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8/2/2019 Asia Pacific Office Market Overview - 4Q 2011
1/28
AsiA PAciicOice Market Overview
4Q 2011
Accelerating success.
8/2/2019 Asia Pacific Office Market Overview - 4Q 2011
2/28
table O cOntentsAsiA PAciic oice mArket overview | 4Q 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 8-11
Jakarta, Indonesia ........................ ....................... ....................... ........................ ........................ .......
Kuala Lumpur, Malaysia ....................................................................................................................
Karachi, Pakistan...............................................................................................................................
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
8/2/2019 Asia Pacific Office Market Overview - 4Q 2011
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regional overview
eConomiC overviewDue to the lingering sovereign debt problems and continued slowdown o key economies
around the world, market sentiment in the Asia Pacic region was generally cautious in
4Q 2011. There were a number o orces that had an impact on the market. The Federal
Open Market Committee (FOMC) in the US downgraded the countrys projected economic
growth or 2012. As a result, a number o economies in the region had to ace the challenge
o slowing exports to the West. However on a positive note, the recent statement made
by the US Federal on the likelihood o interest rates maintaining at low levels until the end
o 2014 indicated a very slim possibility o a distinct recovery in the near to medium term.
The anticipated low-interest rate environment was well received given the expectations
that quantitative easing (QE) or QE-like policies will be kept in place by a number o
central banks in 2012.
leasing market
Against the prevailing economic backdrop, more occupiers turned cautious in their business
outlook. Negative sentiments were ound in cities reliant on external trade whereas positive
results were shown in Asia markets with strong internal consumption. Overall, the average
oce rent managed to edge up mildly by 0.3% QoQ during 4Q 2011. In the greater China
region, demand undamentals were exceptionally strong with sustained leasing requirements
rom a number o industries including nancial services, manuacturing and IT. Domestic
enterprises continued to look or quality developments or consolidation, relocation and
upgrading. In Southeast Asia, Jakarta stood out as a surging market with oce rents
shooting up by 10% QoQ during the period.
sales market
In general, oce sales prices were buoyant during 4Q 2011 despite the act that rentals
in individual cities saw signs o sotening. Investment yields were either fat or slightly
compressed. Investment unds maintained their appetite or quality investment opportunities
in order to take advantage o the existing low interest rate environment. However, the
domestic investors and cash-rich end-users were the key groups completing investment
sales transactions during the period. Examples o such investment activities include the
sale o 20 Bridge Street to RREEF Real Estate on behal o a Malaysian Pension Fund
(Kumpulan Wang Persaraan (Diperbadankan)) or US$185 million in Sydney and OCBCBanks acquisition o Shanghai International Group Square, an oce building located in
Shanghai, or US$143 million or its headquarters in China.
market outlook
Looking ahead, the prevailing trend o demand sotening is anticipated to continue until at
least the rst hal o 2012. However, oce capital values are expected to remain buoyant
in anticipation o a new round o quantitative easing and more upcoming investment unds
in the pipeline. We anticipate that deals will be concluded by a broader range o buyers in
2012, i access to nancing becomes easier during the latter part o 2012.
8/2/2019 Asia Pacific Office Market Overview - 4Q 2011
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asia pacific office market overview | 4Q 2011
cHiNA
Beijing
Parkview Green, located in the CBD submarket, was completed in Q and delivered
, sq m o new oce space. The total stock o Beijings Grade A oce thereore
expanded to . million sq m as o end-.
The new completion and existing vacant space was promptly taken by the brisk leasingdemand, keeping the overall vacancy rate at a historical low level o .% in Q .
The overall rental posted its eighth consecutive quarter o growth, with average net
eective rent registered at RMB. per sq m per month, up .% QoQ. Rent o the
CBD catchment continued to surpass that o the Financial Street, averaging at RMB.
per sq m per month as o quarter end, up .% YoY.
The investment market continued to be dominated by domestic players in Q , with
one en bloc sales transaction concluded. Guangyao Dongang Group, a Shandong-based
commercial real estate operator, purchased the Jin Yu Building located in the West Third
Ring Road or a total consideration o RMB. billion.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Jinyu Building S Guangyao Dongang Group 1,054,900
Indigo L Eli Lilly and Company 53,800
SK Tower L Mitsubish 10,800
Yintai Center L SABIC 15,100
Parkview Green L Cathay Lie Insurance 20,500
China Resources Building L Anglo American PLC 12,900
Yintai Center L Mercuria Energy Group 10,800
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
Rentals
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
CapitalValues
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
BEIJING OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 2012 F0.00
0.20
0.40
0.60
0.80
1.00
Millionsqm
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
VacancyRa
te
Supply Take-up Vacancy Rate
BEIJING OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
00
8
2Q2
00
8
3Q2
00
8
4Q2
00
8
1Q2
00
9
2Q2
00
9
3Q2
009
4Q2
009
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
0
11
2Q2
0
11
3Q2
0
11
4Q2
0
11
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
22,500
CapitalValues
CHENGDU OFFICE CAPITAL AND RENTAL VALUES
0.00
25.00
50.00
75.00
100.00
125.00
150.00
175.00
200.00
225.00
Rentals
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
CHENGDU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2008 2009 2010 2011 2012 F0.00
0.05
0.10
0.15
0.20
0.25
Millionsqm
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
VacancyRate
Supply Take-up Vacancy Rate
chengdu
In Q , the gap between the highest and lowest rents in Grade A oce market widened
to reach RMB per sq m. Grade A oce rents increased .% QoQ to RMB. per
sq m per month.
The oce space take-up in this quarter exceeded , sq m. Demand rom both new
tenants and existing tenants seeking or expansion increased sharply, especially those
rom real estate, manuacturing, nance and government. By the end o Q , the
overall vacancy rate o Grade A oce market dropped . percentage points QoQ to
.%.
