AP Office 2Q 2011

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AsiA PAciicOice Market Overview

2Q 2011

Accelerating success.

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table O cOntentsAsiA PAciic oice mArket overview | 2Q 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 8-10

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

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

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

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regiOnal Overview

ecoNomic overviewDuring Q the region continued to be challenged by inationary pressures. In order to

moderate expectations on urther ination the various central banks in Asia implemented

urther rate hikes during Q . The Peoples Bank o China increased its one-year

lending rates to .%, as consumer prices showed no sign o abating during the period.

Due to the typical time lag o such monetary policy changes, such measure have not been

immediately elt and but are expected to reduce growth in the second hal o . In

addition to inationary concerns, the disruption to the production and supply chain in the

atermath o the catastrophic earthquake in Japan in March is also predicted to dampen

the economic growth o Japan in . Based on the inationary pressures in China and

rebuilding eorts in Japan the prospective economic growth o the key economies in Asia

have been revised downwards by about basis points during Q . For example,

economic growth orecast in China has been revised down rom % to .% or .

In Japan, the prospective economic growth this year is also lowered rom .% to .%.

leAsiNG mArketOn the leasing ront, the average oce rental in the region slowed distinctively, rom .%

q-o-q in Q to .% in Q . Individual cities in South Asia registered notable

rental declines during the period. Although Hong Kong, Beijing and Singapore continued to

be the key perormers, with rental growth in the order o -% q-o-q, there was a general

market slowdown in terms o the growth pace o volume during Q .

sAles mArketBuying momentum varied across various sub-regions during Q . In the Greater

China sub-region, the volume o sale transactions in Beijing was relatively quiet compared

to the previous quarter. Hong Kong was one o the ew perormers with a double-digit

increase during the period, thanks to the increase o strata-title sales in non-core markets.

In other cities o China, demand remained frm, since domestic enterprises continued to

look or quality oce space or sel-use or investment during the period. However, quality

stock listed or sale remained scarce. In the Australasian sub-region, the volume o the

investment sale market was generally quiet. In Brisbane, there was only one transaction

in the CBD during the frst hal o . There was also a distinct lack o investment sales

in the Sydney CBD during Q .

mArket outlookLooking ahead, the overall market momentum is anticipated to stage urther slowdown as

the current interest rate cycle in the region takes its toll over the near to medium term.

Individual markets with the prevailing tight credit conditions are going to show a more

signifcant slowdown o transactional sale volume. However, it is our view that occupiers

with long-term business commitments in the region will continue with their real estate

plans, including upgrading, expansion and consolidation. Individual markets will see an

increase o activity when more quality developments are due or completion in the current

supply cycles in the next months.

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asia pacific office market overview | 2Q 2011

cHiNA

Beijing

No new project was completed during Q . Demand or quality oce space remained

robust, underpinned by MNCs and domestic enterprises active pursuit o premises or

expansion, relocation, renewal and new leasing. The overall vacancy rate in the Beijing

Grade A oce market dropped by . percentage points q-o-q to .%. On the other

hand, the average rent surged to RMB. per sq m per month, up .% q-o-q - the

largest growth ever.

As options or tenants securing sucient spaces were limited, most large-size deals

were clustered in newly launched projects or ongoing developments. For example,

China Construction Bank and Volkswagen Finance took up , sq m and , sq

m at Beijing IFC, respectively. Monsanto and Sojitz Corporation committed to take ,

sq m and , sq m, respectively, at Phoenix Place Phase II, which is scheduled or

completion in the second hal o .

The Beijing oce investment market was relatively quiet compared to previous quarters.

Only one en bloc sales transaction was concluded in the Wangjing area. Media Tek rom

Taiwan purchased a building under construction within the Beijing Electronic City or a

total consideration o RMB million.

mAjor trANsActioNs

BuilDiNG leAse (l) /sAle (s)

teNANt / PurcHAser AreA(q )

A building under constructionwithin the Beijing ElectronicCity

S Media Tek 279,900

Beijing IFC L China Construction Bank 86,100

Beijing IFC L Volkswagen Finance 36,600

Beijing IFC L AIA 30,100

Phoenix Place Phase II L Sojitz 48,400

Raycom Inotech Park Tower L National InstrumentsCorporation

43,100

Silver Tower L HNA Group 36,600

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0.00

100.00

200.00

300.00

400.00

500.00

600.00

700.00

Rentals

CapitalValues

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

BEIJING OFFICE CAPITAL AND RENTAL VALUES

0.00

0.20

0.40

0.60

0.80

1.00

Millionsqm

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

VacancyRate

2008 2009 2010 2011 F 2012 F

Supply Take-up Vacancy Rate

BEIJING 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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0.00

25.00

50.00

75.00

100.00

125.00

150.00

175.00

200.00

225.00

Rentals

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

CHENGDU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

0.00

0.05

0.10

0.15

0.20

0.25

Millionsqm

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

VacancyRate

2008 2009 2010 2011 F 2012 F


chengdu

The new projects introduced in Q continued a positive leasing progress, but some

newly signed tenants just moved to a new oce building rom an original one, so the

actual take-up volume was very limited. Thus, the vacancy rate o general market was

.%, dropping slightly by .% compared to last quarter. The average rent increased

.% q-o-q to RMB. per sq m in Q .

The Central Business District was relatively active in Q , with average rent at

RMB. per sq m, up by .% q-o-q, and vacancy rate at .%, down . per

cent compared to last quarter. Yanlord Landmark contributed a signifcant stimulating

eect to this area, as the rent o this project rose by .% q-o-q.

