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1 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Presented by: Marc Townsend, Managing Director Hieu Le, Director of Office Service
Richard Colville, Director of Asset Management
2 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
VIETNAM IN THE FOREIGN PRESS
3 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
VIETNAM IN THE FOREIGN PRESS
4 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
73%
10%7%
10%Manufacturing
Real Estate
Retail, VehicleSales
Others
Real Estate FDI Grows Strong
FDI
Top FDI Investors, USD million, 2M 2017
25%
75%
1. Singaporean investor invested US$285 million in Vietnam-Singapore IP III in Binh Duong Province.
2. China invested US$220 million for manufacturing in Tay Ninh Province.
3. Kolon Industries invested in manufacturing in Binh Duong Province.
4. Wenzhou Hendy Mechanism and Plastics Co. invested US$150 million in Lam Son IZ in Bac Giang Province.
2007
Vietnam Registered FDI in 2M 2017: USD3.4 billion, up 21.5% y-o-y
Major Deals, 2M 2017
Source: GSO
2M 2017
882
722
637
298
160
150
122
Singapore
China
South Korea
Japan
BritishVirginI…
Thailand
Taiwan
Source: CBRE Vietnam , Q1 2017
In Q1 2017
5 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
NationalDASHBOARD – PRODUCED MONTHLY
(*) Current lending rate is the average lending rate surveyed at ten banks, and only applicable for home loan. However, the back-dated numbers were the average rate announced publicly at that point of time, applied for all sectors and all banks. The average lending rate is for reference only.(**) Deposit rate is the average deposit rate from a sample comprised of ten banks, in which the rates are announced publicly on their websites and can be tracked backwards.
ECONOMICINDICATORS 2Y 1Y 6M 3M 1M Current
CPI (%) y-o-y 0.3 1.0 1.9 4.5 5.2 5.0
Trade balance (US$, bil) (1.0) 0.1 0.2 (0.4) (0.1) (1.2)
Retail & services Turnover (VND, tril) 276.2 288.0 292.8 302.9 330.3 309.3
BANKING & FINANCE 2Y 1Y 6M 3M 1M Current
VN-Index 551.1 561.2 688.6 663.5 717.4 714.5
USD/VND (inter-bank) 21,458 22,300 21,949 22,232 22,232 22,252
Local gold (VND mil/tael) 35.1 33.2 36.1 36.1 36.8 36.8
Lending Rate (%)* 8.1% 7.6% 8.2% 7.7% 9.1% 8.5%
Deposit rate (%)**(1-year term) 6.4% 6.7% 6.7% 6.5% 6.7% 7.1%
REAL ESTATE INDEX 2Y 1Y 6M 3M 1M Current
Real Estate Holding & Development Listed Companies
46.40 46.47 46.12 45.63 51.20 51.08
Real Estate Services Listed Companies 56.9 34.07 23.37 26.98 45.8 45.76
Source: Stockbiz, Mar 2017
Source: GSO, Feb, 2017 Source: GSO, SBV, SJC & HSX, Mar, 2017
NEW LAUNCHES 2Y 1Y 6M 3M 1M Current
HCMC New launches (unit) 70,705 35,780 16,285 8,316 3,199 2,890
HN New launches (unit) 51,851 30,760 19,223 11,526 5,814 2,814
Source: CBRE, Mar, 2017
6 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Real Estate Index OCCUPIERS DASHBOARD
HCMC REAL ESTATE INDEX
2015 2016 2017Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Total supply (thousand sm) 2,228 2,307 2,326 2,377 2,377 2,377 2,377 2,421 2,429
Rental Grade A(US$/sm/mth) $34.2 $34.9 $35.0 $35.9 S35.7 $38.7 $35.7 $36.6 $37.0