A brand new Grade A oce building located to the south o Tianu Square and next to
Metro Line , Square One, is expected to be completed in Q . About , sq m
in the building will be oered or lease. The rents will range between RMB- per
sq m per month.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
CDB International Plaza L Sichuan Industry Promotion &
Development Investment Fund
7,500
CDB International Plaza L Dingxing Trade Co., Ltd 7,500
Shangri-la Centre L HF Investment 5,400
Yanlord Landmark L Consulate General o the
Republic o Singapore
11,800
Yanlord Landmark L Schenker China Ltd. h 5,400
Yanlord Landmark L COFCO Future Co., Ltd 4,300
Aerospace Technology Plaza L Lee Kum Kee 5,200
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asia pacific office market overview | 4Q 2011
colliers iNterNAtioNAl | P. 5
shanghai
One new project was launched in Shanghais Grade A oce market in Q , adding
, sq m o new supply.
The strong demand or Grade A oce space has outpaced the market supply, driving
average rent during the quarter to RMB. sq m per day, up .% QoQ.
Besides the rising rents, en-bloc property transactions were extremely active in Q
, with capital values continuing to increase at a rapid pace. Institutional investors
purchased several projects in Shanghai.
Looking orward, the growing demand rom new business set-up, expansion and relocation
o multinational corporations, nancial institutions and other proessional rms will
continue to underpin the Grade A oce market.
guangzhou
During Q , the completion o Taikoo Hui in Tianhe North Road brought approximately
, sq m new supply to the market, accounting or .% o the total stock. Over
% o the project has been leased. Coupled with the active leasing demand, the overall
vacancy rate ell to .% in Q , down . percentage points QoQ.
The nance, manuacture and proessional services sectors dominated Guangzhous
Grade A oce leasing demand. The leasing transactions were mainly committed by
domestic companies in this quarter, most o which had sucient budgets. Although a
number o prime oce properties in Pearl River New City are expected to be launched
in , the active leasing demand will continued to underpin the market perormance.
Average rental in Q rose by % QoQ to RMB. per sq m per month and the
upward trend is expected to continue in .
As the high-end oce space launched or sale in has been gradually absorbed by
investors and owner-occupiers, the stock available or sale in the market became limited,
which in turn pushed up the average sales price by .% QoQ to RMB, per sq m.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Concord Center L Bohai Bank 43,100
G.T.Land Plaza L IBM 38,800
G.T.Land Plaza L Wanlian Securities 38,800
Leatop Plaza L Johnson Controls, Inc 32,300
Taikoo.Hui L Toyota Tsusho 29,900
R&F Center L BP Global 26,900
cHiNA
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
New Richport L CEVA 59,200
Cloud Nine III L HEINZ 43,100
Jingan Kerry Centre L BOSE 37,700
Hongkong New World Tower L Nutricia 14,100
Yongda International L SSOE China Co., Ltd 11,700Shanghai International Group
Square
S OCBC Bank 247,600
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
Rentals
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
36,000
CapitalValues
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
GUANGZHOU OFFICE CAPITAL
AND RENTAL VALUES
0.00
3.00
6.00
9.00
12.00
15.00
18.00
0
12,000
24,000
36,000
48,000
60,000
72,000
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
3Q
2011
4Q
2011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
Rentals
CapitalValues
Renta ls (RMB / sq m / Day) Capital Va lues (RMB / sq m)
SHANGHAI OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 2012 F0.00
0.30
0.60
0.90
1.20
Millionsqm
0.0%
5.0%
10.0%
15.0%
20.0%
VacancyRate
Supply Take-up Vacancy Rate
SHANGHAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2008 2009 2010 2011 2012 F
20.0%
30.0%
40.0%
50.0%
VacancyRa
te
10.0%
0.0%
Supply Take-up Vacancy Rate
0.50
1.00
1.50
2.00
2.50
0.00
Millionsqm
GUANGZHOU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
8/2/2019 Asia Pacific Office Market Overview - 4Q 2011
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8/2/2019 Asia Pacific Office Market Overview - 4Q 2011
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asia pacific office market overview | 4Q 2011
colliers iNterNAtioNAl | P. 7
seoul
In Q , average rent remained stable at .% QoQ growth to KRW, per pyeong
per month. Owing to the massive supply rom Pine Avenue in CBD and IFC-A in
YBD, vacancy rate increased to .%, up . percentage point QoQ. Net take-up in
the existing major oce buildings also remained stable during the quarter at ,
pyeong.
Under avourable promotional strategies such as rent ree / t-out period, eective rent
was on downward momentum, and the spread between market and eective rents was
widened.
New prime oce buildings with a total GFA o , sq m are expected to come on
the stream in . Junghak District and Gwanghwamun State Tower will be completed
to provide more than , sq m and , sq m oce space, respectively, in CBD.
As scheduled, two IFC buildings with approximately , sq m are also ready to be
launched in Yeouido market. Owing to the massive new supply coming on line in ,
vacancy rate is expected to increase sharply.
