Click here
 

Colliers International Research - Asia Pacific

When Published, Hong Kong
Comprehensive and up-to-date research reports covering real estate markets across Emerging Asia, by leading real estate solutions provider - Colliers International
 

Asia Pacific Office Market Overview - 4th Quarter 2010

Feb 17, 2011
  • Print

AsiA PAcific Office Market Overview
4Q 2010

Accelerating success.

table Of cOntents
AsiA PAcific office mArket overview | 4Q 2010

regional overview Greater china

3 4-6

Beijing, China ....................................................................................................................................4 Chengdu, China .................................................................................................................................4 Guangzhou, China .............................................................................................................................5 Shanghai, China ................................................................................................................................5 Hong Kong SAR, China .....................................................................................................................6 Taipei, Taiwan ...................................................................................................................................6

North Asia

7

Seoul, South Korea ........................................................................................................................... 7 Tokyo, Japan ..................................................................................................................................... 7

southeast 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 office rentals trends & forecasts Definitions & terminology contacts

17 18-19 20-21 22-23

regiOnal Overview
Thanks to the sustained inflow of capital and the continued strengthening of business confidence, the office real estate market in the region continued to forge ahead, with positive demand growth on both the occupational and investment fronts during 4Q 2.010. A number of centres with major tenant groups engaged in the financial sector showed distinct signs of accelerating momentum, particularly after the announcement of the second round of the so-called "Quantitative Easing" by the U.S. during 4Q 2.010. Office occupiers have been prompted to consolidate and upgrade their premises sooner rather than later, primarily because of the anticipated rental upswings over the near to medium term. Investment demand for prime quality offices remained buoyant in 4Q 2.010, despite the recent rate hikes in a number of centres such as Seoul, Bangkok, and lately Mainland China. One of the key drivers was the solid evidence showing the continued rental catch-up amid expectations of growing inflation during the period.

leAsiNG treNDs
According to our research, the whole region witnessed an accelerated rental growth of 1.5% QoQ in 4Q 2.010, thanks largely to the performance in the Greater China region, where Hong Kong and Beijing actually stole the limelight. Hong Kong as usual was buoyed by the sustained expansionary demand in the financial sector amid the continued supply squeeze in the CBD. Beijing saw demand growth, attributed to both domestic and multinational corporations from a wide range of businesses, from manufacturing, technology to financial industries. For example, China CITIC Bank committed to lease 14,000 sq m space at Pacific Century Place in 4Q 2.010. Meanwhile, a number of centres in the region, previously challenged by the supply factor, showed initial signs of stabilization in 4Q 2.010.

sAles mArket
On the sales front, investors, comprising mainly domestic buyers, continued to favour quality assets in their home markets in 4Q 2.010. In Mainland China, the office sales market saw sustained buying interest from domestic insurance companies, due to the continued business expansion and growing insurance premiums. For example, the Beijing-based People's Insurance Company (Group) of China Limited (PICC) and its subsidiaries spent RMB3.74 billion (US$568 million) to acquire Capital Times Square for self occupation. In Mumbai, HDFC Standard Life Insurance, one of the leading private life insurance companies in India, bought 9.5,000 sq ft at Lodha Excelus during 4Q 2.010. Elsewhere in Australasia, Australian Property Growth Fund bought a total of 32.,9.00 sq ft office space at 2.47 Adelaide Street in Brisbane for A$8.15 million (US$8.12. million).

mArket outlook
The office market in the region will move ahead on its recovery track, in anticipation of a further pick-up of demand over the next 12. months. Despite the challenge of forthcoming supply cycles in individual centres, the overall absorption rate is predicted to increase, amid further enhancement of market sentiment largely spilling over from the buoyant asset markets in the region.

colliers iNterNAtioNAl |

P. 3

asia pacific office market overview | 4Q 2010

cHiNA
BEIJING OFFICE SUPPLY, TAKE-UP & VACANCY RATE
1.00 0.80 Million sq m 0.60 0.40 0.20 0.00 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate

Beijing
· In 4Q10, Jiaming Centre in the Lufthansa area and CPIC Plaza in the Financial Street area were completed, adding approximately 9.0,000 sq m office space to the total stock. · With the sustained increase of new lettings and expansion-led transactions conducted by MNCs and domestic enterprises from manufacturing, technology, media, and financial industries, the overall vacancy rate edged down by 1.39. percentage points QoQ to 10.02.% in 4Q 2.010. Headline leasing transactions included China CITIC Bank's commitment to 14,000 sq m at Pacific Century Place. · Geared with robust demand and landlords' strong stance in negotiations, average rent in the Beijing Grade A office market increased 6.7% QoQ to RMB19.2..2.7 per sq m per month as of 4Q 2.010. · Dominated by domestic investors, the overall investment market was extremely active, with a total of six whole block sales transactions concluded in 4Q 2.010.
mAjor trANsActioNs
Capital Values

