asia pacific office market overview 1q 2012

AsiA PAcificOffice Market Overview1Q 2012

Accelerating success.

table Of cOntentsAsiA PAcific office mArket overview | 1Q 2012

regional overview 3

Greater china 4-6Beijing, China ....................................................................................................................................4Chengdu, China .................................................................................................................................4Guangzhou, China .............................................................................................................................5Shanghai, China ................................................................................................................................5 Hong Kong SAR, China .....................................................................................................................6Taipei, Taiwan ...................................................................................................................................6

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

southeast Asia 8-11Jakarta, Indonesia .............................................................................................................................8Kuala Lumpur, Malaysia ....................................................................................................................8Karachi, Pakistan...............................................................................................................................9Manila, Philippines ............................................................................................................................9Singapore ........................................................................................................................................ 10Bangkok, Thailand ........................................................................................................................... 10Hanoi, Vietnam ................................................................................................................................. 11Ho Chi Minh City, Vietnam ............................................................................................................... 11 india 12-13Bengaluru (Bangalore) ................................................................................................................... 12Chennai ........................................................................................................................................... 12Mumbai ............................................................................................................................................ 13 New Delhi ........................................................................................................................................ 13 Australasia 14-17Adelaide, Australia .......................................................................................................................... 14Brisbane, Australia ......................................................................................................................... 14Canberra, Australia ......................................................................................................................... 15Melbourne, Australia ....................................................................................................................... 15Perth, Australia ............................................................................................................................... 16Sydney, Australia ............................................................................................................................ 16Auckland, New Zealand ...................................................................................................................17Wellington, New Zealand .................................................................................................................17

Prime office supply and rentals 18-19

trends & forecasts 20-21

Definition & terminology 22-23

contacts 24-25

colliers iNterNAtioNAl | P. 3

regiOnal Overview

ecoNomic overviewDespite the continued challenges in the external environment, a number of macro-variables in the region, including capital flows and domestic consumption, suggested that the economy showed signs of improvements in 1Q 2012 compared to the preceding six months. In addition, the prevailing monetary policies adopted by a number of central banks remained accommodative. For example, the Reserve Bank of India has cut its repo rate by 50 basis points to 8.00% in mid-April 2012. Meanwhile, China lowered its banks’ reserve requirement ratio again in 1Q 2012 in an attempt to create a soft landing for its economy.

leAsiNG mArketOn the leasing front of the office market in the region, a number of corporate occupiers continued to proceed with their relocation and consolidation plans, particularly in individual centres where brand-new developments are available for occupation. Similar to the last two quarters, tenants engaging in IT, technology and electronics were found to be the most active in looking for office space during 1Q 2012.

Office rents in most centres were either stable or increased mildly during 1Q 2012 although Hong Kong and Singapore showed 4 - 5% QoQ downward adjustments due to softening leasing demand attributed primarily to the banking and finance industries. China continued to see a steady growth of 1 - 2% QoQ. Beijing stood out the most with rents increasing by 6% QoQ because of the continued tight supply situation. Rents in Australasia remained solid, thanks to the strong investment expenditure by the Government in the resources sector. Overall, the average office rent grew slightly by 0.2% QoQ in 1Q 2012.

sAles mArketOn the sales front, the average transacted office prices increased further by 1.8% QoQ, signifying continuous lowering of the overall investment yields during 1Q 2012. In China, local companies with strong balance sheets continued to be the key players, snapping up quality office developments for either owner occupation or long-term investment. In Australasia, there was sustained buying activity attributed to real estate funds in 1Q 2012. For example, Dexus Wholesale Property Fund (DWPF) acquired the Riverside Plaza office property at 452 Flinders Street, Melbourne for a net purchase price of US$186 million.

mArket outlookGiven the recent upgrade of the global economic growth expectations for 2012 and 2013 by the International Monetary Fund, leasing demand for offices in the region continues to look positive. Notwithstanding the potential for negative shock arising from the lingering European debt issues, it is our view that investment appetite for office real estate in the region will remain strong. Investors will certainly focus more on office real estate amid the tightening measures implemented by various governments on individual residential markets. However, the availability of credit for office real estate financing remains one of the key hurdles for buyers who require a certain level of gearing in order to achieve their targets of return on equity.

P. 4 | colliers iNterNAtioNAl

asia pacific office market overview | 1Q 2012

cHiNABeijing• There was no new supply in Beijing’s Grade A office property market in 1Q 2012. However,

the two projects located in the CBD and Wangjing submarkets were upgraded. This led to a small adjustment in the total Grade A office stock, which measured 5.17 million sq m as of the end of 1Q 2012.

• The leasing market in 1Q 2012 turned out to be somewhat lacklustre, attributing to seasonality factors and the current high occupational cost. However, the overall vacancy rate continued to decline by 1.0 percentage point QoQ to 3.8% due to the absence of new supply.

• Significant transactions included the lease of 9,000 sq m in One Indigo to Daimler and the commitment of China Jianyin Investment Technology to take it up 2,429 sq m in China Overseas International Centre. Only one en bloc sales transaction was booked in 1Q 2012 – a domestic buyer acquired 60,000 sq m at China Electronics Plaza Tower B for a total consideration of approximately RMB1.6 billion.

• Due to the limited quality of new supply coming in the next two years and the sustained positive demand fundamental; effective rentals increased 5.8% QoQ to RMB290.28 per sq m per month in 1Q 2012.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

China Electronics Plaza Tower B S A domestic buyer 645,800Zhongguancun Building L Panasonic 26,900One Indigo L Daimler 96,900IFC L Yida Real Estate 16,100China Overseas International Centre

L China Jianyin Investment Technology

26,100

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chengdu• The general performance of the old office buildings was flat, while the new projects

maintained strong activity and active transactions in 1Q 2012. The average rent of the Grade A office market grew 0.73% QoQ to RMB142.86 per sq m per month in 1Q 2012. Vacancy rates fell slightly to 15.51%.

• A total of 27,000 sq m at Square One, a brand new quality office in the prime location, was launched for lease in 1Q 2012. With positive responses from prospective tenants, a total of 16% of the promotional areas have been committed.

