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Monthly Real Estate Monitor - March 2013Monthly Real Estate Monitor – March 2013

Real Estate Capital Markets:Predictions for 2013In 2013, the availability of debt capital is likely to increase in real estate projects whilst the flow of equity capital will remain more or less stable. As there are additional cuts expected in cash reserve ratio (CRR) and repo rates that will infuse more liquidity into the system, the bid-ask spreads will also decrease, increasing overall transaction volume in 2013. Cross-border flow of capital will begin to make a gradual comeback in the year ahead. Cap rates for office and retail properties are likely to descend to 10.5% and 11.5% from 11% and 12%, respectively.

Investors will focus more on transparency, governance and liquidity before investing. Given the on-going challenges that the Indian real estate sector faces on these fronts, very few development companies will be successful on the public equity markets. Nevertheless, private equity (PE) deals volumes will increase, and there will be more M&A activity within the PE industry. A number of vintage funds who have invested during 2007–2008 will have to look at exiting in 2013, some of them at low internal rate of return (IRR). Given the overall uncertainties, these funds may look at postponing their exits to 2014.

Insurance firms will start investing directly in low-risk, income producing office real estate. Investment bidders per property will increase, this time around with lower return expectations. Investment periods of funds will reduce from five years to four years.

In 2013, after a lull of two years, banks are likely to start offering construction finance to residential projects with approvals. They will also be slightly more flexible on interest rates, collaterals, loan-to-value (LTV) and upfront fees. Established funds are expected to get back into the fund raising mode after a three-year hiatus.

Developers with longer operating history such as Oberoi Realty, Sobha Developers and Prestige Estates will continue to find it easier to raise funds. This is because these developers have managed to grow effectively over the years and have increased predictability of income. With the accent for 2013 remaining firmly on local expansion, it is unlikely that any major developer will venture out to

expand nationally. Also, we will see developers focusing more on joint ventures with landlords rather than on buying land.

In 2013, we will see most PE deals being structured to give the investor the first preference to cash flows. Most real estate PE investment will be focused on Tier I cities. Funds with a good track record that have a strategy to target a narrow asset class within specific locations such as the last mile funding for residential houses under construction projects in Tier 1 cities and having strong delivery teams will be able to raise funds more easily. Regulatory authorities will increase their scrutiny of private fund raising offerings and closely monitor if the funds raised by the companies are being used for stated objectives.

PE funds will raise distressed real estate funds and get traction frombank non-performing assets (NPAs) and asset reconstruction companies (ARCs). A number of new domestic real estate PE funds backed by corporate entities are likely to be launched in 2013. Also, large family offices will now begin creating dedicated real estate teams.

Deal of the MonthPrestige Estates and KL Hitec Secure Print has

bought 5.8 acres of land in Hitec City, Hyderabad in a

joint venture. They will develop a luxury residential project of 1.2 million sq ft on

the site.

What’s New!!The new development plan by

Ahmedabad Urban Development Authority (AUDA) has proposed to create a new “affordable housing zone” for the city and has raised

the Floor Space Index (FSI) across different pockets of the city

in February 2013.

Green WallTERI (The Energy Research Institute) and OTDC (Odisha

Tourism Development Corporation Ltd) signed a MoU to

develop a sustainable tourist circuits & destinations in Odisha.

Monthly Real Estate Monitor - March 2013

Pulse •Research Dynamics•2012

PE fund terms such as waterfall structure, carried interest, general partner commitment and management fees will change to address investor concerns such as governance, transparency, reporting and operating controls post the global financial crisis. Limited partners will scrutinise fund platforms a lot more carefully before investing on the heels of previous negative experiences with issues such as integrity of the general partner and quality and sustainability of earnings. Many more funds will adopt a conservative cash flow-driven investment approach and focus on investing in income producing office assets, with an accent on asset repositioning, refinancing and refurbishment.

We expect new guidelines for Non-Banking Financial Institutions (NBFCs) and Housing Finance Companies (HFCs) to assist in pushing funding for the housing sector in 2013. There will be more liquidity available in the housing finance market as rules for raising external commercial borrowings will be relaxed for HFCs and with SEBI allowing debt funds to invest an additional 10% in HFCs. HFCs will also look at tapping the qualified institutional placement (QIP) market to raise funds in 2013.

