Colliers global office report first half 2010

FIRST HALF 2010

Accelerating success.

GLOBAL OFFICEREAL ESTATE REVIEW

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. This publication is the copyrighted property of Colliers International and/or its licensor(s).

©2010 Colliers International. All rights reserved.

Global Summary and Regional Synopses 1 – 6

GLOBAL OFFICE MARKETSEurope, Middle East & Africa (EMEA) 7 – 8North America 8 – 9Asia Pacific and Latin America 9

CONSTRUCTION AND VACANCYEMEA 10 – 11North America 11 – 12Asia Pacific and Latin America 12

CENTRAL BUSINESS DISTRICT SURVEYEMEA – Occupancy Costs 13 – 14North America – Occupancy Costs 14 – 15Asia Pacific and Latin America – Occupancy Costs 15EMEA – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 16 – 17North America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 17 – 18Asia Pacific and Latin America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 18

SUBURBAN/OUT-OF-TOWN SURVEYEMEA – Occupancy Costs 19 – 20North America – Occupancy Costs 20 – 21Asia Pacific and Latin America – Occupancy Costs 21EMEA – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 22 – 23North America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 23 – 24Asia Pacific and Latin America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 24

Glossary 25

AMERICASRoss [email protected]

Wayne [email protected]

Mario RiveraLatin [email protected]

EUROPE/MIDDLE EAST/AFRICAThomas [email protected]

Mark CharltonUnited [email protected]

Roger [email protected]

Andreas TrumppGermany [email protected]

ASIA PACIFICSimon [email protected]

Amit [email protected]

Felice SparkAustralia/New [email protected]

Yumiko [email protected]

TABLE OF CONTENTSwww.colliers.com

GLOBAL MARKET ANALYSIS AND FORECASTS

RESEARCH CONTACTS

GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010

Cover photo: Singapore (Photos.com)


COLLIERS INTERNATIONAL | P. 1 Contact: Ross Moore—[email protected]

ROSS J. MOORE Chief Economist | USA

Office space markets around the world took another step towards returning to normal in the latest six month period. Most regions showed increasing signs that the worst of the global financial crisis had passed. Leasing activity was up significantly from the prior six month period. In particular, Asia Pacific, Latin America and Canada all posted healthy growth rates and showed signs of future expansion. The United States and much of Europe, however, chalked up another six month period of tepid demand. With the exception of Asia Pacific, all regions again reported higher vacancies while rents were more mixed. Midyear is almost certain to mark an inflection point for the global office market. In contrast to lukewarm letting conditions, however, office investment sales activity in the first half of 2010 was up in all regions. This suggests investors see a firming in market fundamentals in the coming months and are prepared to bid up prices. The outlook for the balance of 2010 and into 2011 is for continued signs of growth. The worst appears to be behind us.

EUROPE, MIDDLE EAST, AFRICA (EMEA)

Amidst a tepid recovery and marked by uneven economic growth, the EMEA average vacancy rate rose to 12.6 percent at midyear. This was an increase of 0.3 percentage points since year-end and 1.3 percentage points over the past 12 months, and brings the EMEA vacancy rate to nearly double the year-end 2007 level. The rise in vacancy was felt across the region, but was particularly acute in Dubai, Riyadh, Sofia, Bucharest, Athens, Abu Dhabi, Budapest, Johannesburg and Tirana, all of which saw their respective vacancy rates rise by at least four percentage points in the first half of 2010. Eighteen EMEA cities now register vacancy rates of 15 percent or higher and eight markets have vacancy over 20.0 percent. While the trend for the region is still up, vacancy rates in central London, Madrid, Dublin, Moscow, and Tel Aviv all fell during first half of the year. With vacancy showing signs of stabilizing, Class A rents reversed direction and increased by 1.4 percent in the first half of 2010. This was on the heels of a 3.1 percent drop in the second half of last year. Notable cities registering increases in asking rents included London, Paris, Tel Aviv, and Zurich. London again retained its position as the most expensive office market in the region, with current average Class A asking rents in the West End sub-market at $130.00 USD per square foot per year (London City, London Southbank and London Docklands ranked second, fourth and fifth). Beyond London; Paris, Milan, Stockholm and Geneva rounded out the top five cities.

Demand for Office Space Slowly ReturningInvestors Already Bidding up Prices in Advance of a Turnaround

OFFICE CONSTRUCTION – TOP 50 CITIES

MARKET (Ranked by June 2010)

JUNE 2010

DEC. 2009

JUNE 2009

Shanghai 37.0 23.7 29.3Moscow 30.2 43.5 40.9Dubai 28.0 24.0 27.1Tokyo 23.1 11.5 11.5Seoul 16.4 6.7 7.8São Paulo 16.1 16.1 9.2Abu Dhabi 12.9 13.1 9.3Mexico City 12.5 11.3 9.5Riyadh 11.2 – 2.0Beijing 9.3 9.9 11.5Singapore 7.6 8.3 10.0Paris 7.5 11.8 17.2Ho Chi Minh City 7.2 – –Sofia 7.2 2.7 9.3Saint Petersburg 6.9 3.4 4.1Brussels 6.5 6.5 8.6Jakarta 6.1 7.3 7.8Washington, DC 5.6 6.0 9.7Tallinn 5.0 0.06 0.2Milan 4.9 – 3.9Rio De Janeiro 4.5 3.6 3.2Chennai 4.1 2.1 4.2Bangalore 4.0 5.4 4.7Delhi 3.9 1.5 4.7Hamburg 3.8 5.3 4.8Madrid 3.6 3.8 4.3Amsterdam 3.5 2.7 3.0Zurich 3.2 1.6 1.1Frankfurt 3.1 3.9 3.8Calgary 3.0 4.5 6.5Istanbul 3.0 2.6 0.8Munich 2.9 5.2 7.9Bucharest 2.9 3.2 3.2New York – Downtown Manhattan 2.6 6.6 4.6Sydney 2.5 1.9 2.1Seattle/Puget Sound 2.5 3.0 5.0London – City 2.5 2.4 5.3Vienna 2.5 1.6 1.8Bogotá 2.4 3.6 7.7Houston 2.2 2.2 4.3Copenhagen 2.2 2.0 1.6Mumbai 2.1 – 9.0Boston 2.0 2.3 2.0London – Docklands 1.9 1.9 0.7Düsseldorf 1.7 2.2 3.7Perth 1.7 2.5 2.6Rome 1.7 – 0.9Minsk 1.6 – 0.1Athens 1.6 – 0.3Dallas/Fort Worth 1.5 3.0 3.2

UNDER CONSTRUCTION (MILLION SQUARE FEET)

P. 2 | COLLIERS INTERNATIONAL


GLOBAL VACANCY RATES (%)

MONTH/YEAR EMEA

ASIAPACIFIC USA

LATIN AMERICA

Dec. 2003 11.3 13.4 15.1 15.2June 2004 10.7 12.4 14.9 12.4Dec. 2004 11.7 14.0 14.2 12.2June 2005 9.7 8.6 14.2 11.5Dec. 2005 8.3 8.2 13.5 9.2June 2006 8.0 7.6 13.1 7.3Dec. 2006 7.4 7.1 12.6 7.6June 2007 6.8 7.7 12.4 5.2Dec. 2007 6.7 8.1 12.6 3.8June 2008 7.1 7.7 13.2 2.6Dec. 2008 8.5 8.7 14.2 2.7June 2009 11.3 11.7 15.5 5.8Dec. 2009 12.4 12.1 16.2 6.5June 2010 12.6 12.2 16.3 7.1

EMEA VACANCY RATES (%)

MONTH/YEAR

LONDON – WEST END PARIS FRANKFURT MOSCOW


ASIA PACIFIC VACANCY RATES (%)

MONTH/YEAR

HONG KONG SHANGHAI SYDNEY TOKYO


The amount of office space under construction at midyear end was little changed from year-end when 180.2 million square feet was underway. This suggests the slowdown in construction may be hitting bottom. It is unlikely that development will ramp up any time soon which will help to bring vacancies down in the coming months and stabilize rents.

ASIA PACIFIC

The Asia Pacific region posted improved results during the first half of 2010 with the regional vacancy rate up just 10 basis points to 12.2 percent. The latest result comes after steady increases dating back to year-end 2006 and leaves the region’s vacancy rate at levels experienced in early 2005. At the two extremes, Chinese vacancy rates drifted lower while Australian cities generally recorded increased availability.

Chennai again posted the highest vacancy rate in the region at 22.5 percent, followed by Delhi, Bangalore, Canberra, Guangzhou, Ho Chi Minh City and Bangkok, all with vacancy rates at or above 15 percent. Hong Kong recorded the region’s lowest vacancy rate at just 4.0 percent. After showing signs of hitting bottom in the latter half of 2009, office rents moved modestly higher in the first half of 2010, increasing an average of 4.5 percent. Cities recording significant increases included Hong Kong, Sydney, Delhi, Singapore and Brisbane. Sizeable declines were limited to just two cities; Shanghai and Bangkok. The Asia Pacific region remains characterized by high levels of office construction with Beijing, Guangzhou, Ho Chi Minh City, Jakarta, Shanghai, Seoul, Singapore and Tokyo all with at least five million square feet of construction currently underway. Construction in these eight cities totaled 133.7 million square feet at midyear. On the demand side, the region is expected to continue leading global growth through 2010 and into 2011. China, Singapore, India and Taiwan in particular continue to register very robust growth. Even Japan, which is typically the laggard in the group, is anticipated to grow by 3.2% in 2010. In a ranking of highest occupancy costs (average Class A gross rents) Hong Kong again took the top spot, both within the region and the world at $161.00 USD per square foot per year, with Tokyo second in the region (third spot worldwide) at $101.00 USD per square foot and Perth, Australia third at $64.00 per square foot.

Looking to the end of 2010 and into 2011, Asia Pacific is anticipated to keep leading the global recovery and subsequently is expected to have the best leasing markets of any of the four major regions. The continued delivery of office space will act as a drag on any material growth in rents, however, a certain amount of pent up demand in tandem with rapid growth should push rents materially higher by early 2011.



UNITED STATES/CANADA

Although the U.S economy finished the first half of the year on a sluggish note, leasing activity was relatively robust throughout the January-June period. This helped to stabilize market fundamentals after a prolonged period of weakness. Despite this firming in fundamentals, both Canadian and U.S. vacancies rose during the first six months of the year although the latest increases were relatively muted. Occupancies were mixed, with U.S. markets recording only mildly positive absorption while Canadian markets registered more substantial growth.

Combined with new construction, the overall U.S. vacancy rate rose by 12 basis points to finish the first half of the year at 16.3 percent. With leasing activity up, rents began to stabilize, with downtown lease rates little changed for the six month period but down 6.4 percent for the year. Suburban lease rates, however, continued to drift lower falling a further 2.3 percent during the first half of 2010 and 4.1 percent over the year. Canadian markets also began to show signs of strength in the first six months of the year, albeit by modest standards. Combined with construction coming online, however, vacancies moved higher while rents were slightly lower. In contrast to the U.S., however, the Canadian marketplace is set to benefit from significant job growth and a commodity sector that continues to post robust growth. Across the continent, Midtown Manhattan continued to hold the top spot for office occupancy costs with average Class A rents of $63.00 USD per square foot, followed by Washington at $51.26 USD and Toronto $51.07 USD.

The latest results reaffirms our view that the first half of 2010 was a period of transition from dramatically rising vacancies and falling rents to more modest movements in both, and a possible reversal in the near to medium term. Calling into question the idea of a swift recovery,

GLOBAL OFFICE OCCUPANCY COSTS – TOP 50 CITIES


JUNE 2010

DEC. 2009

JUNE 2009

Hong Kong 161.42 161.14 138.08London – West End 129.58 139.43 125.52Tokyo 100.76 101.24 101.57London – City 94.17 99.46 90.83Paris 91.82 83.19 81.53Rio de Janeiro 87.91 95.62 80.12London – Southbank 73.08 83.48 77.62Perth 64.42 66.34 55.99São Paulo 63.98 73.31 57.23New York – Midtown Manhattan 62.76 62.37 69.70London – Docklands 61.77 72.82 67.71Mumbai 59.64 59.11 67.84Delhi 58.60 51.69 53.04Milan 58.38 66.56 67.84Singapore 58.08 53.71 55.53Brisbane 58.05 43.54 63.97Stockholm 55.91 58.13 55.13Sydney 55.83 51.42 45.53Geneva 55.63 55.47 53.90Bristol 53.49 61.28 59.45Abu Dhabi 52.94 60.16 66.98Washington, DC 51.26 51.00 49.60Birmingham 51.23 55.74 61.11Edinburgh 51.23 54.95 57.80Glasgow 51.23 52.56 56.15Toronto 51.07 48.56 46.37Calgary 49.60 40.02 41.52Manchester 48.97 59.50 56.15Frankfurt 46.28 60.70 59.53Ottawa 46.26 47.17 41.96Boston 45.51 47.90 50.10Zurich 45.36 41.16 43.63San Diego County 44.74 31.44 33.50Kyiv 44.61 40.12 42.38Vancouver 43.69 44.79 38.06Athens 43.56 – 29.76Rome 43.07 50.58 49.57New York – Midtown S. Manhattan 42.42 40.59 51.30Minsk 42.20 – 62.66Miami-Dade 42.01 43.25 43.50Munich 40.84 48.75 49.35New York – Downtown Manhattan 39.82 38.85 48.60Dubai 39.47 75.84 75.82Edmonton 39.19 41.35 40.48Los Angeles 38.88 39.24 39.80Buenos Aires 38.59 24.31 40.48Shanghai 37.86 39.41 39.41West Palm Beach/Palm Beach Co. 37.54 38.94 38.94Stamford 37.02 – –Madrid 36.75 43.16 43.86

NORTH AMERICA VACANCY RATES (%)

MONTH/YEAR

WASHINGTON, DC – CBD

NEW YORK –MIDTOWN

TORONTO – CBD

SAN FRANCISCO


CLASS A/PRIME SPACE (USD PER SQUARE FOOT)



however, is a noticeable downshift in the economy and still stubbornly high unemployment rates. More encouraging, however, is the eight month long gain in private sector employment, suggesting the recent improvement in office leasing activity may be sustainable.

