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Global Office OccupancyCosts Survey Global | 2008 | 11th Edition

Investors, owners, occupiers and developersAn annual survey on office occupancy costs covering 137 business districts in 49 countries

Contents

Approach 1

Global Synopsis 1

Space Utilisation Standards 1

Global Ranking 4

Regional Synopsis 5

2008 Outlook 12

This report is intended as a general guide only. While utmost care has been taken in its preparation and we believe the contents are accurate as at print time, the report does not represent any investment advice. DTZ Debenham Tie Leung or persons involved in the preparation of this report do not give any warranty as to the contents nor accept any contractual, tortious or other forms of liability for any consquences, loss or damage which may arise resulting from any person acting on or using the statements, information or opinions contained in this report.

Market data have been sourced from DTZ.

All rights reserved. No part of this report may be reproduced or transmitted in any form by any person(s) without the permission of DTZ Debenham Tie Leung.

Edited and co-ordinated by Research & Corporate Affairs, DTZ Debenham Tie Leung (SEA) Pte Ltd© DTZ Debenham Tie Leung (SEA) Pte Ltd January 2008MICA (P) 072/09/2007

Cover Picture: IFC Building, Hong Kong, SAR

DTZ’s eleventh annual Global Office Occupancy Costs (GOOC) Survey 2008 is a guide to total occupancy costs across 137 business districts in 49 countries/territories worldwide. Latest additions include Abu Dhabi, Cairo, Liverpool, St Petersburg and Vancouver. Ranking is focused on a per workstation basis to better reflect the costs of accommodation. The increase in the number of locations covered in the report is owing to the increasing importance of emerging office markets. The large number of locations being covered in this survey is a reflection of DTZ’s worldwide network of offices.

ApproachSurvey based on total occupancy costs per workstation

This survey measures the total occupancy costs per workstation, which are based on total occupancy costs and space utilisation standards per workstation of different locations worldwide. Occupancy costs on a per workstation basis provides a better indication of costs to occupiers as it reflects the way organisations occupy and use space, as well as the cost of space on a unit-area basis.

Occupancy Costs are defined as the average total cost of leasing prime net usable space. This is defined as modern, well-specified office space of 10,000 sq ft (929 sq m) within a prime Central Business District location. They include rent and outgoings, such as maintenance costs and property tax, if these are normally payable by the occupier but exclude rent-free periods, fitting-out costs and other leasing incentives. Occupancy costs do not take into account the differences in leasing practices among markets.

Net usable area comprises space functional to the occupier and includes lift lobbies and pantries if the occupier has exclusive use over such spaces. The area occupied by partitions within the premises is considered part of net usable area as these are often a tenant option. Areas occupied by structural columns and other common areas (such as stairwells and vertical ducts) that are not used exclusively by the occupier are omitted.

Space Utilisation Standard is defined as the net usable area divided by the number of planned workstations for which the space is intended. It refers to the average amount of planned space taken per workstation. It does not change

significantly from year to year as it is closely correlated to long-established working cultures/styles, building design and nature of the office markets. Nevertheless, it does evolve over time, reflecting changing work styles and technology.

Global Synopsis Significant increase in occupancy costs due to robust demand

This latest survey reports strong occupier demand across all key global regions with Asia, Central & Eastern Europe and the Middle East leading the way despite fallout from the US sub-prime crisis. Economic recovery in some parts of Western Europe continued, albeit at a lower rate than in 2006, with differing growth patterns across the EU 27 and the Euro area.

The occupier markets in most cities held firm throughout most of the year, with business demand for office space outpacing supply. To a great extent, demand was underpinned by the rebalancing of the world economy away from its long-standing dependency on the US economy. Asia, Central & Eastern Europe and the Middle East have taken up the slack and this is translating into buoyant demand for office space, driving occupancy costs higher in the process.

The majority of key markets experienced rental growth, which in turn triggered significant speculative developments. For some projects currently under construction however, delay or postponement appears inevitable over the near term due to tighter lending conditions. In most such instances, this is expected to continue to add pressure to existing space and occupancy costs.

In markets where this strong demand took place against a backdrop of scarce quality office space, companies relocated to secondary business districts or business parks or in extreme cases sought temporary shelter within residential accommodations.

Overall, the US sub-prime crisis remains, at least for now, a capital markets story with little effect on the wider occupier demand for business space.

One of the principal features of this latest operational environment was the drive to reduce occupancy costs through aggressive negotiations of leasing terms or optimisation of space utilisation.

These and other trends are discussed at length in this latest edition of DTZ Global Occupancy Costs Survey.

Space Utilisation StandardsAverage space utilisation remained unchanged worldwide

Workers across the 137 business districts surveyed worldwide utilised an average 162 sq ft of working space. Regionally, with the highest space utilisation standard of 234 sq ft, workers in North America enjoyed more workspace than their counterparts in the other regions. Workers in Central & Eastern Europe utilised an average 128 sq ft of workspace after posting the largest increase of 4.9% YOY in space utilisation. This was followed by Middle East/Africa which gained 2% YOY in space utilisation to 160 sq ft. In Asia Pacific and Western Europe, the lack of available office space, especially those with larger floor plates, and soaring rents in some locations, prompted companies to reconfigure their office space to meet expansion needs. Hence Asia Pacific and Western Europe experienced a drop in space utilisation standards by 1% YOY and 2% YOY to 140 sq ft and 178 sq ft respectively.

Among the locations surveyed worldwide, Washington D.C had the highest space utilization standard of 275 sq ft partly due to large number of legal firms in the location where more space is typically required for areas like meeting rooms, private offices and libraries. Amsterdam, Rotterdam and The Hague had a substantial decline in space utilization standards from 210 sq ft in 2006 to 201 sq ft in 2007 caused by more efficient occupation norms and a trend in office occupancy towards combi-offices/open floors instead of office cells.

1

Space utilisation standards by region

North America

Western Europe

Middle East/Africa

Asia Pacific

Central & Eastern Europe

Central & South America

0 50 100 150 200 250

sq ft

234

178

160

140

133

128

Source: DTZ Research January 2008

Rank Rank Countries/ Locations Total Occupancy Cost YOY Total Occupancy Cost YOY 2008 2007 Territories per workstation pa Change per workstation pa Change

* New addition

1243865

209

227

18554811131021141924231215442865-

16265125-

306233673250394537342735415963424043492931475453-

85585756-

366664607396

123456789101112131415161718192021222324252627282930303233343536373839404042434444444747495051525354555657585960616263646566676869

UKHong Kong SARUKFranceJapanIrelandUSAUSAGermanyNorwayUSAIndiaSingaporeRussiaGermanyLuxembourgSwitzerlandUSASwitzerlandCanadaSwedenCanadaSouth KoreaQatarSpainFinlandUnited Arab EmiratesCanadaUSAUKIndiaGermanyUnited Arab EmiratesItalyUkraineGermanyUSAUKKuwaitUSAUSAGermanyNetherlandsUKUKAustraliaSpainCanadaUKAustraliaUSABelgiumUSAUSAItalyGreeceUSARussiaUSAChinese MainlandUSAUSAUKUSADenmarkAustriaUSANew ZealandSaudi Arabia

London (West End)Hong KongLondon (City)ParisTokyo (Central 5 Wards)DublinNew York City (Midtown)Palo Alto, CAFrankfurtOsloWashington D.C.MumbaiSingaporeMoscowMunichLuxembourgGenevaBostonZurichCalgaryStockholmTorontoSeoulDohaMadridHelsinkiDubaiVancouver*New York City (Downtown)EdinburghNew DelhiDusseldorfAbu Dhabi*MilanKyivHamburgSilicon Valley (San Jose, CA)BirminghamKuwait CityBoca RatonMiamiBerlinAmsterdamManchesterBristolSydneyBarcelonaOttawaGlasgowBrisbaneSan Francisco BrusselsSan DiegoEast Bay (Oakland, CA)RomeAthensPhiladelphiaSt Petersburg*SeattleShanghai (Pudong)McLean, Va (Tysons Corner)ChicagoLiverpool*Las VegasCopenhagenViennaOrange County (CA)AucklandRiyadh

31,16027,54020,69020,43018,43018,13017,01016,87016,83016,74016,50016,33016,22016,20015,15014,88014,67014,22013,97013,90012,96012,72012,47012,46012,44012,41012,22012,10012,06011,39011,39011,26011,24011,09011,01010,53010,35010,23010,11010,00010,0009,9709,7809,7709,7709,7709,6809,6809,5409,5309,4909,3609,1008,8808,8208,7508,5908,4908,4408,3608,3308,3008,2708,2508,1408,0007,9907,9507,940

23,26021,68017,69017,77015,95015,81016,40011,25013,41010,68014,58011,4007,8608,300

12,68012,46013,07010,90012,40011,30010,25010,34012,47012,3708,5309,9807,0308,810

12,31010,0008,150

10,1808,9909,6407,3509,1406,7509,2508,2208,7508,5008,8309,0909,9909,0208,6207,6107,1608,5708,7308,5508,2509,9009,4008,3507,9107,9607,8005,6507,6307,6507,7906,9409,0006,8007,0707,4306,0905,200

34.0%27.0%17.0%15.0%15.5%14.7%3.7%

50.0%25.5%56.7%13.2%43.2%

106.4%95.2%19.5%19.4%12.2%30.5%12.7%23.0%26.4%23.0%0.0%0.7%

45.8%24.3%73.8%37.3%-2.0%13.9%39.8%10.6%25.0%15.0%49.8%15.2%53.3%10.6%23.0%14.3%17.6%12.9%7.6%-2.2%8.3%

13.3%27.2%35.2%11.3%9.2%

11.0%13.5%-8.1%-5.5%5.6%

10.6%7.9%8.8%

49.4%9.6%8.9%6.5%

19.2%-8.3%19.7%13.2%7.5%

30.5%52.7%

(USD) (%) (EUR) (%)

