asia pacific office market overview - 4q 2011

8/2/2019 Asia Pacific Office Market Overview - 4Q 2011

1/28

AsiA PAciicOice Market Overview

4Q 2011

Accelerating success.


2/28

table O cOntentsAsiA PAciic oice mArket overview | 4Q 2011

rgna o 3

Ga chna 4-6

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

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

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

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

Hong Kong SAR, China .....................................................................................................................Taipei, Taiwan ...................................................................................................................................

Nh Aa 7

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

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

sha Aa 8-11

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

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

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

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

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

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

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

inda 12-13

Bengaluru (Bangalore) ..................... ....................... ....................... ........................ ........................

Chennai .................... ........................ ....................... ........................ ....................... ........................ .

Mumbai ..................... ....................... ........................ ....................... ........................ ....................... ..

New Delhi ..................... ........................ ....................... ....................... ........................ .....................

Aaaa 14-17

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

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

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

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

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

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

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

P o spp and rna 18-19

tnd & a 20-21

Dfnn & tng 22-23

cna 24-25


3/28Colliers international | p. 3

regional overview

eConomiC overviewDue to the lingering sovereign debt problems and continued slowdown o key economies

around the world, market sentiment in the Asia Pacic region was generally cautious in

4Q 2011. There were a number o orces that had an impact on the market. The Federal

Open Market Committee (FOMC) in the US downgraded the countrys projected economic

growth or 2012. As a result, a number o economies in the region had to ace the challenge

o slowing exports to the West. However on a positive note, the recent statement made

by the US Federal on the likelihood o interest rates maintaining at low levels until the end

o 2014 indicated a very slim possibility o a distinct recovery in the near to medium term.

The anticipated low-interest rate environment was well received given the expectations

that quantitative easing (QE) or QE-like policies will be kept in place by a number o

central banks in 2012.

leasing market

Against the prevailing economic backdrop, more occupiers turned cautious in their business

outlook. Negative sentiments were ound in cities reliant on external trade whereas positive

results were shown in Asia markets with strong internal consumption. Overall, the average

oce rent managed to edge up mildly by 0.3% QoQ during 4Q 2011. In the greater China

region, demand undamentals were exceptionally strong with sustained leasing requirements

rom a number o industries including nancial services, manuacturing and IT. Domestic

enterprises continued to look or quality developments or consolidation, relocation and

upgrading. In Southeast Asia, Jakarta stood out as a surging market with oce rents

shooting up by 10% QoQ during the period.

sales market

In general, oce sales prices were buoyant during 4Q 2011 despite the act that rentals

in individual cities saw signs o sotening. Investment yields were either fat or slightly

compressed. Investment unds maintained their appetite or quality investment opportunities

in order to take advantage o the existing low interest rate environment. However, the

domestic investors and cash-rich end-users were the key groups completing investment

sales transactions during the period. Examples o such investment activities include the

sale o 20 Bridge Street to RREEF Real Estate on behal o a Malaysian Pension Fund

(Kumpulan Wang Persaraan (Diperbadankan)) or US$185 million in Sydney and OCBCBanks acquisition o Shanghai International Group Square, an oce building located in

Shanghai, or US$143 million or its headquarters in China.

market outlook

Looking ahead, the prevailing trend o demand sotening is anticipated to continue until at

least the rst hal o 2012. However, oce capital values are expected to remain buoyant

in anticipation o a new round o quantitative easing and more upcoming investment unds

in the pipeline. We anticipate that deals will be concluded by a broader range o buyers in

2012, i access to nancing becomes easier during the latter part o 2012.


4/28P. 4 | colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2011

cHiNA

Beijing

Parkview Green, located in the CBD submarket, was completed in Q and delivered

, sq m o new oce space. The total stock o Beijings Grade A oce thereore

expanded to . million sq m as o end-.

The new completion and existing vacant space was promptly taken by the brisk leasingdemand, keeping the overall vacancy rate at a historical low level o .% in Q .

The overall rental posted its eighth consecutive quarter o growth, with average net

eective rent registered at RMB. per sq m per month, up .% QoQ. Rent o the

CBD catchment continued to surpass that o the Financial Street, averaging at RMB.

per sq m per month as o quarter end, up .% YoY.

The investment market continued to be dominated by domestic players in Q , with

one en bloc sales transaction concluded. Guangyao Dongang Group, a Shandong-based

commercial real estate operator, purchased the Jin Yu Building located in the West Third

Ring Road or a total consideration o RMB. billion.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA(q )

Jinyu Building S Guangyao Dongang Group 1,054,900

Indigo L Eli Lilly and Company 53,800

SK Tower L Mitsubish 10,800

Yintai Center L SABIC 15,100

Parkview Green L Cathay Lie Insurance 20,500

China Resources Building L Anglo American PLC 12,900

Yintai Center L Mercuria Energy Group 10,800

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F0.00

100.00

200.00

300.00

400.00

500.00

600.00

700.00

Rentals

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

CapitalValues

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

BEIJING OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F0.00

0.20

0.40

0.60

0.80

1.00

Millionsqm

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

VacancyRa

te

Supply Take-up Vacancy Rate

BEIJING OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

00

8

2Q2

00

8

3Q2

00

8

4Q2

00

8

1Q2

00

9

2Q2

00

9

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

0

11

2Q2

0

11

3Q2

0

11

4Q2

0

11

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

22,500

CapitalValues

CHENGDU OFFICE CAPITAL AND RENTAL VALUES

0.00

25.00

50.00

75.00

100.00

125.00

150.00

175.00

200.00

225.00

Rentals


CHENGDU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 2012 F0.00

0.05

0.10

0.15

0.20

0.25

Millionsqm

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

VacancyRate


chengdu

In Q , the gap between the highest and lowest rents in Grade A oce market widened

to reach RMB per sq m. Grade A oce rents increased .% QoQ to RMB. per

sq m per month.

The oce space take-up in this quarter exceeded , sq m. Demand rom both new

tenants and existing tenants seeking or expansion increased sharply, especially those

rom real estate, manuacturing, nance and government. By the end o Q , the

overall vacancy rate o Grade A oce market dropped . percentage points QoQ to

.%.

