ap office 2q 2011
TRANSCRIPT
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AsiA PAciicOice Market Overview
2Q 2011
Accelerating success.
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table O cOntentsAsiA PAciic oice mArket overview | 2Q 2011
rgna o 3
Ga chna 4-6
Beijing, China ....................................................................................................................................
Chengdu, China .................................................................................................................................
Guangzhou, China .............................................................................................................................
Shanghai, China ................................................................................................................................
Hong Kong SAR, China .....................................................................................................................Taipei, Taiwan ...................................................................................................................................
Nh Aa 7
Seoul, South Korea ...........................................................................................................................
Tokyo, Japan ........................ ....................... ........................ ....................... ........................ ...............
sha Aa 8-10
Jakarta, Indonesia ........................ ....................... ....................... ........................ ........................ .......
Kuala Lumpur, Malaysia ....................................................................................................................
Manila, Philippines ............................................................................................................................
Singapore ..........................................................................................................................................
Bangkok, Thailand ........................ ....................... ....................... ........................ ........................ ..... Hanoi, Vietnam .................................................................................................................................
Ho Chi Minh City, Vietnam ...............................................................................................................
inda 12-13
Bengaluru (Bangalore) ..................... ....................... ....................... ........................ ........................
Chennai .................... ........................ ....................... ........................ ....................... ........................ .
Mumbai ..................... ....................... ........................ ....................... ........................ ....................... ..
New Delhi ..................... ........................ ....................... ....................... ........................ .....................
Aaaa 14-17
Adelaide, Australia ...................... ........................ ....................... ........................ ....................... ......
Brisbane, Australia ...................... ....................... ........................ ....................... ........................ ..... Canberra, Australia ...................... ....................... ....................... ........................ ........................ .....
Melbourne, Australia ....................... ........................ ........................ ....................... ........................ .
Perth, Australia ........................ ....................... ........................ ....................... ........................ .........
Sydney, Australia ..................... ....................... ........................ ....................... ........................ .........
Auckland, New Zealand ...................................................................................................................
Wellington, New Zealand .................................................................................................................
P o spp and rna 18-19
tnd & a 20-21
Dfnn & tng 22-23
cna 24-25
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regiOnal Overview
ecoNomic overviewDuring Q the region continued to be challenged by inationary pressures. In order to
moderate expectations on urther ination the various central banks in Asia implemented
urther rate hikes during Q . The Peoples Bank o China increased its one-year
lending rates to .%, as consumer prices showed no sign o abating during the period.
Due to the typical time lag o such monetary policy changes, such measure have not been
immediately elt and but are expected to reduce growth in the second hal o . In
addition to inationary concerns, the disruption to the production and supply chain in the
atermath o the catastrophic earthquake in Japan in March is also predicted to dampen
the economic growth o Japan in . Based on the inationary pressures in China and
rebuilding eorts in Japan the prospective economic growth o the key economies in Asia
have been revised downwards by about basis points during Q . For example,
economic growth orecast in China has been revised down rom % to .% or .
In Japan, the prospective economic growth this year is also lowered rom .% to .%.
leAsiNG mArketOn the leasing ront, the average oce rental in the region slowed distinctively, rom .%
q-o-q in Q to .% in Q . Individual cities in South Asia registered notable
rental declines during the period. Although Hong Kong, Beijing and Singapore continued to
be the key perormers, with rental growth in the order o -% q-o-q, there was a general
market slowdown in terms o the growth pace o volume during Q .
sAles mArketBuying momentum varied across various sub-regions during Q . In the Greater
China sub-region, the volume o sale transactions in Beijing was relatively quiet compared
to the previous quarter. Hong Kong was one o the ew perormers with a double-digit
increase during the period, thanks to the increase o strata-title sales in non-core markets.
In other cities o China, demand remained frm, since domestic enterprises continued to
look or quality oce space or sel-use or investment during the period. However, quality
stock listed or sale remained scarce. In the Australasian sub-region, the volume o the
investment sale market was generally quiet. In Brisbane, there was only one transaction
in the CBD during the frst hal o . There was also a distinct lack o investment sales
in the Sydney CBD during Q .
mArket outlookLooking ahead, the overall market momentum is anticipated to stage urther slowdown as
the current interest rate cycle in the region takes its toll over the near to medium term.
Individual markets with the prevailing tight credit conditions are going to show a more
signifcant slowdown o transactional sale volume. However, it is our view that occupiers
with long-term business commitments in the region will continue with their real estate
plans, including upgrading, expansion and consolidation. Individual markets will see an
increase o activity when more quality developments are due or completion in the current
supply cycles in the next months.
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asia pacific office market overview | 2Q 2011
cHiNA
Beijing
No new project was completed during Q . Demand or quality oce space remained
robust, underpinned by MNCs and domestic enterprises active pursuit o premises or
expansion, relocation, renewal and new leasing. The overall vacancy rate in the Beijing
Grade A oce market dropped by . percentage points q-o-q to .%. On the other
hand, the average rent surged to RMB. per sq m per month, up .% q-o-q - the
largest growth ever.
As options or tenants securing sucient spaces were limited, most large-size deals
were clustered in newly launched projects or ongoing developments. For example,
China Construction Bank and Volkswagen Finance took up , sq m and , sq
m at Beijing IFC, respectively. Monsanto and Sojitz Corporation committed to take ,
sq m and , sq m, respectively, at Phoenix Place Phase II, which is scheduled or
completion in the second hal o .
The Beijing oce investment market was relatively quiet compared to previous quarters.
Only one en bloc sales transaction was concluded in the Wangjing area. Media Tek rom
Taiwan purchased a building under construction within the Beijing Electronic City or a
total consideration o RMB million.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
A building under constructionwithin the Beijing ElectronicCity
S Media Tek 279,900
Beijing IFC L China Construction Bank 86,100
Beijing IFC L Volkswagen Finance 36,600
Beijing IFC L AIA 30,100
Phoenix Place Phase II L Sojitz 48,400
Raycom Inotech Park Tower L National InstrumentsCorporation
43,100
Silver Tower L HNA Group 36,600
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
Rentals
CapitalValues
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
BEIJING OFFICE CAPITAL AND RENTAL VALUES
0.00
0.20
0.40
0.60
0.80
1.00
Millionsqm
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
VacancyRate
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
BEIJING OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0.00
25.00
50.00
75.00
100.00
125.00
150.00
175.00
200.00
225.00
Rentals
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
22,500
CapitalValues
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
CHENGDU OFFICE CAPITAL AND RENTAL VALUES
CHENGDU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
0.00
0.05
0.10
0.15
0.20
0.25
Millionsqm
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
VacancyRate
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
chengdu
The new projects introduced in Q continued a positive leasing progress, but some
newly signed tenants just moved to a new oce building rom an original one, so the
actual take-up volume was very limited. Thus, the vacancy rate o general market was
.%, dropping slightly by .% compared to last quarter. The average rent increased
.% q-o-q to RMB. per sq m in Q .
The Central Business District was relatively active in Q , with average rent at
RMB. per sq m, up by .% q-o-q, and vacancy rate at .%, down . per
cent compared to last quarter. Yanlord Landmark contributed a signifcant stimulating
eect to this area, as the rent o this project rose by .% q-o-q.
