AsiaPacific Office 1Q 2013

Asia Pacific Office Market Overview
1Q 2013
Accelerating success.
table of contents
asia pacific office market overview | 1q 2013
Regional Overview North Asia
3 4-7
Beijing, China.....................................................................................................................................4 Shanghai, China.................................................................................................................................4 Guangzhou, China..............................................................................................................................5 Chengdu, China..................................................................................................................................5 Hong Kong, HKSAR............................................................................................................................6 Tokyo, Japan......................................................................................................................................6 Seoul, South Korea............................................................................................................................ 7 Taipei, Taiwan.................................................................................................................................... 7
South East Asia
8-11
Jakarta, Indonesia..............................................................................................................................8 Kuala Lumpur, Malaysia.....................................................................................................................8 Manila, Philippines.............................................................................................................................9 Singapore...........................................................................................................................................9 Bangkok, Thailand............................................................................................................................ 10 Ho Chi Minh City, Vietnam............................................................................................................... 10 Hanoi, Vietnam.................................................................................................................................. 11
South Asia
11-13
Bengaluru (Bangalore), India........................................................................................................... 11 Chennai, India................................................................................................................................... 12 Delhi NCR, India............................................................................................................................... 12 Mumbai, India................................................................................................................................... 13 Karachi, Pakistan............................................................................................................................. 13
Australasia 14-17
Adelaide, Australia........................................................................................................................... 14 Brisbane, Australia.......................................................................................................................... 14 Canberra, Australia.......................................................................................................................... 15 Melbourne, Australia........................................................................................................................ 15 Perth, Australia................................................................................................................................ 16 Sydney, Australia............................................................................................................................. 16 Auckland, New Zealand....................................................................................................................17 Wellington, New Zealand..................................................................................................................17
Prime Office Rental and Supply Trends & Forecasts Definition & Terminology
18-19 20-21 22-23
Contacts 24-25
regional overview
Economic Overview
With the slow recovery in the global economy driven by the continued risks emanating from the Eurozone and the US, GDP growth in a number of Asian economies registered a slower than expected performance in 1Q 2013. Singapores GDP contracted 0.6% year-on-year (YoY), the first decline over the past three years. China unexpectedly lost its momentum in 1Q 2013 with growth falling short of the original forecast of 8% to a recorded increase of 7.7% YoY. This slowdown occurred despite the governments commitment to massive infrastructure spending and the sustained growth in private consumption.
Leasing
More than half of the leasing inquiries received in 1Q 2013 involved expansionary requirements from companies and, as a result, average rents in the region increased mildly by 0.9% QoQ in 1Q 2013. Although expansion requirements were seen regionally, most multinational corporations maintained a cautious outlook on the external environment and remained largely cost-conscious in regard to real estate spending. Many firms continue to pursue cost reduction real estate strategies with focus on shifting to lower cost decentralised locations, thus putting a cap on rental growth in core locations. However there were standout markets such as Jakarta and Manila where economic growth has been running above the three-year historical average. With low office vacancy rates and limited new supply in the pipeline, rental growth was recorded at over 7% QoQ during the quarter.
Sales Market
On the sales front, buying interest from individual investors has been dampened by various government cooling measures such as the increases in real estate stamp duties in Singapore and Hong Kong, introduced in 1Q 2013. However, cash-rich occupiers, in particular insurance companies, became active in the sales market in order to avoid the risk of rental volatility. This trend was demonstrated with key purchases in Hong Kong and Korea. In China, domestic end-users in Beijing remained active in sourcing deals while overseas institutional investors and local players in Shanghai continued to dominate the whole-block sales market.
Market Outlook
Looking ahead, individual governments in the region are expected to introduce additional stimulus measures to improve the pace of economic growth. In the leasing market, corporate tenants will remain largely cost-conscious over the near term until there are more concrete signs of recovery in global demand, perhaps in the latter half of 2013. Given the low interest rate environment, the overall sales market is expected to remain dominated by cash-rich occupiers who are motivated to consider buying for long-term own-use.
Colliers International |
p. 3
asia pacific office market overview | 1Q 2013
CHINA
BEIJING OFFICE SUPPLY, TAKE-UP & VACANCY RATE
0.80 20.0%
Beijing
A new Grade A office project of 37,800 sq m was completed in 1Q 2013. An existing project situated in the East 2nd Ring sub-market was added back to the market due to the transition from an owner-occupancy to a partial leasing strategy. Demand for Grade A office properties remained largely stable during 1Q 2013, on the back of a mild upturn in economic growth, with enquiries and leasing transactions for quality office space recovering moderately. Correspondingly, the overall vacancy rate edged down by 0.2 percentage points QoQ to 4.8%, as of the end of 1Q 2013. Rentals increased 0.4% QoQ to RMB327.9 per sq m per month by end of 1Q 2013. However, in a bid to retain satisfactory occupancy rates, some landlords were more flexible in their pricing, leading the average rents in the East Chang An Avenue, Lufthansa and East 2nd Ring sub-markets to decline by 3.0% QoQ, 1.9% QoQ and 0.9% QoQ, respectively. The office investment market was active in 1Q 2013, with many domestic end-users demonstrating strong interest in sourcing deals. One en bloc sales transaction was disclosed during this quarter. Shandong Luneng Group Co. Ltd, a domestic corporation, acquired Bogong International Centre in the central business district (CBD), for a total consideration of RMB1.39 billion.
major transactions Building Bogong International Centre Raycom Info Tech Park Central International Trade Centre Phoenix Place China Electronics Plaza Lease (L) / Sale (S) S L L L L Tenant / Purchaser Shandong Luneng Group Co. Ltd Red Hat Software Joy Global (China) Investment Co. Ltd Lexmark Nufront Area (sq ft) 344,400 54,800 20,800 15,100 14,700
0.60
15.0%
0.40
10.0%
0.20
5.0%
0.00
2010
2011
Supply
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
BEIJING OFFICE CAPITAL AND RENTAL VALUES

400.00 80,000
300.00
60,000 Capital Values
Rentals
200.00
40,000
100.00
20,000
0.00 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

1.20 20.0%
SHANGHAI
Leasing demand improved slightly in 1Q 2013. Correspondingly, the average vacancy rate in the CBD edged down from 9.2% in 4Q 2012 to 9.1% in 1Q 2013, while in decentralised areas it descended mildly to 19.5%.
Vacancy Rate
0.90 Million sq m
15.0%
0.60
10.0%
After being acquired by Blackstone in 2012, Huamin Imperial Tower was launched as Garden Square in March 2013. The average rental rate for Grade A premises in the CBD remained flat in 1Q 2013, standing at RMB8.8 per sq m per day. The rental rate in decentralised districts declined by 1.2% QoQ to RMB5.1 per sq m per day. The en bloc office sales market recorded a number of notable transactions, with both overseas institutional investors and local buyers active in 1Q 2013.
0.30
5.0%
0.00
2010
2011
Supply
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

18.00 15.00 12.00 Rentals 9.00 6.00 3.00 0.00 72,000 60,000 48,000 36,000 24,000 12,000 0
major transactions Building

Capital Values
Lease (L) / Sale (S) L L L L S S
Tenant / Purchaser Seagate Advent Gensler Simmons & Simmons ARA MGPA
Area (sq ft) 9,700 6,500 6,500 7,500 539,600 161,500
Grand Gateway Park Place Corporate Avenue Park Place Ocean Tower J-Tower
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| Colliers International
1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F
Rentals (RMB / sq m / Day) Capital Values (RMB / sq m)
CHINA
GUANGZHOU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
1.00 40.0%
guangzhou
The average vacancy rate for Guangzhous Grade A office market decreased 2.4% QoQ to 21.9% in 1Q 2013, as no new supply entered the market. Office rents rebounded to RMB156.9 per sq m per month in 1Q 2013.
Vacancy Rate
0.75 Million sq m
30.0%
0.50
20.0%
0.25
10.0%
Guangzhous Grade A office prices staged a stable performance, averaging RMB31,107 per sq m during 1Q 2013.
0.00
2010
2011
Supply
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
major transactions Building Lease (L) / Sale (S) L L Tenant / Purchaser Sumitomo Corporation Dacheng Law Offices Area (sq ft) 21,500 14,000
GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES

200.00 40,000
Taikoo Hui Victory Plaza
150.00
30,000 Capital Values
Rentals
100.00
20,000
50.00
10,000
0.00
CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.70 0.60 0.50
Million sq m
CHENGDU
70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0%
Vacancy Rate
Chengdus Grade A office market database has been adjusted to the latest Office Grading Guideline. Until 1Q 2013, the total Grade A office stock amounted to 780,175 sq m. Average rent increased by 0.94% QoQ, to RMB128.91 per sq m per month, while the vacancy rate went up slightly by 0.2% QoQ. In this quarter The Atrium office building, with 37,858 sq m of space, entered the office market bringing Grade A office stock in the Financial Street area to 220,599 sq m. The average rent increased by 6.18% QoQ, to RMB119.56 per sq m per month, while the vacancy rate in this area stood at 53.39%, an increase of 2.97% QoQ. The new office buildings with high-quality hardware and construction attracted many tenants. As a result, vacancy rate for the overall Grade A office market increased by only 0.2% QoQ in 1Q 2013, even though there was a new project entering the market at the same time. On the other hand, the pressure of rising rents will increase as homogeneous competition in the Grade A office market intensifies in 2013.
major transactions Building Square One Raffles City Raffles City Ping An Fortune Centre Ping An Fortune Centre Lease (L) / Sale (S) L L L L L Tenant / Purchaser Ruihuang Watch Zhengjin Mining A-one Industrial AstraZeneca Jiangsu Institute of Urban Planning and Design Area (sq ft) 1,600 7,000 14,000 17,200 14,000
0.40 0.30 0.20 0.10 0.00 2010 2011

Supply
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
CHENGDU OFFICE CAPITAL AND RENTAL VALUES

250.00 200.00 150.00 100.00 50.00 0.00 25,000 20,000 15,000 10,000 5,000 0 Capital Values
Rentals
p. 5
h o n g ko n g
HONG KONG OFFICE SUPPLY, TAKE-UP & VACANCY RATE
3.00 2.50 2.00 Million sq ft 1.50 1.00 0.50 0.00 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
hong kong
Overall Grade A office rents increased slightly by 0.4% QoQ in 1Q 2013. However rents in Central fell by 1.2% QoQ during the same period, as individual landlords of top-tier buildings reduced their asking rents in anticipation of a potential increase in backfill space once major anchors decided to relocate. Most tenants chose to renew their leases in 1Q 2013, as very few other real estate leasing options were available. Buying interest remained strong among investors and end-users in 1Q 2013. For example, Hang Seng Bank acquired the en bloc at 113 Argyle Street in Mong Kok for about HK$3 billion for its own occupation and investment purposes, representing an estimated market yield of 3.4%. On the leasing front, office rents in Central are expected to grow more strongly in the order of 8% than overall Grade A office rents (7%) in the coming 12 months, as the rental premium for top-tier buildings is expected to increase, due to growing occupational demand among small-to-medium-size financial tenants willing to pay the premium.
Capital Values
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
HONG KONG OFFICE CAPITAL AND RENTAL VALUES

175.00 150.00 125.00 Rentals 100.00 75.00 50.00 25.00 0.00 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0
Vacancy Rate
major transactions Building Two IFC Kowloon Commerce Centre Tower B Three Pacific Place 113 Argyle Street Manley Commercial Building L S S Societe Generale Hang Seng Bank Macau-based investor 108,000 340,000 58,300 Lease (L) / Sale (S) L L Tenant / Purchaser UBS Bank of America Area (sq ft) 205,000 117,000
japan
TOKYO OFFICE SUPPLY, TAKE-UP & VACANCY RATE
240,000 200,000 160,000 Tsubo 120,000 80,000 40,000 0 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
Rentals (HK$ / sq ft / Month) Capital Values (HK$ / sq ft)
tokyo
New supply in 2013 will be the lowest since 2008. Rents bottoming, significant incentives continue.
Vacancy Rate
Vacancy rates continue to be range bound with some qualitative decline. Business confidence and government stimulus may impact demand positively. Macro-economic indicators turning positive, land prices stabilising. Tenant-friendly market conditions continue, but near-term further weakening unlikely.
major transactions Building Akasaka Center Building Watterras Tower Kokusai Shin Akasaka Toranomon Hills JP Tower Lease (L) / Sale (S) L L L L L Tenant / Purchaser Oracle Hitachi Building Systems Ando Hazama Construction Asatsu DK Net One Systems Area (sq ft) 120,700 177,500 152,700 230,800 177,500
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
TOKYO OFFICE CAPITAL AND RENTAL VALUES

50,000 40,000 30,000 20,000 10,000 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F 10,000,000 8,000,000 6,000,000 Capital Values
Rentals
4,000,000
2,000,000 0
Rentals (Yen / Tsubo / Month)
Capital Values (Yen / Tsubo)
p. 6
s o u t h ko r e a
SEOUL OFFICE SUPPLY, TAKE-UP & VACANCY RATE
600,000 500,000 400,000 300,000 200,000 100,000 0 2010 2011
Supply
seoul
12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
Seven office buildings were launched in 2012, covering 500,830 sq m of gross floor area. In 1Q 2013, State Tower Gwanghwamun in the CBD with a gross floor area of 40,991 sq m was the only new supply to enter the market. Most upcoming office buildings in 2013 will be in the CBD and YBD. In the CBD, four Grade A office buildings will come on stream and two premium office towers, Three IFC and FDI tower, will be launched. The average rent for Grade A office buildings increased 1.11% from the previous quarter to KRW24,478 per sq m in 1Q 2013 as most prime-grade buildings maintained steady rental rates with no significant changes. The overall vacancy rate stood at 7.89% in 1Q 2013, relatively unchanged from the previous quarter as expansions/relocations to prime office buildings continued at a moderate pace.
major transactions Building K Twin Tower K Twin Tower Center 1 Sewoo Building GS Yeokjeon Tower Doosan E&C Hyundai Capital HQ Lease (L) / Sale (S) L L L L S S S Tenant / Purchaser Woori Card Microsoft SMBC IGIS Asset management Vastas Investment Management Hana Daol Trust Hyundai Life Insurance Area (sq ft) 99,600 148,600 72,800 11,700 429,600 234,400 400,500
Vacancy Rate Capital Values
sq m
2012
Take-up
2013 F
2014 F
Vacancy Rate
SEOUL OFFICE CAPITAL AND RENTAL VALUES

40,000 35,000 30,000 25,000 Rentals 20,000 15,000 10,000 5,000 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F
Rentals (Won / sq m / Month) Capital Values (Won / sq m)
8,000,000 7,000,000 6,000,000 5,000,000
4,000,000 3,000,000
2,000,000 1,000,000 0
ta i wan
TAIPEI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2010 2011
Supply
Taipei
35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% Vacancy Rate
Ping
The completion Farglory Financial Center added 18,000 ping to Grade A office market. Since the net take-up of Grade A offices during this quarter was lower than the new supply, the vacancy rate increased further by 1.2 percentage points QoQ to 11.14% in 1Q 2013. Meanwhile, vacancy rate in Hsin-Yi district increased to 13.5% due to the completion of the new building. In addition, the net take-up in the NK-SC district was 2,400 ping in 1Q 2013, causing the vacancy rate to decline by 6.2 percentage points QoQ, to 13.23% in 1Q 2013. The net take-up in the MS-TN district also reached 1,040 ping in 1Q 2013, which caused the vacancy rate to drop by 95 basis points QoQ, to 13.1% in 1Q 2013. The average effective Grade A office rents rose by 14 basis points or NT$4 QoQ to NT$ 2,442 per ping per month in 1Q 2013. Effective rents in the Hsin-Yi district rose by 0.72% QoQ to NT$ 2,844 per ping per month in 1Q 2013.
major transactions Building Farglory International Centre Taipei 101 Tower Fabulous International Commercial Building Walsin Xinyi Building Manhattan World Trade Building Lease (L) / Sale (S) L L L L L Tenant / Purchaser PAREXEL International Ting Hsin International Group Brother Hotel Eastspring Investments Insurance Company of North America Taipei Branch Area (sq ft) 71,100 27,700 22,800 17,800 13,200
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
TAIPEI OFFICE CAPITAL AND RENTAL VALUES

3,500 3,000 2,500 Rentals 2,000 1,500 1,000 500
1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 Capital Values
Rentals (NT$ / Ping / Month)
Capital Values (NT$ / Ping)
p. 7
i nd o n es i a
JAKARTA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
500,000 400,000 300,000 sq m 200,000 100,000 0 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% Vacancy Rate
jakarta
The average occupancy rate for office buildings in the CBD was registered at 97% in 1Q 2013. Expansion activity remains the main demand generator this year in view of promising economic growth. About 35% of the new projects coming on line in 2013 has been pre-committed. Office buildings located outside the CBD also enjoy a robust market. About 70% of the new projects scheduled for completion this year has been pre-committed. Grade A office rents soared quite substantially in 1Q 2013. There are increasing demand for more affordable property options. The growing T.B. Simatupang market in South Jakarta will be the major source of new supply in 2013, accounting for about 50% of the total in non-CBD areas. The tenants of the new space are mainly from the mining and oil & gas industries.
major transactions Building BRI 2 World Trade Center II Menara 165 Menara 165 Menteng Office Park Gran Rubina Lease (L) / Sale (S) L L L L S S Tenant / Purchaser GE International Operations Company Inc. PT Avrist Assurance PT Energy Equity Epic (Sengkang) Pty. Ltd Rajawali Swiber Cakrawala Harmoni Dinamik Indonesia Mandiri Healthcare Area (sq ft) 44,600 21,200 25,900 13,000 78,000 33,100
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
JAKARTA OFFICE CAPITAL AND RENTAL VALUES