In Q , most leasing transactions in Grade A oce buildings were along the Metro

Line .

mAjor trANsActioNs



Yanlord Landmark L Bayer Health Care 21,500

Yanlord Landmark L Bayer Material Science 2,900

CDB International Plaza L Qieng Group 17,400

Western Tower L Huachuang Securities 3,000

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colliers iNterNAtioNAl | P. 5

guangzhou

No new project was completed in Q . Strong demand drove the overall vacancy

rate to drop steeply by . percentage points q-o-q to .%. It is expected that seven

new projects, with a total o over , sq m oce space, will be launched onto the

market in the second hal-year.

Driven by activities like new leasing, expansion, and relocation rom enterprises in

fnancial, manuacturing, IT and trading industries, the leasing market was active during

this quarter. The asking price o Grade A oce in the central districts was marked up

by the landlord, resulting in a .% q-o-q increase o average rental to RMB. per

sq m per month.

The good perormance o the economy fred demand o domestic enterprises or high

quality oce space or sel-use or investment purposes. However, limited projects were

on sale in the market during Q . The demand-supply imbalance pushed average

sales price up by .% q-o-q, to RMB, per sq m in Q .

mAjor trANsActioNs



Centre Plaza L Guangzhou Ochirly InormationTechnology Co. Ltd

29,100

Poly Centre L China Southern Power GridCorporation

20,000

GT. Land Plaza L Carlsberg 19,800

Poly Centre L Guangzhou Heu Investment Co. Ltd 9,100

Poly Centre L Individual 4,900

shanghai

During Q , IFC Two, Lujiazui Fund Tower and Lujiazui Investment Tower in Pudong

district were completed, thus bringing in a total o , sq m o new supply to the

market.

The strong undamentals o Shanghais economy and the inow o FDI in the tertiary

industry kept demand or Grade A oce space robust in Q .

The vacancy rate in Shanghais Grade A oce market rose . percentage points to

.% in Q , due to the relocations o tenants to new projects. Demand remained

strong and average rental rates increased .% q-o-q to RMB. per sq m per day in

Q .

Developers tended to extend rent-ree periods as a leasing strategy or their new

developments. Supported by sustained rising demand and inationary pressure, oce

rents are anticipated to stay frm.

cHiNA

mAjor trANsActioNs



Westgate Mall L Ipsos 58,100

Calton Building L Heng Da Real Estate 32,300

Manpo International Plaza L Groupon China 16,100

The Centre L Estee Lauder 6,500

Shanghai World Financial Centre S Bread n Butter 35,900

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

4,000

8,000

12,000

16,000

20,000

24,000

28,000

32,000

36,000

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00


Rentals

CapitalValues

GUANGZHOU OFFICE CAPITAL

AND RENTAL VALUES

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

3Q2

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0.00

3.00

6.00

9.00

12.00

15.00

Rentals

0

12,000

24,000

36,000

48,000

60,000

CapitalValues

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

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

Millionsqm

0.00

0.30

0.60

0.90

1.20

1.50

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

VacancyRate

2008 2009 2010 2011 F 2012 F


SHANGHAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008

0.50

1.00

1.50

2.00

2.50

0.00

Millionsqm

20.0%

30.0%

40.0%

50.0%

VacancyRate


10.0%

0.0%2009 2010 2011 F 2012 F

GUANGZHOU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

8/3/2019 AP Office 2Q 2011



HoNG koNG

hong kong

More occupiers have expressed their resistance to current market rentals and the pace o

rental growth has tapered o. Grade A oce rentals increased .% q-o-q to HK$.

per sq t per month in May , compared with .% q-o-q in February .

The banking and fnancial industries remained one o the major sources o leasing demandin Q . Mainland banks happened to be the key highlight in terms o the number o

confrmed deals during the period. In addition, leasing demand attributed to a batch o

newly set up hedge unds, private equities and the existing players in the proessional

sector continued to drive the market during Q .

The prospective pace o rental growth is anticipated to taper o urther in the next

months, ater having accumulated growth o % in the past two years. Overall, upgrading

and expansion demand are predicted to push average rental upward by another %

over the next months.

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0.00

25.00

50.00

75.00

100.00

125.00

150.00

Rentals

0

5,000

10,000

15,000

20,000

25,000

30,000

CapitalValues

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

HONG KONG OFFICE CAPITAL

AND RENTAL VALUES

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Millionsqf

t

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

VacancyRate


2008 2009 2010 2011 F 2012 F

HONG KONG 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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F0

500

1,000

1,500

2,000

2,500

3,000

Rentals

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

CapitalValues

Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)

TAIPEI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Ping

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Vacancy

Rate


TAIPEI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

taipei

With no increase in new stock, vacancy rate ell basis points to .% amid steady

demand or oce space during Q .

Hsin Yi outperormed the other submarkets, since fnancial institutions were the main

contributors to the overall take-up during the period. In West District, Metropolitan

International Centre has been gradually taken up by fnancial institutions and a number

o technology companies since the relocation o Yahoo to Nangang.

The eective rent o Grade A oce increased by .% q-o-q to NT$, per ping

per month in Q . In Hsin Yi district, the eective rent increased .% q-o-q to

NT$, per ping per month.

On the sales ront, China Lie Insurance Company, Ltd purchased Continental Po Ai

Building with , ping or NT$ million. The deal shows that investors remained

keen or oce properties with reasonable yields, particularly the new developments in

West District.

tAiwAN

mAjor trANsActioNs



Sin Yi Building L Allianz Taiwan Lie Insurance 56,300Metropolitan International Center L GreTai Securities Market 30,600

Taipei Financial Center L China Ocean Shipping 20,800

Walsin Hsin Yi Building L Invesco Taiwan Limited 13,400

Continental Po Ai Building S China Lie Insurance 54,300

mAjor trANsActioNs



International Commerce Centre L Natixis Corporate Solutions 53,300

Windsor House L New York Lie Insurance 103,800

One Kowloon L Carreour Global Sourcing 23,200

AIA Central L China Construction Bank 12,300

Millennium City Phase 5 L Bank o China 25,000

Cheung Kong Centre L KKR 22,000

44-45/F, Lippo Centre Tower 1 S Mainland China corporation 19,400

10 oors, Millennium CityPhase 3

S AEW 81,400

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seoul

The average Grade A oce rental grew .% q-o-q to KRW , per pyung during

Q . The CBD and GBD registered growth o .% and .% q-o-q, respectively,

but the YBD saw a all o .% during Q .

