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AsiA PAciicOice Market Overview
2Q 2013
Accelerating success.
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table O cOntentsAsiA PAciic oice mArket overview | 2Q 2013
rna o 3
Nh Aa 4-7
Beijing, China ....................................................................................................................................
Shanghai, China ................................................................................................................................
Guangzhou, China .............................................................................................................................
Chengdu, China .................................................................................................................................
Hong Kong, HKSAR ...........................................................................................................................Tokyo, Japan .....................................................................................................................................
Seoul, South Korea ...........................................................................................................................
Taipei, Taiwan ...................................................................................................................................
sh ea Aa 8-11
Jakarta, Indonesia ...................... ....................... ....................... ...................... ....................... ............
Kuala Lumpur, Malaysia ....................................................................................................................
Manila, Philippines ............................................................................................................................
Singapore ..........................................................................................................................................
Bangkok, Thailand ....................... ...................... ....................... ....................... ...................... ..........
Ho Chi Minh City, Vietnam ..................... ....................... ...................... ....................... .....................
Hanoi, Vietnam .................................................................................................................................
sh Aa 11-13
Bengaluru (Bangalore), India ..........................................................................................................
Chennai, India...................... ...................... ....................... ....................... ...................... ..................
Delhi NCR, India ...................... ...................... ....................... ....................... ...................... ..............
Mumbai, India ...................... ...................... ....................... ....................... ...................... ..................
Karachi, Pakistan......................... ....................... ....................... ....................... ...................... .........
Aaaa 14-17
Adelaide, Australia ..................... ....................... ....................... ...................... ....................... ..........
Brisbane, Australia ..................... ...................... ....................... ....................... ...................... ..........
Canberra, Australia ..................... ....................... ...................... ....................... ...................... .......... Melbourne, Australia ...................... ....................... ....................... ...................... ....................... ......
Perth, Australia ....................... ...................... ....................... ....................... ...................... ..............
Sydney, Australia .................... ....................... ...................... ....................... ....................... .............
Auckland, New Zealand ...................................................................................................................
Wellington, New Zealand .................................................................................................................
P o rna and spp 18-19
tnd & a 20-21
Dfnn & tn 22-23
cna 24-25
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regiOnal Overview
ecoNomic overviewVarious actors impacted the Asian economies during Q , such as urther conrmation
o slower than expected growth in China and increasing worries on the next interest hike
in Asia as the US Federal Reserve signaled they may start scaling back its quantitative
easing policy later this year. Against a backdrop o weakening economic conditions across
the region, individual Asian countries have seen a drop in ination and are still subject to
various challenges ahead such as the potential risk o liquidity outow rom Asia. With
the economic perormance yet to show any sign o acceleration, the region is entering an
era o slower growth.
leAsiNg mArketOce rents in most key cities in Asia Pacic saw no signicant growth in Q . Although
Jakarta and Manila continued to be the key perormers, with strong rental growth in the
order o -% quarter-on-quarter (QoQ), there was a signicant slowdown in terms o space
absorption during Q despite low vacancy rates. Perth saw average rents decrease
the most among cities in the region, in the order o % QoQ, as demand sotened due to
the adoption o more conservative business attitudes in the current global environment.
sAles mArketDue to various property curbs in the investment market, more investment capital originating
rom Hong Kong and Singapore turned to oshore markets such as China and especially
Japan, where inbound purchases doubled in the past six months. In Beijing and Shanghai theen bloc sales market witnessed a rebound in transaction activity in Q , demonstrated
by a number o signicant deals done by both domestic and oreign institutions. However,
in Hong Kong investment demand was dampened by government cooling measures with
speculators exiting the market. Meanwhile, in Australasia, investment demand rom institutional
buyers chasing scarce prime assets remained strong, resulting in a slight tightening o yields.
mArket outlookThe economic environment in Asia is expected to remain uncertain as the region continues
to be reactive to the overall global economic conditions. Individual governments are expected
to ocus on economic issues and introduce additional stimulus measures to help theircountries emerge rom prolonged bouts o deation. Nevertheless, based on the ndings
o Colliers Asia Oce Leasing Survey or Q , it is anticipated that rents wil l increase
in the next months but the pace o rental growth will taper o. Investment transaction
volume is likely to consolidate urther in the second hal o , as risk-averse investors
continue to be cautious, due to concerns that rising interest rates will lead to higher property
yields and reduced property values.
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asia pacific office market overview | 2Q 2013
cHiNA
Beijing
There were no new completions in Q .
Demand in Beijings Grade A oce property market moderated in Q , with enquiries
and leasing transactions decreasing on the back o the economic deceleration and changes
to corporate expansion plans. Key demand generators were companies rom the nancesector (investment, banking, insurance and securities).
Rents declined or the rst time since Q , by .% QoQ to RMB. per sq m per
month as o the end o Q . By submarket, the CBD area recorded the largest quarterly
rent decline o .%, to RMB. per sq m per month as o the end o Q , while
rents in Financial Street remained stable.
Oce investment market was very active in Q . Three en bloc sales transactions
were concluded, including China Merchants Banks purchase o an oce project (currently
under construction) rom Financial Street Holdings or a total consideration o approximately
RMB. billion.
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F
20,000
40,000
60,000
80,000
00.00
100.00
200.00
300.00
400.00
Rentals
CapitalValues
Renta ls (RMB / sq m / Month) Capital Va lues (RMB / sq m)
BEIJING OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F0.00
0.20
0.40
0.60
0.80
0.0%
5.0%
10.0%
15.0%
20.0%
Supp ly Take-up Vacancy Rate
Millionsqm
VacancyRate
BEIJING OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
SHAngHAi
Jingan Kerry Center Tower II was launched during Q , adding , sq m to the
market.
The average vacancy rate edged down rom .% in Q to .% in Q as demand
picked up.
The average Grade A oce rent in the CBD remained unchanged in Q . By sub-market,
the rental rate in Pudong increased by .% QoQ to RMB. per sq m per day while that
in Puxi edged down by .% QoQ to RMB. per sq m per day. Pudong beneted rom the
strong demand rom domestic nancial institutions and proessional service rms.
The investment market remained active with a number o en bloc transactions by both
domestic and oreign institutions.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
East Ocean Center S CLSA 516,700
Central Plaza S Carlyle 433,000
Park Place L JP Morgan 86,100
Sandhill L Dupont 58,100
One Lujiazui L Zhonghai Fund Management 32,300
Belle Int'l Plaza L Future Electronics 19,400
SOHO The Exchange L Dockwise 17,200
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
Rentals
CapitalValues
Ren ta ls (RMB / sq m / Day) Cap it al Va lues (RMB / sq m)
0.00
3.00
6.00
9.00
12.00
15.00
18.00
0
12,000
24,000
36,000
48,000
60,000
72,000
SHANGHAI OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0.00
0.30
0.60
0.90
1.20
Millionsqm
0.0%
5.0%
10.0%
15.0%
VacancyRate
20.0%
Supp ly Take-up Vacancy Rate
SHANGHAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Block 4# in Yuetan South
Street, Xicheng District
S China Merchants Bank 766,400
Silicon Valley Tower 4 S BOC International (China) 98,800
Diamond Plaza S BOC International (China) 244,000
Hopson International Tower L CITIC 839,600
China Overseas Plaza L China Unicom 56,000
Parkview Green L China Lianhe Credit Rating 32,300
Rafes City L CITIC Securities 24,600
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asia pacific office market overview | 2Q 2013
colliers iNterNAtioNAl | P. 5
CHengDU The total Grade A oce stock remained at , sq m as no new Grade A oce space
entered the Chengdu oce market in Q .