2008

2009
Supply

2010
Take-up

2011 F

2012 F

Vacancy Rate

BEIJING OFFICE CAPITAL AND RENTAL VALUES
400.00 350.00 300.00 250.00 Rentals 200.00 150.00 100.00 50.00 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 1Q 2008 2Q 2008 3Q 2008 4Q 2008 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 0.00 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

Building Pacific Century Place The Exchange Beijing Kerry Centre World Financial Centre Jia Ming Centre Capital Times Square C-King Towers Jinmao Centre (C1 block)

leAse (l) / sAle (s) L L L L L S S S

teNANt / PurcHAser China CITIC Bank Samsung General Electric Dolby Financial Times The People's Insurance Company of China (PICC) Go High Investment China Power Investment Corporation

AreA (sq ft) 150,600 53,800 13,500 32,300 15,700 1,280,400 677,900 247,500

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
0.25 0.20 Million sq m 0.15 0.10 0.05 0.00 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Vacancy Rate

chengdu
· No brand new office building entered the market in 4Q 2.010. The vacancy rate in the CBD dropped substantially from 54.8% in 3Q 2.010 to 41.4% in 4Q 2.010. Meanwhile, the overall vacancy rate fell from 32..5% in 3Q 2.010 to 2.5.1% in 4Q 2.010. · Metro Line 1 (north-south direction) commenced operation in late September and helped boost demand for office buildings along the new infrastructure link in 4Q 2.010. The vacancy rate of the Renmin Road area remained at a low level of 3.58% during the period. · Due to the limited office stock available for lease in the Financial Street area and the strong demand attributed to financial institutions, the average rental increased 3.7% QoQ to RMB140 per sq m per month in 4Q 2.010.
mAjor trANsActioNs

2008

2009
Supply

2010
Take-up

2011 F

2012 F

Vacancy Rate

CHENGDU OFFICE CAPITAL AND RENTAL VALUES
225.00 200.00 175.00 150.00 Rentals 125.00 100.00 75.00 50.00 25.00 0.00 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 1Q 2008 2Q 2008 3Q 2008 4Q 2008 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 22,500 20,000 17,500 Capital Values 15,000 12,500 10,000 7,500 5,000 2,500 0

Building Yanlord Landmark Yanlord Landmark Yanlord Landmark Yanlord Landmark Yanlord Landmark Yanlord Landmark

leAse (l) / sAle (s) L L L L L L

teNANt / PurcHAser BOZO Public Relationship Co. Ltd SBA Stone Forest Corporate Advisory (Shanghai) Co. Ltd Novartis Mead Johnson Nutrition China Co. Ltd China HR Natural Beauty

AreA (sq ft) 4,600 4,600 11,800 7,700 10,800 3,200

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

P. 4

| colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2010

cHiNA
GUANGZHOU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
2.50 2.00 Million sq m 1.50 1.00 0.50 0.00 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Vacancy Rate

guangzhou
· The completion of about 12.5,72.4 sq m new office development sent the total supply in Guangzhou to a high level in 2.010. It included Onelink Hui in Tianhe Gym-Centre CBD, Guangzhou Ocean Plaza and East Tower of G.T. Land in Pearl River New Town. The overall office vacancy rate increased from 14.6% in 3Q 2.010 to 17.3% in 4Q 2.010. · The Guangzhou office leasing market was active, including the pre-leasing of a number of prime office developments. The average rental increased by 2..3% QoQ to RMB135.7 per sq m per month in 4Q 2.010. Key tenants were from the domestic manufacturing, financial and investment industries, who mainly favoured the Pearl River New City. · With limited office units available for sale, especially for small-sized units, the average sales price of Guangzhou Grade A office grew 7% QoQ to RMB2.6,003 per sq m in 4Q 2.010.
32,000 28,000 24,000 Capital Values 20,000 16,000 12,000 8,000 4,000 0

2008

2009
Supply

2010
Take-up

2011 F

2012 F

Vacancy Rate

GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES
160.00 140.00 120.00 100.00 Rentals 80.00 60.00 40.00 20.00 0.00 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 1Q 2008 2Q 2008 3Q 2008 4Q 2008 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F