tokyo
Demand moderating due to global economic concerns
Trading up to newer properties common
Rents weak and mild downward pressure continues
Vacancy no longer improving as mildly increasing uptake pauses
Vacancy continuing to stratiy with newer, larger, more central buildings outperorming
Signicant new supply in the pipeline or
soutH koreA
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Palace Building L Mitsubishi Chemical Holdings 301,800
Toranomon Roppongi Project L Baker & McKenzie 66,400
Bancho Tokyu L OPT 78,100
Amazon L Arco Tower Annex 149,100
Chartis Business Partners L Kamiyacho MT Building 149,100
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F0
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
0
Rentals (Won / Pyung / Month) Capital Values (Won / Pyung)
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
0
10,000
20,000
30,000
40,000
50,000
60,000
Rentals
CapitalValues
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
0
Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)
TOKYO OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 2012 F0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Tsubo
200,000
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Vacancy
Rate
Supply Take-up Vacancy Rate
TOKYO OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
SEOUL OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2008 2009 2010 2011 2012 F0
50,000
100,000
150,000
200,000
250,000
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
Supply Take-up Vacancy Rate
Pyung
Vacancy
Ra
te
jAPAN
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Twin Tree Building L Daelim Industry 531,000
GT Tower L Kolon F&C 224,200
IFC L Sony Korea 65,100
Union still L Samsung Lie Insurance 53,400
IFC L Daiwa Securities 48,400
Euljiro Mirae Asset Tower S Mirae Asset 708,000
KCA Yeomgok-dong S Undisclosed 324,600
KERIS Building S Undisclosed 164,700
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asia pacific office market overview | 4Q 2011
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Landmark L Adira 118,400WTC II L Total E&P 107,600
Tempo Scan Tower L Satya Mandiri Persada (Adaro
Energy)
81,800
Wisma Pondok Indah III L Indo tambang 35,500
The Plaza L Acer Indonesia 18,900
Citywalk Sudirman L Rafes Design Institute 14,200
Menara Citicon L PT. Singa Langit Jaya 13,300
Patra Jasa L Asia Outsourcing Services 12,900
iNDoNesiA
jakarta
Average rental jumped % QoQ in Q . As a result o tougher competition to win
the quality oce premises in good locations, average rental grew by % YoY.
The overall supply in was less than our original orecast due to the delay in completion
o a building in the Sudirman CBD area. Consequently, supply in will be greaterthan the previous projection.
In , over , sq m o oce space is expected to completed, about % o which
has been pre-leased. Furthermore, as Fitch Ratings upgraded Indonesia's sovereign
debt rating to investment grade, the market is quite condent that the remaining space
will be sold and rental will accelerate in .
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F0
30,000
60,000
90,000
120,000
150,000
180,000
210,000
Rentals
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
CapitalValues
Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)
JAKARTA OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 2012 F
sqm
0
100,000
200,000
300,000
400,000
500,000
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
VacancyRa
te
Supply Take-up Vacancy Rate
JAKARTA 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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
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
1.00
2.00
3.00
4.00
5.00
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2008 2009 2010 2011 2012 F
Supply Take-up Vacancy Rate
Millionsqft
VacancyRate
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP
& VACANCY RATE
kuala lumpur
Average prime rental and capital values improved during Q at RM. per sq t per
month and RM per sq t, respectively, as Golden Triangle area continued to be the
preerred location or most multinational companies
Three prime oce buildings, Tower , KLCC, Menara Prestij and Menara Worldwide,
were completed in Q , contributing approximately . million sq t o oce space
to the current supply.
The vacancy rate is expected to climb due to new completions coming on stream in
.
The present global economic slowdown would aect business decisions on real estate
transactions; nevertheless, attractive tenancy oerings and active marketing eorts will
greatly help maintaining, i not improving, occupancy rate.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
KL Sentral Park** L SME Corp 209,000
Cap Square Tower L Citibank 117,000
Bangsar South, The Horizon** L Touch n' Go 67,400
Menara Multi Purpose S Malaysian Chinese
Association (MCA)
541,400
Pavilion Tower S Pavilion REIT 167,700
mAlAysiA
** Building located in Kuala Lumpur fringe area Data sourced rom C H Williams Talhar & Wong Sdn Bhd
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karachi
Karachi oce market is still oppressed by the pressure o slow economic growth and
politcal turmoil in the country.
Oce sale and lease market has been stagnant. Only one major lease transaction was
observed in Dolmen City Harbourront building where P&G Pakistan rented two oceoors with a total area o , sq.t
However, due to recent relocation o US Embassy in Karachi, many multinational
companies located on M.T Khan Road are contemplating to move due to trac congestion
and security issues.
Decent premises with adequate parking and low rent are the key preerential actors or
companies planning to relocate.
With slow take-up rates o the new oce space, high competition has been dragging the
capital values down.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Harbour Front L Procter & Gamble 30,000
Harbour Front L Mitsubishi Corporation 7,500
Al Tijarah Centre L Eli Lilly Pakistan 8,000
PAkistAN
KARACHI 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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
0
20
40
60
80
100120
140
160
180
Rentals
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Year)
2,000
4,000
6,000
8,000
10,00012,000
14,000
16,000
18,000
CapitalValues
0
2008 2009 2010 2011 2012 F0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
Millionsqft
VacancyRa
te
Supply Take-up Vacancy Rate
KARACHI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
PHiliPPiNes
manila
With the completion o , sq m Zuellig Tower in Q , prime oce stock in
Makati CBD is expected to increase to , sq m o net usable space. This will be
the rst new oce building in the CBD in more than a decade.
Due to the emergence o the new central business districts, Makatis share in terms
o oce space will all to %. Vacancy rate went up this quarter to .% due to the
relocation o some business rom traditional oces to Bonacio Global City a major
source o oce supply in the next two to three years. Consequently, net take up ell
% YoY to , sq m comparing to that a year ago. Nevertheless, the vacancy rate
is expected to remain at % level owing to the limited supply in Makati.
Both rental rates and capital values are expected to grow -% over the next months.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
I Square L Coastal Training 164,700
I Square L Dupont Far East Inc. 123,200
MDC 100 L Microsourcing 111,000
1
Q2
008
2
Q2
008
3
Q2
008
4
Q2
008
1
Q2
009
2
Q2
009
3
Q2
009
4
Q2
009
1Q2
010
2
Q2
010
3
Q2
010
4
Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q
2012
F
2Q
2012
F
3Q
2012
F
4Q
2012
F
1Q
2013
F
2Q
2013
F
3Q
2013
F
Capital Values (Peso / sq m)Rentals (Peso / sq m / Month)
0
20,000
40,000
60,000
80,000
100,000
120,000
CapitalValues
0
200
400
600
800
1,000
1,200
Rentals
MANILA OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 2012 F
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
sqm
120,000
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
VacancyRate
12.0%
Supply Take-up Vacancy Rate
MANILA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
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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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
0
200
400
600
800
1,000
1,200
1,400
Rentals
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)
BANGKOK OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 2012 F
sqm
0
20,000
40,000
60,000
80,000
100,000
120,000
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
Transactional activity in oce market remained modest due to impact o oods in
Bangkok.