Most o the leasing deals in Q occurred in the relatively new oce projects,
because o the adequate available area and better hardware.
Average rent stood at RMB. per sq m per month in Q and increased slightly
by .% QoQ with an increase in new oce stock during the past two quarters.
Meanwhile, the vacancy rate dropped by . percentage points QoQ.
The Fortune Global Forum, which was held in Chengdu in June , is expected
to be a positive actor or the Grade A oce market in Chengdu over the long term.However, during the coming two quarters, the Chengdu oce market will suer rom
the pressure o the macro-economy and the huge supply o oce space.
gUAngzHoU
Two new Grade A oce buildings, Fortune Century Plaza and One Bravo Plaza in Pearl
River New City, were completed and injected , sq m o new supply into the market.
The vacancy rate went up by .% QoQ to .% in Q .
The demand or oce space was relatively cold during Q , on the back o a shrinkingmacro-nancial environment. In addition, the upcoming large volume o new supply in
Pearl River New City drove the landlords o newly completed projects to lower the asking
price. The average rent declined by .% QoQ to RMB. per sq m per month in Q
.
The sales price o Guangzhou Grade A oces continued increasing in Q to
RMB,, up .% QoQ.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
G.T. Land Building A L Yuanang Technological 53,800
Guangzhou International
Financial Center
L Jing'an Investment Holding 35,500
One Bravo Plaza L Shanghai Leo Burnett
Advertisement
29,100
Onel Link Walk L gzmama.com 17,200
One Bravo Plaza L Saatchi & Saatchi Guangzhou 11,200
CHENGDU OFFICE CAPITAL AND RENTAL VALUES
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014F
2Q2
014F
3Q2
014F
4Q2
014F
1Q2
015F
0.00
50.00
100.00
150.00
200.00
250.00
0
5,000
10,000
15,000
20,000
25,000
Rentals
CapitalValues
Renta ls (RMB / sq m / Month) Capital Values (RMB / sq m)
2010 2011 2012 2013 F 2014 F0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Millionsqm
VacancyRate
Supply Take-up Vacancy Rate
CHENGDU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
cHiNA
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
China Overseas International Centre L Orientac Management
Co. Ltd
11,300
China Overseas International Centre L Zhongni Investment Co. Ltd 8,100
Rafes City L Chengde Asset
Management Co. Ltd
2,300
Yanlord Landmark L Sumitomo Mitsui
Financial Group
2,700
Square One L Puleidisi Consultancy 2,500
Lippo Tower L Nokia 4,300
Mingyu Financial Centre L Huatu Education 10,800
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
0.00
50.00
100.00
150.00
200.00
0
10,000
20,000
30,000
40,000
Rentals
Renta ls (RMB / sq m / Month) Capital Va lues (RMB / sq m)
CapitalValues
GUANGZHOU OFFICE CAPITAL
AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F0.00
0.25
0.50
0.75
1.00
0.0%
10.0%
20.0%
30.0%
40.0%
Millionsqm
VacancyRate
Supply Take-up Vacancy Rate
GUANGZHOU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
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tokyo
Macro-economic indicators continued a gradual improvement trend.
The low new supply in provides a recovery opportunity in an oversupplied market.
Rents continue to stabilise.
Vacancy is contracting moderately.
Recent turmoil in nancial markets is expected to weaken business condence in the
near term.
Tenant market conditions prevail based upon relatively high vacancy and only a modest
increase in demand.
HoNg koNg
Hong kong
The Double Stamp Duty introduced by the Hong Kong government has eectively
suppressed acquisition demand as the number o oce sales deals ell sharply in Q
with short-term investors shying away rom the market.
Overall Grade A oce rents stabilised at .% QoQ in Q , with some signs osmall- and medium-sized enterprises reducing their CBD ootprint or downsizing and
cost-savings reasons.
Genuine buying interest among individual cash-rich corporations was still demonstrated
in Q . The latest example being Canadian insurer Manulie, acquiring the West
Tower at One Bay East in Kowloon East or HK$. billion or its own occupation, despite
being caught by the doubling o stamp duty.
With more companies turning cautious in hiring amid deteriorating business conditions,
oce-leasing demand will progressively weaken. The overall Grade A oce rents are
set to slow and undergo mild growth o % over the next months.
HONG KONG OFFICE CAPITAL
AND RENTAL VALUES
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0.00
25.00
50.00
75.00
100.00
125.00
150.00
175.00
Rentals
CapitalValues
Renta ls (HK$ / sq ft / Month) Capital Va lues (HK$ / sq ft)
HONG KONG OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2010 2011 2012 2013 F 2014 F0.00
0.50
1.00
1.50
2.00
2.50
3.00
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Millionsqft
VacancyRat
e
Supp ly Take-up Vacancy Rate
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Otemachi Financial City
North Tower
L JFE Shoji Trading Corporation 68,500
Marunouchi Eiraku Building L Abeam Consulting Ltd 104,000
Marunouchi Eiraku Building L Mitsui Sumitomo TrustHoldings
269,800
Think Park Tower L Dassault System 49,700
Nisseki Yokohama Building L Tenneco Japan 49,7001Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014F
2Q2
014F
3Q2
014F
4Q2
014F
1Q2
015F
0
10,000
20,000
30,000
40,000
50,000
Rentals
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
CapitalValues
Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)
TOKYO OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F0
40,000
80,000
120,000
160,000
200,000
240,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Supply Take-up Vacancy Rate
Tsubo
Vacancy
Rate
TOKYO OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
jAPAN
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Hutchison House L Undisclosed 12,900
One Pacic Centre L Manulie 8,600
International Commerce Centre L Undisclosed 7,300
4 oors, Kowloon Commerce Centre S China Mobile 104,000
Whole block, Wing Hang Finance
Centre
S Emperor Group 95,600
12/F, Enterprise Square One S Undisclosed 40,500
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colliers iNterNAtioNAl | P. 7
SeoUl
A total o oce buildings have come on stream in the rst hal o , all located in
the Central Business District. The State Tower Gwanghwamun, with a total oor area
, sq m came in the market in Q , while the N Tower was opened in Q
with a total gross oor area o , sq m.
Vacancy rate in the rst hal o remained at the % level since Q . Overall
vacancy rate decreased basis points QoQ to .% in Q .
The average rent or oces in Seoul recorded KRW , per sq m in Q , a .%
increase rom the beginning o the year as rent or new oces was set at a higher level
than the standard rent, hence pushing up the average rent.
During the rst hal o , besides the relocation and expansion o oreign companies
most expansionary demand in CBD was noted among local conglomerates and
conglomerate aliates. In YBD, mainly relocation and expansion demand were noted
among nance related rms and oreign-aliated consulting rms.