• Thanks to the typical high season, there was a total of 29,350 sq m of office space taken up in 1Q 2012, representing an increase of 40.81% compared with 4Q 2011. However, in anticipation of the prevailing uncertainty on the global economic recovery, increasing downward pressure on the market is expected during the coming months in 2012.

mAjor trANsActioNs



Shangri-la Centre L Nissan 9,700

Yanlord Landmark L Evonik 4,300

Yanlord Landmark L Du Pont 3,200

Yanlord Landmark L Bayer 11,800

Aerospace Technology Plaza L OCBC Bank 24,800



shanghai• With stable demand for quality Grade A office space, average rentals edged up slightly

from RMB8.2 to 8.3 per square metre per day during 1Q 2012. In particular, new projects including L’avenue in Hong Qiao and Jing An Kerry Centre Tower 3 saw significant pre-leasing activity, with over 50% of these buildings now under offer.

• Given the solid demand carried forward from 2011 and the large space under offer in a number of new buildings, it has become critical for occupiers to seriously plan ahead for their occupational needs over the medium to long term.

• It is our projection that Grade A rentals will remain positive in 2012 as demonstrated by the high pre-commitment rate of the new developments.

guangzhou• Leatop Plaza and G.T. Land (Tower A) in Pearl River New City were completed in 1Q

2012, adding 184,000 sq m of new office space. The total Grade A office stock reached 2.39 million sq m. Due to the completion of new stock, the overall vacancy rate rose by 1% QoQ to 20.4% in this quarter.

• With stable demand for offices, the average office rental increased 1.9% QoQ to RMB161.8 per sq m per month. In Tianhe, the average rental rate edged up further to RMB172.0 per sq m per month during 1Q 2012. One of the major transactions was the lease of 2,211 sq m at G.T. Land (Tower A) to Focus Media.

• Two Grade A office projects in Pearl River New City - R&F Yingkai Plaza and Grand International Plaza were launched for sale in 1Q 2012. Asking prices in the range between RMB35,000 to RMB40,000 per sq m were new highs for new offices in the city. Overall, the average sale prices increased 2.6% QoQ to RMB31,284 per sq m in 1Q 2012.

• Looking ahead, there will be another 691,401 sq m of new space coming on line in the next couple of quarters of 2012. The majority of the new supply will be located in the Tianhe district; particularly in the Pearl River New City. Due to the completion of new stock, the vacancy rate will see upward pressure in the near to medium term.

mAjor trANsActioNs



G.T.Land Phase I-A L Regus Consultancy (Guangzhou) 23,800G.T.Land Phase I-A L Focus Media 31,000R&F Center L Bao Steel Group 12,900Poly Center L Huaqiang Guarantee Co.Ltd 12,600Guangzhou IFC L Investment Company 8,600Onelink Hui L Capital Group Finance (Asia) Co.Ltd 5,400

cHiNA

mAjor trANsActioNs



Metro Tower L Cummins 26,900Hong Kong New World Tower L Invista 59,200Dawning Center L Chrysler 40,900Jingan Kerry Center Tower 2 L Michael Kors 10,800Shanghai Center L Amcham 12,900

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HoNG koNGhong kong• Concerns over the stagnant US economic recovery and the global slowdown continue to

dampen local business confidence and leasing demand for Grade A office premises in 1Q 2012. Accordingly, Grade A office rents saw another quarter of negative growth, down 5.5% QoQ in 1Q 2012, while Grade A office rental growth in Central saw the deepest deceleration; falling 8.9% QoQ during the quarter.

• However, economic woes did not startle the new set ups. Newcomers such as private equities, small hedge funds, property companies and banking and financial firms from Asia showed strong interest in starting their business in Hong Kong.

• In view of tighter budgets for business operations, more tenants found the current market rents beyond their affordability and chose to relocate from Central / Admiralty to other sub-districts in order to save costs. Tenant relocation continued to raise demand for office premises in non-core areas, thus stabilising the overall market performance with average Grade A office rent projected to undergo an 8% downward correction over the next 12 months.

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tAiwAN

mAjor trANsActioNs



Taipei 101 Tower L Entie Commercial Bank Corp. 111,500Walsin Hsin Yi Building L JPMorgan Asset Management 51,200Cathay Xin-Yi Trading Center L Merck Sharp & Dohme

(Asia) Ltd.39,100

Hung Tai Financial Center L AXN Taiwan One, LLC. 7,300

mAjor trANsActioNs



Prosperity Tower L Kelly Services 5,500

Lincoln House L Hong Kong Independent Commission Against Corruption

13,600

iSquare L Canon HK Co Ltd 11,500Manhattan Centre L World Wide Fund for Nature

Hong Kong15,800

Whole block, 18 Kowloon East S China Construction Bank 400,000

3 floors, Fortis Tower S G.E.W. China Holdings 19,050

taipei• The average vacancy rate of the Grade A office market was flat at 11.29% in 1Q 2012

since the net take up was only 14 ping and total stock remained at 538,295 ping.

• Hsin-Yi district continued to be the star performer in terms of net take up in 1Q 2012. The net take up was 2,429 ping in the Hsin-Yi district, which made the vacancy rate drop 0.96% QoQ to 12.14%. It was the first time that the vacancy rate of the Hsin-Yi district has been lower than the MS-TN district since 2Q 2008.

• The total vacant area of Grade A office in Taipei was 60,791 ping. Hsin-Yi district was responsible for around 50% of the total; thus restraining the future rental performance in the district.

• In 1Q 2012, effective rents of all districts either went flat or declined mildly. Overall, rentals fell 0.27% QoQ to NT$2,443 per ping per month. The Hsin-Yi district was virtually flat at NT$2,833 per ping per month.



seoul• Six projects totalling 423,700 sq m will be coming on line in 2012, representing about

75% of the new supply of 2011.

• The vacancy rate of the Seoul office market decreased by 33 bps QoQ to 7.29% in 1Q 2012. The vacancy rate in the GBD and YBD has maintained stable momentum at 1.8% and 4%, respectively, while the vacancy rate in the CBD peaked at its highest level in history to 17.8% on the back of a continuous inflow of new supply.