450,000 400,000 350,000 300,000 Rentals 250,000 45,000,000 40,000,000 35,000,000 Capital Values 30,000,000 25,000,000
200,000 150,000 100,000 50,000 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F
Rentals (Rupiah / sq m / Month)
20,000,000 15,000,000
10,000,000 5,000,000 0
Capital Values (Rupiah / sq m)
m a l ays i a
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP & VACANCY RATE
3.50 3.00 2.50 Million sq ft 2.00 1.50 1.00 0.50 0.00 2010 2011
Supply
kual a lumpur
28.0% 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% Vacancy Rate
There were no new completions during the review period in Central Kuala Lumpur. The only prime office development which is expected to be completed by the end of this year is Menara Hap Seng 2, contributing 509,000 sq ft of net lettable area to the existing supply. As the new office space completed in 2012 was gradually absorbed, the vacancy rate decreased to 7.5% in 1Q 2013 from 13.9% in the previous quarter. Older buildings are being refurbished or demolished to make way for modern buildings. Among these are Tradewinds Corp Bhd demolishing the Crowne Plaza Mutiara Kuala Lumpur and Kompleks Antarabangsa to build the RM6 billion Tradewinds Centre, and the 35-storey Kompleks Dayabumi undergoing upgrades worth RM900 million in a conversion to a high-rise office and residential tower.
major transactions Building Lease (L) / Sale (S) L L L L Tenant / Purchaser Pac Lease Berhad Michael Page International Sdn Bhd Pavilion Tower Menara CitiBank KL Metro Group Foster Wheeler E & C (Malaysia) Sdn Bhd 9,800 17,900 Area (sq ft) 16,000 5,000
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES

12.00 10.00 8.00 Rentals 6.00 4.00 2.00 0.00 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F 1,200 1,000 800 600 400 200 0
Capital Values
Menara Haw Par Integra Tower @ Intermark
Rentals (Ringgit / sq ft / Month)
Capital Values (Ringgit / sq ft)
p. 8
ph i l i pp i n es
MANILA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
70,000 60,000 50,000 sq m 40,000 30,000 20,000 10,000 0 2010 2011
Supply
manil a
14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Vacancy Rate
In 1Q 2013, the overall vacancy rate in all of the sub-markets in Metro Manila dropped to the 3% level, mainly driven by the strong expansion demand from the outsourcing & off-shoring industry. In the Makati CBD, premium vacancy declined to 3.48% QoQ and will remain below the 4% level over the next twelve months. The vacancy rate in the Makati CBD will remain low in the long term as the supply for new office space remains limited. Only one new office building is expected to be completed this year - Alphaland Makati Tower (38,400 sq m). Meanwhile, V-Corporate Center (23,000 sq m) is targeted to be completed in 2014. As landlords gained more pricing power resulting from the relatively low vacancy rate, rents in Makati CBD increased substantially by 8.7% QoQ to almost P840.00 per sq m per month. The rental rate will eventually exceed the P900 per sq m level by the end of the year.
major transactions
2012
Take-up
2013 F
2014 F
Vacancy Rate
MANILA OFFICE CAPITAL AND RENTAL VALUES

1,400 1,200 1,000 Rentals 800 600 400 200 0 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Capital Values
Building Hanston Square RCBC Plaza
Lease (L) / Sale (S) L L
Tenant / Purchaser Flextronics (Project Management) GXS
Area (sq ft) 27,200 9,400
s i n g apo r e
SINGAPORE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
2.50 2.00 1.50 1.00 0.50 0.00 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% Vacancy Rate
Rentals (Peso / sq m / Month) Capital Values (Peso / sq m)
singapore
Leasing momentum in the CBD stayed relatively muted in 1Q 2013, dominated by renewal deals and tenants flight to quality. The average occupancy rate for Premium Grade office space in the Raffles Place / New Downtown micro-market increased from 88.5% in 4Q 2012 to 90.2% in 1Q 2013, although the average occupancy rate for Grade A office space in the wider CBD slipped from 94.5 to 93.6% over the same period. The average monthly gross rents for CBD Premium and Grade A office space continued to ease by another 0.7% QoQ in 1Q 2013 to reach S$8.41 per sq ft as of March 2013. Weighed down by downside risks on the global economic front, CBD office rents are expected to stay on a downtrend in 2013, but improving local market fundamentals could cap the fall in office rents to less than 5% for the whole year.
3,000 2,500 2,000 1,500 1,000 500 0
Million sq ft
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
SINGAPORE OFFICE CAPITAL AND RENTAL VALUES

30.00 25.00 20.00 Rentals 15.00 10.00 5.00 0.00

Capital Values
Lease (L) / Sale (S) L L L L S S
Tenant / Purchaser Procter & Gamble Neptune Orient Line Shell Singapore Exchange NTUC Income Guthrie GTS
Area (sq ft) 300,000 150,000 140,000 80,000 278,400 173,900
The Metropolis The Metropolis The Metropolis The Metropolis 16 Collyer Quay (51% stake in holding company) 2HR, 2 Havelock Road
Rentals (Singapore$/ sq ft / Month) Capital Values (Singapore$ / sq ft)
Note: A re-basketing exercise was conducted in 1Q 2013 to update Colliers Internationals basket of properties in the different micro-markets so as to better reflect the quality and physical building specifications under the current office built-up landscape.
p. 9
t ha i l and
BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%
bangkok
Overall, Bangkok office market rental rates increased in 2012 and are expected to continue to rise in 2013, especially in the CBD. The limited availability of land at reasonable prices in the CBD area is the major obstacle for office building development. Therefore, most of the new office supply is located outside the CBD area. New international companies are entering the Thailand market, while many existing companies are expanding or planning to expand their offices. The prospects under the Asean Economic Community (AEC) in 2015 and the opening up of Myanmar will increase demand for office buildings in Bangkok as Thailand is seen as an increasingly important regional centre for companies with operations in the subregion, i.e. Myanmar, Laos and Cambodia.
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
BANGKOK OFFICE CAPITAL AND RENTAL VALUES

1,400 1,200 1,000 Rentals 800 600 400 200 0 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F Capital Values
Vacancy Rate
major transactions Building Chamchuree Square Lease (L) / Sale (S) L Tenant / Purchaser AIRA Securities Group Area (sq ft) 30,200
Rentals (Baht/ sq m / Month)
Capital Values (Baht / sq m)
v i e t na m
HO CHI MINH CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE
60,000 50,000 40,000 30,000 20,000 10,000 0 -10,000 -20,000
Supply Take-up Vacancy Rate
ho chi minh cit y

18.0% 15.0% 12.0% 9.0% 6.0% 3.0% 0.0% -3.0% -6.0%
Due to a number of delayed projects and continued difficulty in accessing financing, there will not be any major increases in supply during 2013 or 2014. Current movement in investments from international enterprises should push growth in the long term. The lack of new supply should keep rents relatively stable. However, rental rates are expected to slide slightly more in 2013 before increasing again in 2014 as the market faces pressure from increasing demand and no major new supply until 2015. The lack of new supply in coming years is expected to lower vacancy rates to below 10% in the Premium Grade sector over the next two years. Future development of Premium Grade office projects will continue to be centred in the CBD (District 1).
Vacancy Rate
sq m
2010
2011
2012
2013 F
2014 F
HO CHI MINH CITY OFFICE RENTAL VALUES

50 40 30 20 10 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F
major transactions Building Bitexco Financial Tower Bitexco Financial Tower Bitexco Financial Tower President Place Lease (L) / Sale (S) L L L L Tenant / Purchaser Sabic Murphy Oil SoftBank Microsoft Area (sq ft) 2,700 9,700 2,200 32,300
Rentals
Rentals (US$/ sq m / Month)
p. 10
v i e t na m
HANOI CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE
250,000 200,000 150,000 sq m 100,000 50,000 0 -50,000
hanoi
50.0% 40.0% Vacancy Rate 30.0% 20.0% 10.0% 0.0% -10.0%
An increasing proportion of new supply over the coming years will be coming from large-scale projects being developed outside the CBD, particularly in Cau Giay and Tu Liam districts. The lower rental rates in the non-CBD projects will continue to drive average rental rates down across the city, as the projects compete with CBD projects for large-scale tenants. As the economy is still recovering from the slowdown of previous years, it is expected that demand and take-up will remain at lower levels despite the increased supply. Meanwhile, vacancy levels are expected to increase in the coming years.
2010
2011
2012
2013 F
2014 F
HANOI OFFICE RENTAL VALUES