A brand new Grade A oce building located to the south o Tianu Square and next to

Metro Line , Square One, is expected to be completed in Q . About , sq m

in the building will be oered or lease. The rents will range between RMB- per

sq m per month.

mAjor trANsActioNs



CDB International Plaza L Sichuan Industry Promotion &

Development Investment Fund

7,500

CDB International Plaza L Dingxing Trade Co., Ltd 7,500

Shangri-la Centre L HF Investment 5,400

Yanlord Landmark L Consulate General o the

Republic o Singapore

11,800

Yanlord Landmark L Schenker China Ltd. h 5,400

Yanlord Landmark L COFCO Future Co., Ltd 4,300

Aerospace Technology Plaza L Lee Kum Kee 5,200


5/28


colliers iNterNAtioNAl | P. 5

shanghai

One new project was launched in Shanghais Grade A oce market in Q , adding

, sq m o new supply.

The strong demand or Grade A oce space has outpaced the market supply, driving

average rent during the quarter to RMB. sq m per day, up .% QoQ.

Besides the rising rents, en-bloc property transactions were extremely active in Q

, with capital values continuing to increase at a rapid pace. Institutional investors

purchased several projects in Shanghai.

Looking orward, the growing demand rom new business set-up, expansion and relocation

o multinational corporations, nancial institutions and other proessional rms will

continue to underpin the Grade A oce market.

guangzhou

During Q , the completion o Taikoo Hui in Tianhe North Road brought approximately

, sq m new supply to the market, accounting or .% o the total stock. Over

% o the project has been leased. Coupled with the active leasing demand, the overall

vacancy rate ell to .% in Q , down . percentage points QoQ.

The nance, manuacture and proessional services sectors dominated Guangzhous

Grade A oce leasing demand. The leasing transactions were mainly committed by

domestic companies in this quarter, most o which had sucient budgets. Although a

number o prime oce properties in Pearl River New City are expected to be launched

in , the active leasing demand will continued to underpin the market perormance.

Average rental in Q rose by % QoQ to RMB. per sq m per month and the

upward trend is expected to continue in .

As the high-end oce space launched or sale in has been gradually absorbed by

investors and owner-occupiers, the stock available or sale in the market became limited,

which in turn pushed up the average sales price by .% QoQ to RMB, per sq m.

mAjor trANsActioNs



Concord Center L Bohai Bank 43,100

G.T.Land Plaza L IBM 38,800

G.T.Land Plaza L Wanlian Securities 38,800

Leatop Plaza L Johnson Controls, Inc 32,300

Taikoo.Hui L Toyota Tsusho 29,900

R&F Center L BP Global 26,900

cHiNA

mAjor trANsActioNs



New Richport L CEVA 59,200

Cloud Nine III L HEINZ 43,100

Jingan Kerry Centre L BOSE 37,700

Hongkong New World Tower L Nutricia 14,100

Yongda International L SSOE China Co., Ltd 11,700Shanghai International Group

Square

S OCBC Bank 247,600

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

Rentals

0

4,000

8,000

12,000

16,000

20,000

24,000

28,000

32,000

36,000

CapitalValues


GUANGZHOU OFFICE CAPITAL

AND RENTAL VALUES

0.00

3.00

6.00

9.00

12.00

15.00

18.00

0

12,000

24,000

36,000

48,000

60,000

72,000

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q

2010

2Q

2010

3Q

2010

4Q

2010

1Q

2011

2Q

2011

3Q

2011

4Q

2011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

Rentals

CapitalValues

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

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F0.00

0.30

0.60

0.90

1.20

Millionsqm

0.0%

5.0%

10.0%

15.0%

20.0%

VacancyRate


SHANGHAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 2012 F

20.0%

30.0%

40.0%

50.0%

VacancyRa

te

10.0%

0.0%


0.50

1.00

1.50

2.00

2.50

0.00

Millionsqm

GUANGZHOU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE


6/28


7/28



seoul

In Q , average rent remained stable at .% QoQ growth to KRW, per pyeong

per month. Owing to the massive supply rom Pine Avenue in CBD and IFC-A in

YBD, vacancy rate increased to .%, up . percentage point QoQ. Net take-up in

the existing major oce buildings also remained stable during the quarter at ,

pyeong.

Under avourable promotional strategies such as rent ree / t-out period, eective rent

was on downward momentum, and the spread between market and eective rents was

widened.

New prime oce buildings with a total GFA o , sq m are expected to come on

the stream in . Junghak District and Gwanghwamun State Tower will be completed

to provide more than , sq m and , sq m oce space, respectively, in CBD.

As scheduled, two IFC buildings with approximately , sq m are also ready to be

launched in Yeouido market. Owing to the massive new supply coming on line in ,

vacancy rate is expected to increase sharply.

tokyo

Demand moderating due to global economic concerns

Trading up to newer properties common

Rents weak and mild downward pressure continues

Vacancy no longer improving as mildly increasing uptake pauses

Vacancy continuing to stratiy with newer, larger, more central buildings outperorming

Signicant new supply in the pipeline or

soutH koreA

mAjor trANsActioNs



Palace Building L Mitsubishi Chemical Holdings 301,800

Toranomon Roppongi Project L Baker & McKenzie 66,400

Bancho Tokyu L OPT 78,100

Amazon L Arco Tower Annex 149,100

Chartis Business Partners L Kamiyacho MT Building 149,100

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F0

50,000

100,000

150,000

200,000

250,000

Rentals

10,000,000

15,000,000

20,000,000

25,000,000

CapitalValues

5,000,000

0

Rentals (Won / Pyung / Month) Capital Values (Won / Pyung)

SEOUL OFFICE CAPITAL AND RENTAL VALUES

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

10,000

20,000

30,000

40,000

50,000

60,000

Rentals

CapitalValues

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

0

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

TOKYO OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Tsubo

200,000

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Vacancy

Rate


TOKYO OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

SEOUL OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 2012 F0

50,000

100,000

150,000

200,000

250,000

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%


Pyung

Vacancy

Ra

te

jAPAN

mAjor trANsActioNs



Twin Tree Building L Daelim Industry 531,000

GT Tower L Kolon F&C 224,200

IFC L Sony Korea 65,100

Union still L Samsung Lie Insurance 53,400

IFC L Daiwa Securities 48,400

Euljiro Mirae Asset Tower S Mirae Asset 708,000

KCA Yeomgok-dong S Undisclosed 324,600

KERIS Building S Undisclosed 164,700




mAjor trANsActioNs



Landmark L Adira 118,400WTC II L Total E&P 107,600

Tempo Scan Tower L Satya Mandiri Persada (Adaro

Energy)

81,800

Wisma Pondok Indah III L Indo tambang 35,500

The Plaza L Acer Indonesia 18,900

Citywalk Sudirman L Rafes Design Institute 14,200

Menara Citicon L PT. Singa Langit Jaya 13,300

Patra Jasa L Asia Outsourcing Services 12,900

iNDoNesiA

jakarta

Average rental jumped % QoQ in Q . As a result o tougher competition to win

the quality oce premises in good locations, average rental grew by % YoY.