• The average rent in the Seoul office market rose by 5.78% to KRW23,753 per sq m in 1Q 2012 as most landlords revised their asking rents upwards. In addition, new prime office buildings set higher rents than existing office buildings, leading to a 3 - 5% rise in the overall rent range.

• The demand from companies seeking to upgrade their office space led the Grade A office market in 2012. During 1Q 2012, the net take-up was 29,819 sq m. Given the availability of stock in the CBD and YBD, occupiers are actively looking to relocate and upgrade to quality developments.

tokyo• New supply increased modestly quarter-on-quarter.

• Year 2012 new supply will peak in the next quarter, likely increasing vacancy.

• Demand continues to moderate due to global and domestic economic issues.

• Relocations are increasing as tenants shift to higher grade and higher value for money properties.

• Rents for new leases and renewals are still modestly trending downward.

soutH koreA

mAjor trANsActioNs



Nakano Central Park South L Kirin Brewery 266,250Marunouchi Eiraku L Mitsui Sumitomo Trust Bank 266,250Shinjuku Eastside Square L Square Enix Holdings 195,250Ochanomizu Sora City L Nippon Paper Group 195,250Seavans South Tower L Sharp 248,500

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jAPAN

mAjor trANsActioNs



Signature Tower L Amorepacific 258,800Signature Tower L Dongyang 103,500Poongsan Building L Siemens 167,200Sindorim Daesung D-Cube City S DSI CR REITs from Daesung 2,237,800Noon Square S PS KORIF Private REIT 7 254,500Cerestar Building S Pine Tree Asset Management 1,326,200Daechi Tower S Nara Ace Holdings 130,900Myungdong Central Building S JR CR-REIT 8 130,900



mAjor trANsActioNs



Menara Bidakara L Pilar Utama Cakrawala 32,300The East L XL 21,500Landmark Tower A L BNI 8,600Landmark Tower B L Prudential 10,800Graha Paramita L BenLine 12,900Graha Paramita L Asia Mineral Corporation 2,600Lot 18 L Bank Kesawan 52,600

iNDoNesiAjakarta• The new office space anticipated to be completed during 2012 will be the largest annual

supply of the last ten years. Given the high pre-commitment level in most of the new office buildings, the increase in new supply is not expected to create a sharp surge of vacancy in the Grade A office market in Jakarta.

• After experiencing a substantial 25% growth in 2011, rental rates continued to trend upwards by around 5% QoQ during 1Q 2012. Landlords were firm with their asking rents in 1Q 2012, in view of a general tight supply situation in the market.

• Occupancy was maintained at a relatively stable level of around 95% and will be likely to persist given the high pre-commitment level in the new office buildings. Office space inquiries primarily come from the relocation and expansionary activities of existing tenants, such as banks, insurance, oil & gas, mining and consumer goods companies.

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kuala lumpur• Average prime office rents and capital values remained unchanged as the office market

slowly absorbed the new supply completed in 2011.

• Menara 238 (formerly Menara Marinara) was completed in 1Q 2012 after its refurbishment into a purpose-built office building, contributing an additional 484,500 sq ft to the 1Q 2012 total supply.

• The average vacancy rate was maintained at about the same level as the previous quarter. Nevertheless, it is expected to increase with the additional supply coming on stream by the end of 2012.

• Continued proactive marketing efforts and tenancy offerings should facilitate in maintaining the local office market performance, albeit having to compete with the increasing competitive suburban markets.

mAjor trANsActioNs



Bangunan KWSP L Olympia College 27,000Bangunan UTMSPACE L Universiti Teknologi Malaysia,

School of Professional and Continuing Education

112,000

mAlAysiA

Data sourced from C H Williams Talhar & Wong Sdn Bhd



karachi• The Karachi office market remained weak. No major transaction in terms of lease or

sale was witnessed in 1Q 2012.

• The construction of new office developments is sluggish. No major development has been completed in 1Q 2012.

• Due to cost-cutting initiatives, occupiers are expected to look for smaller but quality developments in the next 12 months.

PAkistAN

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PHiliPPiNes

manila• Zuellig Building (57,000 sq m) was the only office building completed in the Makati CBD

in 1Q 2012, and is set to open in the next couple of months.

• Supply remains limited in the business district. Alphaland Makati Tower (38,400 sq m), Glorietta 1 and 2 BPO buildings (27,800 sq m each) will be the only new office buildings available in 2013.

• With the vacancy rate falling below 2%, premium office rental rates increased to P775 per sq m as of 1Q 2012.

• Landlords were confident of the strong demand in the O&O industry that may push up rental rates to over P860 per sq m by the end of 2013.

mAjor trANsActioNs



Vector Two L GE Money Servicing Philippines Inc.

378,800

8/10 Upper McKinley Road Building

L Ingram Micro Philippines, LLC 267,200

Universal Harvester Corporate Center

L Sutherland Global Services 138,000

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Bangkok• Although the flooding in Bangkok between October and the end of November 2011 did

not affect the office buildings in the CBD area, it might influence the decision-making of tenants and new investors. After the government announced the flood protection plan, transaction activity in the CBD increased in 1Q 2012 from the preceding quarter.

• Some owners plan to raise their asking rents by around 5 - 10% in 2012.

• Due to the flooding in 2011, some office buildings were affected in the northern part of Bangkok and some tenants relocated to the CBD areas.

mAjor trANsActioNs



Sathorn Square L Canon 10,800

Sathorn Square L Ford (Thailand) 32,300

singapore• The lingering debt issues in the Euro zone and lacklustre growth in the US, Chinese and

Japanese economies continued to weigh down the office leasing market in 1Q 2012.

• The average monthly gross rents for CBD Grade A office space fell further by 4.3% QoQ in 1Q 2012 to S$8.55 per sq ft as of the end of March 2012.

• Rents had fallen on the back of a dip in office space occupancy rate to 90.9% in 1Q 2012 from 91.6% in 4Q 2011. This was partly due to the completion of the 1.3 million sq ft Marina Bay Financial Centre Tower 3 in the Raffles Place / New Downtown micro-market. Take-up was slow due to the general lack of drivers for space expansion, especially from the large space occupiers in the banking and finance industries.