2008 2007 2008 2007 21,12018,66014,02013,84012,52012,29011,52011,43011,40011,33011,18011,06010,99010,98010,27010,0809,9509,6409,4609,4008,7708,6208,4708,4508,4308,4008,2808,1908,1707,7207,7207,6307,6107,5207,4707,1507,0106,9306,8506,7806,7706,7706,6406,6206,6206,6306,5606,5506,4606,4606,4306,3506,1606,0205,9705,9405,8105,7605,7205,6705,6405,6305,6105,5905,5105,4205,4105,3705,380

17,47016,28013,29013,35012,00011,88012,3208,450

10,0808,020

10,9408,5605,9006,2309,5209,3609,8208,1909,3208,4907,6907,7709,3809,2806,3907,5005,2806,6209,2507,5006,1207,6306,7507,2405,5206,8605,0706,9406,1706,5706,3806,6406,8307,5106,7706,4805,7105,3806,4406,5506,4206,2107,4307,0606,2605,9405,9905,8604,2405,7305,7505,8505,2206,7605,1105,3105,5804,5803,900

20.9%14.6%5.5%3.7%4.3%3.5%-6.5%35.3%13.1%41.3%2.2%29.2%86.3%76.2%7.9%7.7%1.3%17.7%1.5%10.7%14.0%10.9%-9.7%-8.9%31.9%12.0%56.8%23.7%-11.7%2.9%26.1%0.0%12.7%3.9%35.3%4.2%38.3%-0.1%11.0%3.2%6.1%2.0%-2.8%-11.9%-2.2%2.3%14.9%21.7%0.3%-1.4%0.2%2.3%

-17.1%-14.7%-4.6%0.0%-3.0%-1.7%34.9%-1.0%-1.9%-3.8%7.5%

-17.3%7.8%2.1%-3.0%17.2%37.9%


2

Rank Rank Countries/ Locations Total Occupancy Cost YOY Total Occupancy Cost YOY 2008 2007 Territories per workstation pa Change per workstation pa Change

* New addition Source: DTZ Research January 2008

6881777169467998758872838752

105101737782

10970

107100858084

1109095936192

11191

10299

11310311588-

949776

117108103112120105111122118121116114132126124123128130125129127131134133

707172737475757778798080828384858687888990919193939596979899100101102103103105106106108109110111112113114115116117117119120121122123124125126127128129130131132133134135136137

(USD) (%) (EUR) (%)

2008 2007 2008 2007 Chinese MainlandBrazilUSAAustraliaUSAUSAUSABrazilCanadaUSAFranceAustraliaUSAUSATurkeyUSATaiwanUSANetherlandsVietnamUSAMexicoNew ZealandUSAChinese MainlandFrancePolandUSAAustraliaNetherlandsUSAUSARomaniaUSAUSAUSABahrainAustraliaVietnamUSAEgyptUSAUSAPortugalIndiaCzech RepublicUSABelgiumChinese MainlandUSAHungarySaudi ArabiaNew ZealandMexicoChinese MainlandUSAPhilippinesMexicoSouth AfricaIndiaMexicoChinese MainlandMalaysiaThailandChinese MainlandIndonesiaPhilippinesIndonesia

Shanghai (Puxi)Sao PauloHoustonPerthNorthern New JerseyAtlantaBethesdaRio de JaneiroMontrealAustinLyonCanberraDenverLos AngelesIstanbulDetroitTaipeiMinneapolisThe HagueHo Chi Minh CityMemphisMexico CityWellingtonPortlandBeijingMarseilleWarsawColumbusMelbourneRotterdamTallahasseePhoenixBucharestTampaRaleigh/DurhamOrlandoBahrainAdelaideHanoiBaltimoreCairo*Dallas/Fort WorthCharlotteLisbonBangalorePragueSan AntonioAntwerpShenzhenClevelandBudapestJeddahChristchurchCancunGuangzhouCincinnatiManila (Makati)MonterreyJohannesburg ChennaiGuadalajaraDalianKuala LumpurBangkokTianjinJakartaManila (Ortigas)Surabaya

7,7207,6607,6507,6007,3806,7506,7506,7406,6506,6306,6106,6106,5306,4806,4706,4406,4206,3906,3406,3106,2506,2206,2206,0806,0806,0306,0206,0005,8905,8005,7605,7105,6505,5805,5805,5405,4905,4905,4005,3705,3605,3205,1805,1005,0305,0004,8304,8204,8204,6604,5704,4104,3004,2504,2303,9803,9103,7803,7703,5703,4203,4103,1202,8402,8302,1701,6701,550

6,6105,7605,9606,1706,3808,4505,8505,0206,0105,5506,1105,6805,5607,9804,5004,8706,0905,9605,7104,3206,2504,4904,8805,6505,8305,6704,3105,4705,2205,3307,3805,4003,5205,4504,8504,9604,1804,6304,0805,5504,1505,3205,1105,9903,6804,4004,6304,2003,3604,5004,2203,3103,5703,3203,8304,0901,9202,7002,9403,1602,4402,5302,7902,4002,5402,0301,3101,530

16.8%33.0%28.4%23.2%15.7%-20.1%15.4%34.3%10.6%19.5%8.2%

16.4%17.4%-18.8%43.8%32.2%5.4%7.2%

11.0%46.1%0.0%

38.5%27.5%7.6%4.3%6.3%

39.7%9.7%

12.8%8.8%

-22.0%5.7%

60.5%2.4%

15.1%11.7%31.3%18.6%32.4%-3.2%29.2%0.0%1.4%

-14.9%36.7%13.6%4.3%

14.8%43.5%3.6%8.3%

33.2%20.4%28.0%10.4%-2.7%

103.6%40.0%28.2%13.0%40.2%34.8%11.8%18.3%11.4%6.9%

27.5%1.3%

5,2305,1905,1805,1505,0004,5704,5704,5704,5004,4904,4804,4704,4304,3904,3904,3604,3604,3304,3004,2704,2404,2104,2204,1104,1204,0804,0804,0703,9903,9303,8903,8703,8303,7703,7703,7503,7103,7203,6603,6303,6403,6003,5203,4603,4203,3803,2603,2603,2603,1603,1002,9902,9202,8802,8702,7002,6502,5602,5502,4302,3202,3102,1201,9301,9201,4701,1301,050

4,9604,7904,4804,6304,7906,3504,3904,1804,5204,1604,5904,2704,1805,9903,3803,6504,5804,4804,2903,2404,6903,3803,6704,2504,3804,2503,2404,1103,9104,0005,5404,0602,6404,0903,6403,7003,1403,4703,0604,1703,1203,9903,8304,5002,7503,3103,4703,1502,5303,3703,1702,4802,6802,4902,8803,0701,4402,0302,2002,3701,8301,9002,1001,8101,9101,530980

1,140

5.4%8.4%15.6%11.2%4.4%

-28.0%4.1%9.3%-0.4%7.9%-2.4%4.7%6.0%

-26.7%29.9%19.5%-4.8%-3.3%0.2%31.8%-9.6%24.6%15.0%-3.3%-5.9%-4.0%25.9%-1.0%2.0%-1.8%-29.8%-4.7%45.1%-7.8%3.6%1.4%18.2%7.2%19.6%-12.9%16.7%-9.8%-8.1%-23.1%24.4%2.1%-6.1%3.5%28.9%-6.2%-2.2%20.6%9.0%15.7%-0.3%-12.1%84.0%26.1%15.9%2.5%26.8%21.6%1.0%6.6%0.5%-3.9%15.3%-7.9%

3

4

Global Ranking London and Hong Kong topped the ranking as the most expensive locations

London (West End) continued to top the rank as the most expensive location globally after regis-tering the highest occupancy cost of USD 31,160 per workstation pa. Hong Kong followed in second position at USD 27,540 per workstation pa with London (City) at third position with oc-cupancy cost of USD 20,690 per workstation pa. Paris slipped a place to fourth most expensive location at USD 20,430 per workstation pa while Tokyo (Central 5 Wards) gained three notches to fifth position at USD 18,430 per workstation pa.

Both Dublin (USD 18,130 per workstation pa) and Frankfurt (USD 16,830 per workstation pa) maintained their ranks at sixth and ninth posi-tions respectively while New York City (Midtown) slipped from its previous fifth position to seventh position after posting a modest gain of 4% YOY at USD 17,010 per workstation pa. Notably locations in Western Europe dominated the top ten most expensive office locations globally with Hong Kong and Tokyo (Central 5 Wards) being the only two cities in Asia Pacific to make the list. New additions to the top ten include Palo Alto, CA and Oslo. Both locations gained 12 places to eighth and tenth positions respectively.

Although the top ten least expensive locations were mainly in Asia Pacific, many of them had registered a double-digit YOY increase in oc-cupancy cost per workstation pa supported by economic growth in the region. Surabaya at USD 1,550 per workstation per pa, replaced Manila (Ortigas) where average cost was USD 1,670 per workstation pa, as the least expensive location. Occupancy cost of prime office space in the Central Business District (CBD) of Manila (Makati) jumped six places to 126th position after record-ing a high YOY increase of 104% at USD 3,910 per workstation pa. The escalating occupancy costs in Manila were fuelled by a scarcity of prime office supply and strong demand from Busi-ness Process Outsourcing companies and call centres.