Although the ood has caused limited damage to the citys oces, some premises were
orced to close due to restricted access.
A number o oces moved to back up locations and it could spur the demand or oces
in secondary locations.
Some companies may consider relocating oces to other cities such as Pattaya.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Sathorn Square L Easy Buy 21,500
Sathorn Square L OSK Bank 21,500
Park Ventures L Club 21 12,900
Pacic Place L AIG 16,100
singapore
Singapores oce leasing market buckled under the stress o uncertainties and volatility
arising rom the debt crisis in the Eurozone.
For the rst time since the market bottomed in Q , the average monthly gross
rents or CBD Grade A oce space ell .% QoQ in Q to SG$. per sq t permonth. This brought the whole years gain to .%, a sharp moderation rom s
.% growth rate.
The dip in rents was in tandem with the all in occupancy rate rom previous quarters
.% to .% in Q , due largely to the new completion o some , sq t
o space in the New Downtown micro-market. However, the increase in oce stock
was not met with corresponding new occupier demand as many rms turned cautious
towards expansion.
Despite a gloomier outlook, Singapores strong economic undamentals could help the
country and the oce market ride through the current uncertainties. Hence, though
Singapores oce rents will likely soten rom current levels, the magnitude o decline isexpected to be more tamed as compared to the previous crisis. Oce rents are orecast
to decline by around -% in as against a -% correction seen in the rst
year o the global nancial crisis-led decline in .
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F0.00
5.00
10.00
15.00
20.00
25.00
Rentals
30.00
500
1,000
1,500
2,000
2,500
3,000
CapitalValues
0
Capital Values (Singapore$ / sq ft)Rentals (Singapore$/ sq ft / Month)
SINGAPORE OFFICE CAPITAL AND
RENTAL VALUES
2008 2009 2010 2011 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%
VacancyRa
te
Supply Take-up Vacancy Rate
SINGAPORE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
siNGAPore
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
13-storey oce building at
Upper Pickering Street
L Attorney-General's Chambers 87,000
Ocean Financial Centre
(87.5% stake)
S K-REIT Asia 885,000
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colliers iNterNAtioNAl | P. 11
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
Rentals
Rentals (US/ sq m / Month)
0
10
20
30
40
50
60
70
HO CHI MINH CITY OFFICE RENTAL VALUES
hanoi
Hanois prime oce market perormed well in with about , sq m net take up
and an average rent increase o .%.
The Grade A oce buildings situated in the CBD posted occupancy rates o over %.
These buildings usually have a high occupancy thanks to good location and limited supplyin the CBD.
Massive new supply is expected to come rom Keangnam Hanoi Landmark Tower located
in non-CBD area.
The Grade A oce market will experience strong competition due to abundant supply.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Keangnam Landmark Tower L Ericsson 21,500Keangnam Landmark Tower L Pricewaterhouse Coopers 30,600
Keangnam Landmark Tower L KPMG 32,300
Keangnam Landmark Tower L LG 10,800
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
0
10
20
30
40
50
60
Rentals
Rentals (US/ sq m / Month)
HANOI OFFICE RENTAL VALUES
2008 2009 2010 2011 2012 F
-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
HANOI CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
2008 2009 2010 2011 2012 F
sqm
-30,000
0
30,000
60,000
90,000
120,000
150,000
180,000
-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
The oce leasing market will remain competitive throughout ; developers will need
to ocus on improving the quality o the new oce buildings and oering incentives to
attract new tenants.
The new buildings in the suburban oce market are still attracting tenants to pre-lease
due to their competitive rental rates.
The rental level o the new oce buildings is lower than that o the existing oce
spaces. Additionally, landlords are oering better leasing terms, such as longer rent ree
period and subsidies to t out cost. Thereore the market witnessed some tenants being
penalised or early termination o their leases and relocating to the new oce buildings.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Bitexco Financial Tower L FV Hospital 8,600
Bitexco Financial Tower L Huy Hong JSC 1,200
Ree Tower L Vina Commodities 4,800
Ree Tower L New Balance 1,600
Ree Tower L Huy Hoang Education 1,600
Ree Tower L Asian Tiger 1,600
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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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
0
10
20
30
40
50
60
70
Rentals
80
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
CapitalValue
s
0
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
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
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
2008 2009 2010 2011 F 2012 F
Supply Take-up Vacancy Rate
CHENNAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2008 2009 2010 2011 2012 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Millionsqft
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRa
te
0.0%
Supply Take-up Vacancy Rate
BENGALURU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
Bengaluru (Bangalore)
The Bengaluru Grade A oce market continued to be active with a couple o big ticket
transactions being closed in Q in PBD.
Thanks to the continual demand rom IT/ITeS sector and high absorption, average rents
or Grade A properties remained stable during the quarter despite the global economicuncertainties and altered projections or domestic economic growth rate.
A number o Grade A oce projects were launched in PBD area such as Outer Ring
Road, Sarjapur Road and Bannerghatta Road during the quarter.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Pritech - SEZ L Pega System 50,000
Prestige Featherlite L Novo Nordisk 18,500
The Millenia L IMS 25,000
Netra Tech Park L Goodrich Aerospace 80,000
Essae Summit L Flipkart 40,000
Bagamane Tech Park L Sandisk 44,000
Silvary L Paxterra 8,000
Whiteeld Palm L Mercedez 201,000
chennai
In Q , absorption remained moderate and only a ew large oor-plate leases were
concluded, demand was primarily driven by IT/ITeS, automobile and service sector.
