Asia Pacific Office Q1 2011 | Colliers International Thailand

8/6/2019 Asia Pacific Office Q1 2011 | Colliers International Thailand

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AsiA PAciicOice Market Overview

1Q 2011

Accelerating success.



table O cOntentsAsiA PAciic oice mArket overview | 1Q 2011

rgna o 3

Ga chna 4-6

Beijing, China ....................................................................................................................................

Chengdu, China .................................................................................................................................

Guangzhou, China .............................................................................................................................

Shanghai, China ................................................................................................................................

Hong Kong SAR, China .....................................................................................................................Taipei, Taiwan ...................................................................................................................................

Nh Aa 7

Seoul, South Korea ...........................................................................................................................

Tokyo, Japan ........................ ....................... ........................ ....................... ........................ ...............

sha Aa 8-10

Jakarta, Indonesia ........................ ....................... ....................... ........................ ........................ .......

Kuala Lumpur, Malaysia ....................................................................................................................

Manila, Philippines ............................................................................................................................

Singapore ..........................................................................................................................................

Bangkok, Thailand ........................ ....................... ....................... ........................ ........................ ..... Ho Chi Minh City, Vietnam ...................... ........................ ....................... ........................ .................

inda 11-12

Bengaluru (Bangalore) ....................................................................................................................

Chennai ............................................................................................................................................

Mumbai ..................... ....................... ........................ ....................... ........................ ....................... ..

New Delhi ..................... ........................ ....................... ....................... ........................ .....................

Aaaa 13-16

Adelaide, Australia ...................... ........................ ....................... ........................ ....................... ......

Brisbane, Australia ...................... ....................... ........................ ....................... ........................ .....

Canberra, Australia ...................... ....................... ....................... ........................ ........................ ..... Melbourne, Australia ....................... ........................ ........................ ....................... ........................ .

Perth, Australia ........................ ....................... ........................ ....................... ........................ .........

Sydney, Australia ..................... ....................... ........................ ....................... ........................ .........

Auckland, New Zealand ....................... ....................... ........................ ....................... .....................

Wellington, New Zealand ..................... ....................... ........................ ....................... .....................

P o rna 17

tnd & a 18-19

Dfnn & tng 20-21

cna 22-23


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regiOnal Overview

Fundamentally, overall oce demand in the region remained positive in Q , thanks to theabundant liquidity, the proactive measures by various governments to spur their economies

and the expansion needs rom a range o companies in the private sector. However, the

relaxed monetary measures adopted by the major central banks in the United States and

Europe have been criticised or creating unwanted price rises o commodities and other

actors o input, thus leading to growing inationary pressures. In view o the imminent

inationary threat, a number o central banks in Asia have made pre-emptive moves by

raising their interest rates. For example, as o Q , People’s Bank o China (PBOC) has

made our hikes since October , accounting or basis points.

sAles mArketNotwithstanding the recent interest rises, investment demand or oce real estate remained

strong in Q . Firstly, the potential capital appreciation remained promising, given the

continued rental catch-up in the market. Secondly, investors were encouraged by the

sustained low cost borrowing in Q . Lately, the U.S. Federal Reserve reiterated that

interest rates will stay low or an extended period, although the second stage o quantitative

easing is going to end in mid-.

Buoyed by strong investment demand, individual centres such as Hong Kong and Taipei

has seen their oce values reach new highs in Q . In addition, end-users remained

keen in acquiring their oce buildings or owner-occupation. In Beijing, China Minmetals

Corporation conrmed the expenditure o RMB. billion (US$ million) in acquiring Fith

Square or its oce building. In Shanghai, companies purchased strata oce oors suchas Shanghai World Financial Centre to accommodate their business needs.

leAsiNG treNDsOn the leasing ront, although the individual centres are going to see an increase o three to

our times o new supply in , oce rentals remained rm, thanks to the positive business

condence and encouraging pre-commitment rate or a number o new developments. Due

to the availability o new supply, companies took advantage o the current market conditions

to expand their overall requirements and upgrade their oces or quality development. For

example, in Singapore, BNP Paribas doubled its requirements at Ocean Financial Centre

rom , sq t to about , sq t in Q . Underpinned by the solid occupational

demand, the average oce rental in the region edge up urther by .% QoQ in Q .

mArket outlookLooking ahead, the prospective impact created by growing ination pressure is going to be the

key uncertainty envisaged by most players in the oce market. According to our research,

urther rental growth and capital growth in is anticipated. However, individual centres

with major developments due or completion in will provide a window o opportunity

or tenants going or corporate relocation and upgrading over the near to medium term.

In particular, seismic concerns in Japan are expected to prompt more tenants to go or

newer developments.


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asia pacific office market overview | 1Q 2011

cHiNA

Beijing

• Two new projects, Beijing IFC in the CBD area and Tsinghua Tongang Hi-Tech Plaza

Tower D in the Zhongguancun Area, were completed in Q , injecting a total o

, sq m oce space to the stock.

• Underpinned by growing business needs and headcount expansion in both indigenous

and overseas companies, demand or quality oce space remained strong. The overall

vacancy rate ell . percentage points to .% in Q . The average oce rent

soared .% QoQ, to RMB. per sq m per month.

• Signicant leasing transactions included the commitment o , sq m by Toyota

Motors at China Overseas Plaza. Meanwhile, Bayer took , sq m at Jia Ming Centre

and Volvo rented , sq m at Oce Park Tower C.

• Three major en bloc investment sales transactions were concluded in Q . For

example, China Minmetals Corporation acquired Fith Square or a total consideration

o RMB. billion.

mAjor trANsActioNs

Building leAse (l) /sAle (s)

teNANt / PurcHAser AreA(q )

Fith Square S China Minmetals Corporation 1,291,200

Zhongguan Plaza S SOHO China 458,400

Jiaming Centre L Bayer 322,800

China Overseas Plaza L Toyota Motor 236,700

Oce Park Tower C L Volvo 75,300

Beijing IFC L Eaton 32,300

CPIC Plaza L Zhong Rong Lie Insurance 36,600

China Overseas International

Centre

L BOCOM International Holdings 25,800

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

450.00

Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)

R e n t a l s

C a p i t a l V a l u e s

BEIJING OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F0.00

0.20

0.40

0.60

0.80

1.00

M i l l i o n s q m

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

V a c a n c y R a t e

Supply Take-up Vacancy Rate

BEIJING OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F0.00

25.00

50.00

75.00

100.00

125.00

150.00

175.00

200.00

225.00

R e n t a l s

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

22,500



CHENGDU OFFICE CAPITAL AND RENTAL VALUES

CHENGDU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 F 2012 F0.00

0.05

0.10

0.15

0.20

0.25

M i l l i o n s q m

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%



chengdu

• In Q , there was an absence o brand new oce building entry to the market.

Thanks to the sustained demand, the average vacancy ell . percentage points, while

the average rental edged up .% QoQ during the period.