· It is anticipated that large volume of new Grade A office properties will be launched in 2.011, principally located in Tianhe district. The overall vacancy rate is expected to edge up further.
mAjor trANsActioNs Building G.T. Land Poly Centre Poly Centre Poly Centre Poly Centre Poly V-Building leAse (l) / sAle (s) L L L L L S teNANt / PurcHAser Guangzhou Automobile Group Guangzhou Dr. Yin Real Estate Co. Ltd Guangzhou Dingli Investment Co. Ltd Guangzhou Media Entertainment Co. Ltd Zhejiang Yong'an Brokerage Co. Ltd Bank of Communications AreA (sq ft) 19,200 20,900 4,900 4,200 4,200 423,500

Rentals (RMB / sq m / Month)

Capital Values (RMB / sq m)

SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
1.50 1.20 Million sq m 0.90 0.60 0.30 0.00 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate

shanghai
· Net take-up in the Shanghai Grade A office market turned slightly negative during 4Q 2.010, as take-up growth shifted to decentralized office areas. The slowdown in demand, combined with the addition of Manpo International Plaza in Changning District, led to an overall increase in vacancy rate, which rose by 1.0% QoQ in 4Q 2.010. For 2.010 as a whole, the Shanghai Grade A Office market experienced a vacancy rate decline of 2..1%. · The average Grade A office rents increased by 1.4% QoQ in 4Q 2.010. Despite the roaring Chinese economy, rental growth is expected to stall in 2.011 and 2.012., as the office market expects 1 million sq m of new Grade A office space in 2.011. · The decentralized sub-market continued to outperform the CBD, in terms of take-up and rental growth during 4Q 2.010. This trend is anticipated to continue in 2.011, due to a combination of different factors such as lower rentals, large blocks of contiguous space, and improved infrastructure and amenities available in decentralized office developments.
mAjor trANsActioNs
Capital Values

2008

2009
Supply

2010
Take-up

2011 F

2012 F

Vacancy Rate

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES
15.00 12.00 9.00 6.00 3.00 0.00 3Q 2009 1Q 2009 2Q 2009 4Q 2009 1Q 2010 2Q 2008 3Q 2008 4Q 2008 3Q 2010 4Q 2010 2Q 2011 F 3Q 2011 F 1Q 2008 4Q 2011 F 2Q 2010 1Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 60,000 48,000 36,000 24,000 12,000 0

Rentals

Building 21st Century Tower Park Place Henderson Metropolitan Corporate Avenue The Centre

leAse (l) / sAle (s) S L L L L

teNANt / PurcHAser Shui On Construction and Materials Limited Boehringer Ingelheim ORACLE Pernod Ricard H&M

AreA (sq ft) 549,000 86,100 38,800 37,700 23,700

Rentals (RMB / sq m / Day)

Capital Values (RMB / sq m)

colliers iNterNAtioNAl |

P. 5

asia pacific office market overview | 4Q 2010

H o N G ko N G
HONG KONG OFFICE SUPPLY, TAKE-UP & VACANCY RATE
4.50 4.00 3.50 3.00 Million sq ft 2.50 2.00 1.50 1.00 0.50 0.00 2008 2009
Supply

hong kong
9.0% 8.0% 7.0% Vacancy Rate 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%

· The overall leasing demand in Hong Kong remained strong in 4Q 2.010, thanks to the sustained expansionary demand attributed to existing financial tenants, and new demand from a number of private equities and overseas legal firms. Average Grade A office rentals increased 8.5% QoQ to HK$57.85 per sq ft per month as of November 2.010. · The Kerry Centre in Island East will be the next market focus. With an average floor plate of 17,000 sq ft, the development appeals to sizeable tenants looking for new highspecification developments on Hong Kong Island. Meanwhile, two smaller schemes at 50 Connaught Road Central and the LHT Tower at 31 Queen's Road Central, which are scheduled for completion in 2.011, could be alternatives for medium-size tenants seeking to stay in Central. · Due to the prevailing constraint on the supply front, more tenants are expected to adopt flexible strategies in their real estate plans. Overall, we predict that office rentals will increase by 17% over the next 12. months.
mAjor trANsActioNs

2010
Take-up

2011 F

2012 F

0.0%

Vacancy Rate

HONG KONG OFFICE CAPITAL AND RENTAL VALUES
125.00 100.00 75.00 50.00 25.00 0.00 3Q 2009 4Q 2009 3Q 2010 4Q 2008 4Q 2010 1Q 2009 1Q 2010 3Q 2011 F 3Q 2008 2Q 2009 1Q 2011 F 2Q 2012 F 3Q 2012 F 1Q 2008 2Q 2010 2Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2008 25,000 20,000 15,000 10,000 5,000 0 Capital Values