In Q , most leasing transactions in Grade A oce buildings were along the Metro
Line .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Yanlord Landmark L Bayer Health Care 21,500
Yanlord Landmark L Bayer Material Science 2,900
CDB International Plaza L Qieng Group 17,400
Western Tower L Huachuang Securities 3,000
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asia pacific office market overview | 2Q 2011
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guangzhou
No new project was completed in Q . Strong demand drove the overall vacancy
rate to drop steeply by . percentage points q-o-q to .%. It is expected that seven
new projects, with a total o over , sq m oce space, will be launched onto the
market in the second hal-year.
Driven by activities like new leasing, expansion, and relocation rom enterprises in
fnancial, manuacturing, IT and trading industries, the leasing market was active during
this quarter. The asking price o Grade A oce in the central districts was marked up
by the landlord, resulting in a .% q-o-q increase o average rental to RMB. per
sq m per month.
The good perormance o the economy fred demand o domestic enterprises or high
quality oce space or sel-use or investment purposes. However, limited projects were
on sale in the market during Q . The demand-supply imbalance pushed average
sales price up by .% q-o-q, to RMB, per sq m in Q .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Centre Plaza L Guangzhou Ochirly InormationTechnology Co. Ltd
29,100
Poly Centre L China Southern Power GridCorporation
20,000
GT. Land Plaza L Carlsberg 19,800
Poly Centre L Guangzhou Heu Investment Co. Ltd 9,100
Poly Centre L Individual 4,900
shanghai
During Q , IFC Two, Lujiazui Fund Tower and Lujiazui Investment Tower in Pudong
district were completed, thus bringing in a total o , sq m o new supply to the
market.
The strong undamentals o Shanghais economy and the inow o FDI in the tertiary
industry kept demand or Grade A oce space robust in Q .
The vacancy rate in Shanghais Grade A oce market rose . percentage points to
.% in Q , due to the relocations o tenants to new projects. Demand remained
strong and average rental rates increased .% q-o-q to RMB. per sq m per day in
Q .
Developers tended to extend rent-ree periods as a leasing strategy or their new
developments. Supported by sustained rising demand and inationary pressure, oce
rents are anticipated to stay frm.
cHiNA
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Westgate Mall L Ipsos 58,100
Calton Building L Heng Da Real Estate 32,300
Manpo International Plaza L Groupon China 16,100
The Centre L Estee Lauder 6,500
Shanghai World Financial Centre S Bread n Butter 35,900
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
36,000
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
Rentals
CapitalValues
GUANGZHOU OFFICE CAPITAL
AND RENTAL VALUES
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q
2010
2Q
2010
3Q
2010
4Q
2010
1Q
2011
2Q
2011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0.00
3.00
6.00
9.00
12.00
15.00
Rentals
0
12,000
24,000
36,000
48,000
60,000
CapitalValues
Renta ls (RMB / sq m / Day) Capital Va lues (RMB / sq m)
SHANGHAI OFFICE CAPITAL AND RENTAL VALUES
Millionsqm
0.00
0.30
0.60
0.90
1.20
1.50
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
VacancyRate
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
SHANGHAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2008
0.50
1.00
1.50
2.00
2.50
0.00
Millionsqm
20.0%
30.0%
40.0%
50.0%
VacancyRate
Supply Take-up Vacancy Rate
10.0%
0.0%2009 2010 2011 F 2012 F
GUANGZHOU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
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HoNG koNG
hong kong
More occupiers have expressed their resistance to current market rentals and the pace o
rental growth has tapered o. Grade A oce rentals increased .% q-o-q to HK$.
per sq t per month in May , compared with .% q-o-q in February .
The banking and fnancial industries remained one o the major sources o leasing demandin Q . Mainland banks happened to be the key highlight in terms o the number o
confrmed deals during the period. In addition, leasing demand attributed to a batch o
newly set up hedge unds, private equities and the existing players in the proessional
sector continued to drive the market during Q .
The prospective pace o rental growth is anticipated to taper o urther in the next
months, ater having accumulated growth o % in the past two years. Overall, upgrading
and expansion demand are predicted to push average rental upward by another %
over the next months.
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0.00
25.00
50.00
75.00
100.00
125.00
150.00
Rentals
0
5,000
10,000
15,000
20,000
25,000
30,000
CapitalValues
Renta ls (HK$ / sq ft / Month) Capital Va lues (HK$ / sq ft)
HONG KONG OFFICE CAPITAL
AND RENTAL VALUES
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
Millionsqf
t
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
VacancyRate
Supply Take-up Vacancy Rate
2008 2009 2010 2011 F 2012 F
HONG KONG OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F0
500
1,000
1,500
2,000
2,500
3,000
Rentals
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
CapitalValues
Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)
TAIPEI OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 F 2012 F
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Ping
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Vacancy
Rate
Supply Take-up Vacancy Rate
TAIPEI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
taipei
With no increase in new stock, vacancy rate ell basis points to .% amid steady
demand or oce space during Q .
Hsin Yi outperormed the other submarkets, since fnancial institutions were the main
contributors to the overall take-up during the period. In West District, Metropolitan
International Centre has been gradually taken up by fnancial institutions and a number
o technology companies since the relocation o Yahoo to Nangang.
The eective rent o Grade A oce increased by .% q-o-q to NT$, per ping
per month in Q . In Hsin Yi district, the eective rent increased .% q-o-q to
NT$, per ping per month.
On the sales ront, China Lie Insurance Company, Ltd purchased Continental Po Ai
Building with , ping or NT$ million. The deal shows that investors remained
keen or oce properties with reasonable yields, particularly the new developments in
West District.
tAiwAN
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Sin Yi Building L Allianz Taiwan Lie Insurance 56,300Metropolitan International Center L GreTai Securities Market 30,600
Taipei Financial Center L China Ocean Shipping 20,800
Walsin Hsin Yi Building L Invesco Taiwan Limited 13,400
Continental Po Ai Building S China Lie Insurance 54,300
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
International Commerce Centre L Natixis Corporate Solutions 53,300
Windsor House L New York Lie Insurance 103,800
One Kowloon L Carreour Global Sourcing 23,200
AIA Central L China Construction Bank 12,300
Millennium City Phase 5 L Bank o China 25,000
Cheung Kong Centre L KKR 22,000
44-45/F, Lippo Centre Tower 1 S Mainland China corporation 19,400
10 oors, Millennium CityPhase 3
S AEW 81,400
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seoul
The average Grade A oce rental grew .% q-o-q to KRW , per pyung during
Q . The CBD and GBD registered growth o .% and .% q-o-q, respectively,
but the YBD saw a all o .% during Q .
Vacancy rate in the CBD surged to % in Q due to the completion o new
developments in . In the GBD, vacancy increased slightly to .% in Q . In
anticipation o more new supply entering the pipeline, the overall oce vacancy in Seoul
is predicted to rise to % in late . The current tenants market situation will persist
until the end o .
On the investment ront, there was only one Grade A oce sale transaction with oor
area more than , pyung. Sales prices remained sot. Full recovery will be deerred
as investors continue to price in thick risk premium on yields.
tokyo
Overall demand is stable rather than increasing.
Newer properties, and lower oors o skyscrapers, enjoy increasing interest due to
seismic sensitivities.
Rents weak, but only declining modestly.
Relatively large new supply in Q to beneft rom ewer completions during
Q .
