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8/9/2019 Asia Pacific Regional Office Market Overview Q2 2010
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Asia Pacifc
Ofce Market OverviewR E G I O N A L R E S E A R C H
QUARTERLY UPDATE | JULY | 2010
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
Regional Overview .....................................................................3
Greater Cina ..........................................................................4-6
Beijing, China ...................................................................................................... 4Chengdu, China ................................................................................................. 4
Guangzhou, China ............................................................................................. 5
Shanghai, China .................................................................................................. 5
Hong Kong SAR, China .................................................................................... 6
Taipei, Taiwan ...................................................................................................... 6
Nort Asia ...................................................................................7
Seoul, South Korea ............................................................................................ 7
Tokyo, Japan ........................................................................................................ 7
Souteast Asia ...................................................................... 8-10
Jakarta, Indonesia ............................................................................................... 8
Kuala Lumpur, Malaysia ..................................................................................... 8
Manila, Philippines .............................................................................................. 9
Singapore ............................................................................................................ 9
Bangkok, Thailand ............................................................................................ 10
Ho Chi Minh City, Vietnam ............................................................................ 10
India ..................................................................................... 11-12
Bengaluru .......................................................................................................... 11
Chennai ............................................................................................................. 11
Mumbai .............................................................................................................. 12
New Delhi ........................................................................................................ 12
Australasia .......................................................................... 13-16
Adelaide, Australia ........................................................................................... 13
Brisbane, Australia ........................................................................................... 13
Canberra, Australia ......................................................................................... 14
Melbourne, Australia ....................................................................................... 14
Perth, Australia ................................................................................................. 15
Sydney, Australia .............................................................................................. 15
Auckland, New Zealand ................................................................................. 16
Wellington, New Zealand .............................................................................. 16
Prime Ofce Rentals ................................................................17
Trends & Forecasts ............................................................. 18-19
Defnitions & Terminology ................................................. 20-21
Contacts .............................................................................. 22-23
CONTENTS
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
REGIONAL OVERVIEW
Market Outlook
In tandem with the continued economic recovery in the region, the office market across
most centres registered further signs of growth in 2Q2010. In view of the stronger-than-
anticipated recovery of intra-regional trade and resilient private consumption expenditure,
business confidence among most office occupiers strengthened. From the human resources
perspective, the growth was evident in the increasing positive hiring expectations in the
private sector, according to a hiring expectations sur vey undertaken by Hudson in 2Q2010.
The findings of the survey suggested that overall hiring expectations continued to rise in
a number of key centres in the region, with over two-thirds of the respondents engaged in
the banking and financial services planning to increase their headcounts in 2Q2010.
The overall office leasing demand in the region showed no signs of abating in 2Q2010,
despite the imminent threat of a sovereign debt crisis in Europe. Led by occupiers engaged
in the financial services sector, leasing demand was particularly strong in certain centres
with a high financial services component, such as Hong Kong and Singapore. A number
of companies took advantage of competitive rental offers in the markets by committing to
additional space for headcount expansions in the future. For example, in Singapore, Barclays
Capital which recently pre-committed to take 250,000 sq ft in the Marina Bay Financial
Centre (MBFC) Tower 2, further committed to take up an additional 100,000 sq ft in the
same building in 2Q2010. In India, occupational demand was particularly strong in the
aerospace, IT and auto sectors. In Hong Kong, AXA leased 180,000 sq ft in Landmark East
in 2Q2010, after having committed to about 30,000 sq ft in Exchange Tower in the same
sub-market in March 2010. With sustained absorption, average office rentals in the region
picked up additional momentum, with a growth of 1.4% quarter-on-quarter in 2Q2010.
On the sales front, overall buying interest remained strong in 2Q2010. In addition to high-
net-worth private investors, there were signs that institutional investors started returning
to the market in 2Q2010, thanks to the continued growth in occupational demand and
concrete signs of rental increases over the past few quarters. In Hong Kong, a Singaporean
real estate investment fund acquired Manulife Tower for a total consideration of US$288
million (HK$2.25 billion). Meanwhile, institutional players in Brisbane became active in2Q2010 after staying on the sidelines for the past one and a half years.
Looking forward, we expect that office demand fundamentals will remain solid in the region
over the next 12 months given the prospective economic growth and the sustained hiring
expectations in the private sector. Although individual centres currently in the midst of their
supply cycle might see slow rental growth, the anticipated catch-up of the non-finance sector
will take the leasing market in the region to the next stage of rental increase. Meanwhile,
overall investment demand is expected to strengthen further given the positive scenario
of a low interest rate environment and accelerating rental growth, and, more importantly,
the return of institutional players over the near to medium term.
On te Pat to
Recovery
Sales Market
Leasing Trends
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
MAJOR TRANSACTIONS
C h I N A
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Gateway Plaza L BMW 129,200
World Financial Centre L King & Wood 96,900
Oce Park Tower C L Panasonic 75,300
Pingan International Financial Centre L Polycom 47,400
Metropolis L Cadence Electronics 43,100
Hyundai Motor Tower L Laarge 25,800Rafes City L National Oilwell Varco 25,800
China Central Place L AECOM 23,700
Fortune Resource International Centre L Founder Securities 16,100
China Overseas Plaza L OMRON 12,900
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)Lippo Plaza L Chengdu Forte 19,400
Cengdu
• TheChengduGradeAofficemarketcontinuedtostayonitsupwardtrendwithasteady
increase in rentals during 2Q 2010. With the overall rate at 14.61%, the average rental
was at RMB109.43 per sq m per month as of 2Q2010.
• MajortenantsareprincipallylocatedalongSouthRenminRoad.Individualtenants
have been looking to expand and the latest example was the commitment by Chengdu
Forte to take 1,800 sq m of office space at Lippo Plaza during 2Q2010.
• TherewerenocompletionsofmajorGradeAofficebuildingsinChengdurecorded
in2Q2010.Scheduledforcompletionin3Q2010,GradeAofficeunitsinYanlord
LandmarkandOneAeroSpaceCenterhavealreadybeenofferedforpre-lease.Given
the new office supply of over 130,000 sq m, the market will face a greater challenge in
absorption rate going forward. On the sales front, the average transacted price increased
slightly to RMB15,500 per sq m as of 2Q2010.
Beijing
• In2Q2010,OfficeParkTowerCintheCBDareawascompleted,injecting52,737sq
mofnewofficespaceintothemarket.Consequently,thetotalstockofGradeAoffice
property exceeded 4.6 million sq m as at the end of 2Q 2010.
• DuetorobustleasingdemandfrombothMNCsanddomesticenterprisesandanetpositiveabsorptionrateof129,175sqm,theaverageofficevacancyrateedgeddown1.85
percentage points to 14.43% as at the end of 2Q2010. The demand stemmed from new
leases, relocations and renewals, with several representative examples such as BMW’s
renewalof12,000sqminGatewayPlaza,King&WoodandPanasonic’scommitments
to9,000sqmand7,000sqmrespectivelyintheWorldFinancialCentreandOffice
Park Tower C.
• AveragerentintheBeijingGradeAofficemarketgrewby3.92%quarter-on-quarter
(q-o-q)toRMB173.03persqmpermonthasaresultoftheadjustmentsoflandlords’
leasing strategies from maintaining the occupancy rate to optimising tenant quality and
maximising rental income.
• Theinvestmentmarketwasactive,asevidencedbyatleasttwosalestransactionsconcluded
during 2Q 2010 by a domestic financial institution and a global investor.
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
R&F Centre L Wm Wrigley Jr. Company 64,600
China International Plaza L DHL-Sinotrans International Air 23,700
Courier Ltd.