Rentals

Building Manulife Financial Centre Manulife Financial Centre ICBC Tower, Citibank Plaza Citibank Plaza Tower One, Times Square Concordia Plaza Grand Millennium Plaza Overseas Trust Bank Building

leAse (l) / sAle (s) L L L L L S S S

teNANt / PurcHAser Jardine Engineering PriceWaterhouseCoopers McKinsey Allianz Global Investors Regus Indian company Guotai Junan (Hong Kong) Ltd Local investor

AreA (sq ft) 69,800 65,400 16,700 33,500 17,200 27,900 15,500 67,400

Rentals (HK$ / sq ft / Month)

Capital Values (HK$ / sq ft)

tA i wA N
TAIPEI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
35,000 30,000 25,000 20,000 Ping 15,000 10,000 5,000 0 -5,000 2008 2009
Supply

taipei
35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate

· Thanks to the improving economy and the introduction of the Economic Co-operation Framework Agreement (ECFA), the local office market showed signs of positive growth in 4Q 2.010. · There was no new supply in 4Q 2.010 but the average vacancy rate fell from 15.6% in 3Q 2.010 to 14.6% in 4Q 2.010 on the back of an improving economy. · Due to rising demand in the leasing market, the average effective rents grew slightly from NT$2.,442. ping per month in 3Q 2.010 to NT$2.,447 ping per month in 4Q 2.010. · Since there will be no new supply in 2.011, the anticipated growth in demand will send rentals upward by 3% in 2.011.
mAjor trANsActioNs Building Nan Shan Min Sheng Building TAIPEI 101 TOWER Shin Kong Xin Yi Financial Building Exchange Square One Exchange Square One Taipei Metro Taipei Financial Center leAse (l) / sAle (s) L L L L L L S teNANt / PurcHAser SAS Institute Taiwan Ltd. Talent2 Taiwan Co. Ltd Phoenix Property Investors (Taiwan) Limited Ogilvy & Mather Co. Ltd. cnYES The Executive Centre Lung Yen Life Service Co Ltd AreA (sq ft) 11,700 3,800 5,200 49,800 10,700 14,900 23,900

2010
Take-up

2011 F

2012 F

-5.0%

Vacancy Rate

TAIPEI OFFICE CAPITAL AND RENTAL VALUES
3,000 2,500 2,000 Rentals 1,500 1,000 500 0 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0

4Q 2008 1Q 2009

3Q 2009 4Q 2009

2Q 2010 3Q 2010

4Q 2010 1Q 2011 F

3Q 2008

2Q 2009

1Q 2010

3Q 2011 F 4Q 2011 F

1Q 2008 2Q 2008

Rentals (NT$ / Ping / Month)

Capital Values (NT$ / Ping)

P. 6

| colliers iNterNAtioNAl

2Q 2012 F 3Q 2012 F

2Q 2011 F

1Q 2012 F

Capital Values

asia pacific office market overview | 4Q 2010

s o u t H ko r e A
SEOUL OFFICE SUPPLY, TAKE-UP & VACANCY RATE
300,000 250,000 200,000 Pyung 150,000 100,000 50,000 0 2008 -50,000
Supply Take-up Vacancy Rate

seoul
18.0% 15.0% 12.0% Vacancy Rate 9.0% 6.0% 3.0% 0.0%

· Overall vacancy rate of Grade A buildings increased from 4.31% in 1Q 2.010 to 6.9.5% in 4Q 2.010. The vacancy rate in CBD increased from 6.46% in 1Q 2.010 to 11.03% in 4Q 2.010. · Due to the plentiful existing vacant stock and the forthcoming new supply in the next two years, the overall vacancy is predicted to rise to over 10% and 12.% by the end of 2.011 and 2.012. respectively. · Despite the various lease incentives offered by landlords, Grade A office rents of major business districts in Seoul remained resilient to the pressure of rising vacancy rate. · The overall Grade A office capitalisation rate in Seoul is expected to slow due to the anticipated lowering of net occupancy cost and net operating income.