• Both Yanlord Landmark and Aerospace Technology Plaza registered good leasing

progress. Brand new buildings with immediate access to the metro line continued to

attract new tenants, notwithstanding the premium rentals.

• In the sub-market o Financial Street, rentals saw an increase o .% QoQ in Q .

With the scheduled operation o Metro Line by Q , the two new oce developments

due or completion in the next couple o years are expected to produce a leasing boom.

mAjor trANsActioNs



Yanlord Landmark L EVA Air 1,200

Aerospace Technology Plaza L Chengdu Jinkong Loan

Co. Ltd

15,100

Aerospace Technology Plaza L Adidas 17,200




colliers iNterNAtioNAl | P. 5

guangzhou

• The completion o three developments in Q - Huayitai Plaza in Yuexiu, Guangzhou

International Financial Centre in Tianhe and Zhongzhou Trade Centre in Haizhu - provided

approximately , sq m o new supply to the market. Accounting or .% o the

overall stock, the new stock pushed the vacancy rate upward % to % in Q .

• With an increase o leasing activities ater the Spring Festival, the average oce rental

was rm at RMB. per sq m per month in Q .

• Investment demand or small oce units was strong in Q since stock or sales

in Grade A market was limited. The average sales price in Q was RMB,

per sq m.

• The total amount o new supply is predicted to reach . million sq m in . With

the exception o Taikoo Hui in Tianhe North, the other new projects are located in Pearl

River New Town where an increasing number o nancial institutions have made the

district a nancial hub o Guangzhou.

mAjor trANsActioNs



POLY CENTER L Guangdong Radio/Television/Internet

Co. Ltd

41,400

GT. Land L Guangzhou Qisheng Inormation

Technology Ltd

39,500

Tianyu-Phase III L Hutchison Whampoa Property

Management Ltd

21,900

shanghai

• It is estimated that more than million sq m o Grade A oce space will enter the market

in but about % o the space will be slated or owner occupation.

• There were more sales transactions o strata-title oors in Q . Floors at Hang Seng

Bank Tower (ormerly the HSBC Tower), the Shanghai World Financial Centre, and the

Tai Ping Financial Tower have been sold to companies seeking to use them or their own

oce needs. For example, Tomson Real Estate Co. o Taiwan purchased the nd oor

o the Shanghai World Financial Centre ( , sq m) or RMB million.

• While recent policy measures have made major steps toward cooling down the residentialreal estate market, rising capital values in the commercial sector continue to make oce

properties attractive to investors. Colliers expects capital values or grade A oce space

to increase by an average o % over the next our years.

cHiNA

mAjor trANsActioNs



New Richport L Zhao Online / Housane 40,900

Hongwell International Plaza L Benesse Corporation China 32,300

One Prime L Inoherb 32,300

Tai Ping Finance Building L Shi Tian Investment 29,200

BM ICC L Modine 16,100

Shanghai World Financial Centre S Tomson Group 34,700

Shanghai World Financial Centre S Poly Xiexin 35,700

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

R e n t a l s

0

4,000

8,000

12,000

16,000

20,000

24,000

28,000

32,000



GUANGZHOU OFFICE CAPITAL

AND RENTAL VALUES

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2 0 1 0

2 Q 2 0 1 0

3 Q 2 0 1 0

4 Q 2 0 1 0

1 Q 2 0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2 0

1 2

F

2 Q 2 0

1 2

F

3 Q 2 0

1 2

F

4 Q 2 0

1 2

F

0.00

3.00

6.00

9.00

12.00

15.00

R e n t a l s

0

12,000

24,000

36,000

48,000

60,000


Renta ls (RMB / sq m / Day) Capital Va lues (RMB / sq m)

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F


M i l l i o n s q m

0.00

0.30

0.60

0.90

1.20

1.50

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


SHANGHAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 F 2012 F

0.50

1.00

1.50

2.00

2.50

0.00

M i l l i o n s q m

10.0%

20.0%

30.0%

40.0%

50.0%

0.0%



GUANGZHOU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE




HoNG koNG

hong kong

• The overall tenancy demand or prime oce space remained strong in Q . Largely

attributable to the sustained expansionary demand among existing tenants, and the

prevailing trend o limited supply in the marketplace, average Grade A oce rentals

increased .% QoQ during the period.

• With the continued surge o rentals, more proessional companies, with oor area

requirements ranging rom , to , sq t, were increasingly reluctant to pay the

asking rentals currently etching above HK$ per sq t per month in Central. A number

o medium-sized tenants have been migrating to the adjacent business districts such as

Wanchai and Causeway Bay, where rentals remain relatively low.

• The local Grade A oce market is anticipated to post urther growth in anticipation o a

sustained imbalance between supply and demand in the marketplace. Given the projection

o limited new supply coming online and the buoyant demand undamentals attributed to

the nance industries, average Grade A oce rental is predicted to increase % over

the next months.

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0.00

25.00

50.00

75.00

100.00

125.00

150.00

0

5,000

10,000

15,000

20,000

25,000

30,000

R e n t a l s


Renta ls (HK$ / sq ft / Month) Capital Va lues (HK$ / sq ft)

HONG KONG OFFICE CAPITAL

AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

M i l l i o n s q f

t

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%



HONG KONG OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F0

500

1,000

1,500

2,000

2,500

3,000

R e n t a l s

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000


Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)

TAIPEI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F


-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

P i n g

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%


TAIPEI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

taipei

• With total Grade A oce stock remaining at , ping, the vacancy rate edged down

basis points to .% in Q . Hsin Yi was the perorming submarket, with average

vacancy rate alling by basis points to .% during Q .

• The average efective rental o Grade A oces increased slightly by .% QoQ to

NT$, per ping per month in Q , thanks to the demand rom newcomers and

the expansion o existing nancial institutions. In Hsin Yi, rentals increased marginally

to NT$, per ping per month during Q , since the vacancy rate was higher than

the average level.

• On the sales ront, Cathay Lie Insurance Co. bought ,. ping (including car park)

at Taipei Financial Centre or NT$. billion. The unit price was actually a record high

in the Grade A oce market.

tAiwAN

mAjor trANsActioNs

Building

leAse(l) /

sAle (s)teNANt / PurcHAser AreA

(q )

Shin Kong Manhattan Financial Center L HSBC, LCS & Partners 41,800

Chuan Feng Sheng Hsin Yi 105 Building L Bank o China 35,600

Nan Shan Min Sheng Building L Corning Glass 30,000

TAIPEI 101 L Taiwan Ratings

Corporation

15,600

Taipei Financial Center S Cathay Lie Insurance Co. 50,700

Taipei Financial Center S Cathay Lie Insurance Co. 50,800

mAjor trANsActioNs



Citibank Tower L INVESCO 34,200

The Center L GE Capital 18,500

Millennium City Phase 1 L Zurich 47,000

Millennium City Phase 6 L Zurich 17,000

C-Bons International Centre L Zurich 51,000

15/F, Bank o America Tower S Overseas Company 13,880

10/F, Worldwide House S Local Investor 16,693





seoul

• The average oce vacancy rate edged down rom .% in Q to .% in Q

, thanks to the strong demand registered in CBD and GBD. In the CBD, vacancy ell

rom .% in Q to .% in Q . However, with ample supply coming into

the market in the next ew quarters, the current tenants’ market will continue until the

end o .