Poly Centre L Zhanjiang Commercial Bank 39,500
Poly Centre L Guangzhou Yu De Long Trade Co., Ltd. 26,900
Poly Centre L Guangzhou Love37 Clothing Co., Ltd. 19,400
Poly Centre L CITIC Securities 12,900
Poly Centre L Guangdong Ying De Feng Financing 10,800
Guarantee Co., Ltd.
Guangzou
• TherewasonlyoneGradeAofficebuilding-PolyCentrecomprisingatotalfloorarea
of66,370sqm-releasedinthemarketduring2Q2010.
• Intandemwiththesustainedeconomicgrowth,officeleasingdominated,withanumber
of sizeable companies active during 2Q2010. The average vacancy fell to 15.2% by theend of 2Q2010.
• TheaverageGradeAofficerentalwassteadyatRMB134persqmpermonthasatthe
end of 2Q2010.
• Lookingahead,atotalofover220,000sqmnewofficespacewillbelaunchedin3Q2010.
With a dramatic increase in new stock, the vacancy rate is anticipated to rise over the
near term.
Sangai• WheelockSquarewasaddedtotheGradeAofficemarketduring2Q2010.However,
with a significant absorption rate in 2Q2010, the average vacancy rate was virtually
unchanged during the period.
• Strongleasingactivitywaswitnessedacrosstheboardin2Q2010.Asaresultindividual
landlords became slightly more aggressive with their leasing terms leading to a rise in
the effective rental rate.
• PudongperformedbetterthanPuxiacrossallkeymarketindicators,primarilyduetoa
lack of new supply and the continued strong leasing demand attributed to the financial
services sector.
• Inanticipationofanincreaseinnewsupplyoverthenext18months,vacancyratesare
forecasted to rise during this period, while rental rates will pull back slightly.
C h I N A
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MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Platinum S Hong Kong-listed Company 466,600
Wheelock Square L Luthansa 11,80
Wheelock Square L Hitachi 48,40
SOHO L B+H Architects 16,100
DBS Tower L Blackstone 10,800
Diamond Exchange L Ai Jian Securities 75,300
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
Taipei
• Theeconomicenvironmentcontinuedtoimprovedueto the performanceofboth
exports and private consumption, and growing investment in the private sector. The
2010GDPinTaiwanhasbeenrecentlyrevisedupwardto6.14%.
• Nonewsupplywasaddedtothemarketin2Q2010.However,withtherelocationand
consolidation of finance and life insurance companies, the net negative absorption
bought the average vacancy rate up from 13.04% in 1Q2010 to 13.50% in 2Q2010.
• Withan increaseof leasing stockduring2Q2010,asking andeffectiverentalrates
decreasedtoNT$2,781perpingpermonthandNT$2,452perpingpermonth
respectively during 2Q 2010.
• Lookingforward,withthesigningoftheEconomicCooperationFrameworkAgreement
(ECFA), an overall positive absorption is anticipated in 2010. However, with plentiful
supply in the market, rentals will remain largely f lat during the second half of 2010.
T A I W A N
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hong Kong
• ThelocalGradeAofficeleasingmarketwasvirtuallyimmunefromthethreatofthe
outbreak of a debt crisis during 2Q2010 as solid occupational demand, attributed
principally to the f inancial services sector, continued to buoy the market.
• Withoutamajornewsupplyofofficestockintheprimarymarket,prospectivetenantscontinued to focus on the available stock for lease in the secondary markets. With a
positive market absorption, the overall average vacancy rate in the market edged down
100 basis points to 5.0% in 2Q2010.
• Overall, officerentalssawagrowth of8.4%q-o-qin 2Q2010amid the continued
strengthening of occupational demand. Central continued to deliver an exceptionally
strong rental growth of 13.9% q-o-q during the period.
• Given thesoliddemandfundamentals,ourrentalpredictionremainsunchangedat
20% over the next 12 months. However, with the continued narrowing of the rental
difference between Kowloon East and other sub-markets on Hong Kong Island, the pace
ofmajorrelocationslookssettotakeabreatheroverthenearterm.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
CITIC Tower L Finance company 14,500
The Lee Gardens L Watch and jewellery company 15,600
Exchange Tower L Nike 84,000
Landmark East L AXA 180,000
Kowloon Commercial Centre L Logistic company 60,100
Fortis Centre S Hong Kong Housing Society 289,540
The Broadway S Glorious Sun Enterprises 65,577
Manulie Tower S Singapore real estate und 384,000
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MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
City Link L Tai Airways International Public 12,500
Company Ltd., Taipei Branch
Exchange Square Two L Victrex Manuacturing Limited 2,200
Exchange Square Two L Network Appliance Inc. 3,700
TAIPEI 101 L Sinochem 3,600
TAIPEI 101 L Google 3,600
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
J A P A N
Tokyo
• Relocationstonewpremisesshowedsignsof increasingaftertwenty-fourmonthsof
limited activity.
• Theofficemarketsawvacancyapproaching9%,buttherateofincreaseslowed.
• Anumberofnewdevelopmentswerecompletedwithverylowlevelsofcommitment.
Individual schemes struggled to achieve acceptable occupancy levels even one year or
more after completion.
• Extendedfreerentperiodsoftwelvemonthsormorehasbecomecommonforlarger
relocations.
• Landlordsofhighvacancypropertieshavebeenofferinggreaterincentivestostimulate
relocations.
• Manyleasessignedorrenewedfrom2006to2009arenoworsoonwillbeover-market.
There will be more opportunities for tenants to negotiate rents down on existing
leases.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Minato Mirai Center Building L Lenovo Japan 71,000
Akasaka 2-3 Project L Tokyo Star Bank 88,750
Harumi Front Tower Project L Tokyo Mitsubishi UFJ Bank 355,000
Shin Maru Building L Asahi Glass 142,000
Ote Center Building L AFLAC 35,500
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S O U T h K O R E A
Seoul
• Primeofficerentalsincreased0.57%QoQintheCBDand0.87%QoQintheYBD
in2Q2010.However,GBDbuckedthetrendwithafallof 0.14%QoQduringthe
period.
• VacancyintheCBDareawas6%in2Q2010,butitisanticipatedtoriseto7%bytheendof2010duetoanincreaseofnewsupply.VacancyinGBDandYBDincreased
slightly in 2Q 2010. With the prospective increase in new supply, the leasing market in
Seoul will continue to be a tenant market.
• TherewerefiveGradeAofficesalestransactionsconcludedduring2Q2010including
some strata-title sales since most domestic pension funds and equity capital have been
focusing on overseas opportunities. Sales prices were approximately 5% lower compared
with their valuation in 1Q 2010.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Samsung-dong Building L iMarket Korea 69,400
STX Tower L Lilly Korea 58,000
KTB Network L Kyobo Lie Insurance 55,300
KTB Network L Mannatech Korea 23,800
Mirae Asset A Tower L Korea Southern Power Co., Ltd. 39,900
Gangnam Finance Center L Korea Technology Investment 24,400
Corp. (KTIC)
Eugene Securities Building S Public Ocials Benet 435,300
Association (POBA)
Gateway Tower S Dongbu Insurance 432,000
Platinum Tower S Hana Bank 39,200
Samsung Jaeil Building S Busan Bank 134,200
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
Jakarta
• Occupationaldemandshowedfurthergrowthduring2Q2010,followingtherecovery
trend set in 3Q 2009. Office inquiries came mostly from existing tenants with expansion
plans or relocations.
• Officedevelopmentsunderconstructionareanticipatedtofinishonschedule.
• Strata-titleofficepricesincreased1.25%QoQtoRp17millionpersqmin2Q2010.