A number o new buildings were completed during the quarter, collectively adding
approximately . million sq t o oce space to the market.
Average rents or all micro-markets remained largely unchanged. However, minor
pressure on rentals was observed in IT corridor primarily due to large supply.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Ascendas L Foster & Wheeler 100,000
Prestige Palladium L Apolo Hospitals 20,000
Prestige Palladium L PWC 20,000
Prestige Palladium L Vascon 11,000
Prestige Palladium L ABB 20,000
Jayanth Tech Park L ABB 48,000
HDFC L Fidelity Investment Services 75,000
Ran Tech Park S Kalpathy Group 1,80,000
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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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
Rentals
0
50
100
150
200
250
300
350
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
CapitalValue
s
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
MUMBAI OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 2012 F
Millionsqft
0.00
3.00
6.00
9.00
12.00
15.00
18.00
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
VacancyRa
te
24.0%
Supply Take-up Vacancy Rate
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
0
50
100
150
200
250
300
350
Rentals
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
NEW DELHI OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 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
The overall demand or commercial properties was restrained during Q , occupiers
and investors both remained cautious in terms o decision making due to prevailing
economic uncertainties.
Impacted by investors sentiment and increasing construction cost due to high borrowingcost and ination, construction activities slowed down. No new project was launched
during the quarter.
Average rentals plunged by approximately % QoQ, barring a ew locations such as
BKC, Kalina and Worli on account o the limited supply.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
India bulls Financial Center L Franklin Templeton 40,000
One India Bulls L Vodaone 50,000
Mighty Majestic L LOreal India 80,000
Boomerang L E Clinical Works 75,000
Godrej IT Park L Dow Chemicals 55,000
new delhi
Amidst global and domestic economic uncertainties, moderate demand was observed
in all micro-markets during Q .
Average rental values or Grade A oce space marginally depreciated by approximately
.% QoQ. The decline was primarily contributed by PBD micro-market such as NOIDA
and Gurgaon; rental values o CBD and PBD, on the other hand, remained stable.
A number o Grade A oce projects were launched in PBD. Most o these projects
/ phases o the projects are expected to be completed by the end o or ,
collectively contributing approximately million sq t o Grade A oce space to the
market.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s) teNANt / PurcHAser AreA(q )
DCM Building L L&T 19,000
Vijaya Building L HRD 24,000
Aggarwal Tower L Birla Sun Lie 10,000
Mohan Cooperative L Wipro 60,000
Copia L Red Hat 8,000
DLF Building 14B L John Keel 25,000
ABW Tower L Panasonic 13,000
Vatika Business park L Mckinsey 180,000
Spazeedge L Aircel 75,000
Vatika Business park L William E Connor 39,000
A-3 L Wipro 90,000Advant It Park L KPMG 90,000
Stellar L Galaxy 16,000
Advant It Park L Vcustomer 60,000
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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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F0
100
200
300
400
500
600
700
Rentals
0
1,000
2,000
3,000
CapitalValues
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
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
2008 2009 2010 2011 2012 F
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
BRISBANE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2008 2009 2010 2011 2012 F0
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
Supply Take-up Vacancy Rate
ADELAIDE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
adelaide
Positive white collar employment growth, limited new supply and steady tenant demand
are expected to partially oset the high volume o backll supply due, minimising the
overall impact to vacancy levels in late into .
Ater holding stable during the last quarter, overall gross ace rents are orecast toincrease by at least .% during the next - months.
There are signs o growth within the development market with site works and construction
o a number o new buildings well underway, including one new speculative project to
be completed in .
Although yields remained stable over the past quarter, urther yield compression is
expected during ; there is also demand or secondary grade oce assets, with
investors seeking value-add opportunities.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
400 King William Street L WorkCover 53,820
400 King William Street L Hunt & Hunt Lawyers 21,900
75 Hindmarsh Square L Quadro Services Pty Ltd 4,300
89 Pirie Street L O & G Solutions 9,500
BrisBane
Supply conditions in the Brisbane CBD continued to tighten, as reected by alling vacancy
and a signicant volume o both leasing and sales transactions. This tightening has led
to a marginal rise in prime and secondary rental values and alling incentives during
.
The leasing market is expected to strengthen during , but vacancy is likely to increase
temporarily during the rst hal o due to higher level o development completions
and a substantial volume o backll space associated with tenant pre-commitments.
The investor market is responding positively to tightening vacancy. Yields, however, are
likely to remain largely unchanged until there is potential or considerable rental growth,
which in our view is unlikely prior to .
On balance we expect the strength o the domestic economy underpinned by our
buoyant energy and resources sectors to oset the negative eects o renewed global
economic uncertainty.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
111 Eagle Street L ANZ 76,800
12 Creek Street L BDO 64,700
288 Edward Street L Gallagher Bassett 22,200
100 Edward Street S Canegrowers 78,200
316 Adelaide Street S MRL Capital 79,500
126 Margaret Street S Investec 61,200
410 Queen Street S Rici Group 62,800
310 Ann Street S Armada Funds Management 175,900
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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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
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
2008 2009 2010 2011 2012 F0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
sqm
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
VacancyRate
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
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
2008 2009 2010 2011 2012 F0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
sqm
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
VacancyRa
te
Supply Take-up Vacancy Rate
CANBERRA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
canBerra
Good leasing activity and a lack o new supply during reduced the amount o
available Grade A oce premises in the CBD and caused vacancy levels to all.
The pending sale o a % share in the Caroline Chisholm Centre will reect a yield o
about .%, which reects a urther sotening o yields or non-CBD assets.
The bureaucratic area o Barton / Forrest has over , square metres o oce
accommodation under construction. Only % o the stock has lease pre-commitment
with the remaining area required to compete or government and private tenants rom
the CBD and other commercial centres.
Over the next three years, Grade A stock in CBD is anticipated to grow moderately by
% - % per annum, while secondary stock is expected to have more modest growth
o % - % per annum.