2009

2010

2011 F

2012 F -3.0%

SEOUL OFFICE CAPITAL AND RENTAL VALUES
250,000 200,000 150,000 100,000 50,000 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 25,000,000 20,000,000 15,000,000 Capital Values

mAjor trANsActioNs Building Hungkook Life Building POSteel Tower ING Tower KTCU Building Hana Daetoo Securities Building leAse (l) / sAle (s) L L L L S teNANt / PurcHAser Coca Cola Korea Kyobo Life Insurance Samsung Fire and Marine Insurance Prudential Insurance NH Bank AreA (sq ft) 83,900 32,600 97,600 27,700 750,100

Rentals

10,000,000 5,000,000 0

Rentals (Won / Pyung / Month)

Capital Values (Won / Pyung)

jA PA N
TOKYO OFFICE SUPPLY, TAKE-UP & VACANCY RATE
200,000 180,000 160,000 140,000 120,000 Tsubo 100,000 80,000 60,000 40,000 20,000 0 2008 2009
Supply

tokyo
· Number of large-scale relocations increasing due to lower rents and greater incentives.
10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Vacancy Rate

· Rents continued to decline at a slow pace. · Vacancy decreased slightly, but new building completions were limited. · A large supply of new buildings will complete during 2.011, challenging rents and vacancy rates. · Tenants are seeking a second rent reduction on existing leases after having negotiated terms 18-2.4 months previously.
mAjor trANsActioNs Building Sumitomo Fudosan Central Park SSJ Shinagawa Futakotamagawa Rise Office Sumitomo Shiodome Tokyo Mid-Town leAse (l) / sAle (s) L L L L L teNANt / PurcHAser NKSJ Holdings Sony Computers Entertainment Synopsys Japan Softbank Multimedia Broadcasting Inc AreA (sq ft) 215,734 127,800 42,600 71,000 71,000

2010
Take-up

2011 F

2012 F

Vacancy Rate

TOKYO OFFICE CAPITAL AND RENTAL VALUES
60,000 50,000 40,000 Rentals 30,000 20,000 10,000 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0

Rentals (Yen / Tsubo / Month)

Capital Values (Yen / Tsubo)

Capital Values

colliers iNterNAtioNAl |

P. 7

asia pacific office market overview | 4Q 2010

i N D o N es i A
JAKARTA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
400,000 20.0%

jakarta
· Signs of growing market confidence emerged in the private sector in 4Q 2.010. Both local and multinational companies planned to upgrade their office addresses by moving to newer and better quality buildings. The banking and insurance industries were the most active players in 4Q 2.010. · With positive expectations on the economic outlook in 2.011, overall office occupancy cost is expected to increase. The key contributor will be upward rental adjustments in brand new buildings with high occupancy levels. · Prospective leasing demand is anticipated to be dominated by existing tenants in the financial, oil and gas sector, with expansionary requirements and needing to upgrade into newer buildings. · Meanwhile, state-owned enterprises are becoming more active in looking for additional office space in order to strengthen their presence amid growing competition in the marketplace.
mAjor trANsActioNs Building The Plaza The Plaza The Plaza Menara Satu Arcadia Tower F leAse (l) / sAle (s) L L L L L teNANt / PurcHAser Deloitte Bridgestone Timas Suplaindo Bank Central Asia 3M International AreA (sq ft) 55,300 17,500 18,900 23,100 28,800

300,000

15.0% Vacancy Rate Capital Values

sq m

200,000

10.0%

100,000

5.0%

0

2008

2009
Supply

2010
Take-up

2011 F

2012 F

0.0%

Vacancy Rate

JAKARTA OFFICE CAPITAL AND RENTAL VALUES
200,000 180,000 160,000 140,000 Rentals 120,000 100,000 80,000 60,000 40,000 20,000 3Q 2009 4Q 2009 3Q 2010 4Q 2008 4Q 2010 1Q 2009 1Q 2010 3Q 2011 F 3Q 2008 2Q 2009 1Q 2011 F 1Q 2008 2Q 2010 2Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2008 2Q 2012 F 0 25,000,000 22,500,000 20,000,000 17,500,000 15,000,000 12,500,000 7,500,000 5,000,000 2,500,000 0

10,000,000

Rentals (Rupiah / sq m / Month)

Capital Values (Rupiah / sq m)

m A l Ays i A
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP & VACANCY RATE
3.50 3.00 2.50 Million sq ft 2.00 1.50 1.00 0.50 0.00 2008 2009
Supply

kual a lumpur
35.0% 30.0% 25.0% Vacancy Rate 20.0% 15.0% 10.0% 5.0%

· In order to secure tenants, competition among landlords is expected to intensify in 2.011. Despite the improvement on the nett take-up, average vacancy rate is expected to increase towards the end of 2.011. · The market will see an increase in new supply in the second half of 2.011. However, if completion schedules are deferred, prime office rentals are expected to stay firm over the near term. · One of the latest market trends is that tenants are increasingly focusing on "green" office buildings for their present needs. · Office investment yields are expected to remain stable at 6% to 6.5% over the next 12. months.