TransactionswereactiveinboththeCBDareaandouterCBDareas.
• Officerentalratesareexpectedtoedgeupoverthenext12months.
Kuala Lumpur
• Theforthcomingnewdevelopmentsscheduledforcompletionduring2010-2011are
anticipated to stay well above the historical average.
• Officeleasingactivitypickedupin2Q2010butyettocatchupwiththeincreaseinnew
supplyduring2Q2010.Vacancyratecontinuedtoedgeupduringtheperiod.
• Luredbyattractiverentalrates,moretenantsareexpectedtorelocatetobrandnewand
refurbishedofficebuildingsinthesecondhalfof2010.Vendorsofolderbuildingsare
going to see strong competition for tenants.
• Lookingforward,primeofficerentalandcapitalvaluesareexpectedtoremainstable
during the second half of 2010.
I N D O N E S I A
M A L A Y S I A
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Citibank Tower 3rd Floor L Bentoel Prima Oce 12,900
Gedung Sarana Jaya L US Embassy 139,900 Wisma Pondok Indah II L Michelin Oce 5,400
UOB Plaza L ISGS 4,300
Equity Tower L Trikomsel 21,500
Equity Tower L Sucorinvest 21,500
Wisma 46 L MSD Oce 7,500
Menara Cakrawala L Bank Permata 2,200
Atrium Setiabudi L Bank Permata 2,200
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Wisma Times S Johor Land Bhd *171,611
Surian Tower L Procter & Gamble (M) Sdn Bhd 15,000
Wisma 2430 L T Systems (M) Sdn Bhd *14,998
1 Nagasari L Lion Group 100,000
Menara Olympia L GRI Marketing 14,000
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* Concluded by WTW
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
Singapore
• TheaveragemonthlygrossrentsofGradeAofficespaceintheCBDincreasedby6.1%QoQtoS$6.77persqftpermonthasoftheendofJune2010.Besidestheflightto
quality, the increase in rents can also be attributed to companies taking advantage of
the competitive rental rates by taking up more space to cater for an expected future rise
in headcount.
• Forexample,ANZBank,whichnowoccupiesslightlymorethan100,000sqftatOne
Raffles Place, is understood to have signed a lease for 209,000 sq ft at Ocean Financial
Centre(OFC)intheRafflesPlace/NewDowntownmicro-marketthatwillbecompleted
in 1Q 2011. Barclays Capital, which has already pre-committed to 250,000 sq f at Marina
Bay Financial Centre (MBFC) Tower 2, increased its space commitment in the same
building by a further 100,000 sq ft.
• Thepositiveeconomicoutlookfor2010isexpectedtoboostdemandforofficespace
further.HoweverthefinancialwoesintheEuropeZonecouldhaveadragonthe
economy if it worsens or is not contained. On balance, the office market is expected to
see a moderate improvement of around 10% in rents for the second half of 2010.
S I N G A P O R E
MAJOR TRANSACTIONS
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Manila
• Newinquiriesforofficespaceremainedsteadyin2Q2010.Demandlargelycamefrom
newcomers and existing tenants going for expansions.
• DemandforGradeAbuildingsinMakatiCBDandotherlocationspickedupin2Q2010.
WithsignificantvacancyinanumberofpremiumbuildingsinMakatiCBD,landlordsoffered competitive terms in order to fill the space vacated by outgoing BPOs.
• Developershavepushedaheadtheirnewschemesinviewofthegrowingabsorptionin
the marketplace, particularly in the alternative business districts of Metro Manila.
• Officecapitalvaluesshowedinitialsignsofrecoveryasinvestorsanticipate5%to10%
rental growth to happen before the end of 2010.
P h I L I P P I N E S
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
8 / 10 Upper McKinley Road L Cognizant Technology Philippines 49,600One World Square L Modern Imaging Solutions, Inc. 7,900
Commerce and Industry Plaza L Factset Philippines, Inc. 17,200
Fort Legend Towers L Goodyear Philippines 8,400
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Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Ocean Financial Centre L ANZ Bank 209,000
Marina Bay Financial Centre Tower Two L Barclays Capital 100,000
Ocean Financial Centre L Drew and Napier LLC 93,000
Marina Bay Financial Centre Tower Two L Prudential Asset Management 37,00071 Robinson L Sungard Systems 30,000
Millenia Tower L Commonwealth Bank o Australia 18,000
Keppel Bay Tower L BMW Group Asia 18,000
Parkview Square L Proessional Investment Advisory Services 15,000
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
ho Ci Min City
• GDPreturnedtoitspre-crisislevelin2Q2010andtheoverallofficeoccupancyrates
remained high. However, the market was challenged as supply continued to outstrip
demand.RentalsweresoftandtheGradeAsectorsawthesteepestdeclineduring2Q
2010.
• WiththecompletionofTheVincomPlaza,atotalof76,000sqmofnewfloorarea
wasintroducedintothemarketatacompetitiverentalofUS$37persqmpermonth.
Meanwhile,theFinancialTowerwithatotalof37,710sqmisscheduledforcompletion
in 2010.
• Atthetop-tierof themarket,KumhoPlaza,a GradeA development designed to
international specifications, has been offered at an average rental of US$55 per sq m
per month.
V I E T N A M
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Bangkok
• TherecentprotestsinAprilandsubsequentriotinginMayhasdampenedsentiment
in the city. As such, the leasing market remained subdued during 2Q 2010.
• Nonewsupplywasaddedin2Q2010buttherewillbearound78,000sqmscheduled
for completion in the second half of 2010.
• Somemarketactivitywasbriskin2Q2010.Individualcompaniesrelocatedtheiroffices
away from the affected area as the short-term solution to maintain their operations.
• Thedynamicsoftheofficemarketcouldseefurtherchangesovertheneartermsince
a number of businesses started looking to set up their back-up offices by splitting their
operations into two locations to provide protection in the event of continued unrest.
ThAILAND
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
United Center L Pzer (expansion) 21,500
United Center L Gold Future 6,500
Vibulthani Tower L MTC Thailand Co., Ltd. 7,500
Vibulthani Tower L Esso (Thailand) Plc 14,400
Silom Complex L Country Group Securities Plc 6,200
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MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Kumho L Thang Long JOC 9,200
Kumho L ANZ 9,100
Kumho L MSD 4,700
Kumho L Akzo Nobel 4,700
Kumho L LevelOne 4,600
Kumho L Masan Group 4,600Kumho L Shell 4,600
Kumho L Thai Thinh 4,000
Kumho L Debenhams 3,600
A & B Tower L Electrolux 3,000
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
Bengaluru (ormerly Bangalore)
• Officeprojectcompletedin2Q2010includedVrindavanTechVillagelocatedatOuter
Ring Road, contributing approximately 0.9 million sq ft to the total stock.
• TwonewprojectswerelaunchedinBengaluru.TheywereBagmaneCommerceIIat
CVRamanagarandStandAloneBuildingatHebbal.
• Theoverallofficespaceabsorptionandthenumberofoutrightsaletransactionsshowed
further signs of improvement thanks to the prevailing lower rentals and improving market
sentiment. Occupational demand was particularly strong in the IT and auto sectors.
• Bothrentalandcapitalvaluesinmostsub-marketsofBengalururemainedstabledespite
an overall increase in the number of transactions.
I N D I A
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
BPL Towers L Elken 30,000
The Estate L System Advisories 16,000
Embassy Icon L Hexawear Technologies 25,000
Stand Alone Building S MACHINE TOOLS INDIA 5,000
Stand Alone Building L Semler Research Center Pvt. Ltd. 30,000
Stand Alone Building L Crossdomain 40,000
RMZ NXT L Schneider Electrical 70,000
Prestige Meridian L Inragistics India Pvt. Ltd. 3,000
Uthkarsha L Commerce Velocity 4,000
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• Therewereabout2millionsqftofnewofficespaceaddedtothetotalinventoryin2Q
2010. Most of this was in the form of IT / ITES office space, thus keeping vacancy rate
at a high level despite an improvement of absorption.