Vacancy rate showing improvement; but signifcant new supply in the pipeline.
soutH koreA
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Daeryung Secho Tower L Lotte Capital 28,500
Grace Tower L Samsung SDS 80,100
Centre One L Yonhap News 96,100
Centre One L Samsung Lie Insurance 40,900
Hana Daetoo IB Building S Mirae Asset MAPS GlobalInvestments Co. Ltd
530,700
Kyongam Building S NCsot Corporation 288,900
Fmr. Beom yang Hq Bldg S NURI Telecom Co LtdJV NexG Co. Ltd
71,800
KLC - Korea Line Corporation S Tuksu Construction 112,000
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
50,000
100,000
150,000
200,000
250,000
Rentals
10,000,000
15,000,000
20,000,000
25,000,000
CapitalValues
5,000,000
Rentals (Won / Pyung / Month) Capital Values (Won / Pyung)
0
SEOUL OFFICE CAPITAL AND RENTAL VALUES
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
10,000
20,000
30,000
40,000
50,000
60,000
Rentals
Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
CapitalValues
TOKYO OFFICE CAPITAL AND RENTAL VALUES
TOKYO OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
Tsubo
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Vacancy
Rate
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
SEOUL OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
0
50,000
100,000
150,000
200,000
250,000
300,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2008 2009 2010 2011 F 2012 F
Pyung
Vacancy
Rate
Supply Take-up Vacancy Rate
jAPAN
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Nakano Central Park East L Nihon Koden 177,500
Kojimachi 2-chome Project L Nittobo 88,750
Mesonic 38 MT Building L IT Frontier 177,500
Toyosu Cube L Askul 53,250
Shinjuku Front Tower L Mizuho Inormation &Research Institute
124,250
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asia pacific office market overview | 2Q 2011
iNDoNesiA
jakarta
A relatively small amount o new oce space o only , sq m in the CBD during
will help regulate the occupancy level. O the new oce buildings coming in
Q (in the CBD and outside o CBD), the overall commitment level so ar has
reached %.
A number o local companies have been the driver or the sale volume in the strata-title
market. Outside the CBD, a total o , sq m o strata-title oce space has been
% sold. Likewise, a number o existing strata-title oces in the CBD has reported
continued absorption, particularly rom local companies.
Rental rates or prime quality oce buildings in the CBD are approaching US$. per
sq m per month - a historic high in the oce market. Looking orward, relocation and
expansionary requirements are going to buoy occupancy rates, despite the prospective
increase in new oce developments.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
The Plaza L Deloitte 57,300
Plaza Simatupang L Alstom 34,200
K-Link Tower L Group M 26,900
The East L PWC 21,500
The Plaza L Mead Johnson Indonesia 16,500
Oce 8 S Bayan Resources 80,700
The East S Synco Global (Archean Group) 11,800
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
0
30,000
60,000
90,000
120,000
150,000
180,000
210,000
Rentals
CapitalValues
Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)
JAKARTA OFFICE CAPITAL AND RENTAL VALUES
0
100,000
200,000
300,000
400,000
500,000
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
sqm
VacancyRate
Supply Take-up Vacancy Rate
2008 2009 2010 2011 F 2012 F
JAKARTA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
008
2
Q2
008
3
Q2
008
4
Q2
008
1Q2
009
2
Q2
009
3
Q2
009
4
Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q
2011F
4Q
2011F
1Q
2012
F
2Q
2012
F
3Q
2012
F
4Q
2012
F
1Q
2013
F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Rentals
200
400
600
800
1,000
1,200
CapitalValues
0
Capital Values (Ringgit / sq ft)Rentals (Ringgit / sq ft / Month)
KUALA LUMPUR OFFICE CAPITAL AND
RENTAL VALUES
0.00
0.50
1.00
1.50
2.00
2.50
3.00
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2008 2009 2010 2011 F 2012 F
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP
& VACANCY RATE
kuala lumpur
Overall economic growth slowed during Q and is expected to remain stable during
the second hal o .
Only one building, Capital Square Oce Tower , was completed during Q , adding
, sq t to the market. Redevelopment and reurbishment works on aged oce
buildings have been actively progressing.
Due to the delay o oce completions and the improvement on net take-up, vacancy ell
slightly rom .% in Q to .% in Q .
Rentals and capital values are expected to remain generally stable during the second
hal o .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Wisma Perkeso,O Jalan Tun Razak
L Syarikat Perumahan NegaraBerhad (SPNB)
83,000*
Wisma Perkeso,O Jalan Tun Razak
L Ranhill Berhad 100,000
G-Tower L Alliance Bank Berhad 4,000
Menara Multi-purpose L C H Williams Talhar & Wong 8,000
Capital Square Tower 2 L Tradewinds International
Insurance Brokers Sdn Bhd
10,000*
Block 6, The Horizon(Phase 1**)
S N2N Connect Berhad 46,100
mAlAysiA
* Concluded by CH Williams Talhar & Wong Sdn Bhd
** Multimedia Super Corridor (MSC) status building located in
Kuala Lumpur fringe area
Data sourced rom C H Williams Talhar & Wong Sdn Bhd
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manila
While the development o oces across major CBDs is expected to grow at more than
twice that o , Makati prime stock remains unchanged at , sq m. However,
an increase in stock is expected as the Zuellig Building nears its completion in Q .
The oshoring and outsourcing (O&O) industry continued to drive demand or ocesacross Metro Manila. Net take-up or Prime oce in Makati is expected to reach around
, sq m in , which will more than double that o .
Looking orward, oce rental rates are predicted to rise by % y-o-y, the astest rate
since the last quarter o .
Capital values in Q were generally .% higher than the same quarter last year.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
MDC 100 L ANZ Global Services andOperations (Manila)
157,600
MDC 100 L Stellar Philippines Inc. 59,200
Goodland Building L Aditya Birla Minacs 27,600
Piccadilly Star L Microsourcing Philippines, Inc. 22,600
Traalgar Plaza L Pro V International(Philippines)
15,400
singapore
Occupiers initial exuberance or oce space in response to the economic turnaround
rom the global fnancial crisis subsided and leasing activities moderated to a normalised
level in Q . The overall average occupancy rate or Grade A oce space in the
CBD, hence, dipped to .% in Q , compared with .% in Q .
Flight to quality, driven mainly by the fnancial services sector, continued in Q ,
albeit at a slower pace. This is in line with the stabilisation o expansion and consolidation
plans o major large space users. For example, CITIC Bank Internationals intended move
to Asia Square Tower .
The average monthly gross rents o Grade A oce space in the CBD recorded a stable
growth o .% q-o-q, to reach S$. per sq t in Q .
Oce rents are expected to remain on an uptrend on the back o healthy demand drivers.
However, given the presence o global economic downside risks, rental growth in the
CBD could taper o rom .% in H to not more than % in H .