2010
Take-up

2011 F

2012 F

0.0%

Vacancy Rate

KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES
12.00 10.00 8.00 Rentals 6.00 4.00 2.00 0.00 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 1,200 1,000 800 600 400 200 0

mAjor trANsActioNs Building
Capital Values

leAse (l) / sAle (s) L L L L S S

teNANt / PurcHAser Samsung Malaysia Electronics (M) Sdn Bhd Bandar Raya Developments Berhad BIMB Schlumberger Limited Kwong Hing Group Wonderful Vantage Sdn Bhd

AreA (sq ft) 30,000 Approx. 50,000 12,000 82,200 675,000 55,200

The Icon BRDB Tower* Menara Multipurpose 1 First Avenue ** Menara Pan Global Wisma KLIH
Data sourced from C H Williams Talhar & Wong Sdn Bhd

Rentals (Ringgit / sq ft / Month)

Capital Values (Ringgit / sq ft)

* KL Metropolitan ** Klang Valley Suburban Area

P. 8

| colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2010

P H i l i PP i N es
MANILA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 -20,000 -40,000
Supply Take-up Vacancy Rate

manil a
12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Vacancy Rate

· Demand for office space primarily came from the BPO sector in 4Q 2.010. This trend is expected to continue in 2.011. · Rents increased 3.8% in 2.010. Capital values of prime offices edged up by about 2..0% during the same period. · The overall vacancy in the prime office sector was 8.4% in 4Q 2.010, but anticipated to fall during 2.011 if leasing demand strengthens. · Bonifacio Global City, an alternative business district adjacent to Makati CBD, is predicted to capture a major portion of demand from the BPO sector.
mAjor trANsActioNs Building
Capital Values

2008

2009

2010

2011 F

2012 F -2.0% -4.0%

MANILA OFFICE CAPITAL AND RENTAL VALUES
1,200 1,000 800 Rentals 600 400 200 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 120,000 100,000 80,000 60,000 40,000 20,000 0

leAse (l) / sAle (s) L

teNANt / PurcHAser APAC Customer Services Inc.

AreA (sq ft) 8,300

NORTHGATE CYBERZONE

Rentals (Peso / sq m / Month)

Capital Values (Peso / sq m)

siNGAPore
singapore
SINGAPORE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
2.50 2.00 1.50 1.00 0.50 0.00 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Vacancy Rate

· Fuelled by soaring business confidence in the positive economic conditions, the average occupancy rate of Grade A office space in the CBD continued to tighten in 4Q 2.010 to 9.4.3%, its tightest level since 2.Q 2.009.. The average Grade A gross office rent in the CBD climbed 7.5% QoQ, to S$7.9.1 per sq ft in 4Q 2.010, thus making a full-year growth of 2.4.5% in 2.010. · The market continued to see expansionary requirements in the private sector in 4Q 2.010. For example, Credit Agricole renewed and expanded their office space at Capital Tower to about 50,2.00 sq ft during the period. Meanwhile, Bank Julius Baer pre-committed to about 71,000 sq ft at Asia Square Tower 1 to consolidate their existing operations in various locations, such as One George Street and HarbourFront Tower 1. · Despite an estimated 2..1 million sq ft of new space coming on stream, the supply situation remains healthy, since about 50% of the new space has been pre-committed. The remaining space is expected to be gradually absorbed between 2.012. and 2.014. As such, prime office rentals are anticipated to increase 15-2.0% in 2.011.
Capital Values

Million sq ft

2008

2009
Supply

2010
Take-up

2011 F

2012 F

Vacancy Rate

SINGAPORE OFFICE CAPITAL AND RENTAL VALUES
30.00 25.00 20.00 Rentals 15.00 10.00 5.00 0.00 3,000 2,500 2,000 1,500 1,000 500 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F

mAjor trANsActioNs Building Asia Square Tower 1 Centennial Towers Capital Tower Chevron House The Corporate Office Keppel Towers and GE Tower Marina Bay Financial Centre** Marina Bay Financial Centre** leAse (l) / sAle (s) L L L S S S S S teNANt / PurcHAser Bank Julius Baer LGT Bank Credit Agricole Deka Immobilien Oxley Consortium Pte Ltd Keppel Land Limited K-Reit Asia Management Limited Suntec REIT AreA (sq ft) 71,000 21,000 50,200 262,600 109,900 481,800 1,747,100* 1,747,100*

