REAL ESTATE MARKET OUTLOOK RESEARCH · PDF file2017 ASIA PACIFIC REAL ESTATE MARKET OUTLOOK...

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN

RESEARCH COLOUR PALETTE IN

PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

REAL ESTATE MARKET OUTLOOK

CBRE RESEARCH

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

CBRE RESEARCH 2017 ASIA PACIFIC REAL ESTATE MARKET OUTLOOK

2

© 2017 CBRE, Inc.

TABLE OF CONTENT

PAGE 20

Creating the total retail experience

PAGE 13

Workplace efficiency will be key

PAGE 07

Softer growth ahead

PAGE 05

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


3

© 2017 CBRE, Inc.

TABLE OF CONTENT

PAGE 33

Creativity vital to unlocking hidden value

PAGE 26

Niche sectors set to take off

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


5

© 2017 CBRE, Inc.

Grade A Office rental growth

Retail rental growth Logistics rental growth Investment Volume

Sydney Auckland Shenzhen Australia

Bangalore Sydney Shanghai Japan

ECONOMY

OFFICE

RETAIL

EXECUTIVE SUMMARY

Figure 1: 2017 Outlook – Leaders in Rental Growth and Investment Volume

Source: CBRE Research, January 2017.

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


6

© 2017 CBRE, Inc.

LOGISTICS

INVESTMENT

EXECUTIVE SUMMARY

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

CBRE RESEARCH © 2017 CBRE, Inc. 2017 ASIA PACIFIC REAL ESTATE MARKET OUTLOOK

8

GROWTH EXPECTED TO EASE SL IGHTLY

SOFTER GROWTH AHEAD

ECONOMIC OUTLOOK

1 Sourced from Oxford Economics, January 2017. Same for other GDP figures if not stated.

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


9

© 2017 CBRE, Inc.

ECONOMIC OUTLOOK

Source: Oxford Economics, CBRE Research, January 2017.

Figure 2: Real GDP Growth Rate

-6

-4

-2

0

2

4

6

8

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018F 2020F

%

Asia United States Western Europe

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


10

(1 ) TRUMP, BREXIT AND MORE CHANGE

IN THE POLITICAL WORLD

KEY RISKS

ECONOMIC OUTLOOK

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


11

© 2017 CBRE, Inc.

(2 ) THE POSSIBIL ITY OF FASTER U.S .

RATE HIKES

ECONOMIC OUTLOOK

Figure 3: Policy interest rates in Asia Pacific

Source: Various Central Banks, Monetary Authorities, CBRE Research, December 2016.

Note on policy rates: Australia – Cash rate; China – 1-yr lending rate; Taiwan – Discount rate; India – Repo rate; Indonesia – BI rate; South Korea – Base rate; Thailand

– 1-day repo rate; New Zealand – Official cash rate; Japan – Overnight call rate; Hong Kong – 3M HIBOR; Singapore – 3M SIBOR; Vietnam – Refinancing rate;

Malaysia – Overnight rate

6.5 6.5 6.3

4.4 3.0

1.8 1.5 1.5 1.4 1.3

-0.1

1.3 1.1

-3

0

3

6

9

12

15

18

Viet

nam

Indo

nesia

Indi

a

Chin

a

Mal

aysia

New

Zeal

and

Austr

alia

Thai

land

Taiw

an

Sout

h Ko

rea

Japa

n

Sing

apor

e

Hong

Kon

g%

Ten Year High

2017F

Ten Year Low

Possible rate hike

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


12

© 2017 CBRE, Inc.

(3 ) ASIAN FX DEVALUATION IN A WORLD

OF POSITIVE U.S . GROWTH

(4 ) NARROWING OF PROPERTY Y IELD

SPREADS AND RIS ING INFLATION

Figure 4: Inflation Rates in Asia Pacific

Source: Oxford Economics, CBRE Research, January 2017.

(2)

-

2

4

6

8

10

Viet

nam

Indo

nesia

Phili

ppin

es

Mal

aysia

Hong

Kon

g

Chin

a

Austr

alia

Thai

land

Sout

h Ko

rea

New

Zeal

and

Sing

apor

e

Japa

n

Indi

a

Taiw

an

%

2016E 2017F 10-year average

Lower inflation

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


14

• Occupiers are set to focus on improving space efficiency and portfolio

optimisation, resulting in a further decline in net absorption

• Rental growth will be stagnant and remain low for longer

• Landlords are expected to focus on placemaking to attract tenants

WORKPLACE EFFICIENCY WILL BE KEY

OFFICE SECTOR

OCCUPIERS TO REMAIN CAUTIOUS

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


15

SLOWER ABSORPTION OF OFF ICE SPACE

OFFICE SECTOR

STRONGER FOCUS ON PORTFOLIO

OPTIMISATION

• Space utilisation:

• Flexible working:

• Headcount planning:

• Location selection:

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


16

© 2017 CBRE, Inc.

