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Presented by:
CB Richard Ellis (Vietnam) Co., Ltd.
Tuesday, April 10, 2012
Market Insights from CBRE’s
HCMC Quarterly Report Q1/2012
ADAM BURY
Senior Manager
2 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
OPENING WORDS
W e r e t a i n o u r s t a n c e – T H E
M A R K E T I S N O T D E A D !
Source: VIR, March 12th, 2012
Source: CBRE Own, 1st Week January 2012
Source: CBRE Own, 1st Week April 2012
3 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
VIETNAM ECONOMIC OVERVIEW
Q 1 / 2 0 1 2 P E R F O R M A N C E
Source: General Statistics Office
Q1/2012 Q4/2011
GDP (% y-o-y) 4% 6.1%
CPI (% y-o-y, e-o-p) 14.15% 18.13%
Exchange rate (e-o-p) 20,828 20,828
Export (US$ Bn) 24.52 (23.6% y-o-y) 26.23 (31.7% y-o-y)
Import (US$ Bn) 24.77 (6.9% y-o-y) 28.9 (23.4% y-o-y)
FDI Implemented (US$ Bn) 2.5 (-0.8% y-o-y) 2.8 (-5.1% y-o-y)
International Arrivals (million arrivals) 1.9 (24.5% y-o-y) 1.7 (29.3% y-o-y)
Retail and Services Turnover (trillion dong) 569.7 (21.8% y-o-y) 611.5 (47.2% y-o-y)
CPI, VN (% y-o-y))
CPI, VN (% m-o-m)
Refinancing rate (%)
Rediscounting rate (%)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
0
5
10
15
20
25
Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12
CPI (%
m-o-m
)
CPI
(% y
-o-y
) /
Inte
rest
rate
s (%
)
Inflation surged
Monetary controls took effect
Monetary controls
on interest rates
4 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Inflation continuing to trend down, possibility of
upward revisions remain;
Petroleum prices increased 10.1% compared to
the previous adjustment, leaving more pressure
on CPI in the second quarter;
• March CPI recorded the lowest m-o-m
increase since January 2011 at 0.16% m-o-m,
(or 14.15% y-o-y).
• Bounce back in the stock market, in part a
reflection of decreasing inflation.
VIETNAM ECONOMIC OVERVIEW
I N F L A T I O N
Time A95 A92 Chg Pct. Chg
9-Aug-10 16,900 16,400 410 2.56%
24-Feb-11 19,800 19,300 2,900 17.68%
29-Mar-11 21,800 21,300 2,000 10.36%
26-Aug-11 21,300 20,800 (500) -2.35%
29-Mar-12 23,400 22,900 2,100 10.10%
0
5
10
15
20
25
200
300
400
500
600
700
Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12
CPI (%
)
VN
Index
VNIndex CPI
0
500
1,000
1,500
2,000
2,500
3,000
300
350
400
450
500
550
4-Jan 1-Feb 1-Mar 29-Mar 26-Apr 24-May 21-Jun 19-Jul 16-Aug 13-Sep 11-Oct 8-Nov 6-Dec 3-Jan 31-Jan 28-Feb 27-Mar
Tra
din
g V
alu
e (Billions
VN
D)
VN
Index
Trading value VNIndex 2011 VNIndex Q1/2012
Petroleum Price Adjustments
Stock Index and Inflation
5 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Positive signs with the downward adjustments
of key interest rates.
• Rediscounting rate and refinancing rate
were adjusted down to 12% and 14%
respectively.
• Deposit rate cap at commercial banks was
adjusted downward 1% to 13%
More stable USD/VND exchange rate, strict
controls on USD/gold trading remain.
Lower interest rate mortgage loans still scarce
• Still only limited signs of commercial loans
being reduced to reflect the revised interest
rates. Slight decreases of approx. 0.5% in
the beginning of 2012.
• 20% - 25% for non-productive sector and
16.5% - 20% for productive sector (SBV).
VIETNAM ECONOMIC OVERVIEW
M O N E T A R Y C O N T R O L S
0
5
10
15
20
2008 2009 2010 2011 2012
Base rate Re-discounting rate
Re-financing rate
6 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
The 4% y-o-y GDP growth rate is the lowest
recorded since Q2/2009
Imports saw their lowest growth since Q4/2009
(6.9% y-o-y) resulting in low trade deficit in
Q1/2012
Real estate ranked first in FDI attraction,
uncertain if that will be disbursed in the long-
term
Bank restructuring continues to be a key topic
of conversation;
• VietinBank to issue first dollar-bond in July;
received a B+/B credit rating from S&P.