Rentals (Singapore$/ sq ft / Month)

Capital Values (Singapore$ / sq ft)

* Total NLA of Marina Bay Financial Centre Phase One ** Phase One ( 1/3 stake)

colliers iNterNAtioNAl |

P. 9

asia pacific office market overview | 4Q 2010

tHAilAND
BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 sq m 60,000 40,000 20,000 0 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%

Bangkok
· The office market still failed to show many signs of life, in light of recurring alerts over the global economic situation and Thailand's own domestic concerns during 4Q 2.010. · Due to the local underlying economic growth, pent-up leasing demand for offices could be unleashed if the ongoing political conflict and concerns over global economic uncertainty are resolved. · The improvement in the Board of Investment's Regional Operating Headquarters criteria is expected to encourage the market, along with the continued ASEAN free trade agreements. · However, the newly completed buildings in 4Q 2.010, including Sathorn Square, with over 70,000 sq ft of space, is expected to constrain rental growth and occupancy rates in 2.011.
mAjor trANsActioNs
Capital Values

2008

2009
Supply

2010
Take-up

2011 F

2012 F

Vacancy Rate

BANGKOK OFFICE CAPITAL AND RENTAL VALUES
1,400 1,200 1,000 Rentals 800 600 400 200 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0

Vacancy Rate

Building Ocean Tower 1 LAO PENG NGUAN LAO PENG NGUAN PAKIN

leAse (l) / sAle (s) L L L L

teNANt / PurcHAser Asian Property Development Plc Ministry of Finance Ministry of Labour Boots Retail (Thailand) Co. Ltd

AreA (sq ft) 6,000 15,100 7,600 14,000

Rentals (Baht/ sq m / Month)

Capital Values (Baht / sq m)

vietNAm
HO CHI MINH CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE
150,000 120,000 90,000 sq m 60,000 30,000 0 2008 -30,000
Supply Take-up Vacancy Rate

ho chi minh cit y
25.0% 20.0% Vacancy Rate 15.0% 10.0% 5.0% 0.0%

· Fuelled by double-digit inflation, lending rates surged to the range of 14-16% in 4Q 2.010. A number of new developments have been put on hold due to rising financing costs. · The average Grade A office rental fell to US$36 per sq m per month exclusive of VAT, and service charge in 4Q 2.010. Vacancy rates rose to 15% in 2.010, and are anticipated to increase further, to 2.0-2.5%, in the first half of 2.011. · Although there was no major completion of new office developments, competition for tenants remained keen. Individual second-tier buildings in prime locations were appealing to prospective tenants looking for buildings with high specifications but at lower rental rates.
mAjor trANsActioNs Building Kumho Kumho Kumho Kumho Kumho leAse (l) / sAle (s) L L L L L L L teNANt / PurcHAser Ho Tram Capital Land Kumho Pearl Energy Premier Oil Shell Merck Sharp & Dohme (Asia) Ltd BITEXCO FINANCIAL TOWER IDG Adventure 10,000 AreA (sq ft) 7,000 17,000 8,500 17,000 17,000 17,000

2009

2010

2011 F

2012 F -5.0%

HO CH MINH CITY OFFICE CAPITAL AND RENTAL VALUES
70 60 50 Rentals 40 30 20 10 0

P. 10

| colliers iNterNAtioNAl

1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F

Kumho

Rentals (US/ sq m / Month)

asia pacific office market overview | 4Q 2010

iNDiA
BENGALURU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
12.00 10.00 8.00 Million sq ft 6.00 4.00 2.00 0.00 2008
Supply

Bengaluru
24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%

· There were about 2. million sq ft of new office space added to the prime office market in 4Q 2.010. More than 60% of this new supply was in the form of IT/ITES office space, primarily centred on outer ring road, EPIP zone and Whitefield.
Vacancy Rate

· Four new projects were launched on Outer Ring Road, including Bagmane WTC IV, Bagmane Toronta, RMZ Eco World and Pritech Park II during 4Q 2.010. · The overall take up remained upbeat in 4Q 2.010, thanks to the buoyant occupational demand attributed to the IT sector. · Although there was a net positive take-up, prime office rentals and vacancy rates were largely flat, since there has been a continued feed of new stock into the market during the period.