LATIN AMERICA

For the fourth consecutive six month period the Latin America region registered higher vacancies across most markets. The regional office vacancy rate increased by 55 basis points during the first half of 2010 and comes on top of a 123 basis point increase in the latter half of 2009. Even with these increases the region’s vacancy rate remains relatively low with average vacancies of just 7.1 percent. With a vacancy rate of less than 1.0 percent Rio de Janeiro again posted the lowest office vacancy rate in the region and indeed the world. The Latin American region continues to register very robust growth rates. Led by Brazil with projected GDP growth of 7.8 percent in 2010 and 4.5 percent in 2011, the rest of the region including Argentina, Peru, Chile and Colombia, the region is home to some of the fastest growing economies in the world. This growth is expected to soon reverse the rise in vacancies and once again push rents higher.

Office construction remained concentrated in Mexico City and São Paulo with 28.6 million square feet currently underway. In third spot was Rio de Janeiro with 4.5 million square feet under construction which should help to relieve extremely tight leasing conditions. Rio de Janeiro captured top spot as the most expensive office market in the region with average Class A gross rents of $88.00 USD per square foot (6th spot worldwide).

LATIN AMERICA VACANCY RATES (%)

MONTH/YEAR

MEXICO CITY

SãO PAULO

BUENOS AIRES BOGOTÁ

Dec. 2003 16.2 14.7 18.2 4.0

June 2004 15.9 14.2 14.0 1.6

Dec. 2004 15.4 15.5 9.9 2.1

June 2005 16.5 14.8 7.6 2.1

Dec. 2005 13.1 11.0 3.0 1.8

June 2006 11.7 8.8 2.4 2.4

Dec. 2006 10.4 7.6 1.8 1.6

June 2007 8.0 5.9 2.9 1.3

Dec. 2007 7.6 3.3 1.4 0.9

June 2008 8.5 2.7 1.5 1.3

Dec. 2008 6.1 4.0 2.9 3.2

June 2009 5.1 5.7 6.2 7.3

Dec. 2009 9.5 4.9 6.9 8.0

June 2010 10.0 4.4 7.9 7.4

LARGEST INCREASE IN VACANCY RATES – TOP 50 CITIES

MARKET

CHANGE IN VACANCY JUNE 2009-JUNE 2010

(Basis Points)

Stamford 1,758 White Plains 1,156 Tirana 1,100 Lima 1,020 Dubai 1,000 Riyadh 900 Budapest 810 Canberra 780 Sofia 760 Abu Dhabi 700 New Jersey – Northern 656 New York – Downtown Manhattan 637 Bucharest 600 Johannesburg 575 Columbia 572 Calgary 515 Ho Chi Minh City 500 Athens 500 New Jersey – Central 496 Victoria 487 Seattle/Puget Sound 486 Belfast 450 London – Docklands 400 Belgrade 390 Prague 370 Edmonton 355 Kitchener-Waterloo 353 Orange County 338 Washington, DC 333 Adelaide 330 Charlotte 234 Warsaw 230 Auckland 220 Seoul 218 Detroit 217 Singapore 210 Bratislava 210 Los Angeles 206 Minsk 200 Helsinki 200 Miami-Dade 193 Perth 190 Düsseldorf 190 Cincinnati 183 Edinburgh 180 Zagreb 170 Buenos Aires 170 Tokyo 170 Tampa 164 Pleasanton/Walnut Creek 164



GLOBAL INVESTMENT SALESGlobal office investment sales increased for the second consecutive six month period with first half 2010 sales totaling $58.4 USD billion. This was an increase of 31 percent from the second half of 2009 and a 37 percent increase from the same period a year ago. The EMEA region was the most active region with office sales volume of $23.5 billion followed by Asia Pacific at $17.2 billion and the America’s at $14.1 billion.

Prices appear to be moving higher in all three major regions with capitalization rates/yields shifting lower. EMEA capitalization rates in particular moved 119 basis points lower while EMEA yields dropped by 16 basis points and in the Americas cap rates dropped 56 basis points. This would appear to mark a synchronized downward trend in yields and a corresponding uptrend in prices. A more robust global economy combined with improved financial markets is clearly boosting both transaction volume and also pricing. While debt is still relatively difficult to access, and much uncertainty still exists with respect to the sustainability of the current economic expansion, real estate markets across the globe appear to be off the bottom and slowly returning to more normal levels. Cross-border investment, however, is still relatively subdued with most investors focusing on their domestic market. Two markets bucking this trend, however, are the U.S. and U.K. which both registered a slight increase in cross-border investment in the first half of the year.

LATIN AMERICA VACANCY RATES (%)

MONTH/YEAR

MEXICO CITY

SãO PAULO

BUENOS AIRES BOGOTÁ

Dec. 2003 16.2 14.7 18.2 4.0

June 2004 15.9 14.2 14.0 1.6

Dec. 2004 15.4 15.5 9.9 2.1

June 2005 16.5 14.8 7.6 2.1

Dec. 2005 13.1 11.0 3.0 1.8

June 2006 11.7 8.8 2.4 2.4

Dec. 2006 10.4 7.6 1.8 1.6

June 2007 8.0 5.9 2.9 1.3

Dec. 2007 7.6 3.3 1.4 0.9

June 2008 8.5 2.7 1.5 1.3

Dec. 2008 6.1 4.0 2.9 3.2

June 2009 5.1 5.7 6.2 7.3

Dec. 2009 9.5 4.9 6.9 8.0

June 2010 10.0 4.4 7.9 7.4

COUNTRY GROWTH RATES

COUNTRY (Ranked by 2010)

2010 (Projected)

2011(Forecast)

China 9.9 8.3Singapore 8.4 4.5India 8.0 8.1Brazil 7.8 4.5Taiwan 7.6 4.3Argentina 6.8 4.0Malaysia 6.8 4.0Peru 6.7 4.1Philippines 6.2 4.3South Korea 5.9 4.0Indonesia 5.6 5.9Hong Kong 5.5 4.4Chile 5.2 5.0Turkey 5.0 3.9Russia 4.8 4.0Colombia 4.6 4.4Mexico 4.6 3.5Saudi Arabia 3.6 3.7Canada 3.5 2.9Slovakia 3.5 3.3Israel 3.2 3.3Japan 3.2 1.6Sweden 3.2 2.7Australia 3.1 3.3Poland 3.0 3.4United States 3.0 2.8New Zealand 2.8 3.2South Africa 2.8 3.7Switzerland 2.0 1.9Germany 1.9 1.6Denmark 1.5 1.8Britain 1.4 1.9France 1.4 1.4Netherlands 1.4 1.5Belgium 1.3 1.4Norway 1.3 1.4Austria 1.0 1.3Italy 1.0 1.0Czech Republic 0.9 2.0Finland 0.8 0.9Estonia 0.5 3.1Ireland 0.1 0.1Hungary -0.3 2.5Spain -0.4 0.5Lithuania -1.8 2.3Latvia -2.3 3.0Greece -4.8 -3.8

Blue = G7 CountriesSource: Economist Intelligence Group August 2010

CHANGE IN GROSS DOMESTIC PRODUCT (%)

GLOBAL INVESTMENT SALES OFFICE PROPERTIES –TOP 20 CITIES

MARKET

FIRST HALF 2010

(Million USD)

FIRST HALF 2009

(Million USD)

CHANGE 2009-2010

(%)

Tokyo 7,674 7,763 -1.1

London 5,072 4,014 26.3

Paris 3,744 1,730 116.4

New York 2,316 1,267 82.7

Washinton DC 2,181 671 225.0

Hong Kong 1,955 844 131.6

Shanghai 1,792 766 134.0

San Francisco 1,478 383 285.8

Beijing 1,041 675 54.2

Sydney 1,038 175 492.5

Seoul 952 1,753 -45.7

Berlin 935 415 125.4

Moscow 904 934 -3.2

Boston 869 604 44.0

Los Angeles 811 615 31.9

Stockholm 788 313 151.7

Toronto 778 216 259.6

Munich 749 312 139.9

Cologne 704 91 672.8

Houston 651 134 386.2

Source: Real Capital Analytics. Based on independent reports of properties and portfolios $10 million and greater.



An analysis of office sales activity by city for the first half of the year shows Tokyo took top spot at $7.7 USD billion followed by London at $5.1 billion and Paris at $3.7 billion. Rounding out the top five were New York at number four with $2.3 billion in office trades and Washington at $2.2 billion. With the exception of Tokyo all five markets posted significant year-over-year gains in investment volume.

As indicated above, capitalization rates/yields in all three regions saw a modest move lower in the first half of the year. In Asia Pacific major markets such as Beijing, Sydney and Singapore all reported lower yields. In the EMEA region Central London, Paris, Geneva, Vienna, Munich, Hamburg, Brussels and Warsaw all saw capitalization rate move lower. In North America many top tier markets saw cap rates hold steady and indeed go lower in cities such as San Francisco and many Canadian markets. In secondary and tertiary markets, however, the trend was still up but signs were beginning to emerge yields were beginning to plateau.

Although real estate markets are still emerging from the global financial crisis, a more robust economy, improving global trade and improved credit conditions are all helping to push yields lower and prices higher. This upward movement in prices may be held back by still relatively weak leasing conditions but investors appear to be convinced occupancies will only improve albeit over a more prolonged period. Investors may indeed be getting ahead of themselves but the move back into office real estate is almost certain to gain strength over the coming months.

GLOBAL CAPITALIZATION RATES/INTIAL YIELDS – 50 LOWEST CITIES


JUNE 2010

DEC. 2009

JUNE 2009

Hong Kong 3.34 2.97 3.28Singapore 3.80 3.85 4.06Geneva 4.00 4.50 4.60Zurich 4.40 4.40 4.60Vienna 4.50 5.00 3.50Munich 4.50 4.75 4.75London – West End 4.50 4.75 6.00Tokyo 4.80 4.80 4.60Hamburg 4.80 5.00 5.00Copenhagen 5.00 5.00 5.75Paris 5.10 5.75 6.00Frankfurt 5.40 5.40 5.40Shanghai 5.40 5.80 6.40Berlin 5.50 5.30 5.50Düsseldorf 5.50 5.50 5.75Stuttgart 5.50 5.50 5.50Milan 5.50 5.50 5.50London – City 5.50 6.00 6.75Seoul 5.50 6.30 4.10Birmingham 5.75 5.75 7.00London – Docklands 5.75 6.25 7.00London – Southbank 5.75 6.25 7.00Manchester 5.75 5.75 7.00Glasgow 5.85 5.85 7.00Rome 6.00 6.00 6.50Madrid 6.00 6.00 6.00Bristol 6.00 6.00 7.00Edinburgh 6.00 6.00 7.00Vancouver 6.00 5.75 5.75New York – Downtown Manhattan 6.00 6.00 8.00New York – Midtown S. Manhattan 6.00 6.00 8.00Brussels 6.20 6.30 6.30Helsinki 6.25 6.50 6.40Belfast 6.25 – –Lyon 6.30 6.50 7.00Beijing 6.47 7.42 8.30Amsterdam 6.50 6.50 6.32Victoria 6.50 6.50 6.50Boston 6.50 – –New York – Midtown Manhattan 6.50 6.50 7.00Toronto 6.60 6.80 7.00Calgary 6.63 7.50 7.50Guangzhou 6.69 6.00 7.80Warsaw 6.70 7.00 7.00San Francisco 6.75 7.00 7.50Prague 7.00 7.00 7.00Istanbul 7.00 – –Los Angeles 7.00 – –Nashville 7.00 8.30 8.30Sydney 7.12 7.45 7.40

CBD CAP RATE (%)

HIGHEST VACANCY RATES

MARKETJUNE 2010

(%)Riga 30.0Dubai 30.0Fairfield 26.8Budapest 26.1Riyadh 26.0Los Angeles – Inland Empire 24.7Las Vegas 24.7Columbia 24.1Orange County 23.6Cincinnati 22.6

LOWEST VACANCY RATES

MARKETJUNE 2010

(%)Rio de Janeiro 0.6Regina 1.4Geneva 2.5Hong Kong 4.0São Paulo 4.4Saskatoon 4.6London – Southbank 5.0Vienna 5.0Zurich 5.2Seoul 5.3