• Over the next nine months, supply and demand of office space for lease are likely to continue on their opposing paths which would put a drag on rents. However, supported by companies’ desire to maintain a presence in Singapore as Asia is the current growth region, the fall is expected to be capped at 15% for the whole of 2012 compared to the previous downturn, when office rents plunged 20 to 50% in 2009 alone.

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mAjor trANsActioNs



Centennial Tower L Sumitomo Mitsui Banking

Corporation

109,000

Twenty Anson S Capital Commercial Trust 202,500



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hanoi• The new massive supply coming from Keangnam Hanoi Land Mark Tower located in the

non-CBD area pushed the average occupancy rate down by four percentage points to 92% in 1Q 2012.

• The demand for prime office space in 1Q 2012 shifted from the CBD areas to sub-urban districts since tenants were searching for sizeable office units but at a lower rental rate.

• Due to the strong competition in the office market, developers became flexible in rental negotiations in 1Q 2012.

mAjor trANsActioNs



Capital Tower L Vietcombank - Carif Life

Insurance

4,300

Capital Tower L Deposit Insurance of Vietnam 35,500Sentinel Place L Irish Embassy 4,300Golden Westlake L United Nations Super

Assembler Pacific

4,300

Keangnam Landmark L Pantos Logistics Vietnam 3,200Keangnam Landmark L JGC Vietnam 16,100Vincom Center - Grade B S Techcombank 201,300

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ho chi minh city• The office market of Ho Chi Minh City continued to face the challenge of economic

uncertainties, a lack of capital and plentiful new supply coming on line.

• The market witnessed the lowest rental rate for prime offices in the central business district in 1Q 2012. The average rents decreased by approximately 6% QoQ.

• Along with the competitive rental rates, developers offered many promotions and incentives to attract tenants such as flexible leasing terms and reasonable rent-free periods.

• A total of about 96,000 sq m of new supply is expected to be delivered to the office market in 2012 and may create an oversupply situation.

mAjor trANsActioNs



Bitexco Financial Tower L Viet Hong Investment

General Company

1,800

IPC Tower L Vietsin – Mapple Tree 2,700Nam A Bank Tower L Urgo 3,000Bao Viet Tower L Halliburton 7,200REE Tower L Aeon Mall 4,300REE Tower L M + W Vietnam 4,700REE Tower L Fubon Insurance 9,600REE Tower L Global Home Group 9,600REE Tower L ABB 16,000



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Bengaluru (Bangalore)• Approximately 0.6 million sq ft of new office space was added to the city’s Grade A office

market. Projects contributing to this new supply were “Mantri Commercio” developed by Mantri Group at Outer Ring Road (ORR) and “Equinox Tech Park ̶ North Block” by Essar Group in Electronic City

• In terms of absorption, the CBD, Whitefield and the EPIP zone remained active due to limited availability of Grade A office space in other areas such as Outer Ring Road. However, overall demand for Grade A office premises softened during the quarter.

• A number of tenants requiring large office spaces are preferring built-to-suit options due to limited availability of office space with large floor plate size in the market. Average Grade A office rents remained stable across all sub-markets in 1Q 2012.

mAjor trANsActioNs



RMZ Centennial L Intersil 17,000 Embassy Star L Just Dial 11,000 Salarpuria Adonis L Meru Networks 35,100

JPIT Park L Tejas Networks 90,000

Umiya Business Bay L Ericsson 22,500

Gopalan Millennium Tower L Atos Origin India 125,000

chennai• No major Grade A office project was completed in 1Q 2012 in Chennai. Tight supply is

anticipated in 1Q 2012 and 1.2 million sq ft is expected to be added to the market in the second half of the year.

• Demand for Grade A office space softened as occupiers remained cautious on the backdrop of the current economic outlook. Demand in the cities primarily came from companies that were looking for relocation and consolidation.

• Average rents in 1Q 2012 remained stable across all sub-markets.

mAjor trANsActioNs



DLF IT Park L Bank of New York 50,000 DLF IT Park L Barclays 63,000 Agnitio Park L Cambridge Technologies 60,000 Ascendas L Emerson 18,000 Ramanujam IT Park L Mindtree 100,000 Independent Building L Shriram Value Services 18,000 Baid IT Park L Varam Animation 10,000



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mumBai• Occupier demand remained steady in almost all sub-markets and only a few large space

commercial leases were signed in 1Q 2012.

• On the supply side, no Grade A office building was completed and no new office project was being launched during the quarter.

• Average rents for Grade A office buildings decreased by 4.76% QoQ in 1Q 2012. The fall was primarily contributed to by the decrease in rent in the CBD of Mumbai Nariman Point, as demand shifted from this sub-market to the more established areas such as BKC and other south Mumbai locations. On the other hand, average Grade A office rents in the other sub-markets remained stable.

mAjor trANsActioNs



Vishwaroop IT Park L Altisource 137,000 Boomerang L ANZ 6,000 Peninsula Business Park L Liberty Insurance 30,000 Marathon Futurex L L'Oreal 71,000 Sigma IT Park L Naaptol.com 32,000 Vishwaroop IT Park L Star Union Dai-ichi Life

Insurance

67,000

new delhi• Absorption remained relatively subdued in the CBD and SBD areas and only a few small

office space leases were signed in locations such as Connaught Place, Saket and Nehru Place. However, demand in peripheral areas like Gurgaon and Noida remained steady.

• The overall average Grade A office rent edged down due to the mild downward adjustment of rents in the CBD and SBD areas. In the PBD, rents remained stable.

• In 1Q 2012, construction activities remained slow and no new project was completed during the quarter.