Ramesh NairManaging Director-West India

Grade A Capital ValueOffice Retail Residential

Delhi NCR

Mumbai

Bangalore

Chennai

Pune

Hyderabad

Kolkata

Rental ValueFigure 1: Financial Indicators


BangaloreIn February, Bangalore continued to observe modest leasing activity in the office sector. Stable demand from potential occupiers and absence of new completions marginally decreased the vacancy in

the city. Major transactions in the month included TATA Aerospace and Josiah Technologies both leasing space in Shailendra Tech Park at Whitefield, and Flipkart renting space in Esteem Asrani atKoramangala. Although the rents remained stable on the back of continued demand and controlled supply, the capital values increased marginally across all sub-markets.

Consumer demand for retail sector remained steady in the last couple of months, causing it to increasethe retail demand in February. The occupancy level of the city rose marginally due to this. Rents, as well

as capital values remained stable across all the submarkets of Bangalore.

Bangalore's residential market exhibited continued steady demand in February. The city witnessed amoderate number of launches. The landmarkprojects launched during the month included

Prestige West Woods by Prestige Group on Magadi Road at Rajajinagar, Brook Woods by Pashmina Developers on Old Madras Road (OMR) and Indraprastha by Sobha Developers at Rajajinagar.The city continued to witness the shortage of ready to move in apartments. With a forecast to stabilise in 2013, capital values increased marginally across all submarkets in the city.

Office Rents Capital Value

Key PrecinctsINR per sq ft per

month INR per sq ftOuter Ring Road (North) 48–55 5,500–6,500Old Airport Road 60–65 6,000–7,000Outer Ring Road (EasternStretch) 46–52 4,700–6,000Old Madras Road 30–34 3,000–3,500Electronic City 26–28 2,500–3,000

Retail Rents Capital Value


month INR per sq ftKoramangala 80–150 9,000–16,000Indiranagar 90–180 12,000–18,000New BEL Road 50–80 6,000–10,000Commercial Street 175–250 16,000–20,000Jayanagar 80–120 7,000–15,000

Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft

two-BHK apartment INR per sq ft

Old Madras Road 12,000–16,000 5,000–6,000Indiranagar 18,000–20,000 10,000–20,000Bellary Road 10,000–14,000 3,000–7,000Hosur Road 10,000–14,000 3,000–5,500Whitefield 13,000–16,000 3,000–7,000Tumkur Road 7,000–11,000 3,000–5,000Kanakapura Road 8,000–12,000 3,000–5,500Mysore Road 8,000–10,000 2,800–3,500

INFRASTRUCTURE ONGOING>> According to Deputy Chief Minister (CM) R Ashok, the Karnataka State Government (KSG) is going to set up two more satellite bus stands in Bangalore to decongest it’s surroundingareas. At a cost of INR 270 million, a hi-tech satellite bus stand willcome up in Peenya, from where 1,172 buses will leave towards Mangalore, Tumkur, Uttara Kannada and other districts. Another satellite bus stand will come up in Kolar Road, from where buses towards Kolar will leave.


ChennaiChennai recorded moderate leasing activity in February with majority of the deals happening in itsSpecial Economic Zones (SEZs). The major transactions over the month included Maveric

Systems leasing space in DLF IT SEZ at Mount Poonamallee Road;ADP taking space in an IT park in Guindy; and Mindtree, LatentView Analytics and Datacert renting space in Ramanujan IT SEZ at Taramani OMR. Occupancy levels continued to improve in the city on the absence of new completions. Rents and capital values remained stable during the month.

With the right mix of international, national and local brands, Phoenix Market City continued to sustain robust foot falls during February. With the existence of home-grown brands such as RMKV, Poppat

Jamals, Malabar Gold and Nathella attracting its loyal customers, the mall is experiencing synergetic effects, with international and domestic brands complementing each other. Neighbouring one of the dense residential locations with high Socio Economic Classes (SEC) A and B population, the retailers will expect to see good conversion rates in this mall. Going forward, Phoenix Market City isexpected to see more such local brands expanding their operations in the upcoming malls.