Vacancy rate in the CBD surged to % in Q due to the completion o new

developments in . In the GBD, vacancy increased slightly to .% in Q . In

anticipation o more new supply entering the pipeline, the overall oce vacancy in Seoul

is predicted to rise to % in late . The current tenants market situation will persist

until the end o .

On the investment ront, there was only one Grade A oce sale transaction with oor

area more than , pyung. Sales prices remained sot. Full recovery will be deerred

as investors continue to price in thick risk premium on yields.

tokyo

Overall demand is stable rather than increasing.

Newer properties, and lower oors o skyscrapers, enjoy increasing interest due to

seismic sensitivities.

Rents weak, but only declining modestly.

Relatively large new supply in Q to beneft rom ewer completions during

Q .

Vacancy rate showing improvement; but signifcant new supply in the pipeline.

soutH koreA

mAjor trANsActioNs



Daeryung Secho Tower L Lotte Capital 28,500

Grace Tower L Samsung SDS 80,100

Centre One L Yonhap News 96,100

Centre One L Samsung Lie Insurance 40,900

Hana Daetoo IB Building S Mirae Asset MAPS GlobalInvestments Co. Ltd

530,700

Kyongam Building S NCsot Corporation 288,900

Fmr. Beom yang Hq Bldg S NURI Telecom Co LtdJV NexG Co. Ltd

71,800

KLC - Korea Line Corporation S Tuksu Construction 112,000

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

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

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

0

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

10,000

20,000

30,000

40,000

50,000

60,000

Rentals

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

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

CapitalValues

TOKYO OFFICE CAPITAL AND RENTAL VALUES

TOKYO OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Tsubo

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Vacancy

Rate

2008 2009 2010 2011 F 2012 F


SEOUL OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

0

50,000

100,000

150,000

200,000

250,000

300,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2008 2009 2010 2011 F 2012 F

Pyung

Vacancy

Rate


jAPAN

mAjor trANsActioNs



Nakano Central Park East L Nihon Koden 177,500

Kojimachi 2-chome Project L Nittobo 88,750

Mesonic 38 MT Building L IT Frontier 177,500

Toyosu Cube L Askul 53,250

Shinjuku Front Tower L Mizuho Inormation &Research Institute

124,250

8/3/2019 AP Office 2Q 2011



iNDoNesiA

jakarta

A relatively small amount o new oce space o only , sq m in the CBD during

will help regulate the occupancy level. O the new oce buildings coming in

Q (in the CBD and outside o CBD), the overall commitment level so ar has

reached %.

A number o local companies have been the driver or the sale volume in the strata-title

market. Outside the CBD, a total o , sq m o strata-title oce space has been

% sold. Likewise, a number o existing strata-title oces in the CBD has reported

continued absorption, particularly rom local companies.

Rental rates or prime quality oce buildings in the CBD are approaching US$. per

sq m per month - a historic high in the oce market. Looking orward, relocation and

expansionary requirements are going to buoy occupancy rates, despite the prospective

increase in new oce developments.

mAjor trANsActioNs



The Plaza L Deloitte 57,300

Plaza Simatupang L Alstom 34,200

K-Link Tower L Group M 26,900

The East L PWC 21,500

The Plaza L Mead Johnson Indonesia 16,500

Oce 8 S Bayan Resources 80,700

The East S Synco Global (Archean Group) 11,800

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

0

30,000

60,000

90,000

120,000

150,000

180,000

210,000

Rentals

CapitalValues

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

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

0

100,000

200,000

300,000

400,000

500,000

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

sqm

VacancyRate


2008 2009 2010 2011 F 2012 F

JAKARTA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1Q2

008

2

Q2

008

3

Q2

008

4

Q2

008

1Q2

009

2

Q2

009

3

Q2

009

4

Q2

009

1Q2

010

2Q2

010

3Q2

010

4Q2

010

1Q2

011

2Q2

011

3Q

2011F

4Q

2011F

1Q

2012

F

2Q

2012

F

3Q

2012

F

4Q

2012

F

1Q

2013

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

0.50

1.00

1.50

2.00

2.50

3.00

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2008 2009 2010 2011 F 2012 F

Millionsqft

VacancyRate


KUALA LUMPUR OFFICE SUPPLY, TAKE-UP

& VACANCY RATE

kuala lumpur

Overall economic growth slowed during Q and is expected to remain stable during

the second hal o .

Only one building, Capital Square Oce Tower , was completed during Q , adding

, sq t to the market. Redevelopment and reurbishment works on aged oce

buildings have been actively progressing.

Due to the delay o oce completions and the improvement on net take-up, vacancy ell

slightly rom .% in Q to .% in Q .