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
Rentals
CapitalValues
Renta ls (NT$ / P ing / Month) Capital Va lues (NT$ / Ping)
TAIPEI OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Ping
Supp ly Take-up Vacancy Rate
Vacancy
Rate
TAIPEI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
soutH koreA
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F
CapitalValues
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
00
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Rentals
Renta ls (Won / sq m / Month) Capital Va lues (Won / sq m)
SEOUL OFFICE CAPITAL AND RENTAL VALUES
0
100,000
200,000
300,000
400,000
500,000
600,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010 2011 2012 2013 F 2014 F
Vacancy
Rat
e
sqm
Supply Take-up Vacancy Rate
SEOUL OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
tAiwAN
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Fabulous International
Commercial Building
L Zurich International Lie Taiwan 85,400
Taipei 101 Tower L Alliance Bernstein L.P. Taiwan 24,200
Taipei Financial Center L AVON Cosmetics Taiwan 15,300
City Link Building L Thai Airways 12,500
tAipei
The total Grade A oce stock increased to , ping amid the completion o the
,-ping Taiwan Lie Insurance Financial Headquarter. Net take-up o Grade A oce
reached , ping in Q , which brought vacancy down by basis points to .%
Vacancy rate in West district decreased by . percentage points QoQ to .% in Q
, while that in MS-TN district decreased . percentage points QoQ to .% during
the same period.
Hsin-Yi district recorded the rst negative net take-up since Q , at - ping in
Q . This was due to increase in vacancy in some buildings, such as Taipei Tower, Cathay Financial Center and Shin Kong Xin Yi Financial Building increasing
ping respectively.
The average eective rent o Grade A oces remained stable at NT$, per ping per
month during the quarter. Meanwhile, rective rent o the JA-HS district dropped %
QoQ to NT$, per ping per month.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Kyobo Building L Fujitsu Korea Limited 53,400
Kyungam Building L Coupang 153,000
TWO IFC L OTIS 84,100
Doosan Tower S Deutsche Asset/Wealth Mgmt 588,500
GS Yeokjeon Tower S Angelo Gordon 349,700
Union Steel Building S Samsung Lie Insurance 284,000
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iNDoNesiA
jAkArtA
The average occupancy rate or oce buildings in Jakarta was relatively at during
Q . The space absorption slowed due to the consolidation o some companies in
anticipation o the uel price hike.
New oce supply will increase in both the CBD and non-CBD areas over the next threeyears with the majority o projected oce space already in the construction stage.
Despite signs o weakening oce leasing demand, overall Grade A oce rents increased
in Q , mainly dominated by oce buildings charging rupiah taris.
The take-up rate or operating strata-title oce buildings is very high and this is ollowed
by the sales perormance o uture buildings where the pre-committed sales rate has
achieved %. The asking price o these uture oce buildings has increased quite
substantially as well and is now ranging between IDR and million per sq m.
0
100,000
200,000
300,000
400,000
500,000
600,000
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014F
2Q2
014F
3Q2
014F
4Q2
014F
1Q2
015F
Rentals
CapitalValues
Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)
JAKARTA OFFICE CAPITAL AND RENTAL VALUES
02010 2011 2012 2013 F 2014 F
sqm
100,000
200,000
300,000
400,000
500,000
Supp ly Take-up Vacancy Rate
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
VacancyRate
JAKARTA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F0.00
2.00
4.00
6.00
8.00
10.00
12.00
Rentals
200
400
600
800
1,000
1,200
CapitalValues
0
Capital Values (Ringgit / sq ft)Rentals (Ringgit / sq ft / Month)
KUALA LUMPUR OFFICE CAPITAL AND
RENTAL VALUES
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
28.0%
2010 2011 2012 2013 F 2014 F
Millionsqft
VacancyRate
Supp ly Take-up Vacancy Rate
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP
& VACANCY RATE
kUAlA lUmpUr
There were no new completions in the Kuala Lumpur market during the review period.
New incoming supply o approximately , sq t is anticipated by the end o .
The KLCC REIT, the countrys largest REIT, which was initially a property company, has
restructured itsel into a stapled REIT in a bid to lure yield-hungry investors. The KLCC
REITs portolio includes the Petronas Twin Towers, Tower @ KLCC, Menara ExxonMobil,
Suria KLCC and Mandarin Oriental which have high occupancy rates.
Some landlords o the newly completed buildings were willing to oer more incentives
such as longer rent-ree periods to secure tenants.
Rents have generally remained stable in Q . Oce buildings with MSC Malaysia
status and Green Building Index (GBI) Certied buildings were able to command higher
rental rates despite a longer time needed to ll up with tenants.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Sunway Tower 2 L Worley Parsons Services
Sdn Bhd
10,000
Sunway Tower 2 L ACCA Malaysia Sdn Bhd 10,000
Menara PMI S Admiral Gateway Sdn Bhd 104,000
Menara Tun Ismail Mohd Ali L KL Metropolitan College 101,600
Integra Tower L Aker Solutions 155,000
Integra Tower L Petronas Lubricants
International Sdn Bhd
50,000
mAlAysiA
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Gran Rubina S Mandiri Healthcare 33,100
Centennial Tower S PT. Permata Hijau Group 30,100
Tempo Pavilion I L BNI Syariah 60,300
Wisma Mampang L Rekayasa Engineering 40,900
Menara Prima 2 L PT. Excelcomindo 28,000
Lot 18 Tower E L Swiber 24,000
Eighty8 Kota Kasablanka L Danamon 21,500
Data sourced rom C H Williams Talhar & Wong Sdn Bhd
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colliers iNterNAtioNAl | P. 9
PHiliPPiNes
mAnilA
Due to attractive business conditions, coupled with the recent investment upgrade by
Standard & Poors (S&P) and Fitch Ratings, more companies are expected to set up
oces in the medium term. The latest example is Citco International Support Services
Limited (CISSL) setting up its Regional Operating Headquarters at the Philamlie Tower
in the Makati CBD.
The vacancy rate in the Makati CBD almost doubled to .% QoQ, mainly driven by the
low take-up rate o the recently completed Alphaland Makati Tower. The overall vacancy
rate in the CBD is set to decline by .% towards the year end as take-up will remain
heavily uelled by the expansion requirements o outsourcing and o-shoring companies.
Premium monthly rents, currently at an average o PHP per sq m, are expected to
exceed the PHP per sq m level by Q backed by a generally higher landlord
condence coupled with the absence o new supply.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
One Ecom Center L ACS o the Philippines, Inc. 41,800
Robinsons Equitable Tower L Simpro Solutions 12,700
RCBC Plaza L Bayview Technologies 9,400
Net Lima L Employers Mutual
Management
6,700
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F0
200
400
600
800
1,000
1,200
1,400
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Capital Values (Peso / sq m)Rentals (Peso / sq m / Month)
CapitalValues
Rentals
MANILA OFFICE CAPITAL AND RENTAL VALUES
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2010 2011 2012 2013 F 2014 F
sqm
Supply Take-up Vacancy Rate
VacancyRate
MANILA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
SingApore
Driven by tenants continued ight to quality, leasing demand increased or Premium
Grade oce space in the Rafes Place / New Downtown micro-market.