OFFICE MARKETS

MARKET COUNTRY POPULATION SQUARE FEET SQUARE METERSGEOGRAPHIC

AREA

EUROPE, MIDDLE EAST AND AFRICA (EMEA)Tirana Albania 343,078 860,800 80,000 CBDVienna Austria 1,687,271 118,360,000 11,000,000 MetroMinsk Belarus 1,834,200 3,927,400 365,000 Metro Brussels Belgium 1,048,491 146,336,000 13,600,000 MetroSofia Bulgaria 1,247,059 12,567,680 1,168,000 Metro Zagreb Croatia 691,724 7,187,680 668,000 Metro Prague Czech Republic 1,233,211 29,073,520 2,702,000 MetroCopenhagen Denmark 1,636,749 38,206,608 3,550,800 MetroTallinn Estonia 398,594 60,256 5,600 MetroHelsinki Finland 576,632 90,384,000 8,400,000 MetroBordeaux France 232,260 21,520,000 2,000,000 MetroLyon France 472,305 49,496,000 4,600,000 MetroMontepelier France 253,712 10,760,000 1,000,000 MetroNantes France 282,853 26,900,000 2,500,000 MetroParis France 10,000,000 538,000,000 50,000,000 MetroStrasbourg France 272,975 31,204,000 2,900,000 MetroToulouse France 439,453 3,228,000 300,000 MetroBerlin Germany 3,416,255 192,604,000 17,900,000 MetroDüsseldorf Germany 581,122 81,507,000 7,575,000 MetroFrankfurt Germany 659,021 125,967,320 11,707,000 MetroHamburg Germany 1,770,629 139,019,200 12,920,000 CBDMunich Germany 1,311,573 238,183,468 22,136,010 MetroStuttgart Germany 597,176 79,731,600 7,410,000 MetroAthens Greece 597,176 69,940,000 6,500,000 MetroBudapest Hungary 1,702,297 24,784,218 2,303,366 MetroDublin Ireland 1,045,769 38,036,600 3,535,000 MetroTel Aviv Israel 2,203,700 26,792,400 2,490,000 CBDMilan Italy 1,299,633 129,120,000 12,000,000 MetroRome Italy 2,718,768 101,144,000 9,400,000 MetroRiga Latvia 713,016 3,883,413 360,912 MetroVilnius Lithuania 546,733 3,394,780 315,500 MetroAmsterdam Netherlands 755,605 73,706,000 6,850,000 CBDBelfast Northern Ireland 277,459 8,000,000 743,494 CBDWarsaw Poland 1,707,981 36,398,928 3,382,800 MetroBucharest Romania 1,931,838 14,855,902 1,380,660 MetroMoscow Russia 10,470,318 130,120,680 12,093,000 MetroSaint Petersburg Russia 4,568,047 14,741,200 1,370,000 MetroRiyadh Saudi Arabia 4,087,152 8,530,130 792,763 CBDBelgrade Serbia 1,120,092 6,735,760 626,000 MetroBratislava Slovakia 428,791 14,719,680 1,368,000 MetroCape Town South Africa 3,497,097 21,577,286 2,005,324 MetroDurban South Africa 3,468,086 – – MetroJohannesburg South Africa 5,827,524 27,842,700 2,587,611 MetroMadrid Spain 6,271,638 157,634,000 14,650,000 MetroStockholm Sweden 1,889,945 17,915,400 1,665,000 CBDGeneva Switzerland 438,177 47,344,000 4,400,000 MetroZurich Switzerland 1,307,567 176,464,000 16,400,000 MetroIstanbul Turkey 12,573,836 24,946,780 2,318,474 MetroKyiv Ukraine 2,765,531 12,051,200 1,120,000 MetroAbu Dhabi United Arab Emirates 630,000 21,520,000 2,000,000 MetroDubai United Arab Emirates 1,354,980 36,584,000 3,400,000 MetroBirmingham United Kingdom 2,284,093 15,500,000 1,440,520 CBDBristol United Kingdom 551,066 11,000,000 1,022,305 CBDEdinburgh United Kingdom 446,110 10,500,000 975,836 CBDGlasgow United Kingdom 634,680 14,100,000 1,310,409 CBDLondon – City United Kingdom 7,556,900 94,946,238 8,824,000 CBD

CBD = Central Business District Metro = Metropolitan Area

EXISTING INVENTORY JUNE 2010



London – Docklands United Kingdom 7,556,900 19,115,495 1,776,533 CBDLondon – Southbank United Kingdom 7,556,900 19,159,107 1,780,586 CBDLondon – West End United Kingdom 7,556,900 80,174,945 7,451,203 CBDManchester United Kingdom 2,244,931 17,300,000 1,607,807 CBD

NORTH AMERICACalgary Canada 1,079,310 55,300,593 5,139,460 Metro Edmonton Canada 1,034,945 19,353,113 1,798,616 Metro Halifax Canada 372,679 11,056,317 1,027,539 Metro Kitchener-Waterloo Canada 451,235 4,692,937 436,147 Metro Montreal Canada 3,635,571 72,858,523 6,771,238 Metro Ottawa Canada 1,130,761 34,686,811 3,223,681 Metro Regina Canada 179,246 4,295,697 399,228 Metro Saskatoon Canada 202,340 2,009,405 186,748 CBDToronto Canada 5,113,149 186,035,934 17,289,585 Metro Vancouver Canada 2,116,581 52,985,994 4,924,349 Metro Victoria Canada 337,411 8,211,316 763,133 Metro Atlanta United States 5,376,285 246,955,152 22,951,222 Metro Bakersfield United States 800,458 8,900,631 827,196 Metro Baltimore United States 2,667,117 124,742,689 11,593,187 Metro Boise United States 599,753 13,997,757 1,300,907 Metro Boston United States 4,522,858 160,774,460 14,941,864 Metro Charleston United States 644,506 10,589,004 984,108 Metro Charlotte United States 1,701,799 92,244,220 8,572,883 Metro Chicago United States 9,569,624 236,702,317 21,998,357 Metro Cincinnati United States 333,013 36,997,992 3,438,475 Metro Cleveland United States 112,143 105,172,524 9,774,398 Metro Columbia United States 728,063 9,368,083 870,640 Metro Columbus United States 1,773,120 48,833,477 4,538,427 Metro Dallas/Fort Worth United States 6,300,006 303,104,931 28,169,603 Metro Denver United States 2,506,626 154,386,606 14,348,198 Metro Detroit United States 4,425,110 129,855,563 12,068,361 Metro Fairfield United States 409,900 3,521,330 327,261 Metro Fairfield County United States – 59,070,502 5,489,824 Metro Fresno United States 909,153 20,981,095 1,949,916 Metro Ft. Lauderdale/Broward County United States 1,912,200 53,340,344 4,957,281 Metro Greenville United States 624,715 7,517,337 698,637 Metro Hartford United States 1,190,512 22,092,448 2,053,201 Metro Honolulu United States 905,034 15,771,083 1,465,714 Metro Houston United States 5,728,143 195,839,137 18,200,663 Metro Jacksonville United States 1,313,228 58,246,219 5,413,217 Metro Kansas City United States 482,299 104,298,299 9,693,150 Metro Las Vegas United States 1,865,746 41,950,452 3,898,741 Metro Little Rock United States 675,069 14,016,705 1,302,668 Metro Los Angeles United States 12,872,808 197,915,500 18,393,634 Metro Los Angeles – Inland Empire United States 12,872,808 21,937,800 2,038,829 Metro Louisville United States 1,244,696 66,570,933 6,186,890 Metro Memphis United States 1,285,732 36,090,907 3,354,174 Metro Miami-Dade United States 5,414,772 81,903,137 7,611,816 Metro Nashville United States 605,473 53,921,517 5,011,293 Metro New Jersey – Central United States 2,347,200 66,073,981 6,140,705 Metro New Jersey – Northern United States 2,137,600 96,214,030 8,941,824 Metro New York – Downtown Manhattan United States 19,006,798 84,632,830 7,865,505 CBDNew York – Midtown Manhattan United States 19,006,798 200,280,479 18,613,427 CBDNew York – Midtown S. Manhattan United States 19,006,798 71,892,582 6,681,467 CBD

OFFICE MARKETS


AREA

EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued




Oakland United States 404,155 32,899,473 3,057,572 Metro Orange County United States 3,029,000 77,351,300 7,188,783 Metro Orlando United States 2,054,574 66,092,472 6,142,423 Metro Philadelphia United States 5,838,471 150,310,842 13,969,409 Metro Phoenix United States 4,281,899 129,148,654 12,002,663 Metro Pleasanton/Walnut Creek United States 130,314 40,246,889 3,740,417 Metro Portland United States 2,207,462 77,915,198 7,241,189 Metro Raleigh/Durham/Chapel Hill United States 1,088,765 81,554,043 7,579,372 Metro Reno United States 414,784 6,768,014 628,998 Metro Sacramento United States 2,109,832 89,878,912 8,353,059 Metro San Diego County United States 3,001,072 77,835,004 7,233,736 Metro San Francisco United States 4,274,531 83,224,170 7,734,588 CBDSan Francisco Peninsula United States 4,274,531 33,518,410 3,115,094 Metro San Jose/Silicon Valley United States 1,819,198 61,092,359 5,677,729 Metro Seattle/Puget Sound United States 3,344,813 107,271,803 9,969,498 Metro St. Louis United States 2,816,710 121,800,484 11,319,748 Metro Stamford United States 121,026 18,548,027 1,723,794 CBDStockton/San Joaquin County United States 672,388 8,499,818 789,946 CBDTampa United States 2,733,761 80,800,933 7,509,380 Metro Washington, DC United States 4,255,400 448,733,066 41,703,817 Metro West Palm Beach/Palm Beach Co. United States 536,521 38,680,769 3,594,867 Metro Westchester County United States – 45,840,486 4,260,268 CBDWhite Plains United States – 8,171,771 759,458 Metro

ASIA PACIFICAdelaide Australia 1,105,840 14,019,860 1,302,961 CBDBrisbane Australia 1,763,132 21,765,425 2,022,809 CBDCanberra Australia 350,000 7,272,749 675,906 CBDPerth Australia 1,445,077 15,452,049 1,436,064 CBDSydney Australia 4,119,191 51,600,731 4,795,607 CBDBeijing China 10,300,723 49,503,069 4,600,657 MetroGuangzhou China 7,547,467 60,152,467 5,590,378 CBDHong Kong China 7,200,000 22,665,048 2,106,417 CBDShanghai China 14,230,992 39,106,908 3,634,471 CBDBangalore India 4,301,326 60,056,343 5,581,445 Metro Chennai India 4,343,645 48,759,269 4,531,531 Metro Delhi India 9,879,172 54,396,158 5,055,405 Metro Mumbai India 11,978,450 74,600,000 6,933,086 Metro Jakarta Indonesia 8,222,515 45,501,673 4,228,780 CBDTokyo Japan 13,039,856 681,764,360 63,361,000 CBDSeoul Korea 10,464,051 67,546,604 6,277,565 CBDAuckland New Zealand 1,303,068 14,469,123 1,344,714 CBDWellington New Zealand 448,959 13,295,260 1,235,619 CBDSingapore Singapore 4,483,900 48,975,745 4,551,649 CBDBangkok Thailand 8,900,000 85,144,870 7,913,092 Metro Ho Chi Minh City Vietnam 8,500,000 15,708,008 1,459,852 CBD

LATIN AMERICABuenos Aires Argentina 14,917,900 40,771,943 3,789,214 CBDRio de Janeiro Brazil 15,420,375 43,534,960 4,046,000 CBDSão Paulo Brazil 10,238,500 63,406,377 5,892,786 CBDSantiago Chile 6,061,185 37,715,683 3,505,175 CBDBogotá Colombia 7,243,698 15,619,980 1,451,671 Metro San José Costa Rica 1,547,760 8,282,198 769,721 CBDMexico City Mexico 14,007,495 57,323,405 5,327,454 Metro Lima Peru 8,445,211 4,097,881 380,844 Metro

OFFICE MARKETS


AREA

NORTH AMERICA continued




OFFICE MARKETS

MARKET COUNTRY SQUARE FEET SQUARE METERS

VACANCY RATE

JUNE 2009 (%)

VACANCY RATE

DEC. 2009 (%)

VACANCY RATE

JUNE 2010 (%)

EUROPE, MIDDLE EAST AND AFRICA (EMEA)Tirana Albania 129,120 12,000 2.0 8.0 13.0Vienna Austria 2,474,800 230,000 5.0 5.0 5.0Minsk Belarus 1,614,000 150,000 10.0 14.0 12.0Brussels Belgium 6,456,000 600,000 12.2 12.2 12.3Sofia Bulgaria 7,187,680 668,000 13.4 17.9 21.0Zagreb Croatia 457,300 42,500 5.3 6.0 7.0Prague Czech Republic 1,269,680 118,000 10.1 11.8 13.8Copenhagen Denmark 2,152,000 200,000 7.8 8.6 8.5Tallinn Estonia 5,008,780 465,500 21.2 18.5 19.5Helsinki Finland – – 10.5 12.3 12.5Bordeaux France 538,000 50,000 5.6 6.2 6.4Lyon France 860,800 80,000 10.0 10.0 10.0Montepelier France 269,000 25,000 6.5 6.5 6.5Nantes France 322,800 30,000 5.0 5.0 5.5Paris France 7,532,000 700,000 6.5 7.0 7.0Strasbourg France 225,960 21,000 6.3 6.5 6.7Toulouse France 395,968 36,800 5.5 6.0 6.8Berlin Germany 1,461,208 135,800 8.0 8.4 8.7Düsseldorf Germany 1,746,348 162,300 9.6 10.0 11.5Frankfurt Germany 3,141,920 292,000 16.1 16.5 17.3Hamburg Germany 3,766,000 350,000 7.5 8.3 9.0Munich Germany 2,907,492 270,213 7.3 7.4 7.9Stuttgart Germany 907,068 84,300 6.2 6.1 6.5Athens Greece 1,614,000 150,000 7.0 10.0 12.0Budapest Hungary 1,136,633 105,635 18.0 21.9 26.1Dublin Ireland 1,076,000 100,000 21.0 23.0 20.0Tel Aviv Israel 1,345,000 125,000 7.8 9.8 7.8Milan Italy 4,949,600 460,000 7.7 8.6 8.8Rome Italy 1,667,800 155,000 7.0 7.0 6.5Riga Latvia 172,160 16,000 35 37 30Vilnius Lithuania 293,748 27,300 20.0 18.3 13.3Amsterdam Netherlands 3,497,000 325,000 18.5 18.5 18.5Belfast Northern Ireland 260,000 24,164 8.0 10.0 12.5Warsaw Poland 1,305,188 121,300 5.7 7.3 8.0Bucharest Romania 2,901,434 269,650 14.0 18.2 20.0Moscow Russia 30,160,280 2,803,000 16.9 16.5 14.6Saint Petersburg Russia 6,853,044 636,900 20.0 18.0 19.0Riyadh Saudi Arabia 11,222,024 1,042,939 17.0 23.0 26.0Belgrade Serbia 862,952 80,200 16.0 17.0 19.9Bratislava Slovakia 645,600 60,000 11.5 12.5 13.6Cape Town South Africa 173,311 16,107 7.8 7.9 8.2Durban South Africa 538,000 50,000 15.0 15.0 10.0Johannesburg South Africa 124,800 11,600 11.0 11.5 16.8Madrid Spain 3,550,800 330,000 9.6 8.7 7.7Stockholm Sweden 645,600 60,000 10.0 11,5 10.0Geneva Switzerland 538,000 50,000 3.0 3.0 2.5Zurich Switzerland 3,228,000 300,000 4.7 4.7 5.2Istanbul Turkey 3,012,800 280,000 9.2 9.6 10.0Kyiv Ukraine 215,200 20,000 20.0 20.0 16.0Abu Dhabi United Arab Emirates 12,912,000 1,200,000 1.0 1.0 8.0Dubai United Arab Emirates 27,976,000 2,600,000 20.0 30.0 30.0Birmingham United Kingdom – – 21.4 18.4 20.8Bristol United Kingdom 213,000 19,796 17.1 18.4 17.7Edinburgh United Kingdom – – 13.7 16.0 15.5Glasgow United Kingdom 30,000 2,788 13.0 14.7 14.1London – City United Kingdom 2,490,703 231,478 13.3 12.3 10.6