• RentalandcapitalvaluesforIT/ITESprimeofficespacewerestagnantduring2Q2010
due to high vacancy levels and large upcoming supply across most micro-markets.
• Ina recentdecision, theTamilNaduGovernment approveduniformguidelinesof
DevelopmentControlRegulations(DCR)regardingmulti-storeybuildings,special
buildings, group developments, layouts and subdivisions. The areas affected by the
new regulations include Trichy, Madurai, Tirunelveli, Thoothukudi, Salem, Erode,Coimbatore,Tirupur,VelloreandsuburbanareasfallinginKancheepuramand
TiruvallurdistrictsinTamilNadu.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Shreyas L Cevin Care 16,000
DLF Building L Cognizant Technologies 200,000
Shreyas L Dalkia 8,000
RMG Complex L SBB Constructions 12,000
Samson IT Park L Tata Consultancy Services 20,000
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
New Deli• RentalsforGradeAofficespaceacrossallCBDandSBDwitnessedanincreaseof2-3%
QoQduring2Q2010.However,rentalsinPBDremainedstablein2Q2010duetothe
availability of plentiful supply.
• Newsupplyofapproximately1.6millionsqftwasaddedtothecity’sexistinginventory.
About0.4millionsqftwasinCBDand1.2millionsqftwascompletedinGurgaonand
Noida.ThevacancylevelinCBDwitnessedadecreasein2Q2010.However,vacancy
inSBDandPBDareasremainedlargelyunchanged.
• Capitalvaluesincreased3%to4%acrossallmicro-marketsduring2Q2010.
• Due totheforthcomingCommonwealthGames,theinfrastructureof the city has
been improving noticeably. It is hoped that all the infrastructure work related to the
CommonwealthGameswillbecompletedsoon.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq t)
Times Tower L Sony Ericsson 12,000
ITT Building L Louis Vuitton 5,500
Baani Corporate One L Hyundai 50,000
Salcon Rasvilas L Max Bupa 20,000
DLF Silokhera L Max 25,0000
Gol Course Road (next to Amex) L Remry Sagar 200,000
Gol Course Road (next to Amex) L Amway 100,000Unitech Inospace SEZ L E-value Serve 50,000
Chimes L Contract Advertising 20,000
DLF Cyber City L Protivity 17,000
I N D I A
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Mumbai
• About2.5millionsqfofprimeofficespacewasaddedtothecity’sGradeAoffice
inventoryin2Q2010.MostofthisnewsupplywaslocatedinSBDandPBD,suchas
Andheri, Bandra Kurla Complex, Lal Bahadur Shastri Marg and Thane. Rental and
capital values for both IT and non-IT office space remained stable during 2Q 2010.
• InlinewithCentralLegislation,theBuildingandtheOtherConstructionworkersCess
Act,1996,theMaharashtraGovernmentdecidedtocharge1percentlabourcesson
constructioncostofallnewpublicandprivateprojects.
• Ina recentnotification,thestateurbandevelopmentdepartmentdecidedtoamend
regulation33(1)oftheDevelopmentControlRules1991,andtoprovide25%more
floor space index (FSI) to developers if they agree to construct a road on a portion of
the land that they have surrendered to the Brihanmumbai Municipal Corporation.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / AreaSale (S) Purcaser (sq t)
Lotus Midtown S Edelweiss 200,000
HCC Park L Siemens 100,000
Sun Inotech Park S India Inoline 115,000
Kaledonia L State Bank o India 20,000
Raj Plaza L Cipla 20,000
Rustomjee Nataraj L Canon 15,000
Rustomjee Nataraj L Amway 15,000
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
Adelaide
• Nonewsupplyoptionisanticipateduntilatleast2012/2013.Overallvacancyratewill
remain low as tenants resort to existing stock.
• Afterreachingahighof7.6%inJanuary2010,vacancyisexpectedtofalltobetween
6.5%and7.0%.
• Leaseincentiveswillbescaledbackinthesecondhalfof2010,whilerentalsaregoing
to remain solid during the period.
• Anincreaseinthenumberofmarketopportunitieswillcontinue,particularlyinthe
price bracket below AU$20 million where investment demand is the greatest.
A U S T R A L I A
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Brisbane• AccordingtothePropertyCouncilofAustralia,theaveragevacancyrateforthecombined
PremiumandGradeAofficemarketedgeddownfrom12.6%inJuly2009to8.8%in
January2010.
• DemandforbrandnewandGreenStarratedofficebuildingsremainedfirmin2Q
2010. Overall occupancy rates were generally above 90%.
• Institutionalinvestorsshowedsignsofmakingacomebacktothemarketafterstayingon
the sideline for the past 18 months. Meanwhile, investors continued to be constrained
by the lack of sufficient financing.
• Itisanticipatedthat38,000sqmofbrandnewofficespaceinCBDwillcomeonline
in 2010. Another 64,000 sq m will be available in 2011.
• Netofficerentsareexpectedtostabiliseoverthenextsixto12months.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
10 Market Street S GDI property Group 73,700
275 George Street S K-Reit Asia (Australia) Trust 449,300
145 Ann Street S Commonwealth Oce Property Fund 297,300
Centra l Plaza Two L AIRC 15,200
Central Plaza One L Hudson 10,800
Waterront Place L Verizon 6,30 �
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MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
45 Grenell Street S Private Investors 139,700
1 King William Street S Record Funds Management Pty Ltd 221,40012-26 Franklin Street L Australian Taxation Oce 322,900
22 King William Street L State Government 17,200
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
Melbourne
• DocklandsremainedthefocusfordevelopmentwithintheMelbournemarketprimarily
due to availability of land and the ability of corporate occupiers to develop purpose built premises in 2Q 2010.
• Therewasabout57,800sqmofnewsupplycompletedinthefirstquarterof2010.The
twonewbuildingsatDocklands,namely400DocklandsDrive(13,650sqm)and800
Collins Street (Myer) (28,650 sq m), contributed to the bulk of the supply. However,
therewillbeverylimitedsupplyintheCBDduring2011and2012.
• Majorpre-commitmentsin2010includedATO(38,000sqm)andMelbourneWater
(12,000 sq m).
• Accordingtoourresearch,MelbourneCBDOfficemarketisexpectedtohavestrong
rental growth over the next 12 to 18 months. Improving occupational demand together
withexpectationsofrentalgrowthwillbodewellfortheCBDinvestmentmarketinthe
second half of 2010. Further yield compression is expected in 2010.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
356 Collins Street S Undisclosed 77,600
171 Collins Street S (50% share) Cbus Property 49,100
290 LaTrobe Street S Shesh Ghale 107,600
530 Collins Street L AEMO 54,200
717 Bourke Street L AHAC 45,000
1000 LaTrobe Street L Melbourne Water 129,200
360 Elizabeth Street L MacMillan Shakespeare 39,800
181 William Street L WHK 32,600
525 Collins Street L Thomson Playord Cutlers 28,600
530 Collins Street L Mills Oakley Lawyers 37,700
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A U S T R A L I A
Canberra
• Thetop-tierofficemarketinCanberraduring2Q2010remainedresilientbutthe
secondary market was mixed due to less certainty.
• Supportedbypositivemarketsentiment,investmentdemandforofficepropertieswas
stablein2Q2010.However,therewasnoconclusionofamajorinvestmentdealduring
the period.