* New additionSource: DTZ Research January 2008

Global office occupancy costs by location

31,160

32,00029,00026,00023,00020,00017,00014,00011,0008,0005,0002,0000

27,54020,690

20,43018,430

18,13017,01016,87016,83016,740

16,50016,33016,22016,200

15,15014,880

14,67014,220

13,97013,900

12,96012,720

12,47012,46012,44012,410

12,22012,10012,060

11,39011,390

11,26011,240

11,09011,010

10,53010,350

10,23010,11010,00010,0009,970

9,7809,7709,7709,7709,6809,680

9,5409,5309,490

9,3609,100

8,8808,8208,750

8,5908,4908,4408,3608,3308,3008,2708,2508,140

8,0007,9907,9507,940

7,7207,6607,6507,600

7,3806,750

6,7406,750

6,6506,6306,6106,6106,5306,4806,4706,4406,4206,3906,3406,3106,2506,2206,220

6,0806,0806,0306,0206,0005,8905,8005,7605,7105,6505,5805,580

5,370

5,5405,4905,4905,400

5,3605,320

5,1805,1005,0305,000

4,8304,8204,820

4,6604,570

4,4104,3004,2504,230

3,9803,9103,7803,770

3,5703,4203,410

3,1202,8402,830

2,1701,670

1,550

London (West End)Hong Kong

London (City)Paris

Tokyo (Central 5 Wards)Dublin

New York City (Midtown)Palo Alto, CA

FrankfurtOslo

Washington D.C.Mumbai

SingaporeMoscowMunich

LuxembourgGenevaBostonZurich

CalgaryStockholm

TorontoSeoulDoha

MadridHelsinki

DubaiVancouver*

New York City (Downtown)EdinburghNew DelhiDusseldorf

Abu Dhabi*MilanKyiv

HamburgSilicon Valley (San Jose, CA)

BirminghamKuwait CityBoca Raton

MiamiBerlin

AmsterdamManchester

BristolSydney

BarcelonaOttawa

GlasgowBrisbane

San FranciscoBrussels

San DiegoEast Bay (Oakland, CA)

RomeAthens

PhiladelphiaSt Petersburg*

SeattleShanghai (Pudong)

McLean, Va (Tysons Corner)Chicago

Liverpool*Las Vegas

CopenhagenVienna

Orange County (CA)Auckland

RiyadhShanghai (Puxi)

Sao PauloHouston

PerthNorthern New Jersey

AtlantaBethesda

Rio de JaneiroMontreal

AustinLyon

CanberraDenver

Los AngelesIstanbulDetroitTaipei

MinneapolisThe Hague

Ho Chi Minh CityMemphis

Mexico CityWellington

PortlandBeijing

MarseilleWarsaw

ColumbusMelbourneRotterdam

TallahasseePhoenix

BucharestTampa

Raleigh/DurhamOrlandoBahrain

AdelaideHanoi

BaltimoreCairo*

Dallas/Fort WorthCharlotte

LisbonBangalore

PragueSan Antonio

AntwerpShenzhenClevelandBudapest

JeddahChristchurch

CancunGuangzhou

CincinnatiManila (Makati)

MonterreyJohannesburg

ChennaiGuadalajara

DalianKuala Lumpur

BangkokTianjin

JakartaManila (Ortigas)

Surabaya

North America

Western Europe

Middle East/Africa

Asia Pacific



USD per workstation per annum

Regional Synopsis

Western Europe once again the most expensive region globally

Buoyant office market conditions were experienced across most regions as occupancy costs were fuelled by a dearth of available supply and high demand from burgeoning businesses expanding in the regions. Upward trend in locally quoted total office occupancy costs per workstation were experienced in most locations in Asia Pacific, Western Europe, Central & Eastern Europe, North America and Middle East/Africa while 21% of North American markets experienced decreased occupancy costs.

The top five locations with the highest annual growth in occupancy costs per workstation (locally quoted) were Moscow (95%), Singapore (93%), Dubai (74%), Manila (Makati) (73%) and Silicon Valley (San Jose, CA) (53%). On the other hand, Lisbon (-24%), Tallahassee (-22%), Atlanta (-20%), Los Angeles (-19%) and Las Vegas (-8%) experienced the largest decline in occupancy costs.

Among the six regions, Western Europe was once again the most expensive region at USD 11,650 per workstation pa with a premium of 39% over North America, the next most expensive region at USD 8,360 per workstation pa due in part to the strength of the euro and sterling against the US dollar. Overall, occupancy costs for all six regions increased with Central & Eastern Europe registering the highest growth of 43% YOY to USD 7,930 per workstation pa.

Asia Pacific Imbalance between supply and demand escalated occupancy costs

Cities in Asia Pacific enjoyed a buoyant office market in 2007. Favourable economic conditions and robust growth of the financial markets were the key drivers underpinning the strong demand across major cities. Rising demand and a lack of available prime office space in the CBD, caused by slowdown in construction starts during the economic slowdown in the early 2000s, drove occupancy costs up with some locations breaching historic records. The rapid increases in occupancy costs of CBD office space encouraged some large occupiers to seek lower-cost alternatives outside the CBD. Such shifts in demand were observed in locations such as Hong Kong and Singapore.

For the third consecutive year, Hong Kong held the top position as the most expensive location in Asia Pacific while Tokyo (Central 5 Wards) maintained second position at USD 18,430 per workstation pa. Occupancy cost in Hong

Kong escalated 27% YOY to USD 27,540 per workstation pa amid a supply crunch and high demand from a buoyant Finance, Insurance, Real Estate and Business sector. The situation was mirrored in Singapore which jumped five places to fourth position after Mumbai. Occupancy cost in Singapore surged to USD 16,220 per workstation pa, more than double the occupancy cost recorded a year ago. With no significant new office supply till 2010 and depletion of office stock in the CBD as several office buildings underwent redevelopment/upgrading, occupancy cost is expected to rise further.

Similar exuberant office market conditions were observed among the Indian cities which witnessed strong growth in occupancy costs per workstation in 2007. Mumbai had the largest increase of 43.2% YOY to USD 16,330 per workstation pa followed by New Delhi at sixth position, with an increase of 39.8% YOY to USD 11,390 per workstation pa. Active leasing market driven predominantly by Information Technology Enabled Services (ITES) sectors pushed occupancy cost up in Bangalore where commercial space in Special Economic Zones (SEZ) are emerging as increasingly attractive alternative premises for corporate firms.

Sydney maintained its position as the seventh most expensive location in Asia Pacific. Supported by economic growth, demand increased leading to an upward trend in occupancy cost to USD 9,770 per workstation pa. Lease structures are expected to change with declining incentives and a slight lengthening of lease terms as office supply continues to contract and pre-commitment becomes aggressive.

5

Total office occupancy costs by region

North America

Western Europe

Middle East/Africa

Asia Pacific



0 2,000 4,000 6,000 8,000 10,000 12,000


11,650

8,360

8,110

7,930

7,430

5,350

North America

Western Europe

Middle East/Africa

Asia Pacific


-40% -20% 0 20% 80% 100% 120%

95%

40% 60%

93%

74%

73%

53%

-8%

-19%

-20%

-22%

-24%

Moscow

Singapore

Dubai

Manila (Makati)

Silicon Valley

(San Jose, CA)

Las Vegas

Los Angeles

Atlanta

Tallahassee

Lisbon

Annual change in office occupancy costs per workstation (locally quoted)


Total office occupancy costs - Asia Pacific

Hong KongTokyo

(Central 5 Wards)

Mumbai

Singapore

Seoul

New Delhi

Sydney

Brisbane

Shanghai (Pudong)

Auckland

Shanghai (Puxi)

Perth

Canberra

Taipei

Ho Chi Minh City

Wellington

Beijing

Melbourne

Adelaide

Hanoi

Bangalore

Shenzhen

Christchurch

Guangzhou

Manila (Makati)

Chennai

Dalian

Kuala Lumpur

Bangkok

Tianjin

Jakarta

Manila (Ortigas)

Surabaya

0 4,000 8,000 16,00012,000


20,000 24,000 28,000

27,540

18,430

16,330

16,220

12,470

11,390

9,770

9,530

8,360

7,950

7,720

7,600

6,610

6,420

6,310

6,220

6,080

5,890

5,490

5,400

5,030

4,820

4,300

4,230

3,910

3,570

3,410

3,120

2,840

2,830

2,170

1,670

1,550

Regional Synopsis

Western Europe once again the most expensive region globally

Buoyant office market conditions were experienced across most regions as occupancy costs were fuelled by a dearth of available supply and high demand from burgeoning businesses expanding in the regions. Upward trend in locally quoted total office occupancy costs per workstation were experienced in most locations in Asia Pacific, Western Europe, Central & Eastern Europe, North America and Middle East/Africa while 21% of North American markets experienced decreased occupancy costs.

The top five locations with the highest annual growth in occupancy costs per workstation (locally quoted) were Moscow (95%), Singapore (93%), Dubai (74%), Manila (Makati) (73%) and Silicon Valley (San Jose, CA) (53%). On the other hand, Lisbon (-24%), Tallahassee (-22%), Atlanta (-20%), Los Angeles (-19%) and Las Vegas (-8%) experienced the largest decline in occupancy costs.

Among the six regions, Western Europe was once again the most expensive region at USD 11,650 per workstation pa with a premium of 39% over North America, the next most expensive region at USD 8,360 per workstation pa due in part to the strength of the euro and sterling against the US dollar. Overall, occupancy costs for all six regions increased with Central & Eastern Europe registering the highest growth of 43% YOY to USD 7,930 per workstation pa.

Asia Pacific Imbalance between supply and demand escalated occupancy costs

Cities in Asia Pacific enjoyed a buoyant office market in 2007. Favourable economic conditions and robust growth of the financial markets were the key drivers underpinning the strong demand across major cities. Rising demand and a lack of available prime office space in the CBD, caused by slowdown in construction starts during the economic slowdown in the early 2000s, drove occupancy costs up with some locations breaching historic records. The rapid increases in occupancy costs of CBD office space encouraged some large occupiers to seek lower-cost alternatives outside the CBD. Such shifts in demand were observed in locations such as Hong Kong and Singapore.