• Several new projects were launched in the PBD area, such as “Jaypee Chambers”, “Wave City Centre” and “Logix City Centre” in NOIDA and “One Horizon Centre” and “Athena” in Gurgaon. All of these projects are expected to add approximately 3.5 million sq ft of Grade A office space to the city’s total stock.

mAjor trANsActioNs



DLF Capitol Point L Mizuho Bank 16,000 First India Place L Bausch & Lomb 16,000 DLF Cyber Terraces L Expedia 50,000 DLF Cyber Terraces L Venire 15,000 DLF Building 5A L Rip Tinto 40,600 3C Building L Oracle 170,000 3C Building L Hewit 100,000 Unitech Infospace L Barclays Shared Services 25,500



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adelaide• Due to the large amount of backfill supply due late 2012, the CBD vacancy rate is forecast

to increase slightly in 1Q 2013.

• Views remain positive that tenant take-up will offset the majority of this backfill supply within six months, resulting in a decline in the vacancy rate by the end of 2Q 2013.

• Positive white collar employment growth is expected to continue. This combined with the expected expansion in the mining / resource sector is expected to help maintain the optimistic sentiment for office space.

• Higher rental growth is anticipated for grade A office stock over the short term. This sector experienced the largest decline in vacancy during the last six months.

• Investor demand remains solid for Prime quality assets, with enquiries for opportunities in the sub-AU$20 million market to continue to increase. A further tightening of yields and increase in capital value are expected from mid-2012 onwards.

mAjor trANsActioNs



111 Gawler Place S Private Investor 61,30070 Franklin Street L Piper Alderman 28,00045 Pirie Street L Norman Waterhouse 24,000

BrisBane• All major indicators of tenant demand are robust. Net absorption for the second half of

2011 was very strong. In fact, it was the highest on record for January 2012 (92,140 sq m). Leasing activity remains at above-trend levels, and the outlook for demand is positive due to the large volume of tenant requirements from 2012 to 2014, led by the energy and resources sector.

• The CBD vacancy rate tightened appreciably during 2011, and by January 2012, it had reached its lowest point since January 2009 (i.e. 6.2%). The sustained tightening in vacancy can be attributed to strong tenant demand and low levels of development completions. Vacancy is likely to increase in response to a significant amount of vacant space in the development pipeline (33,300 sq m) combined with tenant backfill space during 1H 2012. Our forecasts indicate that by mid-to-late 2012, the CBD vacancy rate may be in the order of 8%.

• Conditions in the investment market are firm, as reflected by solid sales volumes and a tightening bias for prime and secondary yields, which are now close to their long-term averages. Improving rental growth prospects should underpin future sales volumes and pricing. Indeed, some tightening of both prime and secondary yields during 2012 is becoming more likely.

mAjor trANsActioNs



111 Eagle Street L ERM Power 30,700

111 Eagle Street L Xstrata 25,300

Waterfront Place L Pilot Chartered Accountants 19,300

333 Ann Street S Growthpoint Properties 177,300



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canBerra• Prime yields for CBD assets remained firm over the last two years as demonstrated by

the recent sale of 50 Marcus Clarke Street.

• Secondary yields for CBD assets have hit the bottom of the cycle and are likely to remain steady in the short term.

• Government and major private tenants continue to show strong interest in securing quality accommodation.

• Vacancy levels have declined and will continue to fall during 2012 as demand outstrips supply.

• Overall, the market is relatively healthy with a likelihood of moderate growth in rents and capital values over the short term.

mAjor trANsActioNs



202-208 & 210-212 City Walk S Canberra Labor Club Group 24,00050 Marcus Clarke Street S Foreign Investor 430,60012 Mort street L Department of Education

Employment and Workplace Relations

165,800

4 Marcus Clarke Street L Director of Public Prosecutions 24,800140 City Walk L Department of Regional

Australia116,600

melBourne• The Melbourne CBD office market remained tight with continued positive net absorption

and a corresponding vacancy rate. The vacancy rate declined from 5.8% in July 2011 to 5.3% in January 2012.

• Positive net absorption of 14,127 sq m was recorded for the six-month period ending January 2012.

• Following a period of strong rental growth in 2010 and early 2011, rental growth remained moderate from mid 2011.

• The Investment sales market also performed well throughout 2011, with 12 major transactions totalling AU$1.27 billion.

mAjor trANsActioNs



120 Collins Street S Investa Commercial Property

Fund

348,900

555 Bourke Street L Holding Redlich 70,000818 Bourke Street L Medibank 41,100161 Collins Street L Griffith Hack Patent Attorneys 34,300



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perth• The Perth CBD is now one of the tightest office markets in the world and among the

top-ten most expensive cities globally in a recent survey. It has recently risen through the ranks to become the most expensive city in Australia.

• Net absorption was strong in the second half of 2011 and is anticipated to remain strong during the first half of 2012.

• Strong state investment expenditure in the resources sector, particularly oil and gas projects, is expected to remain the key driver for office space demand in 2012.

• Due to the low vacancy and sustained prospective demand, a number of new projects in the next supply cycle are actively seeking for pre-commitments.

mAjor trANsActioNs



41 St Georges Terrace, Perth S Wakefield Properties Pty Ltd

30,100

Exchange Plaza, 2 The Esplanade, Perth (50% Sale)

S AMP Capital Wholesale Office Fund

370,200

QV1, 250 St Georges Terrace, Perth (50% Sale)

S Commonwealth Superannuation

Corporation Board

687,700

66 St Georges Terrace, Perth L ASIC 25,600St Georges Square, 225 St Georges Terrace, Perth

L Bendigo Bank 10,000

Allendale Square, 77 St Georges Terrace, Perth

L Minter Ellison 27,900

sydney• V acancy rates declined slightly during 1Q 2012, since no new supply entered the market

amid the prevailing trend of steady demand.

• Prime office rentals saw a slight growth as the market continued to tighten.

• The leasing market continued to see moderate tenant demand in 1Q 2012, as a number of significant leases were signed during 1Q 2012.

• Face rents have begun to show signs of growth, while incentives continue to track downwards.

• There was only one major investment sales in the Sydney CBD over the course of 1Q 2012, leading to the stabilisation of yields and capital values.

mAjor trANsActioNs



2 Park Street, Sydney L Turks Legal 20,500280 Elizabeth Street, Sydney L Brown-Forman Australia

Pty Limited

14,100

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auckland• According to the Investment Property Databank / Property Council of New Zealand (IPD

/ PCNZ) December quarterly update, the overall commercial property market recorded a total return of 8.4% for the year ending December 2011. Office investment performance improved significantly to a total return of 8.9% compared with 4.6% recorded in December 2010.