-

10

20

30

40

50

60

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

E

2017

F

Mill

ion

sq. f

t. (N

FA)

Q1 Q2 Q3 Q4 Forecast Annual New Supply

TECH SECTOR TO LEAD DEMAND

OFFICE SECTOR

Figure 5: Asia Pacific Office Net Absorption and Annual New Supply


R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


17

© 2017 CBRE, Inc.

OFFICE SECTOR

MORE SUPPLY BUT L IMITED CHOICE

Figure 6: Asia Pacific Grade A Office Net Absorption and Development Pipeline Forecast 0 5 10 15 20 25 30

ShanghaiNew DelhiShenzhen

GuangzhouTokyo

BangaloreMumbai

Jakarta CBDBeijing

Hong KongSeoul

Singapore CBDHanoiTaipei

Bangkok CBDHo Chi Minh CityMelbourne CBDAuckland CBD

Sydney CBDPerth CBD

Brisbane CBD

Development Pipeline (million sq. ft.)

2017F 2018F 2019F

Remarks: Grade A new supply for Asian markets; total grade net addition for Pacific markets


0

5

10

15

20

25

30

Shan

ghai

Delh

i NCR

Shen

zhen

Guan

gzho

u

Toky

o

Jaka

rta

Beiji

ng

Mum

bai

Kual

a Lu

mpu

r

Hong

Kon

g

Seou

l

Man

ila M

akat

i

Sing

apor

e

Hano

i

Taip

ei

Ho C

hi M

inh

City

Auck

land

Bang

alor

e

Bang

kok

Melb

ourn

e

Sydn

ey

Perth

Brisb

ane

mill

ion

sq. f

t. (N

FA)

Net absorption (2017-2019 forecast) New supply (2017-2019 forecast)

New Supply > Demand Demand > New Supply

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


18

© 2017 CBRE, Inc.

OFFICE SECTOR

RENTAL GROWTH TO REMAIN WEAK

Figure 7: Grade A Office Rental Outlook

-15

-10

-5

0

5

10

15

20

25

Sydn

ey

Bang

alor

e

Melb

ourn

e

Bang

kok

Guan

gzho

u

Gurg

aon

-cor

e

Auck

land

Toky

o

Brisb

ane

Mum

bai

Hano

i

Ho C

hi M

inh

City

Taip

ei

Delh

i

Seou

l

Kual

a Lu

mpu

r

Hong

Kon

g

Shan

ghai

Shen

zhen

Perth

Beiji

ng

Jaka

rta

Sing

apor

e

Grad

e A O

ffice

rent

al g

rowt

h (%

)

2016F 2017F

Peaking Bottoming Out

Remarks: Rental growth refers to Grade A offices in CBD areas only


R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


19

© 2017 CBRE, Inc.

OFFICE SECTOR

STRONGER FOCUS ON PLACEMAKING

• Agility:

• Amenities:

• Analytics:

• Smart community:

Figure 8: 2017 Vacancy Rate and Annual Rental Growth Forecast


Mumbai CBD

Beijing

Singapore

Hong Kong

Taipei

Delhi CBD

Guangzhou

Bangkok

Tokyo

Bangalore CBD

Seoul

Brisbane

Melbourne Sydney

Auckland

Perth

Kuala Lumpur

Shenzhen

Jakarta

0

5

10

15

20

25

30

-6 -4 -2 0 2 4 6 8 10

Vaca

ncy R

ate F

orec

ast i

n 20

17 (%

)

Rental Forecast in 2017 (%)

Gurgaon core

Shanghai

Laggards

Leader

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


21

SLOWER RETAIL SALES GROWTH

CREATING THE TOTAL RETAIL EXPERIENCE

RETAIL SECTOR

2 eMartker, December 2016.

• Retailers will be more disciplined towards store expansion. More resources will

be dedicated to opening and/or upgrading flagship stores in core locations.

• Shopping centres will spend more on events and marketing and replace general

retail tenants with experience-based retailers to increase footfall.

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


22

RETAIL SECTOR

5%

24%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2012 2013 2014 2015 2016 2017 2018 2019 2020

Y-o-

Y Ch

ange

E-commerce Sales Offline Sales E-commerce as % of total retail sales

Figure 9: Y-o-Y Growth in Asia Pacific E-commerce Sales and Offline Sales

RECONFIGURE STORE NETWORKS


R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


23

© 2017 CBRE, Inc.

CAREFUL AND CAUTIOUS EXPANSION

RETAIL SECTOR

REFINED STORE-OPENING STRATEGY

FLAGSHIP STORE + SATELLITE STORES

Figure 10: Traditional vs Refined Store-Opening Strategy

TRADITIONAL STORE-OPENING STRATEGY

Flagship Store to focus on in-store experience and brand education

Satellite stores to focus on efficiency


R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


24

© 2017 CBRE, Inc.