UNDER CONSTRUCTION JUNE 2010



London – Docklands United Kingdom 1,900,000 176,580 6.0 10.4 10.0London – Southbank United Kingdom 593,532 55,161 4.0 5.1 5.0London – West End United Kingdom 1,274,951 118,490 9.9 9.5 9.4Manchester United Kingdom – – 18.9 18.1 19.9

NORTH AMERICACalgary Canada 3,037,027 282,252 8.9 11.7 14.0Edmonton Canada 670,000 62,268 7.3 9.6 10.9Halifax Canada 90,000 8,364 9.7 9.5 10.4Kitchener-Waterloo Canada 398,516 37,037 8.6 14.7 12.1Montreal Canada 491,800 45,706 7.1 7.7 7.4Ottawa Canada 183,000 17,007 6.8 7.7 6.1Regina Canada 0 0 1.6 1.1 1.4Saskatoon Canada 34,000 3,160 4.6 6.1 4.6Toronto Canada 878,515 81,646 5.7 6.4 6.6Vancouver Canada 679,938 63,191 6.4 7.2 7.1Victoria Canada 261,700 24,322 1.9 5.6 6.8Atlanta United States 235,150 21,854 15.9 16.7 17.3Bakersfield United States 0 0 9.7 9.8 9.0Baltimore United States 1,370,596 127,379 18.6 13.4 13.5Boise United States 134,100 12,463 17.5 17.8 18.2Boston United States 1,950,491 181,272 16.9 17.3 18.0Charleston United States 0 0 19.0 18.1 18.1Charlotte United States 342,147 31,798 12.8 13.4 15.2Chicago United States 110,000 10,223 18.7 19.8 20.3Cincinnati United States 839,936 78,061 20.8 – 22.6Cleveland United States 16,000 1,487 12.2 12.0 12.5Columbia United States 0 0 18.4 22.2 24.1Columbus United States 90,000 8,364 15.4 16.7 16.7Dallas/Fort Worth United States 1,499,018 139,314 17.2 18.0 18.8Denver United States 0 0 14.3 17.3 15.0Detroit United States 159,158 14,792 18.0 19.3 20.2Fairfield United States 0 0 26.0 23.8 26.8Fairfield County United States 420,475 39,078 18.5 – 12.6Fresno United States 0 0 13.3 14.0 14.7Ft. Lauderdale/Broward County United States 0 0 13.5 14.7 14.9Greenville United States 0 0 23.1 21.5 20.2Hartford United States 194,000 18,030 18.5 15.8 17.0Honolulu United States 0 0 10.1 10.3 11.4Houston United States 2,233,817 207,604 15.6 16.8 16.5Jacksonville United States 138,214 12,845 14.3 15.6 15.2Kansas City United States 71,126 6,610 18.2 13.6 13.4Las Vegas United States 213,000 19,796 23.6 23.8 24.7Little Rock United States 22,300 2,072 10.1 10.4 11.7Los Angeles United States 781,400 72,621 15.4 16.3 17.5Los Angeles – Inland Empire United States 0 0 23.5 24.3 24.7Louisville United States 173,821 16,154 12.3 14.6 11.1Memphis United States 0 0 13.5 13.3 13.2Miami-Dade United States 1,069,882 99,431 14.5 15.5 16.4Nashville United States 110,000 10,223 14.4 14.8 13.1New Jersey – Central United States 255,000 23,699 17.2 17.6 22.2New Jersey – Northern United States 57,600 5,353 11.2 17.0 17.7New York – Downtown Manhattan United States 2,600,000 241,636 10.6 13.0 17.0New York – Midtown Manhattan United States 0 0 13.7 14.9 13.3New York – Midtown S. Manhattan United States 0 0 13.8 11.7 11.7

OFFICE MARKETS


VACANCY RATE

JUNE 2009 (%)

VACANCY RATE

DEC. 2009 (%)

VACANCY RATE

JUNE 2010 (%)





Oakland United States 62,000 5,762 14.6 15.0 14.7Orange County United States 0 0 20.2 21.5 23.6Orlando United States 1,084,219 100,764 15.8 16.4 16.9Philadelphia United States 1,051,472 97,720 14.4 15.2 15.3Phoenix United States 545,460 50,693 21.4 22.0 21.1Pleasanton/Walnut Creek United States 0 0 17.7 19.1 19.3Portland United States 62,200 5,781 10.1 11.3 11.2Raleigh/Durham/Chapel Hill United States 370,615 34,444 20.1 13.5 13.8Reno United States 7,484 696 21.2 21.0 22.1Sacramento United States 367,516 34,156 15.6 15.9 16.5San Diego County United States 0 0 17.9 17.8 17.8San Francisco United States 210,000 19,517 14.1 14.7 15.2San Francisco Peninsula United States 0 0 19.9 19.0 18.4San Jose/Silicon Valley United States 916,856 85,210 19.8 20.2 19.8Seattle/Puget Sound United States 2,505,285 232,833 11.2 17.4 16.0St. Louis United States 785,250 72,979 12.1 11.7 11.8Stamford United States 400,475 37,219 – – 17.6Stockton/San Joaquin County United States 0 0 18.8 19.5 18.1Tampa United States 0 0 14.8 15.9 16.4Washington, DC United States 5,574,472 518,074 10.4 14.8 13.7West Palm Beach/Palm Beach Co. United States 198,475 18,446 20.1 21.0 21.1Westchester County United States 0 0 16.4 – 10.7White Plains United States 0 0 – – 11.6

ASIA PACIFICAdelaide Australia 193,680 18,000 4.8 7.6 8.1Brisbane Australia 1,097,520 102,000 10.7 11.3 10.9Canberra Australia 0 0 8.2 7.4 16.0Perth Australia 1,690,364 157,097 8.0 8.2 9.9Sydney Australia 2,527,782 234,924 7.8 8.1 8.5Beijing China 9,333,299 867,407 19.2 17.2 14.4Guangzhou China 26,939,489 2,503,670 18.3 13.5 16.4Hong Kong China 530,398 49,293 5.1 5.1 4.0Shanghai China 36,971,683 3,436,030 14.1 15.3 12.8Bangalore India 3,966,832 368,665 19.0 19.0 17.0Chennai India 4,084,000 379,554 24.5 22.5 22.5Delhi India 3,900,000 362,454 17.0 19.5 18.5Mumbai India 2,057,000 191,171 15.5 14.5 14.5Jakarta Indonesia 6,126,722 569,398 12.4 12.9 11.4Tokyo Japan 23,101,720 2,147,000 6.5 7.5 8.2Seoul Korea 16,439,752 1,527,858 3.1 4.5 5.3Auckland New Zealand 301,280 28,000 8.4 11.5 10.6Wellington New Zealand 938,272 87,200 6.0 6.8 7.2Singapore Singapore 7,610,077 707,256 10.6 13.2 12.7Bangkok Thailand 1,245,761 115,777 15.4 15.6 15.8Ho Chi Minh City Vietnam 7,210,792 670,148 10.0 13.0 15.0

LATIN AMERICABuenos Aires Argentina 949,592 88,252 6.2 6.9 7.9Rio de Janeiro Brazil 4,533,704 421,348 0.6 0.6 0.6São Paulo Brazil 16,140,000 1,500,000 5.7 4.9 4.4Santiago Chile 1,359,031 126,304 3.8 4.8 5.3Bogotá Colombia 2,379,552 221,148 7.4 8.0 7.4San José Costa Rica 566,901 52,686 11.6 8.8 7.9Mexico City Mexico 12,503,755 1,162,059 8.6 9.6 10.0Lima Peru 457,569 42,525 2.7 8.4 12.9

OFFICE MARKETS


VACANCY RATE

JUNE 2009 (%)

VACANCY RATE

DEC. 2009 (%)

VACANCY RATE

JUNE 2010 (%)





LOCAL MEASURE/CURRENCY CBD RENTS

MARKET COUNTRYQUOTED

CURRENCY UNITTIME

PERIOD

EXCHANGE RATE (USD)

JUNE 30, 2010

CLASS A NET

RENT

CLASS A GROSS RENT

GROSS RENT

ANNUAL CHG. (%)

TOP CLASS A

NET RENT

TOP CLASS A GROSS RENT

EUROPE, MIDDLE EAST AND AFRICA (EMEA)Tirana Albania EUR SM Month 0.82 24.50 – – – –Vienna Austria EUR SM Month 0.82 18.00 23.00 9.5 25.00 28.00Minsk Belarus EUR SM Month 0.82 28.00 31.00 – 37.00 40.00Brussels Belgium EUR SM Year 0.82 16.67 22.92 37.5 22.00 28.00Sofia Bulgaria EUR SM Month 0.82 16.00 16.00 -20.0 20.00 23.00Zagreb Croatia EUR SM Month 0.82 15.00 19.50 -11.4 16.50 21.00Prague Czech Republic EUR SM Month 0.82 21.00 – – – –Copenhagen Denmark DKK SM Year 6.10 1,300.00 1,600.00 -15.8 1,700.00 2,000.00Tallinn Estonia EUR SM Month 0.82 12.00 14.50 -9.4 15.40 17.70Helsinki Finland EUR SM Month 0.82 22.00 25.00 0.0 25.00 28.00Bordeaux France EUR SM Year 0.82 160.00 – – 180.00 –Lyon France EUR SM Year 0.82 225.00 – – 285.00 –Montepelier France EUR SM Year 0.82 156.00 – – – –Nantes France EUR SM Year 0.82 170.00 – – 185.00 –Paris France EUR SM Year 0.82 730.00 810.00 29.6 830.00 900.00Strasbourg France EUR SM Year 0.82 160.00 – – 190.00 –Toulouse France EUR SM Year 0.82 204.00 – – – –Berlin Germany EUR SM Month 0.82 19.00 22.90 -10.2 22.00 27.00Düsseldorf Germany EUR SM Month 0.82 20.20 23.70 – 25.00 28.50Frankfurt Germany EUR SM Month 0.82 30.00 34.00 -10.5 37.00 43.00Hamburg Germany EUR SM Month 0.82 22.00 24.00 -7.7 24.00 27.00Munich Germany EUR SM Month 0.82 26.00 30.00 -4.8 35.00 39.00Stuttgart Germany EUR SM Month 0.82 14.94 18.00 – 18.00 21.90Athens Greece EUR SM Month 0.82 21.00 32.00 68.4 30.00 35.00Budapest Hungary EUR SM Month 0.82 20.00 19.00 11.8 23.00 27.00Dublin Ireland EUR SM Year 0.82 22.50 33.33 -29.8 31.50 42.17Tel Aviv Israel NIS SM Month 3.88 80.00 124.00 11.7 100.00 144.00Milan Italy EUR SM Year 0.82 480.00 515.00 -1.0 550.00 585.00Rome Italy EUR SM Year 0.82 350.00 380.00 0.0 400.00 470.00Riga Latvia EUR SM Month 0.82 10.00 12.00 -0.8 16.00 18.00Vilnius Lithuania EUR SM Month 0.82 11.00 13.90 -4.1 14.50 17.70Amsterdam Netherlands EUR SM Year 0.82 17.10 18.80 0.3 20.30 22.50Belfast Northern Ireland GBP SF Year 0.66 12.50 20.50 – 14.00 22.50Warsaw Poland EUR SM Month 0.82 25.00 – – – –Bucharest Romania EUR SM Month 0.82 20.00 – – – –Moscow Russia EUR SM Month 0.82 49.20 – – – –Saint Petersburg Russia EUR SM Month 0.82 27.00 – – – –Riyadh Saudi Arabia SAR SM Year 3.76 1,300.00 1,430.00 – 2,350.00 2,703.00Belgrade Serbia EUR SM Month 0.82 15.90 – – – –Bratislava Slovakia EUR SM Month 0.82 14.00 – – – –Cape Town South Africa ZAR SM Month 7.65 62.00 85.00 – 102.00 125.00Durban South Africa ZAR SM Month 7.65 65.00 75.00 -16.7 95.00 100.00Johannesburg South Africa ZAR SM Month 7.65 80.00 100.00 33.3 110.00 130.00Madrid Spain EUR SM Month 0.82 24.50 27.00 -3.6 28.50 32.00Stockholm Sweden SEK SM Year 7.81 4,200.00 4,700.00 2.2 4,900.00 5,400.00Geneva Switzerland CHF SM Year 1.09 600.00 650.00 3.2 950.00 1,000.00Zurich Switzerland CHF SM Year 1.09 500.00 530.00 3.9 840.00 870.00Istanbul Turkey USD SM Month 1.00 26.20 30.00 -11.8 48.97 48.97Kyiv Ukraine USD SM Month 1.00 30.00 40.00 5.3 38.00 45.00Abu Dhabi United Arab Emirates USD SM Year 1.00 510.00 570.00 -11.9 590.00 650.00Dubai United Arab Emirates USD SM Year 1.00 365.00 425.00 -47.9 775.00 860.00Birmingham United Kingdom GBP SF Year 0.66 21.00 34.00 -8.1 27.50 42.50Bristol United Kingdom GBP SF Year 0.66 23.50 35.50 -1.4 27.00 40.00Edinburgh United Kingdom GBP SF Year 0.66 21.00 34.00 -2.9 27.50 39.00Glasgow United Kingdom GBP SF Year 0.66 23.00 34.00 0.0 29.00 40.00London – City United Kingdom GBP SF Year 0.66 46.50 62.50 13.6 52.50 70.50