Positive demand lited the overall occupancy rate o Premium and Grade A oce space
in the CBD to .% QoQ as o June , the highest level in . years.
Consequently, the average monthly gross rents or CBD Premium and Grade A oce
space rose or the rst time since the market downturn in Q , inching up .% QoQ
to S$. ps in Q .
On the back o improving market sentiments and demand or ecient oor layouts,rents or Premium and Grade A oce space in the CBD are expected to head north in
H .
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F0.00
5.00
10.00
15.00
20.00
25.00
Rentals
30.00
500
1,000
1,500
2,000
2,500
3,000
CapitalValues
0
Capital Values (Singapore$ / sq ft)Rentals (Singapore$/ sq ft / Month)
SINGAPORE OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
0.00
0.50
1.00
1.50
2.00
2.50
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
SINGAPORE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
siNgAPore
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Asia Square Tower 1 L IHS Global Pte Ltd 32,600
Asia Square Tower 2 L National Australia Bank n.a.
Asia Square Tower 2 L Swiss Reinsurance Company n.a.
n.a. : Inormation not available
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asia pacific office market overview | 2Q 2013
tHAilAND
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
Rentals
0
200
400
600
800
1,000
1,200
1,400
120,000
CapitalValues
20,000
40,000
60,000
80,000
100,000
140,000
0
Capital Values (Baht / sq m)Rentals (Baht/ sq m / Month)
BANGKOK OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F
Supp ly Take-up Vacancy Rate
sqm
0
20,000
40,000
60,000
80,000
100,000
120,000
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRate
BANGKOK OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
BAngkok
The average occupancy rates in the oce market are expected to rise in due to
ever-increasing demand and limited new supply, especially in the CBD area.
Many multinational companies are still looking or oce space in Bangkok, and some
are planning to expand their existing space.
Compared to last year, the average rental rate increased by - % in the rst hal o
, depending on location and building specications. Looking orward, oce rents
in the CBD area will continue to stay on an upward trend in the second hal o due
to the limited supply.
The main obstacle or oce building development in the CBD area is that land prices
are escalating while rents remain relatively static. The majority o the uture supply is
thereore located outside the CBD area, as there is limited land available with reasonable
prices suitable or oce building development in the CBD.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Bangkok City L L'Roeal (Thailand) Co. Ltd 22,100
Mercury Tower L Asia Well Co. Ltd 11,800
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Empress Tower L Nestle 32,300
Bitexco Financial Tower L Sano Aventis 10,800
Bao Viet Oce Building L Bridgestone 10,800
Bao Viet Oce Building L Hitachi Electric 8,700
Saigon Airport Plaza L Pepsi Call Center 8,600
President Place L Canon 5,400
vietNAm
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
01
3F
4Q2
01
3F
1Q2
01
4F
2Q2
01
4F
3Q2
01
4F
4Q2
01
4F
1Q2
01
5F
0
10
20
30
40
50
Rentals
Rentals (US$/ sq m / Month)
HO CHI MINH CITY OFFICE RENTAL VALUES
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
sqm
VacancyRate
Supply Take-up Vacancy Rate
2010 2011 2012 2013 F 2014 F
HO CHI MINH CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
Ho CHi minH City
Landlords were more willing to lower their asking rents and more generous in oering
incentives in Q .
The oce leasing market in the city is a tenants market. Tenants, especially MNCs, were
aggressive in demanding more incentives, including longer rent-ree and t-out period.
More tenants took the opportunity to relocate to new Grade A oce buildings which
provided more competitive rents when compared to their existing addresses.
New supply is expected to stay humble with about , sq m o new oce space
entering the market in both and .
Overall Grade A oce rents should see a slight decrease beore a modest improvement
throughout thanks to the slow inux o new supply.
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colliers iNterNAtioNAl | P. 11
HAnoi
Business conditions improved on the back o a recovering economy. Thereore, some
oce tenants will likely take the opportunity to expand in the coming months.
A large amount o new prime oce space to be nished in the next two years, such as
the Lotte Center, would likely increase competition in the Grade A oce market.
A ew tenants moved out rom high price deals such as SunCity oce building.
Landlords were willing to oer more incentives, including longer rent-ree period up to
our months or a three-year lease even though asking rents stayed relatively high.
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
0
10
20
30
40
50
Rentals (US$/ sq m / Month)
Rentals
HANOI OFFICE RENTAL VALUES
2010 2011 2012 2013 F 2014 F
-50,000
0
50,000
100,000
150,000
200,000
250,000
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
sqm
VacancyRat
e
Supply Take-up Vacancy Rate
HANOI CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
vietNAm
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Ha Long Marine Plaza L Hoang Anh Commerce and
Service JSC
11,500
iNDiA
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014F
2Q2
014F
3Q2
014F
4Q2
014F
1Q2
015F
0
10
20
30
40
50
60
70
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Rentals
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
BENGALURU OFFICE CAPITAL AND
RENTAL VALUES
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Millionsqft
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRate
0.0%
Supply Take-up Vacancy Rate
BENGALURU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
BengAlUrU (BAngAlore)
In Q , total absorption was around . million sq t, including . million sq t o
BTS (Build to Suit) absorption concentrated in micro-markets along the Outer Ring Road
and in Whiteeld. The IT/ITeS sector remained the major contributor to this demand.
Amid robust absorption, rental values appreciated in the range o -% QoQ in micro-
markets like the EPIP Zone, Whiteeld, Bannerghatta Road and the Outer Ring Road.
However, rents dipped by % QoQ in Electronic City, keeping overall average rentals
stable or the Bengaluru market.
Construction activities remain steady during Q . Approximately . million sq t
o Grade A commercial oce space was added to the citys total inventory.
The Central Government has approved a proposal or setting up an Inormation Technology
Investment Region near Bengaluru, with an estimated investment o INR, billion. The
project covers around , acres o land, located kilometres north o Bengaluru
International Airport (BIA). The project is expected to generate an annual turnover o
INR, billion by , and create about . million direct, and . million indirect jobs.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
RMZ Innity L Analog Devices 54,000
RMZ Ecoworld L Honeywell 500,000
Prestige Tech Park L BMC Sotware 80,000
Mantri Commercio L AXA 237,000
Salarpuria Sotzone L Akamai 70,000
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asia pacific office market overview | 2Q 2013
iNDiA
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F0
10
20
30
40
50
60
70
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Rentals
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
CHENNAI OFFICE CAPITAL AND
RENTAL VALUES
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.00
2.00
4.00
6.00
8.00
10.00
2010 2011 2012 2013 F 2014 F
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
CHENNAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
CHennAi
Absorption remains in line with the previous quarter with a number o mid-sized
transactions (, to , sq t) recorded during Q . Major occupiers like
IBM Daksh, AT & T and Bosch relocated in order to downsize.
The total absorption recorded till Q was . million sq t. The micro-marketswhich remained most active in terms o commercial leasing were OMR, RK Salai and
Dr MGR Road.
No new projects were launched during Q .