The overall supply in was less than our original orecast due to the delay in completion

o a building in the Sudirman CBD area. Consequently, supply in will be greaterthan the previous projection.

In , over , sq m o oce space is expected to completed, about % o which

has been pre-leased. Furthermore, as Fitch Ratings upgraded Indonesia's sovereign

debt rating to investment grade, the market is quite condent that the remaining space

will be sold and rental will accelerate in .

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F0

30,000

60,000

90,000

120,000

150,000

180,000

210,000

Rentals

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

CapitalValues

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

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F

sqm

0

100,000

200,000

300,000

400,000

500,000

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

VacancyRa

te


JAKARTA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Rentals

200

400

600

800

1,000

1,200

CapitalValues

0

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

KUALA LUMPUR OFFICE CAPITAL AND

RENTAL VALUES

0.00

1.00

2.00

3.00

4.00

5.00

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2008 2009 2010 2011 2012 F


Millionsqft

VacancyRate

KUALA LUMPUR OFFICE SUPPLY, TAKE-UP

& VACANCY RATE

kuala lumpur

Average prime rental and capital values improved during Q at RM. per sq t per

month and RM per sq t, respectively, as Golden Triangle area continued to be the

preerred location or most multinational companies

Three prime oce buildings, Tower , KLCC, Menara Prestij and Menara Worldwide,

were completed in Q , contributing approximately . million sq t o oce space

to the current supply.

The vacancy rate is expected to climb due to new completions coming on stream in

.

The present global economic slowdown would aect business decisions on real estate

transactions; nevertheless, attractive tenancy oerings and active marketing eorts will

greatly help maintaining, i not improving, occupancy rate.

mAjor trANsActioNs



KL Sentral Park** L SME Corp 209,000

Cap Square Tower L Citibank 117,000

Bangsar South, The Horizon** L Touch n' Go 67,400

Menara Multi Purpose S Malaysian Chinese

Association (MCA)

541,400

Pavilion Tower S Pavilion REIT 167,700

mAlAysiA

** Building located in Kuala Lumpur fringe area Data sourced rom C H Williams Talhar & Wong Sdn Bhd


9/28



karachi

Karachi oce market is still oppressed by the pressure o slow economic growth and

politcal turmoil in the country.

Oce sale and lease market has been stagnant. Only one major lease transaction was

observed in Dolmen City Harbourront building where P&G Pakistan rented two oceoors with a total area o , sq.t

However, due to recent relocation o US Embassy in Karachi, many multinational

companies located on M.T Khan Road are contemplating to move due to trac congestion

and security issues.

Decent premises with adequate parking and low rent are the key preerential actors or

companies planning to relocate.

With slow take-up rates o the new oce space, high competition has been dragging the

capital values down.

mAjor trANsActioNs



Harbour Front L Procter & Gamble 30,000

Harbour Front L Mitsubishi Corporation 7,500

Al Tijarah Centre L Eli Lilly Pakistan 8,000

PAkistAN

KARACHI OFFICE CAPITAL AND RENTAL VALUES

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

20

40

60

80

100120

140

160

180

Rentals

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

2,000

4,000

6,000

8,000

10,00012,000

14,000

16,000

18,000

CapitalValues

0

2008 2009 2010 2011 2012 F0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Millionsqft

VacancyRa

te


KARACHI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

PHiliPPiNes

manila

With the completion o , sq m Zuellig Tower in Q , prime oce stock in

Makati CBD is expected to increase to , sq m o net usable space. This will be

the rst new oce building in the CBD in more than a decade.

Due to the emergence o the new central business districts, Makatis share in terms

o oce space will all to %. Vacancy rate went up this quarter to .% due to the

relocation o some business rom traditional oces to Bonacio Global City a major

source o oce supply in the next two to three years. Consequently, net take up ell

% YoY to , sq m comparing to that a year ago. Nevertheless, the vacancy rate

is expected to remain at % level owing to the limited supply in Makati.

Both rental rates and capital values are expected to grow -% over the next months.

mAjor trANsActioNs



I Square L Coastal Training 164,700

I Square L Dupont Far East Inc. 123,200

MDC 100 L Microsourcing 111,000

1

Q2

008

2

Q2

008

3

Q2

008

4

Q2

008

1

Q2

009

2

Q2

009

3

Q2

009

4

Q2

009

1Q2

010

2

Q2

010

3

Q2

010

4

Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q

2012

F

2Q

2012

F

3Q

2012

F

4Q

2012

F

1Q

2013

F

2Q

2013

F

3Q

2013

F

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

0

20,000

40,000

60,000

80,000

100,000

120,000

CapitalValues

0

200

400

600

800

1,000

1,200

Rentals

MANILA OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

sqm

120,000

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

VacancyRate

12.0%


MANILA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE




tHAilAND

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

200

400

600

800

1,000

1,200

1,400

Rentals

20,000

40,000

60,000

80,000

100,000

120,000

140,000

CapitalValues

0

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

BANGKOK OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F

sqm

0

20,000

40,000

60,000

80,000

100,000

120,000

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

VacancyRate


BANGKOK OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

Bangkok

Transactional activity in oce market remained modest due to impact o oods in

Bangkok.

Although the ood has caused limited damage to the citys oces, some premises were

orced to close due to restricted access.

A number o oces moved to back up locations and it could spur the demand or oces

in secondary locations.

Some companies may consider relocating oces to other cities such as Pattaya.

mAjor trANsActioNs



Sathorn Square L Easy Buy 21,500

Sathorn Square L OSK Bank 21,500

Park Ventures L Club 21 12,900

Pacic Place L AIG 16,100

singapore

Singapores oce leasing market buckled under the stress o uncertainties and volatility

arising rom the debt crisis in the Eurozone.

For the rst time since the market bottomed in Q , the average monthly gross

rents or CBD Grade A oce space ell .% QoQ in Q to SG$. per sq t permonth. This brought the whole years gain to .%, a sharp moderation rom s

.% growth rate.

The dip in rents was in tandem with the all in occupancy rate rom previous quarters

.% to .% in Q , due largely to the new completion o some , sq t

o space in the New Downtown micro-market. However, the increase in oce stock

was not met with corresponding new occupier demand as many rms turned cautious

towards expansion.