• Oce rentals saw a mild decline o .% QoQ in Q . Rentals in the CBD and GBD

ell .% QoQ and .% QoQ, respectively. However, in the YBD area, monthly rental

increased .% QoQ due to the low vacancy rate o .% in Q .

• Notwithstanding the uninspiring rental rates, capital values continued to hold rm in

Q . Amongst the ew sales transactions, the highlight was the re-acquisition o

SK building in the CBD by SK Energy JV National Pension Service, who had sold the

development to Merrill Lynch JV Shinhan Bank or short-term nancing in Q .

tokyo

• Market weakness continues to induce rms to relocate, but not to signicantly larger

premises.

• Seismic concerns expected to spur interest in newer buildings.

• Rents continue to hit new lows as large incentives including ree rent become common.

• Vacancy slightly increasing with a number o new building completions pending.

soutH koreA

mAjor trANsActioNs



Kodansha Mejirodai Building L Mitsubishi UFJ

Morgan Stanley

319,500

Shibuya Hikarie L DeNA 177,500

Hamarikyu Intercity L Tokai 53,250

Iino Building L Sojitsu 248,500

Iino Building L Kanpo Lie 142,000

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0

50,000

100,000

150,000

200,000

250,000

R e n t a l s

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000


Rentals (Won / Pyung / Month) Capital Values (Won / Pyung)

SEOUL OFFICE CAPITAL AND RENTAL VALUES

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0

10,000

20,000

30,000

40,000

50,000

60,000

R e n t a l s

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000


Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)

TOKYO OFFICE CAPITAL AND RENTAL VALUES

TOKYO OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 F 2012 F0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

T s u b o

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

V a c a n c y

R a t e


SEOUL OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

-50,000

0

50,000

100,000

150,000

200,000

250,000

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

2008 2009 2010 2011 F 2012 F

-3.0%


P y u n g


jAPAN

mAjor trANsActioNs



YTN Building L Shinhan Card 36,900

Teherran Building L Rush and Cash 24,900

Naeoi Building L SK E&C 36,800

Imgwang Building L SK Communications 34,500

SK Building S SK Energy JV National

Pension Service (NPS)

863,400

Hohae Building S ESTsot Corp 100,300

POSCO ICT Building S Bundang Woori Church 237,000




iNDoNesiA

jakarta

• Indonesia moved closer to attaining an investment grade rating, ater Fitch Ratings raised

the country’s outlook rom stable to positive. This is expected to give positive impact to

the investment climate and trigger new business in the orm o acquisition, expansion

and relocation, thus boosting the demand in the oce market.

• Due to the projection o less new supply coming into the market in , landlords

remained condent in raising their asking rentals in Q .

• With an increase in steel prices, strata-title oce prices are anticipated to edge up

urther. This is particularly the case given the average occupancy rate o strata-title

oce occupancy rate at %.

• In anticipation o ongoing corporate relocations and expansions, the demand o the local

oce looks healthy.

mAjor trANsActioNs



Sentral Senayan 3 L Maybank 445,500

Wisma Mulia L BP Migas 312,200

Plaza Kuningan L Manulie 64,600

The Plaza L Acer Indonesia 18,900

UOB Plaza L Midtou 15,200

Menara FIF L Total Oil Indonesia 10,800

Sentral Senayan 2 L Yahoo 9,700

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

R e n t a l s

0

2,500,000

5,000,000

7,500,000

10,000,000

12,500,000

15,000,000

17,500,000

20,000,000

22,500,000

25,000,000


Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F0

100,000

200,000

300,000

400,000

s q m


0.0%

5.0%

10.0%

15.0%

20.0%


JAKARTA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0.00

2.00

4.00

6.00

8.00

10.00

12.00

R e n t a l s

200

400

600

800

1,000

1,200


Capital Values (Ringgit / sq ft)Rentals (Ringgit / sq ft / Month)

0

KUALA LUMPUR OFFICE CAPITAL AND

RENTAL VALUES

2008 2009 2010 2011 F 2012 F0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

M i l l i o n s q f t

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%



KUALA LUMPUR OFFICE SUPPLY, TAKE-UP

& VACANCY RATE

kuala lumpur

• The local economy grew about % in . With the government's announcement o

the “Entry Point Projects”, the economy is expected to grow urther at - % in .

• Since there was no completion o new development in Q , the total prime oce

stock in KLCA remained the same at . million sq t.

• Completion o individual projects has been deerred rom late to . With a total

o over million sq t new space coming on line by the end o , competition or

tenants is anticipated to intensiy.

• Prime oce rental and capital values improved slightly in Q . The overall market

is predicted to remain stable over the near term.

mAjor trANsActioNs



Wisma KLIH S Wonderul Vantage Sdn Bhd 55,208

Dua Sentral S Tenaga Nasional Berhad 429,630

Putra Place (part o a mixed-

use development comprising a

shopping mall, hotel and oce)

S Sunway Real Estate

Investment Trust ("SUNREIT")

Undisclosed

Menara Pan Global L Pacic Regency Hotel Suites 30,700

mAlAysiA

Data sourced rom C H Williams Talhar & Wong Sdn Bhd





manila

• Due to lack o available space in Makati, emerging markets have sprouted in diferent

areas in Metro Manila such as Eastwood City, Mandaluyong City and Boniacio Global

City to accommodate the expansion needs o BPO companies.

• As at the end o , prime oce stock was at , sq m.

• Oce rents increased .% YoY in Q , while capital values edged up .% during

the same period.

mAjor trANsActioNs



Traalgar Plaza L Pro V International

(Philippines)

52,500

singapore

• Underpinned by burgeoning business condence and the continued ight to quality

amongst occupiers, the average gross Grade A oce rental in the CBD chalked up a

urther growth o .% QoQ, to reach S$. per sq t per month at the end o Q .

• Marsh & McLennan Group pre-committed , sq t oce space at Asia Square

Tower , which is due to complete in Q . Meanwhile, BNP Paribas expanded its

requirements at Ocean Financial Centre rom , sq t to about , sq t.

• The average occupancy rates or Grade A oce space in the CBD dipped marginally

or the rst time in six quarters to .% in Q , due to new supply such as OUE

Bayront and space vacated by tenants who have relocated to new oce development

such as Marina Bay Financial Centre (MBFC).

• Despite ample new supply o . million sq t slated to complete in , continued ightto quality has seen their overall pre-commitment rates edge up rom % to % in

Q . In addition, with the government’s efort in entrenching Singapore's position

as a Financial Hub, occupier demand or oce space in Singapore could remain on an

expansionary mode. Rentals are thus predicted to increase -% in .