Rental Grade B(US$/sm/mth) $19.1 $19.2 $19.7 $19.8 $19.7 $19.9 $19.9 $21.0 $22.0
Source: CBRE Vietnam , Q1 2017
7 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
In Asia's Infrastructure Race, Vietnam is Among The LeadersHCMC INFRASTRUCTURE
8 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
HCMC INFRASTRUCTUREBridges, Overpasses To Solve Congestion
Nguyen Van Cu Bridge – connection line – 2018 Overpass Truong Son – Tan Son Nhat airport - 2018
Overpass Nguyen Kiem – Nguyen Thai Son - 2018 Nguyen Tri Phuong Bridge – connection line - 2018
9 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
HCMC INFRASTRUCTUREFlooding Continues a Challenge
2/2/2017 16/3/2017
Nguyen Huu Canh Street, Binh Thanh District Song Hanh Street, District 12
Ba Huyen Thanh Quan Street, District 3Vo Van Ngan Street, Thu Duc District
10 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Hiep Phuoc Station
Bach Dang Station
Lo Gom Station
Water bus
Electric bus
66km embankment
New Projects To Solve Infrastructure Issues: Flooding And Traffic Congestion
11 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
1 2
3
1
3
2
HCMC INFRASTRUCTUREThu Thiem Updates
12 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
HCMC INFRASTRUCTUREImproving Connection To District 7
CBD
Kenh Te 2Bridge
Nguyen Khoai Bridge
Thu Thiem 3Bridge
Thu Thiem 4Bridge
Nguyen Van Linh – NguyenHuu Tho Overpass/Tunnel
Kenh Te 2Bridge
METRO LINE NO. 4
13 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Big Occupiers’ HR Retention and Compliance HR & COMPLIANCE
14 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
APAC Research: How Millennials Work OFFICE
Source: Millennials: Myths and Realities, CBRE Research, Q4 2016
15 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
OFFICE MARKET
16 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
South East: PMH NUA, Nha Be District and District 7 DISTRICT 7
South Saigon Development
Corporation’s land –for villa developments
Part of PMH Sky Garden
RichLaneResidences
OakwoodPart of PMH Sky
Garden
SC VivoCity
17 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
South East: PMH NUA, Nha Be District and District 7DISTRICT 7
Phu My Hung
District 8
Nha Be District
Nguyen Van Linh Highway 10 lanes, the most modern
urban route in HCMC, connecting D7 and National Highway (linking to the North
of Vietnam)
Fire Safety Center
IPC Office Tower Hoang Anh Gia Lai Residential
Development
Kenton Node Residential
Development
Quoc Cuong Gia Lai Residential
Development
Rach Dia bridge connecting Nha Be
District and District 7
18 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
South East: District 8 DISTRICT 7
Ton Duc Thang University – Private University
One of the largest and fastest growing universities in Vietnam. One of the total 4 campuses (2 in HCMC, 1 in the West of
Vietnam, 1 in the Central of Vietnam)
RMIT University An Asian campus of Melbourne-
based university RMIT - Australia's biggest tertiary institution. The
purpose-built facility was opened in 2001
Another campus in Hanoi.