Despite a gloomier outlook, Singapores strong economic undamentals could help the

country and the oce market ride through the current uncertainties. Hence, though

Singapores oce rents will likely soten rom current levels, the magnitude o decline isexpected to be more tamed as compared to the previous crisis. Oce rents are orecast

to decline by around -% in as against a -% correction seen in the rst

year o the global nancial crisis-led decline in .

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F0.00

5.00

10.00

15.00

20.00

25.00

Rentals

30.00

500

1,000

1,500

2,000

2,500

3,000

CapitalValues

0

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

SINGAPORE OFFICE CAPITAL AND

RENTAL VALUES

2008 2009 2010 2011 2012 F0.00

0.50

1.00

1.50

2.00

2.50

Millionsqft

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

VacancyRa

te


SINGAPORE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

siNGAPore

mAjor trANsActioNs



13-storey oce building at

Upper Pickering Street

L Attorney-General's Chambers 87,000

Ocean Financial Centre

(87.5% stake)

S K-REIT Asia 885,000


11/28



1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

Rentals

Rentals (US/ sq m / Month)

0

10

20

30

40

50

60

70

HO CHI MINH CITY OFFICE RENTAL VALUES

hanoi

Hanois prime oce market perormed well in with about , sq m net take up

and an average rent increase o .%.

The Grade A oce buildings situated in the CBD posted occupancy rates o over %.

These buildings usually have a high occupancy thanks to good location and limited supplyin the CBD.

Massive new supply is expected to come rom Keangnam Hanoi Landmark Tower located

in non-CBD area.

The Grade A oce market will experience strong competition due to abundant supply.

mAjor trANsActioNs



Keangnam Landmark Tower L Ericsson 21,500Keangnam Landmark Tower L Pricewaterhouse Coopers 30,600

Keangnam Landmark Tower L KPMG 32,300

Keangnam Landmark Tower L LG 10,800

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

10

20

30

40

50

60

Rentals

Rentals (US/ sq m / Month)

HANOI OFFICE RENTAL VALUES

2008 2009 2010 2011 2012 F

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

sqm

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

VacancyRate


HANOI CITY OFFICE SUPPLY,

TAKE-UP & VACANCY RATE

2008 2009 2010 2011 2012 F

sqm

-30,000

0

30,000

60,000

90,000

120,000

150,000

180,000

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

VacancyRate


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

vietNAm

ho chi minh city

The oce leasing market will remain competitive throughout ; developers will need

to ocus on improving the quality o the new oce buildings and oering incentives to

attract new tenants.

The new buildings in the suburban oce market are still attracting tenants to pre-lease

due to their competitive rental rates.

The rental level o the new oce buildings is lower than that o the existing oce

spaces. Additionally, landlords are oering better leasing terms, such as longer rent ree

period and subsidies to t out cost. Thereore the market witnessed some tenants being

penalised or early termination o their leases and relocating to the new oce buildings.

mAjor trANsActioNs



Bitexco Financial Tower L FV Hospital 8,600

Bitexco Financial Tower L Huy Hong JSC 1,200

Ree Tower L Vina Commodities 4,800

Ree Tower L New Balance 1,600

Ree Tower L Huy Hoang Education 1,600

Ree Tower L Asian Tiger 1,600




iNDiA

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

10

20

30

40

50

60

70

Rentals

80

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

CapitalValue

s

0

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

BENGALURU OFFICE CAPITAL AND

RENTAL VALUES

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

10

20

30

40

50

60

70

80

Rentals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

CapitalValues


CHENNAI OFFICE CAPITAL AND

RENTAL VALUES

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

Millionsqft

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

28.0%

32.0%

VacancyRate

2008 2009 2010 2011 F 2012 F


CHENNAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 2012 F

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Millionsqft

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

VacancyRa

te

0.0%


BENGALURU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

Bengaluru (Bangalore)

The Bengaluru Grade A oce market continued to be active with a couple o big ticket

transactions being closed in Q in PBD.

Thanks to the continual demand rom IT/ITeS sector and high absorption, average rents

or Grade A properties remained stable during the quarter despite the global economicuncertainties and altered projections or domestic economic growth rate.

A number o Grade A oce projects were launched in PBD area such as Outer Ring

Road, Sarjapur Road and Bannerghatta Road during the quarter.

mAjor trANsActioNs



Pritech - SEZ L Pega System 50,000

Prestige Featherlite L Novo Nordisk 18,500

The Millenia L IMS 25,000

Netra Tech Park L Goodrich Aerospace 80,000

Essae Summit L Flipkart 40,000

Bagamane Tech Park L Sandisk 44,000

Silvary L Paxterra 8,000

Whiteeld Palm L Mercedez 201,000

chennai

In Q , absorption remained moderate and only a ew large oor-plate leases were

concluded, demand was primarily driven by IT/ITeS, automobile and service sector.

A number o new buildings were completed during the quarter, collectively adding

approximately . million sq t o oce space to the market.

Average rents or all micro-markets remained largely unchanged. However, minor

pressure on rentals was observed in IT corridor primarily due to large supply.

mAjor trANsActioNs



Ascendas L Foster & Wheeler 100,000

Prestige Palladium L Apolo Hospitals 20,000

Prestige Palladium L PWC 20,000

Prestige Palladium L Vascon 11,000

Prestige Palladium L ABB 20,000

Jayanth Tech Park L ABB 48,000

HDFC L Fidelity Investment Services 75,000

Ran Tech Park S Kalpathy Group 1,80,000


13/28



iNDiA

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

Rentals

0

50

100

150

200

250

300

350

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

CapitalValue

s


MUMBAI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F

Millionsqft

0.00

3.00

6.00

9.00

12.00

15.00

18.00

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

VacancyRa

te

24.0%


MUMBAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

50

100

150

200

250

300

350

Rentals

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

CapitalValues


NEW DELHI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Millionsqft

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

VacancyRate


NEW DELHI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

mumBai

The overall demand or commercial properties was restrained during Q , occupiers

and investors both remained cautious in terms o decision making due to prevailing

economic uncertainties.

Impacted by investors sentiment and increasing construction cost due to high borrowingcost and ination, construction activities slowed down. No new project was launched

during the quarter.