Rentals and capital values are expected to remain generally stable during the second

hal o .

mAjor trANsActioNs



Wisma Perkeso,O Jalan Tun Razak

L Syarikat Perumahan NegaraBerhad (SPNB)

83,000*

Wisma Perkeso,O Jalan Tun Razak

L Ranhill Berhad 100,000

G-Tower L Alliance Bank Berhad 4,000

Menara Multi-purpose L C H Williams Talhar & Wong 8,000

Capital Square Tower 2 L Tradewinds International

Insurance Brokers Sdn Bhd

10,000*

Block 6, The Horizon(Phase 1**)

S N2N Connect Berhad 46,100

mAlAysiA

* Concluded by CH Williams Talhar & Wong Sdn Bhd

** Multimedia Super Corridor (MSC) status building located in

Kuala Lumpur fringe area

Data sourced rom C H Williams Talhar & Wong Sdn Bhd

8/3/2019 AP Office 2Q 2011

9/28



manila

While the development o oces across major CBDs is expected to grow at more than

twice that o , Makati prime stock remains unchanged at , sq m. However,

an increase in stock is expected as the Zuellig Building nears its completion in Q .

The oshoring and outsourcing (O&O) industry continued to drive demand or ocesacross Metro Manila. Net take-up or Prime oce in Makati is expected to reach around

, sq m in , which will more than double that o .

Looking orward, oce rental rates are predicted to rise by % y-o-y, the astest rate

since the last quarter o .

Capital values in Q were generally .% higher than the same quarter last year.

mAjor trANsActioNs



MDC 100 L ANZ Global Services andOperations (Manila)

157,600

MDC 100 L Stellar Philippines Inc. 59,200

Goodland Building L Aditya Birla Minacs 27,600

Piccadilly Star L Microsourcing Philippines, Inc. 22,600

Traalgar Plaza L Pro V International(Philippines)

15,400

singapore

Occupiers initial exuberance or oce space in response to the economic turnaround

rom the global fnancial crisis subsided and leasing activities moderated to a normalised

level in Q . The overall average occupancy rate or Grade A oce space in the

CBD, hence, dipped to .% in Q , compared with .% in Q .

Flight to quality, driven mainly by the fnancial services sector, continued in Q ,

albeit at a slower pace. This is in line with the stabilisation o expansion and consolidation

plans o major large space users. For example, CITIC Bank Internationals intended move

to Asia Square Tower .

The average monthly gross rents o Grade A oce space in the CBD recorded a stable

growth o .% q-o-q, to reach S$. per sq t in Q .

Oce rents are expected to remain on an uptrend on the back o healthy demand drivers.

However, given the presence o global economic downside risks, rental growth in the

CBD could taper o rom .% in H to not more than % in H .

PHiliPPiNes

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

200

400

600

800

1,000

1,200

Renta

ls

0

20,000

40,000

60,000

80,000

100,000

120,000

CapitalV

alues

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

MANILA OFFICE CAPITAL AND RENTAL VALUES

SINGAPORE 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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F0.00

5.00

10.00

15.00

20.00

25.00

30.00

Rentals

0

500

1,000

1,500

2,000

2,500

3,000

CapitalValues

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

2008 2009 2010 2011 F 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%

VacancyRate


SINGAPORE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

sqm

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

VacancyRate

12.0%


2008 2009 2010 2011 F 2012 F

MANILA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

siNGAPore

mAjor trANsActioNs



Asia Square Tower 1 L CITIC Bank International 15,000

Ocean Financial Centre L Verizon CommunicationsSingapore Pte Ltd

32,100

Bank o China Plaza L Inormatics Education Ltd 21,100Anson House S ING Real Estate 77,200

22 Martin Road S Undisclosed 31,600

PSA Building S Mapletree Commercial Trust 414,000

8/3/2019 AP Office 2Q 2011



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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

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)

0

200

400

600

800

1,000

1,200

1,400

Rentals

BANGKOK OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F0

20,000

40,000

60,000

80,000

100,000

120,000

sqm

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

VacancyRate


BANGKOK OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

Bangkok

The oce market showed tentative signs o positive movement in light o growing

economic confdence. However, this is still tempered by ongoing global uncertainties

and the current domestic political situation in Thailand, with general elections to take

place at the beginning o Q .

An inux o , sq m o new oce supply in the CBD in is likely to exacerbate

the continuing sotened market conditions or the rest o the year.

With less supply orecast or and , occupancy rates are likely to strengthen

in the coming years ollowing an expected uptick in demand or oce space due to

improving economic conditions.

It remains to be seen to what extent the next government will open the service sector

to more competition as a result o regional economic integration by through the

ASEAN Economic Community.

mAjor trANsActioNs



Asia Centre L Astra Zeneca International Co. Ltd 15,100

Sindhorn Tower 1 L Leo Burnett (Thailand) Co. Ltd 16,700

Sindhorn Tower 3 L Leo Burnett (Thailand) Co. Ltd 19,700

8/3/2019 AP Office 2Q 2011

11/28



1Q2

008

2Q2

008

3Q2

008

4Q2

008

1Q2

009

2Q2

009

3Q2

009

4Q2

009

1Q2

0

10

2Q2

0

10

3Q2

0

10

4Q2

0

10

1Q2

0

11

2Q2

0

11

3Q2

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F0

10

20

30

40

50

60

70

Rentals

Rentals (US/ sq m / Month)

HO CHI MINH CITY OFFICE RENTAL VALUES

hanoi

Rentals increased or the frst time or six consecutive quarters, by US$. per sq m

per month during Q . Average occupancy rate also picked up by . percentage

points, breaking the market mark o % occupancy rate and US$ rentals. There has

been a restoration o confdence in developers, although ears o worsened businessconditions remain, due to the continued credit crunch and prudent fnancial policy.