In Q , rental values or Grade A oce space remained stable. Average rental values
are expected to remain stable with a downward bias amid cautious market sentiment
and more prime oce supply in the pipeline.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
RMZ I L Ford 44,000
ASV Hansa L Frost and Sullivan 42,500
Sunnyside L Bosch 32,000
Prince Inocity-ll L DAKSH IBM 34,000
SP InocityBlock B L Siemens 44,000
AKDR L Ajuba 34,000
DELHI NCR OFFICE CAPITAL AND
RENTAL VALUES
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014F
2Q2
014F
3Q2
014F
4Q2
014F
1Q2
015F
0
50
100
150
200
250
0
5,000
10,000
15,000
20,000
25,000
Rentals
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
2010 2011 2012 2013 F 2014 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
28.0%
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
DELHI NCR OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
DelHi nCr
Delhi National Capital Region (NCR) witnessed steady occupier demand with absorption
at more than . million sq t during Q . More than % o this absorption was
recorded in Gurgaon.
In Q , the completion o various projects across the city added approximately .
million sq t o Grade A oce stock to the citys total inventory.
Amid steady demand, the large quantum o supply kept rental values steady across Delhi
NCR, except in the CBD, where capital values moved up by % QoQ.
Demand is anticipated to remain moderate in the next quarter due to cautious expansion
plans by occupiers. With the continuous addition o new supply, vacancy levels areexpected to rise putting pressure on the rental values in the mid-term.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Gurgaon L Convergys 227,300
New Delhi L Relaxo Footware (Oce) 50,000
Gurgaon L DuPont 123,000
Gurgaon L Reliance 4G 80,000
Gurgaon L Home Credit 55,000
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colliers iNterNAtioNAl | P. 13
iNDiA
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
0
10,000
20,000
30,000
40,000
50,000
60,000
0
50
100
150
200
250
300
Rentals
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
MUMBAI OFFICE CAPITAL AND RENTAL VALUES
0.00
2.00
4.00
6.00
8.00
10.00
12.00
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
2010 2011 2012 2013 F 2014 F
Millionsqft
VacancyRat
e
Supp ly Take-up Vacancy Rate
MUMBAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
mUmBAi
Mumbais oce market experienced airly good absorption during the last two quarters
showing healthy occupier demand. The citys total absorption or Q was recorded
at around . million sq t in Q when compared to the Q gure o .
million sq t.
Two new projects, the FIFC (The First International Financial Centre) developed by
Vornado Realty at BKC (Bandra Kurla Complex) and Kalptaru Prime developed by
Kalpataru Group in Thane, were completed in Q , adding approximately million
sq t o oce stock to the citys Grade A inventory.
Rental values or Grade A oce space remained stable in all o the micro-markets, except
BKC, which recorded a marginal appreciation in rental values.
With limited premium commercial development expected to be completed in ,
commercial oce space rents are expected to increase slightly. However, rental values
or IT/ITeS oce space will remain stable due to demand supply equilibrium.
kArACHi
Pakistans change o government had a positive eect on economic activities in Karachi
in Q .
The developers put on hold their commercial development projects since in view
o unavourable conditions. The change o government has brought new hope to the
market and the developers have resumed the development o these projects
A slight improvement in the oce sector was witnessed during the quarter. Occupancy
levels, rents and prices o existing oce premises have edged up.
Looking orward, expansions o companies are expected amid urther economic
improvement, which will create additional demand or oce premises.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Al Tijarah Center L Lotte Chemical Pakistan Ltd. 14,200
Horizon Vista L Pak Brunei 24,000
PAkistAN
KARACHI OFFICE CAPITAL AND RENTAL VALUES
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F
Rentals
0
20
40
60
80
100
120
140
160
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Year)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
CapitalValues
2010 2011 2012 2013 F 2014 F0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Millionsqft
1.60
VacancyRate
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Supply Take-up Vacancy Rate
KARACHI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Marathon Icon L NSDL 200,000
Mindspace SEZ L Cognizant 230,000
IFC L HSBC 72,000
Gcorp L Convergys 120,000
One India Bulls Annexe L ISDI Parsons 210,000
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AustrAliA
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013
F
4Q2
013
F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F0
100
200
300
400
500
600
700
Rentals
1,000
2,000
3,000
CapitalValues
4,000
5,000
6,000
7,000
0
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
ADELAIDE OFFICE CAPITAL AND
RENTAL VALUES
1Q2
010
2
Q2
010
3
Q2
010
4
Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2
Q2
012
3Q2
012
4
Q2
012
1Q2
013
2Q2
013
3Q
2013F
4Q
2013F
1Q
2014F
2Q
2014F
3Q
2014F
4Q
2014F
1Q
2015F
Rentals
0
200
400
600
800
1,000
1,200
CapitalValues
10,000
12,000
0
2,000
4,000
6,000
8,000
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
BRISBANE OFFICE CAPITAL AND
RENTAL VALUES
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take- up Vacancy Rate
BRISBANE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take- up Vacancy Rate
ADELAIDE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
ADelAiDe
Foreign investor interest or prime quality investment assets should remain elevated in
the medium term. Institutional buyers are making enquiries, and are likely to become
more active during the next - months, provided opportunities are available.
The market recorded its largest oce asset sale or the year ollowing the sale o Pirie Street recently or AU$ million on a passing yield o .%.
Vacancy rates rose urther in Q due to an increase in new supply and backll
space. In the short term, prime incentives are expected to rise marginally.
Yields remained stable and there were positive transactional trends, which showed there
was good demand or prime, well-located investment assets in Adelaide.
Drawn out decision-making tempered overall leasing activity during Q . However,
it is anticipated that activity will improve in the second hal o due to the increase
in high-quality reurbished backll space.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
45 Pirie Street S Private 213,800
101 Pirie Street S Health Partners 73,100
BriSBAne
Institutions have dominated the Brisbane investment landscape with approximately AU$.billion in transactions recorded over the rst hal o . Prime asset sales indicate
tight yields and high capital values compared to transactions over the past two years.
Corporations and the Queensland State Government accounted or the majority o
disposals in YTD at AU$. and . million, respectively.
Double-digit vacancy is set to remain in the Brisbane oce market in the short to medium
term. Research indicates that the current CBD vacancy rate is close to %, with the
highest vacancy being recorded in the secondary Grade sector.
Given the tight supply in the prime market, vacancy rates are expected to remain relatively
stable over the medium term until new developments are completed.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
41 George St S QIC 316,000
400 George Street S Motor Accident Commission (SA) 471,000
480 Queen Street S DEXUS Property Group and
DEXUS Wholesale Property Fund
(DWPF)
598,100
259 Queen Street S Investa Commercial Property Fund 266,800
192 Ann Street L Aurizon Property Pty Ltd 30,500
179 North Quay L Maurice Blackburn Lawyers 19,000
480 Queen Street L BHP Billiton 148,500
150 Charlotte Street L Boeing Australia 80,700
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AustrAliA
1Q2
010
2
Q2
010
3
Q2
010
4
Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2
Q2
012
3
Q2
012
4
Q2
012
1Q2
013
2
Q2
013
3Q
2013F
4Q
2013F
1Q
2014
F
2Q
2014
F
3Q
2014
F
4Q
2014
F
1Q
2015
F0
100
200
300
400
500
600
700
800
900
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Rentals
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
CapitalValues
MELBOURNE OFFICE CAPITAL AND
RENTAL VALUES
0
50,000
100,000
150,000
200,000
250,000
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take- up Vacancy Rate
MELBOURNE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
Rentals
0
100
200
300
400
500
600
700
800
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
CapitalValues
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
CANBERRA OFFICE CAPITAL AND
RENTAL VALUES
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
2010 2011 2012 2013 F 2014 F
sqm
Vacancy
Rat
e
Supply Take- up Vacancy Rate
CANBERRA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
CAnBerrA
There was limited leasing activity due to the upcoming ederal elections as most
ederal department expansions and moves were put on hold.