Prime A grade yields were steady during as International and large Australian
institutions Maintained their interest in Canberra's quality assets that oer excellent cashow security through long term government leases.
Secondary asset yields experienced urther sotening during as reected by the
sales o Moore Street and the Lionel Murphy Building.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Caroline Chislholm Centre S Private Syndicator 433,200
Lionel Murphy Building S Private Investor 54,200
121 Marcus Clarke Street L Comcare 95,000
Childers Square L BAE 36,500
melBourne
The Melbourne CBD oce market remained active with high levels o tenant enquiry
and continual absorption o prime oce space.
Although cautious, tenants are committing to leases, owning to the increased incentives
and the lack o quality, contiguous options, causing net eective rents remained stable.
Strength o the investment sales market continued with a total o approximately AU$
million transacted in the three month period to December , accounting or % o
total investment sales in .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
850 Collins Street S CIMB Trust Capital Australian
Oce Fund No.1
185,300
452 Flinders Street S Dexus Wholesale Property Fund 412,700
661 Bourke Street S Real I.S. 204,800
525 Flinders Street L Tru Energy 48,400
150 Lonsdale Street L Entity Solutions 47,200
31 Queen Street L Deence Force Credit Union 43,100
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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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
0
100
200
300
400
500
600
700
800
900
1,000
Rentals
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
CapitalValues
PERTH OFFICE CAPITAL AND RENTAL VALUES
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2008 2009 2010 2011 2012 F
sqm
VacancyRa
te
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
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 $/ sq m / Year)
SYDNEY OFFICE CAPITAL AND RENTAL VALUES
2008 2009 2010 2011 2012 F
50,000
100,000
150,000
200,000
sqm
-100,000
-50,000
0
-6.0%
Supply Take-up Vacancy Rate
6.0%
9.0%
12.0%
VacancyRate
-3.0%
0.0%
3.0%
SYDNEY OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
perth
Oce rents in Perth grew on continuing high demand and net absorption which led to
a tighter vacancy.
The CBD witnessed the third highest net absorption since over the past months.
The vacancy rate retracted to .% at the end o , driven by the strong net absorption
over the past six months. However, availabilities are estimated to be less than the ocial
vacancy gure.
There was a strong rebound in CBD transactions during , with an estimated total o
AU$. million major transactions (>AU$m), compared to AU$ million in .
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
QV1, 250 St Georges Terrace, Perth S Eureka Capital 687,700
251 St Georges Terrace, Perth S Primewest 105,000
251 Adelaide Terrace, Perth L Perilya Ltd 4,500
Emirates House, 181 St Georges
Terrace, Perth
L Westlink Logistics 5,700
Allendale Square, 77 St Georges
Terrace, Perth
L Sinopec 4,600
Emirates House, 181 St Georges
Terrace, Perth
L DOS Subsea 5,800
sydney
Vacancy rates rose on the back o increased new supply and steady tenant demand.
Increased tenant demand or high quality space led to rental growth or premium grade
assets.
Investors continued to look or high quality assets, leading premium grade oce yields
to tighten by as much as basis points over Q .
Foreign investors continued to dominate sales transactions within Sydney's CBD oce
market, making up % o the total sales consideration during .
No new developments are expected to be completed during , ensuring that vacancy
rates will continue to tighten as tenant demand remains stable.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
50 & 54-58 Park Street S Kyko 227,700
140 Sussex Street S RREEF Real Estate 126,500
52 Martin Place S QIC Global Real Estate 420,900
161 Castlereagh Street S ISPT 586,000
20 Bridge Street S RREEF Real Estate 213,082
464 Kent Street L The Australian Red Cross 49,600
5 Elizabeth Street L INS Career Management 54,300
123 Pitt Street L Schroders 17,800
44 Market Street L BECA 13,500
AustrAliA
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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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
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
2008 2009 2010 2011 2012 F0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
sqm
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
VacancyRa
te
Supply Take-up Vacancy Rate
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
011
4Q2
011
1Q2
012
F
2Q2
012
F
3Q2
012
F
4Q2
012
F
1Q2
013
F
2Q2
013
F
3Q2
013
F
Rentals
0
100
200
300
400
500
600
CapitalValues
0
1,000
2,000
3,000
4,000
5,000
6,000
WELLINGTON OFFICE CAPITAL AND
RENTAL VALUES
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
2008 2009 2010 2011 2012 F
0
10,000
20,000
30,000
40,000
50,000
60,000
sqm
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
VacancyRate
Supply Take-up Vacancy Rate
WELLINGTON OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
auckland
According to the Investment Property Databank / Property Council o New Zealand
(IPD/PCNZ) September quarter data update, the overall commercial property market
recorded a total return o .% or the year ending September . Oce investment
perormance improved signicantly to .% as compared to .% in September .
Auckland CBD oce recorded a total return o .%.
Overall prime oce vacancy sat at .% in Auckland CBD in June , up rom .%
recorded six months ago. Vacancy is expected to drop over the next months to about
.% beore heading up to peak at around .% in .
Employment growth slowed in recent quarters and is expected to continue in next year.
Net prime rents were at NZ$ per sq m in December and are expected to drop
slightly over the next six months to NZ$ per sq m.
Investment activity remained modest. Yields were stable in December at around
.% or prime and .% or secondary locations.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
132 Vincent Street S DNZ Property Fund 60,600
Symonds Court S Private investor 30,100
1 Nelson Street L Noel Leeming Group 18,200
wellington
Wellington CBD oce vacancy continued to increase but prime oce vacancy still sat
at a low level o .% in June . Vacancy is expected to rise urther over the next
year.
Prime investment yields remained stable in Q at .%. Yields are expected to remain
at the current level over the next months. There was one noticeable sale transaction
occurred during the review period. Two heritage oce buildings in the Chews Lane
precinct on Victoria Street in Wellington CBD were sold by Heritage Property Group to
a amily trust or circa NZ$ million, representing an .% yield.