• Overall prime office vacancy stood at 9.9% in the Auckland CBD in December 2011, down from the 11.9% recorded six months ago. Vacancy is expected to drop over the next six months to about 9.4% before heading up to peak levels of around 13.7% in 2013.

• Net prime rents were NZ$307 per sq m in March 2012 and are expected to increase to NZ$313 per sq m over the next 12 months.

• Investment activity remained modest. Prime yields were held stable at around 8.7% in March 2012 and are expected to remain static over the next 12 months.

mAjor trANsActioNs



139 Quay Street S Private Investor 110,300Cook Street Depot S Private Investor 312,200*

wellington• In Wellington’s CBD, office vacancy continued to rise and stood at 12.9% in December

2011. Prime office vacancy stood at 4.1% in December 2011, up from 2.7%, which was recorded six months ago and is expected to increase further over the next year.

• Prime investment yields remained stable at 8.3% in the March 2012 quarter. Yields are expected to remain at current levels over the next 12 months. One noticeable sale occurred during the review period when DNZ Property Fund sold the Lumley House at 3-11 Hunter Street in Wellington to Grand Central for over NZ$20 million, an 11.3% yield.

• Prime net face rents were at NZ$343 per sq m in March 2012. We expect to see a noticeable improvement in prime rents (about 2.0% growth) over the next 12 months.

mAjor trANsActioNs



Lumley House, 3-11 Hunter Street S Grand Central 89,900215 Lambton Quay L Optimation NZ 12,900

* Site area



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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”



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2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f

BeijiNG

CBD 0 2,152,780 588,570 -13,175 5.4 14.5 20,543,097 22,695,877 64.67 71.63

Zhongguancun 0 0 66,908 4,047 0.2 0.2 8,095,529 8,095,529 43.37 46.84

Financial Street 0 0 -22,680 4,855 0.4 0.3 9,700,524 9,700,524 65.06 68.84

Lufthansa 0 0 70,902 11,216 2.0 1.9 7,477,089 7,477,089 48.54 54.37

East Chang An Avenue 0 0 -58,782 25,231 1.9 1.5 6,307,064 6,307,064 46.63 49.19

East 2nd Ring 0 1,521,251 -614,199 760,631 1.2 20.1 2,409,736 3,930,987 47.03 45.85

Other areas 0 0 712,376 48,814 12.5 8.2 1,151,307 1,151,307 44.53 47.21

cHeNGDu

Renmin Road 463,224 1,614,585 221,306 1,156,493 30.8 30.0 3,412,027 5,026,612 27.45 29.05

CBD 814,235 0 215,859 261,166 22.1 13.0 2,861,637 2,861,637 27.10 28.69

Financial Street 914,932 0 301,389 346,816 49.0 24.5 1,415,733 1,415,733 26.57 28.34

Tianfu Avenue 1,076,390 3,110,767 344,445 1,874,748 68.0 47.0 1,076,390 4,187,157 23.03 24.80

GuANGzHou

Yuexiu 0 0 103,226 89,803 7.0 5.1 4,683,244 4,683,244 19.66 19.48

Tianhe 8,865,719 9,901,819 6,119,245 6,735,984 24.8 26.8 26,194,575 36,096,394 30.82 30.64

Haizhu 557,010 0 349,310 213,136 34.7 25.2 2,244,693 2,244,693 17.71 17.71

sHANGHAi

Huangpu 0 0 9,178 8,810,591 4.2 4.0 9,177,699 9,177,699 51.94 56.87

Jingan 1,523,092 0 871,047 8,263,604 11.8 9.6 9,141,156 9,141,156 56.57 61.93

Lujiazui-Pudong 1,675,896 823,438 189,997 17,046,176 15.7 9.8 18,898,201 19,721,639 47.89 52.44

Zhuyuan-Pudong 1,506,214 0 1,264,372 4,619,912 10.8 9.5 5,104,876 5,104,876 36.84 40.33

Changning 1,295,156 1,197,484 1,651,432 5,738,759 14.0 11.0 6,446,597 7,644,080 37.42 40.97

Xuhui 0 0 9,744 4,501,617 7.6 7.6 4,871,881 4,871,881 47.24 51.72

HoNG koNG

Central 191,250 0 -178,712 76,533 5.9 5.6 21,686,414 21,686,414 142.03 146.29

Wanchai 339,584 0 169,792 50,777 3.4 3.0 11,434,851 11,434,851 101.85 107.96

HK Island East 0 0 -29,236 25,118 4.4 4.2 10,854,774 10,854,774 68.56 74.04

Tsim Sha Tsui 0 0 -45,969 11,200 3.7 3.5 6,361,390 6,361,390 77.49 82.14

Kowloon East 616,201 886,684 260,172 348,436 14.9 18.9 9,294,358 10,181,042 54.66 59.09

tAiPei

CBD 391,322 930,527 469,746 510,237 10.7 12.2 19,540,991 20,471,518 28.05 28.35

seoul

CBD 1,305,406 2,913,771 3,116,272 1,636,931 8.5 8.6 36,378,758 38,221,832 27.00 27.64

GBD 1,024,365 0 950,641 -167,252 1.7 2.3 28,224,689 28,224,689 23.90 24.98

YBD 1,999,795 1,815,786 1,335,816 2,668,909 12.1 5.3 18,299,601 20,115,387 20.58 21.67

tokyo

CBD 6,748,551 4,431,224 N/A N/A 8.0 8.5 N/A N/A 102.60 104.66

jAkArtA

CBD 3,865,650 2,560,796 2,443,578 1,842,134 10.1 11.0 50,970,360 53,531,157 24.38 26.39

Non-CBD 2,447,668 2,868,870 1,369,330 2,034,549 15.0 17.0 22,706,619 25,575,489 17.18 18.05

