1.AsiA PAcificOffice Market Overview1Q 2011Accelerating success.

2. table Of cOntentsAsiA PAcific office mArket overview | 1Q 2011regional overview 3Greater china 4-6Beijing, China ....................................................................................................................................4Chengdu, China .................................................................................................................................4Guangzhou, China .............................................................................................................................5Shanghai, China ................................................................................................................................5Hong Kong SAR, China .....................................................................................................................6Taipei, Taiwan ...................................................................................................................................6North Asia7Seoul, South Korea ........................................................................................................................... 7Tokyo, Japan ..................................................................................................................................... 7southeast Asia8-10Jakarta, Indonesia.............................................................................................................................8Kuala Lumpur, Malaysia ....................................................................................................................8Manila, Philippines ............................................................................................................................9.Singapore ..........................................................................................................................................9.Bangkok, Thailand ........................................................................................................................... 10Ho Chi Minh City, Vietnam .............................................................................................................. 10india 11-12Bengaluru (Bangalore) .................................................................................................................... 11Chennai ............................................................................................................................................ 11Mumbai ............................................................................................................................................ 12.New Delhi ........................................................................................................................................ 12.Australasia13-16Adelaide, Australia .......................................................................................................................... 13Brisbane, Australia ......................................................................................................................... 13Canberra, Australia ......................................................................................................................... 14Melbourne, Australia ....................................................................................................................... 14Perth, Australia ............................................................................................................................... 15Sydney, Australia ............................................................................................................................ 15Auckland, New Zealand .................................................................................................................. 16Wellington, New Zealand ................................................................................................................ 16Prime office rentals 17trends & forecasts 18-19Definitions & terminology 20-21contacts22-23 3. regiOnal OverviewFundamentally, overall office demand in the region remained positive in 1Q 2.011, thanks to theabundant liquidity, the proactive measures by various governments to spur their economiesand the expansion needs from a range of companies in the private sector. However, therelaxed monetary measures adopted by the major central banks in the United States andEurope have been criticised for creating unwanted price rises of commodities and otherfactors of input, thus leading to growing inflationary pressures. In view of the imminentinflationary threat, a number of central banks in Asia have made pre-emptive moves byraising their interest rates. For example, as of 1Q 2.011, Peoples Bank of China (PBOC) hasmade four hikes since October 2.010, accounting for 100 basis points.sAles mArketNotwithstanding the recent interest rises, investment demand for office real estate remainedstrong in 1Q 2.011. Firstly, the potential capital appreciation remained promising, given thecontinued rental catch-up in the market. Secondly, investors were encouraged by thesustained low cost borrowing in 1Q 2.011. Lately, the U.S. Federal Reserve reiterated thatinterest rates will stay low for an extended period, although the second stage of quantitativeeasing is going to end in mid-2.011.Buoyed by strong investment demand, individual centres such as Hong Kong and Taipeihas seen their office values reach new highs in 1Q 2.011. In addition, end-users remainedkeen in acquiring their office buildings for owner-occupation. In Beijing, China MinmetalsCorporation confirmed the expenditure of RMB4.5 billion (US$69.3 million) in acquiring FifthSquare for its office building. In Shanghai, companies purchased strata office floors suchas Shanghai World Financial Centre to accommodate their business needs.leAsiNG treNDsOn the leasing front, although the individual centres are going to see an increase of three tofour times of new supply in 2.011, office rentals remained firm, thanks to the positive businessconfidence and encouraging pre-commitment rate for a number of new developments. Dueto the availability of new supply, companies took advantage of the current market conditionsto expand their overall requirements and upgrade their offices for quality development. Forexample, in Singapore, BNP Paribas doubled its requirements at Ocean Financial Centrefrom 70,000 sq ft to about 140,000 sq ft in 1Q 2.011. Underpinned by the solid occupationaldemand, the average office rental in the region edge up further by 1.7% QoQ in 1Q 2.011.mArket outlookLooking ahead, the prospective impact created by growing inflation pressure is going to be thekey uncertainty envisaged by most players in the office market. According to our research,further rental growth and capital growth in 2.011 is anticipated. However, individual centreswith major developments due for completion in 2.011 will provide a window of opportunityfor tenants going for corporate relocation and upgrading over the near to medium term.In particular, seismic concerns in Japan are expected to prompt more tenants to go fornewer developments. colliers iNterNAtioNAl | P. 3 4. asia pacific office market overview | 1Q 2011 cHiNA BEIJING OFFICE SUPPLY, TAKE-UP &Beijing VACANCY RATE Two new projects, Beijing IFC in the CBD area and Tsinghua Tongfang Hi-Tech Plaza 1.00 25.0%Tower D in the Zhongguancun Area, were completed in 1Q 2.011, injecting a total of 0.80 20.0%19.0,585 sq m office space to the stock. Underpinned by growing business needs and headcount expansion in both indigenous Vacancy Rate15.0%Million sq m 0.60 0.40 10.0%and overseas companies, demand for quality office space remained strong. The overall 0.20 5.0% vacancy rate fell 2..46 percentage points to 7.55% in 1Q 2.011. The average office rent soared 7.30% QoQ, to RMB2.06.30 per sq m per month. 0.00 0.0%20082009 20102011 F 2012 FSupplyTake-up Vacancy Rate Significant leasing transactions included the commitment of 2.2.,000 sq m by Toyota Motors at China Overseas Plaza. Meanwhile, Bayer took 30,000 sq m at Jia Ming Centre and Volvo rented 7,000 sq m at Office Park Tower C. Three major en bloc investment sales transactions were concluded in 1Q 2.011. For BEIJING OFFICE CAPITAL AND RENTAL VALUES example, China Minmetals Corporation acquired Fifth Square for a total consideration 450.00 45,000 of RMB4.5 billion. 