District 8Suburban area with abundant stock of
affordable condominiums
Nha Be District• Large number of land plot
projects• Relatively underdeveloped
Ong Lon bridge connecting District
7 and District 8
19 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
North: District 4 and District 1 DISTRICT 7
District 1District 4
The iconic Bitexco in District 1 Upcoming Police Academy
Novaland Sunrise City (District 7)
South Saigon Development Corporation’s land
Land plot for sale and villa developments
20 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
850,000
900,000
950,000
1,000,000
1,050,000
1,100,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2014 2015 2016 2017
NLA
(sm
)
Existing Supply New Supply
Limited To No New Supply Every YearOFFICE
New Grade A & B supply by Quarter, HCMC Office
Source: CBRE Vietnam , Q1 2017
Current Supply by Grade, Q1 2017
30%
70%
Grade A
Grade B
21 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Etown Central – GFA: 67,760 sm
New Supply In 2017OFFICE
Since 2011, District 7 welcomes its first Decentralized Grade A Building
Q1 2017
Q3 2027
Q4 2017
211. Deustches Haus – GFA: 38,621 sm
2. Saigon Centre Phase 2 – GFA: 40,000 sm
Viettel Complex – GFA: 65,971 smQ2 2017
Mapletree Business CenterOfficially Opened: 22nd March, 2017GFA: 28,384 sm
Source: CBRE Vietnam , Q1 2017
SGGP Newspaper –GFA: 8,000 sm
22 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Rents And Vacancy OFFICE
0% 5% 10% 15%0%5%10%15%
Vacancy Rents
$0 $10 $20 $30 $40$0$10$20$30$40
2017 Q1
2016
Q4
Q3
Q2
Q1
2015
Q4
Q3
Q2
Q1
2014
Q4
Q3
Q2
Q1
Grade B Grade A Grade B Grade A
Grade B2.6%
Grade A6.4%
+3.6% y-o-y
+11.5% y-o-y
+1.2% q-o-q
+4.8% q-o-q
Grade BUS$ 22.0
Grade AUS$ 37.0
Source: CBRE Vietnam , Q1 2017
23 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Net Absorption
New Grade B Supply To Quickly Be Absorbed OFFICE
Net Absorption, HCMC Office
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2014 2015 2016 2017
NLA
(sm
)
Grade A Grade BSource: CBRE Vietnam , Q1 2017
24 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Limited Supply in District 7 OFFICE
New supply and Net absorption by year, District 7, Q1 2017
Source: CBRE Vietnam , Q1 2017
0
5,000
10,000
15,000
20,000
25,000
30,000
2010 2011 2012 2013 2014 2015 2016 Q1 2017
NLA
(sm
)
New Supply Net Absorption
25 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
District 7’s Vacancy Rate And Net Absorption OFFICE
Rents and Vacancy, District 7, Q1 2017
Source: CBRE Vietnam , Q1 2017
0%
6%
12%
18%
24%
30%
0
4
8
12
16
20
2010 2011 2012 2013 2014 2015 2016 Q1 2017
Vaca
ncy
Rat
e (%
)
Ren
ts (U
S$/
sm/m
onth
)
Rents Vacancy
26 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Demand Largely From Relocation And Expansion OFFICE
New letting
Relocation & Expansion
25%
75%
Q1 2017Q4 2016
Tena
nts’
Pro
files
9%
91%
Enqu
ired
Size
s
36%
26%
19%
19%0 - 249 sm
500 - 1000 sm
250 - 499 sm
> 1000 sm
Source: based on CBRE’s enquiries, 2017 y-t-d
IT, Financials and Logistics to be dominant
27 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
FORTUNE GLOBAL 500Fortune Companies in Vietnam
05
1015202530354045
Food
& D
rug
Sto
res
Tele
com
mun
icat
ions
App
arel
Tran
spor
tatio
n
Che
mic
al
Tech
nolo
gy
Ene
rgy
Engi
neer
ing
& C
onst
ruct
ion
Hou
seho
ld p
rodu
cts
Bus
ines
s S
ervi
ce
Mot
or V
ehic
les
& P
arts
Ret
ailin
g
Who
lesa
lers
Fina
nce
Hea
lth C
are
Indu
stria
ls
Food
, Bev
erag
es &
Tob
acco
Hot
els,
Res
taur
ants
&…
Aeo
rosp
aces
& D
efen
se
Mat
eria
ls
Med
ia
No.