No new buildings were completed during Q . Supply o grade A buildings has been

scarce. Looking into , two high-rise oce buildings, Keangnam Landmark Tower

and Indochina Plaza Hanoi, will be coming online, providing occupiers more real estate

alternatives.

mAjor trANsActioNs



Charmvit Grand Plaza L Huawei 14,50063 Ly Thai To Building L International Monetary Fund 4,300

Pacifc Place L Delegation o the EuropeanCommission to Vietnam

20,600

International Centre L Citibank 7,500

Vietcombank Tower L Baker & McKenzie 4,800

Daeha Centre L Aeroot 5,400

Sun City L ANZ Bank 23,700

Pacifc Place L KPMG 14,100

Charmvit Grand Plaza S State Capital InvestmentCorporation

26,500

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

10

20

30

40

50

60

Rentals (US/ sq m / Month)

Rentals

HANOI OFFICE RENTAL VALUES

-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


2008 2009 2010 2011 F 2012 F

HANOI CITY OFFICE SUPPLY,

TAKE-UP & VACANCY RATE

2008 2009 2010 2011 F 2012 F

-30,000

0

30,000

60,000

90,000

120,000

150,000

180,000

sqm

-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

Rental rates eased as competition or tenants remained ferce. There was greater landlord

recognition o covenant value to their buildings.

In addition to competitive rental rates, tenants have been lured by lease incentives and

creative packages.

Due to the uncertainties in both the local and global environment, tenants have been

cautious in committing to any acquisition o new space. The overall process o lease

agreement has thereore lengthened.

mAjor trANsActioNs



Kumho L Vila Hong Duc 5,000

Kumho L Viterra 1,200

Kumho L China Trust Bank 15,800

Kumho L Dell 2,400

Kumho L JFE Steel 2,600

Kumho L P&G 18,400

Bitexco Financial Tower L Kris Energy 2,200

Bitexco Financial Tower L CC Group (Do Thanh Viet) 2,200

8/3/2019 AP Office 2Q 2011



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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

10

20

30

40

50

60

70

80

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

CapitalValues

0

Rentals

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

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

2008 2009 2010 2011 F 2012 F

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


CHENNAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

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

2008 2009 2010 2011 F 2012 F


BENGALURU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

Bengaluru (Bangalore)

A number o projects were completed in Bangalore in Q , contributing approximately

. million sq t to the citys grade A oce space. O this total, new supply o around

. million sq t was located in the special economic zone.

Overall, the average rental in Bangalore remained stable. However, a % to % increase

in asking prices was observed in locations such as EPIP Zone/Whitefeld, Electronic

City and Outer Ring road. The positive employment scenario and increased corporate

leasing activities were the key contributors to the rental rise.

In Q , about a million sq t o space in the special economic zone were launched

in PBD location Hebbal, which is expected to be completed by .

mAjor trANsActioNs



LOGOS L Zingo 40,000Maruthi Chamber L Tally 20,000

Prestige Blue Chip L Religare Technologies 20,246

Prestige Exora L Continuous Computing 58,837

Maruthi Sapphire L Causeway Sotware 10,000

Adarsh Eco Place L Qualcomm 28,000

Prestige Shanthiniketan L Huawei 31,458

World Trade Centre L Logica 100,000

Prestige Tower L Playdom 14,000

chennai Approximately . million sq t o grade A oce space was completed in Q in

the CBD.

Average rental value remained stable in nearly all the micro-markets except the CBD as

new buildings with grade A specifcation started etching better prices.

A number o IT/ITES oce space transactions were observed in PBD locations. The

demand remained healthy rom sectors such as IT/ITES, BFSI, Trade, including the CRS,

Healthcare, Real Estate and Construction, Media & Entertainment, Manuacturing and

Education, Research & Consulting sectors.

mAjor trANsActioNs



Independent Building L Shriram Group 35,000

Ramanujan IT SEZ L CTS 600,000

TVH Agnito L Alcatel 122,000

DLF SEZ L L&T IES 71,000

DLF SEZ L MphasiS 42,000

DLF SEZ L ZOHO 75,000

Nesal House L Take Solutions 18,000

8/3/2019 AP Office 2Q 2011

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

50

100

150

200

250

300

350

Rentals

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

CapitalValues


MUMBAI OFFICE CAPITAL AND RENTAL VALUES

Millionsqft

0.00

3.00

6.00

9.00

12.00

15.00

18.00

2008 2009 2010 2011 F 2012 F


0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

VacancyRate

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

50

100

150

200

250

300

350

Rentals

0

5,000

10,000

15,000

20,000

25,000

30,000

CapitalValues

35,000


NEW DELHI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 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

Approximately . million sq t o Grade A oce space was added in Q in Lower

Parel, a suburban business district. Projects contributing to this supply were . million

sq t in Peninsula Business Park, and Benefce Business Park, measuring , sq t.

Average rental values or Grade A oce space witnessed a marginal increase in therange o .% q-o-q, primarily on account o ew SBD and PBD micromarkets.

Demand or Grade A oce space was primarily rom the BFSI, IT/ITES, Transport and

Storage, Media, Education and communication sectors. However, due to the continued

addition o new supply in the market, it did not result in signifcant appreciation.

mAjor trANsActioNs



The Capital L Patni 20,000

Urmi Estate Tower 1 L Swissair 10,000

Peninsula Corporate Park L Baring Private Equity 6,300

Rustomjee Natraj L Feedback Ventures 15,762

new delhi

CBD registered an increase in rental values in the range o % to %. However, SBD

locations observed a decrease in the range o % to % owing to large available supply.

Rental values in PBD locations Noida and Gurgaon remained stable or both IT/ITeS and

non-IT oce space during Q .

A number o commercial projects were launched in PBD locations such as Noida and

Gurgaon, which are expected to complete by , thus adding approximately . million

sq t.