400.00 40,000 350.00 35,000 mAjor trANsActioNs 300.00 30,000 Capital Values 250.00 25,000 BuildingleAse (l) / teNANt / PurcHAserAreARentals 200.00 20,000sAle (s) (sq ft) 150.00 15,000 100.00 10,000 Fifth Square SChina Minmetals Corporation1,291,20050.00 5,000 Zhongguan PlazaS SOHO China458,400 0.00 0 Jiaming Centre LBayer322,800 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 20102Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F1Q 2011 China Overseas Plaza L Toyota Motor236,700 Rentals (RMB / sq m / Month) Capital Values (RMB / sq m) Office Park Tower CLVolvo 75,300 Beijing IFCLEaton 32,300 CPIC Plaza LZhong Rong Life Insurance 36,600 China Overseas International L BOCOM International Holdings 25,800 Centre CHENGDU OFFICE SUPPLY, TAKE-UP &chengdu VACANCY RATE In 1Q 2.011, there was an absence of brand new office building entry to the market. 0.25 50.0%Thanks to the sustained demand, the average vacancy fell 1.11 percentage points, while 0.20 40.0%the average rental edged up 3.05% QoQ during the period. Both Yanlord Landmark and Aerospace Technology Plaza registered good leasing Vacancy Rate 0.15 30.0%Million sq m 0.10 20.0%progress. Brand new buildings with immediate access to the metro line continued to 0.05 10.0% attract new tenants, notwithstanding the premium rentals. 0.002008 20092010 2011 F2012 F0.0% In the sub-market of Financial Street, rentals saw an increase of 7.14% QoQ in 1Q 2.011.SupplyTake-up Vacancy Rate With the scheduled operation of Metro Line 2. by 3Q 2.012., the two new office developments due for completion in the next couple of years are expected to produce a leasing boom. CHENGDU OFFICE CAPITAL AND RENTAL VALUES mAjor trANsActioNs 225.00 22,500 200.00 20,000 BuildingleAse (l) / teNANt / PurcHAserAreA 175.00 17,500sAle (s) (sq ft) 150.00 15,000 Yanlord Landmark LEVA Air1,200 Capital Values 125.00 12,500Rentals 100.00 10,000 Aerospace Technology Plaza LChengdu Jinkong Loan15,10075.00 7,500 Co. Ltd50.00 5,00025.00 2,500Aerospace Technology Plaza L Adidas 17,200 0.00 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 20102Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F1Q 2011 Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)P. 4| colliers iNterNAtioNAl 5. asia pacific office market overview | 1Q 2011cHiNA GUANGZHOU OFFICE SUPPLY, TAKE-UP &guangzhou VACANCY RATE The completion of three developments in 1Q 2.011 - Huayitai Plaza in Yuexiu, Guangzhou 2.50 50.0%International Financial Centre in Tianhe and Zhongzhou Trade Centre in Haizhu - provided2.0040.0%approximately 2.62.,89.1 sq m of new supply to the market. Accounting for 13.8% of the overall stock, the new stock pushed the vacancy rate upward 6% to 2.3% in 1Q 2.011. Vacancy Rate30.0%Million sq m 1.50 1.00 20.0% With an increase of leasing activities after the Spring Festival, the average office rental 0.50 10.0% was firm at RMB138.7 per sq m per month in 1Q 2.011.0.002008 2009 20102011 F2012 F0.0% Investment demand for small office units was strong in 1Q 2.011 since stock for salesSupplyTake-up Vacancy Rate in Grade A market was limited. The average sales price in 1Q 2.011 was RMB2.6,153 per sq m. The total amount of new supply is predicted to reach 1.12.6 million sq m in 2.011. With the exception of Taikoo Hui in Tianhe North, the other new projects are located in Pearl GUANGZHOU OFFICE CAPITAL River New Town where an increasing number of financial institutions have made the AND RENTAL VALUES 160.00 32,000 district a financial hub of Guangzhou. 140.00 28,000 120.00 24,000 100.00 20,000 mAjor trANsActioNs Capital ValuesRentals 80.0016,000 60.0012,000 BuildingleAse (l) / teNANt / PurcHAser AreA 40.008,000 sAle (s)(sq ft) 20.004,000 POLY CENTER L Guangdong Radio/Television/Internet41,4000.000 Co. Ltd 4Q 2009 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 20091Q 2010 2Q 2010 3Q 2010 4Q 20102Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F1Q 2011 GT. LandL Guangzhou Qisheng Information39,500 Rentals (RMB / sq m / Month) Capital Values (RMB / sq m) Technology Ltd Tianyu-Phase IIIL Hutchison Whampoa Property 21,900Management Ltd SHANGHAI OFFICE SUPPLY, TAKE-UP &shanghai VACANCY RATE It is estimated that more than 1 million sq m of Grade A office space will enter the market 1.50 25.0%in 2.011 but about 36% of the space will be slated for owner occupation. 1.20 20.0% There were more sales transactions of strata-title floors in 1Q 2.011. Floors at Hang Seng Bank Tower (formerly the HSBC Tower), the Shanghai World Financial Centre, and the Vacancy Rate15.0%Million sq m 0.90 0.60 10.0%Tai Ping Financial Tower have been sold to companies seeking to use them for their own 0.30 5.0% office needs. For example, Tomson Real Estate Co. of Taiwan purchased the 72.nd floor of the Shanghai World Financial Centre ( 3,2.2.2. sq m) for RMB2.67 million.0.000.0%2008 200920102011 F 2012 FSupplyTake-up Vacancy Rate While recent policy measures have made major steps toward cooling down the residential real estate market, rising capital values in the commercial sector continue to make office properties attractive to investors. Colliers expects capital values for grade A office space SHANGHAI OFFICE CAPITAL AND RENTAL VALUES to increase by an average of 5% over the next four years.15.00 60,000 mAjor trANsActioNs12.00 48,000 BuildingleAse (l) / teNANt / PurcHAser AreA Capital Values 9.00 36,000sAle (s)(sq ft)Rentals 6.00 24,000 New RichportL Zhao Online / Housane40,900 3.00 12,000 Hongwell International PlazaL Benesse Corporation China32,300 One Prime L Inoherb32,3000.000 Tai Ping Finance Building LShi Tian Investment 29,200 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 20102Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F1Q 2011 BM ICCLModine16,100 Rentals (RMB / sq m / Day) Capital Values (RMB / sq m) Shanghai World Financial Centre S Tomson Group 34,700 Shanghai World Financial Centre SPoly Xiexin 35,700colliers iNterNAtioNAl | P. 5 6. asia pacific office market overview | 1Q 2011 H o N G ko N Ghong kongHONG KONG OFFICE SUPPLY, TAKE-UP & The overall tenancy demand for prime office space remained strong in 1Q 2.011. LargelyVACANCY RATE4.50 9.0%attributable to the sustained expansionary demand among existing tenants, and the4.00 8.0% prevailing trend of limited supply in the marketplace, average Grade A office rentals3.50 7.0%3.00 6.0%increased 12..8% QoQ during the period. Vacancy RateMillion sq ft2.50 5.0%2.00 4.0% With the continued surge of rentals, more professional companies, with floor area 3.0% requirements ranging from 5,000 to 10,000 sq ft, were increasingly reluctant to pay the1.501.00 2.0%0.50 1.0%asking rentals currently fetching above HK$100 per sq ft per month in Central. A number0.00 2008 200920102011 F2012 F 0.0% of medium-sized tenants have been migrating to the adjacent business districts such asSupplyTake-upVacancy RateWanchai and Causeway Bay, where rentals remain relatively low. The local Grade A office market is anticipated to post further growth in anticipation of a sustained imbalance between supply and demand in the marketplace. Given the projectionHONG KONG OFFICE CAPITAL of limited new supply coming online and the buoyant demand fundamentals attributed toAND RENTAL VALUESthe finance industries, average Grade A office rental is predicted to increase 2.5% over150.00 30,000 the next 12. months.125.00 25,000100.00 20,000mAjor trANsActioNs Capital ValuesRentals 75.00 15,000 BuildingleAse (l) /teNANt / PurcHAserAreA 50.00 10,000 sAle (s)(sq ft) 25.00 5,000 Citibank TowerL INVESCO34,2000.00 0 The CenterLGE Capital18,5001Q 20081Q 20092Q 20083Q 20084Q 20082Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 4Q 2012 F Millennium City Phase 1 LZurich47,000 Millennium City Phase 6 LZurich17,000 Rentals (HK$ / sq ft / Month)Capital Values (HK$ / sq ft) C-Bons International Centre LZurich51,000 15/F, Bank of America Tower SOverseas Company13,880 10/F, Worldwide House S Local Investor 16,693 tA i wA NTAIPEI OFFICE SUPPLY, TAKE-UP &taipeiVACANCY RATE With total Grade A office stock remaining at 538,2.9.5 ping, the vacancy rate edged down35,000 35.0% 49. basis points to 14.15% in 1Q 2.011. Hsin Yi was the performing submarket, with average30,000 30.0% vacancy rate falling by 114 basis points to 16.2.4% during 1Q 2.011.25,000 25.0% The average effective rental of Grade A offices increased slightly by 0.5% QoQ to Vacancy Rate20,000 20.0%Ping15,000 15.0% NT$2.,458 per ping per month in 1Q 2.011, thanks to the demand from newcomers and10,000 10.0% the expansion of existing financial institutions. In Hsin Yi, rentals increased marginally 5,000 5.0%00.0% to NT$2.,837 per ping per month during 1Q 2.011, since the vacancy rate was higher than-5,000 2008 2009 2010 2011 F2012 F -5.0% the average level.SupplyTake-upVacancy Rate On the sales front, Cathay Life Insurance Co. bought 2.,854.34 ping (including car park) at Taipei Financial Centre for NT$3.2.42. billion. The unit price was actually a record highTAIPEI OFFICE CAPITAL AND RENTAL VALUESin the Grade A office market. 