PHiliPPiNes

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0

200

400

600

800

1,000

1,200

R e n t a

l s

0

20,000

40,000

60,000

80,000

100,000

120,000

C a p i t a l V

a l u e s

Capital Values (Peso / sq m)Rentals (Peso / sq m / Month)

MANILA OFFICE CAPITAL AND RENTAL VALUES

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F0.00

5.00

10.00

15.00

20.00

25.00

30.00

R e n t a l s

0

500

1,000

1,500

2,000

2,500

3,000


Capital Values (Singapore$ / sq ft)Rentals (Singapore$/ sq ft / Month)

SINGAPORE OFFICE CAPITAL AND

RENTAL VALUES

2008 2009 2010 2011 F 2012 F


0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


0.00

0.50

1.00

1.50

2.00

2.50


SINGAPORE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 F 2012 F

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

s q m

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%


12.0%


MANILA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

siNGAPore

mAjor trANsActioNs



Asia Square Tower 1 Lease Marsh & McLennan Group 90,000

Ocean Financial Centre Lease Freehills 11,250

Suntec City Tower 3 Lease Compuware Asia Pacic 8,500

16 Collyer Quay (49% stake) Sale NTUC Income 278,400*Capital Square Sale NTUC Income and Alpha

Investment Partners

386,500

Prudential Tower (4 oors

rom 26th-29th storey)

Sale K-REIT Asia 48,200

* Total NLA of 16 Collyer Quay




tHAilAND

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0

200

400

600

800

1,000

1,200

1,400

R e n t a l s

Capital Values (Baht / sq m)Rentals (Baht/ sq m / Month)

20,000

40,000

60,000

80,000

100,000

120,000

140,000


0

BANGKOK OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F0

20,000

40,000

60,000

80,000

100,000

120,000

s q m

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%



BANGKOK OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1 Q 2

0 0

8

2 Q 2

0 0

8

3 Q 2

0 0

8

4 Q 2

0 0

8

1 Q 2

0 0

9

2 Q 2

0 0

9

3 Q 2

0 0

9

4 Q 2

0 0

9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2 0

1 1

2 Q 2

0 1 1

F

3 Q 2

0 1 1

F

4 Q 2

0 1 1

F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F0

10

20

30

40

50

60

70

R e n t a l s

Rentals (US/ sq m / Month)

HO CH MINH CITY OFFICE RENTAL VALUES

-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%

2008 2009 2010 2011 F 2012 F

s q m



HO CHI MINH CITY OFFICE SUPPLY,

TAKE-UP & VACANCY RATE

vietNAm

Bangkok

• The overall oce market conditions remained sot in Q . With very ew transactions,

oce rentals were at.

• Uncertainties on the national election and global economic climate are anticipated to

restrain any signicant rental surge over the near term.

• No supply was added in Q but the introduction o Sathorn Square, comprising a

total oor area o , sq m in Q , will lead to an increase o market activity

within the CBD. However occupancy is predicted to all during the rest o .

• The country is beginning to wake up to the opportunities o the ASEAN Economic Area,

which will come into ull efect in and could create a much needed spur to the

oce market in Bangkok.

mAjor trANsActioNs

Building leAse (l) /

sAle (s)

teNANt / PurcHAser AreA

(q )

Lao Peng Nguan L Thai Beverage Plc. 46,000

Asia Centre L Astra Zeneca (Thailand) Co. Ltd 15,100

Sun Tower L The Government Saving Bank 7,100

Sun Tower L Toyota Leasing (Thailand) Co. Ltd 14,100

ho chi minh city

• With a rise o vacancy, Grade A oce rentals decrease .% QoQ in Q .

• However, rental rates are likely to stabilise during the rest o , since there will be

no major new developments coming on line during the period.

• Growing inationary pressure, devaluation o local currency and the prevailing external

uncertainties are expected to impact overall occupational demand in .

mAjor trANsActioNs



Kumho L Trillion 65,700

Kumho L BAT 161,500

Kumho L KB Bank 53,800

Kumho L Eximbank 78,600

Bitexco Financial Tower L Viet Capital Securities 75,300

Bitexco Financial Tower L Regus 107,200

Bitexco Financial Tower L Thai Thinh Capital 64,600





iNDiA

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

R e n t a l s

0

10

20

30

40

50

60

70

80

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


0

Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)

BENGALURU OFFICE CAPITAL AND

RENTAL VALUES

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0

10

20

30

40

50

60

70

80

R e n t a l s

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000



CHENNAI OFFICE CAPITAL AND

RENTAL VALUES

2008 2009 2010 2011 F 2012 F

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

28.0%

32.0%


0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00



CHENNAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 F 2012 F

0.00

2.00

4.00

6.00

8.00

10.00

12.00


0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%



BENGALURU OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

Bengaluru (Bangalore)

• About , sq t o new oce space was added to the Grade A oce market in Q

. Approximately , sq t o Grade A oce space is expected to complete in

Q .

• The market saw sustainable rising leasing activities during Q . Demand was

predominantly underpinned by the IT/ITeS and nancial sectors. The average Grade A

oce rents increased by about % QoQ in Q .

• In view o rising demand and positive market sentiment, developers started to launch

new commercial projects. Projects launched in Q , including Brigade Rubix, Prestige

Exora – II&III, and Alyssa, will contribute about million sq t o oor area to the total

stock upon completion by end-.

mAjor trANsActioNs



HM Vibha Tower L Amoeba 33,000

Global Tech Village L Northern Operating System 80,000

Global Tech Village L Mphasis 86,000

Stand Alone Building A & C L Renesas Electronics 82,000

Royal Stone L TRX Technology 24,000

World Trade Centre L Amazon Sotware India

Pvt Ltd

80,000

Shankar Narayan Tower I L Altean 30,000

World Technology Centre L Ericsson 100,000

chennai• No major Grade A oce development was completed in Q . Approximately .

million sq t o Grade A oce space is expected to complete in Q .

• Sizeable leasing deals concluded in Q were mostly concentrated in the special

economic zones.

• Amid positive economic sentiment, leasing market activities was active, with rentals

showing urther upward momentum. Developments in CBD witnessed the most notable

rental increases.

• Rentals are expected to remain stable in the short to medium term. However, with

an increasing number o IT buildings being converted into non-IT buildings, rentals o

individual non-IT oce space are going to see more downward pressure.

mAjor trANsActioNs



DLF SEZ L Virtusa 50,000

Ramanujan IT SEZ L Scientic Publishing Services 25,000

Ramanujan IT SEZ L HP 150,000

Ramanujan IT SEZ L Inosys 50,000

Ramanujan IT SEZ L TWG Applied 25,000

Ascendas L Zebra Technologies 20,000

Triton Square L BGR Energy 36,000Menon's Eternity L Fitchner India 20,000

Prince Inocity 2 S Prodapt 35,000




iNDiA

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0

50

100

150

200

250

300

350

R e n t a l s

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000



MUMBAI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F


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%

24.0%

V a c a n c y R a t

e


MUMBAI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0

50

100

150

200

250

300

350

R e n t a l s

0

5,000

10,000

15,000

20,000

25,000

30,000


35,000


NEW DELHI OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F0.00

2.00

4.00

6.00

8.00

10.00

12.00


0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%



NEW DELHI OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

mumBai

• In Q , Lotus Ino Park in Parel (SBD) and Times Square in Andheri (PBD) were

completed, thus adding about . million sq t o Grade A oce space to the market.