of c
ompa
nies
2015
2016
218 companies in 2015 230 companies in 2016
Source: CBRE Vietnam, Q4 2016
28 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Major TransactionsOCCUPIERS DASHBOARD
MAJOR TRANSACTIONS IN
HCMC MARKETQ1 2017
Building Sector Size in sm Rent(US$ psm)
Service Charge (US$ psm)
TNR Design 500 $19 $5
PEARL PLAZA Sourcing 1,133 $19 $6
SAIGON TRADE CENTER Software 164 $22 $6.5
SAIGON GIAI PHONG Insurance 560 $20 $5
LOTTERY TOWER Fashion 400 $12 $4
VINCOM CENTER Trading 314 $23 $5
SAIGON TRADE CENTER Technology 156 $21 $6.5CENTEC TOWER Technology 308 $27 $6
60 NGUYEN DINH CHIEU Trading 270 $17 $5 SUNWAH Consultancy 175 $40 $6
PHU MY HUNG Retail 317 $15 $7 METROPOLITAN Fashion 575 $34 $6 DIAMOND PLAZA Real Estate 400 $32 $8
PICO PLAZA Fashion 975 $12 $5
Source: CBRE Vietnam , Q1 2017
29 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Future Supply OFFICE
Source: CBRE Vietnam , Q1 2017
2018 - 2019
1. Spirit of Saigon – GFA: 15,000 sm
2. Saigon M&C – GFA: 49,000 sm
3. VietCapital Center – GFA: 38,621 sm
4. The Khai – GFA: 15,000 sm
5. The Prince – GFA: 15,000 sm
1 2
3
4
5
3
2020 1
1. SJC Tower – GFA: 38,000 sm
2. Tax Center – GFA: 35,000 sm
3. Nexus Tower – GFA: 133,834 sm
4. Capitaland at Vinhome Golden River –GFA: N/A sm
5. One Hub – GFA: 159,462 sm
6. Tan Son Nhat Plaza – GFA: 128,190 sm
7. Crescent Mall Phase 2 – GFA: 36,297 sm
7
42
3
6
5
30 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Dreamplex to open second co-working space
Supply Trend: Co-Working Space Still ExpandingOFFICE
Dreamplex 2 Grand Opening on 2nd
March, 2017 Toong at the Oxygen under construction
31 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Demand Trend: Opportunities abound for the market OFFICE
Ongoing Supply
• Excess supply coming from CBD and Non-CBD area
• Rents are expected to become more competitive
• Higher demand still comes for CBD
Flight to value
• Big occupiers to relocate and expand to higher quality buildings
Diversified Demand
• High demand from traditional sectors
• The surge of IT expansion
• Start-up boom: Growth of co-working space
Source: CBRE Vietnam , Q1 2017
32 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
GREEN BUILDINGS
33 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Improved Occupant Health & WellbeingGREEN BUILDINGS
Source: World Green Building Council “The Business Case for Green Building – A Review of the Costs and Benefits for Developers, Investors and Occupants”
34 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Harvard-CBRE Research Study 1
IMPACT OF GREEN BUILDINGS ON COGNITIVE FUNCTION
Allen JG, MacNaughton P, Satish U, Santanam S, Vallarino J, Spengler JD. 2015. Associations of Cognitive Function Scores with Carbon Dioxide, Ventilation, and Volatile Organic Compound Exposures in Office Workers: A Controlled Exposure Study of Green and Conventional Office Environments. Environ Health Perspect DOI: 10.1289/ehp.1510037
35 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Harvard-CBRE Research Study 2
Source:
Allen JG, MacNaughton P, Satish U, Santanam S, Vallarino J, Spengler JD. 2015. Associations of Cognitive Function Scores with Carbon Dioxide, Ventilation, and Volatile Organic Compound Exposures in Office Workers: A Controlled Exposure Study of Green and Conventional Office Environments. Environ Health Perspect DOI: 10.1289/ehp.1510037
IMPACT OF GREEN BUILDINGS ON COGNITIVE FUNCTION
36 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Allen JG, MacNaughton P, Satish U, Santanam S, Vallarino J, Spengler JD. 2015. Associations of Cognitive Function Scores with Carbon Dioxide, Ventilation, and Volatile Organic Compound Exposures in Office Workers: A Controlled Exposure Study of Green and Conventional Office Environments. Environ Health Perspect DOI: 10.1289/ehp.1510037
IMPACT OF GREEN BUILDINGS ON COGNITIVE FUNCTIONHarvard-CBRE Research Study 2
37 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Allen JG, MacNaughton P, Satish U, Santanam S, Vallarino J, Spengler JD. 2015. Associations of Cognitive Function Scores with Carbon Dioxide, Ventilation, and Volatile Organic Compound Exposures in Office Workers: A Controlled Exposure Study of Green and Conventional Office Environments. Environ Health Perspect DOI: 10.1289/ehp.1510037
IMPACT OF GREEN BUILDINGS ON COGNITIVE FUNCTIONHarvard-CBRE Research Study 2
38 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
Building and site selection (connectivity, landscape)
Tenant owned system efficiency (energy & water)
Fit out material and waste disposal
Indoor thermal comfort and human health
(low emitting materials, etc.)