MEASURE



London – Docklands United Kingdom GBP SF Year 0.66 25.00 41.00 0.0 35.00 51.00London – Southbank United Kingdom GBP SF Year 0.66 32.50 48.50 3.2 40.00 56.00London – West End United Kingdom GBP SF Year 0.66 70.00 86.00 13.2 85.00 101.00Manchester United Kingdom GBP SF Year 0.66 20.50 32.50 -4.4 27.00 42.00

NORTH AMERICACalgary Canada CAD SF Year 1.05 33.50 52.00 8.3 45.00 63.50Edmonton Canada CAD SF Year 1.05 24.85 41.09 -12.2 29.56 45.80Halifax Canada CAD SF Year 1.05 17.40 31.56 0.3 20.86 35.02Kitchener-Waterloo Canada CAD SF Year 1.05 11.10 26.66 -2.3 12.38 27.94Montreal Canada CAD SF Year 1.05 14.25 32.00 3.0 35.25 53.00Ottawa Canada CAD SF Year 1.05 13.45 48.50 0.0 16.95 52.00Regina Canada CAD SF Year 1.05 21.35 34.75 0.0 25.83 39.23Saskatoon Canada CAD SF Year 1.05 21.00 31.50 5.0 29.50 40.00Toronto Canada CAD SF Year 1.05 28.10 53.54 -0.1 67.00 92.44Vancouver Canada CAD SF Year 1.05 22.00 45.80 4.1 26.00 49.80Victoria Canada CAD SF Year 1.05 23.00 37.00 0.0 29.00 43.00Atlanta United States USD SF Year 1.00 9.69 21.34 -2.6 23.35 35.00Bakersfield United States USD SF Year 1.00 9.44 17.40 0.0 13.04 21.00Baltimore United States USD SF Year 1.00 24.21 24.21 -3.3 – –Boise United States USD SF Year 1.00 12.00 18.00 -12.2 16.00 22.00Boston United States USD SF Year 1.00 24.76 45.51 -9.1 44.25 65.00Charleston United States USD SF Year 1.00 15.73 24.23 -16.4 23.50 32.00Charlotte United States USD SF Year 1.00 26.54 26.54 -12.5 – –Chicago United States USD SF Year 1.00 12.50 32.00 -9.9 35.50 55.00Cincinnati United States USD SF Year 1.00 12.37 21.85 -6.9 27.52 37.00Cleveland United States USD SF Year 1.00 11.81 20.65 -1.5 19.16 28.00Columbia United States USD SF Year 1.00 12.29 19.69 -0.5 13.60 21.00Columbus United States USD SF Year 1.00 10.72 20.50 -11.2 15.72 25.50Dallas/Fort Worth United States USD SF Year 1.00 13.75 25.25 -1.0 24.50 36.00Denver United States USD SF Year 1.00 11.15 26.50 -5.4 19.65 35.00Detroit United States USD SF Year 1.00 14.10 22.60 -0.1 24.00 32.50Fairfield United States USD SF Year 1.00 – – – – –Fairfield County United States USD SF Year 1.00 – – – – –Fresno United States USD SF Year 1.00 16.60 24.60 -2.4 22.00 30.00Ft. Lauderdale/Broward County United States USD SF Year 1.00 15.05 32.80 2.5 17.25 35.00Greenville United States USD SF Year 1.00 11.46 20.46 -5.0 16.00 25.00Hartford United States USD SF Year 1.00 11.30 23.25 -0.9 15.05 27.00Honolulu United States USD SF Year 1.00 19.92 35.88 -1.6 24.72 40.68Houston United States USD SF Year 1.00 18.16 35.86 -7.5 23.55 41.25Jacksonville United States USD SF Year 1.00 10.91 20.01 -4.7 13.90 23.00Kansas City United States USD SF Year 1.00 20.94 20.94 3.9 – –Las Vegas United States USD SF Year 1.00 19.91 34.91 -11.1 21.00 36.00Little Rock United States USD SF Year 1.00 9.85 16.50 0.9 15.35 22.00Los Angeles United States USD SF Year 1.00 22.88 38.88 -2.4 24.44 40.44Los Angeles – Inland Empire United States USD SF Year 1.00 – – – – –Louisville United States USD SF Year 1.00 22.19 22.19 5.4 – –Memphis United States USD SF Year 1.00 8.82 17.07 1.2 14.75 23.00Miami-Dade United States USD SF Year 1.00 21.01 42.01 -3.4 25.50 46.50Nashville United States USD SF Year 1.00 15.88 26.04 16.9 20.84 31.00New Jersey – Central United States USD SF Year 1.00 – – – – –New Jersey – Northern United States USD SF Year 1.00 – – – – –New York – Downtown Manhattan United States USD SF Year 1.00 39.82 39.82 -18.1 – –New York – Midtown Manhattan United States USD SF Year 1.00 35.26 62.76 -9.9 102.50 130.00New York – Midtown S. Manhattan United States USD SF Year 1.00 17.42 42.42 -17.2 37.50 62.50



CURRENCY UNITTIME

PERIOD

EXCHANGE RATE (USD)

JUNE 30, 2010

CLASS A NET

RENT

CLASS A GROSS RENT

GROSS RENT

ANNUAL CHG. (%)

TOP CLASS A

NET RENT



MEASURE



Oakland United States USD SF Year 1.00 17.46 30.96 -9.5 28.50 42.00Orange County United States USD SF Year 1.00 – – – – –Orlando United States USD SF Year 1.00 13.37 24.37 -11.9 36.00 47.00Philadelphia United States USD SF Year 1.00 15.00 26.10 1.5 26.40 37.50Phoenix United States USD SF Year 1.00 12.75 25.48 -11.5 27.27 40.00Pleasanton/Walnut Creek United States USD SF Year 1.00 23.68 26.28 -3.1 31.60 34.20Portland United States USD SF Year 1.00 13.45 24.20 -3.6 21.75 32.50Raleigh/Durham/Chapel Hill United States USD SF Year 1.00 22.79 22.79 0.6 – –Reno United States USD SF Year 1.00 12.52 23.52 5.9 24.00 35.00Sacramento United States USD SF Year 1.00 25.70 33.00 -3.5 30.98 38.28San Diego County United States USD SF Year 1.00 29.88 44.74 33.6 34.08 48.94San Francisco United States USD SF Year 1.00 14.19 33.33 -2.5 45.86 65.00San Francisco Peninsula United States USD SF Year 1.00 – – – – –San Jose/Silicon Valley United States USD SF Year 1.00 20.60 35.40 -5.8 21.20 36.00Seattle/Puget Sound United States USD SF Year 1.00 27.60 27.60 -14.0 40.71 40.71St. Louis United States USD SF Year 1.00 19.34 19.34 -6.0 – –Stamford United States USD SF Year 1.00 24.02 37.02 – 39.00 52.00Stockton/San Joaquin County United States USD SF Year 1.00 16.92 20.60 5.3 29.32 33.00Tampa United States USD SF Year 1.00 13.79 22.79 7.3 21.00 30.00Washington, DC United States USD SF Year 1.00 31.26 51.26 3.3 75.00 95.00West Palm Beach/Palm Beach Co. United States USD SF Year 1.00 18.04 37.54 – 35.50 55.00Westchester County United States USD SF Year 1.00 – – – – –White Plains United States USD SF Year 1.00 16.17 29.17 -24.0 27.00 40.00

ASIA PACIFICAdelaide Australia AUD SM Year 1.17 360.00 460.00 16.5 430.00 525.00Brisbane Australia AUD SM Year 1.17 580.00 730.00 -14.1 690.00 850.00Canberra Australia AUD SM Year 1.17 360.00 420.00 2.4 390.00 460.00Perth Australia AUD SM Year 1.17 660.00 810.00 8.9 715.00 870.00Sydney Australia AUD SM Year 1.17 574.00 702.00 16.0 931.00 1,104.00Beijing China RMB SM Month 6.81 172.00 202.00 2.4 210.00 240.00Guangzhou China RMB SM Month 6.81 133.00 161.00 10.6 156.70 213.00Hong Kong China HKD SF Month 7.78 89.36 104.72 17.4 157.78 180.40Shanghai China RMB SM Day 6.81 6.60 7.60 -2.6 8.20 9.30Bangalore India INR SF Month 46.48 55.00 65.00 -7.1 60.00 70.00Chennai India INR SF Month 46.48 47.00 55.00 0.0 55.00 65.00Delhi India INR SF Month 46.48 193.00 227.00 5.6 258.00 304.00Mumbai India INR SF Month 46.48 196.00 231.00 -16.0 212.00 287.50Jakarta Indonesia IDR SM Month 9165.90 110,297.00 162,705.00 4.7 223,800.00 286,464.00Tokyo Japan JPY SM Year 88.66 – 96,195.00 -7.9 – 145,200.00Seoul Korea KRW SM Month 1219.00 22,907.01 32,601.54 0.4 26,685.69 37,488.99Auckland New Zealand NZD SM Year 1.44 312.00 441.00 -3.3 463.00 593.00Wellington New Zealand NZD SM Year 1.44 395.00 483.00 2.5 408.00 510.00Singapore Singapore SGD SF Month 1.40 5.16 6.77 0.6 6.60 8.50Bangkok Thailand THB SM Month 32.56 660.00 660.00 1.5 800.00 800.00Ho Chi Minh City Vietnam VND SM Month 19317.30 800,100.00 914,400.00 6.0 800,100.00 914,400.00

LATIN AMERICABuenos Aires Argentina USD SM Month 1.00 30.30 34.60 -4.7 36.00 42.50Rio de Janeiro Brazil REAL SM Month 1.80 140.00 158.00 12.9 150.00 170.00São Paulo Brazil REAL SM Month 1.80 85.00 115.00 15.0 110.00 135.00Santiago Chile USD SM Month 1.00 24.03 30.09 23.3 27.47 33.39Bogotá Colombia USD SM Month 1.00 28.00 31.00 -8.8 38.00 41.60San José Costa Rica USD SM Year 1.00 19.06 – – 26.00 –Mexico City Mexico USD SM Month 1.00 23.40 26.40 5.6 27.00 31.00Lima Peru USD SM Month 1.00 17.30 21.50 29.5 18.00 23.10



CURRENCY UNITTIME

PERIOD

EXCHANGE RATE (USD)

JUNE 30, 2010

CLASS A NET

RENT

CLASS A GROSS RENT

GROSS RENT

ANNUAL CHG. (%)

TOP CLASS A

NET RENT



MEASURE



U.S. DOLLARS CBD MARKETS

MARKET COUNTRY

CLASS A NET RENT

(USD PSF YR.)

CLASS A GROSS RENT

(USD PSF YR.)

TOP CLASS A NET RENT

(USD PSF YR.)

TOP CLASS A

GROSS RENT (USD PSF YR.)

CBD SALES PRICE

(USD PSF)

CBD CAP RATE/

INITIAL YIELD (%)

10-YEAR GOVT. BONDS

(%)

EUROPE, MIDDLE EAST AND AFRICA (EMEA)Tirana Albania 33.35 – – – – – –Vienna Austria 24.50 31.31 34.03 38.11 623.89 4.50 3.14Minsk Belarus 38.11 42.20 50.36 54.45 181.50 16.00 –Brussels Belgium – – – – 453.74 6.20 3.49Sofia Bulgaria 21.78 21.78 27.22 31.31 229.25 9.50 –Zagreb Croatia 20.42 26.54 22.46 28.59 272.24 8.50 –Prague Czech Republic 28.59 – – – 408.36 7.00 4.05Copenhagen Denmark 19.79 24.35 25.87 30.44 472.13 5.00 2.73Tallinn Estonia 16.33 19.74 20.96 24.09 – 9.00 –Helsinki Finland 29.95 34.03 34.03 38.11 453.74 6.25 2.89Bordeaux France 18.14 – 20.40 – 340.30 7.50 3.07Lyon France 25.50 – 32.31 – 397.02 6.30 3.07Montepelier France 17.68 – – – 283.59 7.75 3.07Nantes France 19.27 – 20.97 – 260.90 7.50 3.07Paris France 82.75 91.82 94.08 102.02 1,247.78 5.10 3.07Strasbourg France 18.14 – 21.54 – 283.59 7.50 3.07Toulouse France 23.12 – – – – – 3.07Berlin Germany 25.86 31.17 29.95 36.75 555.83 5.50 2.64Düsseldorf Germany 27.50 32.26 34.03 38.79 487.77 5.50 2.64Frankfurt Germany 40.84 46.28 50.36 58.53 – 5.40 2.64Hamburg Germany 29.95 32.67 32.67 36.75 555.83 4.80 2.64Munich Germany 35.39 40.84 47.64 53.09 680.61 4.50 2.64Stuttgart Germany 20.34 24.50 24.50 29.81 453.74 5.50 2.64Athens Greece 28.59 43.56 40.84 47.64 408.36 7.50 9.83Budapest Hungary 27.22 25.86 31.31 36.75 351.31 7.80 7.55Dublin Ireland 2.55 3.78 3.57 4.78 610.50 7.50 5.48Tel Aviv Israel 22.95 35.57 28.69 41.31 310.99 8.25 3.69Milan Italy 54.41 58.38 62.34 66.31 1,020.91 5.50 4.03Rome Italy 39.67 43.07 45.34 53.28 680.61 6.00 4.03Riga Latvia 13.61 16.33 21.78 24.50 – 10.00 –Vilnius Lithuania 14.97 18.92 19.74 24.09 136.12 10.00 –Amsterdam Netherlands 1.94 2.13 2.30 2.55 510.45 6.50 2.89Belfast Northern Ireland 18.83 30.89 21.09 33.90 – 6.25 5.48Warsaw Poland 34.03 – – – 507.96 6.70 5.88Bucharest Romania 27.22 – – – 320.34 8.50 –Moscow Russia 66.97 – – – 558.10 12.00 5.72Saint Petersburg Russia 36.75 – – – 282.68 13.00 5.72Riyadh Saudi Arabia 32.15 35.36 58.11 66.84 – – –Belgrade Serbia 21.64 – – – 240.48 9.00 –Bratislava Slovakia 19.06 – – – 211.78 9.00 2.78Cape Town South Africa 9.04 12.39 14.86 18.22 206.45 10.50 8.64Durban South Africa 9.47 10.93 13.84 14.57 – – 8.64Johannesburg South Africa 11.66 14.57 16.03 18.94 170.02 – 8.64Madrid Spain 33.35 36.75 38.79 43.56 635.23 6.00 4.54Stockholm Sweden 49.97 55.91 58.29 64.24 – – 2.67Geneva Switzerland 51.35 55.63 81.30 85.58 1,455.88 4.00 1.55Zurich Switzerland 42.79 45.36 71.89 74.45 – 4.40 1.55Istanbul Turkey 29.22 33.46 54.61 54.61 557.62 7.00 4.71Kyiv Ukraine 33.46 44.61 42.38 50.19 257.34 13.00 –Abu Dhabi United Arab Emirates 47.36 52.94 54.79 60.37 417.29 9.00 –Dubai United Arab Emirates 33.90 39.47 71.98 79.87 453.44 9.00 –Birmingham United Kingdom 31.64 51.23 41.43 64.03 – 5.75 3.43Bristol United Kingdom 35.41 53.49 40.68 60.27 – 6.00 3.43Edinburgh United Kingdom 31.64 51.23 41.43 58.76 – 6.00 3.43Glasgow United Kingdom 34.65 51.23 43.69 60.27 – 5.85 3.43London – City United Kingdom 70.06 94.17 79.10 106.22 – 5.50 3.43