kuAlA lumPur

KLCA 2,187,000 623,600 1,252,000 1,000,000 14.5 13.1 32,727,000 33,351,000 25.26 25.26

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



treNDs & forecAsts

2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f 2012 f 2013 f

kArAcHi

CBD 440,000 N/A 100,000 N/A 40.0 N/A 15,231,929 N/A 1.10 N/A

mANilA

Makati 617,342 413,334 773,031 446,648 2.8 2.4 9,934,477 10,347,811 20.09 22.30

Ortigas 0 876,074 67,748 677,921 3.6 6.4 4,961,404 5,837,489 14.70 15.24

siNGAPore

CBD 745,246 141,759 690,039 104,340 8.4 8.5 23,453,303 23,595,062 74.90 70.11

BANGkok

CBD 0 0 538,195 645,834 16.0 14.5 17,580,646 17,580,646 24.58 25.66

HANoi

CBD 394,152 0 21,528 32,292 5.0 7.0 2,110,941 2,110,941 44.59 42.36

Non-CBD 622,046 750,351 409,028 559,723 68.0 45.0 1,640,418 2,390,770 26.76 24.53

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 7,000,000 6,500,000 13.0 11.0 84,761,673 89,845,673 11.02 11.49

cHeNNAi

Overall 4,000,000 3,000,000 5,000,000 4,500,000 21.0 21.0 42,512,483 45,512,483 11.26 11.26

mumBAi

Overall 4,200,000 5,000,000 6,000,000 5,000,000 15.0 16.0 98,658,000 103,658,000 42.22 42.22

New DelHi

Overall 6,000,000 5,800,000 4,500,000 4,000,000 16.5 16.0 70,404,158 76,204,158 40.11 40.11

ADelAiDe

CBD 193,750 818,056 75,347 269,098 7.7 9.5 14,053,811 14,845,011 33.94 35.73

BrisBANe

CBD 1,100,071 209,896 642,605 306,771 7.1 5.2 11,354,235 11,564,131 56.27 58.50

cANBerrA

CBD 226,042 355,209 215,278 236,806 6.0 9.8 3,013,892 3,369,101 36.62 37.06

melBourNe

CBD 1,446,464 1,442,363 819,919 1,668,361 6.0 4.9 21,111,743 36,772,798 32.51 33.49

PertH

CBD 1,785,688 508,788 1,237,849 430,556 3.6 3.6 16,880,831 17,322,516 71.45 71.45

syDNey

CBD 504,256 1,317,060 342,884 739,179 7.8 8.0 27,030,758 28,044,276 68.64 73.15

AucklAND

CBD 131,589 0 81,655 -123,354 10.1 13.7 4,581,277 4,738,968 23.69 24.22

welliNGtoN

CBD 0 0 6,383 -3,035 3.8 5.5 3,119,841 3,119,841 26.65 26.65

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



treNDs & forecAsts



DefiNitioN AND termiNoloGy

GreAter cHiNA

BeijingPrime 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.

chengduPrime 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.

GuangzhouPrime office buildings in guangzhou are located in 3 principal sub-markets – Haizhu, Yuexiu and tianhe.

rents are quoted in Us$ per sq m per month on gross floor area basis, and exclusive of any management fees and government taxes. capital values are quoted on Us$ per sq m.

shanghaiPrime 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 kongPrime 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.

taipeiPrime 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

seoulMajor 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.

tokyothe 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 AsiAjakarta 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 lumpurPrime 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.

karachiPrime 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.



Def iNitioN AND termiNoloGy

* Super built-up area refers to the total **built-up area of a building plus a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretaker’s office/flat throughout the building.

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

manilaPrime 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 non-strata-titled developments.

BangkokPrime 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 citythe 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.

HanoiPrime quality office building in Hanoi are mostly located in Hoan kiem district, with individual quality buildings located in cau giay district and ba Dinh district. the central location of the city is perceived as being close to Hoan kiem lake, which is within Hoan kiem district.

rents are commonly quoted in Us$ per sq m per month on net floor area basis. rents are inclusive of service charges and exclusive of value added tax, which is currently at 10% level.

iNDiA

Bengaluru (Bangalore)Prime office properties in bengaluru are can be divided in 3 principal sub-markets – 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.

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.

chennaiPrime 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.


mumbaiPrime 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.


New DelhiPrime 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 zealandPrime 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.



greater china

Beijing, china502 tower w3, Oriental Plaza no 1 east changan avenue Dongcheng Districtbeijing 100738tel : 86 10 8518 1633fax : 86 10 8518 1638Amanda GaoManaging Director, north [email protected]

chengdu, chinaUnit 1504 Yanlord landmark1 renmin south road section 2chengdu 610016tel : 86 28 8658 6288fax : 86 28 8672 3226jacky tsaigeneral [email protected]

Guangzhou, china702 teem tower208 tianhe roadguangzhou 510620tel : 86 20 3819 3888fax : 86 20 3819 3899eric lamManaging [email protected]

shanghai, china16f Hong kong new world tower300 Huaihai Zhong roadshanghai 200021tel : 86 21 6141 3688fax : 86 21 6141 3699lina wongManaging Directoreast and south west chinainvestment services, [email protected]

Hong kong, HksAr5701 central Plaza18 Harbour road wanchai, Hong Hongcompany licence no: c-006052tel : 852 2828 9888fax : 852 2828 9899richard kirke (e-279867)Managing [email protected]

Piers Brunner (e-183614)chief executive Officer - [email protected]

taipei, taiwan49f taiPei 101 tOwerno. 7 Xin Yi road sec 5, taipei 110tel : 886 2 8101 2000fax : 886 2 8101 2345Andrew liuManaging [email protected]

north asia

seoul, south korea10f korea tourism Organization bldg.10 Da-dongJung-gu, seoul 100-180tel : 82 2 6740 2000fax : 82 2 318 2015jay yunsenior Director & general [email protected]

tokyo, japan Halifax building3-16-26 roppongi Minato-ku, tokyo 106-0032 Japantel : 81 3 5563 2111 fax : 81 3 5563 2100 james finksenior Managing [email protected]

south east asia

jakarta, indonesia10f and 14f world trade centreJl Jenderal sudirmankav 29-31 Jakarta 12920tel : 62 21 521 1400fax : 62 21 521 1411mike BroomellManaging [email protected]

kuala lumpur, malaysiac/o mark lampard*Managing Directorcorporate solutions | asia Pacificte : 65 6531 8601fax : 65 6557 [email protected]* based in singapore