• Changes in top management at a couple
of banks
• Bank shareholders’ conflict
VIETNAM ECONOMIC OVERVIEW
B U S I N E S S E N V I R O N M E N T
World Bank
Ranking 2011 2012
Ease of doing business
Vietnam 78 98
Singapore 1 1
Malaysia 21 18
Thailand 19 17
Indonesia 121 129
Protecting investors
Vietnam 173 166
Singapore 2 2
Malaysia 4 4
Thailand 12 13
Indonesia 44 46
7 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
OFFICE
Q 1 / 2 0 1 2 S N A P S H O T
* All rents are quoted on GFA, exclusive of VAT and service charges.
Source: CBRE Vietnam
GRADE A GRADE B GRADE C TOTAL
Number of buildings 9 47 240 296
GFA (sm) 304,380 805,682 812,621 1,922,683
Vacancy rate (%) 18.9% 14.1% - 15.4%
Q-o-q change (pts) -5.7 pt -3.2 pt - -3.9 pt
Y-o-y change (pts) -19.2 pt -1.0 pt - -6.9 pt
Average asking rent (US$ psm per month) $31.38 $17.64 - $21.47
Q-o-q change (%) -2.4% -2.5% - -2.5%
Y-o-y change (%) -10.0% -7.3% - -10.5%
8 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Grade A Vacancy (%)
Overall
District 1 excl BFT & VC
BFT & VC
0%
20%
40%
60%
80%
100%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
Slight Grade A rental softening continued as landlords look to secure tenants for vacant space
– Grade A absorptions in Q1/2012 approximately 50% greater than the quarterly average
witnessed in 2011.
Delays in future supply mean that Grade A rents may be approaching a short term bottom.
Previously it was expected that four Grade A buildings would come online in 2012, currently
only one Grade A building is expected to come into operation.
President Place is expected to set a new standard with LEED certification and innovative
building management to ensure the highest sustainability credentials- others must follow.
OFFICE
G R A D E A , Q 1 / 2 0 1 2
O F F I C E
Grade A Asking Rents
(US$ psm per month)
Overall
District 1 excl BFT & VC
BFT & VC
$20
$25
$30
$35
$40
$45
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
9 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
0%
5%
10%
15%
20%
25%
30%
0
20,000
40,000
60,000
80,000
100,000
120,000
DISTRICT 7 TAN BINH DISTRICT
Vaca
ncy
(%
)
NLA (sm
)
Supply NLA Vacancy
DISTRICT 7 TAN BINH DISTRICT
Supply NLA (sm) 96,263 65,500
No. of buildings 9 3
Occupied space (sm) 72,559 64,454
Vacancy (%) 24.6% 1.6%
Rent (US$/sm/month) $13.13 $12.85
First appear (year) 2003-2005-2009 2002-2007-2008
3-km population (people) 274,000 838,360
Area (sq km) 38 36
Future Supply (end 2013) 52,886 46,526
OFFICE
S U B U R B A N H U B S
Tan Binh has extremely low
vacancy compared to District 7
Office rents are similar
Why – POPULATION?
Within 3 km of Etown,
approximately 838,360 residents
Within 3 km of Phu My Hung,
approximately 274,000 residents
10 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
RESIDENTIAL FOR SALE
Q 1 / 2 0 1 2 S N A P S H O T
All prices are quoted exclusive of VAT and service charges.
•“Existing supply”: is the total number of units that have been handed over for occupation.
•“New completion”: the total number of units that were handed over for occupation in the review quarter – these are added to existing supply.
•“New launch”: the number of units that were released to the market by developers (official start of sales for a project) in the review quarter.
All units in each development are included in the calculations, however, the developer may divide sales into numerous phases and thus not
all units may come online at launch date.