For the third consecutive year, Hong Kong held the top position as the most expensive location in Asia Pacific while Tokyo (Central 5 Wards) maintained second position at USD 18,430 per workstation pa. Occupancy cost in Hong

Kong escalated 27% YOY to USD 27,540 per workstation pa amid a supply crunch and high demand from a buoyant Finance, Insurance, Real Estate and Business sector. The situation was mirrored in Singapore which jumped five places to fourth position after Mumbai. Occupancy cost in Singapore surged to USD 16,220 per workstation pa, more than double the occupancy cost recorded a year ago. With no significant new office supply till 2010 and depletion of office stock in the CBD as several office buildings underwent redevelopment/upgrading, occupancy cost is expected to rise further.

Similar exuberant office market conditions were observed among the Indian cities which witnessed strong growth in occupancy costs per workstation in 2007. Mumbai had the largest increase of 43.2% YOY to USD 16,330 per workstation pa followed by New Delhi at sixth position, with an increase of 39.8% YOY to USD 11,390 per workstation pa. Active leasing market driven predominantly by Information Technology Enabled Services (ITES) sectors pushed occupancy cost up in Bangalore where commercial space in Special Economic Zones (SEZ) are emerging as increasingly attractive alternative premises for corporate firms.

Sydney maintained its position as the seventh most expensive location in Asia Pacific. Supported by economic growth, demand increased leading to an upward trend in occupancy cost to USD 9,770 per workstation pa. Lease structures are expected to change with declining incentives and a slight lengthening of lease terms as office supply continues to contract and pre-commitment becomes aggressive.

5

Total office occupancy costs by region

North America

Western Europe

Middle East/Africa

Asia Pacific



0 2,000 4,000 6,000 8,000 10,000 12,000


11,650

8,360

8,110

7,930

7,430

5,350

North America

Western Europe

Middle East/Africa

Asia Pacific


-40% -20% 0 20% 80% 100% 120%

95%

40% 60%

93%

74%

73%

53%

-8%

-19%

-20%

-22%

-24%

Moscow

Singapore

Dubai

Manila (Makati)

Silicon Valley

(San Jose, CA)

Las Vegas

Los Angeles

Atlanta

Tallahassee

Lisbon

Annual change in office occupancy costs per workstation (locally quoted)


Total office occupancy costs - Asia Pacific

Hong KongTokyo

(Central 5 Wards)

Mumbai

Singapore

Seoul

New Delhi

Sydney

Brisbane

Shanghai (Pudong)

Auckland

Shanghai (Puxi)

Perth

Canberra

Taipei

Ho Chi Minh City

Wellington

Beijing

Melbourne

Adelaide

Hanoi

Bangalore

Shenzhen

Christchurch

Guangzhou

Manila (Makati)

Chennai

Dalian

Kuala Lumpur

Bangkok

Tianjin

Jakarta

Manila (Ortigas)

Surabaya

0 4,000 8,000 16,00012,000


20,000 24,000 28,000

27,540

18,430

16,330

16,220

12,470

11,390

9,770

9,530

8,360

7,950

7,720

7,600

6,610

6,420

6,310

6,220

6,080

5,890

5,490

5,400

5,030

4,820

4,300

4,230

3,910

3,570

3,410

3,120

2,840

2,830

2,170

1,670

1,550

6

Western EuropeSustained demand continued to drive occupancy costs up

The top five most expensive locations in Western Europe remained similar to 2006. London (West End) retained its pole position as the most costly location in Western Europe for the fourth consecutive year while London (City) climbed a notch to second position. Meanwhile Paris slipped a place to third position whilst Dublin and Frankfurt maintained fourth and fifth position respectively. Notwithstanding, occupancy cost for Paris grew 15% YOY from USD 17,770 per workstation pa a year ago to USD 20,430 per workstation pa in 2007.

Among the locations in Western Europe, prime office market in Oslo had been the fastest growing in 2007. Backed by strong financial performance among shipping companies, brokerage firms, law firms and consultancy firms which formed the bulk of demand for office space in the CBD, occupancy cost in Oslo rose 56.7% to USD 16,740 per workstation per pa.

Similar market conditions in Madrid and Barcelona caused occupancy costs to grow to USD 12,440 and USD 9,680 per workstation pa respectively. Pre-commitments of space were more prevalent than a few years ago as prospective occupiers seek to secure quality premises. Occupancy costs had risen across all sub-markets in the CBD and the rest of the district including the periphery and outskirts.

Central & Eastern Europe Strong growth in cost with Moscow in the lead

Moscow and Kyiv were again ranked the two most expensive locations in Central & Eastern Europe with a cost gap of USD 5,190 per workstation pa between them, a substantial increase from the USD 950 per workstation pa in 2006. Occupancy cost in Moscow surged by 95.2% YOY to USD 16,200 per workstation pa. Due to Moscow’s policy of office decentralization where the authorities limit new office construction in the Central Administrative District, office supply in the district continued to diminish. In 2007, new office completions in the CBD was estimated to amount to only 20% of the entire new office stock in Moscow and this is expected to fall to 15% in 2008 due partly to the lack of available land plots in the city centre. As such, the desire for spacious quality spaces from burgeoning businesses in the telecommunications, IT, financial, business and energy sectors are likely to drive occupancy costs of prime office premises in Moscow.

Market activity in Prague was fairly stable compared to other locations in Central & Eastern Europe. As such it slipped three places to seventh position. Led by steady pace of leasing activity, office occupancy in Prague increased gradually. Occupancy cost (locally quoted) remained stable although it posted an increase to USD 5,000 per workstation pa due to the stronger Euro.

London (West End)

London (City)

Paris

Dublin

Frankfurt

Oslo

Munich

Luxembourg

Geneva

Zurich

Stockholm

Madrid

Helsinki

Edinburgh

Dusseldorf

Milan

Hamburg

Birmingham

Berlin

Amsterdam

Manchester

Bristol

Barcelona

Glasgow

Brussels

Rome

Athens

Liverpool*

Copenhagen

Vienna

Lyon

The Hague

Marseille

Rotterdam

Lisbon

Antwerp

Total office occupancy costs - Western Europe

20,430

18,130

16,830

16,740

14,670

13,970

11,390

11,260

11,090

10,530

10,230

9,780

9,770

9,770

9,680

9,540

9,360

8,820

8,750

8,270

8,140

8,000

6,610

6,340

6,030

5,800

5,100

4,820

0 10,000


20,000 25,0005,000 15,000 30,000 35,000

9,970

12,410

12,440

12,960

14,880

15,150

20,690

31,160


Moscow

Kyiv

St Petersburg*

Istanbul

Warsaw

Bucharest

Prague

Budapest


9,0007,500 13,500 15,000 16,50012,00010,5006,0004,5003,0000

8,490

6,470

6,020

5,650

5,000

4,570

11,010

16,200

Total office occupancy costs - Central & Eastern Europe

1,500


7

North America

Growth in occupancy cost remained strong in US despite a slowdown in economy

The late resurgence of export-led sectors and growth in non-housing businesses increased tenant demand for business space in North America despite the sub-prime-induced credit crunch and slowdown in the US economy led by the housing industry. This strong occupier activity significantly reduced the amount of space available and pushed up rents in cities with lowest vacancy rates. For instance, Silicon Valley (San Jose, CA) registered a 53% YOY increase in occupancy cost to USD 10,350 per workstation pa.

New York City (Midtown) continued to top regional rankings as the most expensive office location in North America at USD 17,010 per workstation pa. Palo Alto and Washington D.C. followed closely in second and third positions, with occupancy costs of USD 16,870 and USD 16,500 per workstation pa respectively.

Occupancy costs in Canada increased markedly largely driven by strong demand in the commodity and energy markets. Amongst all Canadian locations, Vancouver recorded the highest YOY increase of 37.3% to USD 12,100 per workstation pa. However, Calgary remained the most expensive office location in Canada and ranked fifth overall in North America at USD 13,900 per workstation pa.

Central & South America Steady tenant demand for office space and sharp decline in availability led to higher occupancy costs

New York City (Midtown)

Palo Alto, CA

Washington D.C.

Boston

Calgary

Toronto

Vancouver*

New York City (Downtown)

Silicon Valley (San Jose, CA)

Miami

Boca Raton

Ottawa

San Francisco

San Diego

East Bay (Oakland, CA)

Philadelphia

Seattle

McLean, Va (Tysons Corner)

Chicago

Las Vegas

Orange County (CA)

Houston

Northern New Jersey

Bethesda

Atlanta

Montreal

Austin

Denver

Los Angeles

Detroit

Minneapolis

Memphis

Portland

Columbus

Tallahassee

Phoenix

Tampa

Raleigh/Durham

Orlando

Baltimore

Dallas/Fort Worth

Charlotte

San Antonio

Cleveland

Cincinnati

Total office occupancy costs - North America

16,870

14,220

12,720

12,100

10,000

7,380

6,750

9,490

9,680

10,350

12,060

17,010

0 6,000


20,000 22,0002,000 18,0004,000 16,00014,00012,00010,0008,000

16,500

10,000

9,100

8,880

8,590

8,440

8,330

8,300

8,250

7,990

7,650

6,750

6,650

6,630

6,530

6,480

6,440

6,390

6,250

6,080

6,000

5,760

5,710

5,580

5,580

5,540

5,370

5,320

5,180

4,830

4,660

3,980

13,900

0 3,000


1,000 2,000 4,000 7,0005,000 6,000 9,0008,000

Sao Paulo

Rio de Janeiro

Mexico City

Cancun

Monterrey

Guadalajara

7,660

6,740

6,220

4,250

3,780

3,420

Total office occupancy costs - Central & South America

Steady tenant demand for office space and sharp declines in available space led to strong rental increase across the board. The steady occupier activity recorded in 2007 did not alter 2008 rankings. Although broad-based tenant demand for office space across key markets in the region increased markedly leading to sharp declines in availability, Sao Paulo and Rio de Janeiro remained the two costliest cities at USD 7,660 and USD 6,740 per workstation pa respectively. Similarly, the significant decline of availability in Mexico City led to 38.5% YOY increase in occupancy costs to USD 6,220 per workstation pa.