• C- in Bandra Kurla Complex (BKC), comprising a total oor area o about . million sq

t, was launched in Q . Elsewhere, Raheja developers’ Xion in Byculla and DheerajRealty’s August House in Andheri were also launched during the period.

• The average rental remained stable across the board. However, submarkets such as

Lower Parel in SBD and Andheri (E), Malad, Navi Mumbai and Thane in PBD saw slight

downward adjustments, due to large new supply coming on line over the short to medium

run.

mAjor trANsActioNs

BuildingleAse (l) /sAle (s) teNANt / PurcHAser AreA(q )

G Corp L Sterling Inosystems 50,000

Kaliedonia L Priviledge 45,000

Indiana Business Centre L Star TV 14,400

Kaliedonia L Goyal & company 10,000

Ackruti Solaris S Ace Energy 15,000

Ackruti Solaris S Hanger Biotech 20,000

new delhi

• Thanks to buoyant demand, the average oce rental increased .% QoQ in Q .

• No new supply was added in either the CBD or SBD during Q but about . million

sq t o Grade A oce space was completed in Gurgaon (PBD) during the period.

• In order to urther boost real estate developments, the Delhi Development Authority (DDA)

is planning to introduce a new land policy on the model o public-private participation in

land assembly, development, constructions, management and maintenance.

mAjor trANsActioNs



Malcha Marg L Gazprom Bank 1,800Gopaldas Bhavan L BSE 16,000

The Grande L MCX 4,000

MGF Metropolitan L Avaya 15,000

Vijaya L Undisclosed 11,000

Unitech Cyber Park L Inosys 30,000

Vipul Plaza L Avaya India 12,000

Unitech Inospace L Genpact 200,000

DLF Cyber City L Publicis 70,000

Spaze IT Park L Capegemini 80,000





AustrAliA

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F0

100

200

300

400

500

600

700

R e n t a l s

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

C a p i t a l V a

l u e s

Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)

ADELAIDE OFFICE CAPITAL AND RENTAL VALUES

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

R e n t a l s

0

200

400

600

800

1,000

1,200


10,000

12,000

0

2,000

4,000

6,000

8,000


BRISBANE OFFICE CAPITAL AND RENTAL VALUES

s q m

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%


2008 2009 2010 2011 F 2012 F

BRISBANE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

2008 2009 2010 2011 F 2012 F0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

V a c a n c y R a

t e


0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

s q m

ADELAIDE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

adelaide

• Supported by positive investor sentiment, the Adelaide oce market has perormed well.

Oce yields are expected to compress urther throughout .

• Ofshore groups, super unds and institutions are once again in the market and investors

yet again looking at expanding their portolios. The prospective increase in leasing

activities across CBD has positive implications or investors.

• There was an increase o enquiries during Q . With no new supply coming on line

over the next two years, the overall vacancy rate is expected to all steadily.

• Positive absorption rate will continue at least until , thus creating continued upward

pressure on rents over the next couple o years.

mAjor trANsActioNs



151 South Terrace L Transeld Services 17,400

151 South Terrace L Data Action Pty Ltd 16,900

400 King William Street L Health Workorce Australia 21,900

Riverside Centre,

North Terrace

S Atlantik (via Charter Hall) 246,900

BrisBane

• During , leasing and sales activity in both occupier and investor markets was

strong, as evidenced by the increasing number o total transactions in the Brisbane CBD.Tenant demand is anticipated to be supported by solid levels o employment growth

and expansionary requirement rom tenants engaged in the energy, resources, and

proessional services sectors.

• REITs and institutional investors have accounted or most o the transactions involving

prime passive assets. Some o these investors also acquired secondary assets or

inclusion in unds with higher risk-return targets. Private investors were the key

buyers or secondary assets ofering the potential or improved returns through active

management.

• With an anticipated short term rise in vacancy, prospective rental growth will be limited

beore . By the end o , the prime vacancy rate is predicted to reach circa %.

• The interest rate outlook may involve a marginal tightening o cash rate in response

to rising inationary pressures. This will have an efect on the cost o capital and may

impact transaction activity and pricing, though the improvement in investor sentiment

is likely to provide some counterbalance.

mAjor trANsActioNs



Brisbane Transit Centre,

151-171 Roma Street

L Worley Parsons 88,700

12 Creek Street L BHP Billiton 57,700111 Eagle Street L Norton Rose 53,800

Riverside Centre,

123-141 Eagle Street

L Allens Arthur Robinson 50,600




AustrAliA

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F


0

100

200

300

400

500

600

700

R e n t a l s

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000


MELBOURNE OFFICE CAPITAL AND

RENTAL VALUES

2008 2009 2010 2011 F 2012 F

0

50,000

100,000

150,000

200,000

250,000

s q m

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%


MELBOURNE OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F


0

100

200

300

400

500

600

700

800

R e n t a l s

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


CANBERRA OFFICE CAPITAL AND RENTAL VALUES

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

s q m

2008 2009 2010 2011 F 2012 F


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%


CANBERRA OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

canBerra

• Leasing demand o Grade A oce in Canberra CBD was buoyant in Q .

• Local market conditions were strong, with positive employer sentiment and tenants

looking to upgrade to better quality premises during the period.

• No new supply will be delivered to the CBD during and this will create downward

pressure on vacancy levels.

• The recent sale o the AusAid Building with a yield at .% reected Grade A oce

yields remaining relatively steady over the period.

mAjor trANsActioNs



AusAid Building, Canberra CBD S Emboss 98,700

Pharmacy Guild House, Barton S Local private investor 69,200

121 Marcus Clarke Street L Military Super 5,800

121 Marcus Clarke Street L ARIA 15,400

121 Marcus Clarke Street L Australian National University 15,100

melBourne

• There are no new buildings due or delivery in . Overall vacancy rate o Grade Aoces is expected to bottom at approximately .% in January amid rising demand.

• It is likely that more projects will be announced during . However, these developments

will not be available until /. Against the current backdrop, Grade A oce rentals

are predicted to rise % in .

• Limited available space in central business districts, coupled with increasing rents, will

prompt tenants planning to decentralise to ringe or suburban districts.