MORE SUPPLY BUT L IMITED CHOICE

RETAIL SECTOR

Figure 11: Asia Pacific Retail Development Pipeline

0 5 10 15 20 25 30 35

ShenzhenShanghai

GuangzhouHong Kong

BeijingBangkok

SeoulHo Chi Minh City

TokyoNew Delhi

SydneySingapore

PerthMumbai

HanoiBrisbaneJakarta

MelbourneTaipei

AucklandAdelaide

Wellington

Development Pipeline (million sq. ft.)

2017F 2018F 2019F

50% OF NEW MALLS

HAVE DELAYED

their completion date by more than six months due

to poor pre-leasing.


R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


25

© 2017 CBRE, Inc.

RENTAL GROWTH SET TO REMAIN FLAT SHOPPING MALLS AS ENTERTAINMENT

DESTINATIONS

RETAIL SECTOR

-12

-9

-6

-3

0

3

6

9

12

15

Auck

land

Sydn

ey

Melb

ourn

e

Guan

gzho

u

Beiji

ng

Taip

ei

Shan

ghai

Brisb

ane

Shen

zhen

Toky

o

Hong

Kon

g

Sing

apor

e

Reta

il re

ntal

gro

wth

(%)

2016F 2017F

Peaking Close to bottom

Figure 12: Asia Pacific Retail Rental Outlook

Remarks: Shopping centre rents for China and Singapore only, the rest is high street shops in core districts


3 CBRE Research (2014) – Asia Pacific Consumer Survey – How We Like To Shop

All updated to 2016Actual

except Auckland

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


27

• Logistics rents are expected to hold firm as regional trade is stabilising.

• In an era of low and slow growth, efficiency has taken on greater importance as

companies seek to sustain profit margins, especially in the logistics industry.

• Manufacturers have to be more proactive in employing advanced technology in

their portfolios to stay ahead of the competition.

NICHE SECTORS TO TAKE OFF

LOGISTICS SECTOR

4 Oxford Economics numbers; CBRE weighting of major APAC markets.

5 China, Japan, South Korea, Hong Kong, Singapore, Australia, and New Zealand

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


28

© 2017 CBRE, Inc.

MORE BALANCED SUPPLY EXPECTED

LOGISTICS SECTOR

Source: CBRE Research, December 2016.

Figure 14: Asia Pacific Logistics Rental Outlook

0

5

10

15

20

25

30

35

Grea

ter S

eoul

Grea

ter T

okyo

Grea

ter O

saka

Shan

ghai

Sydn

ey

Sing

apor

e

Melb

ourn

e

Brisb

ane

Auck

land

Beiji

ng

Perth

Shen

zhen

Guan

gzho

u

Hong

Kon

g

Mill

ion

sq. f

t.

Source: CBRE Research, December 2016.

Figure 13: Asia Pacific Logistics Development Pipeline

Oversupply Risk Undersupply Risk

-9

-6

-3

0

3

6

9

12

Shen

zhen

Auck

land

Shan

ghai

Guan

gzho

u

Sydn

ey

Beiji

ng

Melb

ourn

e

Brisb

ane

Toky

o Ba

y Ar

ea

Grea

ter O

saka

Perth

Sing

apor

e

Hong

Kon

g

Logi

stics

rent

al g

rowt

h (%

)

2016 2017F

Contraction Peaked

2017F 2018F

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


29

© 2017 CBRE, Inc.

PORTFOLIO OPTIMISATION

LOGISTICS SECTOR

0

5

10

15

20

25

30

35

40

2008 2009 2010 2011 2012 2013 2014 2015 2016

US$

billi

on

Asia Pacific

Source: S&P Capital IQ, December 2016.

Figure 15: Transport Industry & Industrial REIT – M&A Transaction Value by Target Company Region

6 US$ Historical Exchange Rate

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


30

© 2017 CBRE, Inc.

0 100 200 300 400 500 600

China

Italy

Belgium

United States

Denmark

Taiwan

Sweden

Germany

Japan

Singapore

South Korea

AUTOMATION TO CHANGE THE

LOGISTICS LANDSCAPE

LOGISTICS SECTOR

Note: Industrial Robot as defined by ISO 8373

Source: International Federation of Robots, September 2016.

Figure 16: Industrial robots per 10,000 persons employed in manufacturing

High Low Level of automation

0

50

100

150

200

250

300

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Figure 17: Estimated annual supply of industrial robots (‘000)

Source: World Robotics, 2016.