3,000 1,200,000 mAjor trANsActioNs 2,500 1,000,000leAse 2,000 800,000 Building(l) /teNANt / PurcHAserAreA Capital Values sAle (s) (sq ft)Rentals 1,500 600,000 Shin Kong Manhattan Financial Center LHSBC, LCS & Partners 41,800 1,000 400,000 Chuan Feng Sheng Hsin Yi 105 BuildingL Bank of China 35,600500200,000 Nan Shan Min Sheng BuildingL Corning Glass 30,00000 TAIPEI 101 LTaiwan Ratings 15,6001Q 20081Q 20092Q 20083Q 20084Q 20082Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 2010 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 4Q 2012 F 1Q 2011Corporation Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)Taipei Financial CenterSCathay Life Insurance Co.50,700 Taipei Financial CenterSCathay Life Insurance Co.50,800P. 6 | colliers iNterNAtioNAl 7. asia pacific office market overview | 1Q 2011s o u t H ko r e A SEOUL OFFICE SUPPLY, TAKE-UP &seoul VACANCY RATE The average office vacancy rate edged down from 7.13% in 4Q 2.010 to 5.06% in 1Q250,00015.0% 2.011, thanks to the strong demand registered in CBD and GBD. In the CBD, vacancy fell200,00012.0% from 11.7% in 4Q 2.010 to 8.79.% in 1Q 2.011. However, with ample supply coming into150,0009.0% the market in the next few quarters, the current tenants market will continue until the Vacancy Rate end of 2.012..Pyung100,0006.0% 50,0003.0% Office rentals saw a mild decline of 0.2.7% QoQ in 1Q 2.011. Rentals in the CBD and GBD 0 0.0%fell 0.31% QoQ and 1.41% QoQ, respectively. However, in the YBD area, monthly rental20082009 20102011 F2012 F-50,000 increased 1.9.5% QoQ due to the low vacancy rate of 2..88% in 1Q 2.011. -3.0% Supply Take-up Vacancy Rate Notwithstanding the uninspiring rental rates, capital values continued to hold firm in 1Q 2.011. Amongst the few sales transactions, the highlight was the re-acquisition of SK building in the CBD by SK Energy JV National Pension Service, who had sold the SEOUL OFFICE CAPITAL AND RENTAL VALUES development to Merrill Lynch JV Shinhan Bank for short-term financing in 4Q 2.005.250,00025,000,000200,00020,000,000 mAjor trANsActioNs Capital Values150,00015,000,000 Building leAse (l) /teNANt / PurcHAser AreARentals100,00010,000,000sAle (s) (sq ft) 50,0005,000,000 YTN BuildingL Shinhan Card 36,900 Teherran Building LRush and Cash 24,900 0 0 Naeoi BuildingLSK E&C36,800 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 20102Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F1Q 2011 Imgwang BuildingL SK Communications34,500Rentals (Won / Pyung / Month) Capital Values (Won / Pyung) SK Building S SK Energy JV National 863,400 Pension Service (NPS) Hohae BuildingSESTsoft Corp 100,300 POSCO ICT BuildingS Bundang Woori Church237,000jA PA N TOKYO OFFICE SUPPLY, TAKE-UP &tokyo VACANCY RATE Market weakness continues to induce firms to relocate, but not to significantly larger200,00010.0% premises.180,0009.0%160,0008.0%140,0007.0% Seismic concerns expected to spur interest in newer buildings. Vacancy Rate120,0006.0%Tsubo100,0005.0% 4.0% Rents continue to hit new lows as large incentives including free rent become common. 80,000 60,0003.0% 40,0002.0% Vacancy slightly increasing with a number of new building completions pending. 20,0001.0% 0 0.0%20082009 2010 2011 F 2012 F Supply Take-up Vacancy Rate mAjor trANsActioNs Building leAse (l) /teNANt / PurcHAser AreA sAle (s) (sq ft) TOKYO OFFICE CAPITAL AND RENTAL VALUES Kodansha Mejirodai Building L Mitsubishi UFJ319,500 60,00012,000,000Morgan Stanley 50,00010,000,000Shibuya Hikarie L DeNA177,500 40,0008,000,000 Hamarikyu Intercity L Tokai53,250 Capital Values Iino Building LSojitsu248,500Rentals 30,0006,000,000 20,0004,000,000 Iino Building LKanpo Life 142,000 10,0002,000,000 0 0 1Q 2008 3Q 2010 4Q 2010 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 20102Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F1Q 2011Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)colliers iNterNAtioNAl |P. 7 8. asia pacific office market overview | 1Q 2011 i N D o N es i AJAKARTA OFFICE SUPPLY, TAKE-UP &jakartaVACANCY RATE Indonesia moved closer to attaining an investment grade rating, after Fitch Ratings raised400,000 20.0%the countrys outlook from stable to positive. This is expected to give positive impact to the investment climate and trigger new business in the form of acquisition, expansion300,000 15.0% and relocation, thus boosting the demand in the office market. Vacancy Ratesq m200,000 10.0% Due to the projection of less new supply coming into the market in 2.011, landlords100,000 5.0% remained confident in raising their asking rentals in 1Q 2.011.02008200920102011 F 2012 F0.0% With an increase in steel prices, strata-title office prices are anticipated to edge up SupplyTake-up Vacancy Rate further. This is particularly the case given the average occupancy rate of strata-title office occupancy rate at 9.0%.JAKARTA OFFICE CAPITAL AND RENTAL VALUES In anticipation of ongoing corporate relocations and expansions, the demand of the local office looks healthy.200,000 25,000,000180,000 22,500,000160,000 20,000,000 mAjor trANsActioNs140,000 17,500,000 Building leAse (l) / teNANt / PurcHAserAreA Capital Values120,000 15,000,000Rentals100,000 12,500,000 sAle (s) (sq ft) 80,000 10,000,000 60,000 7,500,000Sentral Senayan 3LMaybank445,500 40,000 5,000,000 20,000 2,500,000 Wisma MuliaL BP Migas312,200 00Plaza Kuningan L Manulife64,600 1Q 2008 1Q 2009 2Q 2008 3Q 2008 4Q 2008 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F The PlazaLAcer Indonesia 18,900 Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m) UOB PlazaL Midtou15,200 Menara FIF LTotal Oil Indonesia10,800 Sentral Senayan 2LYahoo 9,700 m A l Ays i AKUALA LUMPUR OFFICE SUPPLY, TAKE-UP kual a lumpur& VACANCY RATE The local economy grew about 7% in 2.010. With the governments announcement of the Entry Point Projects, the economy is expected to grow further at 5 - 6% in 2.011. 3.50 35.0% 3.00 30.0% 2.50 25.0% Since there was no completion of new development in 1Q 2.011, the total prime office Vacancy RateMillion sq ft 2.00 20.0% stock in KLCA remained the same at 2.8.12.9. million sq ft. 1.50 15.0% 1.00 10.0% Completion of individual projects has been deferred from late 2.010 to 2.011. With a total 0.50 5.0% of over 3 million sq ft new space coming on line by the end of 2.011, competition for 0.00 0.0%2008200920102011 F2012 F tenants is anticipated to intensify. SupplyTake-up Vacancy Rate Prime office rental and capital values improved slightly in 1Q 2.011. The overall market is predicted to remain stable over the near term.KUALA LUMPUR OFFICE CAPITAL ANDRENTAL VALUES12.00 1,200 mAjor trANsActioNs10.00 1,000Building leAse (l) / teNANt / PurcHAserAreA 8.00 800 sAle (s) (sq ft)Capital Values Wisma KLIH S Wonderful Vantage Sdn Bhd 55,208Rentals 6.00 600 4.00 400 Dua SentralSTenaga Nasional Berhad 429,630 2.00 200 Putra Place (part of a mixed-SSunway Real Estate Undisclosed use development comprising a Investment Trust ("SUNREIT") 0.00 0 shopping mall, hotel and office) 4Q 2009 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F Menara Pan Global L Pacific Regency Hotel Suites 30,700 Rentals (Ringgit / sq ft / Month) Capital Values (Ringgit / sq ft)Data sourced from C H Williams Talhar & Wong Sdn BhdP. 8| colliers iNterNAtioNAl 9. asia pacific office market overview | 1Q 2011P H i l i PP i N esMANILA OFFICE SUPPLY, TAKE-UP &manil aVACANCY RATE Due to lack of available space in Makati, emerging markets have sprouted in different120,000 12.0%areas in Metro Manila such as Eastwood City, Mandaluyong City and Bonifacio Global100,000 10.0% City to accommodate the expansion needs of BPO companies.80,0008.0% As at the end of 2.011, prime office stock was at 865,59.1 sq m. Vacancy Rate60,0006.0%sq m40,0004.0%20,0002.0% Office rents increased 6.3% YoY in 1Q 2.011, while capital values edged up 5.6% during 02008200920102011 F 2012 F0.0% the same period.-20,000 -2.0%-40,000 -4.0% SupplyTake-up Vacancy Rate mAjor trANsActioNs Building leAse (l) /teNANt / PurcHAserAreAMANILA OFFICE CAPITAL AND RENTAL VALUES sAle (s)(sq ft)1,200 120,000Trafalgar Plaza L Pro V International 52,5001,000 100,000(Philippines) 80080,000Capital ValuesRentals 60060,000 40040,000 20020,000 00 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 FRentals (Peso / sq m / Month)Capital Values (Peso / sq m) siNGAPoresingaporeSINGAPORE OFFICE SUPPLY, TAKE-UP & Underpinned by burgeoning business confidence and the continued flight to qualityVACANCY RATE 2.50 25.0%amongst occupiers, the average gross Grade A office rental in the CBD chalked up a further growth of 6.1% QoQ, to reach S$8.39. per sq ft per month at the end of 1Q 2.011.2.0020.0% Marsh & McLennan Group pre-committed 9.0,000 sq ft office space at Asia Square Vacancy Rate 1.50 15.0%Million sq ft 1.00 10.0% Tower 1, which is due to complete in 2.Q 2.011. Meanwhile, BNP Paribas expanded its requirements at Ocean Financial Centre from 70,000 sq ft to about 140,000 sq ft. 0.50 5.0%0.000.0% The average occupancy rates for Grade A office space in the CBD dipped marginally20082009 20102011 F2012 F for the first time in six quarters to 9.4.2.