7

North America

Growth in occupancy cost remained strong in US despite a slowdown in economy

The late resurgence of export-led sectors and growth in non-housing businesses increased tenant demand for business space in North America despite the sub-prime-induced credit crunch and slowdown in the US economy led by the housing industry. This strong occupier activity significantly reduced the amount of space available and pushed up rents in cities with lowest vacancy rates. For instance, Silicon Valley (San Jose, CA) registered a 53% YOY increase in occupancy cost to USD 10,350 per workstation pa.

New York City (Midtown) continued to top regional rankings as the most expensive office location in North America at USD 17,010 per workstation pa. Palo Alto and Washington D.C. followed closely in second and third positions, with occupancy costs of USD 16,870 and USD 16,500 per workstation pa respectively.

Occupancy costs in Canada increased markedly largely driven by strong demand in the commodity and energy markets. Amongst all Canadian locations, Vancouver recorded the highest YOY increase of 37.3% to USD 12,100 per workstation pa. However, Calgary remained the most expensive office location in Canada and ranked fifth overall in North America at USD 13,900 per workstation pa.

Central & South America Steady tenant demand for office space and sharp decline in availability led to higher occupancy costs

New York City (Midtown)

Palo Alto, CA

Washington D.C.

Boston

Calgary

Toronto

Vancouver*

New York City (Downtown)

Silicon Valley (San Jose, CA)

Miami

Boca Raton

Ottawa

San Francisco

San Diego

East Bay (Oakland, CA)

Philadelphia

Seattle

McLean, Va (Tysons Corner)

Chicago

Las Vegas

Orange County (CA)

Houston

Northern New Jersey

Bethesda

Atlanta

Montreal

Austin

Denver

Los Angeles

Detroit

Minneapolis

Memphis

Portland

Columbus

Tallahassee

Phoenix

Tampa

Raleigh/Durham

Orlando

Baltimore

Dallas/Fort Worth

Charlotte

San Antonio

Cleveland

Cincinnati

Total office occupancy costs - North America

16,870

14,220

12,720

12,100

10,000

7,380

6,750

9,490

9,680

10,350

12,060

17,010

0 6,000


20,000 22,0002,000 18,0004,000 16,00014,00012,00010,0008,000

16,500

10,000

9,100

8,880

8,590

8,440

8,330

8,300

8,250

7,990

7,650

6,750

6,650

6,630

6,530

6,480

6,440

6,390

6,250

6,080

6,000

5,760

5,710

5,580

5,580

5,540

5,370

5,320

5,180

4,830

4,660

3,980

13,900

0 3,000


1,000 2,000 4,000 7,0005,000 6,000 9,0008,000

Sao Paulo

Rio de Janeiro

Mexico City

Cancun

Monterrey

Guadalajara

7,660

6,740

6,220

4,250

3,780

3,420

Total office occupancy costs - Central & South America

Steady tenant demand for office space and sharp declines in available space led to strong rental increase across the board. The steady occupier activity recorded in 2007 did not alter 2008 rankings. Although broad-based tenant demand for office space across key markets in the region increased markedly leading to sharp declines in availability, Sao Paulo and Rio de Janeiro remained the two costliest cities at USD 7,660 and USD 6,740 per workstation pa respectively. Similarly, the significant decline of availability in Mexico City led to 38.5% YOY increase in occupancy costs to USD 6,220 per workstation pa.

Region Countries/ Locations Unit Space Utilisation Base Outgoings Total YOY Territories Standard Rent Occupancy Change Per Worker Cost (%)

sq m sq ft Locally Quoted

Note: 2008 outlook is based on locally quoted occupancy costs. * New addition ** Figures have been rounded to the nearest decimal place. *** As at 4 December 2007

Australia

Chinese Mainland

Hong Kong SAR

India

Indonesia

JapanMalaysiaNew Zealand

Philippines

SingaporeSouth KoreaTaiwanThailandVietnam

AustriaBelgium

DenmarkFinlandFrance

Germany

GreeceIrelandItaly

LuxembourgNetherlands

NorwayPortugalSpain

SwedenSwitzerland

UK

Asia Pacific AUD psm paAUD psm paAUD psm paAUD psm paAUD psm paAUD psm paCNY psm pmCNY psm pmCNY psm pmUSD psm pmUSD psm pmCNY psm pmCNY psm pmHKD psf pmINR psf pmINR psf pmINR psf pmINR psf pmUSD psm pmUSD psm pmJPY/tsubo pmMYR psf pmNZD psm paNZD psm paNZD psm paPHP psm pmPHP psm pmSGD psf pmKRW/Pyung pmTWD/ping pmTHB psm pmUSD psm pmUSD psm pmEUR psm pmEUR psm paEUR psm paDKK psm paEUR psm pmEUR psm paEUR psm paEUR psm paEUR psm pmEUR psm pmEUR psm pmEUR psm pmEUR psm pmEUR psm pmEUR psm paEUR psm paEUR psm paEUR psm pmEUR psm paEUR psm paEUR psm paNOK psm paEUR psm pmEUR psm paEUR psm paSEK psm paCHF psm paCHF psm paGBP psf paGBP psf paGBP psf paGBP psf paGBP psf paGBP psf paGBP psf paGBP psf pa

17.013.018.015.013.014.010.015.010.010.510.512.010.012.014.013.012.011.012.712.112.413.918.519.518.010.010.011.016.013.511.010.010.018.018.018.020.025.016.016.016.020.524.020.021.523.015.015.014.014.520.018.718.718.725.012.017.017.017.016.016.010.510.511.510.511.510.510.510.5

183.0139.9193.8161.5139.9150.7107.6161.5107.6113.0113.0129.2107.6129.2150.7139.9129.2118.4136.7130.2133.5150.0199.1209.9193.8107.6107.6118.4172.2145.3118.4107.6107.6193.8193.8193.8215.3269.1172.2172.2172.2220.7258.3215.3231.4247.6161.5161.5150.7156.1215.3201.3201.3201.3269.1129.2183.0183.0183.0172.2172.2113.0113.0123.8113.0123.8113.0113.0113.0

275.00750.00325.00340.00550.00670.00327.90111.34221.9059.8654.74196.18140.20123.75100.0076.00400.00300.00

8.126.22

38,937.004.80

427.00225.00343.00

1,180.00500.0013.95

143,626.303,700.00560.0040.0047.5021.50131.00287.50

1,800.0024.00230.00210.00780.0023.0022.0039.0023.0032.5030.00619.00500.00380.0037.50330.00185.00205.00

3,375.0021.50350.00460.00

4,400.00900.00850.0030.0027.5028.5027.5021.5067.00110.0028.50

AdelaideBrisbaneCanberraMelbournePerthSydneyBeijingDalianGuangzhouShanghai (Pudong)Shanghai (Puxi)ShenzhenTianjinHong KongBangaloreChennaiMumbaiNew DelhiJakartaSurabayaTokyo (Central 5 Wards)Kuala LumpurAucklandChristchurchWellingtonManila (Makati)Manila (Ortigas)SingaporeSeoulTaipeiBangkokHanoiHo Chi Minh CityViennaAntwerpBrusselsCopenhagenHelsinkiLyonMarseilleParisBerlinDusseldorfFrankfurtHamburgMunichAthensDublinMilanRomeLuxembourgAmsterdamRotterdamThe HagueOsloLisbonBarcelonaMadridStockholmGenevaZurichBirminghamBristolEdinburghGlasgowLiverpool*London (City)London (West End)Manchester

95.0090.0095.00110.00120.00130.0046.8028.7739.006.536.5351.0234.6014.6910.008.0015.0016.006.124.45

6,000.001.00

135.0065.00110.00190.0085.002.55

54,575.60533.00100.00

5.005.003.6050.0065.00255.00

4.0050.0045.0085.004.504.508.504.704.703.00

200.0037.0032.004.5025.0025.0025.00300.00

2.5036.0036.00450.00125.00125.0014.0014.5016.2513.5011.0022.0024.0013.50

370.00840.00420.00450.00670.00800.00374.70140.11260.9066.3961.27247.20174.80138.44110.0084.00415.00316.0014.2410.67

44,937.005.80

562.00290.00453.00

1,370.00585.0016.50

198,201.904,233.00660.0045.0052.5025.10181.00352.50

2,055.0028.00280.00255.00865.0027.5026.5047.5027.7037.2033.00819.00537.00412.0042.00355.00210.00230.00

3,675.0024.00386.00496.00

4,850.001,025.00975.0044.0042.0044.7541.0032.5089.00134.0042.00

13.8%29.2%5.0%2.3%28.8%2.6%-1.5%1.6%4.4%9.6%16.8%12.6%5.5%38.0%21.5%0.0%26.4%23.4%3.4%3.0%10.4%5.5%17.6%9.4%15.0%73.4%8.3%94.1%4.3%5.4%1.5%32.4%31.3%2.0%3.4%2.2%7.9%12.0%3.7%2.0%10.2%1.9%0.0%13.1%4.1%7.8%0.0%3.4%3.9%-4.6%7.7%1.4%2.4%4.5%41.3%-4.0%14.9%31.9%18.3%5.1%5.4%6.0%3.7%9.1%6.5%14.0%11.9%28.2%2.4%

Western Europe

8

Region Countries/ Locations Unit Space Utilisation Base Outgoings Total YOY Total YOY 2008 USD Base Outgoings Total USD YOY EUR Base Outgoings Total EUR YOY Territories Standard Rent Occupancy Change Occupancy Change Outlook Exchange Rent Occupancy Change Exchange Rent Occupancy Change Per Worker Cost (%) Cost Per (%) Rates*** Cost (%) Rates*** Cost (%) Workstation