Innovative offers from developers in Chennaicontinued to attract home buyers during February.FAIRPRO 2013 organised by the Confederation of Real Estate Developers' Association of India

(CREDAI) received encouraging response with buyers booking around 250 units during the three-day property fair. Some of the prominent launches during the month were NRD Towers by Asvini Foundation near Poonamalle, Esta by Arihant at Mogappair and Panchsheel, as well as the maiden residential project by Kochar Homes at Ambattur. Rents and capital values remained stable during the month.



month INR per sq ftMount Road 60–90 9,000–15,000RK Salai 70–100 10,000–15,000Pre-toll OMR 35–62 5,000–6,500Post-toll OMR 25–35 3,500–5,000Guindy 40–55 6,000–9,000Ambattur 25–35 3,250–4,500

RetailRents

(High Streets) Capital Value


month INR per sq ftT. Nagar 120–180 12,000–15,000Nungambakkam 130–150 13,000–16,000Velachery 80–120 10,000–12,000Pre-toll OMR 50–70 8,000–11,000Anna Nagar 110–140 11,000–13,000LB Road (Adyar) 110–130 10,500–13,500


Key Precincts

INR per month for a 1,000 sq ft

two-BHK apartment INR per sq ft

Adyar 20,000–30,000 10,000–17,000Medavakkam 7,000–14,000 3,600–5,000Tambaram 6,000–12,000 3,500–4,500Anna Nagar 15,000–25,000 9,000–14,000Porur 5,000–10,000 3,600–5,800Sholinganallur 9,000–12,000 4,250–5,250

INFRASTRUCTURE ONGOING>> Announced during the last budget, the introduction of 100 mini buses that will run as feeder services and also complement the regular services is expected to get implemented soon. With no progress on the Chennai monorail plans, mini buses will provide a temporary transport solution to the city.


DelhiDelhi continued to observe stable demand in February, with increase in new enquires. Tenants were cautious about their real estate expenses andpreferred suburban locations on account of good

quality space and competitive rentals. The continued healthy occupier demand and absence of new completions further decreased the vacancy in the city. Some of the major transactions in the month included Tetra Pak India leasing space in Gurgaon, andTelenor and Marsh both renting space in the CBD. Rents and capital values remained stable across all submarkets, except the CBD where it increased marginally.

Over the month, the demand remained stable in Delhi. High streets and select quality malls continued to be the preferred choice of retailers. In addition, upcoming malls observed good pre-

commitments because of less vacancy in existing quality malls. Rents and capital values both remained stable in all submarkets.Some of the notable transactions in February included Reliance Mart leasing space in Ghaziabad, Geox taking space in West Delhiand Manyavar renting space in Faridabad. Rents remained stable in all the submarkets. However, capital values witnessed marginal increase in select precincts of the city.

The demand for residential units continued to remain stable over the month. Major launches during February included Florence Estate by Krrish Groupin Gurgaon, Sunworld Vandita by Sunworld

Infrastructure in Noida and Willow 162 by Agarwal Associates inGhaziabad. Rents and capital values remained stable across all submarkets in the city.



month INR per sq ftBarakhamba Road 170–400 28,000–35,000Jasola 110–170 16,000–21,000DLF Cybercity 67–72 NAMG Road 114–130 16,000–18,500Golf Course Road 85–95 12,000–15,000Sohna Road 45–55 6,500–8,000

Retail Rents Capital Value


month INR per sq ftSouth Delhi 180–280 21,000–30,000West and North Delhi 140–220 14,000–23,000Gurgaon-MG Road 140–270 17,000–22,000Rest of Gurgaon 60–100 8,000–14,000Noida 130–220 14,000–25,000Ghaziabad 90–150 10,500–16,000


Key Precincts

INR per month for a 1000 sq ft 2BHK

apartment INR per sq ftGolf Course Road 22,000–32,000 12,000–16,000Sohna Road 15,000–20,000 5,800–7,500Golf Course Extension Road 16,000–22,000 7,500–9,500NH 8 14,000–19,000 3,900–5,000Dwarka Expressway NA 5,000–6,000Noida- Greater Noida Expressway 12,000–14,000 4,000–5,500Noida City 12,000–14,500 4,500–6,000Indirapuram 10,000–12,000 4,000–4,800NH 24 7,000–9,000 2,400–3,200

INFRASTRUCTURE ONGOING>> According to a recent directive by the Department of Town and Country Planning (DTCP), private developers will now have to inform flat owners or investors about any change in the layout plan of the projects in Gurgaon. The fresh directive is sure to bring transparency as the changes, especially those linked to green belt and open spaces, will not be possible unless the developers have secured concurrence of the flat owners and investors.