PHiliPPiNes
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
200
400
600
800
1,000
1,200
Renta
ls
0
20,000
40,000
60,000
80,000
100,000
120,000
CapitalV
alues
Capital Values (Peso / sq m)Rentals (Peso / sq m / Month)
MANILA OFFICE CAPITAL AND RENTAL VALUES
SINGAPORE OFFICE CAPITAL AND
RENTAL VALUES
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F0.00
5.00
10.00
15.00
20.00
25.00
30.00
Rentals
0
500
1,000
1,500
2,000
2,500
3,000
CapitalValues
Capital Values (Singapore$ / sq ft)Rentals (Singapore$/ sq ft / Month)
2008 2009 2010 2011 F 2012 F0.00
0.50
1.00
1.50
2.00
2.50
Millionsqft
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
VacancyRate
Supply Take-up Vacancy Rate
SINGAPORE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
sqm
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
VacancyRate
12.0%
Supply Take-up Vacancy Rate
2008 2009 2010 2011 F 2012 F
MANILA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
siNGAPore
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Asia Square Tower 1 L CITIC Bank International 15,000
Ocean Financial Centre L Verizon CommunicationsSingapore Pte Ltd
32,100
Bank o China Plaza L Inormatics Education Ltd 21,100Anson House S ING Real Estate 77,200
22 Martin Road S Undisclosed 31,600
PSA Building S Mapletree Commercial Trust 414,000
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tHAilAND
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
20,000
40,000
60,000
80,000
100,000
120,000
140,000
CapitalValues
0
Capital Values (Baht / sq m)Rentals (Baht/ sq m / Month)
0
200
400
600
800
1,000
1,200
1,400
Rentals
BANGKOK OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 F 2012 F0
20,000
40,000
60,000
80,000
100,000
120,000
sqm
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRate
Supply Take-up Vacancy Rate
BANGKOK OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
Bangkok
The oce market showed tentative signs o positive movement in light o growing
economic confdence. However, this is still tempered by ongoing global uncertainties
and the current domestic political situation in Thailand, with general elections to take
place at the beginning o Q .
An inux o , sq m o new oce supply in the CBD in is likely to exacerbate
the continuing sotened market conditions or the rest o the year.
With less supply orecast or and , occupancy rates are likely to strengthen
in the coming years ollowing an expected uptick in demand or oce space due to
improving economic conditions.
It remains to be seen to what extent the next government will open the service sector
to more competition as a result o regional economic integration by through the
ASEAN Economic Community.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Asia Centre L Astra Zeneca International Co. Ltd 15,100
Sindhorn Tower 1 L Leo Burnett (Thailand) Co. Ltd 16,700
Sindhorn Tower 3 L Leo Burnett (Thailand) Co. Ltd 19,700
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1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
0
10
2Q2
0
10
3Q2
0
10
4Q2
0
10
1Q2
0
11
2Q2
0
11
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F0
10
20
30
40
50
60
70
Rentals
Rentals (US/ sq m / Month)
HO CHI MINH CITY OFFICE RENTAL VALUES
hanoi
Rentals increased or the frst time or six consecutive quarters, by US$. per sq m
per month during Q . Average occupancy rate also picked up by . percentage
points, breaking the market mark o % occupancy rate and US$ rentals. There has
been a restoration o confdence in developers, although ears o worsened businessconditions remain, due to the continued credit crunch and prudent fnancial policy.
No new buildings were completed during Q . Supply o grade A buildings has been
scarce. Looking into , two high-rise oce buildings, Keangnam Landmark Tower
and Indochina Plaza Hanoi, will be coming online, providing occupiers more real estate
alternatives.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Charmvit Grand Plaza L Huawei 14,50063 Ly Thai To Building L International Monetary Fund 4,300
Pacifc Place L Delegation o the EuropeanCommission to Vietnam
20,600
International Centre L Citibank 7,500
Vietcombank Tower L Baker & McKenzie 4,800
Daeha Centre L Aeroot 5,400
Sun City L ANZ Bank 23,700
Pacifc Place L KPMG 14,100
Charmvit Grand Plaza S State Capital InvestmentCorporation
26,500
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
10
20
30
40
50
60
Rentals (US/ sq m / Month)
Rentals
HANOI OFFICE RENTAL VALUES
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
sqm
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
VacancyRate
Supply Take-up Vacancy Rate
2008 2009 2010 2011 F 2012 F
HANOI CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
2008 2009 2010 2011 F 2012 F
-30,000
0
30,000
60,000
90,000
120,000
150,000
180,000
sqm
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
VacancyRate
Supply Take-up Vacancy Rate
HO CHI MINH CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
vietNAm
ho chi minh city
Rental rates eased as competition or tenants remained ferce. There was greater landlord
recognition o covenant value to their buildings.
In addition to competitive rental rates, tenants have been lured by lease incentives and
creative packages.
Due to the uncertainties in both the local and global environment, tenants have been
cautious in committing to any acquisition o new space. The overall process o lease
agreement has thereore lengthened.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Kumho L Vila Hong Duc 5,000
Kumho L Viterra 1,200
Kumho L China Trust Bank 15,800
Kumho L Dell 2,400
Kumho L JFE Steel 2,600
Kumho L P&G 18,400
Bitexco Financial Tower L Kris Energy 2,200
Bitexco Financial Tower L CC Group (Do Thanh Viet) 2,200
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asia pacific office market overview | 2Q 2011
iNDiA
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
10
20
30
40
50
60
70
80
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
CapitalValues
0
Rentals
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
BENGALURU OFFICE CAPITAL AND
RENTAL VALUES
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
10
20
30
40
50
60
70
80
Rentals
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
CHENNAI OFFICE CAPITAL AND
RENTAL VALUES
2008 2009 2010 2011 F 2012 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
Millionsqft
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
28.0%
32.0%
VacancyRate
Supply Take-up Vacancy Rate
CHENNAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Millionsqft
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRate
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
BENGALURU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
Bengaluru (Bangalore)
A number o projects were completed in Bangalore in Q , contributing approximately
. million sq t to the citys grade A oce space. O this total, new supply o around
. million sq t was located in the special economic zone.
Overall, the average rental in Bangalore remained stable. However, a % to % increase
in asking prices was observed in locations such as EPIP Zone/Whitefeld, Electronic
City and Outer Ring road. The positive employment scenario and increased corporate
leasing activities were the key contributors to the rental rise.
In Q , about a million sq t o space in the special economic zone were launched
in PBD location Hebbal, which is expected to be completed by .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
LOGOS L Zingo 40,000Maruthi Chamber L Tally 20,000
Prestige Blue Chip L Religare Technologies 20,246
Prestige Exora L Continuous Computing 58,837
Maruthi Sapphire L Causeway Sotware 10,000
Adarsh Eco Place L Qualcomm 28,000
Prestige Shanthiniketan L Huawei 31,458
World Trade Centre L Logica 100,000
Prestige Tower L Playdom 14,000
chennai Approximately . million sq t o grade A oce space was completed in Q in
the CBD.
Average rental value remained stable in nearly all the micro-markets except the CBD as
new buildings with grade A specifcation started etching better prices.
A number o IT/ITES oce space transactions were observed in PBD locations. The
demand remained healthy rom sectors such as IT/ITES, BFSI, Trade, including the CRS,
Healthcare, Real Estate and Construction, Media & Entertainment, Manuacturing and
Education, Research & Consulting sectors.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Independent Building L Shriram Group 35,000
Ramanujan IT SEZ L CTS 600,000
TVH Agnito L Alcatel 122,000
DLF SEZ L L&T IES 71,000
DLF SEZ L MphasiS 42,000
DLF SEZ L ZOHO 75,000
Nesal House L Take Solutions 18,000
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iNDiA
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
50
100
150
200
250
300
350
Rentals
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
MUMBAI OFFICE CAPITAL AND RENTAL VALUES
Millionsqft
0.00
3.00
6.00
9.00
12.00
15.00
18.00
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRate
MUMBAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
50
100
150
200
250
300
350
Rentals
0
5,000
10,000
15,000
20,000
25,000
30,000
CapitalValues
35,000
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
NEW DELHI OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 F 2012 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Millionsqft
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRate
Supply Take-up Vacancy Rate
NEW DELHI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
mumBai
Approximately . million sq t o Grade A oce space was added in Q in Lower
Parel, a suburban business district. Projects contributing to this supply were . million
sq t in Peninsula Business Park, and Benefce Business Park, measuring , sq t.