% in 1Q 2.011, due to new supply such as OUE SupplyTake-up Vacancy Rate Bayfront and space vacated by tenants who have relocated to new office development such as Marina Bay Financial Centre (MBFC).SINGAPORE OFFICE CAPITAL ANDRENTAL VALUES Despite ample new supply of 2..1 million sq ft slated to complete in 2.011, continued flight 30.003,000to quality has seen their overall pre-commitment rates edge up from 50% to 60% in 25.002,5001Q 2.011. In addition, with the governments effort in entrenching Singapores position 20.002,000as a Financial Hub, occupier demand for office space in Singapore could remain on anCapital Values expansionary mode. Rentals are thus predicted to increase 15-2.0% in 2.011.Rentals15.00 1,50010.00 1,000 mAjor trANsActioNs 5.00 500 BuildingleAse (l) /teNANt / PurcHAser AreA0.000sAle (s) (sq ft) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 FAsia Square Tower 1Lease Marsh & McLennan Group90,000Rentals (Singapore$/ sq ft / Month)Capital Values (Singapore$ / sq ft)Ocean Financial Centre LeaseFreehills11,250Suntec City Tower 3Lease Compuware Asia Pacific8,50016 Collyer Quay (49% stake) Sale NTUC Income278,400*Capital SquareSale NTUC Income and Alpha 386,500Investment PartnersPrudential Tower (4 floorsSaleK-REIT Asia48,200from 26th-29th storey)* Total NLA of 16 Collyer Quay colliers iNterNAtioNAl | P. 9 10. asia pacific office market overview | 1Q 2011 tHAilAND Bangkok BANGKOK OFFICE SUPPLY, TAKE-UP & The overall office market conditions remained soft in 1Q 2.011. With very few transactions, VACANCY RATE120,00024.0%office rentals were flat.100,00020.0% Uncertainties on the national election and global economic climate are anticipated to80,000 16.0%restrain any significant rental surge over the near term.Vacancy Ratesq m60,000 12.0%40,000 8.0% No supply was added in 1Q 2.011 but the introduction of Sathorn Square, comprising a20,000 4.0% total floor area of 70,000 sq m in 2.Q 2.011, will lead to an increase of market activity 0 0.0% within the CBD. However occupancy is predicted to fall during the rest of 2.011.20082009 20102011 F 2012 F SupplyTake-up Vacancy Rate The country is beginning to wake up to the opportunities of the ASEAN Economic Area,which will come into full effect in 2.015 and could create a much needed spur to the BANGKOK OFFICE CAPITAL AND RENTAL VALUES office market in Bangkok.1,400 140,000mAjor trANsActioNs1,200 120,0001,000 100,000BuildingleAse (l) / teNANt / PurcHAser AreA sAle (s)(sq ft) Capital Values 80080,000Rentals 60060,000Lao Peng NguanL Thai Beverage Plc. 46,000 40040,000Asia Centre LAstra Zeneca (Thailand) Co. Ltd 15,100 20020,000Sun Tower LThe Government Saving Bank7,100 00 Sun Tower L Toyota Leasing (Thailand) Co. Ltd14,100 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 FRentals (Baht/ sq m / Month)Capital Values (Baht / sq m) vietNAm ho chi minh cit y HO CHI MINH CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE With a rise of vacancy, Grade A office rentals decrease 9..5% QoQ in 1Q 2.011.180,00030.0%150,00025.0% However, rental rates are likely to stabilise during the rest of 2.011, since there will be120,00020.0%no major new developments coming on line during the period.Vacancy Rate90,000 15.0% Growing inflationary pressure, devaluation of local currency and the prevailing externalsq muncertainties are expected to impact overall occupational demand in 2.011.60,000 10.0%30,000 5.0% 0 0.0%20082009 20102011 F2012 F mAjor trANsActioNs-30,000-5.0% SupplyTake-up Vacancy RateBuildingleAse (l) / teNANt / PurcHAserAreA sAle (s) (sq ft)Kumho L Trillion65,700 HO CH MINH CITY OFFICE RENTAL VALUES Kumho LBAT 161,50070Kumho LKB Bank53,80060Kumho LEximbank 78,60050Bitexco Financial Tower LViet Capital Securities75,30040Bitexco Financial Tower LRegus 107,200Rentals30Bitexco Financial Tower LThai Thinh Capital 64,60020 10 0 1Q 2008 3Q 2010 4Q 2010 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 FRentals (US/ sq m / Month)P. 10| colliers iNterNAtioNAl 11. asia pacific office market overview | 1Q 2011iNDiABengaluru (Bangalore)BENGALURU OFFICE SUPPLY, TAKE-UP &VACANCY RATE About 75,000 sq ft of new office space was added to the Grade A office market in 1Q12.00 24.0%2.011. Approximately 115,000 sq ft of Grade A office space is expected to complete in10.00 20.0%2.Q 2.012..8.0016.0% The market saw sustainable rising leasing activities during 1Q 2.011. Demand was Vacancy RateMillion sq ft6.0012.0% predominantly underpinned by the IT/ITeS and financial sectors. The average Grade A4.008.0% office rents increased by about 3% QoQ in 1Q 2.011.2.004.0%0.000.0% In view of rising demand and positive market sentiment, developers started to launch2008 200920102011 F2012 F SupplyTake-up Vacancy Rate new commercial projects. Projects launched in 1Q 2.011, including Brigade Rubix, Prestige Exora II&III, and Alyssa, will contribute about 2. million sq ft of floor area to the total stock upon completion by end-2.012..BENGALURU OFFICE CAPITAL ANDRENTAL VALUESmAjor trANsActioNs808,000707,000Building leAse (l) / teNANt / PurcHAser AreA606,000sAle (s)(sq ft)5,00050 HM Vibha Tower LAmoeba33,000Capital ValuesRentals404,000 Global Tech VillageL Northern Operating System80,000303,000202,000Global Tech VillageLMphasis 86,000101,000Stand Alone Building A & C LRenesas Electronics 82,0000 0 Royal StoneLTRX Technology24,000 3Q 2009 4Q 2009 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F World Trade Centre L Amazon Software India80,000Rentals (Rupee/ sq ft / Month) Capital Values (Rupee / sq ft) Pvt Ltd Shankar Narayan Tower IL Altean 30,000 World Technology CentreL Ericsson100,000CHENNAI OFFICE SUPPLY, TAKE-UP &chennaiVACANCY RATE No major Grade A office development was completed in 1Q 2.011. Approximately 0.9.16.00 32.0%million sq ft of Grade A office space is expected to complete in 2.Q 2.011.14.00 28.0%12.00 24.0% Sizeable leasing deals concluded in 1Q 2.011 were mostly concentrated in the special10.00 20.0% economic zones. Vacancy RateMillion sq ft8.0016.0%6.0012.0% Amid positive economic sentiment, leasing market activities was active, with rentals4.008.0%2.004.0% showing further upward momentum. Developments in CBD witnessed the most notable0.000.0% rental increases.2008 200920102011 F2012 F SupplyTake-up Vacancy Rate Rentals are expected to remain stable in the short to medium term. However, with an increasing number of IT buildings being converted into non-IT buildings, rentals ofCHENNAI OFFICE CAPITAL AND individual non-IT office space are going to see more downward pressure.RENTAL VALUES808,000mAjor trANsActioNs707,000 Building leAse (l) / teNANt / PurcHAser AreA606,000 sAle (s)(sq ft)505,000Capital Values DLF SEZ L Virtusa 50,000Rentals404,000303,000 Ramanujan IT SEZL Scientific Publishing Services25,000202,000 Ramanujan IT SEZL HP 150,000101,000 00 Ramanujan IT SEZL Infosys 50,000 Ramanujan IT SEZL TWG Applied 25,000 1Q 2008 1Q 2009 2Q 2008 3Q 2008 4Q 2008 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F AscendasL Zebra Technologies20,000Rentals (Rupee/ sq ft / Month) Capital Values (Rupee / sq ft) Triton Square LBGR Energy 36,000 Menons EternityL Fitchner India20,000 Prince Infocity 2 S Prodapt 35,000 colliers iNterNAtioNAl | P. 11 12. asia pacific office market overview | 1Q 2011 iNDiAmumBaiMUMBAI OFFICE SUPPLY, TAKE-UP & In 1Q 2.011, Lotus Info Park in Parel (SBD) and Times Square in Andheri (PBD) wereVACANCY RATE18.00 24.0%completed, thus adding about 0.5 million sq ft of Grade A office space to the market.15.00 20.0% C-66 in Bandra Kurla Complex (BKC), comprising a total floor area of about 1.5 million sq12.00 16.0% ft, was launched in 1Q 2.011. Elsewhere, Raheja developers Xion in Byculla and Dheeraj Vacancy RateMillion sq ft 9.00 12.0% Realtys August House in Andheri were also launched during the period.6.008.0%3.004.0% The average rental remained stable across the board. However, submarkets such as0.000.0% Lower Parel in SBD and Andheri (E), Malad, Navi Mumbai and Thane in PBD saw slight20082009 20102011 F2012 F downward adjustments, due to large new supply coming on line over the short to medium SupplyTake-up Vacancy Rate run.MUMBAI OFFICE CAPITAL AND RENTAL VALUES 35070,000 30060,000 mAjor trANsActioNs 25050,000 BuildingleAse (l) /teNANt / PurcHAserAreACapital Values 20040,000sAle (s)(sq ft)Rentals 15030,00020,000 