London – Docklands United Kingdom 37.67 61.77 52.73 76.84 – 5.75 3.43London – Southbank United Kingdom 48.97 73.08 60.27 84.38 – 5.75 3.43London – West End United Kingdom 105.47 129.58 128.07 152.18 – 4.50 3.43Manchester United Kingdom 30.89 48.97 40.68 63.28 – 5.75 3.43

NORTH AMERICACalgary Canada 31.95 49.60 42.92 60.57 319.53 6.63 3.23Edmonton Canada 23.70 39.19 28.20 43.69 328.66 7.58 3.23Halifax Canada 16.60 30.10 19.90 33.40 – – 3.23Kitchener-Waterloo Canada 10.59 25.43 11.81 26.65 152.61 8.00 3.23Montreal Canada 13.59 30.52 33.62 50.55 262.30 7.25 3.23Ottawa Canada 12.83 46.26 16.17 49.60 – 7.75 3.23Regina Canada 20.36 33.15 24.64 37.42 133.54 8.00 3.23Saskatoon Canada 20.03 30.05 28.14 38.15 166.92 8.20 3.23Toronto Canada 26.80 51.07 63.91 88.17 361.54 6.60 3.23Vancouver Canada 20.98 43.69 24.80 47.50 429.23 6.00 3.23Victoria Canada 21.94 35.29 27.66 41.01 310.00 6.50 3.23Atlanta United States 9.69 21.34 23.35 35.00 180.00 8.50 3.11Bakersfield United States 9.44 17.40 13.04 21.00 – – 3.11Baltimore United States 24.21 24.21 – – – – 3.11Boise United States 12.00 18.00 16.00 22.00 – – 3.11Boston United States 24.76 45.51 44.25 65.00 484.00 6.50 3.11Charleston United States 15.73 24.23 23.50 32.00 250.00 8.00 3.11Charlotte United States 26.54 26.54 – – – – 3.11Chicago United States 12.50 32.00 35.50 55.00 200.00 7.50 3.11Cincinnati United States 12.37 21.85 27.52 37.00 – – 3.11Cleveland United States 11.81 20.65 19.16 28.00 115.00 10.00 3.11Columbia United States 12.29 19.69 13.60 21.00 – – 3.11Columbus United States 10.72 20.50 15.72 25.50 – – 3.11Dallas/Fort Worth United States 13.75 25.25 24.50 36.00 – – 3.11Denver United States 11.15 26.50 19.65 35.00 195.00 8.00 3.11Detroit United States 14.10 22.60 24.00 32.50 – – 3.11Fairfield United States – – – – – – 3.11Fairfield County United States – – – – 350.00 8.00 3.11Fresno United States 16.60 24.60 22.00 30.00 170.00 9.00 3.11Ft. Lauderdale/Broward County United States 15.05 32.80 17.25 35.00 – – 3.11Greenville United States 11.46 20.46 16.00 25.00 – – 3.11Hartford United States 11.30 23.25 15.05 27.00 – – 3.11Honolulu United States 19.92 35.88 24.72 40.68 242.00 – 3.11Houston United States 18.16 35.86 23.55 41.25 127.00 9.00 3.11Jacksonville United States 10.91 20.01 13.90 23.00 110.00 9.00 3.11Kansas City United States 20.94 20.94 – – – – 3.11Las Vegas United States 19.91 34.91 21.00 36.00 68.54 7.50 3.11Little Rock United States 9.85 16.50 15.35 22.00 88.00 9.25 3.11Los Angeles United States 22.88 38.88 24.44 40.44 300.00 7.00 3.11Los Angeles – Inland Empire United States – – – – – – 3.11Louisville United States 22.19 22.19 – – – – 3.11Memphis United States 8.82 17.07 14.75 23.00 – – 3.11Miami-Dade United States 21.01 42.01 25.50 46.50 210.00 – 3.11Nashville United States 15.88 26.04 20.84 31.00 – 7.00 3.11New Jersey – Central United States – – – – – – 3.11New Jersey – Northern United States – – – – – – 3.11New York – Downtown Manhattan United States 39.82 39.82 – – 550.00 6.00 3.11New York – Midtown Manhattan United States 35.26 62.76 102.50 130.00 424.00 6.50 3.11New York – Midtown S. Manhattan United States 17.42 42.42 37.50 62.50 400.00 6.00 3.11


MARKET COUNTRY

CLASS A NET RENT

(USD PSF YR.)

CLASS A GROSS RENT

(USD PSF YR.)


(USD PSF YR.)

TOP CLASS A


CBD SALES PRICE

(USD PSF)

CBD CAP RATE/

INITIAL YIELD (%)

10-YEAR GOVT. BONDS

(%)




Oakland United States 17.46 30.96 28.50 42.00 55.65 8.00 3.11Orange County United States – – – – – – 3.11Orlando United States 13.37 24.37 36.00 47.00 – – 3.11Philadelphia United States 15.00 26.10 26.40 37.50 85.00 9.00 3.11Phoenix United States 12.75 25.48 27.27 40.00 – – 3.11Pleasanton/Walnut Creek United States 23.68 26.28 31.60 34.20 160.00 9.00 3.11Portland United States 13.45 24.20 21.75 32.50 88.70 – 3.11Raleigh/Durham/Chapel Hill United States 22.79 22.79 – – – – 3.11Reno United States 12.52 23.52 24.00 35.00 – – 3.11Sacramento United States 25.70 33.00 30.98 38.28 225.00 8.50 3.11San Diego County United States 29.88 44.74 34.08 48.94 – – 3.11San Francisco United States 14.19 33.33 45.86 65.00 356.00 6.75 3.11San Francisco Peninsula United States – – – – – – 3.11San Jose/Silicon Valley United States 20.60 35.40 21.20 36.00 – – 3.11Seattle/Puget Sound United States 27.60 27.60 40.71 40.71 225.00 – 3.11St. Louis United States 19.34 19.34 – – – – 3.11Stamford United States 24.02 37.02 39.00 52.00 – – 3.11Stockton/San Joaquin County United States 16.92 20.60 29.32 33.00 130.00 9.00 3.11Tampa United States 13.79 22.79 21.00 30.00 – – 3.11Washington, DC United States 31.26 51.26 75.00 95.00 – – 3.11West Palm Beach/Palm Beach Co. United States 18.04 37.54 35.50 55.00 – – 3.11Westchester County United States – – – – 350.00 8.00 3.11White Plains United States 16.17 29.17 27.00 40.00 – – 3.11

ASIA PACIFICAdelaide Australia 28.63 36.58 34.20 41.75 302.41 8.50 5.33Brisbane Australia 46.13 58.05 54.87 67.60 557.08 7.50 5.33Canberra Australia 28.63 33.40 31.02 36.58 – 7.50 5.33Perth Australia 52.49 64.42 56.86 69.19 576.98 8.00 5.33Sydney Australia 45.65 55.83 74.04 87.80 684.97 7.12 5.33Beijing China 28.15 33.06 34.37 39.28 435.19 6.47 3.10Guangzhou China 21.77 26.35 25.65 34.86 325.55 6.69 3.10Hong Kong China 137.75 161.42 243.22 278.08 – 3.34 2.31Shanghai China 32.88 37.86 40.85 46.33 545.63 5.40 3.10Bangalore India 14.20 16.78 15.49 18.07 – 9.50 8.12Chennai India 12.13 14.20 14.20 16.78 – 10.00 8.12Delhi India 49.83 58.60 66.61 78.48 – 8.75 8.12Mumbai India 50.60 59.64 54.73 74.22 – 10.00 8.12Jakarta Indonesia 13.42 19.80 27.23 34.85 166.44 9.62 5.10Tokyo Japan – 100.76 – 152.09 2,110.21 4.80 1.15Seoul Korea 20.96 29.83 24.41 34.30 296.82 5.50 4.93Auckland New Zealand 20.17 28.50 29.93 38.33 230.71 8.70 5.50Wellington New Zealand 25.53 31.22 26.37 32.96 315.63 8.10 5.50Singapore Singapore 44.27 58.08 56.62 72.92 – 3.80 2.16Bangkok Thailand 22.61 22.61 27.40 27.40 228.36 – 2.92Ho Chi Minh City Vietnam 42.00 48.00 42.00 48.00 – – 9.00

LATIN AMERICABuenos Aires Argentina 33.79 38.59 40.15 47.40 334.57 12.00 –Rio de Janeiro Brazil 77.89 87.91 83.46 94.59 620.51 11.50 6.16São Paulo Brazil 47.29 63.98 61.20 75.11 542.95 11.50 6.16Santiago Chile 26.80 33.56 30.64 37.24 199.26 9.56 1.93Bogotá Colombia 31.23 34.57 42.38 46.39 240.89 10.35 4.75San José Costa Rica 1.77 – 2.41 – 204.46 11.50 –Mexico City Mexico 26.10 29.44 30.11 34.57 241.64 9.00 6.85Lima Peru 19.29 23.98 20.07 25.76 136.34 14.00 –


MARKET COUNTRY

CLASS A NET RENT

(USD PSF YR.)

CLASS A GROSS RENT

(USD PSF YR.)


(USD PSF YR.)

TOP CLASS A


CBD SALES PRICE

(USD PSF)

CBD CAP RATE/

INITIAL YIELD (%)

10-YEAR GOVT. BONDS

(%)




LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS


CURRENCY UNITTIME

PERIOD

EXCHANGE RATE (USD)

JUNE 30, 2010

CLASS A NET

RENT

CLASS A GROSS RENT

GROSS RENT

ANNUAL CHG. (%)

TOP CLASS A

NET RENT


EUROPE, MIDDLE EAST AND AFRICA (EMEA)Tirana Albania EUR SM Month 0.82 17.25 – – – –Vienna Austria EUR SM Month 0.82 8.00 10.00 -33.3 14.00 16.00Minsk Belarus EUR SM Month 0.82 18.00 21.00 – 20.00 23.00Brussels Belgium EUR SM Year 0.82 10.00 13.75 37.5 12.50 16.25Sofia Bulgaria EUR SM Month 0.82 14.00 12.00 -17.2 14.00 16.00Zagreb Croatia EUR SM Month 0.82 11.50 16.00 0.0 14.00 18.50Prague Czech Republic EUR SM Month 0.82 17.00 – – – –Copenhagen Denmark DKK SM Year 6.10 1,000.00 1,200.00 14.3 1,300.00 1,500.00Tallinn Estonia EUR SM Month 0.82 8.00 10.50 -4.5 10.60 13.00Helsinki Finland EUR SM Month 0.82 10.00 13.00 8.3 14.00 17.00Bordeaux France EUR SM Year 0.82 130.00 – – 140.00 –Lyon France EUR SM Year 0.82 145.00 – – 180.00 –Montepelier France EUR SM Year 0.82 145.00 – – 185.00 –Nantes France EUR SM Year 0.82 125.00 – – 140.00 –Paris France EUR SM Year 0.82 450.00 530.00 -3.6 500.00 580.00Strasbourg France EUR SM Year 0.82 130.00 – – 145.00 –Toulouse France EUR SM Year 0.82 140.00 – – 190.00 –Berlin Germany EUR SM Month 0.82 8.30 10.80 -10.0 12.00 15.00Düsseldorf Germany EUR SM Month 0.82 15.35 18.85 12.9 22.00 25.50Frankfurt Germany EUR SM Month 0.82 14.00 16.50 10.0 16.50 20.00Hamburg Germany EUR SM Month 0.82 12.00 15.00 15.4 15.00 18.00Munich Germany EUR SM Month 0.82 10.00 12.00 -22.4 17.00 19.00Stuttgart Germany EUR SM Month 0.82 11.68 14.70 -5.0 13.50 16.50Athens Greece EUR SM Month 0.82 17.00 23.00 43.8 17.00 22.00Budapest Hungary EUR SM Month 0.82 11.00 14.50 – 16.00 20.00Dublin Ireland EUR SM Year 0.82 13.42 22.50 8.0 15.67 16.33Tel Aviv Israel NIS SM Month 3.88 62.00 102.00 13.3 65.00 105.00Milan Italy EUR SM Year 0.82 190.00 235.00 6.8 240.00 285.00Rome Italy EUR SM Year 0.82 160.00 180.00 0.0 180.00 200.00Riga Latvia EUR SM Month 0.82 8.00 10.00 3.3 10.00 12.00Vilnius Lithuania EUR SM Month 0.82 8.70 10.30 -6.4 10.10 11.80Amsterdam Netherlands EUR SM Year 0.82 15.00 16.65 -0.1 25.50 28.35Belfast Northern Ireland GBP SF Year 0.66 10.00 16.00 – 11.00 17.00Warsaw Poland EUR SM Month 0.82 20.50 – – – –Bucharest Romania EUR SM Month 0.82 15.00 – – – –Moscow Russia EUR SM Month 0.82 28.40 – – – –Saint Petersburg Russia EUR SM Month 0.82 25.00 – – – –Riyadh Saudi Arabia SAR SM Year 3.76 550.00 605.00 – 1,000.00 1,100.00Belgrade Serbia EUR SM Month 0.82 13.00 – – – –Bratislava Slovakia EUR SM Month 0.82 11.00 – – – –Cape Town South Africa ZAR SM Month 7.65 80.00 98.00 – 115.00 140.00Durban South Africa ZAR SM Month 7.65 95.00 100.00 -7.0 105.00 120.00Johannesburg South Africa ZAR SM Month 7.65 110.00 90.00 -5.3 95.00 105.00Madrid Spain EUR SM Month 0.82 13.50 16.00 -11.1 17.00 19.50Stockholm Sweden SEK SM Year 7.81 1,900.00 2,300.00 0.0 2,200.00 2,500.00Geneva Switzerland CHF SM Year 1.09 450.00 480.00 11.6 600.00 630.00Zurich Switzerland CHF SM Year 1.09 300.00 320.00 39.1 450.00 480.00Istanbul Turkey USD SM Month 1.00 18.50 21.00 -10.6 40.00 42.50Kyiv Ukraine USD SM Month 1.00 23.00 18.00 – 18.00 22.00Abu Dhabi United Arab Emirates USD SM Year 1.00 – – – – –Dubai United Arab Emirates USD SM Year 1.00 – – – – –Birmingham United Kingdom GBP SF Year 0.66 16.00 29.00 – 20.00 33.00Bristol United Kingdom GBP SF Year 0.66 16.50 29.00 – 21.00 33.00Edinburgh United Kingdom GBP SF Year 0.66 15.00 27.00 -6.9 17.00 29.00Glasgow United Kingdom GBP SF Year 0.66 16.00 26.00 4.0 17.00 27.00London – City United Kingdom GBP SF Year 0.66 – – – – –