Average rental values or Grade A oce space witnessed a marginal increase in therange o .% q-o-q, primarily on account o ew SBD and PBD micromarkets.
Demand or Grade A oce space was primarily rom the BFSI, IT/ITES, Transport and
Storage, Media, Education and communication sectors. However, due to the continued
addition o new supply in the market, it did not result in signifcant appreciation.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
The Capital L Patni 20,000
Urmi Estate Tower 1 L Swissair 10,000
Peninsula Corporate Park L Baring Private Equity 6,300
Rustomjee Natraj L Feedback Ventures 15,762
new delhi
CBD registered an increase in rental values in the range o % to %. However, SBD
locations observed a decrease in the range o % to % owing to large available supply.
Rental values in PBD locations Noida and Gurgaon remained stable or both IT/ITeS and
non-IT oce space during Q .
A number o commercial projects were launched in PBD locations such as Noida and
Gurgaon, which are expected to complete by , thus adding approximately . million
sq t.
A decline in the property registration was observed in the capital in Q as the state
government made building sanction plans and structural saety certifcates mandatory
or registration o all kinds o structural transactions in the city.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Rectangle One L Tata Telecom 3,000
Rectangle One L Swatch Group 9,500
Salcon Aurum L Bose Corp. 9,000
IFCI Tower L ONGC 10,000
Southern Park L Gateway Rail Freight 9,000
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AustrAliA
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F0
100
200
300
400
500
600
700
Rentals
0
1,000
2,000
3,000
CapitalVa
lues
4,000
5,000
6,000
7,000
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
ADELAIDE OFFICE CAPITAL AND RENTAL VALUES
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
Rentals
0
200
400
600
800
1,000
1,200
CapitalValues
10,000
12,000
0
2,000
4,000
6,000
8,000
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
BRISBANE OFFICE CAPITAL AND RENTAL VALUES
sqm
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
VacancyRate
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Supply Take-up Vacancy Rate
2008 2009 2010 2011 F 2012 F
BRISBANE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
sqm
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
VacancyRa
te
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
ADELAIDE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
adelaide
With no new development without signifcant pre-commitment until at least -,
pressure will remain on existing stock to satisy short-term demand, which will keep
vacancy low.
Forecast is or a positive absorption rate until at least and a consistent decline inoverall vacancy over the short term.
Prime rents should remain relatively stable over the next three to six months, with growth
returning in the second hal o the year.
Demand or major CBD oce assets remains steady, with enquiries coming in rom a
broad group o investors, including continued interest rom oshore groups.
Prime oce yields have begun to compress, a trend that should continue through to the
second hal o .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
55 Currie Street S ARC Equity Partners (Syndicate) 276,900
41 Currie Street S Cahaya Global Ventures Pty Ltd 63,900
68 Grenell Street L Capgemini Business ServicesAustralia Pty Ltd
22,200
BrisBane
Occupier demand was robust during the frst hal o , as reected by strong leasing
volumes and several large transactions. Future leasing activity will be underpinned by
signifcant and rising levels o tenant requirements.
Strong tenant demand, combined with low levels o development completions are likely
to lead to a signifcant decline in vacancy by mid-. However, vacancy is expected to
rise again rom mid- to mid- due mostly to the scheduled completion o some
, sq m, o which , sq m is still vacant.
Prime rental values are likely to remain relatively at during , although there is some
potential or incentives to begin alling back later in the year. Some rental growth may
be witnessed by the second hal o .
Sales volumes were strong during , underpinned by several transactions involving
large prime assets. This momentum has continued into with the sale o three
signifcant assets: Waterront Place (% interest); Elizabeth Street; and CharlotteStreet. Prime yields are expected to remain relatively static during , but yields will
begin to tighten once the potential or signifcant rental growth returns.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Brisbane Transit Centre,151-171 Roma St
L DHL 22,400
Brisbane Transit Centre,151-171 Roma St
L Department o Deence 20,600
Brisbane Transit Centre,
151-171 Roma St
L Q Build 19,800
Waterront Place, 1 Eagle St(50% interest)
S The Future Fund 636,000
55 Elizabeth Street S Credit Suisse Asset Management 204,900
150 Charlotte Street S Walker Corporation 113,000
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AustrAliA
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
100
200
300
400
500
600
700
Rentals
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
CapitalValues
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
MELBOURNE OFFICE CAPITAL AND
RENTAL VALUES
0
50,000
100,000
150,000
200,000
250,000
sqm
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
VacancyRate
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
MELBOURNE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
100
200
300
400
500
600
700
800
Rentals
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
CapitalValues
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
CANBERRA OFFICE CAPITAL AND RENTAL VALUES
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
VacancyRate
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
sqm
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
CANBERRA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
canBerra
Sales activity remains subdued, with limited sales being completed.
The ACT Government has recently announced plans or the development o a ,
sq m oce complex in the CBD.
Prime yields and rents remained steady during the frst hal o .
Secondary yields remain volatile and increasing incentives have caused eective rents
or secondary oce stock to all.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Pharmacy Guild House S Private Investor 69,200
51 Allara Street L Dept o Industry Innovationand Tourism
85,000
221 London Circuit L Australian Organ TissueDonation
8,200
melBourne
Although enquiry levels remained stable, leasing deals are currently taking longer tocomplete.
Tenants are renewing leases because o the lack o available space, and also in anticipation
o uture rent rises.
Net ace rents increased marginaly but incentives have also increased to stimulate deals.
As such, Net Eective Rents have remained relatively stable.
The strong tenant demand or oce space will see vacancy drop urther in . It is
likely to moderate in upon delivery o new developments/reurbishments.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
661 Bourke Street L Deence Force 204,800
85 Spring Street S Private Investor 115,200
31 Queen Street S Challenger Diversifed Trust 209,500
470 Collins Street S Suleman Family 107,200
990 La Trobe Street S Motor Accident Commissiono S.A.
136,200
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AustrAliA
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
0
100
200
300
400
500
600700
800
900
1,000
Rentals
0
1,000
2,000
3,000
4,000
5,000
6,0007,000
8,000
9,000
10,000
CapitalValues
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
PERTH OFFICE CAPITAL AND RENTAL VALUES
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
sqm
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
VacancyRate
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
PERTH OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
Rentals
0
200
400
600
800
1,000
1,200
1,400
1,600
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
CapitalValues
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
SYDNEY OFFICE CAPITAL AND RENTAL VALUES
0
50,000
100,000
150,000
200,000
sqm
-100,000
-50,000
2008 2009 2010 2011 F 2012 F
6.0%
9.0%
12.0%
VacancyRate
-6.0%
-3.0%
0.0%
3.0%
Supply Take-up Vacancy Rate
SYDNEY OFFICE SUPPLY, TAKE-UP &VACANCY RATE
perth
Continued strong investment spending in the State has led to strong demand or oce
space in the frst hal o and this is orecast to continue into the second hal o .
Rents have risen in the frst hal o and incentives decreased.
Vacancies have allen since the second hal o and are expected to continue to all
through the second hal o . Options or larger tenants now remain very limited.