• TherehasbeenasurgeinnewsupplyonthewesternsideoftheCanberraCBDwiththe
completion of 50 Marcus Clarke Street (40,000 sq m fully pre-leased) and 121 Marcus
Clarke Street (26,000 sq m).
• Tenantscontinuedtocommandstrongbargainingpositionsinboththeprimaryand
secondary market.
• Themandatorydisclosureofenvironmentalratingshasnowbeenintroducedandshould
assist investors and tenants to make informed choices.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
60 Marcus Clarke Street L St George Bank 14,200
Sirius Building L CoA - DoHA 495,200
50 Marcus Clarke L CoA - DEEWR 428,600
40 Bunda Street L ActewAGL 86,400 �
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
Pert
• TheofficeleasingmarketinPerthremainedlargelystablein2Q2010.Transactionsof
small to medium size deals (below 3,000 sq m) were popular. However, large transactions
were slow during the period.
• Officerentalwasstablein2Q2010,whiletherewasanincreaseintheleveloflease
incentives.
• TherewasnomajorofficeinvestmentsaleintheCBDduring2Q2010.
• Averageofficecapitalvaluesexperiencedamarginalincreaseduring2Q2010.Average
investment yields for prime offices slightly contracted.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Quayside on Mill, 2 Mill Street L Barrick Gold Ltd 26,900
Exchange Plaza, 2 The Esplanade L Sundance Resources Ltd 11,200
66 St Georges Terrace L Acergy Australia Pty Ltd 21,700
Central Park, 152 St Georges Terrace L DLA Philips Fox 28,000
A U S T R A L I A
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• Faceofficerentsremainedstablein2Q2010.Leaseincentivesbegantodeclineand
edged close to the long-term average as demand improved.
• Yieldcompressioneasedin2Q2010sincerentalgrowthwasflatandindividualinvestors
becamemorecautious.Generally,overseasinvestorsandhighnet-worthprivateinvestors
remained the most active during the period.
• Due toa lackof new supply and steadyoccupational demand,vacancy ratesare
anticipated to edge down slightly in 2010. However, the rate will increase when new
supply enters the market in mid 2011.
• Duetotheuncertaintyintheglobaleconomy,individualtenantsmightturncautious
and vacancy rates will go flat in the second half of 2010.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
12 Castlereagh Street S Sydney Metro 78,400
56 Clarence Street S Heathley Diversied Property Fund 55,600
725-731 George Street S Private Investor 33,600
420 George Street L Virgin Active 48,400
135 King Street L Russell Investment 26,200
56 Pitt Street L Suncorp 23,300
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
N E W Z E A L A N D
Auckland
• AucklandCBDofficevacancydeclinedslightlyto10.6%in2Q2010from11.5%in
December2009.TheoverallCBDofficevacancyisexpectedtoclimbtoaround16%
in 2013/2014.
• Theanticipatedrise inCBDofficevacancyis anticipatedtobecausedbycorporatedownsizing or companies leaving their existing offices over the next few years. For
example,theformerBNZtowerat125QueenStreetwasvacantfollowingthebank’s
movingacrosstheroadtotheDeloitteCentre.ASBBankcommittedto18,000sqm
attheWynyardQuarterdevelopment,thusleavingseverallocationsintheCBDvacant
in 2013.
• Investmentactivityremainedweakin2Q2010.Yieldscontinuedtoeaseinbothprime
and secondary grade office precincts but premium grade assets continued to hold firm
at7.50%to8.25%.ThelatestdealwasthesalebyBrookfieldMultiplexoftheDeloitte
Centreat80QueenStreettoaprivateNewZealandinvestmentgroupforNZ$177
million,oraninitialyieldof7.60%.
• Overall,demandintheAucklandCBDofficemarketisexpectedtoremainsubdued
overthe remainderof 2010.Neteffectiverentswillremainweakwitha riseinlease
incentives. Office yields will be f lat after stabilisation in the first half of 2010.
Wellington
• Leasingactivityshowedsignsofimprovementbutdemandattributedtothepublicsector
remaineduninspiringin2Q2010.Duetoanincreaseofleaseincentives,neteffective
rents particularly for secondary grade office accommodation declined in the first half
of 2010.
• Aftera recordlevelofinvestmentsalesin2009,theoverallinquiryleveldroppedin
thefirsthalfof2010.Yieldswerestableacrosstheboardin2Q2010,buttherewasno
majorsalesdealconcludedduringtheperiod.
• Theaveragevacancyrateincreasedfrom6.0%inJune2009to6.8%inDecember2009.
According to our research, there will be another 63,800 sq m of new space to be added
totheCBDin2010and2011.Anumberofofficedevelopmentswithatotalfloorarea
of106,700sqmhavebeenplannedbuthaveyettoreceivetenants’pre-commitments
before actual commencement of construction.
• Lookingahead,vacancyintheCBDispredictedtorise.However,facerentscouldremain
stable in the second half of 2010. Investment yields will ease 25 to 50 basis points during
the period.
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Molesworth House S Bronwen Stewart 3,000
NZ Customs House L Chie Electrol Oce 24,900
85 Customhouse Quay L Sinclair Knight Merz 12,500204-206 Thorndon Quay L New Zealand Deence Force 8,700
NZX Centre L Goldman Sachs JB Were 4,500
93 The Terrace L Straterra Ltd 4,900
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MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purcaser (sq t)
Peace Sotware Building S Private investor 44,500
Deloitte Centre S Private investor 247,600
East on Quay L Rayonair NZ Ltd 9,600
WHK Gosling Chapman Tower L Morrison Kent 6,900
11 Westhaven Drive L Optimation New Zealand Ltd 6,100
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
P R I M E O F F I C E R E N T A L S
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
T R E N D S & F O R E C A S T S
City New Supply Take-up Average Vacancy Total Stock Average Rentals
(sq t) (sq t) (%) (sq t) (US$ / sq t / year)
2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F
Beijing
CBD 4,683,900 0 1,607,222 2,946,994 37.2 22.0 19,398,668 19,398,668 27.20 29.77
Zhongguancun 0 0 317,008 45,714 2.2 1.6 7,619,765 7,619,765 27.33 29.10Financial Street 148,434 0 269,442 188,584 4.8 2.9 9,978,125 9,978,125 39.29 41.84
Luthansa 905,997 828,820 384,155 585,664 24.2 24.7 6,981,950 7,810,770 26.65 27.81
