mild downward adjustment of 4% over the next 12 months.
mAjor trANsActioNs
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
HONG KONG OFFICE CAPITAL AND RENTAL VALUES

150.00 125.00 100.00 Rentals 75.00 50.00 25.00 0.00 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 30,000 25,000 20,000 15,000 10,000 5,000 0
BuilDiNG Two Exchange Square

Capital Values
leAse (l) / sAle (s) L L L L L S S
teNANt / PurcHAser Harvest Capital Neo Derm Quam LVMH Avery Dennison Undisclosed Ample Perfect Ltd
AreA (sq ft) 12,000 42,300 18,000 22,000 70,000 208,000 14,070
Two Pacific Place Aon China Building Oxford House 15/F and 16/F Octa Tower 8 floors, Kowloon Commerce Centre Tower B 23/F, Lippo Centre Tower 1
Rentals (HK$ / sq ft / Month)
Capital Values (HK$ / sq ft)
tA i wA N
TAIPEI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
35,000 30,000 25,000 20,000 Ping 15,000 10,000 5,000 0 -5,000 2009 2010
Supply
taipei
35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate
The net take-up of Grade A offices was 6,979 ping in 2Q 2012 which drove the vacancy rate down by 1.3 percentage points to 10%, the lowest since 1Q 2009. Hsin-Yi district accounted for 66.18% of market absorption or 4,619 ping in this quarter. The key contributor was one multi-national corporation reserving 1,650 ping in Taipei 101 Tower. Thanks to Chunghwa Telcom Co. taking 3,015 ping in CHT Building (Front), the vacancy rate of Grade A offices in Tun-S district dropped 3.9 percentage points to 6.76%. In addition, NK-4/5 district also took up 1,000 ping which caused the vacancy rate to drop 7.57 percentage points to 4.95%. The Straits Exchange Foundation moved out of Hung Tai Financial Center in May which caused the vacancy rate of MS-TN district to climb 1.4 percentage points to 14.15%. The average effective rent dropped 0.16% or NT$4 QoQ to NT$2,439 per ping per month in 2Q 2012. Although the effective rent of Hsin-Yi district was NT$2,815 per ping per month and was the highest among all districts, it witnessed a drop of 0.63% QoQ within the review period.
mAjor trANsActioNs BuilDiNG CHT Building (Front) Shin Kong Life Tower Aurora 21st Century Building Aurora 21st Century Building leAse (l) / sAle (s) L L L L teNANt / PurcHAser Chunghwa Telcom Co. TomTom Asia Institute for Information Industry Cathay Health Care Co. AreA (sq ft) 107,300 24,700 19,200 19,200
2011
Take-up
2012 F
2013 F
-5.0%
Vacancy Rate
TAIPEI OFFICE CAPITAL AND RENTAL VALUES

3,000 2,500 2,000 Rentals 1,500 1,000 500 0 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0
P. 6
Rentals (NT$ / Ping / Month)
Capital Values (NT$ / Ping)
Capital Values
s o u t H ko r e A
SEOUL OFFICE SUPPLY, TAKE-UP & VACANCY RATE
600,000 500,000 400,000 sq m 300,000 200,000 100,000 0 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
seoul
Despite the overall recession in the real estate market, domestic pension funds moved aggressively for investing in large office buildings instead of putting their money into the volatile stock market. The common range of operating yields for office buildings is approximately 5 - 8% while interest rates for savings accounts are below 4% in Korea. In 2Q 2012, two office developments were completed. Junghak Building, providing a total gross floor area of 83,787 sq m in the CBD, was launched in April. A total of 7,141 sq m was pre-committed as well as the Yangjae Building, a 44,116 sq m office building located in the Yangjae area of the GBD. Despite its decentralised location, the whole building was leased by SPC group. Average rents in Seoul largely remained stable in 2Q 2012 at KRW23,896 per sq m per month. Rents in the CBD were the highest at KRW27,459 per sq m per month. Despite massive new supply coming online, the average vacancy rate decreased 0.41 percentage points QoQ to 7% in 2Q 2012. In light of the increase in take-up in most buildings, the vacancy rate in the CBD decreased 3.7 percentage points to 14.1%.
Capital Values
2009
2010
Supply
2011
Take-up
2012 F
2013 F
Vacancy Rate
SEOUL OFFICE CAPITAL AND RENTAL VALUES

40,000 35,000 30,000 25,000 Rentals 20,000 15,000 10,000 5,000 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0
Vacancy Rate
mAjor trANsActioNs BuilDiNG Center 1 Signature Tower Signature Tower State Tower Namsan Yangjae Posco IFC Samsung Life Insurance Chungmuro leAse (l) / sAle (s) L L L L L L S teNANt / PurcHAser Boston Consulting AMORE Pacific Kumho Petrochemical BMW SPC Korea Phillp Moris Herald Media Inc AreA (sq ft) 73,300 258,800 177,900 62,900 474,400 63,400 107,700
Rentals (Won / sq m / Month)
Capital Values (Won / sq m)
jA PA N
TOKYO OFFICE SUPPLY, TAKE-UP & VACANCY RATE
200,000 160,000 120,000 Tsubo 80,000 40,000 0 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Vacancy Rate
tokyo
New supply peaked in 1Q 2012 with a similar level of completions in 2Q 2012. Vacancy rose slightly in part due to the completion of large, new buildings. Corporate restructuring persists due to global and domestic economic issues. Relocations continue to increase, but to similar or less space than is vacated. Tenants focused on value for money, weighing location, quality and scale versus cost. Rents are still marginally declining with some buildings beginning to stabilise.
2009
2010
Supply
2011
Take-up
2012 F
2013 F
Vacancy Rate
TOKYO OFFICE CAPITAL AND RENTAL VALUES

50,000 40,000 30,000 20,000 10,000 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 10,000,000 8,000,000 Capital Values 6,000,000 4,000,000 2,000,000 0
mAjor trANsActioNs BuilDiNG Tokyo Sankei Sengokuyama Mori Tower Sumitomo Fudosan Iidabashi First Bldg Ochanomizu Sora City Palace Building L L Kyorin Pharmaceutical Bain Capital 63,900 23,100 leAse (l) / sAle (s) L L L teNANt / PurcHAser Sony Life Insurance Adidas Misumi Group AreA (sq ft) 56,800 106,500 106,500
Rentals
Rentals (Yen / Tsubo / Month)
Capital Values (Yen / Tsubo)
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i N D o N es i A
JAKARTA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
500,000 400,000 300,000 sq m 200,000 100,000 0 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% Vacancy Rate
jakarta
Industries such as banking, insurance, oil and gas, mining and natural resources remained key players in the office sector. The overall occupancy reached about 96% in 2Q 2012, driven by the expansion of the existing tenants. The absorption rate of office space is projected to mildly increase in 2012, but new supply in the CBD is expected to be very limited during 2013. Meanwhile, a challenging situation is expected to occur in the nonCBD area, as around 800,000 sq m of new office space is projected to be injected to the market in 2014. Again, rents showed an upward trend, as buildings quoting US dollar rates experienced a significant 13.8% surge. Buildings quoting IDR rents increased 7.2%. The continuing adjustment in office rentals would open more opportunities for the sales of strata-title office space. In the long term perspective, owning office space will be very attractive, as indicated by the good performance of strata title office performance.
mAjor trANsActioNs BuilDiNG World Trade Center 2 Landmark Tower B Landmark Tower B World Trade Center 2 Citibank Tower Alstom leAse (l) / sAle (s) L L L L L S teNANt / PurcHAser Total E&P Indonesie BRI SICOM Avrist Tokyo Marine Selaras Propertindo AreA (sq ft) 127,500 43,100 21,500 21,500 18,800 35,400
2009
2010
Supply
2011
Take-up
2012 F
2013 F
Vacancy Rate
JAKARTA OFFICE CAPITAL AND RENTAL VALUES