A decline in the property registration was observed in the capital in Q as the state

government made building sanction plans and structural saety certifcates mandatory

or registration o all kinds o structural transactions in the city.

mAjor trANsActioNs



Rectangle One L Tata Telecom 3,000

Rectangle One L Swatch Group 9,500

Salcon Aurum L Bose Corp. 9,000

IFCI Tower L ONGC 10,000

Southern Park L Gateway Rail Freight 9,000

8/3/2019 AP Office 2Q 2011



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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F0

100

200

300

400

500

600

700

Rentals

0

1,000

2,000

3,000

CapitalVa

lues

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

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

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%


2008 2009 2010 2011 F 2012 F

BRISBANE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

0

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

2008 2009 2010 2011 F 2012 F


ADELAIDE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

adelaide

With no new development without signifcant pre-commitment until at least -,

pressure will remain on existing stock to satisy short-term demand, which will keep

vacancy low.

Forecast is or a positive absorption rate until at least and a consistent decline inoverall vacancy over the short term.

Prime rents should remain relatively stable over the next three to six months, with growth

returning in the second hal o the year.

Demand or major CBD oce assets remains steady, with enquiries coming in rom a

broad group o investors, including continued interest rom oshore groups.

Prime oce yields have begun to compress, a trend that should continue through to the

second hal o .

mAjor trANsActioNs



55 Currie Street S ARC Equity Partners (Syndicate) 276,900

41 Currie Street S Cahaya Global Ventures Pty Ltd 63,900

68 Grenell Street L Capgemini Business ServicesAustralia Pty Ltd

22,200

BrisBane

Occupier demand was robust during the frst hal o , as reected by strong leasing

volumes and several large transactions. Future leasing activity will be underpinned by

signifcant and rising levels o tenant requirements.

Strong tenant demand, combined with low levels o development completions are likely

to lead to a signifcant decline in vacancy by mid-. However, vacancy is expected to

rise again rom mid- to mid- due mostly to the scheduled completion o some

, sq m, o which , sq m is still vacant.

Prime rental values are likely to remain relatively at during , although there is some

potential or incentives to begin alling back later in the year. Some rental growth may

be witnessed by the second hal o .

Sales volumes were strong during , underpinned by several transactions involving

large prime assets. This momentum has continued into with the sale o three

signifcant assets: Waterront Place (% interest); Elizabeth Street; and CharlotteStreet. Prime yields are expected to remain relatively static during , but yields will

begin to tighten once the potential or signifcant rental growth returns.

mAjor trANsActioNs



Brisbane Transit Centre,151-171 Roma St

L DHL 22,400

Brisbane Transit Centre,151-171 Roma St

L Department o Deence 20,600

Brisbane Transit Centre,

151-171 Roma St

L Q Build 19,800

Waterront Place, 1 Eagle St(50% interest)

S The Future Fund 636,000

55 Elizabeth Street S Credit Suisse Asset Management 204,900

150 Charlotte Street S Walker Corporation 113,000

8/3/2019 AP Office 2Q 2011

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

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

0

50,000

100,000

150,000

200,000

250,000

sqm

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

VacancyRate

2008 2009 2010 2011 F 2012 F


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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

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

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

VacancyRate

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

sqm

2008 2009 2010 2011 F 2012 F


CANBERRA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

canBerra

Sales activity remains subdued, with limited sales being completed.

The ACT Government has recently announced plans or the development o a ,

sq m oce complex in the CBD.

Prime yields and rents remained steady during the frst hal o .

Secondary yields remain volatile and increasing incentives have caused eective rents

or secondary oce stock to all.

mAjor trANsActioNs



Pharmacy Guild House S Private Investor 69,200

51 Allara Street L Dept o Industry Innovationand Tourism

85,000

221 London Circuit L Australian Organ TissueDonation

8,200

melBourne

Although enquiry levels remained stable, leasing deals are currently taking longer tocomplete.

Tenants are renewing leases because o the lack o available space, and also in anticipation

o uture rent rises.

Net ace rents increased marginaly but incentives have also increased to stimulate deals.

As such, Net Eective Rents have remained relatively stable.

The strong tenant demand or oce space will see vacancy drop urther in . It is

likely to moderate in upon delivery o new developments/reurbishments.

mAjor trANsActioNs



661 Bourke Street L Deence Force 204,800

85 Spring Street S Private Investor 115,200

31 Queen Street S Challenger Diversifed Trust 209,500

470 Collins Street S Suleman Family 107,200

990 La Trobe Street S Motor Accident Commissiono S.A.

136,200

8/3/2019 AP Office 2Q 2011



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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

0

100

200

300

400

500

600700

800

900

1,000

Rentals

0

1,000

2,000

3,000

4,000

5,000

6,0007,000

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

sqm

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

VacancyRate

2008 2009 2010 2011 F 2012 F


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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

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

0

50,000

100,000

150,000

200,000

sqm

-100,000

-50,000

2008 2009 2010 2011 F 2012 F

6.0%

9.0%

12.0%

VacancyRate

-6.0%

-3.0%

0.0%

3.0%


SYDNEY OFFICE SUPPLY, TAKE-UP &VACANCY RATE

perth

Continued strong investment spending in the State has led to strong demand or oce

space in the frst hal o and this is orecast to continue into the second hal o .

Rents have risen in the frst hal o and incentives decreased.

Vacancies have allen since the second hal o and are expected to continue to all

through the second hal o . Options or larger tenants now remain very limited.

Investment sales activity remained subdued in the second quarter o . However, it

is anticipated to improve in the second hal o on the back o increasing investor

confdence in the Perth CBD market.

mAjor trANsActioNs



AMP, 140 St Georges Terrace L Bechtel Australia Pty Ltd 11,400190 St Georges Terrace L Thiess 9,600

100 St Georges Terrace L undisclosed 10,600

Alluvion, 58 Mounts Bay Road L CPA Australia 8,300

226 St Georges Terrace L URS Australia 24,200

Westralia Plaza, 167 St GeorgesTerrace

L St George Bank 27,400

Westralia Plaza, 167 St GeorgesTerrace

L Fluor 27,400

sydney

Ongoing white collar employment growth has seen business expansion continue, leading

to a tightening o vacancy rates within Sydney's CBD oce market.