Prime net ace rent was at NZ$ per sq m in December . We expect to see a
noticeable improvement in prime rents at about .% growth over the next months.
mAjor trANsActioNs
BuilDiNG leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
56 & 58-60 Victoria Street S Family Trust undisclosed
Former William Clayton Building S Balanced Investments 86,300
Lambton House L TelstraClear 70,000
NEC House L Brookers 15,900
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AustrAliAPrime oice suPPly
Guangzhou
Bengaluru
Mumbai
Seoul
Tokyo
New Delhi
Shanghai
Chennai
Kuala Lumpur
Jakarta
Beijing
Chengdu
Singapore
Sydney
Hong Kong
Perth
Hanoi
Brisbane
Ho Chi Minh City
Melbourne
Bangkok
Karachi
Manila
Taipei
Wellington
Auckland
Canberra
0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00
FLOOR AREA (MILLION SQ FT)
2011 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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colliers iNterNAtioNAl | P. 19
AustrAliAPrime oice reNtAl
Hong Kong
Tokyo
Singapore
Sydney
Perth
Brisbane
Beijing
Hanoi
Shanghai
Mumbai
Ho Chi Minh City
New Delhi
Canberra
Adelaide
Melbourne
Guangzhou
Taipei
Chengdu
Kuala Lumpur
Wellington
Bangkok
Seoul
Jakarta
Auckland
Manila
Chennai
Bengaluru
Karachi
RENTALS (US$ / SQ FT / YEAR)
0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00
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 , , . . ,, ,, . .
Other areas , , , . . , , . .
cHeNGDu
Renmin Road , , , . . ,, ,, . .
CBD , , , . . ,, ,, . .
Financial Street , , , . . , ,, . .
Tianu Avenue ,, , . . ,, N/A N/A
GuANGzHou
Yuexiu , , , . . ,, ,, . .
Tianhe ,, ,, ,, ,, . . ,, ,, . .
Haizhu , , , , . . ,, ,, . .
sHANGHAi
Huangpu , , . . ,, ,, . .
Jingan , ,, ,, ,, . . ,, ,, . .
Lujiazui-Pudong ,, ,, ,, , . . ,, ,, . .
Zhuyuan-Pudong , , , , . . ,, ,, . .
Changning , , , , . . ,, ,, . .
Xuhui , , , . . ,, ,, . .
HoNG koNG
Central , , , -, . . ,, ,, . .
Wanchai , , , . . ,, ,, . .
HK Island East , -, . . ,, ,, . .
Tsim Sha Tsui , -, . . ,, ,, . .
Kowloon East , , , , . . ,, ,, . .
tAiPei
CBD , , , . . ,, ,, . .
seoul
CBD ,, ,, ,, ,, . . ,, ,, . .
KBD ,, ,, ,, , . . ,, ,, . .
YBD , , , , . . ,, ,, . .
tokyo
CBD ,, ,, ,, #VALUE! . . N/A N/A . .
jAkArtA
CBD ,, ,, ,, ,, . . ,, ,, . .
Non-CBD ,, ,, ,, ,, . . ,, ,, . .
kuAlA lumPur
KLCA ,, ,, ,, ,, . . ,, ,, . .
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 | 4Q 2011
treNDs & orecAsts
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2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
kArAcHi
CBD , , , , . . ,, ,, . .
mANilA
Makati , , , . . ,, ,, . .
Ortigas , , . . ,, ,, . .
siNGAPore
CBD ,, , ,, , . . ,, ,, . .
BANGkok
CBD ,, , , . . ,, ,, . .
Ho cHi miNH city
CBD , , , , . . ,, ,, . .
HANoi
CBD , , , . . ,, ,, . .
Non-CBD ,, , , , . . ,, ,, . .
BeNGAluru
Overall ,, ,, ,, ,, . ,, ,, . .
cHeNNAi
Overall ,, ,, ,, ,, . ,, ,, . .
mumBAi
Overall ,, ,, ,, ,, . ,, ,, . .
New DelHi
Overall ,, ,, ,, ,, . ,, ,, . .
ADelAiDe
CBD , , , . . ,, ,, . .
BrisBANe
CBD , ,, , , . . ,, ,, . .
cANBerrA
CBD , , , . . ,, ,, . .
melBourNe
CBD ,, , ,, . . ,, ,, . .
PertH
CBD , ,, , ,, . . ,, ,, . .
syDNey
CBD ,, , , , . . ,, ,, . .
AucklAND
CBD , , , . . ,, ,, . .
welliNGtoN
CBD , , , . . ,, ,, . .
c N spp ta-p Aag vaan ta s Aag rna
(q ) (q ) (%) (q ) (us$ / q / a)
asia pacific office market overview | 4Q 2011
colliers iNterNAtioNAl | P. 21
treNDs & orecAsts
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DeiNitioN AND termiNoloGy
GreAter cHiNA
Bng
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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$) o o oo
.
NortH AsiA
s
Mjo o d sou ud h do u
(cbD), gm bu D (gbD) d Youdo bu D
(YbD).
r quod wo p pyu (o qu o 3.3 q m) p moh
o o oo . gy, dpo qu o 10 moh
qud, d uuy pd up o. Mm xudd om
quod . sp mud o o oo . cp u
quod wo p q m.
t
th quy o ud toyo od h u
(cbD) o x d my, chyod-u, chuo-u,
Mo-u, shjuu-u, shuy-u d sh-u.
r quod Y p uo (.. 3.3 q m) p moh,
hh u o h. O p mud o
oo . cp u quod Y p uo.
soutHeAst AsiA
jaaa
th quy o ud J od h cbD o
h d thm, sudm, go suoo, ru sd d M
ku. th oud h o d oy d
o-cbD.
r ommoy quod ruph p q m p moh, hh
u o h u xu o om x. O
p mud o oo . cp u quod
ruph p q m.
kaa lp
Pm o ud od h ku lumpu c a (klca) oy.
th klca omp y h h u d.
r ommoy quod r My (rM) p q p moh
o oo , hh u o h d popy
x. cp u quod r p q .
kaah
Pm o ud kh od h u
(cbD) o 4 u-m i.i chud rod, shhh--,
co d M koh.
r quod rup p q p y o o oo
d xu o h o mm . cp vu
quod rup p q .