Locally Quoted USD psf pa** EUR psm pa**

psf pm – per square foot per month psm pa – per square metre per annum Source: DTZ Research January 2008

6,29010,9207,5606,7508,71011,2003,7502,1002,610700640

2,9701,75017,88016,58011,75053,62037,410

180130

168,850870

10,4005,6608,15013,7005,8501,950

960,98017,3207,260450530450

3,2606,35041,100

7004,4804,08013,840

560640950600860500

12,2907,5205,970840

6,6403,9304,30091,880

2906,5608,43082,45016,40015,6004,9704,7505,5404,6304,02010,06015,1404,750

7.5%-1.2%5.0%2.3%11.7%2.6%-1.3%27.3%4.4%9.4%16.4%35.0%5.4%27.4%21.5%0.0%26.4%23.4%5.9%0.0%10.4%4.8%17.6%9.5%15.0%73.4%8.3%93.1%1.1%5.4%1.5%32.4%47.2%2.3%3.5%2.3%7.9%11.1%-2.4%-4.0%3.7%1.8%0.0%13.1%5.3%8.9%0.0%3.5%3.9%-4.6%7.7%-2.8%-1.8%0.2%41.4%-23.7%14.9%31.9%18.3%5.1%5.4%6.0%3.7%9.1%6.4%13.9%11.9%28.2%-6.5%

▲▲▲▲▲▲-▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲▲--▲▲▲▲▲-▲▲-▲-▲------▲▲▲▲▲▲--▲▲▲▲---

1.14561.14561.14561.14561.14561.14567.39807.39807.39801.00001.00007.39807.39807.791539.425039.425039.425039.42501.00001.0000

109.69213.34211.31121.31121.311242.069542.06951.4456

922.686132.305030.59711.00001.00000.67770.67770.67775.05340.67770.67770.67770.67770.67770.67770.67770.67770.67770.67770.67770.67770.67770.67770.67770.67770.67775.49510.67770.67770.67776.37031.11751.11750.48610.48610.48610.48610.48610.48610.48610.4861

22.3060.8026.4027.6044.6054.3049.4016.8033.4066.7061.0029.6021.10190.6030.4023.10121.8091.309.106.90

119.7017.2030.3015.9024.3031.3013.20115.8052.5038.6020.4044.6053.0035.4018.0039.4033.1039.5031.5028.80106.9037.8036.2064.2037.8053.5049.3084.9068.5052.1061.7045.2025.4028.1057.1035.4048.0063.1064.2074.8070.7061.7056.6058.6056.6044.20137.80226.3058.60

7.707.307.708.909.7010.507.104.305.907.307.307.705.2022.603.002.404.604.906.805.0018.403.609.604.607.805.002.3021.2019.905.603.605.605.605.906.908.904.706.606.906.2011.707.407.4014.007.707.704.9027.405.104.407.403.403.403.405.104.104.904.906.6010.4010.4028.8029.8033.4027.8022.6045.3049.4027.80

30.0068.1034.1036.5054.3064.8056.5021.1039.3074.0068.3037.3026.30213.2033.4025.50126.4096.2015.9011.90138.1020.8039.9020.5032.1036.3015.50137.0072.4044.2024.0050.2058.6041.3024.9048.3037.8046.1038.4035.00118.6045.2043.6078.2045.5061.2054.20112.3073.6056.5069.1048.6028.8031.5062.2039.5052.9068.0070.8085.2081.1090.5086.4092.0084.4066.80183.10275.7086.40

25.5%42.8%16.4%13.0%42.1%13.3%4.2%7.7%10.4%9.6%16.8%19.6%11.4%37.5%36.9%12.8%43.3%39.8%3.9%2.6%15.6%11.8%30.4%20.6%27.4%103.9%27.0%106.3%

3.1%5.5%18.2%32.5%31.4%13.2%14.7%13.4%19.6%24.3%15.0%12.9%22.1%13.0%10.7%25.5%15.2%19.5%10.6%14.7%15.0%5.6%19.3%12.2%13.4%15.8%56.7%6.5%27.2%45.9%26.4%12.3%12.6%10.6%8.3%13.9%11.3%19.1%17.0%34.0%7.1%

1.69041.69041.69041.69041.69041.690410.916010.916010.91601.47551.475510.916010.916011.496658.172758.172758.172758.17271.47551.4755

161.85384.93141.93471.93471.934762.074762.07472.1330

1,361.449647.666945.14691.47551.47551.00001.00001.00007.45651.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00008.10821.00001.00001.00009.39961.64891.64890.71720.71720.71720.71720.71720.71720.71720.7172

162.70443.70192.30201.10325.40396.40360.50122.40243.90486.80445.20215.70154.10

1,390.40222.00168.80888.20666.1066.0050.60874.80125.70220.70116.30177.30228.1096.70844.80383.60282.30148.80325.30386.30258.00131.00287.50241.40288.00230.00210.00780.00276.00264.00468.00276.00390.00360.00619.00500.00380.00450.00330.00185.00205.00416.20258.00350.00460.00468.10545.80515.50450.20412.70427.70412.70322.70

1,005.501,650.80427.70

56.2053.2056.2065.1071.0076.9051.4031.6042.9053.1053.1056.1038.00165.0022.2017.8033.3035.5049.8036.20134.8026.2069.8033.6056.9036.7016.40154.40145.8040.7026.6040.7040.7043.2050.0065.0034.2048.0050.0045.0085.0054.0054.00102.0056.4056.4036.00200.0037.0032.0054.0025.0025.0025.0037.0030.0036.0036.0047.9075.8075.80210.10217.60243.90202.60165.10330.20360.20202.60

218.90496.90248.50266.20396.40473.30411.90154.00286.80539.90498.30271.80192.10

1,555.40244.20186.60921.50701.60115.8086.80

1,009.60151.90290.50149.90234.20264.80113.10999.20529.40323.00175.40366.00427.00301.20181.00352.50275.60336.00280.00255.00865.00330.00318.00570.00332.40446.40396.00819.00537.00412.00504.00355.00210.00230.00453.20288.00386.00496.00516.00621.60591.30660.30630.30671.60615.30487.80

1,335.702,011.00630.30

13.5%28.9%4.7%2.0%28.5%2.3%-5.9%-3.0%-0.3%-1.0%5.4%7.6%0.8%24.1%24.1%2.2%29.2%26.1%-6.7%-7.1%4.3%0.9%17.3%9.2%14.7%84.0%14.9%86.4%-6.8%-4.8%6.6%19.5%18.4%2.0%3.4%2.2%7.9%12.0%3.7%2.0%10.2%1.9%0.0%13.1%4.1%7.8%0.0%3.4%3.9%-4.6%7.7%1.4%2.4%4.5%41.4%-4.0%14.9%31.9%14.0%1.3%1.5%-0.1%-2.2%2.9%0.4%7.5%5.5%20.9%-3.4%

9

Region Countries/ Locations Unit Space Utilisation Base Outgoings Total YOY Territories Standard Rent Occupancy Change Per Worker Cost (%)

sq m sq ft Locally Quoted

Note: 2008 outlook is based on locally quoted occupancy costs. * New addition ** Figures have been rounded to the nearest decimal place. *** As at 4 December 2007

Czech RepublicHungaryPolandRomaniaRussia

TurkeyUkraineCanada

USA

Brazil

Mexico

BahrainKuwaitQatarSaudi Arabia

South AfricaEgyptUnited Arab Emirates


EUR psm pmEUR psm pmEUR psm pmEUR psm pmUSD psm paUSD psm paUSD psm pmUSD psm pmCAD psf paCAD psf paCAD psf paCAD psf paCAD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paUSD psf paBRL psm pmBRL psm pmUSD psm pmUSD psm pmUSD psm pmUSD psm pmBHD psm paKWD psm paQAR psm pmSAR psm paSAR psm paZAR psm pmEGP psm pmAED psm paAED psm pa

12.012.010.012.510.010.015.012.022.316.320.922.322.322.123.220.620.923.222.022.320.720.020.922.323.222.122.123.220.923.220.920.923.223.220.920.920.923.220.919.520.922.320.920.923.223.223.221.520.920.920.920.925.514.014.012.010.014.010.015.015.015.015.015.017.015.015.012.0

129.2129.2107.6134.5107.6107.6161.5129.2240.0175.0225.0240.0240.0237.5250.0222.0225.0250.0237.0240.0222.5215.3225.0240.0249.7237.5237.5250.0225.0250.0225.0225.0250.0250.0225.0225.0225.0250.0225.0210.0225.0240.0225.0225.0250.0250.0250.0231.4225.0225.0225.0225.0275.0150.7150.7129.2107.6150.7107.6161.5161.5161.5161.5161.5183.0161.5161.5129.2

19.5017.5030.0022.00

1,500.00740.0030.0070.0043.0020.3724.2328.8633.7319.4015.4915.6520.0025.0042.0015.6120.9611.0012.7015.5010.3018.0020.1126.0023.5024.0018.0027.0015.5024.0016.5036.6157.5918.0023.9917.1260.0017.0816.9018.9616.2610.7628.3626.0028.0033.0018.7614.3740.0055.0065.0022.0020.0026.0022.00

108.00168.00230.00

1,000.001,800.00105.00150.00

2,500.003,400.00

PragueBudapestWarsawBucharestMoscowSt Petersburg*IstanbulKyivCalgaryMontrealOttawaTorontoVancouver*AtlantaAustinBaltimoreBethesdaBoca RatonBostonCharlotteChicagoCincinnatiClevelandColumbusDallas/Fort WorthDenverDetroitEast Bay (Oakland, CA)HoustonLas VegasLos AngelesMcLean, Va (Tysons Corner)MemphisMiamiMinneapolisNew York City (Downtown)New York City (Midtown)Northern New JerseyOrange County (CA) OrlandoPalo Alto, CAPhiladelphiaPhoenixPortlandRaleigh/DurhamSan AntonioSan DiegoSan Francisco SeattleSilicon Valley (San Jose, CA)TallahasseeTampaWashington D.C.Rio de JaneiroSao PauloCancunGuadalajaraMexico CityMonterreyBahrainKuwait CityDohaJeddahRiyadhJohannesburg Cairo*Abu Dhabi*Dubai