50
major transactions Building Pacific Place Lease (L) / Sale (S) L Tenant / Purchaser Honeywell Area (sq ft) 1,100
40
30 Rentals
20
10
i nd i a
BENGALURU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
12.00 10.00 8.00 Million sq ft 6.00 4.00 2.00 0.00 2010 2011
Supply
Rentals (US$/ sq m / Month)
ben galuru (Bangalore)

24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%
Vacancy Rate
In 1Q 2013, absorption improved in the IT/ITeS sector, the traditional driver of office demand in the city. More than 2.5 million sq ft of Grade A office space was absorbed during the quarter. Most of the demand was generated by small and medium enterprises in the IT/ITeS sector, in micro-markets such as Whitefield, Electronic City and ORR. During 1Q 2013, construction activities in Bengaluru remained active, resulting in numerous completions. More than 1.5 million sq ft of Grade A office space was added to the citys total inventory. Rental values for Grade A properties remained stable across all the sub-markets due to a supply and demand equilibrium. There will be limited new supply in the near- to medium-term. Developers are refraining from speculative development due to the uncertainty in the future performance of the IT/ ITeS sector, and price competition from alternative locations like Pune and Hyderabad. Short- to medium-term rents are anticipated to remain stable.
major transactions Building Prestige Tech Park RPS Green Space Golden Supreme Tech Park Pritech Park Renaissance First Face Lease (L) / Sale (S) L L L L L Tenant / Purchaser LinkedIn VM Ware Siemens Saffron Microchip Area (sq ft) 80,000 60,000 240,000 80,000 155,000
2012
Take-up
2013 F
2014 F
Vacancy Rate
BENGALURU OFFICE CAPITAL AND RENTAL VALUES

70 60 50 Rentals 40 30 20 10 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Capital Values
Rentals (Rupee/ sq ft / Month)
Capital Values (Rupee / sq ft)
p. 11
i nd i a
CHENNAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
10.00 8.00 Million sq ft 6.00 4.00 2.00 0.00 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate
chennai
In 1Q 2013, the city witnessed moderate leasing activities, with demand mostly driven by IT/ITeS occupants in the Special Economic Zones (SEZs). The total office space absorption was recorded at around 1 million sq ft. The city has not witnessed any major completions in 1Q 2013. Developers have adopted a cautious approach due to high vacancy levels, and have slowed the pace of their construction works. During the surveyed quarter, no major movement of capital and rental values were recorded, hence both remained stable across all micro-markets. A moderate level of absorption momentum is expected in the coming quarters. With controlled supply in the near future, rentals are expected to remain at current levels in preferred micro-markets such as the CBD, OMR and Guindy. However, there may be some downward pressure in locations outside city areas because of lower demand.
Capital Values
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
CHENNAI OFFICE CAPITAL AND RENTAL VALUES

70 60 50 Rentals 40 30 20 10 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
major transactions Building Ramanujan IT SEZ Ramanujan IT SEZ Ramanujan IT SEZ RMZ DLF SEZ Lease (L) / Sale (S) L L L L L Tenant / Purchaser TCS Mindtree Pershing Flextronics Barclays Area (sq ft) 100,000 200,000 60,000 80,000 69,000
DELHI NCR OFFICE SUPPLY, TAKE-UP & VACANCY RATE

14.00 12.00 10.00 Million sq ft 8.00 6.00 4.00 2.00 0.00 28.0% 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% Vacancy Rate
delhi NCR
Steady occupier demand was observed during 1Q 2013. NCR witnessed the absorption of more than 1.5 million sq ft during the quarter. More than 60% of this absorption was recorded in Gurgaon. Approximately, 3 million sq ft of Grade A office space was added to the citys total inventory in 1Q 2013. The investment market continued to remain sluggish with no major en bloc sales transactions concluded in 1Q 2013. Rental values for new completed buildings in the CBD were higher than the market average due to their state-of-the-art facilities and amenities. However, the overall rents and capital values for Grade A offices remained stable in all micro-markets
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
DELHI NCR OFFICE CAPITAL AND RENTAL VALUES

250 200 150 100 50 0 25,000 20,000 15,000 10,000 5,000 0 Capital Values
major transactions Building Modelama Konnectus DLF Atria Building No. 5 DLF IT Park Lease (L) / Sale (S) L L L L L Tenant / Purchaser Jacob Engineering VFS Global Cairn Energy American Express Fiserv Area (sq ft) 116,000 50,000 200,000 150,000 200,000
Rentals
p. 12
i nd i a
MUMBAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
12.00 10.00 8.00 6.00 4.00 2.00 0.00 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% 2010 2011
Supply
mumbai
Healthy leasing activities were observed during 1Q 2013. Office space absorption was recorded at more than 2 million sq ft. A number of large-sized leases (40,000 100,000 sq ft) were signed. BFSI and IT/ITeS were the primary sectors contributing to this demand. No major movements in rental values were recorded across the sub-markets, except for a marginal decrease in the range of 1 -3% in areas like Nariman Point and Lower Parel. In the medium-term, occupier demand is expected to remain healthy with micro-markets like Andheri, BKC and Lower Parel continuing to be the preferred destination for occupiers, due to the availability of Grade A office space. Overall, rents across the micro-markets are expected to remain unchanged, while rents for premium office space may increase slightly due to limited availability.
major transactions
Capital Values
2012
Take-up
2013 F
2014 F
Vacancy Rate
MUMBAI OFFICE CAPITAL AND RENTAL VALUES

300 250 200 Rentals 150 100 50 0 60,000 50,000 40,000 30,000 20,000 10,000 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F
Vacancy Rate
Million sq ft
Building Lodha Sim Tools L&T Business Park Solitaire 14 Lodha Sim Tools Arena Space Nirlon Gigaplex
Lease (L) / Sale (S) L L L L L L S
Tenant / Purchaser Sutherland Colgate Palmolive UTV-Disney Tata Group Johnson & Johnson Barclays Axis Bank
Area (sq ft) 75,000 100,000 90,000 100,000 150,000 180,000 300,000
pa k i stan
KARACHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
1.60 1.40 1.20 Million sq ft 1.00 0.80 0.60 0.40 0.20 0.00 2010 2011
Supply
Karachi
80.0% 70.0% 60.0% Vacancy Rate 50.0% 40.0% 30.0% 20.0% 10.0%
The Karachi office market is struggling due to the prevailing uncertainty regarding the macro-economic levels and the upcoming elections. Marhaba Trade Centre is the only office development launched in March 2013 on a sales model basis wherein small sized offices range from 1,800 to 2,200 sq ft.
major transactions Building Al Tijarah Centre Lease (L) / Sale (S) L Tenant / Purchaser Lotte Pakistan Area (sq ft) 12,000
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
KARACHI OFFICE CAPITAL AND RENTAL VALUES

160 140 120 100 Rentals 80 60 40 20 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F 0 16,000 14,000 12,000 Capital Values 10,000 8,000 6,000 4,000 2,000 0
Rentals (Rupee/ sq ft / Year)
p. 13
aust r a l i a
ADELAIDE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
adel aide
In 4Q 2012, Adelaide recorded its largest commercial office sale in almost a decade with the sale of 400 King William Street to German group Real I.S. AG for $97.9 million. The building, which sold off-market at a yield of 8.2%, demonstrates the strong appetite from national and offshore investors for prime quality investment assets in Adelaide. Due to incoming backfill and new uncommitted supply, the overall CBD vacancy rate is forecast to continue to trend upwards until 4Q 2013. Two new buildings will officially come on line in 2013, including the speculatively constructed private development at 70 Franklin Street in February 2013, and Bendigo and Adelaide Banks new headquarters at 80 Grenfell Street, due to be completed in November 2013. Yields are likely to firm marginally by late 2013 or early 2014, when the vacancy rate starts to rebound and rent growth recovers.
major transactions Building 101 Grenfell Street 153 Wakefield Street 44 - 60 Rundle Mall 211 Victoria Square 25 - 27 Franklin Street 30 Flinders Street Lease (L) / Sale (S) S L L L L L Tenant / Purchaser Private Sydac University of Adelaide Statewide Super Gallagher Bassett Services Fyfe Area (sq ft) 142,000 12,900 35,300 22,600 32,500 13,500
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
ADELAIDE OFFICE CAPITAL AND RENTAL VALUES

700 600 500 Rentals 400 300 200 100 0 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F Capital Values
Rentals (Australian $/ sq m / Year)
Capital Values (Australian $ / sq m)
Vacancy Rate
BRISBANE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 -20,000
brisbane
12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% Vacancy Rate
The Queensland government has adjusted its property stance which has resulted in a withdrawal from a number of privately owned assets as well as much consolidation and amalgamation in state owned buildings. An increase in vacancy over the last six months can be largely attributed to the ample supply of secondary backfill space as well as the initial hand-back of government space. Domestic and offshore institutional buyers are expected to dominate the investment landscape, citing potential yield compression and the divergence in total returns compared to secondary assets. Sophisticated investors and developers have placed their confidence in market growth as evidenced by the progression of several significant new office developments that could see up to 250,000 sq m of floor space delivered by 2017.
2010
2011
2012
2013 F
2014 F
BRISBANE OFFICE CAPITAL AND RENTAL VALUES