East Chang An Avenue 0 0 -104,991 59,643 6.6 5.7 6,307,067 6,307,064 22.28 24.86
East 2nd Ring 1,442,739 0 671,172 590,077 44.0 33.3 5,504,411 5,504,411 23.81 24.34
Chengdu
Renmin Road 2,760,295 1,216,321 634,454 867,711 55.0 50.0 5,191,009 6,407,330 19.70 21.34
Chunxilu, Yanshikou 0 484,376 159,989 355,944 6.0 10.0 1,999,857 2,484,233 16.42 17.24
East Street 861,112 0 441,547 136,191 40.0 30.0 1,361,913 1,361,913 19.70 21.34
Tianu Avenue 0 1,495,633 94,669 613,374 10.0 40.0 946,685 2,442,318 15.60 16.42
Guangzhou
Yuexiu 0 0 96,326 44,950 7.5 6.3 4,338,799 4,338,799 16.42 15.60
Tianhe 5,117,772 13,410,582 2,539,215 4,775,275 22.0 39.8 18,537,890 31,948,472 23.48 23.15
Haizhu 0 1,183,060 123,785 652,314 25.6 35.7 1,076,390 2,259,450 15.60 15.60
Shanghai
Huangpu 395,520 0 350,735 -21,101 5.8 7.6 3,333,182 3,333,182 34.52 34.99
Jingan 1,165,601 1,759,822 1,196,713 1,328,645 16.7 18.5 6,886,119 8,645,941 38.96 39.71
Lujiazui 1,793,632 6,208,230 1,033,833 3,005,092 21.0 29.6 16,275,041 22,483,271 30.82 28.49
Zhuyuan 1,229,216 792,686 1,428,261 -70,807 25.2 35.7 4,084,879 4,877,565 27.34 24.55
Changning 341,474 0 306,826 -19,452 9.2 10.7 4,850,805 4,850,805 29.11 29.87
Luwan 699,654 0 668,543 -6,758 1.1 2.5 3,801,777 3,801,777 37.65 38.75
Xuhui 0 1,288,493 -434,706 1,082,260 12.1 13.4 4,294,958 5,583,450 31.70 32.48
Hong Kong
Central 0 0 297,463 137,819 3.8 3.1 21,266,625 21,266,625 150.48 180.58
Wanchai 0 237,344 215,220 232,355 4.4 4.3 11,095,267 11,332,611 72.49 83.37
HK Island East 434,350 0 344,119 142,130 5.6 4.3 10,974,830 10,974,830 50.51 55.56
Tsim Sha Tsui 0 0 -112,281 39,465 6.4 5.8 6,361,390 6,361,390 59.77 70.53
Taipei
CBD 697,264 0 309,313 681,123 13.9 10.3 19,186,894 19,186,894 25.71 26.99
Seoul
CBD 4,155,833 0 1,617,481 1,404,393 13.3 8.7 30,670,639 30,670,639 22.35 21.94
KBD 329,902 0 332,225 232,430 2.6 1.7 25,709,650 25,709,650 19.45 19.32YBD 949,004 2,835,343 67,115 1,681,387 4.7 10.0 16,299,806 19,135,149 14.94 14.97
Tokyo
CBD 4,001,307 5,758,695 N/A N/A 8.5 8.5 N/A N/A 98.90 98.14
Jakarta
CBD 2,417,561 3,316,271 2,498,560 2,027,919 12.0 13.8 46,097,252 49,413,524 18.63 19.57
Non-CBD 1,359,222 1,453,643 1,057,133 1,149,068 12.4 13.0 19,283,279 20,736,922 12.15 12.75
Kuala Lumpur
KLCA 1,172,000 2,454,000 700,000 800,000 10.5 15.1 28,420,000 30,874,000 22.99 22.99
Manila
Makati 0 0 273,328 1,081,880 7.1 3.4 9,317,135 9,317,135 16.01 17.55
Ortigas 0 0 233,760 143,752 11.5 8.6 4,961,404 4,961,404 12.16 12.95
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
T R E N D S & F O R E C A S T S
City New Supply Take-up Average Vacancy Total Stock Average Rentals
(sq t) (sq t) (%) (sq t) (US$ / sq t / year)
City New Supply Take-up Average Vacancy Total Stock Average Rentals
(sq t) (sq t) (%) (sq t) (US$ / sq t / year)
2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F
Singapore
CBD 1,906,000 1,555,241 1,989,942 1,706,151 7.2 6.0 21,191,297 22,746,538 63.71 74.07
Bangkok
CBD 839,584 290,625 161,459 269,098 18.0 20.0 17,945,940 18,236,565 22.68 24.06
Ho Chi Minh City
CBD N/A N/A N/A N/A N/A N/A N/A N/A 40.13 33.45
Bengaluru
Overall 5,110,000 3,280,000 1,330,000 3,050,000 15.0 17.0 69,233,175 72,513,175 10.82 11.59
CBD 270,000 450,000 350,000 550,000 16.0 18.5 N/A N/A 17.25 18.03
SBD 900,000 970,000 750,000 1,000,000 9.0 9.5 N/A N/A 10.30 11.59
PBD 3,940,000 1,860,000 230,000 1,500,000 19.0 21.5 N/A N/A 4.64 5.15
Chennai
Overall 5,470,147 4,084,000 681,000 2,500,000 N/A N/A N/A N/A 11.59 11.85
CBD 676,986 684,000 66,000 420,087 N/A N/A N/A N/A 14.94 15.45
SBD 412,000 700,000 4,000 429,913 N/A N/A N/A N/A 11.85 12.10
PBD 4,381,161 2,700,000 611,000 1,650,000 N/A N/A N/A N/A 7.73 7.73
Mumbai
Overall 9,483,000 2,057,000 N/A N/A N/A N/A 85,028,000 85,028,000 49.70 50.47
CBD 0 930,000 N/A N/A N/A N/A N/A N/A 82.40 82.40
SBD 3,978,000 940,000 N/A N/A N/A N/A N/A N/A 42.49 44.29
PBD 5,505,000 187,000 N/A N/A N/A N/A N/A N/A 24.46 24.46
New Delhi
Overall 6,639,272 3,900,000 N/A N/A 18.5 N/A 59,794,158 63,694,158 43.26 43.78
CBD 471,272 400,000 N/A N/A 6.1 N/A 1,861,000 2,261,000 70.82 72.10
SBD 168,000 0 N/A N/A 15.0 N/A 8,150,000 8,150,000 39.91 39.91
PBD 6,000,000 3,500,000 N/A N/A 23.0 N/A 49,783,158 53,283,158 19.06 19.06
Adelaide
CBD 0 0 215,278 209,896 6.8 5.0 13,799,320 13,777,792 27.71 28.51
Brisbane
CBD 409,028 683,508 306,771 444,011 9.0 10.0 9,938,901 10,617,027 45.53 45.53
CanberraCBD 796,529 0 645,834 150,695 8.0 7.5 3,110,767 3,110,767 30.48 31.67
Melbourne
CBD 903,629 312,153 968,751 1,076,390 6.4 6.0 19,845,187 20,157,340 32.04 34.01
Perth
CBD 1,089,145 605,577 753,473 645,834 9.8 9.2 15,838,508 16,444,085 47.90 48.30
Sydney
CBD 1,202,446 1,773,353 430,556 807,293 6.2 7.9 25,643,625 27,416,977 50.24 51.25
Auckland
CBD 0 301,389 241,746 110,427 9.4 11.7 4,332,954 4,634,343 19.89 19.50
Wellington
CBD 581,251 300,313 523,287 213,394 3.0 6.2 2,144,933 2,445,246 23.30 22.79
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
GREATER ChINA
Beijing
Prime oce market in Beijing consists o 6 sub-markets – CBD (CentralBusiness District), Luthansa, East 2nd Ring, Financial Street, East Chang
An Avenue and Zhongguancun.
Rents are quoted in RMB per sq m per month on gross foor area basis,
and exclusive o management ees and rent ree period. Capital values
are quoted on RMB per sq m.
Cengdu
Prime oce buildings in Chengdu are mainly located in 4 sub-markets,
South Renming Road , Chunxi Road - Yanshikou Trading Area, Tianu
Avenue, and East Street.
Rents are quoted in RMB per sq m per month on gross foor area basis,and exclusive o management ees. Capital values are quoted on RMB
per sq m.
Guangzou
Prime oce buildings in Guangzhou are located in 3 principal sub-markets
– Dongshan, Yuexiu and Tianhe.
Rents are quoted in US$ per sq m per month on gross foor area basis,
and exclusive o any management ees and government taxes. Capital
values are quoted on US$ per sq m.
SangaiPrime oce buildings in Shanghai are located in 7 principal sub-markets
– Huangpu, Jingan, Lujiazui, Zhuyuan, Changning, Luwan and Xuhui.