4.004.004.003.50

120.00110.00

6.006.50

15.4117.9419.1724.6617.149.00

11.008.50

10.0015.0018.006.00

16.317.508.009.50

11.009.507.009.50

10.509.00

10.8210.009.50

16.0011.9017.0018.0011.5011.509.25

15.0018.668.508.006.008.508.00

15.009.50

13.006.75

10.3820.0018.0018.007.508.50

11.009.50

29.0016.8022.00

100.00180.0020.6015.00

250.00340.00

23.5021.5034.0025.50

1,620.00850.0036.0076.5058.4138.3143.4053.5250.8728.4026.4924.1530.0040.0060.0021.6137.2718.5020.7025.0021.3027.5027.1135.5034.0033.0028.8237.0025.0040.0028.4053.6175.5929.5035.4926.3775.0035.7425.4026.9622.2619.2636.3641.0037.5046.0025.5124.7560.0073.0083.0029.5028.5037.0031.50

137.00184.80252.00

1,100.001,980.00125.60165.00

2,750.003,740.00

2.2%-2.3%25.9%15.9%95.2%9.0%

44.0%50.0%8.2%2.8%5.6%8.3%

20.9%-13.9%19.5%-3.4%15.4%14.3%30.4%1.7%6.5%-2.6%3.8%9.5%0.0%

17.2%32.4%-24.5%28.3%-8.3%

-13.9%8.8%0.0%

17.6%7.2%-2.0%3.7%

15.7%13.4%1.0%

66.7%2.2%5.7%

19.2%14.7%4.1%-8.1%7.9%

49.3%53.3%-13.5%13.6%13.2%7.4%6.4%

28.3%40.3%38.3%40.0%30.5%16.7%0.8%

33.3%52.3%9.2%

25.0%25.0%73.8%

North America


Middle East/Africa

10

Region Countries/ Locations Unit Space Utilisation Base Outgoings Total YOY Total YOY 2008 USD Base Outgoings Total USD YOY EUR Base Outgoings Total EUR YOY Territories Standard Rent Occupancy Change Occupancy Change Outlook Exchange Rent Occupancy Change Exchange Rent Occupancy Change Per Worker Cost (%) Cost Per (%) Rates*** Cost (%) Rates*** Cost (%) Workstation

Locally Quoted USD psf pa** EUR psm pa**

psf pm – per square foot per month psm pa – per square metre per annum Source: DTZ Research January 2008

280260340320

16,2008,500540920

14,0206,7009,77012,84012,2106,7506,6205,3606,75010,00014,2205,1908,2903,9804,6606,0005,3206,5306,4408,8807,6508,2506,4808,3306,25010,0006,39012,06017,0107,3807,9805,54016,8708,5805,7106,0705,5704,8209,0909,4908,44010,3505,7405,57016,5001,0201,160350290520320

2,0602,7703,78016,50029,7002,1402,48041,25044,880

0.0%0.0%25.9%45.5%95.2%9.0%42.1%50.8%8.2%-2.9%18.9%8.3%20.9%-20.1%19.5%-3.4%15.4%14.3%30.5%1.8%6.4%-2.7%3.8%9.5%0.0%17.2%32.5%-5.5%28.4%-8.3%-18.8%8.9%0.0%17.6%7.2%-2.0%3.7%15.7%7.4%11.7%50.0%7.7%5.5%7.2%14.8%4.1%-8.2%11.0%49.4%53.3%-22.2%2.2%13.2%7.4%6.4%25.0%45.0%40.5%39.1%30.4%16.4%0.8%33.3%52.3%23.7%25.3%25.0%73.8%

--▲▲▲▲▲▲-▲▲▲▲▲▲▲-▲▲▲▲▲▲▲▲▲-▲▲-▲▲▲▲▲▲▲-▼▲▲▲-▲-▲▼-▲▲--▲▲▲-▲▲▲▲-▲▲▲▲▲▲▲

0.67770.67770.67770.67771.00001.00001.00001.00001.01041.01041.01041.01041.01041.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.00001.81971.81971.00001.00001.00001.00000.37500.27413.63713.74203.74206.80595.53523.67153.6715

32.1028.8049.3036.20139.4068.7033.4078.0042.6020.2024.0028.6033.4019.4015.5015.7020.0025.0042.0015.6021.0011.0012.7015.5010.3018.0020.1026.0023.5024.0018.0027.0015.5024.0016.5036.6157.6018.0024.0017.1060.0017.1016.9019.0016.3010.8028.4026.0028.0033.0018.8014.4040.0033.7039.8024.5022.3029.0024.5026.8056.9070.5024.8044.7017.2030.2063.3086.00

6.606.606.605.8011.1010.206.707.2015.3017.8019.0024.4017.009.0011.008.5010.0015.0018.006.0016.307.508.009.5011.009.507.009.5010.509.0010.8010.009.5016.0011.9017.0018.0011.5011.509.3015.0018.708.508.006.008.508.0015.009.5013.006.8010.4020.0011.0011.008.409.5012.3010.607.205.706.702.504.503.403.006.308.60

38.7035.4055.9042.00150.5078.9040.1085.2057.9038.0043.0053.0050.4028.4026.5024.2030.0040.0060.0021.6037.3018.5020.7025.0021.3027.5027.1035.5034.0033.0028.8037.0025.0040.0028.4053.6175.6029.5035.5026.4075.0035.8025.4027.0022.3019.3036.4041.0037.5046.0025.6024.8060.0044.7050.8032.9031.8041.3035.1034.0062.6077.2027.3049.2020.6033.2069.6094.60

13.5%8.3%39.8%28.4%95.2%8.8%43.7%49.7%22.9%16.9%20.1%23.0%37.3%-13.9%19.4%-3.2%15.4%14.3%30.4%1.4%6.6%-2.6%3.5%9.6%0.0%17.5%32.2%-24.5%28.3%-8.3%-14.0%8.8%0.0%17.6%7.2%-2.0%3.7%15.7%13.4%1.1%66.7%2.6%5.8%19.5%14.9%4.3%-8.1%7.9%49.4%53.3%-13.2%13.8%13.2%34.2%33.0%28.0%40.1%38.6%39.8%31.3%23.0%0.8%33.2%52.8%13.2%29.2%25.0%73.9%

1.00001.00001.00001.00001.47551.47551.47551.47551.49091.49091.49091.49091.49091.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47551.47552.68502.68501.47551.47551.47551.47550.55340.40445.36665.52145.521410.04228.16745.41745.4174

234.00210.00360.00264.00

1,016.60501.50244.00569.30310.50147.10174.90208.40243.50141.50113.00114.20145.90182.40306.40113.90152.9080.2092.60113.1075.10131.30146.70189.70171.40175.10131.30197.00113.10175.10120.40267.10420.10131.30175.00124.90437.70124.60123.30138.30118.6078.50206.90189.70204.30240.70136.90104.80291.80245.80290.50178.90162.70211.40178.90195.20415.40514.30181.10326.00125.50220.40461.50627.60

48.0048.0048.0042.0081.3074.5048.8052.90111.30129.50138.40178.00123.7065.7080.2062.0072.90109.40131.3043.80119.0054.7058.4069.3080.2069.3051.1069.3076.6065.7078.9072.9069.30116.7086.80124.00131.3083.9083.9067.50109.40136.1062.0058.4043.8062.0058.40109.4069.3094.8049.2075.70145.9080.4080.4061.0069.1089.5077.3052.4041.5049.2018.1032.6024.6022.0046.1062.80

282.00258.00408.00306.00

1,097.90576.00292.80622.20421.80276.60313.30386.40367.20207.20193.20176.20218.80291.80437.70157.70271.90134.90151.00182.40155.30200.60197.80259.00248.00240.80210.20269.90182.40291.80207.20391.10551.40215.20258.90192.40547.10260.70185.30196.70162.40140.50265.30299.10273.60335.50186.10180.50437.70326.20370.90239.90231.80300.90256.20247.60456.90563.50199.20358.60150.10242.40507.60690.40

2.2%-2.3%25.9%15.9%76.1%-1.7%30.0%35.4%10.8%5.2%8.1%10.8%23.8%-22.3%7.8%

-12.8%4.1%3.1%17.7%-8.2%-3.9%-12.2%-6.3%-1.1%-9.8%5.8%19.5%-31.8%15.8%-17.3%-22.3%-1.8%-9.7%6.1%-3.3%-11.6%-6.5%4.4%2.3%-8.8%50.4%-7.8%-4.7%7.5%3.6%-6.0%-17.1%-2.6%34.8%38.4%-21.9%2.5%2.2%9.3%8.3%15.8%26.7%24.8%26.4%18.4%11.0%-9.0%20.6%37.8%2.2%16.5%12.9%56.9%

11


8,000 14,0002,0000

4,410

3,770

Middle East/Africa Tenant demand continued to outstrip supply in most key cities of the Gulf States

Strong tenant demand across all major cities in the Gulf region outstripped the limited office supply leading to a sharp increase in occupancy costs. Dubai’s status as an emerging financial hub remained at the centre of occupiers’ interest in the region followed closely by Doha and Bahrain. Doha however, maintained its pole position as the most expensive regional centre at USD 12,460 per workstation pa largely due to acute shortage of office space, particularly in the West Bay area. Dubai overtook Kuwait City to become the second most expensive location in the Middle East/Africa region after registering record YOY occupancy costs increase of 73.8% to USD 12,220 per workstation pa. In Johannesburg, occupancy costs registered a 28.2% YOY increase to USD 3,770 per workstation pa, however having started from a low rental base, the South African city remained the least expensive location in the region.