Source: CBRE Vietnam
LUXURY HIGH-END MID-END AFFORDABLE TOTAL
Total supply (units) 504 15,548 13,406 15,075 44,533
New completion (units) 87 0 364 862 1,313
New launch (units) 0 0 648 0 648
Secondary market - Average asking price (US$ psm) $3,960 $1,763 $902 $712
Q-o-q change (%) -4.0% -2.4% -1.1% -1.1%
Y-o-y change (%) -9.4% -5.0% -6.3% -2.1%
11 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Asking prices, across all sectors remain flat on the q-o-q basis;
Incentives and discounts during negotiation remain but developers are
showing a noticeable reluctance to further reduce prices as it is felt that it
will only prove to be detrimental to buyer confidence;
Glimpses of activity in some limited sub-sectors is giving glimpses of hope
to some developers;
RESIDENTIAL FOR SALE
K E Y F I N D I N G S
Primary Market Sees a Price Stand - Off
Notable reduction in the amount of units completed in the quarter – 1,313 which was down 58.5% q-o-q and 7% y-o-y;
65.5% of completed units within the affordable sector;
Limited new launches as developers yet to enter the market reserve resources for a more optimistic market;
Secondary Market – Still Trending Down
Completions and Supply
Prices continue to fall as some property owners, typically investors of a
shorter term nature, look to liquidate their assets;
Luxury and high-end sectors see the largest price reductions. Quality of
specific residential product and ability to attract rental tenants are key
reasons for price stability (or otherwise) in the luxury secondary market;
Affordable prices continue to hold their value the strongest as purchasers are
end-users;
Units Launched and Units Completed
Source: CBRE Vietnam
0
5,000
10,000
15,000
20,000
25,000
30,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
YTD
Completed Launched
12 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
RESIDENTIAL FOR SALE
S U B U R B A N L I V I N G
Does investment truly reflect demand?
TAN BINH DISTRICT DISTRICT 7
Population: over 800,000 Population <300,000
Preferred by those with cars
Known for its higher population density, its range
of schools and other civic functions, and a high-
variety of retail functions/other amenities;
Known for infrastructure and amenities
(international schools, supermarkets) –
This does not necessarily translate
into premium prices in all sectors
Prices - less volatility.
Those in the affordable sector are higher;
New urban hubs will continue to grow in prominence,
but with the city’s population swelling, traditional areas are unlikely to decline.
When the market turns there is still opportunity.
High-end Mid-end Affordable
Total Completion Unit 15,548 13,406 15,075
District 7 7287 2151 152
Tan Binh District 0 286 360
Total Units Under construction 17,670 16,338 10,872
District 7 4,508 4,436 2,507
Tan Binh District 972 1469 291
Total Unit Under Planning 10,798 10,621 7,427
District 7 3004 844 0
Tan Binh District 0 1225 309
TOTAL - District 7 14,799 7,431 2,659
TOTAL - Tan Binh District 972 2,980 960
High-end Prices, Secondary Market (US$ psm)
Source: CBRE Vietnam
$1,500
$1,600
$1,700
$1,800
$1,900
$2,000
$2,100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2010 2011 2012
District 7 Tan Binh District
Affordable Prices, Secondary Market (US$ psm)
Source: CBRE Vietnam
$600
$650
$700
$750
$800
$850
$900
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2010 2011 2012
District 7 Tan Binh District
13 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Supply:
• Extremely limited supply compared to the condominium market;
• Existing supply: Over 2,000 ready-built villas and townhouses vs.
over 44,000 completed condominiums across HCMC;
• District 7 makes up the majority with 48% of existing supply;
• Recent move to Phuoc Long and Phu Huu wards in District 9;
accounting for 19% of supply;
Pricing Trends:
• Shifting trends from large ‘million dollar’ villas’ to
more affordable townhouse products;
Expected trend of landed property:
• Suburban areas e.g. Districts 9 and Nha Be District, due to:
• Improving infrastructure – Long Thanh - Dau Giay Expressway;
• Lower land price compared to the developed districts 7 and 2;
• Smaller unit sizing to be become more attractive
RESIDENTIAL FOR SALE
L A N D E D P R O P E R T Y
Villa, Units Launched and Units Completed
Source: CBRE Vietnam
0
0
200
400
600
800
1,000
2004 2005 2006 2007 2008 2009 2010 2011 2012
YTD
Launched Completed
Villa, Future Supply (%), 2012-2014
Source: CBRE Vietnam
District 7 District 9 District 2 Thu Duc District Others
14 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Sold vs. Unsold Units (%) , Condominium Market
Source: CBRE Vietnam
Total sold unit Total unsold unit
Sold vs. Unsold Unit (%) , Landed Property Market
Source: CBRE Vietnam
Total sold unit Total unsold unit
31% of launched condo’s remain unsold
whilst 13% of launched villa properties
remain unsold.