>> As the city copes with growing housing shortage, Delhi's planning body may allow houses that are built for the poor and middle class to go vertical by tripling the floor area ratio (FAR) from 200 to 600. The Union Urban Development Ministry (UUDM) has asked the Delhi Development Authority (DDA) to increase the FAR and include the revised figure in the soon to be updated Delhi Master Plan 2021.


HyderabadIn February, leasing volumes remained slightly lowand vacancy decreased across all submarkets. The key transactions in January were: SmartPlay leasingspace in KRC Mindspace Building 9, Process Maps

renting space in Soft Sol and Indosoft taking space in Cyber Towers, all located in Hitec City submarket. Meanwhile, Honda and Coromandel Infotech leased space at Banjara Hills and TriCoreSolutions secured space at Q City, Nanakramguda. There were nonew completions over the month. Rents and capital values remained stable.

Retailers continued to prefer high streets as there was restricted supply of malls in February. The key transactions over the month included Di Bella Coffee India (an Australian coffee company) leasing space

on Road 2 Banjara Hills and Road 36 Jubilee Hills and Yes Mart renting space on Road 36 Jubilee Hills and Attapur. Meanwhile,People, Van Heusen and Arvind Store took space at Dr AS Rao Nagar. Vacancy in malls remained stable whilst high streets continued to see fast absorption. Rents and capital values remained stable over the month.

In February, residential sales continued to remain upbeat in Hyderabad. There were no major launchesafter the launches of Brigade At 7 at Banjara Hills and Safeway Symphony Park Homes on Radial

Road near Bharat Heavy Electricals Ltd (BHEL) by Safeway Infra.Rents and capital values increased across all submarkets as newlylaunched residential projects got sold at a price higher than the market average price over the month.



month INR per sq ftBegumpet 45–55 4,500–6,500

Banjara Hills 50–60 4,500–7,500Hitec City 34–42 4,000–5,200

Gachibowli 34–38 4,000–5,000Uppal 25–35 3,000–4,000

Shamshabad 20–25 3,000–4,000Retail Rents Capital Value


month INR per sq ftBanjara Hills 100–130 10,000–13,000Jubilee Hills 110–140 11,000–14,000

Secunderabad 80–100 8,000–10,000Hitec City 100–130 10,000–13,000Kukatpally 100–120 10,000–12,000

Dilshuknagar 100–120 10,000–12,000Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK

apartment INR per sq ftBanjara Hills 17,000–22,000 7,500–12,000Begumpet 12,000–16,000 4,000–5,500Kondapur 12,000–16,000 3,200–5,000Tellapur 8,000–12,000 2,800–3,500

Kukatpally 7,000–10,000 3,500–3,800Miyapur 5,000–6,000 2,400–3,500

INFRASTRUCTURE ONGOING>> New Lakdi ka Pul Bridge which connects Lakdi Ka Pul Junction and Masab tank and passes over the railway line leading to Lakdi Ka Pul MMTS Station was opened for traffic in February.

>> Hyderabad Metro Rail project is moving at a fast pace as a new pier was raised amidst the peak traffic stretch of Rasoolpura and Begumpet in this month.


KolkataIn February, leasing activity improved in the Kolkata office market. The vacancy declined marginally withincreased transaction activity including leasing,investment and absence of new completions. Some

of the major transactions over the month included Reliance leasing space in Tower 3B of Ecospace at Rajarhat, Aventis renting space in Apeejay House on Park Street and ICRA taking space outright in Infinity Benchmark at Salt Lake. Marginal increase in rents and capital values were seen in selected precincts in central and secondary submarkets. However, Kolkata generally witnessed stable rents and capital values in February.