Average rentals plunged by approximately % QoQ, barring a ew locations such as

BKC, Kalina and Worli on account o the limited supply.

mAjor trANsActioNs



India bulls Financial Center L Franklin Templeton 40,000

One India Bulls L Vodaone 50,000

Mighty Majestic L LOreal India 80,000

Boomerang L E Clinical Works 75,000

Godrej IT Park L Dow Chemicals 55,000

new delhi

Amidst global and domestic economic uncertainties, moderate demand was observed

in all micro-markets during Q .

Average rental values or Grade A oce space marginally depreciated by approximately

.% QoQ. The decline was primarily contributed by PBD micro-market such as NOIDA

and Gurgaon; rental values o CBD and PBD, on the other hand, remained stable.

A number o Grade A oce projects were launched in PBD. Most o these projects

/ phases o the projects are expected to be completed by the end o or ,

collectively contributing approximately million sq t o Grade A oce space to the

market.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s) teNANt / PurcHAser AreA(q )

DCM Building L L&T 19,000

Vijaya Building L HRD 24,000

Aggarwal Tower L Birla Sun Lie 10,000

Mohan Cooperative L Wipro 60,000

Copia L Red Hat 8,000

DLF Building 14B L John Keel 25,000

ABW Tower L Panasonic 13,000

Vatika Business park L Mckinsey 180,000

Spazeedge L Aircel 75,000

Vatika Business park L William E Connor 39,000

A-3 L Wipro 90,000Advant It Park L KPMG 90,000

Stellar L Galaxy 16,000

Advant It Park L Vcustomer 60,000




AustrAliA

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F0

100

200

300

400

500

600

700

Rentals

0

1,000

2,000

3,000

CapitalValues

4,000

5,000

6,000

7,000

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

ADELAIDE OFFICE CAPITAL AND RENTAL VALUES

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

Rentals

0

200

400

600

800

1,000

1,200

CapitalValues

10,000

12,000

0

2,000

4,000

6,000

8,000


BRISBANE OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F

sqm

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

VacancyRate

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%


BRISBANE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 2012 F0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

sqm

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

VacancyRa

te


ADELAIDE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

adelaide

Positive white collar employment growth, limited new supply and steady tenant demand

are expected to partially oset the high volume o backll supply due, minimising the

overall impact to vacancy levels in late into .

Ater holding stable during the last quarter, overall gross ace rents are orecast toincrease by at least .% during the next - months.

There are signs o growth within the development market with site works and construction

o a number o new buildings well underway, including one new speculative project to

be completed in .

Although yields remained stable over the past quarter, urther yield compression is

expected during ; there is also demand or secondary grade oce assets, with

investors seeking value-add opportunities.

mAjor trANsActioNs



400 King William Street L WorkCover 53,820

400 King William Street L Hunt & Hunt Lawyers 21,900

75 Hindmarsh Square L Quadro Services Pty Ltd 4,300

89 Pirie Street L O & G Solutions 9,500

BrisBane

Supply conditions in the Brisbane CBD continued to tighten, as reected by alling vacancy

and a signicant volume o both leasing and sales transactions. This tightening has led

to a marginal rise in prime and secondary rental values and alling incentives during

.

The leasing market is expected to strengthen during , but vacancy is likely to increase

temporarily during the rst hal o due to higher level o development completions

and a substantial volume o backll space associated with tenant pre-commitments.

The investor market is responding positively to tightening vacancy. Yields, however, are

likely to remain largely unchanged until there is potential or considerable rental growth,

which in our view is unlikely prior to .

On balance we expect the strength o the domestic economy underpinned by our

buoyant energy and resources sectors to oset the negative eects o renewed global

economic uncertainty.

mAjor trANsActioNs



111 Eagle Street L ANZ 76,800

12 Creek Street L BDO 64,700

288 Edward Street L Gallagher Bassett 22,200

100 Edward Street S Canegrowers 78,200

316 Adelaide Street S MRL Capital 79,500

126 Margaret Street S Investec 61,200

410 Queen Street S Rici Group 62,800

310 Ann Street S Armada Funds Management 175,900


15/28



AustrAliA

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

100

200

300

400

500

600

700

Rentals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

CapitalValues


MELBOURNE OFFICE CAPITAL AND

RENTAL VALUES

2008 2009 2010 2011 2012 F0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

sqm

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

VacancyRate


MELBOURNE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

100

200

300

400

500

600

700

800

Rentals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

CapitalValues


CANBERRA OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

sqm

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

VacancyRa

te


CANBERRA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

canBerra

Good leasing activity and a lack o new supply during reduced the amount o

available Grade A oce premises in the CBD and caused vacancy levels to all.

The pending sale o a % share in the Caroline Chisholm Centre will reect a yield o

about .%, which reects a urther sotening o yields or non-CBD assets.

The bureaucratic area o Barton / Forrest has over , square metres o oce

accommodation under construction. Only % o the stock has lease pre-commitment

with the remaining area required to compete or government and private tenants rom

the CBD and other commercial centres.

Over the next three years, Grade A stock in CBD is anticipated to grow moderately by

% - % per annum, while secondary stock is expected to have more modest growth

o % - % per annum.

Prime A grade yields were steady during as International and large Australian

institutions Maintained their interest in Canberra's quality assets that oer excellent cashow security through long term government leases.

Secondary asset yields experienced urther sotening during as reected by the

sales o Moore Street and the Lionel Murphy Building.

mAjor trANsActioNs



Caroline Chislholm Centre S Private Syndicator 433,200

Lionel Murphy Building S Private Investor 54,200

121 Marcus Clarke Street L Comcare 95,000

Childers Square L BAE 36,500

melBourne

The Melbourne CBD oce market remained active with high levels o tenant enquiry

and continual absorption o prime oce space.

Although cautious, tenants are committing to leases, owning to the increased incentives

and the lack o quality, contiguous options, causing net eective rents remained stable.

Strength o the investment sales market continued with a total o approximately AU$

million transacted in the three month period to December , accounting or % o

total investment sales in .

mAjor trANsActioNs



850 Collins Street S CIMB Trust Capital Australian

Oce Fund No.1

185,300

452 Flinders Street S Dexus Wholesale Property Fund 412,700

661 Bourke Street S Real I.S. 204,800

525 Flinders Street L Tru Energy 48,400

150 Lonsdale Street L Entity Solutions 47,200

31 Queen Street L Deence Force Credit Union 43,100




1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

0

100

200

300

400

500

600

700

800

900

1,000

Rentals


1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

CapitalValues

PERTH OFFICE CAPITAL AND RENTAL VALUES

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2008 2009 2010 2011 2012 F

sqm

VacancyRa

te


PERTH OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

Rentals

0

200

400

600

800

1,000

1,200

1,400

1,600

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

CapitalValues


SYDNEY OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 2012 F

50,000

100,000

150,000

200,000

sqm

-100,000

-50,000

0

-6.0%


6.0%

9.0%

12.0%

VacancyRate

-3.0%

0.0%

3.0%

SYDNEY OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

perth

Oce rents in Perth grew on continuing high demand and net absorption which led to

a tighter vacancy.