Rents are quoted in RMB per sq m per day on gross foor area basis,
and exclusive o any management ees. Capital values are quoted on
RMB per sq m.
hong Kong
Prime oce properties in Hong Kong are concentrated in 4 sub-markets
– Central, Wanchai / Causeway Bay, Island East and Tsim Sha Tsui.
Rents are commonly quoted in HK$ per sq t per month on either
gross, net or lettable foor area basis, which are exclusive o management
ees, and government tax. Prices are quoted in HK$ per sq t, and are
measurable on gross foor area basis.
Taipei
Prime oce properties in Taipei are concentrated in 7 districts, comprising
Nanking Sung Chiang (NK-SC), Minsheng Tun Hwa Nor th (MS-TN), Hsin
Yi, West, Tun Hwa South (TUN-S), Jen Ai Hsin Sheng (JA-HS) and Nanking
East Road (NK-4/5).
The local unit o measurement is a “ping” (i.e. 3.3 sq m). Rents and prices
are quoted in local currency i.e. New Taiwan Dollar (NT$) on grossfoor area basis.
D E F I N I T I O N S A N D T E R M I N O L O G Y
NORTh ASIA
Seoul
Major oce districts in Seoul include the traditional central businessarea (CBD), Gangnam Business District (GBD) and Yeouido Business
District (YBD).
Rents are quoted in Won per pyung (also equivalent to 3.3 sq m) per
month on gross foor area basis. Generally, a deposit equivalent to 10
months is required, and is usually paid up ront. Management ees are
excluded rom quoted rents. Space is measured on gross foor area basis.
Capital values are quoted in Won per sq m.
Tokyo
The quality oce buildings in Tokyo are located in the central business
area (CBD) area covering six wards namely, Chiyoda-ku, Chuo-ku,
Minato-ku, Shinjuku-ku, Shibuya-ku and Shinagawa-ku.
Rents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month,
which are inclusive o service charges. Oce space is measured on an
internal foor area basis. Capital values are quoted in Yen per tsubo.
SOUThEAST ASIA
Jakarta
The quality oce buildings in Jakarta are located in the CBD covering
the districts Thamrin, Sudirman, Gatot Subroto, Rasuna Said and Mega
Kuningan. The areas outside the above districts are collectively called as
“non-CBD”.
Rents are commonly quoted in Rupiah per sq m per month, which are
inclusive o service charges but exclusive o government taxes. Oce
space is measured on lettable foor area basis. Capital values are quoted
in Rupiah per sq m.
Kuala Lumpur
Prime oce buildings located in the Kuala Lumpur Central Area (KLCA)
only. The KLCA comprises areas generally within the central business
district.
Rents are commonly quoted in Ringgit Malaysia (RM) per sq t per month
on net foor area basis, which are inclusive o service charges and proper ty
taxes. Capital values are quoted in Ringgit per sq t.
Manila
Prime oce buildings in Manila are located in two principal sub-markets
– Makati and Ortigas.
Rents are quoted in Peso per sq m per month on net foor area basis,
and exclusive o any management ees. Capital values are quoted in Peso
per sq m.
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
D E F I N I T I O N S A N D T E R M I N O L O G Y
Singapore
The quality oce buildings covered in the report are located in the Central
Business District o Singapore.
Rents are quoted in S$ per sq t per month on net foor area basis
(i.e. area less common areas such as corridors, toilets, lit lobby etc. but
including columns), and are inclusive o service charge. Capital values are
quoted on the basis o strata area or strata-titled buildings, and net area
or non-strata-titled developments.
Bangkok
Prime oce properties in Bangkok are located in a wide area encompassing
eastern Silom and Sathorn roads starting rom Narathiwas Ratchanakarin,
Rama IV rom Phayathai to Ratchadaprisek, along Ratchadaprisek rom
Rama IV to Sukhumvit and along Sukhumvit rom Asoke to the whole o
Pleonchit and then Rama I to Phayathai.
Rents are quoted in Baht per sq m per month on a net foor area basis, and
inclusive o service charges. Capital values are quoted in Baht per sq m.
ho Ci Min City
The quality oce buildings in Ho Chi Minh City are located in District
One - the central business district in the city.
Rents are commonly quoted in US$ per sq m per month on net foor
area basis, and exclusive o management ees and government tax. Capital
values are quoted on US$ per sq m.
INDIA
Bengaluru
Prime oce properties in Bengaluru are can be divided in 3 principal
sub-markets – CBD (Central Business District), SBD (Suburban/Secondary
Business District) consisting o Bannerghatta Road & Outer Ring Road
and PBD (Peripheral Business District) including PBD Hosur Road, EPIP
Zone, Electronic City and Whiteeld.
Rents are commonly quoted in Rupee per sq t per month, which are usually
exclusive o maintenance charges, parking charges and property taxes.
Oce space is commonly measured on *super built up area basis.
Cennai
Prime oce properties in Chennai are located in 3 principal submarkets–
CBD (Central Business District), (Suburban/Secondary Business District)
and PBD (Peripheral Business District). SBD consists o Guindy and
Velechery while PBD includes other areas such as Old Mahaballipuram
Road, Ambattur and GST Road amongst others.
Rents are commonly quoted in Rupee per sq t per month, which are usually
exclusive o maintenance charges, parking charges and property taxes.
Oce space is commonly measured on *super built up area basis.
Mumbai
Prime oce properties in Mumbai are primarily concentrated in CBD
(Central Business District) – consist o Nariman Point, Ford and Ballard
Estate; SBD (Secondary Business District) including Bandra (West and
East), Kalina, Lower Parel and Worli/Prabhadevi and PBD (Peripheral
Business District) including Navi Mumbai, Vashi, Powai, Goregaon.
Rents are commonly quoted in Rupee per sq t per month, which are usually
exclusive o maintenance charges, parking charges and property taxes.
Oce space is commonly measured on *super built up area basis.
New Deli
Prime oce properties in New Delhi are primarily concentrated in
CBD (Central Business District) – consist o Connaught Place; SBD
(Secondary Business District) including Nehru Place, Jasola, Saket and
Netaji Subhash Place and PBD (Peripheral Business District) including
Gurgaon and Noida.
Rents are commonly quoted in Rupee per sq t per month, which are
usually exclusive o maintenance charges, parking charges and property
taxes.
Oce space is commonly measured on *super built up area basis.
* Super built-up area reers to the total **built-up area o a building plus a proportional
allocation o all common areas including stairs, lit cores, ground foor lobby, and caretaker’s
oce/fat throughout the building.
** Built-up area reers to the carpet area plus the thickness o external walls and area under columns.
AUSTRALASIA
Australia
Prime oce buildings are located in the CBD and generally avored by
MNCs.
Rents are quoted on net foor area basis, and in A$ per sq m per annum
excluding management ee and government charges. Capital values are
quoted on A$ per sq m.
New Zealand
Prime oce buildings are located in the CBD.
Rents are quoted on net foor area basis, and in NZ$ per sq m per annum
excluding management ee and government charges. Capital values are
quoted on NZ$ per sq m.
This document has been prepared by Colliers International or advertising and general inormation only. Colliers International makes no guarantees, representations or warranties o any kind, expressed or implied,regarding the inormation including, but not limited to, warranties o content, accuracy and reliability. Any interested par ty should under take their own inquiries as to the accuracy o the inormation. Colliers Internationalexcludes unequivocally all inerred or implied terms, conditions and warranties arising out o this document and excludes all liability or loss and damages arising there rom. This publication is the copyrighted proper ty o Colliers International and/or its licensor(s). ©2010. All rights reserved.
Colliers International is the third largest global real estate services company.