1,200 1,000 800 Rentals 600 400 200 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F 12,000 10,000 8,000 6,000 4,000 2,000 0

Capital Values
Lease (L) / Sale (S) S L L L L
Tenant / Purchaser Motor Accident Commission Origin Energy Jacobs Engineering Ernst & Young Wood Group Wagners
Area (sq ft) 468,200 57,900 36,700 16,100 14,800
400 George Street (50% Interest) 1 Eagle Street 410 Ann Street 111 Eagle Street 288 Edward Street
p. 14
aust r a l i a
CANBERRA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
80,000 70,000 60,000 50,000 sq m 40,000 30,000 20,000 10,000 0 2010 2011
Supply
canber ra
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
Office supply in Canberra will remain tight with no new supply in the CBD area expected for the next two years. Continued demand for quality office space will place downward pressure on Grade A vacancy levels. Strong interest is seen from foreign investors chasing after safe investment returns. Secondary yields have remained steady, while prime yields have firmed in 1Q 2013.
2012
Take-up
2013 F
2014 F
Vacancy Rate
major transactions
CANBERRA OFFICE CAPITAL AND RENTAL VALUES

800 700 600 500 Rentals 400 300 200 100 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F 8,000 7,000 6,000 Capital Values 5,000 4,000 3,000 2,000 1,000 0
Building 4 Mort Street 216 Northbourne Avenue 8 Brisbane Avenue
Lease (L) / Sale (S) S L L
Tenant / Purchaser Private investor M5 IBM
Area (sq ft) 58,800 12,900 43,100
MELBOURNE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

160,000 140,000 120,000 100,000 sq m 80,000 60,000 40,000 20,000 0 2010 2011
Supply
melbourne
The vacancy rate has increased from 5.6% in July 2012 to 6.9% as of January 2013.
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0%
Face rents were reasonably flat over the year to January 2013; however, incentives leapt from an average of 16% in July 2012 to 24% in January. As such, Prime Grade net effective rents decreased by 8.9%. Enquiries for office space availability were at 60% of the levels recorded in 2011. Even though the slowdown in demand was anticipated and significant levels of additional supply became available, net absorption remained positive over both the first and second halves of 2012. After a mere 36,000 sq m of new supply was added to the market in 2011, the total figure for 2012 was about 130,000 sq m after completions of some major new CBD and Docklands buildings.
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
MELBOURNE OFFICE CAPITAL AND RENTAL VALUES

700 600 500 Rentals 400 300 200 100 0 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F Capital Values
major transactions Building 699 Bourke Street 567 Collins Street 300 Latrobe Street 390 Latrobe Street 11 Exhibition Street 242 Exhibition Street 150 Collins Street 477 Collins Street 501 Swanston Street 555 Lonsdale Street Lease (L) / Sale (S) L L L L L S S S S S Tenant / Purchaser AGL Corrs Chambers Westgarth Telstra TAL BUPA Investa Office Fund GPT Wholesale Office Fund AVIVA Investors Vince Giulano LaSalle Investment Management Area (sq ft) 161,500 94,700 268,800 65,600 126,500 683,500 215,300 119,400 183,000 174,400
p. 15
aust r a l i a
PERTH OFFICE SUPPLY, TAKE-UP & VACANCY RATE
200,000 180,000 160,000 140,000 120,000 sq m 100,000 80,000 60,000 40,000 20,000 0 2010 2011
Supply
perth
20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% Vacancy Rate
Net face rents have generally remained stable in 1Q 2013. However, due to an increase in vacancy in second half of 2012, landlords increased the incentive offerings which resulted in some contraction in net effective rents during the quarter. The market is showing signs of a marginal reversion to a tenants market with some softening in effective rents in 1Q 2013. Supply in 2013 is minimal and consists mostly of refurbishments; this is likely to keep the vacancy rate relatively stable. High net absorption in the past is unlikely to be repeated in the short to medium term.
major transactions Building Central Park, 150 St Georges TerCapital Values
2012
Take-up
2013 F
2014 F
0.0%
Vacancy Rate
PERTH OFFICE CAPITAL AND RENTAL VALUES

1,200 1,000 800 Rentals 600 400 200 0 12,000 10,000 8,000 6,000 4,000 2,000 0
Lease (L) / Sale (S) L L L
Tenant / Purchaser INPEX Dimension Data Schlumberger
Area (sq ft) 61,400 10,800 16,100
race 66 St Georges Terrace 256 St Georges Terrace
SYDNEY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

200,000 160,000 120,000 sq m 80,000 40,000 0 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Vacancy Rate
sydney
Investment activity and enquiry levels remained strong across the Sydney CBD office market in 1Q 2013. Demand from investors continued to come from new offshore groups looking to get a foothold in the Australian market, as well as domestic institutions who have increased their appetites for acquisitions. Overall incentives have continued to increase, while rent growth was slightly higher than the rate of inflation, driven chiefly by rent reviews. Lease renewals remained the key driver behind leasing activity with new lease enquiries coming from metropolitan tenants and business firms looking for more affordable accommodation in the CBD area.
major transactions Building 231 Elizabeth Street
Capital Values
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
SYDNEY OFFICE CAPITAL AND RENTAL VALUES

1,600 1,400 1,200 1,000 Rentals 800 600 400 200 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 F 3Q 2013 F 4Q 2013 F 1Q 2014 F 2Q 2014 F 3Q 2014 F 4Q 2014 F 0 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0
Lease (L) / Sale (S) S S L L L
Tenant / Purchaser Bright Ruby Charter Hall WorkCover TressCox Lawyers Agricultural Bank of China
Area (sq ft) 250,500 231,000 17,000 36,900 17,000
9 Castlereagh Street 383 - 395 Kent Street 19 - 29 Martin Place 2 Chifley Square
p. 16
n e w z e a l and
AUCKLAND OFFICE SUPPLY, TAKE-UP & VACANCY RATE
30,000 25,000 20,000 sq m 15,000 10,000 5,000 0 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
aUckl and
Overall, the Auckland CBD vacancy rate stood at 10.6% in 1Q 2013 which is the lowest recorded in 18 months. Furthermore, this was the third consecutive decline and it was below the two decade average of 13%. The drop is being driven by a historically low prime vacancy rate which is at 7.9% in 1Q 2013. Supply constraints remain an issue. The impact of ASBs move to Wynyard Quarter is reduced given Auckland Councils commitment, albeit decisions on Councils existing space are still to be made. ANZs consolidation in their new premises in Albert Street in 2Q 2013, provides some opportunity for tenants with backfill space likely to be refurbished to a high standard. High profile new build market proposals for new office HQs between now and 2016 may provide some relief to CBD supply constraints. Correlating with the reduction in prime vacant office space in Auckland is the reduction in incentives and the increase in net effective rents. Over the last year, average prime incentives have decreased and are now just under two months per year of lease term. Rents are forecast to increase steadily over the next five years.
Capital Values
2010
2011
Supply
2012
Take-up
2013 F
2014 F
Vacancy Rate
AUCKLAND OFFICE CAPITAL AND RENTAL VALUES

600 500 400 Rentals 300 200 100 0 6,000 5,000 4,000 3,000 2,000 1,000 0
Vacancy Rate
Prime yields for office buildings are firming, which is in tandem with the projected increase in rents and capital values.
major transactions Building 1 Queen Street L9, 41 Shortland Street Lease (L) / Sale (S) S L Tenant / Purchaser Precinct Properties Morgan Coakle Area (sq ft) 208,800 8,700
Rentals (New Zealand $/ sq m / Year)
Capital Values (New Zealand $ / sq m)
WELLINGTON OFFICE SUPPLY, TAKE-UP & VACANCY RATE

100,000 80,000 60,000 sq m 40,000 20,000 0 -20,000
wellington
5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
Demand in Wellingtons CBD office market remains focused on higher quality premises as a result of business and seismic preference. However, only 5% of the circa 230,000 sq m of vacant office space in Wellington is considered to be prime office space. In Wellington, the cautious approach from landlords and tenants led to incentives remaining low and stable. However, our tenant office survey indicates a rising gross rent outlook for tenants due to higher insurance costs. Forecasts for the overall performance of the sector remains mixed, given the high proportion of secondary space that will need to be investigated for earthquake resistance. Clarity around strengthening requirements and how it will be conducted remains elusive. This will be positive for the prime sector with demand for the surety of prime space commanding a premium. As a result, prime rents are expected to rise by 2% in 2013. Argosy Property Trust announced their purchase of NZ Post House for NZ$60 million. Seismic strengthening is required for the project and is estimated at NZ$40 million. The work is expected to be completed in early 2016 and will not detrimentally affect operations of tenants who will reportedly continue to occupy the building throughout the process. The strong covenant provides a 20-year lease with three-yearly market reviews.
major transactions Building New Zealand Post House, 7 Waterloo Quay The Freyberg Building, 20 Aitken Street 16 Willis Street 181 Wakefield Street Lease (L) / Sale (S) S L L L Tenant / Purchaser Argosy Property Government Department Chorus EDMI NZ Area (sq ft) 268,900 34,400 12,800 8,400
Vacancy Rate
2010
2011
2012
2013 F
2014 F -1.0%
WELLINGTON OFFICE CAPITAL AND RENTAL VALUES