Leasing activity remained stable during February.Malls and high streets both continued to see healthy activity in select precincts of the city. Some of the prominent transactions in this month included

Ethnicity renting space in Mani Square Mall, Wills Lifestyle leasing space in Avani Riverside Mall and Turtle taking space in high streets of Gariahat. The vacancy levels in the city declined marginally on the back of the stable retail demand. Wood Square Mall at Narendrapur became operational with high occupancy level. Rents continued to increase in Prime City submarket based on the steady demand of retail spaces. Capital values also increased in select submarkets.

The trend of steady sales in residential projects in Kolkata continued in February. The city also witnessed a number of projects being launched.Some of the major launches included Clubtown

Gardens near Dunlop and Clubtown Gateway at Rajarhat, both by Space Group and Avani Aspire at the junction of Kona Expressway and NH 6 by Avani Group. In addition, Team Taurus launched The County at Joka after joining hands with Disney Homes promotingapartments with Disney-themed living environment for the children. Rents and capital values continued to increase marginally across all submarkets.



month INR per sq ftPark Street 110–150 13,000–19,000Topsia 75–90 9,000–11,000Kasba 70–90 9,000–11,500Salt Lake, Sector V 42–50 4,400–5,500Rajarhat & New Town 32–40 3,500–4,800Retail Rents Capital Value


month INR per sq ftElgin Road 250–300 24,000–29,000Park Street (high street) 225–300 20,000–28,000Salt Lake 175–225 15,000–20,000Prince Anwar Shah Road 120–150 12,000–15,000Rajarhat & New Town 60–80 6,000–8,000Gariahat (high street) 200–250 18,000–22,000Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK apartment INR per sq ft

Alipore 42,000–50,000 14,000 – 20,000Prince Anwar Shah Road 18,000–30,000 8,000–14,000E M Bypass 15,000–24,000 5,000–9,000Lake Town 13,000–19,000 3,800–7,500Behala 8,000–14,000 3,200–5,200Howrah 6,000–9,000 2,400–4,500New Town (AA I, II&III) 11,000–17,000 3,300–5,500Rajarhat 8,000–15,000 2,300–5,200

INFRASTRUCTURE ONGOING>> The Airports Authority of India (AAI) has initiated the process to rope in foreign companies for operation and maintenance of Kolkata airport. According to the chairman ofAAI, foreign operators such as Changi Airport Group (Singapore) and Flughafen Zurich AG, which run Zurich Airport, have already shown interest for a tie-up for providing the services in a public-private partnership (PPP) model.


MumbaiIn February, leasing activity was moderate for the office sector. Select pool of occupiers relocated from their existing offices or renewed the lease agreement on the back of uncertain macroeconomic

conditions. The CBD and Eastern Suburbs submarkets witnessedhealthy leasing activity and stable vacancy rates. The projects that became operational in SBD North submarket witnessed moderate pre-commitments. The major transactions included Colgate-Palmolive (India) leasing space in Larsen & Toubro Business Park (L&T) at Powai and Sarasin-Alpen renting space in Indiabulls Finance Centre at Lower Parel. With moderate pre-commitments,Towers A and B of the Hiranandani Business Park, along with Lighthall and Hubtown Viva in SBD North submarket became operational in the month. Rents remained unchanged as the renegotiating terms kept the pressure on the existing rentals, with the exception of few precincts in SBD Central submarket. Capital values remained stable, except for a marginal growth in NaviMumbai submarket.

The month of February witnessed improved demand for high-street retail compared with the retail malls in Mumbai. The overall vacancy rate declined because of increased occupancy in select quality malls. Major

transactions in February included Thomas Pink leasing space in Palladium at High Street Phoenix in Lower Parel and Hamleys renting space at Market City Kurla. There were no new completionsduring this month. Rents in high streets and retail malls remained stable. Capital values also remained stable over the city.