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
GREATER ChINA
Beijing, Cina502 Tower W3, Oriental Plaza
No 1 East Changan Avenue,Dongcheng DistrictBeijing 100738Tel : 86 10 8518 1633Fax : 86 10 8518 1638Amanda GaoManaging Director, North [email protected]
Cengdu, CinaRoom L 16F City Tower 86 Section One Renmin Nan RoadChengdu 610016Tel : 86 28 8620 2128
Fax : 86 28 8620 2158 Jacky TsaiGeneral Manager [email protected]
Guangzou, Cina702 Teem Tower,208 Tianhe RoadGuangzhou 510620Tel : 86 20 3819 3888Fax : 86 20 3819 3899Eric LamManaging Director [email protected]
Sangai, Cina16F Hong Kong New World Tower 300 Huaihai Zhong RoadShanghai 200021Tel : 86 21 6141 3688Fax : 86 21 6141 3699Lina WongManaging Director, East and South [email protected]
hong Kong, hKSAR
5701 Central Plaza,18 Harbour Road Wanchai, Hong HongCompany Licence No: C-006052
Tel : 852 2828 9888Fax : 852 2828 9899Richard KirkeManaging Director [email protected]
Piers Brunner (E-183614)
Chie Executive Ocer - [email protected]
George McKay (E-215150)
Managing Director,Corporate Services - Asia [email protected]
Taipei, Taiwan49F TAIPEI 101 TOWER No. 7 Xin Yi Road Sec 5, Taipei 110Tel : 886 2 8101 2000
Fax : 886 2 8101 2345Andrew LiuManaging Director [email protected]
NORTh ASIA
Seoul, Sout Korea10F Korea Tourism Organization Bldg.,10 Da-dong, Jung-gu, Seoul 100-180Tel : 82 2 6740 2000Fax : 82 2 318 2015 Jay Yun
Senior Director & General Manager [email protected]
Tokyo, JapanHaliax Building 8F, 16-26,Roppongi 3-ChomeMinato-ku, Tokyo 106-0032Tel : 81 3 5563 2111Fax : 81 3 5563 2100 James Fink Senior Managing Director [email protected]
SOUTh EAST ASIA
Jakarta, Indonesia10F World Trade Centre, Jl Jenderal SudirmanKav 29-31 Jakarta 12920Tel : 62 21 521 1400Fax : 62 21 521 1411Mike BroomellManaging Director [email protected]
Kuala Lumpur, Malaysia
c/o Mark Lampard*Regional Director -Occupier Services - AsiaTel : 65 6531 8601Fax : 65 6557 [email protected]* Based in Singapore
Malaysia information contributed by:C h Williams Talar & Wong Sdn Bd32nd Floor Menara Tun Razak P O Box 1215750768 Kuala Lumpur MalaysiaTel : 603 2693 8888
Fax : 603 2693 6565/6655URL: http:// www.wtw.com.my Goh Tian SuiManaging Director [email protected]
Manila, Pilippines10F Tower 2 RCBC Plaza,6819 Ayala Avenuecorner Sen Gil J Puyat Avenue
Makati City, Philippines1200Tel : 63 2 888 9988Fax : 63 2 845 2612David YoungManaging Director [email protected]
Singapore1 Rafes Place#45-00 One Rafes PlaceSingapore 048616Tel : 65 6223 2323Fax : 65 6222 4901Dennis Yeo
Managing Director, SingaporeAsia Regional Industrial [email protected]
Bangkok, Tailand17/F Ploenchit Center 2 Sukhumvit RoadKlongtoey, Bangkok 10110Tel : 66 2 656 7000Fax : 66 2 656 7111Patima JeerapaetManaging Director [email protected]
ho Ci Min City, VietnamHo Chi Minh City, Vietnam7F Bitexco Building19-25 Nguyen Hue StreetDistrict 1, Ho Chi Minh City Tel : 84 8 827 5665Fax : 84 8 827 5667Peter DinningGeneral Director [email protected]
KP SinghManaging Director [email protected]
hanoi, VietnamVinaplast - Tai Tam Building,9th Floor,39A Ngo Quyen StreetHoan Kiem Distr ict, Hanoi, VietnamTel : 84 4 220 5888
84 4 220 5566Fax : 84 4 220 1133Do Le QuanDeputy General Director [email protected]
For urter details, please contact:
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ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010
EXECUTIVE SUMMARY
INDIA
Bengaluru, IndiaPrestige Garnet, Level 2, Unit No.201/202
36 Ulsoor Road, Bengaluru 560 042Tel : 91 80 4079 5500Fax : 91 80 4112 3131Goutam ChakrabortyOce Director [email protected]
Cennai, IndiaUnit 1C, 1st Floor, Heavitree Complex,23 Spurtank Road, Chetpet,Chennai 600 031Tel : 91 44 2836 1064Fax : 91 44 2836 1377Kaushik Reddy
Oce Director [email protected]
Gurgaon, IndiaG3, NewBridge Business Centers,TechnoPolis, DLF Gol CourseMain Sector RoadSector 54, Gurgaon 122 002Tel : 91 124 4375807Fax : 91 124 4375806Saacketh ChawlaOce Director [email protected]
Kolkata, IndiaRegus Business Centre Constantia, Level 6,Kolkata 700017Tel : 91 33 4400 0541Fax : 91 33 4400 0555 Joe VergheseManaging Director [email protected]
Mumbai, India31-A, 3rd Floors, Film Centre,68 Tardeo RoadMumbai 400 034
Tel : 91 22 4050 4500Fax : 91 22 2351 4272Poonam MahtaniOce Director [email protected]
New Deli, India204/205, 2nd Floor,Kanchenjunga Building,18 Barakhamba Road
New Delhi 110 001Tel : 91 11 4360 7500Fax : 91 11 2335 6624Prit PaulOce Director [email protected]
Pune, IndiaVatika Business Center, Level-5C Wing, Panchsheel Tech Park-1,YerwadaPune 411 006Tel : 91 20 4011 1356Fax : 91 20 6640 3138
Suresh CastellinoOce Director [email protected]
AUSTRALASIA
Adelaide, AustraliaLevel 10, 99 Gawler Place,Adelaide SA 5000Tel : 61 8 8305 8888Fax : 61 8 8231 7712 James YoungState Chie Executive
Brisbane, AustraliaLevel 20 Central Plaza One345 Queen StreetBrisbane QLD 4000Tel : 07 3229 1233Fax : 07 3120 4555Simon BeirneState Chie [email protected]
Canberra, Australia
Ground foor, 21-23 Marcus Clar ke StreetCanberra ACT 2601Tel : 61 2 6257 2121Fax : 61 2 6257 2937Paul PowderlyState Chie [email protected]
Melbourne, AustraliaLevel 32 367 Collins StreetMelbourne VIC 3000Tel : 61 3 9629 8888
Fax : 61 3 9629 8549 John MarascoState Chie Executive [email protected]
Pert, AustraliaLevel 19, 140 St Georges TerracePerth WA 6000Tel : 61 8 9261 6666Fax : 61 8 9261 6665K. Imran MohiuddinState Chie [email protected]
Sydney, AustraliaLevel 12, Grosvenor Place,225 George StreetSydney NSW 2000Tel : 61 2 9257 0222Fax : 61 2 9251 3297Malcom TysonState Chie [email protected]
Auckland, New ZealandLevel 27, 151 Queen Street, AucklandTel : 64 9 358 1888
Fax : 64 9 358 1999Mark SynnottManaging Director [email protected]
Wellington, New ZealandLevel 10, 36 Customhouse Quay WellingtonTel : 64 4 473 4413Fax : 64 4 499 1550 (Agency)
: 64 4 470 3902 (Valuation)Richard FindlayManaging Director [email protected]
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