G CorpLSterling Infosystems50,000 1005010,000 KaliedoniaLPriviledge45,000 00Indiana Business Centre LStar TV 14,400 1Q 2008 4Q 2010 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F KaliedoniaL Goyal & company10,000 Ackruti Solaris S Ace Energy 15,000Rentals (Rupee/ sq ft / Month) Capital Values (Rupee / sq ft) Ackruti Solaris S Hanger Biotech 20,000new delhiNEW DELHI OFFICE SUPPLY, TAKE-UP &VACANCY RATE Thanks to buoyant demand, the average office rental increased 1.1% QoQ in 1Q 2.011.12.00 24.0% No new supply was added in either the CBD or SBD during 1Q 2.011 but about 0.3 million10.00 20.0% sq ft of Grade A office space was completed in Gurgaon (PBD) during the period.8.0016.0% Vacancy RateMillion sq ft6.0012.0% In order to further boost real estate developments, the Delhi Development Authority (DDA)4.008.0% is planning to introduce a new land policy on the model of public-private participation in2.004.0% land assembly, development, constructions, management and maintenance.0.000.0%2008 200920102011 F2012 F SupplyTake-up Vacancy Rate mAjor trANsActioNs Building leAse (l) / teNANt / PurcHAserAreA sAle (s) (sq ft)NEW DELHI OFFICE CAPITAL AND RENTAL VALUES Malcha Marg LGazprom Bank 1,800 35035,000 Gopaldas Bhavan L BSE16,000 30030,000 The GrandeL MCX 4,000 25025,000 MGF MetropolitanLAvaya 15,000Capital Values 20020,000 VijayaLUndisclosed 11,000Rentals 15015,000 Unitech Cyber ParkL Infosys30,000 10010,000 Vipul Plaza L Avaya India12,000505,000 Unitech Infospace LGenpact200,000 00 DLF Cyber CityLPublicis70,000 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F Spaze IT Park LCapegemini80,000Rentals (Rupee/ sq ft / Month) Capital Values (Rupee / sq ft)P. 12| colliers iNterNAtioNAl 13. asia pacific office market overview | 1Q 2011Aust r A l i AADELAIDE OFFICE SUPPLY, TAKE-UP &adel aideVACANCY RATE Supported by positive investor sentiment, the Adelaide office market has performed well.Office yields are expected to compress further throughout 2.011. 90,000 9.0% 80,000 8.0% 70,000 7.0% 60,000 6.0% Offshore groups, super funds and institutions are once again in the market and investorsVacancy Rate 50,000 5.0%yet again looking at expanding their portfolios. The prospective increase in leasing sq m 40,000 4.0% 30,000 3.0%activities across CBD has positive implications for investors. 20,000 2.0%10,0001.0% There was an increase of enquiries during 1Q 2.011. With no new supply coming on line0 2008 200920102011 F2012 F0.0%over the next two years, the overall vacancy rate is expected to fall steadily. SupplyTake-upVacancy Rate Positive absorption rate will continue at least until 2.013, thus creating continued upwardpressure on rents over the next couple of years.ADELAIDE OFFICE CAPITAL AND RENTAL VALUES700 7,000mAjor trANsActioNs600 6,000500 5,000 BuildingleAse (l) / teNANt / PurcHAserAreA sAle (s) (sq ft)Capital Values400 4,000 Rentals300 3,000 151 South Terrace LTransfield Services17,400200 2,000 151 South Terrace LData Action Pty Ltd16,900100 1,000 400 King William Street L Health Workforce Australia21,9000 0 Riverside Centre, SAtlantik (via Charter Hall) 246,9001Q 20082Q 20083Q 20084Q 20081Q 20092Q 20093Q 20094Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 4Q 2012 FNorth Terrace Rentals (Australian $/ sq m / Year) Capital Values (Australian $ / sq m)BRISBANE OFFICE SUPPLY, TAKE-UP & BrisBaneVACANCY RATE During 2.010, leasing and sales activity in both occupier and investor markets was 180,00018.0% strong, as evidenced by the increasing number of total transactions in the Brisbane CBD. 160,00016.0% 140,00014.0%Tenant demand is anticipated to be supported by solid levels of employment growth 120,00012.0% and expansionary requirement from tenants engaged in the energy, resources, andVacancy Rate 100,00010.0%professional services sectors. sq m 80,000 8.0% 60,000 6.0% 40,000 4.0% REITs and institutional investors have accounted for most of the transactions involving 20,000 2.0%prime passive assets. Some of these investors also acquired secondary assets for0.0%02008 200920102011 F2012 F inclusion in funds with higher risk-return targets. Private investors were the key SupplyTake-upVacancy Ratebuyers for secondary assets offering the potential for improved returns through activemanagement. BRISBANE OFFICE CAPITAL AND RENTAL VALUES With an anticipated short term rise in vacancy, prospective rental growth will be limitedbefore 2.013. By the end of 2.011, the prime vacancy rate is predicted to reach circa 9.%.1,20012,0001,00010,000 The interest rate outlook may involve a marginal tightening of cash rate in response8008,000to rising inflationary pressures. This will have an effect on the cost of capital and mayCapital Valuesimpact transaction activity and pricing, though the improvement in investor sentimentRentals6006,0004004,000is likely to provide some counterbalance.2002,00000mAjor trANsActioNs3Q 20094Q 20091Q 20082Q 20083Q 20084Q 20081Q 20092Q 2009 1Q 20102Q 20103Q 20104Q 20101Q 2011 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 4Q 2012 FBuildingleAse (l) / teNANt / PurcHAserAreA Rentals (Australian $/ sq m / Year) Capital Values (Australian $ / sq m) sAle (s) (sq ft)Brisbane Transit Centre, L Worley Parsons 88,700151-171 Roma Street12 Creek StreetL BHP Billiton 57,700111 Eagle Street L Norton Rose53,800Riverside Centre,LAllens Arthur Robinson50,600123-141 Eagle Streetcolliers iNterNAtioNAl |P. 13 14. asia pacific office market overview | 1Q 2011 Aust r A l i A CANBERRA OFFICE SUPPLY, TAKE-UP & canBer ra VACANCY RATE Leasing demand of Grade A office in Canberra CBD was buoyant in 1Q 2.011. 80,00016.0% 70,00014.0% Local market conditions were strong, with positive employer sentiment and tenants 60,00012.0%looking to upgrade to better quality premises during the period. 50,00010.0%Vacancy Ratesq m40,000 8.0% No new supply will be delivered to the CBD during 2.011 and this will create downward 30,0006.0%pressure on vacancy levels.20,000 4.0% 10,0002.0% The recent sale of the AusAid Building with a yield at 7.2.4% reflected Grade A office 0 0.0% 20082009 2010 2011 F2012 Fyields remaining relatively steady over the period. SupplyTake-upVacancy Rate CANBERRA OFFICE CAPITAL AND RENTAL VALUESmAjor trANsActioNs 800 8,000Building leAse (l) / teNANt / PurcHAserAreA 700 7,000sAle (s) (sq ft) 600 6,000AusAid Building, Canberra CBD S Emboss 98,700 500 5,000 Capital ValuesPharmacy Guild House, BartonSLocal private investor69,200Rentals 400 4,000 300 3,000121 Marcus Clarke StreetL Military Super5,800 200 2,000121 Marcus Clarke StreetLARIA15,400 100 1,000121 Marcus Clarke StreetLAustralian National University15,100 0 0 4Q 2009 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 FRentals (Australian $/ sq m / Year)Capital Values (Australian $ / sq m) MELBOURNE OFFICE SUPPLY, TAKE-UP & melBourne VACANCY RATE There are no new buildings due for delivery in 2.011. Overall vacancy rate of Grade A250,00010.0%offices is expected to bottom at approximately 3.7% in January 2.012. amid rising demand.200,0008.0% It is likely that more projects will be announced during 2.011. However, these developments Vacancy Rate150,0006.0%will not be available until 2.013/2.014. Against the current backdrop, Grade A office rentals sq m100,0004.0% are predicted to rise 18% in 2.011. 2.0%50,000 Limited available space in central business districts, coupled with increasing rents, will00.0% prompt tenants planning to decentralise to fringe or suburban districts.2008 2009 2010 2011 F2012 FSupplyTake-up Vacancy Rate Low levels of new supply, strong demand from tenants and positive rental growth arelikely to spark investor activity in the Melbourne CBD. This is likely to drive capital valuesover the next three years. MELBOURNE OFFICE CAPITAL AND RENTAL VALUES 700 7,000mAjor trANsActioNs 600 6,000 500 5,000Building leAse (l) / teNANt / PurcHAserAreAsAle (s) (sq ft) Capital Values 400 4,000Rentals 300 3,000Goods Shed South LPearson79,600 200 2,000850 Collins Street L Aurecon 96,800 100 1,000717 Bourke StreetSREST471,300 0 0750 Collins Street S Commonwealth Property438,400 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 FOffice FundRentals (Australian $/ sq m / Year)Capital Values (Australian $ / sq m) 180 Lonsdale StreetS Commonwealth Property433,000Office FundP. 14| colliers iNterNAtioNAl 15. asia pacific office market overview | 1Q 2011Aust r A l i A PERTH OFFICE SUPPLY, TAKE-UP & perth VACANCY RATE The leasing market generally reverted to a landlords market, with rents rising and120,00012.0%incentives tightening in 1Q 2.011.100,00010.0% 80,0008.0% Resource sector investment spending remained strong, leading to strong leasing enquirylevels.Vacancy Rate 60,0006.0%sq m 40,0004.0% 20,0002.0% Perth is now starting to gear up for the next growth phase after strong demand growth 0 2008 20092010 2011 F2012 F 0.0%in 2.010. Demand will continue to strengthen over the next two years. With limited supply,-20,000-2.0%overall vacancy rate will continue to trend downwards.