7 Industry 4.0 refers to the fourth Industrial Revolution that is occurring because of a digitally interconnected manufacturing process. The heart of Industry 4.0 is digitization and

collaboration where everything is interconnected from company operations to product design to interaction with customers. The digitization of company operations will allow for a

leaner supply chain where all the actors of the supply chain are sharing data in real time. The digitization of product design will allow for predictive maintenance procedures (products

out in use will be digitally connected to detect any upcoming failures) and iterative production cycles (feedback from current models sold to customers can be improved upon

immediately on the production line). The digitization of customer interaction can allow for products to be sold as a service as customers shift capital expenses to operating expenses.

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


31

© 2017 CBRE, Inc.

NICHE SECTORS

LOGISTICS SECTOR

0%

5%

10%

15%

20%

25%

30%

APAC North America Western Europe

Figure 18: Total Data Centre Workloads, Compound Annual Growth Rate (CAGR) between 2015 - 2020

Source: Cisco Global Cloud Index: Forecast and Methodology, 2015–2020.

8 Workload: A server workload is defined as a virtual or physical set of computer resources, including storage, that are assigned to run a specific application or provide computing

services for one to many users. A workload is a general measurement used to describe many different applications, from a small lightweight SaaS application to a large

computational private cloud database application. For the purposes of quantification, we consider each workload being equal to a virtual machine or a container.

Source: Cisco Global Cloud Index, 2014-2019.

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


32

© 2017 CBRE, Inc.

0%

10%

20%

30%

40%

APAC China South Korea Australia Japan

2015 2020

LOGISTICS SECTOR

9 Collaborative Urban Logistics – Challenges, Current Practices and Future Research. Lau, Hoong Chuin. Singapore Management University.

Figure 19: E-commerce sales as a percentage of total retail sales

Source: eMarketer, December 2016.

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


34

• Investors will retain a strong appetite for real estate but activity is expected to

moderate

• The yield compression cycle will be slower due to the narrowing yield spread

• Investors must formulate creative investment strategies to achieve target returns

INVESTMENT ACTIVITY SET TO MODERATE

CAPITAL MARKETS

CREATIVITY VITAL TO UNLOCKING HIDDEN VALUE

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


35

© 2017 CBRE, Inc.

LOW YIELDS TO PERSIST

CAPITAL MARKETS

0

300

600

900

1,200

1,500

1,800

0

20

40

60

80

100

120

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

E

2017

F

Num

ber o

f tra

nsac

tions

US$

billi

on

Q1 Q2 Q3 Q4 Forecast Number of transactions (RHS)

Figure 20: Total Commercial Real Estate Investment Turnover in Asia Pacific

Remarks: Transactions include deals above US$10 million in the office, retail, industrial, hotel, mixed and other commercial sectors. Residential and development site

are excluded.

Source: CBRE Research, RCA, January 2017.

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


36

© 2017 CBRE, Inc.

CAPITAL MARKETS

-2%

0%

2%

4%

6%

Perth

Brisb

ane

Toky

o

Auck

land

Melb

ourn

e

Seou

l

Sydn

ey

Taip

ei

Beiji

ng

Shan

ghai

Guan

gzho

u

Sing

apor

e

Hong

Kon

g

Shen

zhen

Offic

e Yie

ld S

prea

d

Ten Year High

2017F

Ten Year Low

Yield spread narrowed to 100 bps or below

Remarks: Office yield spread equals to difference between prime office yield and 10-year government bond yield

Source: CBRE Research, Oxford Economics, January 2017.

Figure 21: 2017 Office yield spread forecast

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


37

CREATE AND UNLOCK PROPERTY VALUE

INVEST OUTSIDE GATEWAY CITIES

INVESTMENT OPPORTUNITIES

CAPITAL MARKETS

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


38

© 2017 CBRE, Inc.

CONSIDER NICHE SECTORS

CAPITAL MARKETS

10 According to a Swiss Re sigma study 3/2016, aggregate non-life insurance premiums including health insurance in Asia grew by 137% to around US$406 billion between 2005

and 2015, a compound annual growth rate (CAGR) of 9%.

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE


39

© 2017 CBRE, Inc.

CONTACTS

R 105

G 190

B 40

69BE28

R 0

G 106

B 77

006A4D

R 191

G 216

B 87

BFD857

R 0

G 75

B 53

004B35

R 0

G 166

B 87

00A657

2.

LIME

GREEN

1.

CBRE

GREEN

10.

ENERGISING

GREEN

9.

REFRESHING

GREEN

8.

ENTERPRISING

GREEN


PRIORITY ORDER

100%

R 219

G 213

B 191

NEUTRAL COLOUR

100%, 65% or 35%

R 0

G 178

B 211

00B2DD

R 236

G 0

B 140

EC008C

R 162

G 63

B 151

A23F97

R 245

G 130

B 32

F58220

R 255

G 221

B 0

FFDD00

3.

BLUE

4.

MAGENTA

5.

PURPLE

6.

YELLOW

7.

ORANGE

Infographic I Report

Infographic




Infographic

Infographic






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