600 500 400 Rentals 300 200 100 0 6,000 5,000 4,000 3,000 2,000 1,000 0
Rentals (New Zealand $/ sq m / Year)
Capital Values (New Zealand $ / sq m)
Capital Values
p. 17
asia pacific office market overview | 1Q 2013 p rime o ff ci ea r e n ta l aust r ail
RENTALS (US$ / SQ FT / YEAR) 0.00 Hong Kong Tokyo Singapore Sydney Perth Beijing Brisbane Shanghai Hanoi Ho Chi Minh City Mumbai Delhi NCR Jakarta Canberra Adelaide Melbourne Guangzhou Taipei Bangkok Wellington Auckland Kuala Lumpur Seoul Chengdu Manila Chennai Bengaluru Karachi 20.00 40.00 60.00 80.00 100.00 120.00
Note: Rental figure in each of the above centre is the average of the various key sub-markets outlined under the section of "Definitions and Terminology"
p. 18
asia pacific office market overview | 1Q 2013 Pr i m e O ff i c e N e w S upp ly F o r ec A st f o r 2 0 1 3
Beijing Tokyo Seoul Shanghai Delhi NCR Karachi Mumbai Chennai Bengaluru Chengdu Guangzhou Hanoi Taipei Hong Kong
Bangkok
Manila
Ho Chi Minh City Kuala Lumpur
Singapore
Over 3,000,000 sq ft Delhi NCR Guangzhou Bengaluru Chennai Mumbai Seoul Chengdu Shanghai Tokyo 12,200,000 6,785,132 9,090,000 5,240,000 8,700,000 4,837,867 4,628,477 4,042,942 3,091,015
Jakarta
1,000,000 - 3,000,000 sq ft Beijing Hanoi Melbourne Jakarta Taipei Sydney 2,730,242 1,748,165 1,442,363 1,564,339 1,074,641 1,304,994
Brisbane Perth Adelaide Melbourne
Below 1,000,000 sq ft Hong Kong Manila Kuala Lumpur Adelaide Ho Chi Minh City Singapore Brisbane Karachi Auckland Perth Bangkok Canberra Wellington 927,384 413,334 509,000 454,936 117,316 733,000 200,209 145,000 193,750 100,524 0 0 0
Sydney Canberra Auckland
Wellington
Source: Colliers
p. 19
asia pacific office market overview | 1Q 2013 TRE N D S & FOREC A STS
City New Supply Take-up (sq ft) (sq ft) 2013 F 2014 F 2013 F 2014 F Average Vacancy Total Stock (%) (sq ft) 2013 F 2014 F 2013 F 2014 F Average Rentals (US$ / sq ft / year) 2013 F 2014 F
Beijing
CBD Zhongguancun Financial Street Lufthansa East Chang An Avenue East 2nd Ring Other areas 1,614,585 406,875 708,781 0 0 0 538,195 0 0 0 0 1,531,918 679,195 26,318 366,188 152,385 108,500 6,028 1,263,682 231,908 28,967 32,292 4,447 453,548 9.7 0.9 1.0 8.4 3.6 1.2 0.5 6.3 5.3 0.7 3.2 3.1 1.1 40.4 22,157,679 22,695,874 8,095,529 8,719,835 10,107,399 6,307,067 3,012,514 1,151,307 10,107,399 6,307,067 3,012,514 2,683,225 8,185,871 8,185,871 64.53 48.03 72.95 52.15 48.96 50.74 71.75 51.85 80.46 54.70 50.86 47.77 0 624,306
196,867 425,269
56.62 61.87
Shanghai
Huangpu Jingan Lujiazui-Pudong Zhuyuan-Pudong Changning Xuhui 837,991 1,904,801 2,099,143 0 1,469,272 0 1,147,808 0 0 429,580 1,268,532 553,159 342,160 76,738 592,370 734,073 312,953 24,359 11.5 12.0 6.0 10.0 9.5 5.0 15.0 8.0 10.0 15.0 8.0 4.5 10,015,691 11,920,492 9,717,208 9,717,208 18,249,369 19,718,641 4,831,290 5,979,099 7,659,807 7,875,085 4,871,881 4,871,881 49.97 52.09 42.54 52.79 55.03 44.94 0 1,339,070 388,688 61.59 65.07 38.09 40.24 52.54 55.51
1,213,210 215,278 1,296,059
Guangzhou
Yuexiu Tianhe Haizhu 0 0 165,635 0 85,627 64,487 -271,016 194,738 5.0 26.0 30.7 13.8 27.2 22.1 4,683,244 4,848,879 31,569,356 38,519,951 2,244,693 2,244,693 19.89 29.45 17.39 20.10 29.44 17.06 6,785,132 6,262,674 4,478,482 4,723,361
Chengdu
Renmin Road CBD Financial Street Tianfu Avenue 0 0 1,376,251 857,506 645,834 0 0 4,240,977 180,192 867,960 838,272 444,609 2,027,962 356,647 16.0 25.0 45.0 40.0 20.0 16.0 49.0 27.0 1,801,446 3,373,395 2,743,438 2,447,280 7,614,372 2,743,438 29.52 21.34 21.34 30.23 22.23 22.59 919,722 204,742 2,274,913 2,274,913 23.12 24.36
Hong Kong
Central Wanchai HK Island East Tsim Sha Tsui Kowloon East 40,700 0 0 0 886,684 0 0 0 0 799,551 120,378 25,388 -320,000 5,600 766,053 237,714 64,609 25,118 4,736 757,430 4.7 3.9 0.7 1.6 8.5 3.6 3.3 0.4 1.5 8.3 21,770,869 21,770,869 11,439,007 11,439,007 10,404,774 10,404,774 6,361,390 10,078,565 6,361,390 10,878,116 166.11 71.94 84.62 59.89 182.72 75.53 91.39 62.88 100.05 108.05
Tokyo
CBD 3,091,015 5,622,161 N/A N/A 7.8 7.5 82,421,242 88,043,403 96.11 96.11
Seoul
CBD GBD YBD 1,872,843 2,446,193 0 2,965,024 0 0 844,859 2,701,674 275,782 16,555 717,263 1,429,306 12.8 4.1 17.6 10.4 4.0 10.5 36,654,685 39,100,879 28,697,841 28,697,841 20,103,758 20,103,758 28.51 24.91 21.70 29.19 25.78 22.62
Taipei
CBD 1,074,641 2,113,137 624,375 1,141,475 11.6 14.8 20,402,183 22,515,320 27.56 27.69
Jakarta
CBD Non-CBD 1,564,339 2,223,154 1,793,007 4,377,183 3,185,565 2,152,780 1.1 3.5 1.5 9.5 51,580,835 53,803,989 24,824,266 29,201,449 39.08 23.56 44.41 24.58 1,676,639 2,480,735
Kuala Lumpur
KLCA 509,000 2,459,266 1,000,000 1,000,000 12.2 15.4 33,424,552 35,883,818 25.25 25.25
p. 20
asia pacific office market overview | 1Q 2013 TRE N D S & FOREC A STS
City New Supply Take-up (sq ft) (sq ft) 2013 F 2014 F 2013 F 2014 F Average Vacancy Total Stock (%) (sq ft) 2013 F 2014 F 2013 F 2014 F Average Rentals (US$ / sq ft / year) 2013 F 2014
Manila
Makati Ortigas 413,334 876,074 0 0 533,642 791,663 373,378 15,629 3.7 5.9 3.9 5.6 10,347,811 10,347,811 5,837,489 5,837,489 24.51 15.93 26.69 17.02
Singapore
CBD 732,545 700,000 393,573 399,125 7.4 8.7 19,430,913 20,130,913 79.67 79.67
Bangkok
CBD 0 0 861,112 645,834 8.0 7.0 17,580,646 17,580,646 27.39 28.92
Ho Chi Minh City