Investment sales activity remained subdued in the second quarter o . However, it
is anticipated to improve in the second hal o on the back o increasing investor
confdence in the Perth CBD market.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
AMP, 140 St Georges Terrace L Bechtel Australia Pty Ltd 11,400190 St Georges Terrace L Thiess 9,600
100 St Georges Terrace L undisclosed 10,600
Alluvion, 58 Mounts Bay Road L CPA Australia 8,300
226 St Georges Terrace L URS Australia 24,200
Westralia Plaza, 167 St GeorgesTerrace
L St George Bank 27,400
Westralia Plaza, 167 St GeorgesTerrace
L Fluor 27,400
sydney
Ongoing white collar employment growth has seen business expansion continue, leading
to a tightening o vacancy rates within Sydney's CBD oce market.
Tenant demand has continued to remain strong over Q as evidenced by a number
o signifcant leases signed during the period.
Face rents have begun to show signs o growth, while incentives continue to track
downwards.
There has been a distinct lack o investment sales in the Sydney CBD during Q ,
leading to the stabilisation o yields and capital values.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
215-217 Clarence Street S CFMEU 33,400
10 Bridge Street S Private Investor 87,600
42-44 Pitt Street S Private Investor 19,500
175 Pitt Street L Australian Human RightsCommission
44,600
227 Elizabeth Street L Amalgamated HoldingsLimited
40,300
2 Chiey Square L Morgan Stanley Smith Barney 32,500
14 Martin Place L International Bank or R D 17,200
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New zeAlAND
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F0
100
200
300
400
500
600
Rentals
0
1,000
2,000
3,000
4,000
5,000
6,000
CapitalValues
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
AUCKLAND OFFICE CAPITAL AND
RENTAL VALUES
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
sqm
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
VacancyRate
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
0.0%
AUCKLAND OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
008
2Q2
008
3Q2
008
4Q2
008
1Q2
009
2Q2
009
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011F
4Q2
011F
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
Rentals
0
100
200
300
400
500
600
CapitalValues
0
1,000
2,000
3,000
4,000
5,000
6,000
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
WELLINGTON OFFICE CAPITAL AND
RENTAL VALUES
2008 2009 2010 2011 F 2012 F0
20,000
40,000
60,000
80,000
100,000
sqm
0.0%
1.0%
2.0%
3.0%
4.0%
VacancyRate
5.0%
Supply Take-up Vacancy Rate
WELLINGTON OFFICE SUPPLY, TAKE-UP &VACANCY RATE
auckland
Leasing activity has been relatively buoyant over the last months. In particular, AMP
NZ Oce Trust (ANZO) has enjoyed signifcant positive activity. One notable leasing
transaction in Q was the signing o ANZ National Bank, securing , sq m on
a new -year lease.
Prime vacancy is now anticipated to increase to .% in , as opposed to our
previous orecast o .% (an -year high) in , had the ANZ National Bank decided
to relocate to the Customs Street development.
Investment yields continue to ease in both the prime and secondary grade oce sectors
since the last quarter, with average indicative yields between .% and .%.
Prime oce rentals and capital values both ell .% in the months to June . With
the rate o decline alling, we anticipate a relatively small decrease in prime rentals and
capital values over the next months.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
70 Symonds Street S Private Investor 80,100
ANZ Centre L ANZ National Bank 190,500
Zurich House L Zurich General Insurance 12,000
41 Shortland Street L Jackson Russell 8,700
1 Queen Street L Rothbury Insurance Ltd 11,800
wellington
With the new Telecom Central building on Willis Street being completed in September,
the relocation o the communications giant will see around , sq m more secondary
oce space becoming vacant. As a result, overall vacancy is anticipated to rise, while
prime vacancy is to remain largely unchanged.
While there are a number o plans or major reurbishments in the pipeline, including
the ANZ Tower and Featherston Street, some developers are waiting or tenant
pre-commitment beore they start their new oce development projects.
Wellington CBD investment activity has been relatively strong in Q but also signals
continued divestment by Australian unds. This has been highlighted by the sale o ANZ
Tower on Lambton Quay to Willis Bond Capital Partners or just over $ million.
Looking ahead, we anticipate prime oce rents to remain steady over the next months.
However, as incentives reach Auckland CBD levels, the dierence between net ace and
net eective rents is anticipated to widen to some extent.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
ANZ Tower S Willis Bond Capital Partners 119,600
Aorangi House S Private Syndicate 53,900
111-113 Tory Street L Ogilvy New Zealand Ltd 6,000
36 Vivian Street L The Business Dojo Ltd 4,300
Axon House L EAP Services Ltd 2,900
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AustrAliAPrime oice suPPly
Guangzhou
Shanghai
Seoul
Tokyo
Chennai
Jakarta
Bengaluru
New Delhi
Mumbai
Beijing
Kuala Lumpur
Chengdu
Singapore
Sydney
Hanoi
Perth
Hong Kong
Brisbane
Ho Chi Minh City
Melbourne
Bangkok
Manila
Taipei
Wellington
Auckland
Canberra
Adelaide
FLOOR AREA (MILLION SQ FT)
0.00 5.00 10.00 15.00 20.00 25.00
2011 F 2012 F
Note: Floor area in each o the above centre is the sum o the various key sub-markets outlined under the section o Denitions and Terminology
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AustrAliAPrime oice reNtAl
Hong Kong
Tokyo
Singapore
Sydney
Perth
Mumbai
Brisbane
New Delhi
Hanoi
Ho Chi Minh City
Shanghai
Beijing
Melbourne
Canberra
Adelaide
Taipei
Wellington
Guangzhou
Kuala Lumpur
Seoul
Bangkok
Auckland
Chengdu
Jakarta
Manila
Chennai
Bengaluru
0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00
RENTALS (US$ / SQ FT / YEAR)
Note: Rental gure in each o the above centre is the average o the various key sub-markets outlined under the section o "Denitions and Terminology"
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2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
BeijiNG
CBD ,, ,, , . . ,, ,, . .
Zhongguancun , , , . . ,, ,, . .
Financial Street , , . . ,, ,, . .
Luthansa ,, ,, , . . ,, ,, . .
East Chang An Avenue , , . . ,, ,, . .
East nd Ring ,, , ,, . . ,, ,, . .
cHeNGDu
Renmin Road ,, ,, , ,, . . ,, ,, . .
CBD , , . . ,, ,, . .
Financial Street , , , . . , ,, . .
GuANGzHou
Yuexiu , , , . . ,, ,, . .
Tianhe ,, ,, ,, ,, . . ,, ,, . .
Haizhu , , , , . . ,, ,, . .
sHANGHAi
Huangpu , , . . ,, ,, . .
Jingan ,, ,, , ,, . . ,, ,, . .
Lujiazui-Pudong ,, , ,, ,, . . ,, ,, . .
Zhuyuan-Pudong , , , , . . ,, ,, . .
Changning , , , , . . ,, ,, . .
Luwan ,, , . . ,, ,, . .
Xuhui , , -, , . . ,, ,, . .
HoNG koNG
Central , , , , . . ,, ,, . .Wanchai , , , . . ,, ,, . .
HK Island East , , . . ,, ,, . .
Tsim Sha Tsui , , . . ,, ,, . .
Kowloon East , , , . . ,, , . .
tAiPei
CBD , , , . . ,, ,, . .
seoul
CBD ,, ,, ,, ,, . . ,, ,, . .
KBD ,, ,, ,, , . . ,, ,, . .
YBD , , , , . . ,, ,, . .
tokyo
CBD ,, ,, N/A N/A . . N/A N/A . .
jAkArtA
CBD ,, ,, ,, ,, . . ,, ,, . .