-40,000-4.0% SupplyTake-up Vacancy Rate Amid the strong economic environment, investment sales activity picked up additionalmomentum in 1Q 2.011 after a quiet period during 2.009. and 2.010. PERTH OFFICE CAPITAL AND RENTAL VALUES1,00010,000 mAjor trANsActioNs 900 9,000 800 8,000Building leAse (l) / teNANt / PurcHAserAreA 700 7,000sAle (s) (sq ft) Capital Values 600 6,000Rentals 500 5,00099 St Georges TerraceSPrivate Investor 66,300 400 4,000 300 3,000182 St Georges Terrace SStandard Life57,500 200 2,0001001,000 0 0 1Q 2008 1Q 2009 4Q 2010 2Q 2008 3Q 2008 4Q 2008 2Q 2009 3Q 2009 4Q 20091Q 2010 2Q 2010 3Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 FRentals (Australian $/ sq m / Year)Capital Values (Australian $ / sq m) SYDNEY OFFICE SUPPLY, TAKE-UP & sydney VACANCY RATE Effective office rents edged up slowly since landlords started reducing incentive levels200,00012.0%amid the continued strengthening of demand during 1Q 2.011.150,0009.0% Ongoing white-collar employment growth across Sydney as a result of corporate growth100,0006.0%underpinned the demand for offices during 1Q 2.011.Vacancy Ratesq m 50,0003.0% 0 0.0% The investment sales market has continued to show good levels of demand, with a 2008 20092010 2011 F2012 F-50,000number of major transactions currently in due diligence. -3.0%-100,000 -6.0% No new developments were completed in 1Q 2.011. The completion of 1 Bligh Street, SupplyTake-up Vacancy Ratecomprising 42.,750 sq m of premium quality office space, will be coming onto the marketduring the remainder of 2.011. SYDNEY OFFICE CAPITAL AND RENTAL VALUESmAjor trANsActioNs1,60016,000 Building leAse (l) / teNANt / PurcHAserAreA1,40014,000 sAle (s) (sq ft)1,20012,000 10,00055 Clarence StreetSEureka Funds Management164,1711,000 Capital Values310-320 Pitt Street SMacarthurCook Industrial 313,864Rentals 800 8,000 600 6,000 Fund 400 4,000201 Elizabeth Street LCambridge Integrated 23,500 200 2,000Services 0 0201 Elizabeth Street L Harper Collins23,300 1Q 2008 1Q 2009 4Q 2009 2Q 2008 3Q 2008 4Q 2008 2Q 2009 3Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F30-34 Grosvenor Street LMcCannWorld group44,700Rentals (Australian $/ sq m / Year)Capital Values (Australian $ / sq m) colliers iNterNAtioNAl |P. 15 16. asia pacific office market overview | 1Q 2011 New zeAlANDauckl and AUCKLAND OFFICE SUPPLY, TAKE-UP & New leasing deals were reported at 2.1 Queen Street and 151 Queen Street in Auckland VACANCY RATE80,00016.0%City. This included the Serious Fraud Office relocating to 2.1 Queen Street on a twelve-70,00014.0%year term.60,00012.0%50,00010.0% Grade A office vacancy is anticipated to edge down over the near term but the development Vacancy Ratesq m40,0008.0% of new ASB headquarters on Wynyard Quarter is forecast to drive vacancy upwards in30,0006.0%20,0004.0% the medium term. 10,000 2.0% 00.0% Investment activity remained weak in 1Q 2.011. However, both prime and secondary grade2008 200920102011 F 2012 F office yields were stable, at 7.9.% and 10.2.%, respectively.Supply Take-up Vacancy Rate Looking ahead, Grade A office rents are forecast to fall further by 1.3% over the next 12. AUCKLAND OFFICE CAPITAL AND months, while capital values will decrease by 5.1%. RENTAL VALUES 6006,000 mAjor trANsActioNs 5005,000 4004,000 BuildingleAse (l) /teNANt / PurcHAserAreAsAle (s)(sq ft)Capital ValuesRentals 3003,000 360-370 Queen StreetS Private Investor 35,500 2002,000 AXA BuildingS Robt. Jones Investments 186,800 1001,000 51-53 Albert Street SSoung Yueen & Co. Ltd6,900 00 21 Queen Street L Serious Fraud Office NZ 9,800 3Q 2009 4Q 2009 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F 21 Queen Street L Willis9,800Rentals (New Zealand $/ sq m / Year) Capital Values (New Zealand $ / sq m) 151 Queen StreetLSAP8,200 WELLINGTON OFFICE SUPPLY, TAKE-UP &wellington VACANCY RATE Wellington CBD office vacancy climbed from 7.2.% in June 2.010 to 9..9.% in December100,000 5.0% 2.010. The upward trend in vacancy is expected to continue, as an additional 2.0% of80,0004.0% prime grade office stock is expected to be completed in 2.011. Grade A office rents and capital values saw a drop of 5.6% and 7%, respectively, during Vacancy Rate60,0003.0%sq m40,0002.0% the 12.-month period ending March 2.011. However, both indicators are expected to stabilise in the next twelve months.20,0001.0% 00.0% Despite the weak investment activity, the market in 1Q 2.011 was highlighted by the sale2008 200920102011 F 2012 FSupply Take-up Vacancy Rate of Westpac Tower by Wholesale Australian Property Fund to Donna Properties for NZ$2.5 million. In general, prime and secondary office yields were ranging from 8.2.% to 9..7% as of 1Q 2.011. WELLINGTON OFFICE CAPITAL AND RENTAL VALUES mAjor trANsActioNs 6006,000 5005,000Building leAse (l) / teNANt / PurcHAserAreA 4004,000 sAle (s) (sq ft)Capital Values Radio New Zealand House SPrivate Investor 2,900Rentals 3003,0002,000 Westpac Tower S Donna Properties103,600 200 Radio New Zealand House LLand Information New Zealand52,700 1001,000 Majestic Centre L Training Rooms Wellington Ltd 6,800 00 Sovereign House L Open Cloud5,500 4Q 2009 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 20091Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 20112Q 2011 F3Q 2011 F4Q 2011 F1Q 2012 F2Q 2012 F3Q 2012 F4Q 2012 F 141 The Terrace L Asia NZ Foundation5,700Rentals (New Zealand $/ sq m / Year) Capital Values (New Zealand $ / sq m)P. 16| colliers iNterNAtioNAl 17. asia pacific office market overview | 1Q 2011Pr i m e o ff il i A e N tA lAust r A c e r RENTALS (US$ / SQ FT / YEAR)0.0020.00 40.0060.0080.00100.00120.00 140.00Hong Kong Tokyo SingaporeSydney PerthBrisbane Mumbai New Delhi Ho Chi Minh City MelbourneShanghaiCanberraBeijingAdelaide Taipei Kuala Lumpur Wellington BangkokGuangzhou SeoulChengduAucklandJakarta Manila Chennai BengaluruNote: 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"colliers iNterNAtioNAl |P. 17 18. asia pacific office market overview | 1Q 2011 t r e N D s & fo r ec A s t s city New supply take-up Average vacancytotal stock Average rentals (sq ft)(sq ft)(%)(sq ft) (us$ / sq ft / year) 2011 f 2012 f 2011 f 2012 f2011 f 2012 f 2011 f2012 f 2011 f 2012 f BeijiNG CBD2.,436,78603,051,69.5860,75713.6 9..1 19.,2.47,683 19.,2.47,683 40.9.7 42..32. Zhongguancun 475,764 0457,767 13,767 1.2.1.08,09.5,52.9.8,09.5,52.9.31.72.32..49. Financial Street 0 0 86,057614 1.0 1.010,2.38,719.10,2.38,719. 42..84 43.65 Lufthansa 1,431,59.9.0 1,660,1162.37,2.58 9..3 6.5 8,413,549.8,413,549.32..62.33.52. East Chang An Avenue 0 0106,9.61 6,308 1.3 1.2. 6,307,0646,307,064 33.09. 34.19. East 2.nd Ring 01,52.1,2.51154,1181,336,2.52. 9..010.03,2.54,379.4,775,63030.9.130.53 cHeNGDu Renmin Road 1,42.8,886 1,858,818 447,42.2.1,034,42.2.30.0 35.03,476,2.88 3,476,2.882.2..452.2..9.6 CBD0 0589.,7612.06,416 2.0.013.02.,9.48,803 2.,9.48,8032.2..2.7 2.2..9.6 Financial Street 0 538,19.535,056 442.,816 10.0 14.0500,801500,8012.5.512.5.51 GuANGzHou Yuexiu 344,445 019.0,9.8479.,3089..2.7.54,683,2.444,683,2.4417.52.17.00 Tianhe 11,162.,9.2.9. 10,2.74,853 6,132.,32.35,12.5,16631.2.37.0 2.3,376,82.3 33,651,676 2.4.81 2.3.72. Haizhu611,2.9.3557,010 2.9.7,643 2.9.0,485 33.4 37.0 1,687,6832.,2.44,69.316.2.116.2.0 sHANGHAi Huangpu0 012.9.,4646,3335.55.3 3,333,182.3,333,182.38.02. 39..07 Jingan 1,2.33,112. 1,732.,2.67631,1571,137,3742.1.1 2.3.5 8,09.7,703 9.,82.9.,9.70 43.0344.2.0 Lujiazui-Pudong7,9.48,042.82.3,4384,644,383 3,2.57,052.2.4.112..82.2.,42.9.,452. 2.3,2.52.,89.0 37.71 38.74 Zhuyuan-Pudong 62.7,848474,774 52.2.,782. 477,70314.2.12..63,867,761 4,342.,53532..72.33.62. Changning645,834845,870580,0589.9.2.,547 14.5 10.35,49.6,639.6,342.,51033.2.4 34.15 Luwan0 0136,49.6 7,1084.64.43,554,2.073,554,2.07 43.6044.79. Xuhui666,307 62.2.,186 356,59.642.6,60412..414.5 4,9.61,2.645,583,45035.6536.63 HoNG koNG Central0 19.1,2.50 2.06,72.9. 2.2.7,402. 2..1 1.9. 2.1,2.66,62.52.1,457,8752.2.1.12. 2.66.34 Wanchai02.37,344 82.,9.842.80,848 2..4 2..0 11,09.5,2.67 11,332.,611103.63 118.68 HK Island East 0 012.4,364 111,9.2.84.2.3.110,854,774 10,854,77471.89.80.64 Tsim Sha Tsui0 0 39.,465 2.2.,4004.1 3.7 6,361,39.06,361,39.072..34 80.39. Kowloon East 9.2.2.,82.9.0801,9.58157,352.8.66.88,814,2.9.38,814,2.9.3 49..2.854.76 tAiPei CBD049.8,046760,617 9.76,2.4610.78.019.,149.,669. 19.,647,7152.9..2.9.30.55 seoul CBD 5,9.16,2.0504,32.7,152. 