CBD 117,316 98,221 118,403 172,222 12.9 5.8 2,301,860 2,311,677 39.35 39.02
Hanoi
CBD Non-CBD 987,136 678,126 761,029 1,368,479 188,368 602,778 172,222 688,890 40.6 37.3 47.4 41.8 2,712,535 3,390,661 2,396,615 3,765,094 45.71 43.48 28.43 30.10
Bengaluru
Overall 9,090,000 6,000,000 7,500,000 7,000,000 15.0 16.0 93,517,175 99,517,175 10.48 10.73
Chennai
Overall 5,240,000 8,000,000 4,000,000 5,000,000 21.0 22.0 46,032,483 54,032,483 10.59 10.59
Delhi NCR
Overall 12,200,000 10,000,000 6,500,000 7,000,000 18.0 20.0 82,804,158 92,804,158 37.95 37.73
Mumbai
Overall 8,700,000 5,000,000 7,000,000 7,000,000 14.5 15.0 110,158,000 115,158,000 39.49 39.27
Karachi
CBD 145,000 476,000 100,000 124,000 40.0 42.0 15,376,929 15,852,929 1.01 1.05
Adelaide
CBD 454,936 0 139,931 322,917 9.8 9.4 14,432,022 14,860,371 34.31 35.38
Brisbane
CBD 200,209 0 -144,764 45,704 8.3 6.8 11,484,209 11,484,209 57.03 58.81
Canberra
CBD 0 0 21,528 32,292 5.0 4.0 3,013,892 3,013,892 36.71 37.43
Melbourne
CBD 1,442,363 721,181 1,294,660 818,056 7.3 7.0 45,911,553 46,934,124 28.60 29.76
Perth
CBD 100,524 395,057 113,021 188,368 5.3 5.5 17,161,661 17,395,259 67.05 67.05
Sydney
CBD 1,304,994 607,084 740,556 382,980 7.4 7.7 53,246,290 53,340,388 67.95 70.96
Auckland
CBD 193,750 0 224,987 102,419 7.2 5.1 4,800,204 4,805,586 27.04 28.36
Wellington
CBD 0 0 15,328 -14,327 3.5 4.0 3,256,973 3,256,973 27.21 27.83
p. 21
d e f i n i t i o n and t e r m i n o lo gy NORTH ASIA

Beijing Prime office market in Beijing consists of 6 sub-markets CBD (Central Business District), Lufthansa, East 2nd Ring, Financial Street, East Chang An Avenue and Zhongguancun. Rents are quoted in RMB per sq m per month on gross floor area basis, and exclusive of management fees and rent free period. Capital values are quoted on RMB per sq m. Shanghai Prime office buildings in Shanghai are located in 6 principal sub-markets Huangpu, Jingan, Lujiazu-Pudong, Zhuyuan-Pudong, Changning, and Xuhui. Rents are quoted in RMB per sq m per day on gross floor area basis, and exclusive of any management fees. Capital values are quoted on RMB per sq m. Guangzhou Prime office buildings in Guangzhou are located in 3 principal sub-markets Haizhu, Yuexiu and Tianhe. Rents are quoted in RMB per sq m per month on gross floor area basis, and exclusive of any management fees. Capital values are quoted on RMB per sq m. Chengdu Prime office buildings in Chengdu are mainly located in 3 sub-markets, Renmin Road, CBD and Financial Street. Rents are quoted in RMB per sq m per month on gross floor area basis, and exclusive of management fees. Capital values are quoted on RMB per sq m. Hong Kong Prime office properties in Hong Kong are concentrated in 5 sub-markets Central, Wanchai / Causeway Bay, Island East, Tsim Sha Tsui and Kowloon East. Rents are commonly quoted in HK$ per sq ft per month on either gross, net or lettable floor area basis, which are exclusive of management fees, and government tax. Prices are quoted in HK$ per sq ft, and are measurable on gross floor area basis. Tokyo The quality office buildings in Tokyo are located in the central business area (CBD) area covering six wards namely, Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku and Shinagawa-ku. Rents are achievable 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. Seoul Major office districts in Seoul include the traditional central business area (CBD), Gangnam Business District (GBD) and Yeouido Business District (YBD). Rents are quoted in Won per sq m per month on gross floor area basis. Generally, a deposit equivalent to 10 months is required, and is usually paid up front. Management fees are excluded from quoted rents. Space is measured on gross floor area basis. Capital values are quoted in Won per sq m. Taipei Prime office properties in Taipei are concentrated in 7 districts, comprising Nanking Sung Chiang (NK-SC), Minsheng Tun Hwa North (MS-TN), Hsin Yi, West, Tun Hwa South (TUN-S), Jen Ai Hsin Sheng (JA-HS) and Nanking East Road (NK-4/5). The local unit of measurement is a ping (i.e. 3.3 sq m). Rents and prices are quoted in local currency i.e. New Taiwan Dollar (NT$) on gross floor area basis.
SOUTHEAST ASIA
Jakarta The quality office buildings in Jakarta are located in the CBD covering the districts Thamrin, Sudirman, Gatot Subroto, Rasuna Said and Mega Kuningan. The areas outside the above districts are collectively called as non-CBD. Rents are commonly quoted in Rupiah per sq m per month, which are inclusive of service charges but exclusive of government taxes. Office space is measured on lettable floor area basis. Capital values are quoted in Rupiah per sq m. Kuala Lumpur Prime office buildings located in the Kuala Lumpur Central Area (KLCA) only. The KLCA comprises areas generally within the central business district. Rents are commonly quoted in Ringgit Malaysia (RM) per sq ft per month on net floor area basis, which are inclusive of service charges and property taxes. Capital values are quoted in Ringgit per sq ft. Manila Prime office buildings in Manila are located in two principal sub-markets Makati and Ortigas. Rents are quoted in Peso per sq m per month on net floor area basis, and exclusive of any management fees. Capital values are quoted in Peso per sq m. Singapore The quality office buildings covered in the report are located in the Central Business District of Singapore. Rents are quoted in S$ per sq ft per month on net floor area basis (i.e. area less common areas such as corridors, toilets, lift lobby etc. but including columns), and are inclusive of service charge. Capital values are quoted on the basis of strata area for strata-titled buildings, and net area for nonstrata-titled developments.
p. 22
d e f i n i t i o n and t e r m i n o lo gy
Bangkok Prime office properties in Bangkok are located in a wide area encompassing eastern Silom and Sathorn roads starting from Narathiwas Ratchanakarin, Rama IV from Phayathai to Ratchadaprisek, along Ratchadaprisek from Rama IV to Sukhumvit and along Sukhumvit from Asoke to the whole of Pleonchit and then Rama I to Phayathai. Rents are quoted in Baht per sq m per month on a net floor area basis, and inclusive of service charges. Capital values are quoted in Baht per sq m. Ho Chi Minh City The quality office buildings in Ho Chi Minh City are located in District One - the central business district in the city. Rents are commonly quoted in US$ per sq m per month on net floor area basis, and exclusive of management fees and government tax. Capital values are quoted on US$ per sq m. Hanoi Prime quality office building in Hanoi are mostly located in Hoan Kiem district, with individual quality buildings located in Cau Giay district and Ba Dinh district. The central location of the city is perceived as being close to Hoan Kiem Lake, which is within Hoan Kiem district. Rents are commonly quoted in US$ per sq m per month on net floor area basis. Rents are inclusive of service charges and exclusive of value added tax, which is currently at 10% level. Delhi NCR Prime office properties in Delhi NCR 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. Mumbai Prime office properties in Mumbai are primarily concentrated in CBD (Central Business District) consist of Nariman Point, Ford and Ballard Estate; SBD (Secondary Business District) including Bandra (West and East), Kalina, Lower Parel and Worli/Prabhadevi and PBD (Peripheral Business District) including Navi Mumbai, Vashi, Powai, Goregaon. Rents are commonly quoted in Rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis. Office space is commonly measured on *super built up area basis. Karachi Prime office buildings in Karachi are located in the central business area (CBD) covering 4 sub-markets I.I Chundrigar Road, Shahrah-e-Faisal, Clifton and Mai Kolachi. Rents are quoted in Rupee per sq ft per year on gross floor area basis and are exclusive of service charges or management fee. Capital Values are quoted in Rupee per sq ft.
SOUTH ASIA
Bengaluru (Bangalore) Prime office properties in Bengaluru are can be divided in 3 principal submarkets CBD (Central Business District), SBD (Suburban/Secondary Business District) consisting of Bannerghatta Road & Outer Ring Road and PBD (Peripheral Business District) including PBD Hosur Road, EPIP Zone, Electronic City and Whitefield. Rents are commonly quoted in Rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis. Chennai Prime office properties in Chennai are located in 3 principal submarkets CBD (Central Business District), (Suburban/Secondary Business District) and PBD (Peripheral Business District). SBD consists of Guindy and Velechery while PBD includes other areas such as Old Mahaballipuram Road, Ambattur and GST Road amongst others. Rents are commonly quoted in Rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis.
AUSTRALASIA
Australia Prime office buildings are located in the CBD and generally favoured by MNCs. Rents are quoted on net floor area basis, and in A$ per sq m per annum excluding management fee and government charges. Capital values are quoted on A$ per sq m. New Zealand Prime office buildings are located in the CBD. Rents are quoted on net floor area basis, and in NZ$ per sq m per annum excluding management fee and government charges. Capital values are quoted on NZ$ per sq m. loor 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.
* Super built-up area refers to the total **built-up area of a building plus a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretakers office/flat throughout the building. ** Built-up area refers to the carpet area plus the thickness of external walls and area under columns.
p. 23
For further details, please contact: NORTH ASIA