MEASURE



London – Docklands United Kingdom GBP SF Year 0.66 – – – – –London – Southbank United Kingdom GBP SF Year 0.66 – – – – –London – West End United Kingdom GBP SF Year 0.66 – – – – –Manchester United Kingdom GBP SF Year 0.66 – – – – –

NORTH AMERICACalgary Canada CAD SF Year 1.05 20.00 32.00 -7.9 26.00 38.00Edmonton Canada CAD SF Year 1.05 19.51 31.10 -0.6 40.38 51.97Halifax Canada CAD SF Year 1.05 14.62 26.74 -1.8 17.48 29.60Kitchener-Waterloo Canada CAD SF Year 1.05 15.81 26.72 4.8 19.09 30.00Montreal Canada CAD SF Year 1.05 9.18 24.00 -3.4 15.18 30.00Ottawa Canada CAD SF Year 1.05 6.97 31.00 3.2 11.97 36.00Regina Canada CAD SF Year 1.05 13.50 24.50 -12.5 19.00 30.00Saskatoon Canada CAD SF Year 1.05 – – – – –Toronto Canada CAD SF Year 1.05 16.92 31.20 4.8 33.22 47.50Vancouver Canada CAD SF Year 1.05 12.50 27.00 -12.9 23.50 38.00Victoria Canada CAD SF Year 1.05 18.50 31.50 -4.5 30.00 43.00Atlanta United States USD SF Year 1.00 11.90 21.80 -2.7 26.10 36.00Bakersfield United States USD SF Year 1.00 15.60 24.00 0.0 18.00 26.40Baltimore United States USD SF Year 1.00 26.30 26.30 -0.2 – –Boise United States USD SF Year 1.00 12.50 18.00 -1.6 16.50 22.00Boston United States USD SF Year 1.00 14.40 26.40 -12.3 38.00 50.00Charleston United States USD SF Year 1.00 16.67 24.17 -8.8 24.50 32.00Charlotte United States USD SF Year 1.00 20.40 20.40 2.3 – –Chicago United States USD SF Year 1.00 18.00 27.50 -1.1 25.50 35.00Cincinnati United States USD SF Year 1.00 12.05 20.47 -3.1 19.34 27.76Cleveland United States USD SF Year 1.00 15.06 21.98 3.5 20.58 27.50Columbia United States USD SF Year 1.00 9.86 16.96 -5.5 14.90 22.00Columbus United States USD SF Year 1.00 9.56 18.70 -3.9 15.86 25.00Dallas/Fort Worth United States USD SF Year 1.00 13.95 24.75 -2.9 34.20 45.00Denver United States USD SF Year 1.00 4.75 20.75 -5.7 12.00 28.00Detroit United States USD SF Year 1.00 15.89 22.39 -3.8 22.49 28.99Fairfield United States USD SF Year 1.00 27.12 27.12 7.1 35.40 35.40Fairfield County United States USD SF Year 1.00 17.96 30.96 -2.7 35.00 48.00Fresno United States USD SF Year 1.00 17.20 25.20 -2.3 23.20 31.20Ft. Lauderdale/Broward County United States USD SF Year 1.00 12.67 28.17 0.6 19.50 35.00Greenville United States USD SF Year 1.00 11.56 17.76 -4.7 15.80 22.00Hartford United States USD SF Year 1.00 10.44 20.44 -2.6 15.50 25.50Honolulu United States USD SF Year 1.00 – – – – –Houston United States USD SF Year 1.00 11.95 27.35 -0.9 25.10 40.50Jacksonville United States USD SF Year 1.00 11.16 20.36 -3.0 13.80 23.00Kansas City United States USD SF Year 1.00 21.48 21.48 -3.5 – –Las Vegas United States USD SF Year 1.00 18.45 32.85 -7.5 33.00 47.40Little Rock United States USD SF Year 1.00 11.98 18.53 1.5 13.75 20.30Los Angeles United States USD SF Year 1.00 22.40 38.40 6.3 56.00 72.00Los Angeles – Inland Empire United States USD SF Year 1.00 16.04 26.04 -4.8 24.20 34.20Louisville United States USD SF Year 1.00 20.02 20.02 13.6 – –Memphis United States USD SF Year 1.00 12.64 21.29 -2.0 20.31 28.96Miami-Dade United States USD SF Year 1.00 16.40 32.90 -0.6 27.50 44.00Nashville United States USD SF Year 1.00 13.98 22.31 2.9 20.42 28.75New Jersey – Central United States USD SF Year 1.00 23.92 23.92 -9.4 42.00 42.00New Jersey – Northern United States USD SF Year 1.00 24.36 24.36 -14.3 38.00 38.00New York – Downtown Manhattan United States USD SF Year 1.00 – – – – –New York – Midtown Manhattan United States USD SF Year 1.00 – – – – –New York – Midtown S. Manhattan United States USD SF Year 1.00 – – – – –



CURRENCY UNITTIME

PERIOD

EXCHANGE RATE (USD)

JUNE 30, 2010

CLASS A NET

RENT

CLASS A GROSS RENT

GROSS RENT

ANNUAL CHG. (%)

TOP CLASS A

NET RENT



MEASURE



Oakland United States USD SF Year 1.00 14.94 28.44 -10.6 21.70 35.20Orange County United States USD SF Year 1.00 12.86 27.36 -12.3 54.50 69.00Orlando United States USD SF Year 1.00 13.82 22.82 -3.4 31.00 40.00Philadelphia United States USD SF Year 1.00 15.13 24.25 -2.8 28.30 37.42Phoenix United States USD SF Year 1.00 16.01 24.64 -8.2 30.37 39.00Pleasanton/Walnut Creek United States USD SF Year 1.00 23.01 25.20 8.8 42.81 45.00Portland United States USD SF Year 1.00 12.45 23.20 -2.0 22.25 33.00Raleigh/Durham/Chapel Hill United States USD SF Year 1.00 21.45 21.45 -3.3 – –Reno United States USD SF Year 1.00 9.54 20.04 -7.2 30.60 41.10Sacramento United States USD SF Year 1.00 18.82 24.72 -4.2 26.26 32.16San Diego County United States USD SF Year 1.00 19.91 32.64 -10.2 48.84 61.57San Francisco United States USD SF Year 1.00 – – – – –San Francisco Peninsula United States USD SF Year 1.00 18.12 31.92 -8.3 106.20 120.00San Jose/Silicon Valley United States USD SF Year 1.00 22.38 35.88 -6.3 58.50 72.00Seattle/Puget Sound United States USD SF Year 1.00 26.51 26.51 -5.3 30.12 30.12St. Louis United States USD SF Year 1.00 23.39 23.39 -6.4 – –Stamford United States USD SF Year 1.00 – – – – –Stockton/San Joaquin County United States USD SF Year 1.00 – – – – –Tampa United States USD SF Year 1.00 16.05 23.80 -5.0 21.25 29.00Washington, DC United States USD SF Year 1.00 16.73 30.73 1.6 50.00 64.00West Palm Beach/Palm Beach Co. United States USD SF Year 1.00 13.89 30.64 -1.2 23.25 40.00Westchester County United States USD SF Year 1.00 14.46 27.46 1.8 32.00 45.00White Plains United States USD SF Year 1.00 – – – – –

ASIA PACIFICAdelaide Australia AUD SM Year 1.17 300.00 360.00 30.9 350.00 410.00Brisbane Australia AUD SM Year 1.17 375.00 475.00 -5.0 450.00 525.00Canberra Australia AUD SM Year 1.17 340.00 400.00 2.6 355.00 420.00Perth Australia AUD SM Year 1.17 – – – – –Sydney Australia AUD SM Year 1.17 363.00 452.00 10.2 570.00 675.00Beijing China RMB SM Month 6.81 173.30 203.30 2.1 224.10 254.10Guangzhou China RMB SM Month 6.81 – – – – –Hong Kong China HKD SF Month 7.78 31.25 39.98 9.8 42.22 52.27Shanghai China RMB SM Day 6.81 2.64 2.95 – 3.80 4.60Bangalore India INR SF Month 46.48 26.00 30.00 -9.1 30.00 35.00Chennai India INR SF Month 46.48 27.00 32.00 0.0 34.00 40.00Delhi India INR SF Month 46.48 101.00 121.00 4.3 165.00 194.00Mumbai India INR SF Month 46.48 101.00 119.00 -0.8 223.00 262.00Jakarta Indonesia IDR SM Month 9165.90 90,500.00 146,350.00 -10.0 134,280.00 170,088.00Tokyo Japan JPY SM Year 88.66 – – – – –Seoul Korea KRW SM Month 1219.00 – – – – –Auckland New Zealand NZD SM Year 1.44 246.00 300.00 -8.0 298.00 345.00Wellington New Zealand NZD SM Year 1.44 – – – – –Singapore Singapore SGD SF Month 1.40 4.31 5.79 7.4 5.25 6.80Bangkok Thailand THB SM Month 32.56 450.00 450.00 – 380.00 380.00Ho Chi Minh City Vietnam VND SM Month 19317.30 476,250.00 571,500.00 15.0 476,250.00 571,500.00

LATIN AMERICABuenos Aires Argentina USD SM Month 1.00 22.10 25.00 2.0 23.00 27.70Rio de Janeiro Brazil REAL SM Month 1.80 70.00 88.00 -23.5 80.00 105.00São Paulo Brazil REAL SM Month 1.80 60.00 85.00 0.0 85.00 110.00Santiago Chile USD SM Month 1.00 – – – – –Bogotá Colombia USD SM Month 1.00 – – – – –San José Costa Rica USD SM Year 1.00 – – – – –Mexico City Mexico USD SM Month 1.00 21.70 24.70 -1.6 25.20 29.20Lima Peru USD SM Month 1.00 15.40 17.60 4.8 16.50 18.80



CURRENCY UNITTIME

PERIOD

EXCHANGE RATE (USD)

JUNE 30, 2010

CLASS A NET

RENT

CLASS A GROSS RENT

GROSS RENT

ANNUAL CHG. (%)

TOP CLASS A

NET RENT



MEASURE



U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS

MARKET COUNTRY

CLASS A NET RENT

(USD PSF YR.)

CLASS A GROSS RENT

(USD PSF YR.)


(USD PSF YR.)