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colliers iNterNAtioNAl | P. 23
DeiNitioN AND termiNoloGy
* Super built-up area reers to the total **built-up area o a building plus a proportional allocation o all common areas including stairs, lit cores, ground oor lobby, and caretakers ofce/at throughoutthe building.
** Built-up area reers to the carpet area plus the thickness o external walls and area under columns.
mana
Pm o ud M od o pp u-m
M d O.
r quod Po p q m p moh o oo ,
d xu o y mm . cp u quod Pop q m.
sngap
th quy o ud od h po od h c
bu D o spo.
r quod s$ 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.
Han
Pm 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 umcbD (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
uuy 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 bde; 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
uuy 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 uuy
xu 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.
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asia pacific office market overview | 4Q 2011
greater china
Bng, chna502 to w3, O Pzno 1 e ch auDoh D
bj 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 3226ja tag M
Gangh, chna702 tm to208 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 Doe d souh w chim s, [email protected]
Hng kng, HksAr5701 c Pz18 Hou rodwh, Ho Hocompy l no: c-006052
t : 852 2828 9888x : 852 2828 9899rhad k (e-279867)M [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 2345And lM [email protected]
north asia
s, sh ka10 ko toum Ozo bd.10 D-doJu-u, sou 100-180
t : 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 d 14 wod td cJ 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 aduh
P O box 1215750100 ku lumpu, Myt : 603 2616 8888x : 603 2616 8899Url : hp://..om.my G jnM [email protected]
kaah, Paansu 2-a, 2, Hou Hou37-a, lz aubh Ho rod, O. M.t kh rodkh, Pt : 92 21 3561 2550-2
x : 92 21 3563 6382mhad ya Qdaso M, copo souo &[email protected]
lah, Paansu 2, Mzz 2, exu ooa-Qd Hh, M boudn gd to, lho, Pt : 92 42 3584 3474-6x : 92 21 3563 6382Ahd khancouy [email protected]
iaabad, PaanOne couo au, adjcoo c & Dpom eimd, Pt : 92 51 834 7433x : 92 51 831 4737wad maaro s [email protected]
mana, Phppn10 to 2 rcbc Pzay au, M cyPhpp1226t : 63 2 888 9988x : 63 2 845 2612Dad yngM [email protected]
sngap1 rf P#45-00 O rf Pspo 048616t : 65 6223 2323x : 65 6222 4901Dnn yM Do
spo & idu s | [email protected]
Bang, thaand17/ Poh c2 suhum rodkooy, bo 10110t : 66 2 656 7000x : 66 2 656 7111Paa japaM [email protected]
h da, pa na:
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colliers iNterNAtioNAl | P. 25
H ch mnh c, vnaHo ch Mh cy, vm7 bxo bud19-25 nuy Hu sD 1, Ho ch Mh cy, vmt : 84 8 827 5665
x : 84 8 827 5667P Dnnngg [email protected]
Han, vna10, cp to bud109 t Hu Do sHo km D, Ho, vmt : 84 4 3941 3277x : 84 4 3941 3278Dan mdM [email protected]
india
Bnga, indaP g, l 2, U no. 201/20236 Uoo rod, buu 560 042t : 91 80 4079 5500x : 91 80 4112 3131Ga chaabO [email protected]
chnna, indaU 1c, 1 oo, H compx23 spu rod, chpch 600 031t : 91 44 2836 1064x : 91 44 2836 1377kah rddO [email protected]
Ggan, inda1 oo, thopo budDl go couM so rodso 54, guo 122 002t : 91 124 4375807
x : 91 124 4375806Aa rahaO [email protected]
kaa, indaiy bu c, iy bhml 18, room no 13, Po g - 1bo eP & gP, so v, s lko 700 091, w bt : 91 33 2357 6501x : 91 33 2357 6502sa mhO [email protected]
mba, inda31-a, 3d oo, m c68 tdo rodMum 400 034t : 91 22 4050 4500x : 91 22 2351 4272
Pabh raghandaO [email protected]
Gg mkasouh a DoO & id [email protected]
N Dh, inda204/205, 2d ookhju bud18 bhm rodn Dh 110 001t : 91 11 4360 7500
x : 91 11 2335 6624Aa rahaO [email protected]
Pn, indabmh luxuy Ho ld.(l Md Pu)101 r.b.M. rodPu 411 001, Mhht : 91 20 4120 6435x : 91 20 4120 6434sh canO [email protected]
australasia
Adad, Aaal 10, 99 g Padd sa 5000t : 61 8 8305 8888x : 61 8 8231 7712ja yngs ch exu
Bban, Aaa
l 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 sc act 2601t : 61 2 6257 2121x : 61 2 6257 2937Pa Pd
s ch [email protected]
mbn, Aaal 32 367 co sMou vic 3000t : 61 3 9629 8888x : 61 3 9629 8549jhn maas ch exu
Ph, Aaal 19, 140 s go tPh wa 6000
t : 61 8 9261 6666x : 61 8 9261 6665k. ian mhddns ch [email protected]
sdn, Aaal 12, goo P225 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 1999ma snnch exu O, n [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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8/2/2019 Asia Pacific Office Market Overview - 4Q 2011
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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
512611.5BILLION
AsiA PAciic
* The combination o Colliers International and FirstService results in . bill ion under management - nd largest in the world.
Colliers International is leading global real estate services organisation dened
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