270,000 240,000 210,000 180,000 Rentals 150,000 120,000 90,000 60,000 30,000 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 0 45,000,000 40,000,000 35,000,000 Capital Values 30,000,000 25,000,000
20,000,000 15,000,000 10,000,000 5,000,000 0
Rentals (Rupiah / sq m / Month)
Capital Values (Rupiah / sq m)
m A l Ays i A
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP & VACANCY RATE
3.50 3.00 2.50 Million sq ft 2.00 1.50 1.00 0.50 0.00 2009 2010
Supply
kual a lumpur
35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% Vacancy Rate
With more prime office supply coming on stream, the KL office market is expected to face competition among old and new Grade A offices located in suburban areas. As current market rents are beyond their affordability, Average Grade A office rents and capital values remain unchanged. Due to the completion of Grade A office buildings during the quarter, the average vacancy rate increased by 3 percentage points to 15% in 2Q 2012 Menara FELDA, a GBI certified building that forms part of the Platinum Park development, is the only building completed this quarter, which accounted for 689,000 sq ft of the total supply.
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES

12.00 10.00 8.00 Rentals 6.00 4.00 2.00 0.00 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 1,200 1,000 800 600 400 200 0
mAjor trANsActioNs BuilDiNG Menara Prudential

Capital Values
leAse (l) / sAle (s) S S S
teNANt / PurcHAser OCBC Capital (M) Sdn Bhd DKLS Industries Bhd Lembaga Tabung Haji
AreA (sq ft) 147,800 132,000 146,000
The Horizon, Tower 8, Avenue 5, Bangsar South* The Horizon, Tower 6, Avenue 5, Bangsar South*
* Within Metropolitan Kuala Lumpur
Data sourced from C H Williams Talhar & Wong Sdn Bhd
Rentals (Ringgit / sq ft / Month)
Capital Values (Ringgit / sq ft)
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PA k i stA N
KARACHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
1.60 1.40 1.20 Million sq ft 1.00 0.80 0.60 0.40 0.20 0.00 2009 2010
Supply
karachi
80.0% 70.0% 60.0% Vacancy Rate 50.0% 40.0% 30.0% 20.0% 10.0%
No major office leasing deals were concluded in 2Q 2012. Pakistan's office market has been stagnant and there has been no growth in demand for offices. As such, take-up rate in the new developments have been very low. Recently, Bahria IV with an office area of 167,000 sq ft was added into the market. Due to weak demand for office, the owner is struggling to attract tenants The hotel element in the former Sofitel Tower, under construction for the past five years, has been converted into offices. The offices in this development will be available on lease basis. In view of low take-up rates in new development, this project will add more pressure on the lease rates of Grade A office market upon completion.
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
KARACHI OFFICE CAPITAL AND RENTAL VALUES

160 140 120 100 Rentals 80 60 40 20 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 16,000 14,000 12,000 Capital Values 10,000 8,000 6,000 4,000 2,000 0
Rentals (Rupee/ sq ft / Year)
Capital Values (Rupee / sq ft)
P H i l i PP i N es
MANILA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 2009 -20,000 -40,000
Supply Take-up Vacancy Rate
manil a
12.0% 10.0% 8.0% Vacancy Rate 6.0% 4.0% 2.0% 0.0%
Office developments remained quiet in Makati CBD, with only Zuelling Building (57,000 sq m) completed this year. The Grade A office building is expected to open towards the end of 3Q 2012. The robust demand drawn from the Offshore and Outsourcing Industry further narrowed vacancy rates in the second quarter to below 3%. With 81,000 sq m of new office space coming on stream next year, the vacancy rate is projected to increase to 4%. Prime rental rates grew by 5% QoQ or 8% YoY to P750 per sq m per month, marking the highest growth rate since its contraction in 2008. Given the limited supply, the rental rate is expected to rise to P800 per sq m level by end 2013.
2010
2011
2012 F
2013 F
-2.0% -4.0%
MANILA OFFICE CAPITAL AND RENTAL VALUES

1,200 1,000 800 Rentals 600 400 200 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 120,000 100,000 80,000 60,000 40,000 20,000 0
mAjor trANsActioNs BuilDiNG Aseana One

Capital Values
leAse (l) / sAle (s) L L L L
teNANt / PurcHAser Philippine EDS Techno Service, Inc. HCCA Health Connection, Inc. Factset Canon Business Machines
AreA (sq ft) 465,200 246,200 246,200 125,900
Science Hub Tower 2 Science Hub Tower 2 One Evotech Building
Rentals (Peso / sq m / Month)
Capital Values (Peso / sq m)
P. 9
siNGAPore
SINGAPORE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
2.50 2.00 1.50 1.00 0.50 0.00 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate
singapore
Rents continued to decline in 2Q 2012 on the back of an increasingly challenging global economic environment. However, cushioned by a better than expected economic performance in Singapore as well as the temporary relief from a hiatus of major new office completions for the rest of 2012, the rate of rental decline moderated. The average monthly gross rents for CBD Grade A office space fell by 1.1% QoQ in 2Q 2012 to S$8.45 per sq ft as of end-June 2012, compared to a drop of 4.3% in 1Q 2012. The decrease in Grade A office rents boded well for the market, as it improved Singapores competitive edge as a regional hub for business and companies had been able to secure office premises for cheaper rents. This pushed the overall CBD Grade A office occupancy rates up to 92.0% in 2Q 2012, from 90.9% in 1Q 2012. Weighed down by the uncertainty in the Eurozone as well as a possible supply overhang, office rental decline in the CBD is expected to continue in 2H 2012. However, the pace of decrease will slow down as Singapore strengthens its position as a compelling regional business hub.
Capital Values
Million sq ft
2009
2010
Supply
2011
Take-up
2012 F
2013 F
Vacancy Rate
SINGAPORE OFFICE CAPITAL AND RENTAL VALUES

30.00 25.00 20.00 Rentals 15.00 10.00 5.00 0.00 3,000 2,500 2,000 1,500 1,000 500 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F
mAjor trANsActioNs BuilDiNG Ocean Financial Centre (12.39% stake) leAse (l) / sAle (s) S teNANt / PurcHAser K-REIT AreA (sq ft) 887,400
Rentals (Singapore$/ sq ft / Month)
Capital Values (Singapore$ / sq ft)
tHAilAND
BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%
Bangkok
The net take-up rate in the Bangkok CBD increased due to the limited new supply coupled with growing demand. Rents in the CBD remained flat during the quarter.
Vacancy Rate
New international companies were actively looking for Grade A office space in the CBD in 2Q 2012.
2009
2010
Supply
2011
Take-up
2012 F
2013 F
Vacancy Rate
mAjor trANsActioNs BuilDiNG Sathorn Square Asia Centre

Capital Values
BANGKOK OFFICE CAPITAL AND RENTAL VALUES

1,400 1,200 1,000 Rentals 800 600 400 200 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0
leAse (l) / sAle (s) L L
teNANt / PurcHAser Samsung Engineering (Thailand) Co., Ltd. Total Co., Ltd.
AreA (sq ft) 32,300 15,100
Rentals (Baht/ sq m / Month)
Capital Values (Baht / sq m)
P. 10
vietNAm
HANOI CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE
160,000 140,000 120,000 100,000 sq m 80,000 60,000 40,000 20,000 0 -20,000 -40,000
hanoi
80.0% 70.0% 60.0% Vacancy Rate 50.0% 40.0% 30.0% 20.0% 10.0%
Hanoi's Grade A office market witnessed a remarkable improvement in the average occupancy rate in 2Q 2012, with the rate increasing 2.95 percentage points to 75.4%. However, there was a slight decrease in average rent, down US$0.32/ sq m / month to US$41.15 per sq m per month. Occupancy rates in the CBD dropped one percentage point QoQ to 93.7% in 2Q 2012 due to the relocation of several prominent tenants to the West of Hanoi for cheaper rent. Up to 2013, new supply of Grade A offices is projected to be approximately 200,000 sq m. The abundant new supply is expected to add pressure to the Grade A office market, leading to a decrease in average asking rents.
mAjor trANsActioNs BuilDiNG Keangnam Landmark Keangnam Landmark Keangnam Landmark Keangnam Landmark Keangnam Landmark leAse (l) / sAle (s) L L L L L L teNANt / PurcHAser FPT Corporation JOC VietGazProm Cisco KPMG Vietnam PricewaterhouseCoopers Vietnam Keangnam Landmark Ericsson Vietnam 21,500 AreA (sq ft) 75,300 10,700 16,100 31,200 15,100
2009
2010
2011
2012 F
2013 F
0.0% -10.0% -20.0%
HANOI OFFICE RENTAL VALUES