Research data provided byc H williams talhar & wong sdn Bhd30-01, 30th floorMenara Multi-Purpose @ capsquare8 Jalan Munshi abdullahP O box 1215750100 kuala lumpur, Malaysiatel : 603 2616 8888fax : 603 2616 8899Url : http://www.wtw.com.myfoo Gee jenManaging [email protected]

karachi, Pakistansuite 2-a, level 2, Harbour House37-a, lalazar avenuebeach Hotel road, Off. M.t khan roadkarachi, Pakistantel : 92 21 3561 2550-2fax : 92 21 3563 6382mohammed yasir Qidwaisenior Manager, corporate solutions & [email protected]

lahore, Pakistansuite 2, Mezzanine 2, executive floorsal-Qadir Heights, Main boulevardnew garden town, lahore, Pakistantel : 92 42 3584 3474-6fax : 92 21 3563 6382Ahmed khancountry [email protected]

islamabad, PakistanOne constitution avenue, adjacent convention centre & Diplomatic enclave islamabad, Pakistantel : 92 51 834 7433fax : 92 51 831 4737waleed murrawatregional sales [email protected]

manila, Philippines10f tower 2 rcbc Plazaayala avenue, Makati cityPhilippines1226tel : 63 2 888 9988fax : 63 2 845 2612David youngManaging [email protected]

singapore1 raffles Place#45-00 One raffles Placesingapore 048616tel : 65 6223 2323fax : 65 6222 4901Dennis yeoManaging Directorsingapore & industrial services | [email protected]

Bangkok, thailand17/f Ploenchit center2 sukhumvit roadklongtoey, bangkok 10110tel : 66 2 656 7000 fax : 66 2 656 7111 simon landyexecutive [email protected]

for further details, please contact:



Ho chi minh city, vietnamHo chi Minh city, vietnam7f bitexco building19-25 nguyen Hue streetDistrict 1, Ho chi Minh city, vietnamtel : 84 8 827 5665fax : 84 8 827 5667Peter Dinninggeneral [email protected]

Hanoi, vietnam10f, capital tower building109 tran Hung Dao streetHoan kiem District, Hanoi, vietnamtel : 84 4 3941 3277fax : 84 4 3941 3278Dane moodieManaging [email protected]

india

Bengaluru, indiaPrestige garnet, level 2, Unit no. 201/20236 Ulsoor road, bengaluru 560 042tel : 91 80 4079 5500fax : 91 80 4112 3131Goutam chakrabortyOffice [email protected]

chennai, indiaUnit 1c, 1st floor, Heavitree complex23 spurtank road, chetpetchennai 600 031tel : 91 44 2836 1064fax : 91 44 2836 1377kaushik reddyOffice [email protected]

Gurgaon, india1st floor, technopolis buildingDlf golf courseMain sector roadsector 54, gurgaon 122 002tel : 91 124 4375807fax : 91 124 4375806Ajay rakhejaOffice [email protected]

kolkata, indiainfinity business centre, infinity benchmarklevel 18, room no 13, Plot g - 1block eP & gP, sector v, salt lakekolkata 700 091, west bengaltel : 91 33 2357 6501fax : 91 33 2357 6502soumya mukherjeeOffice [email protected]

mumbai, india31-a, 3rd floors, film centre68 tardeo roadMumbai 400 034tel : 91 22 4050 4500fax : 91 22 2351 4272Prabhu raghavendraOffice [email protected]

George mckaysouth asia DirectorOffice & integrated [email protected]

New Delhi, india204/205, 2nd floorkanchenjunga building18 barakhamba roadnew Delhi 110 001tel : 91 11 4360 7500fax : 91 11 2335 6624Ajay rakhejaOffice [email protected]

Pune, indiabramha luxury Hotels ltd. (le Meridien Pune)101 r.b.M. roadPune 411 001, Maharashtratel : 91 20 4120 6435fax : 91 20 4120 6434suresh castellinoOffice [email protected]

australasia

Adelaide, Australialevel 10, 99 gawler Placeadelaide sa 5000tel : 61 8 8305 8888fax : 61 8 8231 7712james youngstate chief [email protected]

Brisbane, Australialevel 20 central Plaza One345 Queen streetbrisbane QlD 4000tel : 07 3229 1233fax : 07 3120 4555 simon Beirnestate chief executive [email protected]

canberra, Australiaground floor, 21-23 Marcus clarke streetcanberra act 2601tel : 61 2 6257 2121fax : 61 2 6257 2937Paul Powderlystate chief [email protected]

melbourne, Australialevel 32 367 collins streetMelbourne vic 3000 tel : 61 3 9629 8888fax : 61 3 9629 8549john marascostate chief [email protected]

Perth, Australialevel 19, 140 st georges terracePerth wa 6000tel : 61 8 9261 6666fax : 61 8 9261 6665k. imran mohiuddinstate chief [email protected]

sydney, Australialevel 12, grosvenor Place225 george streetsydney nsw 2000tel : 61 2 9257 0222fax : 61 2 9251 3297malcom tysonstate chief [email protected]

Auckland, New zealandsaP tower, level 27151 Queen streetauckland 1140tel : 64 9 358 1888fax : 64 9 358 1999mark synnottchief executive Officer, new [email protected]

wellington, New zealandlevel 10, 36 customhouse Quaywellington 6011tel : 64 4 473 4413 fax : 64 4 499 1550 (agency) : 64 4 470 3902 (valuation)richard findlayManaging [email protected]

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2012. All rights reserved.

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Professionals & staff: 12,300Square feet managed: 1,250 million*Lease/sale transactions: 76,000Total transaction value: $68 billion

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reveNues couNtries o f f i c e s

522621.8BILLION

AsiA PAcific

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

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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asia pacific office market overview 1q 2012

Documents

hoan kiem

outer ring

suburbansecondary

peripheral

central business

secondary

australian

major transactionscapital