Mainland China Beijing George Yeung Managing Director | North China Tel : 86 10 8518 1633 george.yeung@colliers.com Shanghai Lina Wong Managing Director East and South West China Investment Services, China Tel : 86 21 6141 3688 lina.wong@colliers.com Guangzhou Eric Lam Managing Director Tel : 86 20 3819 3888 eric.lam@colliers.com Chengdu Jacky Tsai Managing Director Tel : 86 28 8658 6288 jacky.tsai@colliers.com Hong Kong, HKSAR
Company Licence No: C-006052
Japan Tokyo James Fink Senior Managing Director Tel : 81 3 5563 2111 james.fink@colliers.co.jp South Korea Seoul Jay Yun Senior Director and General Manager Tel : 82 2 6740 2001 jay.yun@colliers.com Taiwan Taipei Andrew Liu Managing Director Tel : 886 2 8101 2000 andrew.liu@colliers.com
Richard Kirke (E-279867) Managing Director Tel : 852 2828 9888 richard.kirke@colliers.com Piers Brunner (E-183614) Chief Executive Officer | Asia piers.brunner@colliers.com
SOUTH EAST ASIA

Indonesia Jakarta Mike Broomell Managing Director Tel : 62 21 521 1400 mike.broomell@colliers.com Malaysia Kuala Lumpur c/o Mark Lampard* Managing Director Corporate Solutions | Asia Pacific mark.lampard@colliers.com Tel : 65 6531 8601 * Based in Singapore
Research data provided by
Philippines Manila David Young Managing Director Tel : 63 2 888 9988 david.a.young@colliers.com Singapore Dennis Yeo Managing Director Singapore & Industrial Services | Asia Tel : 65 6223 2323 dennis.yeo@colliers.com Thailand Bangkok Simon Landy Executive Chairman Tel : 66 2 656 7000 simon.landy@colliers.com
Vietnam Ho Chi Minh City Peter Dinning General Director Tel : 84 8 3827 5665 peter.dinning@colliers.com Hanoi Dane Moodie Managing Director Tel : 84 4 3941 3277 dane.moodie@colliers.com
C H Williams Talhar & Wong Sdn Bhd URL : http://www.wtw.com.my Foo Gee Jen Managing Director Tel : 603 2616 8888 fgj@wtw.com.my
p. 24
SOUTH ASIA
India Bengaluru Goutam Chakraborty Office Director Tel : 91 80 4079 5500 goutam.chakraborty@colliers.com Chennai Kaushik Reddy Office Director Tel : 91 44 2836 1064 kaushik.reddy@colliers.com Delhi NCR Ajay Rakheja Office Director Tel : 91 11 4360 7500 ajay.rakheja@colliers.com Gurgaon Ajay Rakheja Office Director Tel : 91 124 4375807 ajay.rakheja@colliers.com Kolkata Soumya Mukherjee Office Director Tel : 91 33 2357 6501 soumya.mukherjee@colliers.com Mumbai Prabhu Raghavendra Office Director Tel : 91 22 4050 4500 prabhu.raghavendra@colliers.com George McKay South Asia Director Office and Integrated Services george.mckay@colliers.com Pune Suresh Castellino Office Director Tel : 91 20 4120 6435 suresh.castellino@colliers.com Pakistan Karachi Mohammed Yasir Qidwai Senior Manager, Corporate Solutions & Research Tel : 92 21 3561 2550-2 research.khi@colliers.com Lahore Ahmed Khan Country Manager Tel : 92 42 3584 3474-6 ahmed.khan@colliers.com Islamabad Waleed Murrawat Regional Sales Manager Tel : 92 51 834 7433 waleed.murrawat@colliers.com
AUSTRALASIA
Australia Adelaide James Young State Chief Executive Tel : 61 8 8305 8888 james.young@colliers.com Brisbane Simon Beirne State Chief Executive Tel : 07 3229 1233 simon.beirne@colliers.com Canberra Paul Powderly State Chief Executive Tel : 61 2 6257 2121 paul.powderly@colliers.com Melbourne John Marasco State Chief Executive Tel : 61 3 9629 8888 john.marasco@colliers.com Perth K. Imran Mohiuddin State Chief Executive Tel : 61 8 9261 6666 imran.mohiuddin@colliers.com Sydney Malcom Tyson State Chief Executive Tel : 61 2 9257 0222 malcom.tyson@colliers.com New Zealand Auckland Mark Synnott Chief Executive Officer, New Zealand Tel : 64 9 358 1888 mark.synnott@colliers.com Wellington Richard Findlay Managing Director Tel : 64 4 473 4413 richard.findlay@colliers.com
You are receiving this collateral because you either subscribed for it or expressed your interest to receive it at some point to Colliers International. If you do not wish to receive future communications from us, please contact Colliers International by email at unsubscribe.hongkong@colliers.com with your name and item to unsubscribe. 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). 2013. All rights reserved. Colliers International is a leading global real estate services company.
p. 25
Real estate is a location business. Thats why we do business where you do business.
REVE N UES
COUNTRIES
OFFICES
BILLION
2.0
62
482
more than 13,500 1.1 billion more than 78,000 more than 71 billion
Professionals & staff: Square feet managed: Lease/sale transactions: Total transaction value:
Colliers International is a leading global real estate services organisation defined by our spirit of enterprise. Through a culture of service excellence and a shared sense of initiative, we have integrated the resources of real estate specialists worldwide to accelerate the success of our partners. Our headquarters in Seattle, Washington and more than 482 offices worldwide share a common brand and the 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
Asia PACIFIC
p. 26
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AsiaPacific Office 1Q 2013

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Asia Pacific Office Market Overview

Regional Overview North Asia

South East Asia

18-19 20-21 22-23

asia pacific office market overview | 1Q 2013

BEIJING OFFICE CAPITAL AND RENTAL VALUES

60,000 Capital Values

SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

major transactions Building

Lease (L) / Sale (S) L L L L S S

Area (sq ft) 9,700 6,500 6,500 7,500 539,600 161,500

asia pacific office market overview | 1Q 2013

GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES

Taikoo Hui Victory Plaza

30,000 Capital Values

CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.40 0.30 0.20 0.10 0.00 2010 2011

CHENGDU OFFICE CAPITAL AND RENTAL VALUES

asia pacific office market overview | 1Q 2013

HONG KONG OFFICE CAPITAL AND RENTAL VALUES

TOKYO OFFICE CAPITAL AND RENTAL VALUES

Rentals (Yen / Tsubo / Month)

Capital Values (Yen / Tsubo)

asia pacific office market overview | 1Q 2013

SEOUL OFFICE CAPITAL AND RENTAL VALUES

8,000,000 7,000,000 6,000,000 5,000,000

TAIPEI OFFICE CAPITAL AND RENTAL VALUES

1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 Capital Values

Rentals (NT$ / Ping / Month)

Capital Values (NT$ / Ping)

asia pacific office market overview | 1Q 2013

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

Capital Values (Rupiah / sq m)

KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES

Menara Haw Par Integra Tower @ Intermark

Rentals (Ringgit / sq ft / Month)

Capital Values (Ringgit / sq ft)

asia pacific office market overview | 1Q 2013

MANILA OFFICE CAPITAL AND RENTAL VALUES

Building Hanston Square RCBC Plaza

Lease (L) / Sale (S) L L

Tenant / Purchaser Flextronics (Project Management) GXS

Area (sq ft) 27,200 9,400

SINGAPORE OFFICE CAPITAL AND RENTAL VALUES

major transactions Building

Lease (L) / Sale (S) L L L L S S

Area (sq ft) 300,000 150,000 140,000 80,000 278,400 173,900

asia pacific office market overview | 1Q 2013

BANGKOK OFFICE CAPITAL AND RENTAL VALUES

Rentals (Baht/ sq m / Month)

Capital Values (Baht / sq m)

ho chi minh cit y

HO CHI MINH CITY OFFICE RENTAL VALUES

Rentals (US$/ sq m / Month)

asia pacific office market overview | 1Q 2013

HANOI OFFICE RENTAL VALUES

ben galuru (Bangalore)

BENGALURU OFFICE CAPITAL AND RENTAL VALUES

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

asia pacific office market overview | 1Q 2013

CHENNAI OFFICE CAPITAL AND RENTAL VALUES

Rentals (Rupee/ sq ft / Month)