GREEN INTERIOR FIT OUTTenant Specification
39 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
President Place Deutsches Haus Mapletree Business Centre
GREEN BUILDINGS IN VIETNAMOffices Or Factories
40 CBRE OFFICE OCCUPIER OUTLOOK | Q1 2017
SUSTAINABLE STRATEGY & CONSULTING
CORPORATE SUSTAINABILITY REPORT
(CSR) CONSULTING
STAKEHOLDER ENGAGEMENT
SUSTAINABILITY BENCHMARKING
GREEN BUILDINGDUE DILIGENCE
HEALTH & WELLBEINGCONSULTING
POLICY & PROCEDURE DEVELOPMENT
GRESBREPORTING
GREEN BUILDING CERTIFICATION
ENERGY AUDITS
GREEN TRANSACTION ADVISORY
CBRE’s Asia Sustainabilityteam brings the full powerof our global platform tobenefit Clients across theregion with solutions fortheir investor or occupierneeds.
CBRE SUSTAINABILITYCapabilities
All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information containedherein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubtits accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessingthe relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only,exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribefor securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may bealtered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorisedpublication or redistribution of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arisingby reason of any person using or relying on information in this publication.
For more information regarding this presentation please contact:CBRE Vietnam Co., Ltd. – Research & ConsultingT +84 8 3824 6125 F +84 8 3823 8418Email: [email protected]
42
Mapletree’s Portfolio in Vietnam Operating Assets Development Projects
Asset Pacific Place
CentrePoint SCVivoCity
Kumho AsianaPlaza
MapletreeBusiness
Centre
MBC @ BD
Oakwood Residence&
Residential blk
Lancer
Location Hanoi CBD
HCMC, PhuNhuan HCMC, D7 HCMC, D1 HCMC, D7 Binh
Duong HCMC, D7 HCMC, D2
Storeys / Units
19 storeys, 5 basemen
ts
16 storeys, 2 basements
5 storeys,2
basements
21storey office, 32 storey SA (260 units), 21 storey
hotel (305 rooms) & a retail podium
17 storeys, 2 basements N/A 237 SA units,
243 resi units 808 units
GFA (sqm) 26,107 44,733 64,250 146,000 28,384 706,557 62,680 108,446
NLA (sqm) 22,674 28,129 40,526 80,000 23,010 N/A 40,291 65,000
UsageOffice / Retail /
SAOffice Retail Office/ Retail / SA &
Hotel OfficeBusiness
Park / High Tech
Serviced Apt& Residential Residential
Acquisition year/ Completion year
2010 2013 2015 2016 2016 N/A 2017 / 2018 2019
43
Mapletree Business Centre – FactsDevelopment
Construction start May 2015 (Start of superstructure)
Construction end 22 Dec 2016
Total construction period
• 9 months basements + piling • 14 months superstructure +
finishing• Total: 23 months, excluding 6-
month delay
TDC • Total: 51 mil USD• Land: 13 mil USD• Building: 38 mil USD
Key consultants • Architecture: CPG• MEP: JRP• C&S: AECOM
Other facts
Land tenure Till Dec 2060 (44 years remaining)
Site coverage 55%
PR 6
Basement 2 basements of 7,500 sqm
Parking lots 90 car lots1,500 motorbike lots