• Low levels o new supply, strong demand rom tenants and positive rental growth are

likely to spark investor activity in the Melbourne CBD. This is likely to drive capital values

over the next three years.

mAjor trANsActioNs



Goods Shed South L Pearson 79,600

850 Collins Street L Aurecon 96,800

717 Bourke Street S REST 471,300

750 Collins Street S Commonwealth Property

Oce Fund

438,400

180 Lonsdale Street S Commonwealth Property

Oce Fund

433,000





AustrAliA

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

0

100

200

300

400

500

600

700

800

900

1,000

R e n t a l s

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000



PERTH OFFICE CAPITAL AND RENTAL VALUES

2008 2009 2010 2011 F 2012 F

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

s q m

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%



PERTH OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

R e n t a l s

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



SYDNEY OFFICE CAPITAL AND RENTAL VALUES

-100,000

-50,000

0

50,000

100,000

150,000

200,000

-6.0%

-3.0%

0.0%

3.0%

6.0%

9.0%

12.0%

2008 2009 2010 2011 F 2012 F



s q m

SYDNEY OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

perth

• The leasing market generally reverted to a landlord’s market, with rents rising and

incentives tightening in Q .

• Resource sector investment spending remained strong, leading to strong leasing enquiry

levels.

• Perth is now starting to gear up or the next growth phase ater strong demand growth

in . Demand will continue to strengthen over the next two years. With limited supply,

overall vacancy rate will continue to trend downwards.

• Amid the strong economic environment, investment sales activity picked up additional

momentum in Q ater a quiet period during and .

mAjor trANsActioNs



99 St Georges Terrace S Private Investor 66,300

182 St Georges Terrace S Standard Lie 57,500

sydney

• Efective oce rents edged up slowly since landlords started reducing incentive levelsamid the continued strengthening o demand during Q .

• Ongoing white-collar employment growth across Sydney as a result o corporate growth

underpinned the demand or oces during Q .

• The investment sales market has continued to show good levels o demand, with a

number o major transactions currently in due diligence.

• No new developments were completed in Q . The completion o Bligh Street,

comprising , sq m o premium quality oce space, will be coming onto the market

during the remainder o .

mAjor trANsActioNs



55 Clarence Street S Eureka Funds Management 164,171

310-320 Pitt Street S MacarthurCook Industrial

Fund

313,864

201 Elizabeth Street L Cambridge Integrated

Services

23,500

201 Elizabeth Street L Harper Collins 23,300

30-34 Grosvenor Street L McCannWorld group 44,700




New zeAlAND

1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F

Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)

0

100

200

300

400

500

600

R e n t a l s

0

1,000

2,000

3,000

4,000

5,000

6,000


AUCKLAND OFFICE CAPITAL AND

RENTAL VALUES

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

s q m


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2008 2009 2010 2011 F 2012 F


AUCKLAND OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)

R e n t a l s


1 Q 2

0 0 8

2 Q 2

0 0 8

3 Q 2

0 0 8

4 Q 2

0 0 8

1 Q 2

0 0 9

2 Q 2

0 0 9

3 Q 2

0 0 9

4 Q 2

0 0 9

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1 F

3 Q 2

0 1 1 F

4 Q 2

0 1 1 F

1 Q 2

0 1 2

F

2 Q 2

0 1 2

F

3 Q 2

0 1 2

F

4 Q 2

0 1 2

F0

100

200

300

400

500

600

0

1,000

2,000

3,000

4,000

5,000

6,000

WELLINGTON OFFICE CAPITAL AND

RENTAL VALUES

0

20,000

40,000

60,000

80,000

100,000

s q m

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%


2008 2009 2010 2011 F 2012 F


WELLINGTON OFFICE SUPPLY, TAKE-UP &

VACANCY RATE

auckland

• New leasing deals were reported at Queen Street and Queen Street in Auckland

City. This included the Serious Fraud Oce relocating to Queen Street on a twelve-

year term.

• Grade A oce vacancy is anticipated to edge down over the near term but the development

o new ASB headquarters on Wynyard Quarter is orecast to drive vacancy upwards in

the medium term.

• Investment activity remained weak in Q . However, both prime and secondary grade

oce yields were stable, at .% and .%, respectively.

• Looking ahead, Grade A oce rents are orecast to all urther by .% over the next

months, while capital values will decrease by .%.

mAjor trANsActioNs



360-370 Queen Street S Private Investor 35,500

AXA Building S Robt. Jones Investments 186,800

51-53 Albert Street S Soung Yueen & Co. Ltd 6,900

21 Queen Street L Serious Fraud Oce NZ 9,800

21 Queen Street L Willis 9,800

151 Queen Street L SAP 8,200

wellington

• Wellington CBD oce vacancy climbed rom .% in June to .% in December

. The upward trend in vacancy is expected to continue, as an additional % o

prime grade oce stock is expected to be completed in .

• Grade A oce rents and capital values saw a drop o .% and %, respectively, during

the -month period ending March . However, both indicators are expected to

stabilise in the next twelve months.

• Despite the weak investment activity, the market in Q was highlighted by the sale

o Westpac Tower by Wholesale Australian Property Fund to Donna Properties or NZ$

million. In general, prime and secondary oce yields were ranging rom .% to .%

as o Q .

mAjor trANsActioNs



Radio New Zealand House S Private Investor 2,900

Westpac Tower S Donna Properties 103,600

Radio New Zealand House L Land Inormation New Zealand 52,700

Majestic Centre L Training Rooms Wellington Ltd 6,800

Sovereign House L Open Cloud 5,500

141 The Terrace L Asia NZ Foundation 5,700





AustrAliAPrime oice reNtAl

Hong Kong

Tokyo

Singapore

Sydney

Perth

Brisbane

Mumbai

New Delhi

Ho Chi Minh City

Melbourne

Shanghai

Canberra

Beijing

Adelaide

Taipei

Kuala Lumpur

Wellington

Bangkok

Guangzhou

Seoul

Chengdu

Auckland

Jakarta

Manila

Chennai

Bengaluru

0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00

RENTALS (US$ / SQ FT / YEAR)

Note: Rental gure in each o the above centre is the average o the various key sub-markets outlined under the section o "Denitions and Terminology"



2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

BeijiNG

CBD ,, ,, , . . ,, ,, . .

Zhongguancun , , , . . ,, ,, . .

Financial Street , . . ,, ,, . .

Luthansa ,, ,, , . . ,, ,, . .

East Chang An Avenue , , . . ,, ,, . .

East nd Ring ,, , ,, . . ,, ,, . .

cHeNGDu

Renmin Road ,, ,, , ,, . . ,, ,, . .

CBD , , . . ,, ,, . .

Financial Street , , , . . , , . .

GuANGzHou

Yuexiu , , , . . ,, ,, . .Tianhe ,, ,, ,, ,, . . ,, ,, . .

Haizhu , , , , . . ,, ,, . .

sHANGHAi

Huangpu , , . . ,, ,, . .

Jingan ,, ,, , ,, . . ,, ,, . .

Lujiazui-Pudong ,, , ,, ,, . . ,, ,, . .