60 50 40 Rentals 30 20 10 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F
Rentals (US$/ sq m / Month)
HO CHI MINH CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

180,000 160,000 140,000 120,000 sq m 100,000 80,000 60,000 40,000 20,000 0 -20,000 2009 2010
Supply
ho chi minh cit y

45.0% 40.0% 35.0% Vacancy Rate 30.0% 25.0% 20.0% 15.0% 10.0% 5.0%
Most of Grade A buildings in prime locations that operated before 2009 achieved an average occupancy rate at 97% in 2Q 2012. Developers have applied a flexible term of contracts to keep current tenants. Positive signals from the monetary policies of the Vietnamese Government may lend support to the businesses and office market. The average rents of Grade A offices is expected to continue with its downward adjustment in the next two quarters of 2012 due to a large supply of Grade A office premises from Times Square, Saigon M&C Tower and Eden A Centre, President Place.
2011
Take-up
2012 F
2013 F
0.0% -5.0%
Vacancy Rate
mAjor trANsActioNs HO CHI MINH CITY OFFICE RENTAL VALUES

70 60 50 Rentals 40 30 20 10 0
BuilDiNG Bitexco Financial Tower Bitexco Financial Tower Bitexco Financial Tower Bitexco Financial Tower Kumho Kumho Kumho
leAse (l) / sAle (s) L L L L L L L L L L
teNANt / PurcHAser FV Hospital Huy Hong JSC Nippon Steel Perfect Network s.r.o Ho Tram Project Company Kraft Foods International Woori Bank C.A.D Do Thanh Viet Co., Ltd The Rro of Charter Century Group Ltd in HCMC
AreA (sq ft) 8,600 1,300 1,600 1,400 2,900 1,200 1,200 1,000 1,000 1,600
Kumho Saigon Trade Center Saigon Trade Center
Rentals (US$/ sq m / Month)
P. 11
iNDiA
BENGALURU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
12.00 10.00 8.00 Million sq ft 6.00 4.00 2.00 0.00 2009 2010
Supply
Bengaluru (Bangalore)
24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%
Due to the completion of Condifent Electra, Confident Aquila, Embassy Vogue and Neo Town during 2Q 2012, Grade A office stock increased about 0.8 million sq ft. The leasing market remained active in 2Q 2012. The deals concluded during the quarter were with office size in the range of 10,000 to 50,000 sq ft. Average Grade A office rent was stable in most of the sub-markets, with the exception of the CBD, where rents increased 6% QoQ on the back of sustained supply and demand imbalance. Absorption rates are expected to remain high in 3Q 2012. Despite the increasing demand for Grade A office space, rents will remain stable as more supply is expected to enter the market in the near term.
mAjor trANsActioNs
2011
Take-up
2012 F
2013 F
Vacancy Rate
BENGALURU OFFICE CAPITAL AND RENTAL VALUES

Vacancy Rate
BuilDiNG Vaswani Centerpolis Prestige Zeenath Prestige Shantiniketan Forutna1 Pritech - SEZ Umiya Business Bay
leAse (l) / sAle (s) L L L L L L
teNANt / PurcHAser Axis Aerospace Ellusion Tyco VM Ware Xentrix Studios Private Limited Yokogawa IA Technologies India Private Limited
AreA (sq ft) 21,700 31,800 25,000 28,000 21,100 30,000
Rentals (Rupee/ sq ft / Month)
CHENNAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

16.00 14.00 12.00 Million sq ft 10.00 8.00 6.00 4.00 2.00 0.00 2009 2010
Supply
chennai
32.0% 28.0% 24.0% Vacancy Rate 20.0% 16.0% 12.0% 8.0% 4.0%
In 2Q 2012, the commercial lease market remained active and a number of mid-sized companies were considering consolidation and looking for more cost effective real estate solutions. No new Grade A office buildings were completed during the reviewed period. Rents remained flat in most of the sub-markets. Going forward, rents are expected to remain stable this year on of the back of limited supply. In 2Q 2012, NHAI (National Highways Authority of India) has finalised the six-lane Chennai-Bangalore highway with a total cost estimation of around INR 5,000 crore, which is foreseen to boost the real estate activities in the region.
mAjor trANsActioNs
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
CHENNAI OFFICE CAPITAL AND RENTAL VALUES

BuilDiNG Temple Steps ASV Chandilya PRESTIGE PALLADIUM BAYAN Ramaniyam Khivaraj Complex RR1 Towers Prestige Palladium Bayan ASV Chandilya
leAse (l) / sAle (s) L L L L L L L L
teNANt / PurcHAser Agility Logistics Beroe Systems Emirates GE Converteam Kavian Systems Lafarge Mitusubishi Corporation Sundaram Infotech
AreA (sq ft) 19,500 50,000 8,000 40,000 11,000 10,000 11,000 25,000
P. 12
iNDiA
MUMBAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
15.00 20.0%
mumBai
Approximately 0.2 million sq ft of new office space was added to the citys Grade A office market due to the completion of Star Hub in Andheri East. During 2Q 2012, the absorption rate remained upbeat. However, Grade A office rents were flat across all submarkets. The exception was BKC (Bandra-Kurla-Complex), where rents increased by 3% QoQ on the back of limited supply and strong demand from tenants. Looking forward, Grade A office rents are expected to remain stable in almost all submarkets. In 2Q 2012, the state government revised the Lease Land Policy and imposed a 7.5% premium on the market value of the land / plots leased for redevelopment of residential, educational and religious activities. For other activities, 10% was allocated.
mAjor trANsActioNs
Capital Values
12.00 Million sq ft
16.0% Vacancy Rate
9.00
12.0%
6.00
8.0%
3.00
4.0%
0.00
0.0% 2009 2010

Supply
2011
Take-up
2012 F
2013 F
Vacancy Rate
MUMBAI OFFICE CAPITAL AND RENTAL VALUES

350 300 250 Rentals 200 150 100 50 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
BuilDiNG Supreme Business Park Peninsula Corporate Park Times Square Kohinoor Business Park Lotus Midtown
leAse (l) / sAle (s) L L L L L
teNANt / PurcHAser Devon Famy Care Reliance Digital Tata Tesco Vships
AreA (sq ft) 56,000 15,000 26,000 50,000 27,000
NEW DELHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

12.00 10.00 8.00 Million sq ft 6.00 4.00 2.00 0.00 2009 2010
Supply
new delhi
24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%
A few office development projects were completed during 2Q 2012, adding a total of about 3.7 million sq ft of new office space to the Grade A office market. Clouded by economic uncertainties, the Grade A office market witnessed a subdued absorption rate during 2Q 2012. Average Grade A office rents in 2Q 2012 remained stable. It is expected that rents will stay flat regardless of slower economic growth.
2011
Take-up
2012 F
2013 F
Vacancy Rate
Vacancy Rate
mAjor trANsActioNs BuilDiNG NEW DELHI OFFICE CAPITAL AND RENTAL VALUES
350 300 250 Rentals 200 150 100 50 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 35,000 30,000 25,000 Capital Values 20,000 15,000 10,000 5,000 0
leAse (l) / sAle (s) L L L L L
teNANt / PurcHAser Barista Childrens Place Hitachi Pepsi Stel
AreA (sq ft) 10,000 12,000 3,000 2,69,000 4,000
Independent Building Cyber Terraces Time Tower Pioneer Park Independent Building
P. 13
Aust r A l i A
ADELAIDE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
100,000 90,000 80,000 70,000 60,000 sq m 50,000 40,000 30,000 20,000 10,000 0 2009 2010
Supply
adel aide
10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% Vacancy Rate
Investor enquiries remained solid in 2Q 2012. While there remains concerns over the global financial outlook, investment sentiment should improve as some stabilisation returns to the global markets. Prime office yield is expected to compress further in the second half of 2012. Higher rental growth is anticipated for prime office stock over the short term, while vacancy rates will remain low during the period. Positive white collar employment growth is expected to continue and together with the expected expansion in the mining, demand for office space will remain optimistic over the short term.
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
ADELAIDE OFFICE CAPITAL AND RENTAL VALUES