Tenant demand has continued to remain strong over Q as evidenced by a number

o signifcant leases signed during the period.

Face rents have begun to show signs o growth, while incentives continue to track

downwards.

There has been a distinct lack o investment sales in the Sydney CBD during Q ,

leading to the stabilisation o yields and capital values.

mAjor trANsActioNs



215-217 Clarence Street S CFMEU 33,400

10 Bridge Street S Private Investor 87,600

42-44 Pitt Street S Private Investor 19,500

175 Pitt Street L Australian Human RightsCommission

44,600

227 Elizabeth Street L Amalgamated HoldingsLimited

40,300

2 Chiey Square L Morgan Stanley Smith Barney 32,500

14 Martin Place L International Bank or R D 17,200

8/3/2019 AP Office 2Q 2011

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

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

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

sqm

2008 2009 2010 2011 F 2012 F


VacancyRate

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0.0%

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

011F

4Q2

011F

1Q2

012

F

2Q2

012

F

3Q2

012

F

4Q2

012

F

1Q2

013

F

Rentals

0

100

200

300

400

500

600

CapitalValues

0

1,000

2,000

3,000

4,000

5,000

6,000

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

WELLINGTON OFFICE CAPITAL AND

RENTAL VALUES

2008 2009 2010 2011 F 2012 F0

20,000

40,000

60,000

80,000

100,000

sqm

0.0%

1.0%

2.0%

3.0%

4.0%

VacancyRate

5.0%


WELLINGTON OFFICE SUPPLY, TAKE-UP &VACANCY RATE

auckland

Leasing activity has been relatively buoyant over the last months. In particular, AMP

NZ Oce Trust (ANZO) has enjoyed signifcant positive activity. One notable leasing

transaction in Q was the signing o ANZ National Bank, securing , sq m on

a new -year lease.

Prime vacancy is now anticipated to increase to .% in , as opposed to our

previous orecast o .% (an -year high) in , had the ANZ National Bank decided

to relocate to the Customs Street development.

Investment yields continue to ease in both the prime and secondary grade oce sectors

since the last quarter, with average indicative yields between .% and .%.

Prime oce rentals and capital values both ell .% in the months to June . With

the rate o decline alling, we anticipate a relatively small decrease in prime rentals and

capital values over the next months.

mAjor trANsActioNs



70 Symonds Street S Private Investor 80,100

ANZ Centre L ANZ National Bank 190,500

Zurich House L Zurich General Insurance 12,000

41 Shortland Street L Jackson Russell 8,700

1 Queen Street L Rothbury Insurance Ltd 11,800

wellington

With the new Telecom Central building on Willis Street being completed in September,

the relocation o the communications giant will see around , sq m more secondary

oce space becoming vacant. As a result, overall vacancy is anticipated to rise, while

prime vacancy is to remain largely unchanged.

While there are a number o plans or major reurbishments in the pipeline, including

the ANZ Tower and Featherston Street, some developers are waiting or tenant

pre-commitment beore they start their new oce development projects.

Wellington CBD investment activity has been relatively strong in Q but also signals

continued divestment by Australian unds. This has been highlighted by the sale o ANZ

Tower on Lambton Quay to Willis Bond Capital Partners or just over $ million.

Looking ahead, we anticipate prime oce rents to remain steady over the next months.

However, as incentives reach Auckland CBD levels, the dierence between net ace and

net eective rents is anticipated to widen to some extent.

mAjor trANsActioNs



ANZ Tower S Willis Bond Capital Partners 119,600

Aorangi House S Private Syndicate 53,900

111-113 Tory Street L Ogilvy New Zealand Ltd 6,000

36 Vivian Street L The Business Dojo Ltd 4,300

Axon House L EAP Services Ltd 2,900

8/3/2019 AP Office 2Q 2011



AustrAliAPrime oice suPPly

Guangzhou

Shanghai

Seoul

Tokyo

Chennai

Jakarta

Bengaluru

New Delhi

Mumbai

Beijing

Kuala Lumpur

Chengdu

Singapore

Sydney

Hanoi

Perth

Hong Kong

Brisbane

Ho Chi Minh City

Melbourne

Bangkok

Manila

Taipei

Wellington

Auckland

Canberra

Adelaide

FLOOR AREA (MILLION SQ FT)

0.00 5.00 10.00 15.00 20.00 25.00

2011 F 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

8/3/2019 AP Office 2Q 2011

19/28



AustrAliAPrime oice reNtAl

Hong Kong

Tokyo

Singapore

Sydney

Perth

Mumbai

Brisbane

New Delhi

Hanoi

Ho Chi Minh City

Shanghai

Beijing

Melbourne

Canberra

Adelaide

Taipei

Wellington

Guangzhou

Kuala Lumpur

Seoul

Bangkok

Auckland

Chengdu

Jakarta

Manila

Chennai

Bengaluru

0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00

RENTALS (US$ / SQ FT / YEAR)

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"

8/3/2019 AP Office 2Q 2011

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 ,, , ,, . . ,, ,, . .

cHeNGDu

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

CBD , , . . ,, ,, . .

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

GuANGzHou

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

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

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

sHANGHAi

Huangpu , , . . ,, ,, . .

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

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

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

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

Luwan ,, , . . ,, ,, . .

Xuhui , , -, , . . ,, ,, . .

HoNG koNG

Central , , , , . . ,, ,, . .Wanchai , , , . . ,, ,, . .