Zhuyuan-Pudong , , , , . . ,, ,, . .

Changning , , , , . . ,, ,, . .

Luwan , , . . ,, ,, . .

Xuhui , , , , . . ,, ,, . .

HoNG koNG

Central , , , . . ,, ,, . .

Wanchai , , , . . ,, ,, . .

HK Island East , , . . ,, ,, . .

Tsim Sha Tsui , , . . ,, ,, . .

Kowloon East , , , . . ,, ,, . .

tAiPei

CBD , , , . . ,, ,, . .

seoul

CBD ,, ,, , . . ,, ,, . .

KBD , , -,, . . ,, ,, . .YBD , ,, , ,, . . ,, ,, . .

tokyo

CBD ,, ,, N/A N/A . . N/A N/A . .

jAkArtA

CBD ,, ,, ,, ,, . . ,, ,, . .

Non-CBD ,, ,, ,, ,, . . ,, ,, . .

kuAlA lumPur

KLCA ,, ,, ,, , . . ,, ,, . .

mANilA

Makati , , , . . ,, ,, . .

Ortigas , , . . ,, ,, . .

c N spp ta-p Aag vaan ta s Aag rna

(q ) (q ) (%) (q ) (us$ / q / a)

P. 18 | colliers iNterNAtioNAl


treNDs & orecAsts



2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

siNGAPore

CBD ,, , ,, ,, . . ,, ,, . .

BANGkok

CBD ,, , , . . ,, ,, . .

Ho cHi miNH city

CBD , -, , . . ,, ,, . .

BeNGAluru (BANGAlore)

Overall ,, ,, N/A N/A . N/A ,, ,, . .

CBD , , N/A N/A N/A N/A N/A N/A . .

SBD , ,, N/A N/A N/A N/A N/A N/A . .

PBD ,, , N/A N/A N/A N/A N/A N/A . .

cHeNNAi

Overall ,, ,, N/A N/A . N/A N/A N/A . .

CBD ,, N/A N/A N/A N/A N/A N/A N/A . .

SBD ,, N/A N/A N/A N/A N/A N/A N/A . .

PBD ,, N/A N/A N/A N/A N/A N/A N/A . .

mumBAi

Overall ,, ,, N/A N/A . N/A ,, ,, . .

CBD , N/A N/A N/A N/A N/A N/A N/A . .

SBD ,, N/A N/A N/A N/A N/A N/A N/A . .

PBD , N/A N/A N/A N/A N/A N/A N/A . .

New DelHiOverall ,, ,, N/A N/A . N/A ,, ,, . .

CBD , N/A N/A N/A N/A N/A ,, ,, . .

SBD N/A N/A N/A N/A N/A ,, ,, . .

PBD ,, N/A N/A N/A N/A N/A ,, ,, . .

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)



treNDs & orecAsts




DeiNitioN AND termiNoloGy

GreAter cHiNA

Bng

Pm o m bj o o 6 u-m – cbD (c

bu D), luh, e 2d r, s, e cha au d Zhouu.

r quod rMb p q m p moh o o oo ,

d xu o mm d pod. cp u

quod o rMb p q m.

chngd

Pm o ud chdu my od 3 u-m,

rm rod, cbD d s.

r quod rMb p q m p moh o o oo ,

d xu o mm . cp u quod o rMb

p q m.

Gangh

Pm o ud guzhou od 3 pp u-m

– Hzhu, Yuxu d th.

r quod Us$ p q m p moh o o oo ,

d xu o y mm d om x. cp

u quod o Us$ p q m.

shangha

Pm o ud shh od 7 pp u-m

– Hupu, J, lujzu, Zhuyu, ch, lu d Xuhu.

r quod rMb p q m p dy o o oo , d

xu o y mm . cp u quod o rMb

p q m.

Hng kng

Pm o pop Ho ko od 5 u-m

– c, wh / cuy by, id e, tm sh tu d

kooo e.

r ommoy quod Hk$ p q p moh o h o,

o oo , hh xu o mm , d

om x. P quod Hk$ p q , d mu

o o oo .

tap

Pm o pop tp od 7 d, omp

n su ch (nk-sc), Mh tu H noh (Ms-tn), H Y,

w, tu H souh (tUn-s), J a H sh (Ja-Hs) d n

e rod (nk-4/5).

th o u o mum “p” (.. 3.3 q m). r d p

quod o uy .. n t Do (nt$) o o oo

.

NortH AsiA

s

Mjo o d sou ud h do u

(cbD), gm bu D (gbD) d Youdo bu D

(YbD).

r quod wo p pyu (o qu o 3.3 q m) p moh

o o oo . gy, dpo qu o 10 moh

qud, d uuy pd up o. Mm xudd

om quod . sp mud o o oo . cp

u quod wo p q m.

t

th quy o ud toyo od h u

(cbD) o x d my, chyod-u, chuo-u,

Mo-u, shjuu-u, shuy-u d sh-u.

r quod Y p uo (.. 3.3 q m) p moh,

hh u o h. O p mud o

oo . cp u quod Y p uo.

soutHeAst AsiA

jaaa

th quy o ud J od h cbD o

h d thm, sudm, go suoo, ru sd d M

ku. th oud h o d oy d

“o-cbD”.

r ommoy quod ruph p q m p moh, hh

u o h u xu o om x. O

p mud o oo . cp u quod

ruph p q m.

kaa lp

Pm o ud od h ku lumpu c a (klca)

oy. th klca omp y h h u

d.

r ommoy quod r My (rM) p q p moh

o oo , hh u o h d popy

x. cp u quod r p q .

mana

Pm o ud M od o pp u-m

– M d O.

r quod Po p q m p moh o oo ,

d xu o y mm . cp u quod Po

p q m.





DeiNitioN AND termiNoloGy

sngap

th quy o ud od h po od h c

bu D o spo.

r quod s$ p q p moh o oo (..

ommo uh odo, o, oy . u ud

oum), d u o h. cp u quod

o h o o -d ud, d o o-

-d dopm.

Bang

Pm o pop bo od d omp

som d sho od om nh rh,

rm iv om Phyh o rhdp, o rhdp om

rm iv o suhum d o suhum om ao o h ho o

Poh d h rm i o Phyh.

r quod bh p q m p moh o oo , d

u o h. cp u quod bh p q m.

H ch mnh c

th quy o ud Ho ch Mh cy od D

O - h u d h y.

r ommoy quod Us$ p q m p moh o oo

, d xu o mm d om x. cp

u quod o Us$ p q m.

iNDiA

Bnga (Banga)

Pm o pop buu ddd 3 pp u-

m – cbD (c bu D), sbD (suu/sody

bu D) o o bh rod & Ou r rod

d PbD (Pph bu D) ud PbD Hou rod, ePiP

Zo, eo cy d whd.

r ommoy quod rup p q p moh, hh uuy

xu o m h, p h d popy x.