700 600 500 Rentals 400 300 200 100 0 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F Capital Values
mAjor trANsActioNs BuilDiNG 132 Grenfell Street 2-12 King William Street leAse (l) / sAle (s) S S teNANt / PurcHAser Primewest Funds Ltd Private AreA (sq ft) 34,000 55,800
Rentals (Australian $/ sq m / Year)
Capital Values (Australian $ / sq m)
BRISBANE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

180,000 160,000 140,000 120,000 sq m 100,000 80,000 60,000 40,000 20,000 0 2009 2010
Supply
BrisBane
18.0% 16.0% 14.0% Vacancy Rate 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
Leasing activity remains at or above trend levels on the back of increased demand from the energy and resources sector. The absorption rate was solid, and vacancy rates dropped further during 2Q 2012. Prime office rents are expected to increase over the short term. While vacancy rates are anticipated to fall to 4.3% in 2012 and 3.7% in 2013, rents are also expected to grow at approximately 4% per annum. A total of over 100,000 sq m of prime office space is expected to be released to the market in 2012. Until 2Q 2012, approximately 78% of this new supply is being pre-committed.
2011
Take-up
2012 F
2013 F
Vacancy Rate
mAjor trANsActioNs BRISBANE OFFICE CAPITAL AND RENTAL VALUES

BuilDiNG 123 Albert Street 825 Ann Street 324 Queen Street 345 Queen Street 145 Ann Street 1 Eagle Street 10 Eagle Street 215 Adelaide Street 379 Queen Street 369 Ann Street
leAse (l) / sAle (s) L L L L L L S S S S
teNANt / PurcHAser QTC Macquarie Bank North Queensland Bulk Ports Corp. Regus Mills Oakley Ergon Energy Commonwealth Property Office Fund Pramerica Real Estate Investors Kingsmede Pty Ltd Bachrach Group
AreA (sq ft) 43,100 34,300 16,700 11,900 11,800 11,500 302,900 317,800 58,800 72,000
P. 14
Capital Values
Aust r A l i A
CANBERRA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
80,000 70,000 60,000 50,000 sq m 40,000 30,000 20,000 10,000 0 2009 2010
Supply
canBer ra
Prime office rental growth is expected to moderate from 2012 to 2013.
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
The CBD vacancy rate will remain at a low level until at least 2014. The prime office market continues to attract large multi-national institutions. Secondary property yields have been more volatile over the last two years, but recent sales activity has confirmed that yields have bottomed out and are likely to remain stable.
2011
Take-up
2012 F
2013 F
Vacancy Rate
CANBERRA OFFICE CAPITAL AND RENTAL VALUES

mAjor trANsActioNs BuilDiNG Garema Court Building (140 - 180 City Walk) 121 Marcus Clarke Street Caroline Chisholm Building 10 - 12 Mort Street leAse (l) / sAle (s) L L S S teNANt / PurcHAser Government Comcare Frasers Commercial Trust Growth Point AreA (sq ft) 117,100 90,400 433,100 166,300
MELBOURNE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

160,000 140,000 120,000 100,000 sq m 80,000 60,000 40,000 20,000 0 2009 2010
Supply
melBourne
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0%
The Melbourne CBD office market remained tight, with continued positive net absorption and a corresponding low vacancy rate. With an expected slowdown in employment growth, we expect vacancy rate to increase towards the end of this year, but will remain below the long-term average of 6.7%. Rents and yields remain stable in 2Q 2012. Landlords continued to offer more incentives in order to attract tenants.
mAjor trANsActioNs BuilDiNG leAse (l) / sAle (s) L L L L L L L S S S S teNANt / PurcHAser Commonwealth Bank of Australia Tertiary Education Quality Standards Authority 101 Collins Street
Capital Values
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
AreA (sq ft) 54,600 24,200 18,700 11,900 18,400 16,800 16,000 130,000 183,000 108,000
MELBOURNE OFFICE CAPITAL AND RENTAL VALUES

700 600 500 Rentals 400 300 200 100 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
357 Collins Street 530 Collins Street
Gilbert & Tobin Oceaneering Services Australia Aconex CGU Amec Aektin Asia Pacific Investment T2 Pty Ltd Private Investor AFIAA Shakespeare Property Group
452 Flinders Street 96 Flinders Street 601 Bourke Street 300 LaTrobe Street 477 Collins Street 501 Swanston Street Northbank Place East Tower, 525 Flinders Street 565 Bourke Street
P. 15
Aust r A l i A
PERTH OFFICE SUPPLY, TAKE-UP & VACANCY RATE
200,000 12.0%
perth
The Perth CBD office market remained tight with vacancies estimated to be circa 3.6%, slightly higher than at the end of 2011. Demand for Prime space remained strong in the first half of 2012, the completion of two major buildings resulted in a new historical high net absorption for the first six months of 2012. Investment expenditure in the resources sector, the main driver of growth for the State, continues relatively unaffected by recent global economic and financial developments. The new supply cycle is picking up momentum as the shortage of quality space continues to affect rents with a number of projects expected to secure pre-commitments in the short to medium term. As demand for space remains strong and new supply from recent Prime space completions committed to, we expect rents of Secondary Grade space to experience strong growth in the next 12 months.
Capital Values
150,000
9.0% Vacancy Rate
sq m
100,000
6.0%
50,000
3.0%
2009
2010
2011
2012 F
2013 F
0.0%
-50,000
-3.0%
PERTH OFFICE CAPITAL AND RENTAL VALUES

mAjor trANsActioNs BuilDiNG 251 St Georges Terrace, Perth 251 St Georges Terrace, Perth Governor Stirling Tower, 197 St Georges Terrace, Perth The Forrest Centre, 221 St Georges Terrace, Perth 108 St Georges Terrace, Perth St Georges Square, 225 St Georges Terrace, Perth leAse (l) / sAle (s) L L L L L L teNANt / PurcHAser Momentum Engineering CB & I CB & I BHP The Executive Centre Bendigo Bank AreA (sq ft) 13,000 12,600 27,000 9,500 18,600 10,000
SYDNEY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

200,000 150,000 100,000 sq m 50,000 0 -50,000 -100,000 -150,000
sydney
12.0% 9.0% 6.0% 3.0% 0.0% -3.0% -6.0% -9.0% Vacancy Rate
A lack of new supply during Q2 2012 and stable leasing transaction volumes caused vacancy rates to fall further. Due to the subdued tenant demand, face rents remained stable and incentives were kept at above average levels. Investment sales volumes increased over the course of Q2 2012, with the largest being the sale of 7 Macquarie Place to UniSuper for AUD$55million. Despite the increased in investment activity, yields and capital values have generally remained stable during the quarter.
mAjor trANsActioNs BuilDiNG 149 Castlereagh Street 333 Kent Street 7 Macquarie Place Barangaroo Barangaroo Barangaroo leAse (l) / sAle (s) S S S L L L teNANt / PurcHAser Blackstone Maville Group UniSuper Westpac KPMG Lend Lease AreA (sq ft) 84,000 96,200 146,800 645,800 376,700 269,100
2009
2010
2011
2012 F
2013 F
SYDNEY OFFICE CAPITAL AND RENTAL VALUES