Non-CBD ,, ,, ,, ,, . . ,, ,, . .
kuAlA lumPur
KLCA ,, ,, ,, , . . ,, ,, . .
mANilA
Makati , , , . . ,, ,, . .Ortigas , , . . ,, ,, . .
siNGAPore
CBD ,, , ,, ,, . . ,, ,, . .
c N spp ta-p Aag vaan ta s Aag rna
(q ) (q ) (%) (q ) (us$ / q / a)
P. 20 | colliers iNterNAtioNAl
asia pacific office market overview | 2Q 2011
treNDs & orecAsts
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2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
BANGkok
CBD ,, , , . . ,, ,, . .
Ho cHi miNH city
CBD , , , , . . ,, ,, . .
HANoi
CBD , -, , . . ,, ,, . .
Non-CBD ,, , , , . . ,, ,, . .
BeNGAluru
Overall ,, ,, N/A N/A N/A N/A ,, ,, . .
CBD , , N/A N/A N/A N/A N/A N/A . .
SBD ,, ,, N/A N/A N/A N/A N/A N/A . .
PBD ,, , N/A N/A N/A N/A N/A N/A . .
cHeNNAi
Overall ,, ,, N/A N/A N/A N/A N/A N/A . .
CBD ,, N/A N/A N/A N/A N/A N/A N/A . .
SBD ,, N/A N/A N/A N/A N/A N/A N/A . .
PBD ,, N/A N/A N/A N/A N/A N/A N/A . .
mumBAi
Overall ,, ,, N/A N/A N/A N/A ,, ,, . .
CBD , N/A N/A N/A N/A N/A N/A N/A . .
SBD ,, N/A N/A N/A N/A N/A N/A N/A . .
PBD ,, N/A N/A N/A N/A N/A N/A N/A . .
New DelHi
Overall ,, ,, N/A N/A N/A N/A ,, ,, . .
CBD , N/A N/A N/A N/A ,, ,, . .
SBD N/A N/A N/A N/A N/A ,, ,, . .
PBD ,, ,, N/A N/A N/A N/A ,, ,, . .
ADelAiDe
CBD , , , . . ,, ,, . .
BrisBANe
CBD , ,, , , . . ,, ,, . .
cANBerrACBD , , , . . ,, ,, . .
melBourNe
CBD ,, , ,, . . ,, ,, . .
PertH
CBD , ,, , , . . ,, ,, . .
syDNey
CBD ,, , , , . . ,, ,, . .
AucklANDCBD , , , . . ,, ,, . .
welliNGtoN
CBD , , , . . ,, ,, . .
c N spp ta-p Aag vaan ta s Aag rna
(q ) (q ) (%) (q ) (us$ / q / a)
asia pacific office market overview | 2Q 2011
colliers iNterNAtioNAl | P. 21
treNDs & orecAsts
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DeiNitioN AND termiNoloGy
GreAter cHiNA
Bng
Pm o m bj o o 6 u-m cbD (c
bu D), luh, e 2d r, s, e cha au d Zhouu.
r quod rMb p q m p moh o o oo ,
d xu o mm d pod. cp u
quod o rMb p q m.
chngd
Pm o ud chdu my od 3 u-m,
rm rod, cbD d s.
r quod rMb p q m p moh o o oo ,
d xu o mm . cp u quod o rMb
p q m.
Gangh
Pm o ud guzhou od 3 pp u-m
Hzhu, Yuxu d th.
r quod Us$ p q m p moh o o oo ,
d xu o y mm d om x. cp
u quod o Us$ p q m.
shangha
Pm o ud shh od 7 pp u-m
Hupu, J, lujzu, Zhuyu, ch, lu d Xuhu.
r quod rMb p q m p dy o o oo , d
xu o y mm . cp u quod o rMb
p q m.
Hng kng
Pm o pop Ho ko od 5 u-m
c, wh / cuy by, id e, tm sh tu d
kooo e.
r ommoy quod Hk$ p q p moh o h o,
o oo , hh xu o mm , d
om x. P quod Hk$ p q , d mu
o o oo .
tap
Pm o pop tp od 7 d, omp
n su ch (nk-sc), Mh tu H noh (Ms-tn), H Y,
w, tu H souh (tUn-s), J a H sh (Ja-Hs) d n
e rod (nk-4/5).
th o u o mum p (.. 3.3 q m). r d p
quod o uy .. n t Do (nt$) o o oo
.
NortH AsiA
s
Mjo o d sou ud h do u
(cbD), gm bu D (gbD) d Youdo bu D
(YbD).
r quod wo p pyu (o qu o 3.3 q m) p moh
o o oo . gy, dpo qu o 10 moh
qud, d uuy pd up o. Mm xudd
om quod . sp mud o o oo . cp
u quod wo p q m.
t
th quy o ud toyo od h u
(cbD) o x d my, chyod-u, chuo-u,
Mo-u, shjuu-u, shuy-u d sh-u.
r quod Y p uo (.. 3.3 q m) p moh,
hh u o h. O p mud o
oo . cp u quod Y p uo.
soutHeAst AsiA
jaaa
th quy o ud J od h cbD o
h d thm, sudm, go suoo, ru sd d M
ku. th oud h o d oy d
o-cbD.
r ommoy quod ruph p q m p moh, hh
u o h u xu o om x. O
p mud o oo . cp u quod
ruph p q m.
kaa lp
Pm o ud od h ku lumpu c a (klca)
oy. th klca omp y h h u
d.
r ommoy quod r My (rM) p q p moh
o oo , hh u o h d popy
x. cp u quod r p q .
mana
Pm o ud M od o pp u-m
M d O.
r quod Po p q m p moh o oo ,
d xu o y mm . cp u quod Po
p q m.
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colliers iNterNAtioNAl | P. 23
DeiNitioN AND termiNoloGy
sngap
th quy o ud od h po od h c
bu D o spo.
r quod s$ p q p moh o oo (..
ommo uh odo, o, oy . u ud
oum), d u o h. cp u quod
o h o o -d ud, d o o-
-d dopm.
Bang
Pm o pop bo od d omp
som d sho od om nh rh,
rm iv om Phyh o rhdp, o rhdp om
rm iv o suhum d o suhum om ao o h ho o
Poh d h rm i o Phyh.
r quod bh p q m p moh o oo , d
u o h. cp u quod bh p q m.
H ch mnh c
th quy o ud Ho ch Mh cy od D
O - h u d h y.
r ommoy quod Us$ p q m p moh o oo
, d xu o mm d om x. cp
u quod o Us$ p q m.
HanPm quy o ud Ho moy od Ho km
d, h ddu quy ud od cu gy d d
b Dh d. th oo o h y pd
o o Ho km l, hh h Ho km d.
r ommoy quod Us$ p q m p moh o oo
. r u o h d xu o u ddd
x, hh uy 10% .
iNDiA
Bnga (Banga)
Pm o pop buu ddd 3 pp u-
m cbD (c bu D), sbD (suu/sody
bu D) o o bh rod & Ou r rod
d PbD (Pph bu D) ud PbD Hou rod, ePiP
Zo, eo cy d whd.
r ommoy quod rup p q p moh, hh uuy
xu o m h, p h d popy x.
O p ommoy mud o *up u up .
chnna
Pm o pop ch od 3 pp um
cbD (c bu D), (suu/sody bu D)
d PbD (Pph bu D). sbD o o gudy d
vhy h PbD ud oh uh Od Mhpum
rod, amu d gst rod mo oh.
r ommoy quod rup p q p moh, hh uu y
xu o m h, p h d popy x.