The CBD witnessed the third highest net absorption since over the past months.

The vacancy rate retracted to .% at the end o , driven by the strong net absorption

over the past six months. However, availabilities are estimated to be less than the ocial

vacancy gure.

There was a strong rebound in CBD transactions during , with an estimated total o

AU$. million major transactions (>AU$m), compared to AU$ million in .

mAjor trANsActioNs



QV1, 250 St Georges Terrace, Perth S Eureka Capital 687,700

251 St Georges Terrace, Perth S Primewest 105,000

251 Adelaide Terrace, Perth L Perilya Ltd 4,500

Emirates House, 181 St Georges

Terrace, Perth

L Westlink Logistics 5,700

Allendale Square, 77 St Georges

Terrace, Perth

L Sinopec 4,600

Emirates House, 181 St Georges

Terrace, Perth

L DOS Subsea 5,800

sydney

Vacancy rates rose on the back o increased new supply and steady tenant demand.

Increased tenant demand or high quality space led to rental growth or premium grade

assets.

Investors continued to look or high quality assets, leading premium grade oce yields

to tighten by as much as basis points over Q .

Foreign investors continued to dominate sales transactions within Sydney's CBD oce

market, making up % o the total sales consideration during .

No new developments are expected to be completed during , ensuring that vacancy

rates will continue to tighten as tenant demand remains stable.

mAjor trANsActioNs



50 & 54-58 Park Street S Kyko 227,700

140 Sussex Street S RREEF Real Estate 126,500

52 Martin Place S QIC Global Real Estate 420,900

161 Castlereagh Street S ISPT 586,000

20 Bridge Street S RREEF Real Estate 213,082

464 Kent Street L The Australian Red Cross 49,600

5 Elizabeth Street L INS Career Management 54,300

123 Pitt Street L Schroders 17,800

44 Market Street L BECA 13,500

AustrAliA


17/28



New zeAlAND

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F0

100

200

300

400

500

600

Rentals

0

1,000

2,000

3,000

4,000

5,000

6,000

CapitalValues

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

AUCKLAND OFFICE CAPITAL AND

RENTAL VALUES

2008 2009 2010 2011 2012 F0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

sqm

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

VacancyRa

te


AUCKLAND OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q2

011

4Q2

011

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

2Q2

013

F

3Q2

013

F

Rentals

0

100

200

300

400

500

600

CapitalValues

0

1,000

2,000

3,000

4,000

5,000

6,000

WELLINGTON OFFICE CAPITAL AND

RENTAL VALUES

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

2008 2009 2010 2011 2012 F

0

10,000

20,000

30,000

40,000

50,000

60,000

sqm

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

VacancyRate


WELLINGTON OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

auckland

According to the Investment Property Databank / Property Council o New Zealand

(IPD/PCNZ) September quarter data update, the overall commercial property market

recorded a total return o .% or the year ending September . Oce investment

perormance improved signicantly to .% as compared to .% in September .

Auckland CBD oce recorded a total return o .%.

Overall prime oce vacancy sat at .% in Auckland CBD in June , up rom .%

recorded six months ago. Vacancy is expected to drop over the next months to about

.% beore heading up to peak at around .% in .

Employment growth slowed in recent quarters and is expected to continue in next year.

Net prime rents were at NZ$ per sq m in December and are expected to drop

slightly over the next six months to NZ$ per sq m.

Investment activity remained modest. Yields were stable in December at around

.% or prime and .% or secondary locations.

mAjor trANsActioNs



132 Vincent Street S DNZ Property Fund 60,600

Symonds Court S Private investor 30,100

1 Nelson Street L Noel Leeming Group 18,200

wellington

Wellington CBD oce vacancy continued to increase but prime oce vacancy still sat

at a low level o .% in June . Vacancy is expected to rise urther over the next

year.

Prime investment yields remained stable in Q at .%. Yields are expected to remain

at the current level over the next months. There was one noticeable sale transaction

occurred during the review period. Two heritage oce buildings in the Chews Lane

precinct on Victoria Street in Wellington CBD were sold by Heritage Property Group to

a amily trust or circa NZ$ million, representing an .% yield.

Prime net ace rent was at NZ$ per sq m in December . We expect to see a

noticeable improvement in prime rents at about .% growth over the next months.

mAjor trANsActioNs



56 & 58-60 Victoria Street S Family Trust undisclosed

Former William Clayton Building S Balanced Investments 86,300

Lambton House L TelstraClear 70,000

NEC House L Brookers 15,900




AustrAliAPrime oice suPPly

Guangzhou

Bengaluru

Mumbai

Seoul

Tokyo

New Delhi

Shanghai

Chennai

Kuala Lumpur

Jakarta

Beijing

Chengdu

Singapore

Sydney

Hong Kong

Perth

Hanoi

Brisbane

Ho Chi Minh City

Melbourne

Bangkok

Karachi

Manila

Taipei

Wellington

Auckland

Canberra

0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00

FLOOR AREA (MILLION SQ FT)

2011 2012 F

Note: Floor area in each o the above centre is the sum o the various key sub-markets outlined under the section o Denitions and Terminology


19/28



AustrAliAPrime oice reNtAl

Hong Kong

Tokyo

Singapore

Sydney

Perth

Brisbane

Beijing

Hanoi

Shanghai

Mumbai

Ho Chi Minh City

New Delhi

Canberra

Adelaide

Melbourne

Guangzhou

Taipei

Chengdu

Kuala Lumpur

Wellington

Bangkok

Seoul

Jakarta

Auckland

Manila

Chennai

Bengaluru

Karachi

RENTALS (US$ / SQ FT / YEAR)

0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00

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


20/28

2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

BeijiNG

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

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

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

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

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

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

Other areas , , , . . , , . .

cHeNGDu

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

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

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

Tianu Avenue ,, , . . ,, N/A N/A

GuANGzHou

Yuexiu , , , . . ,, ,, . .

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

Haizhu , , , , . . ,, ,, . .

sHANGHAi

Huangpu , , . . ,, ,, . .

Jingan , ,, ,, ,, . . ,, ,, . .