1,600 1,400 1,200 1,000 Rentals 800 600 400 200 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 0 16,000 14,000 12,000 Capital Values 10,000 8,000 6,000 4,000 2,000 0
P. 16
New zeAlAND
AUCKLAND OFFICE SUPPLY, TAKE-UP & VACANCY RATE
40,000 35,000 30,000 25,000 sq m 20,000 15,000 10,000 5,000 0 2009 2010
Supply
auckl and
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0%
According to the Investment Property Databank / Property Council of New Zealand (IPD/ PCNZ) March quarter data update, the overall office investment performance improved moderately to 5.9% in March 2012 compared to 4.8% recorded a year ago. Meanwhile, Auckland CBD office recorded a total return of 5.2% at the end of 1Q 2012. Investment yields continue to ease in both the prime and secondary-grade office sectors since the last quarter, with average indicative yields between 8.4% and 10.1%. In one of Aucklands largest single office transactions in two years, Beca House at 21 Pitt Street in Auckland was sold for NZ$55 million to a private investor which reflects an initial yield of 8.0%. Prime office vacancy stood at 10.1% in Auckland CBD in June 2012, down from 9.8% recorded in December 2011. With no major office construction projects in the pipeline in the Auckland CBD, companies are facing a shortage of prime office space. Prime CBD office vacancy rates are expected to reduce over the next six months. Prime office rents and capital values are anticipated to increase over the next 12 months.
2011
Take-up
2012 F
2013 F
0.0%
Vacancy Rate
AUCKLAND OFFICE CAPITAL AND RENTAL VALUES

600 500 400 Rentals 300 200 100 0 6,000 5,000 4,000 3,000 2,000 1,000 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F
Capital Values
mAjor trANsActioNs BuilDiNG Beca House, 21 Pitt Street, Auckland PWC Tower, 188 Quay Street, Auckland L Hesketh Henry 20,100 leAse (l) / sAle (s) S teNANt / PurcHAser Private Investor AreA (sq ft) 180,800
Rentals (New Zealand $/ sq m / Year)
Capital Values (New Zealand $ / sq m)
WELLINGTON OFFICE SUPPLY, TAKE-UP & VACANCY RATE

60,000 50,000 40,000 sq m 30,000 20,000 10,000 0 -10,000
wellington
6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% Vacancy Rate
Prime office investment yields remained stable at 8.2% in the June 2012 quarter. One notable transaction during the review period included the sale of the Xero House on the corner of Cable Street to a private investor for NZ$17 million, at a yield of 7.7%. Yields are expected to remain at the current level over the next 12 months. Prime net face rents remained stable at NZ$343 per sq m in June 2012, while prime capital values recorded at NZ$4,183 per sq m. We expect to see a slight improvement in both prime rents and capital values of about 1.5% over the next 12 months. Prime office vacancy rate is anticipated to increase to 5.1% in 2012 and is expected to rise further in 2013.
2009
2010
2011
2012 F
2013 F
WELLINGTON OFFICE CAPITAL AND RENTAL VALUES

600 500 400 Rentals 300 200 100 0 6,000 5,000 4,000 3,000 2,000 1,000 0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 F 4Q 2012 F 1Q 2013 F 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F
mAjor trANsActioNs BuilDiNG Xero House, 2 Cable Street

Capital Values
leAse (l) / sAle (s) S L
teNANt / PurcHAser Local Family Trust Credit Consultants Group
AreA (sq ft) 35,700 11,300
Eagle Technology House, L4, 135 Victoria Street
Rentals (New Zealand $/ sq m / Year)
Capital Values (New Zealand $ / sq m)
P. 17
asia pacific office market overview | 2Q 2012 Pr i m e o ff il i A e w s uPP ly Aust r A c e N

FLOOR AREA (MILLION SQ FT) 0.00 Guangzhou New Delhi Bengaluru Tokyo Chengdu Mumbai Seoul Chennai Shanghai Jakarta Beijing Melbourne Kuala Lumpur Ho Chi Minh City Perth Hanoi Hong Kong Manila Taipei Singapore Brisbane Sydney Karachi Adelaide Canberra Auckland Bangkok 2012F 2013 F 5.00 10.00 15.00 20.00 25.00
Note: Floor area in each of the above centre is the sum of the various key sub-markets outlined under the section of Definitions and Terminology
Pr i m e r A c e r Austo ff il i A e N tA l
RENTALS (US$ / SQ FT / YEAR)
0.00 Hong Kong Tokyo Singapore Perth Sydney Brisbane Beijing Shanghai Hanoi Mumbai Ho Chi Minh City New Delhi Canberra Adelaide Melbourne Guangzhou Taipei Wellington Auckland Kuala Lumpur Chengdu Bangkok Jakarta Seoul Manila Chennai Bengaluru Karachi 20.00 40.00 60.00 80.00 100.00 120.00 140.00
Note: Rental figure in each of the above centre is the average of the various key sub-markets outlined under the section of "Definitions and Terminology"
P. 18
asia pacific office market overview | 2Q 2012 N e t tA k e - uP 2 Q 2 0 1 2 ( s q f t )
Beijing
Seoul Shanghai Chengdu Guangzhou Hanoi Taipei Hong Kong
Bangkok
Manila Ho Chi Minh City
Kuala Lumpur Singapore
Jakarta
Over 1 million sq ft Jakarta Seoul Guangzhou 1,887,908 1,594,304 1,215,535
Brisbane
500,000 - 1,000,000 sq ft Kuala Lumpur Shanghai Chengdu Hong Kong 962,600 767,947 618,040 596,616
Adelaide
100,000 - 500,000 sq ft Taipei Singapore Hanoi Beijing Brisbane Below 100,000 sq ft Bangkok Adelaide Manila Ho Chi Minh City 75,347 53,820 52,969 46,285 248,276 247,212 160,382 141,502 129,167
Source: Colliers
P. 19
asia pacific office market overview | 2Q 2012 t r e N D s & fo r ec A s t s

city New supply (sq ft) 2012 f 2013 f take-up (sq ft) 2012 f 2013 f Average vacancy (%) 2012 f 2013 f total stock (sq ft) 2012 f 2013 f Average rentals (us$ / sq ft / year) 2012 f 2013 f
BeijiNG
CBD Zhongguancun Financial Street Lufthansa East Chang An Avenue East 2nd Ring Other areas 0 0 0 0 0 0 0 2,152,780 0 645,834 0 0 1,521,251 0 1,796,441 4,951 -22,680 70,902 -58,782 -641,076 854,223 1,125,915 0 519,434 11,216 25,231 760,631 0 5.4 1.0 0.4 2.0 1.9 2.3 0.2 9.4 1.0 1.6 1.9 1.5 20.8 0.2 20,543,097 22,695,877 8,095,529 9,700,524 7,477,089 6,307,064 2,409,736 1,151,307 8,095,529 9,700,524 7,477,089 6,307,064 3,930,987 1,151,307 64.36 47.35 64.74 51.17 48.73 46.80 44.32 71.29 51.14 68.50 57.31 51.41 45.63 46.98
cHeNGDu
Renmin Road CBD Financial Street Tianfu Avenue 463,224 814,235 914,932 2,230,377 1,614,585 0 430,556 4,090,282 221,306 215,859 301,389 344,445 1,086,120 332,707 551,877 2,514,275 30.8 22.1 49.0 68.0 31.4 10.5 31.0 44.7 3,412,027 2,861,637 1,415,733 1,076,390 5,026,612 2,861,637 1,846,289 5,166,672 26.44 24.68 28.20 21.15 29.08 27.32 29.08 24.68
GuANGzHou
Yuexiu Tianhe Haizhu 0 9,315,650 557,010 0 9,451,888 0 107,208 6,447,727 373,497 85,821 6,517,606 64,476 6.9 24.8 33.6 5.1 26.4 30.7 4,683,244 2,244,693 4,683,244 2,244,693 19.74 30.12 17.63 19.98 29.81 17.54 26,644,506 36,096,394
sHANGHAi
Huangpu Jingan Lujiazui-Pudong Zhuyuan-Pudong Changning Xuhui 0 1,755,388 0 1,506,214 1,295,156 0 0 0 823,438 0 1,197,484 0 2,109,228 -207,895 332,601 -317,385 -347,971 71,196 82,599 319,959 1,749,046 107,960 1,234,674 97,438 6.1 12.8 14.7 13.6 12.8 7.6 5.2 8.6 8.9 10.6 9.8 5.6 9,177,699 7,618,064 17,222,305 3,598,662 5,151,441 4,871,881 9,177,699 7,618,064 18,045,743 3,598,662 6,348,925 4,871,881 51.69 56.29 47.66 36.66 37.24 47.01 54.69 63.26 50.24 36.66 42.60 52.37
HoNG koNG
Central Wanchai HK Island East Tsim Sha Tsui Kowloon East 191,250 343,740 0 0 619,245 0 0 0 0 886,684 -61,707 171,870 58,473 67,200 469,406 77,940 50,777 25,118 -57,461 558,228 5.7 3.4 3.6 1.9 12.3 5.4 3.0 3.4 2.8 14.4 21,773,519 11,439,007 10,854,774 6,361,390 9,294,358 21,773,519 11,439,007 10,854,774 6,361,390 10,181,042 163.25 95.63 64.67 72.28 50.39 159.99 92.76 62.73 66.50 43.84
tAiPei
CBD 391,322 1,037,252 363,022 574,272 11.2 12.9 19,540,991 20,578,242 27.63 27.92
seoul
CBD GBD YBD 1,342,893 1,146,742 1,999,674 1,431,825 0 1,815,676 30,541,927 27,373,661 17,188,968 32,162,005 27,555,466 18,585,366 13.3 3.4 6.1 12.3 2.8 7.6 35,222,866 18,298,494 36,654,691 20,114,170 26.74 23.60 20.56 27.38 24.67 21.65 28,345,420 28,345,420
tokyo
CBD 6,748,551 4,431,224 N/A N/A 8.5 8.2 N/A N/A 105.06 105.90
jAkArtA
CBD Non-CBD 4,070,164 2,447,668 430,556 1,377,273 3,893,731 1,442,174 3,145,987 1,453,642 7.7 12.0 6.1 10.9 50,970,360 51,400,916 24.88 17.25 28.00 18.35 22,706,619 24,083,893
kuAlA lumPur
KLCA 1,989,750 508,585 1,100,000 1,100,000 15.0 13.0 33,084,433 33,593,018 24.55 24.55
P. 20
asia pacific office market overview | 2Q 2012 t r e N D s & fo r ec A s t s