376,68414.2.13.2.35,874,645 35,874,645 2.4.79.2.4.53 KBD 487,71002.19.,470 -1,139.,585 5.09..32.6,19.7,360 2.6,19.7,3602.1.2.32.1.01 YBD 62.1,9.2.3 6,851,0432.30,114 5,189.,351 5.611.7 14,2.73,481 2.1,12.4,52.4 16.70 16.53 tokyo CBD5,665,680 6,775,2.74 N/AN/A8.58.0N/A N/A101.77102..18 jAkArtA CBD 1,2.73,057 4,165,575 1,873,3713,662.,32.010.8 10.6 47,155,387 51,32.0,9.62.2.0.9.02.1.9.6 Non-CBD1,563,112.1,39.2.,59.0 1,003,142.1,32.7,2.5313.2.14.8 2.0,439.,344 2.2.,183,2.57 13.87 14.56 kuAlA lumPur KLCA3,018,69.5 1,445,5141,2.00,000 800,000 13.6 15.031,147,532. 32.,59.3,0462.5.19. 2.5.19. mANilA Makati 0 617,342.368,70759.7,0743.83.79.,317,135 9.,9.34,47718.33 19..53 Ortigas0 0135,130 71,62.3 5.64.2.4,9.61,4044,9.61,40414.0415.2.0P. 18| colliers iNterNAtioNAl 19. asia pacific office market overview | 1Q 2011t r e N D s & fo r ec A s t scity New supplytake-up Average vacancy total stock Average rentals(sq ft) (sq ft)(%) (sq ft) (us$ / sq ft / year)2011 f 2012 f2011 f 2012 f2011 f 2012 f2011 f2012 f 2011 f 2012 fsiNGAPoreCBD2.,074,702. 619.,9.34 1,485,3041,330,763 7.8 4.62.2.,840,0812.3,460,015 88.77 9.9..2.7BANGkokCBD 1,076,39.00 376,73759.2.,0152.0.9. 17.517,580,64617,580,6462.5.02.2.6.50Ho cHi miNH cityCBD 0384,2.71-76,015 154,5482.0.02.5.01,52.0,358 1,82.7,775 41.2.5 37.9.0BeNGAluru (BANGAlore)Overall 3,2.80,0004,2.76,731N/A N/A 15.5 N/A72.,513,17576,789.,9.06 12..3313.13CBD 450,000 44,000N/A N/A N/AN/A N/A N/A18.49. 19..83SBD9.70,000 4,012.,731N/A N/A N/AN/A N/A N/A11.2.6 12..06PBD1,860,0002.2.0,000 N/A N/A N/AN/A N/A N/A 6.9.77.2.4cHeNNAiOverall7,59.4,8784,000,000N/A N/A 2.1.5N/A N/A N/A 12..60 13.13CBD 1,02.6,417 N/AN/A N/A N/AN/A N/A N/A17.1518.2.3SBD 1,100,000N/AN/A N/A N/AN/A N/A N/A12..33 12..60PBD 5,468,461N/AN/A N/A N/AN/A N/A N/A 8.31 8.58mumBAiOverall2.,9.57,000 3,000,000N/A N/A 14.0 N/A 87,185,000 9.0,185,00052..2.7 53.61CBD9.30,000N/AN/A N/A N/AN/A N/A N/A 82..2.9. 84.43SBD1,440,000 N/AN/A N/A N/AN/A N/A N/A 48.7850.66PBD587,000 N/AN/A N/A N/AN/A N/A N/A 2.5.46 2.5.46New DelHiOverall 5,2.00,000 2.,500,000 N/A N/A 17.0 N/A 64,69.4,158 67,19.4,15847.1747.9.8CBD 400,000N/AN/A N/A N/AN/A2.,2.61,000 2.,2.61,000 79..61 80.41SBD 0N/AN/A N/A N/AN/A7,850,0007,850,000 43.69. 44.49.PBD 4,800,000N/AN/A N/A N/AN/A 54,583,15857,083,158 18.49. 19..30ADelAiDeCBD 019.3,750 2.15,2.78 409.,02.86.35.514,02.4,9.42. 13,9.71,542.34.66 36.39.BrisBANeCBD 1,2.16,32.1 312.,153659.,82.72.72.,32.7 9..18.610,9.81,804 11,2.9.3,9.57 57.6058.08cANBerrACBD 02.15,2.78 161,459.2.15,2.7810.2. 5.0 2.,79.8,614 3,013,89.2.37.44 39..36melBourNeCBD 2.17,12.9.1,179.,670512.,663 9.57,9.873.7 4.5 19.,736,4182.0,9.16,08843.68 49..16PertHCBD688,1581,180,348 69.9.,6549.14,9.32. 7.2.7.9.16,185,160 17,2.9.5,531 61.0464.15syDNeyCBD 1,777,346489.,757 9.06,12.759.6,858 7.9. 6.1 2.6,540,634 2.6,674,107 68.62.71.40AucklANDCBD301,389. 0 2.78,835 130,182. 9..76.9.4,639.,02.6 4,639.,02.6 2.1.59. 2.2..04welliNGtoNCBD 357,361 0 349.,82.711,8404.02..72.,887,739. 2.,887,739.2.4.732.4.73 colliers iNterNAtioNAl |P. 19 20. asia pacific office market overview | 1Q 2011D e f i N i t i o N A N D t e r m i N o lo GyGreAter cHiNANortH AsiABeijingPrime office market in beijing consists of 6 sub-markets cbD (central seoulbusiness District), lufthansa, east 2nd ring, financial street, east changMajor office districts in seoul include the traditional central business areaan avenue and Zhongguancun. (cbD), gangnam business District (gbD) and Yeouido business District(YbD).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 rents are quoted in won per pyung (also equivalent to 3.3 sq m) per monthare quoted on rMb per sq m. on gross floor area basis. generally, a deposit equivalent to 10 monthsis required, and is usually paid up front. Management fees are excludedchengdu from quoted rents. space is measured on gross floor area basis. capitalPrime office buildings in chengdu are mainly located in 3 sub-markets,values are quoted in won per sq m.renmin road, cbD and financial street.tokyorents are quoted in rMb per sq m per month on gross floor area basis, the quality office buildings in tokyo are located in the central businessand exclusive of management fees. capital values are quoted on rMbarea (cbD) area covering six wards namely, chiyoda-ku, chuo-ku,per sq m. Minato-ku, shinjuku-ku, shibuya-ku and shinagawa-ku.Guangzhourents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month,Prime office buildings in guangzhou are located in 3 principal sub-marketswhich are inclusive of service charges. Office space is measured on an Haizhu, Yuexiu and tianhe.internal floor area basis. capital values are quoted in Yen per tsubo.rents are quoted in Us$ per sq m per month on gross floor area basis,and exclusive of any management fees and government taxes. capitalvalues are quoted on Us$ per sq m.soutHeAst AsiAshanghaijakartaPrime office buildings in shanghai are located in 7 principal sub-marketsthe quality office buildings in Jakarta are located in the cbD covering Huangpu, Jingan, lujiazui, Zhuyuan, changning, luwan and Xuhui.the districts thamrin, sudirman, gatot subroto, rasuna said and Megakuningan. the areas outside the above districts are collectively calledrents are quoted in rMb per sq m per day on gross floor area basis, andas non-cbD.exclusive of any management fees. capital values are quoted on rMbper sq m.rents are commonly quoted in rupiah per sq m per month, which areinclusive of service charges but exclusive of government taxes. OfficeHong kongspace is measured on lettable floor area basis. capital values are quotedPrime office properties in Hong kong are concentrated in 5 sub-marketsin rupiah per sq m. central, wanchai / causeway bay, island east, tsim sha tsui andkowloon east.kuala lumpurPrime office buildings located in the kuala lumpur central area (klca)rents are commonly quoted in Hk$ per sq ft per month on either gross, netonly. the klca comprises areas generally within the central businessor lettable floor area basis, which are exclusive of management fees, anddistrict.government tax. Prices are quoted in Hk$ per sq ft, and are measurableon gross floor area basis.rents are commonly quoted in ringgit Malaysia (rM) per sq ft per monthon net floor area basis, which are inclusive of service charges and propertytaxes. capital values are quoted in ringgit per sq ft.taipeiPrime office properties in taipei are concentrated in 7 districts, comprisingmanilananking sung chiang (nk-sc), Minsheng tun Hwa north (Ms-tn), Hsin Yi,Prime office buildings in Manila are located in two principal sub-marketswest, tun Hwa south (tUn-s), Jen ai Hsin sheng (Ja-Hs) and nanking Makati and Ortigas.east road (nk-4/5).rents are quoted in Peso per sq m per month on net floor area basis,the local unit of measurement is a ping (i.e. 3.3 sq m). rents and pricesand exclusive of any management fees. capital values are quoted in Pesoare quoted in local currency i.e. new taiwan Dollar (nt$) on gross floorper sq m.area basis.P. 20 | colliers iNterNAtioNAl 21. asia pacific office market overview | 1Q 2011D e f i N i t i o N A N D t e r m i N o lo Gysingapore mumbaithe quality office buildings covered in the report are located in the central Prime office properties in Mumbai are primarily concentrated in cbDbusiness District of singapore. (central business District) consist of nariman Point, ford and ballardestate; sbD (secondary business District) including bandra (west andrents are quoted in s$ per sq ft per month on net floor area basis (i.e. area east), kalina, lower Parel and worli/Prabhadevi and PbD (Peripheralless common areas such as corridors, toilets, lift lobby etc. but including business District) including navi Mumbai, vashi, Powai, goregaon.columns), and are inclusive of service charge. capital values are quotedon the basis of strata area for strata-titled buildings, and net area for non-rents are commonly quoted in rupee per sq ft per month, which are usuallystrata-titled developments. exclusive of maintenance charges, parking charges and property taxes.Office space is commonly measured on *super built up area basis.BangkokPrime office properties in bangkok are located in a wide area encompassingNew Delhieastern silom and sathorn roads starting from narathiwas ratchanakarin, Prime office properties in new Delhi are primarily concentrated inrama iv from Phayathai to ratchadaprisek, along ratchadaprisek from cbD (central business District) consist of connaught Place; sbDrama iv to sukhumvit and along sukhumvit from asoke to the whole of (secondary business District) including nehru Place, Jasola, saket andPleonchit and then rama i to Phayathai. netaji subhash Place and PbD (Peripheral business District) includinggurgaon and noida.rents are quoted in baht per sq m per month on a net floor area basis, andinclusive of service charges. capital