O p ommoy mud o *up u up .
mba
Pm o pop Mum pmy od cbD
(c bu D) o o nm Po, od d bd
e; sbD (sody bu D) ud bd (w d
e), k, lo P d wo/Phd d PbD (Pph
bu D) ud n Mum, vh, Po, goo.
r ommoy quod rup p q p moh, hh uu y
xu o m h, p h d popy x.
O p ommoy mud o *up u up .
N Dh
Pm o pop n Dh pmy od
cbD (c bu D) o o couh P; sbD
(sody bu D) ud nhu P, Jo, s d
nj suhh P d PbD (Pph bu D) ud
guo d nod.
r ommoy quod rup p q p moh, hh uuyxu o m h, p h d popy x.
O p ommoy mud o *up u up .
AustrAlAsiA
Aaa
Pm o ud od h cbD d y oud y
Mnc.
r quod o oo , d a$ p q m p um
xud mm d om h. cp u
quod o a$ p q m.
N zaand
Pm o ud od h cbD.
r quod o oo , d nZ$ p q m p um
xud mm d om h. cp u
quod o nZ$ p q m.
* Super built-up area reers to the total **built-up area o a building plus a proportional allocation o all common areas including stairs, lit cores, ground oor lobby, and caretakers ofce/at throughoutthe building.
** Built-up area reers to the carpet area plus the thickness o external walls and area under columns.
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asia pacific office market overview | 2Q 2011
greater china
Bng, chna502 to w3, O Pzno 1 e ch au,
Doh Dbj 100738t : 86 10 8518 1633x : 86 10 8518 1638Aanda GaM Do, noh [email protected]
chngd, chnaU 1504 Yod ldm1 rm souh rod so 2chdu 610016t : 86 28 8658 6288x : 86 28 8672 3226
ja tag M
Gangh, chna702 tm to,208 th rodguzhou 510620t : 86 20 3819 3888x : 86 20 3819 3899e laM [email protected]
shangha, chna16 Ho ko n wod to300 Huh Zho rodshh 200021t : 86 21 6141 3688x : 86 21 6141 3699lna wngM Do, e dsouh w [email protected]
Hng kng, HksAr5701 c Pz,
18 Hou rodwh, Ho Hocompy l no: c-006052t : 852 2828 9888x : 852 2828 9899rhad kM [email protected]
P Bnn (e-183614)ch exu O - [email protected]
tap, taan49 taiPei 101 tOwerno. 7 X Y rod s 5, tp 110t : 886 2 8101 2000x : 886 2 8101 2345
And lM [email protected]
north asia
s, sh ka10 ko toum Ozo bd.,10 D-do,Ju-u, sou 100-180t : 82 2 6740 2000x : 82 2 318 2015ja ynso Do & g M
t, japanHx bud3-16-26 roppoMo-u, toyo 106-0032 Jpt : 81 3 5563 2111x : 81 3 5563 2100ja nso M Do
south east asia
jaaa, indna10 wod td c,J Jd sudmk 29-31 J 12920t : 62 21 521 1400x : 62 21 521 1411m BM [email protected]
kaa lp, maaa/ ma lapad*
M Docopo souo | a Pt : 65 6531 8601x : 65 6557 [email protected]* bd spo
Research data provided byc H wa taha & wng sdn Bhd30-01, 30h ooM Mu-Pupo @ cpsqu8 J Muh aduhP O box 1215750100 ku lumpuMy
t : 603 2616 8888x : 603 2616 8899Url : hp://..om.my G jnM [email protected]
mana, Phppn10 to 2 rcbc Pz,ay au, M cyPhpp1226t : 63 2 888 9988
x : 63 2 845 2612Dad yngM [email protected]
sngap1 rf P#45-00 O rf Pspo 048616t : 65 6223 2323x : 65 6222 4901Dnn yM Dospo & idu s | a
Bang, thaand17/ Poh c2 suhum rodkooy, bo 10110t : 66 2 656 7000x : 66 2 656 7111Paa japaM [email protected]
H ch mnh c, vna
Ho ch Mh cy, vm7 bxo bud19-25 nuy Hu sD 1, Ho ch Mh cyt : 84 8 827 5665x : 84 8 827 5667P Dnnngg [email protected]
Han, vnavp - t tm bud,9h oo,39a no Quy s
Ho km D, Ho, vmt : 84 4 220 5888
84 4 220 5566x : 84 4 220 1133D l QanDpuy g [email protected]
h da, pa na:
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asia pacific office market overview | 2Q 2011
colliers iNterNAtioNAl | P. 25
india
Bnga, indaP g, l 2, U no.201/20236 Uoo rod, buu 560 042
t : 91 80 4079 5500x : 91 80 4112 3131Ga chaabO [email protected]
chnna, indaU 1c, 1 oo, H compx,23 spu rod, chp,ch 600 031t : 91 44 2836 1064x : 91 44 2836 1377kah rddO Do
Ggan, indag3, nbd bu c,thoPo, Dl go couM so rodso 54, guo 122 002t : 91 124 4375807x : 91 124 4375806saah chaaO [email protected]
kaa, indaiy bu c, iy bhml 18, room no 13, Po g - 1,bo eP & gP, so v, s lko 700 091w bt : 91 33 2357 6501x : 91 33 2357 6502Aa rahaO [email protected]
mba, inda31-a, 3d oo, m c,
68 tdo rodMum 400 034t : 91 22 4050 4500x : 91 22 2351 4272Pna mahanO [email protected]
Gg mkasouh a DoO & id [email protected]
N Dh, inda204/205, 2d oo,khju bud,18 bhm rodn Dh 110 001
t : 91 11 4360 7500x : 91 11 2335 6624Aa rahaO [email protected]
Pn, indav bu c, l-5c w, Phh th P-1,YdPu 411 006t : 91 20 4011 1356x : 91 20 6640 3138sh can
australasia
Adad, Aaal 10, 99 g P,add sa 5000t : 61 8 8305 8888x : 61 8 8231 7712ja yngs ch exu
Bban, Aaal 20 c Pz O345 Qu sb QlD 4000t : 07 3229 1233x : 07 3120 4555sn Bns ch [email protected]
canba, Aaagoud oo, 21-23 Mu c s
c act 2601t : 61 2 6257 2121x : 61 2 6257 2937Pa Pds ch [email protected]
mbn, Aaal 32 367 co sMou vic 3000t : 61 3 9629 8888x : 61 3 9629 8549
jhn maas ch [email protected]
Ph, Aaal 19, 140 s go tPh wa 6000t : 61 8 9261 6666x : 61 8 9261 6665k. ian mhddns ch [email protected]
sdn, Aaal 12, goo P,225 go ssydy nsw 2000t : 61 2 9257 0222x : 61 2 9251 3297ma tns ch [email protected]
Aand, N zaandl 27, 151 Qu s, audt : 64 9 358 1888x : 64 9 358 1999
ma snnM [email protected]
wngn, N zaandl 10, 36 cuomhou Quywot : 64 4 473 4413x : 64 4 499 1550 (ay)
: 64 4 470 3902 (vuo)rhad ndaM [email protected]
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asia pacific office market overview | 2Q 2011
Proessionals & sta: 12,510
Square eet managed: 979 million*
Lease/sale transactions: 73,972
Total transaction value: $59.6 billion
r oo u.
th hy do u h
you do u.
reveNues couNtries o i c e s
512611.5BILL