In the ten years to 1997 and the Asian
Financial Crisis, Bangkok’s residential
market grew by 1.25m units.
HCMC’s market has yet to grow by a
tenth of this!
Over Supply of Units
I t i s n o t g o i n g t o b e f a t a l !
15 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
RETAIL
Q 1 / 2 0 1 2 S N A P S H O T
All rents are quoted on NLA, average rents on the ground and 1st floor, exclusive of VAT and service charges
Source: CBRE Vietnam
DEPARTMENT STORES SHOPPING CENTRES TOTAL
Total supply (GFA, sm) 113,820 377.650 491.470
Vacancy rate (%) 0% 21.6% 16.6%
CBD average asking rents (US$ psm per month) $109.35 $112.08
Q-o-q change (%) 0.0% -0.7%
Y-o-y change (%) 6.1% -10.3%
Non-CBD average asking rents (US$ psm per month) $46.56 $31.12
Q-o-q change (%) -5.5% -2.2%
Y-o-y change (%) -5.5% -11.2%
16 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Conversion trend - The Flemington, District 11:
• 14,700 sm GFA
• 85% space was committed
• Original target: Retail service such as bank, F&B, restaurant
• NOW: Retail service, educational firms and office function
RETAIL
C o n ve r s i o n / N e w L a u n c h
& F u t u r e s u p p l y
New launch: The Vista, District 2:
• 7,000 sm GFA
• Family friendly providing a relaxing shopping &
leisure environment for family oriented
Future Supply:
• Ground breaking ceremony for the SC VivoCity shopping centre in March. 72,000 sm GFA
is expected to come online at Q1/2014
• Takashimaya and Keppel Land announce the signing of a pre-leasing agreement for the
Saigon Centre expansion on Le Loi Street;
17 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
PARKSON SAIGON TOURIST:
• Expanded their existing store on the ground and first floor
• Secured some high-profile brands such as NineWest, Easy
Spirit, and Crabtree & Evelyn among others
• Expected to complete at end of Q2 or early Q3/2012
RETAIL
S T I L L A C T I V E ! ! ! !
PROPERTY DISTRICT SIZE (SM) TENANT
Diamond Plaza 1 45 shu uemura (Japanese Cosmetic)
Shop-house, Le Loi street 1 200 Tous Les Jours (Bakery)
Shop-house, Le Loi street 1 200 Baskin Robbins ice-cream
Shop-house, Nguyen Trai street 1 70 Pedro (shoes & accessories, Singapore)
Shop-house, Vo Van Tan street 3 150 Guardian store (Singapore)
Crescent Mall 7 40 SkinFood (Natural cosmetic)
Shop-house, 3/2 Street 10 50 SkinFood (Natural cosmetic)
ACTIVE TENANTS:
18 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
GRADE A GRADE B GRADE C TOTAL
Total supply (units) 782 2,100 1,037 3,919
New supply (units) 0 52 0 52
Vacancy rate (%) 13.0% 17.3%
Q-o-q change (pts) 8.6 pp 1.1 pp
Y-o-y change (pts) 8.1 pp 0.1 pp
Average asking rents (US$ psm per month) $34.19 $25.79
Q-o-q change (%) -2.0% -1.5%
Y-o-y change (%) -9.1% -6.3%
SERVICED APARTMENTS
Q 1 / 2 0 1 2 S N A P S H O T
Note: All rents are quoted on NLA and inclusive of VAT and service charges.
*Grade B excludes one newly-renovated project quoting unrealistic rent , which is believed that it never achieves that high.
Since Q1/2012, due to the small scales of Grade C projects, only Grade A and B sectors are tracked on asking rent and vacancy rate.
Source: CBRE Vietnam
*
19 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Average Asking Rents (US$/sm/month)
Source: CBRE Vietnam
$20
$25
$30
$35
$40
2007 2008 2009 2010 2011 2012
Grade A Grade B
A slower quarter with vacancy increasing and asking rents trending down:
Grade A vacancy jumped to the highest rate seen in the last six quarters and no improvement
expected in the shorter term;
• One new project in the previous quarter has very low take-up due to low demand for
non-CBD serviced apartments and unwillingness of landlord to cooperate with brokers
• Diamond Plaza will start renovations in a near future;
• The construction of Saigon Centre phase 2 will reduce demand for Sedona Suites
SERVICED APARTMENTS
Q 1 - F E S T I V E S E A S O N
Vacancy Rate (%)
Source: CBRE Vietnam
0%
10%
20%
30%
40%
50%
60%
2008 2009 2010 2011 2012
Grade A Grade B
20 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
Q1 IS FOR ASIAN TENANTS:
• Villa enquiries (+160sm) dropped to 15.2% (by
requested area) and 9.1% (by requested
accommodation type), the lowest rate in the last
three quarters.