No major ederal government workorce reductions were witnessed in Q .
The current supply cycle is coming to an end with limited leasing options oering
contiguous space.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
40 Macquarie Street L Accenture 32,300
14 Mort Street L DEEWR 43,100
140 - 180 City Walk L Federal Government 140,000
40 Marcus Clarke Street S Private 110,000
4 Mort Street S Private 58,800
melBoUrne
The leasing market was more subdued, with limited major deals.
Sales in the Melbourne CBD were strong compared to the same time last year. The
transaction amount reached over AU$ billion up to June .
Yield compression was observed in the prime Grade market while secondary Grade
yields have remained at.
Demand is expected to pick up slightly ollowing the ederal elections.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
80 Collins Street L Australia Post 93,000
567 Collins Street L Virgin Active 47,400
360 Collins Street L UXC 39,700
120 Collins Street L Migration Review Tribunal 38,000
555 Lonsdale Street S LaSalle Investment Management 174,100
567 Collins Street S Investa Oce Fund / Investa
Commercial Property Fund
584,200
8 Exhibition Street (50%) S GPT Wholesale Oce Fund 484,400
575 Bourke Street S RREEF OBO BVV 174,100
90 Collins Street S Mirvac 228,700
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1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
0
200
400
600
800
1,000
1,200
Rentals
0
2,000
4,000
6,000
8,000
10,000
12,000
CapitalValues
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
PERTH OFFICE CAPITAL AND RENTAL VALUES
-50,000
0
50,000
100,000
150,000
200,000
-3.0%
0.0%
3.0%
6.0%
9.0%
12.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take-up Vacancy Rate
PERTH OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015
F
Rentals
0
200
400
600
800
1,000
1,200
1,400
1,600
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
CapitalValues
0
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
SYDNEY OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F0
40,000
80,000
120,000
160,000
200,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
sqm
VacancyRate
Supply Take-up Vacancy Rate
SYDNEY OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
pertH
Leasing demand has sotened due to more conservative business perspectives as a
consequence o continuing sluggish global economic conditions and the subsequent
deerral o some capital expenditure projects.
Vacancy has increased largely due to more direct space being made available in thepast six months up to June . However, as a result o a pullback in resource sector
investment and the subsequent ow through impact on the engineering / technical
services sector there was an increase in availability o sub-lease space.
Yields generally remained stable in the rst hal o as demand or properties with
good lease covenants was relatively unaected by increasing vacancy levels.
Relatively strong pre-commitment activity in the past to months is expected to result
in the delivery o buildings totalling , sq m by mid-.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
Allendale Square, 77 St Georges
Terrace, Perth
S Mirvac Property Trust 302,400
Kings Square 1, 2 & 3, Wellington
Street, Perth
S Dexus 568,100
QV1 250 St Georges Terrace, Perth L Chevron 301,400
32 St Georges Terrace, Perth L Legal Aid 60,000
SyDney
Landlords continued to increase incentives to attract and retain tenants.
The leasing market continued to remain sot due to low levels o business and investment
condence.
The investment market remained strong across the Sydney CBD oce market with
AU$ million worth o sales taking place during Q .
The weight o unds chasing quality assets has resulted in a slight tightening o yields
or well-leased premium Grade properties.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
121 - 127 Harrington St S Private 67,900
10 Spring St S Centuria 149,000
175 Castlereagh St S Centuria 129,000
117 Clarence St S Altis Proerty Partners 120,600
AustrAliA
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New zeAlAND
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014
F
2Q2
014
F
3Q2
014
F
4Q2
014
F
1Q2
015F
Rentals
0
100
200
300
400
500
600
0
1,000
2,000
3,000
4,000
5,000
6,000
CapitalValues
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
AUCKLAND OFFICE CAPITAL AND
RENTAL VALUES
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supp ly Take-up Vacancy Rate
AUCKLAND OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2
010
2Q2
010
3Q2
010
4Q2
010
1Q2
011
2Q2
011
3Q2
011
4Q2
011
1Q2
012
2Q2
012
3Q2
012
4Q2
012
1Q2
013
2Q2
013
3Q2
013F
4Q2
013F
1Q2
014F
2Q2
014F
3Q2
014F
4Q2
014F
1Q2
015F
Rentals
CapitalValues
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
0
100
200
300
400
500
600
0
1,000
2,000
3,000
4,000
5,000
6,000
WELLINGTON OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F
-20,000
0
20,000
40,000
60,000
80,000
100,000
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
VacancyRate
sqm
Supp ly Take-up Vacancy Rate
WELLINGTON OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
AUCklAnD
In the months leading up to June , both ace rents and net eective rents have
increased due to the limited supply o available space. While ace rents have increased
marginally, incentive packages were reduced by an average o percentage points
compared to a year ago. Overall rents are expected to grow by .% between now and
mid-.
The condence in business and employment growth intentions was translated into urther
demand or Auckland CBD oces. The overall oce vacancy rate in the CBD declined
to .% in Q , with , sq m o space leased over the rst hal o .
The prime vacancy rate decreased to .% in Q , declining by almost hal in the
last two years. Despite the inclusion o the new ASB Building in Wynyard Quarter and
the ,sq m to be vacated at Queen Street with ANZ Banks departure, the prime
vacancy rate will remain low in the range o % - .% or the rest o the year.
Given the rise in rents and the rming in yields by between and basis points or
prime space, prime capital values are set to rise by .% over the next months.
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
37 - 39 Anzac Avenue S Private Investor 13,700
Vero Centre, L25 - 30
48 Shortland Street
L Russell McVeagh 66,900
L9, 41 Shortland Street L Morgan Coakle 8,700
wellington
The combination o a low employment period in both the public and private sectors and
an emphasis on the building seismic strength provides a challenging environment or the
Wellington oce market. However, this brings in opportunities, and investment activity
remains strong.
Argosy Property Trust have purchased NZ Post House in Wellington and undertaken
signicant reurbishment and seismic strengthening works. Liting the seismic strength o
buildings and reurbishment is a recurring theme in Wellington. Landlords with access to
sucient equity are repositioning to attract and retain tenants in a highly competitive market.