city New supply (sq ft) 2012 f 2013 f take-up (sq ft) 2012 f 2013 f Average vacancy (%) 2012 f 2013 f total stock (sq ft) 2012 f 2013 f Average rentals (us$ / sq ft / year) 2012 f 2013 f
kArAcHi
CBD 440,000 145,000 100,000 100,000 40.0 40 15,231,929 15,376,929 1.06 1
mANilA
Makati Ortigas 617,342 0 516,667 876,074 774,796 117,768 672,905 727,403 2.8 3.6 2.5 4.7 9,934,477 10,595,380 4,961,404 5,836,520 20.43 15.95 22.67 16.74
siNGAPore
CBD 806,000 586,036 842,187 160,027 7.9 9.5 23,514,057 24,100,093 75.55 70.71
BANGkok
CBD 0 0 538,195 645,834 16.0 14.5 17,580,646 17,580,646 24.18 24.88
HANoi
CBD Non-CBD 491,060 190,521 279,861 1,205,083 74,917 489,757 188,368 602,778 17.5 45.0 16.5 57.0 2,027,510 1,862,736 2,307,371 3,067,819 46.97 31.74 45.88 28.47
Ho cHi miNH city

CBD 1,033,334 1,301,528 519,369 539,304 27.0 38.0 2,552,723 3,854,251 34.28 28.75
BeNGAluru
Overall 7,534,498 5,084,000 8,000,000 6,500,000 13.0 11 84,761,673 89,845,673 9.80 10.44
cHeNNAi
Overall 4,000,000 3,000,000 5,000,000 4,500,000 21.0 20 42,512,483 45,512,483 10.23 10.23
mumBAi
Overall 4,200,000 5,000,000 6,000,000 5,000,000 15.0 16 98,658,000 103,658,000 38.57 38.57
New DelHi
Overall 7,000,000 5,800,000 5,000,000 4,000,000 16.5 16 70,404,158 70,404,158 36.87 36.65
ADelAiDe
CBD 193,750 215,278 312,153 269,098 7.7 9.5 14,199,543 14,605,891 34.64 36.01
BrisBANe
CBD 1,094,689 209,896 996,597 154,236 4.3 3.7 11,348,853 11,558,749 56.98 58.80
cANBerrA
CBD 226,042 0 193,750 107,639 6.0 8.0 3,013,892 3,013,892 37.38 37.83
melBourNe
CBD 1,451,846 1,442,363 604,641 1,124,784 6.5 6.6 26,601,752 28,044,114 31.63 33.73
PertH
CBD 2,031,514 207,743 1,534,717 333,681 4.4 2.7 17,336,036 17,364,194 71.81 75.47
syDNey
CBD 504,256 782,234 439,755 782,238 7.0 7.5 27,030,758 28,044,276 69.11 72.02
AucklAND
CBD 131,589 0 81,655 -123,354 10.1 13.7 4,581,277 4,738,968 22.80 23.31
welliNGtoN
CBD 0 0 6,383 -3,035 5.1 5.5 3,119,841 3,119,841 25.65 25.65
P. 21
D e f i N i t i o N A N D t e r m i N o lo Gy GreAter cHiNA
Beijing Prime office market in beijing consists of 6 sub-markets cbD (central business District), lufthansa, east 2nd ring, financial street, east chang an avenue and Zhongguancun. rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of management fees and rent free period. capital values are quoted on rMb per sq m. chengdu Prime office buildings in chengdu are mainly located in 3 sub-markets, renmin road, cbD and financial street. rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of management fees. capital values are quoted on rMb per sq m. Guangzhou Prime office buildings in guangzhou are located in 3 principal sub-markets Haizhu, Yuexiu and tianhe. rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of any management fees. capital values are quoted on rMb per sq m. shanghai Prime office buildings in shanghai are located in 6 principal sub-markets Huangpu, Jingan, lujiazu-Pudong, Zhuyuan-Pudong, changning, and Xuhui. rents are quoted in rMb per sq m per day on gross floor area basis, and exclusive of any management fees. capital values are quoted on rMb per sq m. Hong kong Prime office properties in Hong kong are concentrated in 5 sub-markets central, wanchai / causeway bay, island east, tsim sha tsui and kowloon east. rents are commonly quoted in Hk$ per sq ft per month on either gross, net or lettable floor area basis, which are exclusive of management fees, and government tax. Prices are quoted in Hk$ per sq ft, and are measurable on gross floor area basis. taipei Prime office properties in taipei are concentrated in 7 districts, comprising nanking sung chiang (nk-sc), Minsheng tun Hwa north (Ms-tn), Hsin Yi, west, tun Hwa south (tUn-s), Jen ai Hsin sheng (Ja-Hs) and nanking east road (nk-4/5). the local unit of measurement is a ping (i.e. 3.3 sq m). rents and prices are quoted in local currency i.e. new taiwan Dollar (nt$) on gross floor area basis.
NortH AsiA
seoul Major office districts in seoul include the traditional central business area (cbD), gangnam business District (gbD) and Yeouido business District (YbD). rents are quoted in won per sq m per month on gross floor area basis. generally, a deposit equivalent to 10 months is required, and is usually paid up front. Management fees are excluded from quoted rents. space is measured on gross floor area basis. capital values are quoted in won per sq m. tokyo the quality office buildings in tokyo are located in the central business area (cbD) area covering six wards namely, chiyoda-ku, chuo-ku, Minato-ku, shinjuku-ku, shibuya-ku and shinagawa-ku. rents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month, which are inclusive of service charges. Office space is measured on an internal floor area basis. capital values are quoted in Yen per tsubo.
soutHeAst AsiA
jakarta the quality office buildings in Jakarta are located in the cbD covering the districts thamrin, sudirman, gatot subroto, rasuna said and Mega kuningan. the areas outside the above districts are collectively called as non-cbD. rents are commonly quoted in rupiah per sq m per month, which are inclusive of service charges but exclusive of government taxes. Office space is measured on lettable floor area basis. capital values are quoted in rupiah per sq m. kuala lumpur Prime office buildings located in the kuala lumpur central area (klca) only. the klca comprises areas generally within the central business district. rents are commonly quoted in ringgit Malaysia (rM) per sq ft per month on net floor area basis, which are inclusive of service charges and property taxes. capital values are quoted in ringgit per sq ft. karachi Prime office buildings in karachi are located in the central business area (cbD) covering 4 sub-markets i.i chundrigar road, shahrah-e-faisal, clifton and Mai kolachi. rents are quoted in rupee per sq ft per year on gross floor area basis and are exclusive of service charges or management fee. capital values are quoted in rupee per sq ft.
P. 22
D e f i N i t i o N A N D t e r m i N o lo Gy
manila Prime office buildings in Manila are located in two principal sub-markets Makati and Ortigas. rents are quoted in Peso per sq m per month on net floor area basis, and exclusive of any management fees. capital values are quoted in Peso per sq m. singapore the quality office buildings covered in the report are located in the central business District of singapore. rents are quoted in s$ per sq ft per month on net floor area basis (i.e. area less common areas such as corridors, toilets, lift lobby etc. but including columns), and are inclusive of service charge. capital values are quoted on the basis of strata area for strata-titled buildings, and net area for nonstrata-titled developments. Bangkok Prime office properties in bangkok are located in a wide area encompassing eastern silom and sathorn roads starting from narathiwas ratchanakarin, rama iv from Phayathai to ratchadaprisek, along ratchadaprisek from rama iv to sukhumvit and along sukhumvit from asoke to the whole of Pleonchit and then rama i to Phayathai. rents are quoted in baht per sq m per month on a net floor area basis, and inclusive of service charges. capital values are quoted in baht per sq m. Ho chi minh city the quality office buildings in Ho chi Minh city are located in District One - the central business district in the city. rents are commonly quoted in Us$ per sq m per month on net floor area basis, and exclusive of management fees and government tax. capital values are quoted on Us$ per sq m. Hanoi Prime quality office building in Hanoi are mostly located in Hoan kiem district, with individual quality buildings located in cau giay district and ba Dinh district. the central location of the city is perceived as being close to Hoan kiem lake, which is within Hoan kiem district. rents are commonly quoted in Us$ per sq m per month on net floor area basis. rents are inclusive of service charges and exclusive of value added tax, which is currently at 10% level. rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis. chennai Prime office properties in chennai are located in 3 principal submarkets cbD (central business District), (suburban/secondary business District) and PbD (Peripheral business District). sbD consists of guindy and velechery while PbD includes other areas such as Old Mahaballipuram road, ambattur and gst road amongst others. rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis. mumbai Prime office properties in Mumbai are primarily concentrated in cbD (central business District) consist of nariman Point, ford and ballard estate; sbD (secondary business District) including bandra (west and east), kalina, lower Parel and worli/Prabhadevi and PbD (Peripheral business District) including navi Mumbai, vashi, Powai, goregaon. rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis. New Delhi Prime office properties in new Delhi are primarily concentrated in cbD (central business District) consist of connaught Place; sbD (secondary business District) including nehru Place, Jasola, saket and netaji subhash Place and PbD (Peripheral business District) including gurgaon and noida. rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis.
AustrAlAsiA
Australia Prime office buildings are located in the cbD and generally favoured by Mncs. rents are quoted on net floor area basis, and in a$ per sq m per annum excluding management fee and government charges. capital values are quoted on a$ per sq m. New zealand Prime office buildings are located in the cbD. rents are quoted on net floor area basis, and in nZ$ per sq m per annum excluding management fee and government charges. capital values are quoted on nZ$ per sq m.
iNDiA
Bengaluru (Bangalore) Prime office properties in bengaluru are can be divided in 3 principal submarkets cbD (central business District), sbD (suburban/secondary business District) consisting of bannerghatta road & Outer ring road and PbD (Peripheral business District) including PbD Hosur road, ePiP Zone, electronic city and whitefield.
Super built-up area refers to the total **built-up area of a building plus a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretakers office/flat throughout the building. ** Built-up area refers to the carpet area plus the thickness of external walls and area under columns.
P. 23
for further details, please contact:

greater china
Beijing, china 502 tower w3, Oriental Plaza no 1 east changan avenue Dongcheng District beijing 100738 tel : 86 10 8518 1633 fax : 86 10 8518 1638 Amanda Gao Managing Director, north china amanda.gao@colliers.com chengdu, china Unit 1504 Yanlord landmark 1 renmin south road section 2 chengdu 610016 tel : 86 28 8658 6288 fax : 86 28 8672 3226 jacky tsai general Manager jacky.tsai@colliers.com Guangzhou, china 702 teem tower 208 tianhe road guangzhou 510620 tel : 86 20 3819 3888 fax : 86 20 3819 3899 eric lam Managing Director eric.lam@colliers.com shanghai, china 16f Hong kong new world tower 300 Huaihai Zhong road shanghai 200021 tel : 86 21 6141 3688 fax : 86 21 6141 3699 lina wong Managing Director east and south west china investment services, china lina.wong@colliers.com Hong kong, HksAr 5701 central Plaza 18 Harbour road wanchai, Hong Hong tel : 852 2828 9888 fax : 852 2828 9899 richard kirke (e-279867) Managing Director richard.kirke@colliers.com Piers Brunner (e-183614) chief executive Officer - asia piers.brunner@colliers.com taipei, taiwan 49f taiPei 101 tOwer no. 7 Xin Yi road sec 5, taipei 110 tel : 886 2 8101 2000 fax : 886 2 8101 2345 Andrew liu Managing Director andrew.liu@colliers.com
company licence no: c-006052
north asia
seoul, south korea 10f korea tourism Organization bldg. 10 Da-dong Jung-gu, seoul 100-180 tel : 82 2 6740 2000 fax : 82 2 318 2015 jay yun senior Director & general Manager jay.yun@colliers.com tokyo, japan Halifax building 3-16-26 roppongi Minato-ku, tokyo 106-0032 Japan tel : 81 3 5563 2111 fax : 81 3 5563 2100 james fink senior Managing Director james.fink@colliers.co.jp
karachi, Pakistan suite 2-a, level 2, Harbour House 37-a, lalazar avenue beach Hotel road, Off. M.t khan road karachi, Pakistan tel : 92 21 3561 2550-2 fax : 92 21 3563 6382 mohammed yasir Qidwai senior Manager, corporate solutions & research research.khi@colliers.com lahore, Pakistan suite 2, Mezzanine 2, executive floors al-Qadir Heights, Main boulevard new garden town, lahore, Pakistan tel : 92 42 3584 3474-6 fax : 92 21 3563 6382 Ahmed khan country Manager ahmed.khan@colliers.com islamabad, Pakistan One constitution avenue, adjacent convention centre & Diplomatic enclave islamabad, Pakistan tel : 92 51 834 7433 fax : 92 51 831 4737 waleed murrawat regional sales Manager waleed.murrawat@colliers.com manila, Philippines 10f tower 2 rcbc Plaza ayala avenue, Makati city Philippines1226 tel : 63 2 888 9988 fax : 63 2 845 2612 David young Managing Director david.a.young@colliers.com singapore 1 raffles Place #45-00 One raffles Place singapore 048616 tel : 65 6223 2323 fax : 65 6222 4901 Dennis yeo Managing Director singapore & industrial services | asia dennis.yeo@colliers.com Bangkok, thailand 17/f Ploenchit center 2 sukhumvit road klongtoey, bangkok 10110 tel : 66 2 656 7000 fax : 66 2 656 7111 simon landy executive chairman simon.landy@colliers.com
south east asia