Lujiazui-Pudong ,, ,, ,, , . . ,, ,, . .

Zhuyuan-Pudong , , , , . . ,, ,, . .

Changning , , , , . . ,, ,, . .

Xuhui , , , . . ,, ,, . .

HoNG koNG

Central , , , -, . . ,, ,, . .

Wanchai , , , . . ,, ,, . .

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

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

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

tAiPei

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

seoul

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

KBD ,, ,, ,, , . . ,, ,, . .

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

tokyo

CBD ,, ,, ,, #VALUE! . . N/A N/A . .

jAkArtA

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

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

kuAlA lumPur

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

c N spp ta-p Aag vaan ta s Aag rna

(q ) (q ) (%) (q ) (us$ / q / a)

P. 20 | colliers iNterNAtioNAl


treNDs & orecAsts


21/28

2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

kArAcHi

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

mANilA

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

Ortigas , , . . ,, ,, . .

siNGAPore

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

BANGkok

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

Ho cHi miNH city

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

HANoi

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

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

BeNGAluru

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

cHeNNAi

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

mumBAi

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

New DelHi

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

ADelAiDe

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

BrisBANe

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

cANBerrA

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

melBourNe

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

PertH

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

syDNey

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

AucklAND

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

welliNGtoN

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

c N spp ta-p Aag vaan ta s Aag rna

(q ) (q ) (%) (q ) (us$ / q / a)



treNDs & orecAsts




DeiNitioN AND termiNoloGy

GreAter cHiNA

Bng

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

bu D), luh, e 2d r, s, e ch

a au d Zhouu.

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

d xu o mm d pod. cp u

quod o rMb p q m.

chngd

Pm o ud chdu my od 3 u-m,

rm rod, cbD d s.

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

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

Gangh

Pm o ud guzhou od 3 pp u-m

Hzhu, Yuxu d th.

r quod Us$ p q m p moh o o oo , d

xu o y mm d om x. cp u

quod o Us$ p q m.

shangha

Pm o ud shh od 7 pp u-m

Hupu, J, lujzu, Zhuyu, ch, lu d Xuhu.

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

xu o y mm . cp u quod o rMb

p q m.

Hng kng

Pm o pop Ho ko od 5 u-m

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

kooo e.

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

o oo , hh xu o mm , d

om x. P quod Hk$ p q , d mu

o o oo .

tap

Pm o pop tp od 7 d, omp

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

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

e rod (nk-4/5).

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

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

.

NortH AsiA

s

Mjo o d sou ud h do u

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

(YbD).

r quod wo p pyu (o qu o 3.3 q m) p moh

o o oo . gy, dpo qu o 10 moh

qud, d uuy pd up o. Mm xudd om

quod . sp mud o o oo . cp u

quod wo p q m.

t

th quy o ud toyo od h u

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

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

r quod Y p uo (.. 3.3 q m) p moh,

hh u o h. O p mud o

oo . cp u quod Y p uo.

soutHeAst AsiA

jaaa

th quy o ud J od h cbD o

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

ku. th oud h o d oy d

o-cbD.

r ommoy quod ruph p q m p moh, hh

u o h u xu o om x. O

p mud o oo . cp u quod

ruph p q m.

kaa lp

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

th klca omp y h h u d.

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

o oo , hh u o h d popy

x. cp u quod r p q .

kaah

Pm o ud kh od h u

(cbD) o 4 u-m i.i chud rod, shhh--,

co d M koh.

r quod rup p q p y o o oo

d xu o h o mm . cp vu

quod rup p q .


23/28



DeiNitioN AND termiNoloGy

* Super built-up area reers to the total **built-up area o a building plus a proportional allocation o all common areas including stairs, lit cores, ground oor lobby, and caretakers ofce/at throughoutthe building.

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

mana

Pm o ud M od o pp u-m

M d O.

r quod Po p q m p moh o oo ,

d xu o y mm . cp u quod Pop q m.

sngap

th quy o ud od h po od h c

bu D o spo.

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

ommo uh odo, o, oy . u ud

oum), d u o h. cp u quod

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

-d dopm.

Bang

Pm o pop bo od d omp

som d sho od om nh rh,

rm iv om Phyh o rhdp, o rhdp om

rm iv o suhum d o suhum om ao o h ho o

Poh d h rm i o Phyh.

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

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

H ch mnh c

th quy o ud Ho ch Mh cy od D

O - h u d h y.

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

, d xu o mm d om x. cp

u quod o Us$ p q m.

Han

Pm quy o ud Ho moy od Ho km

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

Dh d. th oo o h y pd o

o Ho km l, hh h Ho km d.

r ommoy quod Us$ p q m p moh o oo . r u o h d xu o u ddd

x, hh uy 10% .

iNDiA

Bnga (Banga)

Pm o pop buu ddd 3 pp u-

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

bu D) o o bh rod & Ou r rod

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

Zo, eo cy d whd.

r ommoy quod rup p q p moh, hh

uuy xu o m h, p h d popy

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

chnna

Pm o pop ch od 3 pp umcbD (c bu D), (suu/sody bu D)

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

vhy h PbD ud oh uh Od Mhpum

rod, amu d gst rod mo oh.




mba

Pm o pop Mum pmy od cbD

(c bu D) o o nm Po, od d bde; sbD (sody bu D) ud bd (w d

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

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




N Dh

Pm o pop n Dh pmy od cbD

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

bu D) ud nhu P, Jo, s d nj suhh

P d PbD (Pph bu D) ud guo d nod.

r ommoy quod rup p q p moh, hh uuy

xu o m h, p h d popy x.

O p ommoy mud o *up u up .

AustrAlAsiA

Aaa

Pm o ud od h cbD d y oud y

Mnc.

r quod o oo , d a$ p q m p um

xud mm d om h. cp u

quod o a$ p q m.