A signicant purchase, urther demonstrating buoyant investment activity in Wellington,
was Caniwi Capital purchasing the ANZ Bank building in Tory Street or NZ$. million
in April .
mAjor trANsActioNs
BuilDiNg leAse (l) /sAle (s)
teNANt / PurcHAser AreA(q )
NZ Post House, 7 Waterloo Quay S Argosy Property 268,900
The Tory Street Campus, Tory Street S Canwi Capital 156,100
Sovereign House, 34 - 42 Manners
Street
L Government Department 22,100
L7, Todd Tower, 95 Customhouse
Quay
L Assurity 5,900
33 Cuba Street L Design Works NZ 7,600
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asia pacific office market overview | 2Q 2013
Note: Rental gure in each o the above centre is the average o the various key sub-markets outlined under the section o "Denitions and Terminology"
AustrAliAPrime oice reNtAl
Hong Kong
Tokyo
Singapore
Sydney
Perth
Brisbane
Beijing
Melbourne
Shanghai
Ho Chi Minh City
Hanoi
Adelaide
Jakarta
Mumbai
Canberra
Delhi NCR
Guangzhou
Taipei
Bangkok
Kuala Lumpur
Wellington
Auckland
Seoul
Chengdu
Manila
Bengaluru
Chennai
Karachi
RENTALS (US$ / SQ FT / YEAR)
0.00 20.00 40.00 60.00 80.00 100.00 120.00
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Delhi 12,200,000
Bengaluru 9,090,000
Mumbai 8,700,000
Guangzhou 6,673,618
Chennai 5,240,000
Chengdu 4,628,477
Seoul 4,382,317
Shanghai 3,790,637
Jakarta
Guangzhou
Seoul
Shanghai
Chengdu
Hong Kong
Taipei
Singapore
Hanoi
Beijing
BangkokManila
Ho Chi Minh City
Over 3,000,000 sq ft
1,000,000 - 3,000,000 sq ft
Below 1,000,000 sq ft
Hong Kong 927,384
Manila 413,334
Kuala Lumpur 509,000
Adelaide 454,936
Ho Chi Minh City 117,316
Singapore 733,625
Brisbane 200,209
Karachi 145,000
Auckland 193,750
Perth 100,524
Bangkok 0
Canberra 0
Wellington 0
Kuala Lumpur
MelbourneAuckland
Canberra
Wellington
Delhi NCR
Bengaluru
Mumbai
Chennai
Tokyo
SydneyAdelaide
Brisbane
Karachi
Perth
Tokyo 2,888,680
Beijing 2,730,242
Hanoi 1,748,165
Melbourne 1,442,363
Jakarta 1,564,339
Taipei 1,074,641Sydney 1,304,994
Prime oice New suPPly orecAst or 2013
Source: Colliers
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C n Su ta-u Ava Vacac ta Sc Ava ras
(sq f) (sq f) (%) (sq f) (US$ / sq f / a)
2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F
BeijiNg
CBD ,, , , ,, . . ,, ,, . .
Zhongguancun , , , . . ,, ,, . .
Financial Street , , , . . ,, ,, . .
Luthansa , , , . . ,, ,, . .
East Chang An Avenue , , . . ,, ,, . .
East nd Ring , , . . ,, ,, . .
Other areas ,, , , . . ,, ,, . .
sHANgHAi
Pudong , , , . . ,, ,, . .
Puxi ,, ,, ,, ,, . . ,, ,, . .
guANgzHouYuexiu ,, , ,, . . ,, ,, . .
Tianhe ,, ,, ,, ,, . . ,, ,, . .
Haizhu , , . . ,, ,, . .
cHeNgDu
Renmin Road , , , . . ,, ,, . .
CBD , , . . ,, ,, . .
Financial Street ,, ,, , ,, . . ,, ,, . .
Tianu Avenue , , , . . ,, ,, . .
Other areas ,, ,, ,, , . . ,, ,, . .
HoNg koNg
Central , , , . . ,, ,, . .
Wanchai , , . . ,, ,, . .
HK Island East -, , . . ,, ,, . .
Tsim Sha Tsui -, , . . ,, ,, . .
Kowloon East , , , . . ,, ,, . .
tokyo
CBD ,, ,, ,, ,, . . ,, ,, . .
seoul
CBD ,, ,, , ,, . . ,, ,, . .
GBD , , . . ,, ,, . .
YBD ,, , ,, . . ,, ,, . .
tAiPei
CBD ,, ,, , ,, . . ,, ,, . .
jAkArtA
CBD ,, ,, ,, ,, . . ,, ,, . .
Non-CBD ,, ,, ,, ,, . . ,, ,, . .
kuAlA lumPur
KLCA , ,, ,, ,, . . ,, ,, . .
P. 20 | colliers iNterNAtioNAl
asia pacific office market overview | 2Q 2013
treNDs & orecAsts
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2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F
mANilA
Makati , , , . . ,, ,, . .
Ortigas , , , . . ,, ,, . .
siNgAPore
CBD , ,, , , . . ,, ,, . .
BANgkok
CBD , , . . ,, ,, . .
Ho cHi miNH city
CBD , , , , . . ,, ,, . .
HANoi
CBD ,, ,, ,, ,, . . ,, ,, . .
BeNgAluru
Overall ,, ,, ,, ,, . . ,, ,, . .
cHeNNAi
Overall ,, ,, ,, ,, . . ,, ,, . .
DelHi Ncr
Overall ,, ,, ,, ,, . . ,, ,, . .
mumBAi
Overall ,, ,, ,, ,, . . ,, ,, . .
kArAcHi
CBD , , , , . . ,, ,, . .
ADelAiDe
CBD , , , . . ,, ,, . .
BrisBANe
CBD , -, , . . ,, ,, . .
cANBerrA
CBD , , , , . . ,, ,, . .
melBourNe
CBD ,, , , , . . ,, ,, . .
PertH
CBD , , -, , . . ,, ,, . .
syDNey
CBD ,, , , , . . ,, ,, . .
AucklAND
CBD , , -, . . ,, ,, . .
welliNgtoN
CBD , -, . . ,, ,, . .
C n Su ta-u Ava Vacac ta Sc Ava ras
(sq f) (sq f) (%) (sq f) (US$ / sq f / a)
asia pacific office market overview | 2Q 2013
colliers iNterNAtioNAl | P. 21
treNDs & orecAsts
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asia pacific office market overview | 2Q 2013
DeiNitioN AND termiNology
NortH AsiA
Bn
Pm o m bj o o 6 u-m cbD (c
bu D), luh, e 2d r, s, e cha au d Zhouu.
r quod rMb p q m p moh o o oo ,
d xu o mm d pod. cp u
quod o rMb p q m.
shanha
Pm o ud shh od 2 pp u-m
Pudo o lujzu d Zhuyu, d Pux o Hupu,
J, ch, d Xuhu.
r quod rMb p q m p dy o o oo , d
xu o y mm . cp u quod o rMb
p q m.
ganh
Pm o ud guzhou od 3 pp u-m
Hzhu, Yuxu d th.
r quod rMb p q m p moh o o oo ,
d xu o y mm . cp u quod o rMb
p q m.
chnd
Pm o ud chdu my od 3 u-m,rm rod, cbD d s.
r quod rMb p q m p moh o o oo , d
xu o mm . cp u quod o rMb p q m.