TOP CLASS A


SUBURBAN SALES PRICE

(USD PSF)

SUBURBAN CAP RATE/

INITIAL YIELD (%)

10-YEAR GOVT. BONDS

(%)

EUROPE, MIDDLE EAST AND AFRICA (EMEA)Tirana Albania 23.48 – – – – – –Vienna Austria 10.89 13.61 19.06 21.78 340.30 5.90 3.14Minsk Belarus 24.50 28.59 27.22 31.31 136.12 18.00 –Brussels Belgium 13.61 18.72 17.02 22.12 283.59 6.80 3.49Sofia Bulgaria 19.06 16.33 19.06 21.78 173.21 11.00 –Zagreb Croatia 15.65 21.78 19.06 25.18 164.82 9.50 –Prague Czech Republic 23.14 – – – 272.24 8.50 4.05Copenhagen Denmark 15.22 18.26 19.79 22.83 281.76 6.00 2.73Tallinn Estonia 10.89 14.29 14.43 17.70 – 10.00 –Helsinki Finland 13.61 17.70 19.06 23.14 226.87 7.25 2.89Bordeaux France 14.74 – 15.87 – – – 3.07Lyon France 16.44 – 20.40 – 226.87 7.50 3.07Montepelier France 16.44 – 20.97 – 204.18 9.00 3.07Nantes France 14.17 – 15.87 – 204.18 8.00 3.07Paris France 51.01 60.08 56.68 65.75 794.04 6.00 3.07Strasbourg France 14.74 – 16.44 – 204.18 7.50 3.07Toulouse France 15.87 – 21.54 – 260.90 7.85 3.07Berlin Germany 11.30 14.70 16.33 20.42 204.18 7.00 2.64Düsseldorf Germany 20.89 25.66 29.95 34.71 306.27 5.80 2.64Frankfurt Germany 19.06 22.46 22.46 27.22 – 6.50 2.64Hamburg Germany 16.33 20.42 20.42 24.50 374.33 8.00 2.64Munich Germany 13.61 16.33 23.14 25.86 306.27 6.70 2.64Stuttgart Germany 15.90 20.01 18.38 22.46 198.51 6.63 2.64Athens Greece 23.14 31.31 23.14 29.95 289.26 8.00 9.83Budapest Hungary 14.97 19.74 21.78 27.22 161.87 9.30 7.55Dublin Ireland 1.52 2.55 1.78 1.85 283.59 8.50 5.48Tel Aviv Israel 17.79 29.26 18.65 30.12 215.30 8.25 3.69Milan Italy 21.54 26.64 27.21 32.31 567.17 6.25 4.03Rome Italy 18.14 20.40 20.40 22.67 340.30 7.00 4.03Riga Latvia 10.89 13.61 13.61 16.33 – 12.00 –Vilnius Lithuania 11.84 14.02 13.75 16.06 82.24 12.00 –Amsterdam Netherlands 1.70 1.89 2.89 3.21 414.04 6.50 2.89Belfast Northern Ireland 15.07 24.11 16.57 25.61 – 6.75 5.48Warsaw Poland 27.90 – – – 348.81 8.00 5.88Bucharest Romania 20.42 – – – 204.18 10.00 –Moscow Russia 38.66 – – – 257.72 15.00 5.72Saint Petersburg Russia 34.03 – – – 243.09 14.00 5.72Riyadh Saudi Arabia 13.60 14.96 24.73 27.20 252.03 11.50 –Belgrade Serbia 17.70 – – – 136.12 13.00 –Bratislava Slovakia 14.97 – – – 136.12 11.00 2.78Cape Town South Africa 11.66 14.28 16.76 20.40 182.16 10.50 8.64Durban South Africa 13.84 14.57 15.30 17.49 170.02 10.00 8.64Johannesburg South Africa 16.03 13.12 13.84 15.30 170.02 10.50 8.64Madrid Spain 18.38 21.78 23.14 26.54 306.27 6.75 4.54Stockholm Sweden 22.60 27.36 26.17 29.74 – – 2.67Geneva Switzerland 38.51 41.08 51.35 53.92 856.40 5.00 1.55Zurich Switzerland 25.67 27.39 38.51 41.08 – 5.20 1.55Istanbul Turkey 20.63 23.42 44.61 47.40 232.34 9.00 4.71Kyiv Ukraine 25.65 20.07 20.07 24.54 171.00 15.00 –Abu Dhabi United Arab Emirates – – – – – – –Dubai United Arab Emirates – – – – – – –Birmingham United Kingdom 24.11 43.69 30.13 49.72 – – 3.43Bristol United Kingdom 24.86 43.69 31.64 49.72 – – 3.43Edinburgh United Kingdom 2.10 3.78 2.38 4.06 – – 3.43Glasgow United Kingdom 24.11 39.17 25.61 40.68 – – 3.43London – City United Kingdom – – – – – – 3.43



London – Docklands United Kingdom – – – – – – 3.43London – Southbank United Kingdom – – – – – – 3.43London – West End United Kingdom – – – – – – 3.43Manchester United Kingdom – – – – – – 3.43

NORTH AMERICA – –Calgary Canada 19.08 30.52 24.80 36.25 314.77 7.38 3.23Edmonton Canada 18.61 29.66 38.52 49.57 – – 3.23Halifax Canada 13.95 25.51 16.67 28.23 94.33 8.50 3.23Kitchener-Waterloo Canada 15.08 25.49 18.21 28.62 104.92 7.75 3.23Montreal Canada 8.76 22.89 14.48 28.62 166.92 8.00 3.23Ottawa Canada 6.65 29.57 11.42 34.34 143.08 8.00 3.23Regina Canada 12.88 23.37 18.12 28.62 – – 3.23Saskatoon Canada – – – – – – 3.23Toronto Canada 16.14 29.76 31.69 45.31 219.38 8.00 3.23Vancouver Canada 11.92 25.75 22.42 36.25 310.00 7.50 3.23Victoria Canada 17.65 30.05 28.62 41.01 276.61 7.00 3.23Atlanta United States 11.90 21.80 26.10 36.00 140.00 9.10 3.11Bakersfield United States 15.60 24.00 18.00 26.40 – – 3.11Baltimore United States 26.30 26.30 – – – – 3.11Boise United States 12.50 18.00 16.50 22.00 – – 3.11Boston United States 14.40 26.40 38.00 50.00 163.00 7.70 3.11Charleston United States 16.67 24.17 24.50 32.00 135.00 11.00 3.11Charlotte United States 20.40 20.40 – – – – 3.11Chicago United States 18.00 27.50 25.50 35.00 112.00 8.20 3.11Cincinnati United States 12.05 20.47 19.34 27.76 153.50 9.20 3.11Cleveland United States 15.06 21.98 20.58 27.50 115.00 9.50 3.11Columbia United States 9.86 16.96 14.90 22.00 – – 3.11Columbus United States 9.56 18.70 15.86 25.00 – – 3.11Dallas/Fort Worth United States 13.95 24.75 34.20 45.00 90.00 9.00 3.11Denver United States 4.75 20.75 12.00 28.00 153.00 9.00 3.11Detroit United States 15.89 22.39 22.49 28.99 – – 3.11Fairfield United States 27.12 27.12 35.40 35.40 – – 3.11Fairfield County United States 17.96 30.96 35.00 48.00 250.00 8.00 3.11Fresno United States 17.20 25.20 23.20 31.20 192.50 8.50 3.11Ft. Lauderdale/Broward County United States 12.67 28.17 19.50 35.00 221.00 – 3.11Greenville United States 11.56 17.76 15.80 22.00 – – 3.11Hartford United States 10.44 20.44 15.50 25.50 107.00 8.40 3.11Honolulu United States – – – – – – 3.11Houston United States 11.95 27.35 25.10 40.50 90.00 9.00 3.11Jacksonville United States 11.16 20.36 13.80 23.00 130.00 9.00 3.11Kansas City United States 21.48 21.48 – – – – 3.11Las Vegas United States 18.45 32.85 33.00 47.40 57.59 – 3.11Little Rock United States 11.98 18.53 13.75 20.30 110.00 9.00 3.11Los Angeles United States 22.40 38.40 56.00 72.00 250.00 9.00 3.11Los Angeles – Inland Empire United States 16.04 26.04 24.20 34.20 – – 3.11Louisville United States 20.02 20.02 – – – – 3.11Memphis United States 12.64 21.29 20.31 28.96 – – 3.11Miami-Dade United States 16.40 32.90 27.50 44.00 216.00 8.00 3.11Nashville United States 13.98 22.31 20.42 28.75 – 7.00 3.11New Jersey – Central United States 23.92 23.92 42.00 42.00 – – 3.11New Jersey – Northern United States 24.36 24.36 38.00 38.00 – – 3.11New York – Downtown Manhattan United States – – – – – – 3.11New York – Midtown Manhattan United States – – – – – – 3.11New York – Midtown S. Manhattan United States – – – – – – 3.11


MARKET COUNTRY

CLASS A NET RENT

(USD PSF YR.)

CLASS A GROSS RENT

(USD PSF YR.)


(USD PSF YR.)

TOP CLASS A



(USD PSF)

SUBURBAN CAP RATE/

INITIAL YIELD (%)

10-YEAR GOVT. BONDS

(%)




Oakland United States 14.94 28.44 21.70 35.20 106.30 9.00 3.11Orange County United States 12.86 27.36 54.50 69.00 160.00 8.00 3.11Orlando United States 13.82 22.82 31.00 40.00 166.00 8.80 3.11Philadelphia United States 15.13 24.25 28.30 37.42 126.00 9.00 3.11Phoenix United States 16.01 24.64 30.37 39.00 99.79 – 3.11Pleasanton/Walnut Creek United States 23.01 25.20 42.81 45.00 132.00 10.00 3.11Portland United States 12.45 23.20 22.25 33.00 159.39 – 3.11Raleigh/Durham/Chapel Hill United States 21.45 21.45 – – – – 3.11Reno United States 9.54 20.04 30.60 41.10 – – 3.11Sacramento United States 18.82 24.72 26.26 32.16 155.00 8.80 3.11San Diego County United States 19.91 32.64 48.84 61.57 117.90 – 3.11San Francisco United States – – – – – – 3.11San Francisco Peninsula United States 18.12 31.92 106.20 120.00 250.00 6.50 3.11San Jose/Silicon Valley United States 22.38 35.88 58.50 72.00 – – 3.11Seattle/Puget Sound United States 26.51 26.51 30.12 30.12 – – 3.11St. Louis United States 23.39 23.39 – – – – 3.11Stamford United States – – – – – – 3.11Stockton/San Joaquin County United States – – – – – – 3.11Tampa United States 16.05 23.80 21.25 29.00 131.50 9.00 3.11Washington, DC United States 16.73 30.73 50.00 64.00 – – 3.11West Palm Beach/Palm Beach Co. United States 13.89 30.64 23.25 40.00 112.00 – 3.11Westchester County United States 14.46 27.46 32.00 45.00 250.00 8.00 3.11White Plains United States – – – – – – 3.11

ASIA PACIFICAdelaide Australia 23.86 28.63 27.83 32.61 270.58 8.00 5.33Brisbane Australia 29.82 37.78 35.79 41.75 397.91 8.50 5.33Canberra Australia 27.04 31.81 28.23 33.40 – 8.00 5.33Perth Australia – – – – 358.12 8.50 5.33Sydney Australia 28.87 35.95 45.33 53.68 345.15 8.40 5.33Beijing China 28.39 33.30 36.71 41.62 415.30 6.82 3.10Guangzhou China – – – – – – 3.10Hong Kong China 48.17 61.63 65.08 80.57 – – 2.31Shanghai China 13.14 14.69 18.92 22.90 286.65 7.00 3.10Bangalore India 6.71 7.75 7.75 9.04 – 10.00 8.12Chennai India 6.97 8.26 8.78 10.33 – 10.47 8.12Delhi India 26.07 31.24 42.60 50.08 – 10.00 8.12Mumbai India 26.07 30.72 57.57 67.64 – 10.50 8.12Jakarta Indonesia 11.01 17.81 16.34 20.70 149.52 8.69 5.10Tokyo Japan – – – – – – 1.15Seoul Korea – – – – – – 4.93Auckland New Zealand 15.90 19.39 19.26 22.30 181.68 8.80 5.50Wellington New Zealand – – – – – 8.80 5.50Singapore Singapore 36.98 49.67 45.04 58.34 – – 2.16Bangkok Thailand 15.41 15.41 13.02 13.02 99.91 – 2.92Ho Chi Minh City Vietnam 25.00 25.00 25.00 30.00 – – 9.00

LATIN AMERICABuenos Aires Argentina 24.65 27.88 25.65 30.89 185.87 12.00 -Rio de Janeiro Brazil 43.44 54.60 49.64 65.15 361.96 11.00 6.16São Paulo Brazil 37.23 52.74 52.74 68.26 336.11 11.00 6.16Santiago Chile – – – – 127.60 11.25 1.93Bogotá Colombia – – – – – – 4.75San José Costa Rica – – – – – – -Mexico City Mexico 24.20 27.55 28.10 32.57 241.64 9.00 6.85Lima Peru 17.17 19.63 18.40 20.97 129.74 14.00 -


MARKET COUNTRY

CLASS A NET RENT

(USD PSF YR.)

CLASS A GROSS RENT

(USD PSF YR.)


(USD PSF YR.)

TOP CLASS A



(USD PSF)

SUBURBAN CAP RATE/

INITIAL YIELD (%)

10-YEAR GOVT. BONDS

(%)




Class A Gross Rent – The average rent quoted per square foot per annum for a class A office building within the CBD plus additional costs such as property taxes, service charges or operating expenses.

Class A Net Rent – The average rent quoted per square foot per annum for a class A office building within the CBD.

Class A (Prime) Buildings – Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence.

� Characterized by: Prime central location; first-class tenant im-provements; on-site parking; state of the art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance; ability to command a premium rent within the relevant market. The class A building designation implies that the size of the building is “signifi-cant” in accordance with the market.

Population – The latest population statistics for the metropolitan region.

Quoted Currency – The currency quoted locally in all lease transac-tions, not necessarily national currency. (Note: Chile utilizes Unidad de Fomento, which equals USD 24.30)

Sales Price – The average sales price paid for a class A office building within the CBD.

Time Period – The standard way in which leases are quoted. Usually on a per month or per year basis.

Top Class A Gross Rent – The top/ highest rent quoted per square foot per annum for office floor space within the CBD plus additional costs such as property taxes, service charges or operating expenses.

Top Class A Net Rent – The top/highest rent quoted per square foot per annum for office floor space within the CBD.

Total Inventory – Existing office floor space (classes A, B and C) within each city’s CBD (central business district).

Under Construction – The total office floor space (classes A, B and C) within each city’s CBD (central business district) which is under construction, but not yet completed, giving an indication of the develop-ment pipeline for each market. This includes both available and pre-let floor space.

Unit – The normal convention locally in which area is measured. Usu-ally on a per square foot or per square meter basis.

Vacancy Rate (%) – The percentage of the inventory (total completed office floor space, classes A, B and C, within the CBD) which is unoc-cupied.

Yield (%) – The average prime yield (or capitalization rate), expressed as a percentage, for a Class A office building within the CBD.

Note: SF = Square Feet

SM = Square Meter

PSF = Per Square Feet

PSM = Per Square Meter

CBD = Central Business District

Glossary

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Real Estate

Colliers global office report first half 2010