N zaand

Pm o ud od h cbD.

r quod o oo , d nZ$ p q m p um

xud mm d om h. cp u

quod o nZ$ p q m.




greater china

Bng, chna502 to w3, O Pzno 1 e ch auDoh D

bj 100738t : 86 10 8518 1633x : 86 10 8518 1638Aanda GaM Do, noh [email protected]

chngd, chnaU 1504 Yod ldm1 rm souh rod so 2chdu 610016t : 86 28 8658 6288x : 86 28 8672 3226ja tag M

[email protected]

Gangh, chna702 tm to208 th rodguzhou 510620t : 86 20 3819 3888x : 86 20 3819 3899e laM [email protected]

shangha, chna16 Ho ko n wod to300 Huh Zho rodshh 200021t : 86 21 6141 3688x : 86 21 6141 3699lna wngM Doe d souh w chim s, [email protected]

Hng kng, HksAr5701 c Pz18 Hou rodwh, Ho Hocompy l no: c-006052

t : 852 2828 9888x : 852 2828 9899rhad k (e-279867)M [email protected]

P Bnn (e-183614)ch exu O - [email protected]

tap, taan49 taiPei 101 tOwerno. 7 X Y rod s 5, tp 110t : 886 2 8101 2000x : 886 2 8101 2345And lM [email protected]

north asia

s, sh ka10 ko toum Ozo bd.10 D-doJu-u, sou 100-180

t : 82 2 6740 2000x : 82 2 318 2015ja ynso Do & g M

[email protected]

t, japanHx bud3-16-26 roppoMo-u, toyo 106-0032 Jpt : 81 3 5563 2111x : 81 3 5563 2100ja nso M Do

[email protected]

south east asia

jaaa, indna10 d 14 wod td cJ Jd sudmk 29-31 J 12920t : 62 21 521 1400x : 62 21 521 1411m BM [email protected]

kaa lp, maaa/ ma lapad*M Docopo souo | a Pt : 65 6531 8601x : 65 6557 [email protected]* bd spo

Research data provided byc H wa taha & wng sdn Bhd30-01, 30h ooM Mu-Pupo @ cpsqu8 J Muh aduh

P O box 1215750100 ku lumpu, Myt : 603 2616 8888x : 603 2616 8899Url : hp://..om.my G jnM [email protected]

kaah, Paansu 2-a, 2, Hou Hou37-a, lz aubh Ho rod, O. M.t kh rodkh, Pt : 92 21 3561 2550-2

x : 92 21 3563 6382mhad ya Qdaso M, copo souo &[email protected]

lah, Paansu 2, Mzz 2, exu ooa-Qd Hh, M boudn gd to, lho, Pt : 92 42 3584 3474-6x : 92 21 3563 6382Ahd khancouy [email protected]

iaabad, PaanOne couo au, adjcoo c & Dpom eimd, Pt : 92 51 834 7433x : 92 51 831 4737wad maaro s [email protected]

mana, Phppn10 to 2 rcbc Pzay au, M cyPhpp1226t : 63 2 888 9988x : 63 2 845 2612Dad yngM [email protected]

sngap1 rf P#45-00 O rf Pspo 048616t : 65 6223 2323x : 65 6222 4901Dnn yM Do

spo & idu s | [email protected]

Bang, thaand17/ Poh c2 suhum rodkooy, bo 10110t : 66 2 656 7000x : 66 2 656 7111Paa japaM [email protected]

h da, pa na:


25/28



H ch mnh c, vnaHo ch Mh cy, vm7 bxo bud19-25 nuy Hu sD 1, Ho ch Mh cy, vmt : 84 8 827 5665

x : 84 8 827 5667P Dnnngg [email protected]

Han, vna10, cp to bud109 t Hu Do sHo km D, Ho, vmt : 84 4 3941 3277x : 84 4 3941 3278Dan mdM [email protected]

india

Bnga, indaP g, l 2, U no. 201/20236 Uoo rod, buu 560 042t : 91 80 4079 5500x : 91 80 4112 3131Ga chaabO [email protected]

chnna, indaU 1c, 1 oo, H compx23 spu rod, chpch 600 031t : 91 44 2836 1064x : 91 44 2836 1377kah rddO [email protected]

Ggan, inda1 oo, thopo budDl go couM so rodso 54, guo 122 002t : 91 124 4375807

x : 91 124 4375806Aa rahaO [email protected]

kaa, indaiy bu c, iy bhml 18, room no 13, Po g - 1bo eP & gP, so v, s lko 700 091, w bt : 91 33 2357 6501x : 91 33 2357 6502sa mhO [email protected]

mba, inda31-a, 3d oo, m c68 tdo rodMum 400 034t : 91 22 4050 4500x : 91 22 2351 4272

Pabh raghandaO [email protected]

Gg mkasouh a DoO & id [email protected]

N Dh, inda204/205, 2d ookhju bud18 bhm rodn Dh 110 001t : 91 11 4360 7500

x : 91 11 2335 6624Aa rahaO [email protected]

Pn, indabmh luxuy Ho ld.(l Md Pu)101 r.b.M. rodPu 411 001, Mhht : 91 20 4120 6435x : 91 20 4120 6434sh canO [email protected]

australasia

Adad, Aaal 10, 99 g Padd sa 5000t : 61 8 8305 8888x : 61 8 8231 7712ja yngs ch exu

[email protected]

Bban, Aaa

l 20 c Pz O345 Qu sb QlD 4000t : 07 3229 1233x : 07 3120 4555sn Bns ch [email protected]

canba, Aaagoud oo, 21-23 Mu c sc act 2601t : 61 2 6257 2121x : 61 2 6257 2937Pa Pd

s ch [email protected]

mbn, Aaal 32 367 co sMou vic 3000t : 61 3 9629 8888x : 61 3 9629 8549jhn maas ch exu

[email protected]

Ph, Aaal 19, 140 s go tPh wa 6000

t : 61 8 9261 6666x : 61 8 9261 6665k. ian mhddns ch [email protected]

sdn, Aaal 12, goo P225 go ssydy nsw 2000t : 61 2 9257 0222x : 61 2 9251 3297ma tns ch [email protected]

Aand, N zaandl 27, 151 Qu s, audt : 64 9 358 1888x : 64 9 358 1999ma snnch exu O, n [email protected]

wngn, N zaandl 10, 36 cuomhou Quywot : 64 4 473 4413x : 64 4 499 1550 (ay)

: 64 4 470 3902 (vuo)rhad ndaM [email protected]

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Proessionals & sta: 12,510

Square eet managed: 979 million*

Lease/sale transactions: 73,972

Total transaction value: $59.6 billion

r oo u.

th hy do u h

you do u.

reveNues couNtries o i c e s

512611.5BILLION

AsiA PAciic

* The combination o Colliers International and FirstService results in . bill ion under management - nd largest in the world.

Colliers International is leading global real estate services organisation dened

by our spirit o enterprise. Through a culture o service excellence and a shared

sense o initiative, we have integrated the resources o real estate specialists

worldwide to accelerate the success o our partners.

Our headquarters in Seattle, Washington and more than oces 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 Lat

asia pacific office market overview - 4q 2011

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