2008 Outlook

Occupier demand is forecast to continue to expand at a strong pace in key emerging markets. In the US on the other hand, current economic uncertainty is likely to affect confidence leading to moderate slowdown in occupier activity. The effect of this slowdown on occupancy costs conditions however, is likely to be offset by the decline in supply expected from tighter lending and underwriting. Overall, we anticipate occupier market fundamentals to remain healthy, although some probability of weakening demand remains if the economy slows and affects jobs growth in core sectors.

We forecast emerging Asian demand to maintain its recent strength followed closely by Central and Eastern Europe. The recovery in some parts of Western Europe, Japan and Australasia is anticipated to continue throughout 2008.

Globally, 77% of the 137 locations surveyed expect occupancy costs to increase in 2008 while a further 22% of the locations expect occupancy costs to stabilise, reflecting the generally positive economic prospect.

On the back of sustained robust demand for prime office space, all locations in Asia Pacific (97%) except Beijing, anticipate increase in occupancy cost in 2008. Stable outlook for office market in Beijing is expected as the Government has imposed several polices restricting the activities of companies due to the Beijing 2008 Olympic Games. In Western Europe, 56% of the locations held a positive outlook while the rest of the locations expect occupancy costs to stabilise in 2008. Occupancy costs are also expected to increase (75%) across Central & Eastern Europe. Middle East/Africa markets share positive sentiments with 75% of its locations anticipating a rise in occupancy cost in 2008. Despite the sub-prime fallout and slowdown in the US economy, the majority of locations in North America (76%) expect an increase in occupancy costs with the exception of Orange Country (CA) and San Diego which expect occupancy costs to decline. Positive outlook is also held across the Central & South region with the exception of Cancun where occupancy cost is expected to stabilise.

12

Doha

Dubai

Abu Dhabi*

Kuwait City

Riyadh

Bahrain

Cairo*

Jeddah

Johannesburg

7,940

5,490

5,360

10,110

12,460

Total office occupancy costs - Middle East

4,000 6,000 12,00010,000

11,240

12,220

Global outlook for 2008

elbatS22%

Down1%

pU77%


Asia Pacific

AustraliaBrisbaneGold CoastMelbourneMulgrave North SydneyPerthSydney

ChinaBeijing ChengduChongqingDalianGuangzhouHangzhouHong KongQingdaoShanghaiShenzhenTaipeiTianjinWuhan Xian

IndiaBangaloreMumbaiNew Delhi

IndonesiaJakarta

JapanTokyo

MalaysiaKuala Lumpur

New ZealandAlexandraAucklandChristchurchDunedinHamiltonRotoruaTimaruWellingtonWhangarei

Singapore

ThailandBangkok

Western Europe

AustriaVienna

BelgiumAntwerpBrusselsLiege

DenmarkArhusCopenhagenVejle

FinlandHelsinki

FranceBordeauxCergy-Pontoise (Paris)Courtaboeuf (Paris)DijonIvry-sur-Seine (Paris)LyonMarseilleNancyNanterre (Paris)NantesNeuilly-sur-Seine (Paris)NiceNîmesReimsRennesSaint-Denis (Paris)Saint Quentin-en-Yvelines (Paris)StrasbourgToulonToulouse

GermanyBerlinDusseldorfFrankfurtHamburgLeipzigMunich

GreeceAthens

IrelandCorkDublinGalwayLimerick

ItalyMilanRome

Luxembourg

NetherlandsAmsterdamArnhemBredaDen HaagEindhovenEnschedeGroningenHertogenboschHoofddorpRotterdamThe Hague

UtrechtZwolle

NorwayOslo

PortugalLisbon

SpainBarcelonaMadridMalaga

SwedenGoteborgKarlstadMalmoNorrköpingStockholm

United KingdomBelfastBirminghamBristolCardiffCheltenhamEdinburghGlasgowLeedsLondonManchesterNewscastle Upon TyneNottinghamOxtedReading


Czech RepublicPraguePraha

HungaryBudapest

KazakhstanAlmaty

PolandWarsaw

RomaniaBucharest

RussiaMoscowSt Petersburg

TurkeyIstanbul

UkraineKyiv

North America

CanadaBurlingtonCalgaryHalifaxKingstonLondonMississaugaMontrealNanaimoNiagaraOttawaReginaRichmond HillTorontoVancouverVictoriaWaterlooWinnipeg

United StatesAtlantaAustinBaltimoreBethesdaBostonCharlotteChicagoCincinnatiClevelandColumbusDallasDenverDetroitEast BayFort LauderdaleFort WorthHoustonIrvineJamesburg, NJKansas CityLas VegasLos AngelesMemphisMiamiMinneapolisMobileMurray HillNewport BeachNew YorkOaklandOrlandoPalm Beach GardensPalo AltoPhiladelphiaPhoenixPortlandRaleighSan AntonioSan DiegoSan FranciscoSan JoseSeattleTallahasseeTampa

Tysons Comer, VAWashington, D.C


ArgentinaBuenos Aires

BrazilSao Paulo

ChileSantiago

ColombiaBogota

Dominican RepublicSanta Domingo

JamaicaKingston

MexicoCancunGuadalajaraMexico CityMonterrey

PeruLima

Puerto RicoSan Juan

VenezuelaCaracas

Middle East

BahrainManama

QatarDoha

Saudi ArabiaRiyadh

KuwaitKuwait City

UAE Abu Dhabi

Africa

South AfricaJohannesburg

Global Network

Asia Pacific

AustraliaBrisbaneGold CoastMelbourneMulgrave North SydneyPerthSydney

ChinaBeijing ChengduChongqingDalianGuangzhouHangzhouHong KongQingdaoShanghaiShenzhenTaipeiTianjinWuhan Xian

IndiaBangaloreMumbaiNew Delhi

IndonesiaJakarta

JapanTokyo

MalaysiaKuala Lumpur

New ZealandAlexandraAucklandChristchurchDunedinHamiltonRotoruaTimaruWellingtonWhangarei

Singapore

ThailandBangkok

Western Europe

AustriaVienna

BelgiumAntwerpBrusselsLiege

DenmarkArhusCopenhagenVejle

FinlandHelsinki

FranceBordeauxCergy-Pontoise (Paris)Courtaboeuf (Paris)DijonIvry-sur-Seine (Paris)LyonMarseilleNancyNanterre (Paris)NantesNeuilly-sur-Seine (Paris)NiceNîmesReimsRennesSaint-Denis (Paris)Saint Quentin-en-Yvelines (Paris)StrasbourgToulonToulouse

GermanyBerlinDusseldorfFrankfurtHamburgLeipzigMunich

GreeceAthens

IrelandCorkDublinGalwayLimerick

ItalyMilanRome

Luxembourg

NetherlandsAmsterdamArnhemBredaDen HaagEindhovenEnschedeGroningenHertogenboschHoofddorpRotterdamThe Hague

UtrechtZwolle

NorwayOslo

PortugalLisbon

SpainBarcelonaMadridMalaga

SwedenGoteborgKarlstadMalmoNorrköpingStockholm

United KingdomBelfastBirminghamBristolCardiffCheltenhamEdinburghGlasgowLeedsLondonManchesterNewscastle Upon TyneNottinghamOxtedReading


Czech RepublicPraguePraha

HungaryBudapest

KazakhstanAlmaty

PolandWarsaw

RomaniaBucharest

RussiaMoscowSt Petersburg

TurkeyIstanbul

UkraineKyiv

North America

CanadaBurlingtonCalgaryHalifaxKingstonLondonMississaugaMontrealNanaimoNiagaraOttawaReginaRichmond HillTorontoVancouverVictoriaWaterlooWinnipeg

United StatesAtlantaAustinBaltimoreBethesdaBostonCharlotteChicagoCincinnatiClevelandColumbusDallasDenverDetroitEast BayFort LauderdaleFort WorthHoustonIrvineJamesburg, NJKansas CityLas VegasLos AngelesMemphisMiamiMinneapolisMobileMurray HillNewport BeachNew YorkOaklandOrlandoPalm Beach GardensPalo AltoPhiladelphiaPhoenixPortlandRaleighSan AntonioSan DiegoSan FranciscoSan JoseSeattleTallahasseeTampa

Tysons Comer, VAWashington, D.C


ArgentinaBuenos Aires

BrazilSao Paulo

ChileSantiago

ColombiaBogota

Dominican RepublicSanta Domingo

JamaicaKingston

MexicoCancunGuadalajaraMexico CityMonterrey

PeruLima

Puerto RicoSan Juan

VenezuelaCaracas

Middle East

BahrainManama

QatarDoha

Saudi ArabiaRiyadh

KuwaitKuwait City

UAE Abu Dhabi

Africa

South AfricaJohannesburg

Global Network

Contacts

Asia Pacific Tel EmailRandy White +852 2507 0665 [email protected] Choon Fah +65 6393 2318 [email protected]

Europe/Middle East/AfricaJames Maddock +44 (0) 20 7408 1161 [email protected] Valente +44 (0) 20 7408 1161 [email protected]

Americas Gerry Younce +1 215 525 1237 [email protected] Ridabock

DTZDTZ has over 11,000 staff operating from 140 cities in 45 countries.

Disclaimer and confidentiality clauseThis report should not be relied upon as a basis for transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ.

© DTZ Debenham Tie Leung (SEA) Pte Ltd January 2008. No part of this report may be reproduced or transmitted in any form or means by any person(s) without the expressed written permission of DTZ Debenham Tie Leung (SEA) Pte Ltd.ROC Registered No. 199501391G MICA (P) 072/09/2007

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