• 50% of CBRE enquiries at US$1,200 - $2,500 per
month and for 60 sm – 100 sm unit.
• “Western companies doing business in Asia are now
looking to locals to fill the most important jobs”
• Asia’s Endangered Species: The Expat, Wall
Street Journal, 27/03/2012
• First signs of falling serviced apartment demand
since the Asian expatriates cost much lower than
the Westerners.
SERVICED APARTMENTS
Q 1 - F O R A S I A N T E N A N T S
Proportion of Requested Area (sm)
0 - 60
60 -
100
100 -
160
160+
Q1/11 15.1% 51.9% 23.6% 9.4%
Q2/11 18.1% 49.4% 16.9% 15.7%
Q3/11 24.5% 42.6% 17.0% 16.0%
Q4/11 15.1% 47.3% 21.5% 16.1%
Q1/12 10.6% 59.1% 15.2% 15.2%
TOP
DEMAND
* Total may not equals 100% due to rounding.
Source: CBRE Vietnam, Residential Leasing
Proportion of Housing Budget
$0 -
$1,200
$1,200 -
$2,500
$2,500 -
$3,500
$3,500+
Q4/10 10.0% 40.0% 40.0% 10.0%
Q1/11 17.9% 41.5% 29.2% 11.3%
Q2/11 20.5% 48.2% 24.1% 7.2%
Q3/11 11.7% 52.1% 26.6% 9.6%
Q4/11 14.0% 40.9% 30.1% 15.1%
Q1/12 16.7% 45.5% 25.8% 12.1%
TOP
DEMAND
Source: CBRE Vietnam, Residential Leasing
21 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
SERVICED APARTMENTS
O V E R S U P P L Y ? ? ?
– W e d o u b t i t ! ! ! Future Supply (units)
Source: CBRE Vietnam
0
500
1,000
1,500
2,000
2012f 2013f 2014f 2015f
Under construction Under planning
Existing
Supply
Future Supply
Studio 1 bedroom 2 bedrooms 3 bedrooms Exchange Rate Under
Construction
Under
Planning
HCMC 3,919 1,286 2,583 $38.71 $30.42 - $38.53 $25.39 - $33.50 $22.57 - $31.47 US$1= VND20,850
(4/4/2011)
Bangkok 15,090 195 - $46.21 $36.49 $30.29 n/a US$1=THB 30.97
(4/4/2012)
- Total Stock: the total number of units, for the entire market, to compare the market size.
- Average Monthly Rents (US$ psm): charged within the CBD, including Service Charge and VAT, if applicable. Source: CBRE Thailand, CBRE Vietnam
Rental Trends, Luxury Serviced Apartment vs. Luxury Buy-to-let Condos, HCMC (US$/sm/month)
Source: CBRE Vietnam
$0
$10
$20
$30
$40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2010 2011 2012
Serviced Apartment - D.1 Serviced Apartment - D.2 Serviced Apartment - D.7
Buy-to-let - D.1 Buy-to-let - D.2 Buy-to-let - D.7
??
22 CBRE RESEARCH & CONSULTING MARKET INSIGHTS FROM CBRE’s HCMC QUARTERLY REPORT | APRIL 2012
To subscribe, p lease contact…
Q 1 / 2 0 1 2 r e l e a s e d
F r i d a y , A p r i l 2 0 , 2 0 1 2
© 2012 CB Richard Ellis (Vietnam) Co., Ltd. This report has been prepared in good faith and with due care by CB Richard Ellis (Vietnam) Co., Ltd. We obtained some of the information above from sources we believe to be reliable. However, we have not verified the accuracy of the information which we obtained from other sources and make no guarantee, warranty or representation about it. We include projections, opinions, assumptions or estimates which are made with careful consideration of factors known to us for example only, and they may not represent current or future performance of the market. This information is designed exclusively for use by CB Richard Ellis clients, and cannot be reproduced without prior written permission of CB Richard Ellis.
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