Hn kn
Pm o pop Ho ko od 5 u-m
c, wh / cuy by, id e, tm sh tu d
kooo e.
r ommoy quod Hk$ p q p moh o h o,
o oo , hh xu o mm , dom x. P quod Hk$ p q , d mu
o o oo .
t
th quy o ud toyo od h u
(cbD) o x d my, chyod-u, chuo-u,
Mo-u, shjuu-u, shuy-u d sh-u.
r h quod Y p uo (.. 3.3 q m) p
moh, hh u o h. O p mud
o oo . cp u quod Y p uo.
s
Mjo o d sou ud h do u
(cbD), gm bu D (gbD) d Youdo bu D
(YbD).
r quod wo p q m p moh o o oo .
gy, dpo qu o 10 moh qud, d uuy
pd up o. Mm xudd om quod . sp
mud o o oo . cp u quod wop q m.
tap
Pm o pop tp od 7 d, omp
n su ch (nk-sc), Mh tu H noh (Ms-tn), H Y,
w, tu H souh (tUn-s), J a H sh (Ja-Hs) d n
e rod (nk-4/5).
th o u o mum p ( .. 3.3 q m). r d p
quod o uy .. n t Do (nt$) o o oo
.
soutHeAst AsiA
jaaa
th quy o ud J od h cbD o
h d thm, sudm, go suoo, ru sd d M
ku. th oud h o d oy d
o-cbD.
r ommoy quod ruph p q m p moh, hh
u o h u xu o om x. O
p mud o oo . cp u quod ruph p q m.
kaa lp
Pm o ud od h ku lumpu c a (klca)
oy. th klca omp y h h u
d.
r ommoy quod r My (rM) p q p moh
o oo , hh u o h d popy
x. cp u quod r p q .
mana
Pm o ud M od o pp u-m
M d O.
r quod Po p q m p moh o oo ,
d xu o y mm . cp u quod Po
p q m.
snap
th quy o ud od h po od h c
bu D o spo.
r quod s$ p q p moh o oo (..
ommo uh odo, o, oy . u udoum), d u o h. cp u quod
o h o o -d ud, d o o-
-d dopm.
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asia pacific office market overview | 2Q 2013
colliers iNterNAtioNAl | P. 23
DeiNitioN AND termiNology
* Super built-up area reers to the total **built-up area o a building plus a proportional allocation o all common areas including stairs, lit cores, ground oor lobby, and caretakers ofce/at throughoutthe building.
** Built-up area reers to the carpet area plus the thickness o external walls and area under columns.
Ban
Pm o pop bo od d omp
som d sho od om nh rh,
rm iv om Phyh o rhdp, o rhdp omrm iv o suhum d o suhum om ao o h ho o
Poh d h rm i o Phyh.
r quod bh p q m p moh o oo , d
u o h. cp u quod bh p q m.
H ch mnh c
th quy o ud Ho ch Mh cy od D O
- h u d h y.
r ommoy quod Us$ p q m p moh o oo
, d xu o mm d om x. cp
u quod o Us$ p q m.
Han
Pm quy o ud Ho moy od Ho km
d, h ddu quy ud od cu gy d d b
Dh d. th oo o h y pd o o
Ho km l, hh h Ho km d.
r ommoy quod Us$ p q m p moh o oo
. r u o h d xu o u ddd
x, hh uy 10% .
soutH AsiA
Bna (Bana)
Pm o pop buu ddd 3 pp u-
m cbD (c bu D), sbD (suu/sody
bu D) o o bh rod & Ou r rod
d PbD (Pph bu D) ud PbD Hou rod, ePiP
Zo, eo cy d whfd.
r ommoy quod rup p q p moh, hh
uuy xu o m h, p h d popy
x. O p ommoy mud o *up u up .
chnna
Pm o pop ch od 3 pp um
cbD (c bu D), (suu/sody bu D)
d PbD (Pph bu D). sbD o o gudy d
vhy h PbD ud oh uh Od Mhpum
rod, amu d gst rod mo oh.
r ommoy quod rup p q p moh, hh
uuy xu o m h, p h d popy
x. O p ommoy mud o *up u up .
Dh Ncr
Pm o pop Dh ncr pmy od cbD
(c bu D) o o couh P; sbD (sody
bu D) ud nhu P, Jo, s d nj suhhP d PbD (Pph bu D) ud guo d nod.
r ommoy quod rup p q p moh, hh uuy
xu o m h, p h d popy x.
mba
Pm o pop Mum pmy od cbD
(c bu D) o o nm Po, od d bd
e; sbD (sody bu D) ud bd (w d
e), k, lo P d wo/Phd d PbD (Pph
bu D) ud n Mum, vh, Po, goo.
r ommoy quod rup p q p moh, hh
uuy xu o m h, p h d popy
x. O p ommoy mud o *up u up .
O p ommoy mud o *up u up .
kaah
Pm o ud kh od h u
(cbD) o 4 u-m i.i chud rod, shhh--,
co d M koh.
r quod rup p q p y o o oo
d xu o h o mm . cp vu quod rup p q .
AustrAlAsiA
Aaa
Pm o ud od h cbD d y oud y
Mnc.
r quod o oo , d a$ p q m p um
xud mm d om h. cp u
quod o a$ p q m.
N zaand
Pm o ud od h cbD.
r quod o oo , d nZ$ p q m p um
xud mm d om h. cp u
quod o nZ$ p q m.
oo , d nZ$ p q m p um xud mm
d om h. cp u quod o nZ$ p q m.
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asia pacific office market overview | 2Q 2013
nortH ASiA
mAinlAnD CHinA
B
go Yu
M Do | noh ch
t : 86 10 8518 1633
Shaha
l wo
M Do
e d souh w ch
im s, ch
t : 86 21 6141 3688
guahue lm
M Do
t : 86 20 3819 3888
Chdu
Jy t
M Do
t : 86 28 8658 6288
H k, HkSAr
compy l no: c-006052
rhd k (e-279867)
M Do
t : 852 2828 9888
P bu (e-183614)
ch exu O | a
For FUrtHer DetAilS, pleASe ContACt:
SoUtH eASt ASiA
inDoneSiA
jaaa
M boom
M Do
t : 62 21 521 1400
mAlAySiA
kuaa luu
/o M lmpd*
M Do
copo souo | a Pf
t : 65 6531 8601
* bd spo
rh d podd y
c H wm th & wo sd bhd
Url : hp://..om.my
oo g J
M Do
t : 603 2616 8888
pHilippineS
maa
Dd You
M Do
t : 63 2 888 9988
SingApore
D Yo
M Do
spo & idu s | a
t : 65 6223 2323
tHAilAnD
Ba
smo ldy
exu chm
t : 66 2 656 7000
jApAn
t
Jm
so M Do
t : 81 3 5563 2111
SoUtH koreA
Su
Jy Yu
so Do d g M
t : 82 2 6740 2001
tAiwAn
taad lu
M Do
t : 886 2 8101 2000
VietnAm
H ch mnh c
P D
g Do
t : 84 8 3827 5665
Ha
smo Po
M Do
t 84 4 3941 3277
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asia pacific office market overview | 2Q 2013
colliers iNterNAtioNAl | P. 25
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inDiA
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O Do
t : 91 80 4079 5500
Cha
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Dh nCr
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