O p ommoy mud o *up u up .

chnna

Pm o pop ch od 3 pp um–

cbD (c bu D), (suu/sody bu D)

d PbD (Pph bu D). sbD o o gudy d

vhy h PbD ud oh uh Od Mhpum

rod, amu d gst rod mo oh.

r ommoy quod rup p q p moh, hh uu y



mba

Pm o pop Mum pmy od cbD

(c bu D) – o o nm Po, od d bd

e; sbD (sody bu D) ud bd (w d

e), k, lo P d wo/Phd d PbD (Pph

bu D) ud n Mum, vh, Po, goo.

r ommoy quod rup p q p moh, hh uu y



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



AustrAlAsiA

Aaa

Pm o ud od h cbD d y oud yMnc.

r quod o oo , d a$ p q m p um

xud mm d om h. cp u

quod o a$ p q m.

N zaand

Pm o ud od h cbD.

r quod o oo , d nZ$ p q m p um

xud mm d om h. cp u

quod o nZ$ p q m.

* Super built-up area reers to the total **built-up area o a building plus a proportional allocation o all common areas including stairs, lit cores, ground oor lobby, and caretaker’s ofce/at throughout the building.

** Built-up area reers to the carpet area plus the thickness o external walls and area under columns.




greater china

Bng, chna502 to w3, O Pzno 1 e ch au,

Doh Dbj 100738t : 86 10 8518 1633x : 86 10 8518 1638Aanda GaM Do, noh [email protected]

chngd, chnaU 1504 Yod ldm1 rm souh rod so 2chdu 610016t : 86 28 8658 6288x : 86 28 8672 3226

ja tag M

[email protected]

Gangh, chna702 tm to,208 th rodguzhou 510620t : 86 20 3819 3888x : 86 20 3819 3899e laM [email protected]

shangha, chna16 Ho ko n wod to300 Huh Zho rodshh 200021t : 86 21 6141 3688x : 86 21 6141 3699lna wngM Do, e dsouh w [email protected]

Hng kng, HksAr5701 c Pz,

18 Hou rodwh, Ho Hocompy l no: c-006052t : 852 2828 9888x : 852 2828 9899rhad kM [email protected]

P Bnn (e-183614)ch exu O - [email protected]

tap, taan49 taiPei 101 tOwerno. 7 X Y rod s 5, tp 110t : 886 2 8101 2000x : 886 2 8101 2345

And lM [email protected]

north asia

s, sh ka10 ko toum Ozo bd.,10 D-do,Ju-u, sou 100-180t : 82 2 6740 2000x : 82 2 318 2015ja ynso Do & g M

[email protected]

t, japanHx bud3-16-26 roppoMo-u, toyo 106-0032 Jpt : 81 3 5563 2111x : 81 3 5563 2100ja nso M Do

[email protected]

south east asia

jaaa, indna10 wod td c,J Jd sudmk 29-31 J 12920t : 62 21 521 1400x : 62 21 521 1411m BM [email protected]

kaa lp, maaa/ ma lapad*

M Docopo souo | a Pt : 65 6531 8601x : 65 6557 [email protected]* bd spo

Research data provided by c H wa taha & wng sdn Bhd30-01, 30h ooM Mu-Pupo @ cpsqu8 J Muh aduhP O box 1215750100 ku lumpuMy

t : 603 2616 8888x : 603 2616 8899Url : hp://..om.my G jnM [email protected]

mana, Phppn10 to 2 rcbc Pz,ay au, M cyPhpp1226t : 63 2 888 9988

x : 63 2 845 2612Dad yngM [email protected]

sngap1 rf P#45-00 O rf Pspo 048616t : 65 6223 2323x : 65 6222 4901Dnn yM Dospo & idu s | a

[email protected]

Bang, thaand17/ Poh c2 suhum rodkooy, bo 10110t : 66 2 656 7000x : 66 2 656 7111Paa japaM [email protected]

H ch mnh c, vna

Ho ch Mh cy, vm7 bxo bud19-25 nuy Hu sD 1, Ho ch Mh cyt : 84 8 827 5665x : 84 8 827 5667P Dnnngg [email protected]

Han, vnavp - t tm bud,9h oo,39a no Quy s

Ho km D, Ho, vmt : 84 4 220 5888

84 4 220 5566x : 84 4 220 1133D l QanDpuy g [email protected]

h da, pa na:





india

Bnga, indaP g, l 2, U no.201/20236 Uoo rod, buu 560 042

t : 91 80 4079 5500x : 91 80 4112 3131Ga chaabO [email protected]

chnna, indaU 1c, 1 oo, H compx,23 spu rod, chp,ch 600 031t : 91 44 2836 1064x : 91 44 2836 1377kah rddO Do

[email protected]

Ggan, indag3, nbd bu c,thoPo, Dl go couM so rodso 54, guo 122 002t : 91 124 4375807x : 91 124 4375806saah chaaO [email protected]

kaa, indaru bu c co, l 6,ko 700017t : 91 33 4400 0541x : 91 33 4400 0555j vghM Do

[email protected]

mba, inda31-a, 3d oo, m c,68 tdo rodMum 400 034t : 91 22 4050 4500

x : 91 22 2351 4272Pna mahanO [email protected]

Gg mkasouh a DoO & id [email protected]

N Dh, inda204/205, 2d oo,khju bud,18 bhm rodn Dh 110 001

t : 91 11 4360 7500x : 91 11 2335 6624P PaO [email protected]

Pn, indav bu c, l-5c w, Phh th P-1,YdPu 411 006t : 91 20 4011 1356x : 91 20 6640 3138sh can

O [email protected]

australasia

Adad, Aaal 10, 99 g P,add sa 5000t : 61 8 8305 8888x : 61 8 8231 7712ja yngs ch exu

[email protected]

Bban, Aaal 20 c Pz O345 Qu sb QlD 4000t : 07 3229 1233x : 07 3120 4555sn Bns ch [email protected]

canba, Aaagoud oo, 21-23 Mu c s

c act 2601t : 61 2 6257 2121x : 61 2 6257 2937Pa Pds ch [email protected]

mbn, Aaal 32 367 co sMou vic 3000t : 61 3 9629 8888x : 61 3 9629 8549

jhn maas ch exu [email protected]

Ph, Aaal 19, 140 s go tPh wa 6000t : 61 8 9261 6666x : 61 8 9261 6665k. ian mhddns ch [email protected]

sdn, Aaal 12, goo P,225 go ssydy nsw 2000t : 61 2 9257 0222x : 61 2 9251 3297ma tns ch [email protected]

Aand, N zaandl 27, 151 Qu s, audt : 64 9 358 1888x : 64 9 358 1999

ma snnM [email protected]

wngn, N zaandl 10, 36 cuomhou Quywot : 64 4 473 4413x : 64 4 499 1550 (ay)

: 64 4 470 3902 (vuo)rhad ndaM [email protected]

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Asia Pacific Office Q1 2011 | Colliers International Thailand