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

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

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

tAiPei

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

seoul

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

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

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

tokyo

CBD ,, ,, N/A N/A . . N/A N/A . .

jAkArtA

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

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

kuAlA lumPur

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

mANilA

Makati , , , . . ,, ,, . .Ortigas , , . . ,, ,, . .

siNGAPore

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

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

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

P. 20 | colliers iNterNAtioNAl


treNDs & orecAsts

8/3/2019 AP Office 2Q 2011

21/28

2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

BANGkok

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

Ho cHi miNH city

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

HANoi

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

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

BeNGAluru

Overall ,, ,, N/A N/A N/A N/A ,, ,, . .

CBD , , N/A N/A N/A N/A N/A N/A . .

SBD ,, ,, N/A N/A N/A N/A N/A N/A . .

PBD ,, , N/A N/A N/A N/A N/A N/A . .

cHeNNAi

Overall ,, ,, N/A N/A N/A N/A N/A N/A . .

CBD ,, N/A N/A N/A N/A N/A N/A N/A . .

SBD ,, N/A N/A N/A N/A N/A N/A N/A . .

PBD ,, N/A N/A N/A N/A N/A N/A N/A . .

mumBAi


CBD , N/A N/A N/A N/A N/A N/A N/A . .

SBD ,, N/A N/A N/A N/A N/A N/A N/A . .

PBD ,, N/A N/A N/A N/A N/A N/A N/A . .

New DelHi


CBD , N/A N/A N/A N/A ,, ,, . .

SBD N/A N/A N/A N/A N/A ,, ,, . .

PBD ,, ,, N/A N/A N/A N/A ,, ,, . .

ADelAiDe

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

BrisBANe

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

cANBerrACBD , , , . . ,, ,, . .

melBourNe

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

PertH

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

syDNey

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

AucklANDCBD , , , . . ,, ,, . .

welliNGtoN

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

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

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



treNDs & orecAsts

8/3/2019 AP Office 2Q 2011



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 cha au d Zhouu.

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

d xu o mm d pod. cp u

quod o rMb p q m.

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 .

mana

Pm o ud M od o pp u-m

M d O.

r quod Po p q m p moh o oo ,

d xu o y mm . cp u quod Po

p q m.

8/3/2019 AP Office 2Q 2011

23/28



DeiNitioN AND termiNoloGy

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.

HanPm 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 um

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

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

vhy h PbD ud oh uh Od Mhpum

rod, amu d gst rod mo oh.

r ommoy quod rup p q p moh, hh uu y



mba

Pm o pop Mum pmy od cbD

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

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

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

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

r ommoy quod rup p q p moh, hh uu y



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 uuyxu o m h, p h d popy x.


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.

* 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.

8/3/2019 AP Office 2Q 2011



greater china

Bng, chna502 to w3, O Pzno 1 e ch au,

Doh Dbj 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 3226

ja tag M

[email protected]

Gangh, chna702 tm to,208 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 Do, e dsouh w [email protected]

Hng kng, HksAr5701 c Pz,

18 Hou rodwh, Ho Hocompy l no: c-006052t : 852 2828 9888x : 852 2828 9899rhad kM [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 2345

And lM [email protected]

north asia

s, sh ka10 ko toum Ozo bd.,10 D-do,Ju-u, sou 100-180t : 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 wod td c,J 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 aduhP O box 1215750100 ku lumpuMy

t : 603 2616 8888x : 603 2616 8899Url : hp://..om.my G jnM [email protected]

mana, Phppn10 to 2 rcbc Pz,ay au, M cyPhpp1226t : 63 2 888 9988

x : 63 2 845 2612Dad yngM [email protected]

sngap1 rf P#45-00 O rf Pspo 048616t : 65 6223 2323x : 65 6222 4901Dnn yM Dospo & idu s | a

[email protected]

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

H ch mnh c, vna

Ho ch Mh cy, vm7 bxo bud19-25 nuy Hu sD 1, Ho ch Mh cyt : 84 8 827 5665x : 84 8 827 5667P Dnnngg [email protected]

Han, vnavp - t tm bud,9h oo,39a no Quy s

Ho km D, Ho, vmt : 84 4 220 5888

84 4 220 5566x : 84 4 220 1133D l QanDpuy g [email protected]

h da, pa na:

8/3/2019 AP Office 2Q 2011

25/28



india

Bnga, indaP g, l 2, U no.201/20236 Uoo rod, buu 560 042

t : 91 80 4079 5500x : 91 80 4112 3131Ga chaabO [email protected]

chnna, indaU 1c, 1 oo, H compx,23 spu rod, chp,ch 600 031t : 91 44 2836 1064x : 91 44 2836 1377kah rddO Do

[email protected]

Ggan, indag3, nbd bu c,thoPo, Dl go couM so rodso 54, guo 122 002t : 91 124 4375807x : 91 124 4375806saah chaaO [email protected]

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

mba, inda31-a, 3d oo, m c,

68 tdo rodMum 400 034t : 91 22 4050 4500x : 91 22 2351 4272Pna mahanO [email protected]

Gg mkasouh a DoO & id [email protected]

N Dh, inda204/205, 2d oo,khju bud,18 bhm rodn Dh 110 001

t : 91 11 4360 7500x : 91 11 2335 6624Aa rahaO [email protected]

Pn, indav bu c, l-5c w, Phh th P-1,YdPu 411 006t : 91 20 4011 1356x : 91 20 6640 3138sh can

O [email protected]

australasia

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

[email protected]

Bban, Aaal 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 s

c act 2601t : 61 2 6257 2121x : 61 2 6257 2937Pa Pds ch [email protected]

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

jhn maas ch [email protected]

Ph, Aaal 19, 140 s go tPh wa 6000t : 61 8 9261 6666x : 61 8 9261 6665k. ian mhddns ch [email protected]

sdn, Aaal 12, goo P,225 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 1999

ma snnM [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]

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

Colliers International is the third largest global real estate services company.

8/3/2019 AP Office 2Q 2011



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

512611.5BILL

AP Office 2Q 2011

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