values are quoted in baht per sq m. rents are commonly quoted in rupee per sq ft per month, which are usuallyexclusive of maintenance charges, parking charges and property taxes.Ho chi minh citythe quality office buildings in Ho chi Minh city are located in DistrictOffice space is commonly measured on *super built up area basis.One - the central business district in the city.rents are commonly quoted in Us$ per sq m per month on net floor areabasis, and exclusive of management fees and government tax. capital AustrAlAsiAvalues are quoted on Us$ per sq m.AustraliaPrime office buildings are located in the cbD and generally favoured byMncs.iNDiArents are quoted on net floor area basis, and in a$ per sq m per annumBengaluru (Bangalore) excluding management fee and government charges. capital values arePrime office properties in bengaluru are can be divided in 3 principal sub- quoted on a$ per sq m.markets cbD (central business District), sbD (suburban/secondarybusiness District) consisting of bannerghatta road & Outer ring roadNew zealandand PbD (Peripheral business District) including PbD Hosur road, ePiP Prime office buildings are located in the cbD.Zone, electronic city and whitefield.rents are quoted on net floor area basis, and in nZ$ per sq m per annumrents are commonly quoted in rupee per sq ft per month, which are usually excluding management fee and government charges. capital values areexclusive of maintenance charges, parking charges and property taxes. quoted on nZ$ per sq m.Office space is commonly measured on *super built up area basis.chennaiPrime office properties in chennai are located in 3 principal submarketscbD (central business District), (suburban/secondary business District)and PbD (Peripheral business District). sbD consists of guindy andvelechery while PbD includes other areas such as Old Mahaballipuramroad, ambattur and gst road amongst others.rents are commonly quoted in rupee per sq ft per month, which are usuallyexclusive of maintenance charges, parking charges and property taxes.Office space is commonly measured on *super built up area basis.* 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 throughoutthe building.** Built-up area refers to the carpet area plus the thickness of external walls and area under columns. colliers iNterNAtioNAl | P. 21 22. asia pacific office market overview | 1Q 2011for further details, please contact:greater chinataipei, taiwanmanila, Philippines 49f taiPei 101 tOwer10f tower 2 rcbc Plaza,Beijing, china no. 7 Xin Yi road sec 5, taipei 110 ayala avenue, Makati city502 tower w3, Oriental Plaza tel : 886 2 8101 2000 Philippines1226no 1 east changan avenue,fax : 886 2 8101 2345 tel : 63 2 888 9988Dongcheng District Andrew liufax : 63 2 845 2612beijing 100738 Managing Director David youngtel : 86 10 8518 1633andrew.liu@colliers.com Managing Directorfax : 86 10 8518 1638david.a.young@colliers.comAmanda GaoManaging Director, north china north asiaamanda.gao@colliers.comsingapore seoul, south korea1 raffles Place 10f korea tourism Organization bldg., #45-00 One raffles Placechengdu, china 10 Da-dong, singapore 048616Unit 1504 Yanlord landmark Jung-gu, seoul 100-180tel : 65 6223 23231 renmin south road section 2tel : 82 2 6740 2000fax : 65 6222 4901chengdu 610016 fax : 82 2 318 2015 Dennis yeotel : 86 28 8658 6288jay yun Managing Directorfax : 86 28 8672 3226senior Director & general Manager singapore & industrial services | asiajacky tsai jay.yun@colliers.comdennis.yeo@colliers.comgeneral Managerjacky.tsai@colliers.com tokyo, japanBangkok, thailand Halifax building17/f Ploenchit centerGuangzhou, china 3-16-26 roppongi2 sukhumvit road702 teem tower,Minato-ku, tokyo 106-0032 Japan klongtoey, bangkok 10110208 tianhe roadtel : 81 3 5563 2111tel : 66 2 656 7000guangzhou 510620 fax : 81 3 5563 2100fax : 66 2 656 7111tel : 86 20 3819 3888james finkPatima jeerapaetfax : 86 20 3819 3899senior Managing DirectorManaging Directoreric lam james.fink@colliers.co.jp patima.jeerapaet@colliers.comManaging Directoreric.lam@colliers.com Ho chi minh city, vietnam south east asia Ho chi Minh city, vietnamshanghai, china7f bitexco building jakarta, indonesia19-25 nguyen Hue street16f Hong kong new world tower 10f world trade centre, District 1, Ho chi Minh city300 Huaihai Zhong road Jl Jenderal sudirmantel : 84 8 827 5665shanghai 200021 kav 29-31 Jakarta 12920 fax : 84 8 827 5667tel : 86 21 6141 3688 tel : 62 21 521 1400Peter Dinningfax : 86 21 6141 3699 fax : 62 21 521 1411general Directorlina wong mike Broomell peter.dinning@colliers.comManaging Director, east and Managing Directorsouth west china mike.broomell@colliers.comlina.wong@colliers.com Hanoi, vietnam vinaplast - tai tam building, kuala lumpur, malaysia9th floor,Hong kong, HksAr c/o mark lampard* 39a ngo Quyen street5701 central Plaza, Managing Director Hoan kiem District, Hanoi, vietnam18 Harbour road corporate solutions | asia Pacifictel : 84 4 220 5888wanchai, Hong Hong te : 65 6531 8601 84 4 220 5566company licence no: c-006052 fax : 65 6557 0649fax : 84 4 220 1133tel : 852 2828 9888 mark.lampard@colliers.com Do le Quanfax : 852 2828 9899 * based in singaporeDeputy general Directorrichard kirkeManaging Directorquan.do@colliers.com Research data provided byrichard.kirke@colliers.com c H williams talhar & wong sdn Bhd 30-01, 30th floorPiers Brunner (e-183614) Menara Multi-Purpose @ capsquarechief executive Officer - asia 8 Jalan Munshi abdullahpiers.brunner@colliers.com P O box 12157 50100 kuala lumpur Malaysia tel : 603 2616 8888 fax : 603 2616 8899 Url : http://www.wtw.com.my foo Gee jen Managing Director fgj@wtw.com.myP. 22 | colliers iNterNAtioNAl 23. asia pacific office market overview | 1Q 2011india New Delhi, india melbourne, Australia204/205, 2nd floor,level 32 367 collins streetBengaluru, indiakanchenjunga building, Melbourne vic 3000Prestige garnet, level 2, Unit no.201/202 18 barakhamba road tel : 61 3 9629 888836 Ulsoor road, bengaluru 560 042 new Delhi 110 001fax : 61 3 9629 8549tel : 91 80 4079 5500 tel : 91 11 4360 7500john marascofax : 91 80 4112 3131 fax : 91 11 2335 6624state chief executiveGoutam chakrabortyPrit Pauljohn.marasco@colliers.comOffice Director Office Directorgoutam.chakraborty@colliers.com Prit.Paul@colliers.com Perth, Australia level 19, 140 st georges terracechennai, indiaPune, indiaPerth wa 6000Unit 1c, 1st floor, Heavitree complex,vatika business center, level-5tel : 61 8 9261 666623 spurtank road, chetpet,c wing, Panchsheel tech Park-1,fax : 61 8 9261 6665chennai 600 031 Yerwadak. imran mohiuddintel : 91 44 2836 1064 Pune 411 006 state chief executivefax : 91 44 2836 1377 tel : 91 20 4011 1356imran.mohiuddin@colliers.comkaushik reddy fax : 91 20 6640 3138Office Director suresh castellinokaushik.reddy@colliers.comOffice Directorsydney, Australiasuresh.castellino@colliers.com level 12, grosvenor Place, 225 george streetGurgaon, india sydney nsw 2000g3, newbridge business centers,tel : 61 2 9257 0222technoPolis, Dlf golf courseaustralasiafax : 61 2 9251 3297Main sector road malcom tysonsector 54, gurgaon 122 002Adelaide, Australiastate chief executivetel : 91 124 4375807level 10, 99 gawler Place, malcom.tyson@colliers.comfax : 91 124 4375806adelaide sa 5000saacketh chawla tel : 61 8 8305 8888Office Director fax : 61 8 8231 7712 Auckland, New zealandsaacketh.chawla@colliers.comjames younglevel 27, 151 Queen street, aucklandstate chief executivetel : 64 9 358 1888james.young@colliers.com fax : 64 9 358 1999kolkata, india mark synnottregus business centre constantia, level 6, Managing Directorkolkata 700017Brisbane, Australiamark.synnott@colliers.comtel : 91 33 4400 0541 level 20 central Plaza Onefax : 91 33 4400 0555 345 Queen streetjoe verghesebrisbane QlD 4000wellington, New zealandManaging Director tel : 07 3229 1233 level 10, 36 customhouse Quayjoe.verghese@colliers.com fax : 07 3120 4555 wellingtonsimon Beirne tel : 64 4 473 4413state chief executivefax : 64 4 499 1550 (agency)mumbai, india simon.beirne@colliers.com: 64 4 470 3902 (valuation)31-a, 3rd floors, film centre, richard findlay68 tardeo road Managing DirectorMumbai 400 034canberra, Australiarichard.findlay@colliers.comtel : 91 22 4050 4500 ground floor, 21-23 Marcus clarke streetfax : 91 22 2351 4272 canberra act 2601Poonam mahtanitel : 61 2 6257 2121Office Director fax : 61 2 6257 2937poonam.mahtani@colliers.com Paul Powderlystate chief executiveGeorge mckaypaul.powderly@colliers.comsouth asia DirectorOffice & integrated servicesgeorge.mckay@colliers.com 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). 2.011. All rights reserved. Colliers International is the third largest global real estate services company. colliers iNterNAtioNAl |P. 23 24. www.colliers.com