Residential units continued to witness moderate sales activity in February. New launches included Emerald Isle by L&T Realty at Powai, Fuego by Rubberwala Group at Mumbai Central and Aurum by

Kabra and Associates at Goregaon. Select locations such as Andheri and Ghatkopar witnessed incremental increase in rentals whilst overall, Mumbai saw stable rents.



month INR per sq ftLower Parel 155–185 19,000–23,000BKC 250–360 25,000–35,000Andheri 100–150 9,000–15,000Goregaon-Malad 80–100 8,000–10,000Wagle Estate 50–65 5,000–6,000Thane-Belapur Road 45–60 5,100–6,000

RetailRents

(mall space) Capital Value


month INR per sq ftLower Parel 250–375 22,000–32,000Malad 160–250 12,000–20,000Ghatkopar 140–220 10,000–18,000

Mulund 120–200 10,000–16,000

Thane 100–160 8,000–14,000Navi Mumbai 70–150 7,000–12,000Residential Rents Capital Value

Key PrecinctsINR per month for a

1,000 sq ft 2BHK apartment

INR per sq ft

Lower Parel 87,000–95,000 23,500–35,000

Wadala 40,000–55,000 14,500–19,000

Andheri 35,000–55,000 11,000–21,000Ghatkopar 35,000–52,000 9,500–14,000Ghodbunder Road 12,000–20,000 5,500–9,000

Kharghar 12,000–20,000 4,800–8,000

INFRASTRUCTURE ONGOING>> Maharashtra and the central government have finally cleared all hurdles in the way of the Churchgate-Virar elevated rail corridor project for Mumbai City, according to the Chief Minister (CM) of Maharashtra. Whilst the project will be implemented by the Railways, the Maharashtra government will acquire land, undertake relief and rehabilitation and work out the modalities for commercial exploitation of land to recover the cost of construction.


PunePune continued to witness healthy leasing activity during February. IT/ITeS firms accounted for most of the gross leasing volume in the city and dominated the transactions. The eastern part of the city became

active, with most of the major transactions taking place in the area. The prominent transactions during the month included AXA leasing space in Marvel Edge at Viman Nagar, TCS renting space in Commerzone at Yerwada and Allianz taking space in Eon Free Zone at Kharadi. No fresh supply of office space came on stream.Rents and capital values remained stable over the month.

Leasing activity in malls of Pune remained sluggishin February. Pune’s organised retail stock remainedunchanged with no new completions recorded.However, Season's mall, located in Hadapsar, is

likely to hit the market in the next 3–5 months. Rents and capital values remained stable across all submarkets.

In February, demand for residential units continued to remain stable. Major launches in this monthincluded Emirus, a high-end category project by Kundan Mehta Associates at Baner and Royal One,

an upper-mid category project by NSG Group at Pimple Nilakh.Capital values remained stable across all submarkets.



month INR per sq ftHinjewadi 32–40 4,000–5,000Hadapsar 40–50 5,000–6,000Bund Garden Road 60–70 6,500–7,500Viman Nagar 50–60 6,000–7,000S.B. Road 55–75 6,500–7,500Koregaon Park 60–70 6,500–7,500

RetailRents

(High Streets) Capital Value


month INR per sq ftMG Road 100–150 10,000–15,000Bund Garden Road 90–130 9,000–13,000F.C. Road 100–150 10,000–15,000J.M. Road 100–150 10,000–15,000D.P. Road 90–130 9,000–11,000S.B. Road 80–130 8,000–11,000


Key Precincts

INR per month for a 1,000 sq ft two-BHK apartment INR per sq ft

Wakad 10,000–12,000 3,800–4,800Kharadi 11,000–15,000 4,500–5,300Hadapsar 12,000–16,000 4,500–5,500Hinjewadi 9,000–11,000 4,000–5,000Undri 9,000–12,000 3,500–4,500Pimpri-Chinchwad 8,000–12,000 3,500–4,500

INFRASTRUCTURE ONGOING>> Lavasa Corporation Ltd with Apollo Group and the hospital chain, have planned for a ‘medicity’ project at Lavasa, the planned city that is being developed near Pune. The project cost has been estimated at approximately INR 3–4 billion. Thisjoint venture development between Lavasa and Apollo is to be taken up at Mugaon, the second town that is being developed near Dasve (within Lavasa).

Monthly Real Estate Monitor - March 2013

About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expertteams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones LangLaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property andcorporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’sinvestment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management.Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across theregion. The firm was named the Best Property Consultancy in Asia Pacific at ‘The Asia Pacific Property Awards 2012 in association with BloombergTelevision’. For further information, please visit our website, www.ap.joneslanglasalle.com

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