jakarta, indonesia 10f and 14f world trade centre Jl Jenderal sudirman kav 29-31 Jakarta 12920 tel : 62 21 521 1400 fax : 62 21 521 1411 mike Broomell Managing Director mike.broomell@colliers.com kuala lumpur, malaysia c/o mark lampard* Managing Director corporate solutions | asia Pacific te : 65 6531 8601 fax : 65 6557 0649 mark.lampard@colliers.com * based in singapore Research data provided by c H williams talhar & wong sdn Bhd 30-01, 30th floor Menara Multi-Purpose @ capsquare 8 Jalan Munshi abdullah P O box 12157 50100 kuala lumpur, Malaysia tel : 603 2616 8888 fax : 603 2616 8899 Url : http://www.wtw.com.my foo Gee jen Managing Director fgj@wtw.com.my
P. 24
Ho chi minh city, vietnam Ho chi Minh city, vietnam 7f bitexco building 19-25 nguyen Hue street District 1, Ho chi Minh city, vietnam tel : 84 83 821 8777 fax : 84 83 827 5667 Peter Dinning general Director peter.dinning@colliers.com Hanoi, vietnam 10f, capital tower building 109 tran Hung Dao street Hoan kiem District, Hanoi, vietnam tel : 84 4 3941 3277 fax : 84 4 3941 3278 Dane moodie Managing Director dane.moodie@colliers.com
mumbai, india 31-a, 3rd floors, film centre 68 tardeo road Mumbai 400 034 tel : 91 22 4050 4500 fax : 91 22 2351 4272 Prabhu raghavendra Office Director prabhu.raghavendra@colliers.com George mckay south asia Director Office & integrated services george.mckay@colliers.com New Delhi, india 204/205, 2nd floor kanchenjunga building 18 barakhamba road new Delhi 110 001 tel : 91 11 4360 7500 fax : 91 11 2335 6624 Ajay rakheja Office Director ajay.rakheja@colliers.com Pune, india bramha luxury Hotels ltd. (le Meridien Pune) 101 r.b.M. road Pune 411 001, Maharashtra tel : 91 20 4120 6435 fax : 91 20 4120 6434 suresh castellino Office Director suresh.castellino@colliers.com
canberra, Australia ground floor, 21-23 Marcus clarke street canberra act 2601 tel : 61 2 6257 2121 fax : 61 2 6257 2937 Paul Powderly state chief executive paul.powderly@colliers.com melbourne, Australia level 32 367 collins street Melbourne vic 3000 tel : 61 3 9629 8888 fax : 61 3 9629 8549 john marasco state chief executive john.marasco@colliers.com Perth, Australia level 19, 140 st georges terrace Perth wa 6000 tel : 61 8 9261 6666 fax : 61 8 9261 6665 k. imran mohiuddin state chief executive imran.mohiuddin@colliers.com sydney, Australia level 12, grosvenor Place 225 george street sydney nsw 2000 tel : 61 2 9257 0222 fax : 61 2 9251 3297 malcom tyson state chief executive malcom.tyson@colliers.com Auckland, New zealand saP tower, level 27 151 Queen street auckland 1140 tel : 64 9 358 1888 fax : 64 9 358 1999 mark synnott chief executive Officer, new Zealand mark.synnott@colliers.com wellington, New zealand level 10, 36 customhouse Quay wellington 6011 tel : 64 4 473 4413 fax : 64 4 499 1550 (agency) : 64 4 470 3902 (valuation) richard findlay Managing Director richard.findlay@colliers.com
india
Bengaluru, india Prestige garnet, level 2, Unit no. 201/202 36 Ulsoor road, bengaluru 560 042 tel : 91 80 4079 5500 fax : 91 80 4112 3131 Goutam chakraborty Office Director goutam.chakraborty@colliers.com chennai, india Unit 1c, 1st floor, Heavitree complex 23 spurtank road, chetpet chennai 600 031 tel : 91 44 2836 1064 fax : 91 44 2836 1377 kaushik reddy Office Director kaushik.reddy@colliers.com Gurgaon, india 1st floor, technopolis building Dlf golf course Main sector road sector 54, gurgaon 122 002 tel : 91 124 4375807 fax : 91 124 4375806 Ajay rakheja Office Director ajay.rakheja@colliers.com kolkata, india infinity business centre, infinity benchmark level 18, room no 13, Plot g - 1 block eP & gP, sector v, salt lake kolkata 700 091, west bengal tel : 91 33 2357 6501 fax : 91 33 2357 6502 soumya mukherjee Office Director soumya.mukherjee@colliers.com
australasia
Adelaide, Australia level 10, 99 gawler Place adelaide sa 5000 tel : 61 8 8305 8888 fax : 61 8 8231 7712 james young state chief executive james.young@colliers.com Brisbane, Australia level 20 central Plaza One 345 Queen street brisbane QlD 4000 tel : 07 3229 1233 fax : 07 3120 4555 simon Beirne state chief executive simon.beirne@colliers.com
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P. 25
real estate is a location business. thats why we do business where you do business.
reveNues
couNtries
offices
1.8
BILLION
62 522
12,300 1,250 million* 76,000 $68 billion
Professionals & staff: Square feet managed: Lease/sale transactions: Total transaction value:
Colliers International is a leading global real estate services organisation defined by our spirit of enterprise. Through a culture of service excellence and a shared sense of initiative, we have integrated the resources of real estate specialists worldwide to accelerate the success of our partners. Our headquarters in Seattle, Washington and more than 522 offices worldwide share a common brand and vision to provide the best service experience available. With expertise in the major markets, Colliers is also committed to providing our clients with access to emerging markets in Asia, Eastern Europe and Latin America.
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* The combination of Colliers International and FirstService results in 2.55 billion under management - 2nd largest in the world.
P. 26
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Asia Pacific Office Market Overview 2Q 2012

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AsiA PAcific Office Market Overview

regional overview Greater china

Seoul, South Korea ........................................................................................................................... 7 Tokyo, Japan ..................................................................................................................................... 7

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

asia pacific office market overview | 2Q 2012

BEIJING OFFICE CAPITAL AND RENTAL VALUES

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE

CHENGDU OFFICE CAPITAL AND RENTAL VALUES

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

AreA (sq ft) 4,800 3,200 11,800 19,400 2,800 43,100

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

asia pacific office market overview | 2Q 2012

30.0% Vacancy Rate

GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

15.0% Vacancy Rate

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

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

teNANt / PurcHAser JP Morgan Dematic Group Everbright Pramerica Hitachi Motor

AreA (sq ft) 32,300 24,800 32,300 19,400

Park Place New Richport Bund Center The Headquarters Building

asia pacific office market overview | 2Q 2012

HONG KONG OFFICE CAPITAL AND RENTAL VALUES

BuilDiNG Two Exchange Square

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

Rentals (HK$ / sq ft / Month)

Capital Values (HK$ / sq ft)

TAIPEI OFFICE CAPITAL AND RENTAL VALUES

Rentals (NT$ / Ping / Month)

Capital Values (NT$ / Ping)

asia pacific office market overview | 2Q 2012

SEOUL OFFICE CAPITAL AND RENTAL VALUES

Rentals (Won / sq m / Month)

Capital Values (Won / sq m)

TOKYO OFFICE CAPITAL AND RENTAL VALUES

Rentals (Yen / Tsubo / Month)

Capital Values (Yen / Tsubo)

asia pacific office market overview | 2Q 2012

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

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

Rentals (Rupiah / sq m / Month)

Capital Values (Rupiah / sq m)

KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES

mAjor trANsActioNs BuilDiNG Menara Prudential

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

AreA (sq ft) 147,800 132,000 146,000

Data sourced from C H Williams Talhar & Wong Sdn Bhd

Rentals (Ringgit / sq ft / Month)

Capital Values (Ringgit / sq ft)

asia pacific office market overview | 2Q 2012

KARACHI OFFICE CAPITAL AND RENTAL VALUES

Rentals (Rupee/ sq ft / Year)

Capital Values (Rupee / sq ft)

MANILA OFFICE CAPITAL AND RENTAL VALUES

mAjor trANsActioNs BuilDiNG Aseana One

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

AreA (sq ft) 465,200 246,200 246,200 125,900

Science Hub Tower 2 Science Hub Tower 2 One Evotech Building

Rentals (Peso / sq m / Month)