2009
Take-up

2010

2011 F
Vacancy Rate

BENGALURU OFFICE CAPITAL AND RENTAL VALUES
80 70 60 50 Rentals 40 30 20 10 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 8,000 7,000 6,000 Capital Values 5,000 4,000 3,000 2,000 1,000 0

mAjor trANsActioNs Building Gopalan Axis Bagmane World Technology Centre Gopalan Axis Gopalan Axis Prestige Alecto L L L Infinite Computer Solutions L&T Infotech Infosys 100,000 100,000 98,000 leAse (l) / sAle (s) L L teNANt / PurcHAser TCS Wells Fargo AreA (sq ft) 400,000 350,000

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

CHENNAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
16.00 14.00 12.00 Million sq ft 10.00 8.00 6.00 4.00 2.00 0.00 2008
Supply

chennai
32.0% 28.0% 24.0% Vacancy Rate 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%

· New developments originally scheduled for completion in 4Q 2.010 have been deferred to the first half of 2.011. Project completed this quarter includes "TVH Agnitio" developed by True Value Homes India Pvt. Ltd. at Kottivakkam. · Riding on the prevailing economic recovery, leasing demand for offices started picking up in 4Q 2.010. However, effective office rentals largely remained flat in 4Q 2.010, due to the plentiful supply available in the peripheral locations. · Given the current segmented demand and supply conditions, office rentals are expected to edge up in the CBD but SBD and the IT corridor are expected to remain relatively flat in the next 12. months.
mAjor trANsActioNs Building Triton Square India Infoline Tidel Park Catholic Trust Bldg RMZ Millennia Exotica Tecci Park IBS Building Prince Towers ASV Ramana DLF SEZ Tidel Park Tamarai Tech Park leAse (l) / sAle (s) L L L L L L L L L L L L L teNANt / PurcHAser Defiance Technologies Value Source Data Telesis Ansaldo Prodapt Shriram Value Sources 4i apps Apollo Hospital Blaze Dream Technologies Renault Nissan Mphasis Ernst & Young Mott Mcdonald AreA (sq ft) 60,000 30,000 30,000 23,300 20,000 18,000 15,000 9,000 9,000 26,000 70,000 50,000 33,000

2009
Take-up

2010

2011 F
Vacancy Rate

CHENNAI OFFICE CAPITAL AND RENTAL VALUES

1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F

colliers iNterNAtioNAl |

P. 11

asia pacific office market overview | 4Q 2010

iNDiA
MUMBAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
18.00 15.00 12.00 Million sq ft 9.00 6.00 3.00 0.00 2008
Supply

mumBai
24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%

Vacancy Rate

· The India Bulls Financial Centre and Marathon Futurex in the SBD submarket were completed in 4Q 2.010, adding approximately 700,000 sq ft of Grade A office space to the total stock. New projects launched in 4Q 2.010 included Phase I of Parinee in Andheri (West) by Parinee Group. · Although there were signs of leasing demand growth, rentals remained largely steady, due to availability of current stock and new developments in the pipeline. · Primarily attributed to the IT/ITES sector, investment and leasing demand for Grade A office space picked up during 4Q 2.010. Major transactions this quarter included the lease of 400,000 sq ft of office space by JPMC in L&T Info Tech office building and the acquisition of approx 130,000 sq ft of office space by Tata Capital in Lodha iThink office building located in Thane.
mAjor trANsActioNs Building

2009
Take-up

2010
Vacancy Rate

MUMBAI OFFICE CAPITAL AND RENTAL VALUES
350 300 250 Rentals 200 150 100 50 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Capital Values

leAse (l) / sAle (s) L L S S S

teNANt / PurcHAser JPMC Fractal Analytics Tata Capital HDFC Standard Life Insurance Tata Motors Finance Limited

AreA (sq ft) 400,000 33,000 128,400 95,000 43,200

L&T Info Tech Silver Metropolis Lodha I Think Lodha Excelus Lodha I Think

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

NEW DELHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
12.00 10.00 8.00 Million sq ft 6.00 4.00 2.00 0.00 2008
Supply

new delhi
24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0%

· During 4Q 2.010, no major brand-new Grade A office development was added in the CBD or SBD. However, a small supply of approximately 0.3 million sq ft was added in Gurgaon PBD during the period. · The overall office absorption rate in special economic zones and the demand for IT/ ITES office space remained upbeat in 4Q 2.010. Major transactions included the lease of 2.00,000 sq ft by KPMG in DLF 10C and 70,000 sq ft by GE Capital in DLF Cyber City, located at Gurgaon, during 4Q 2.010. · Buoyed primarily by the IT/ITES sector, the average prime office rental grew about 2.% QoQ in 4Q 2.010.
mAjor trANsActioNs Building DLF Cyber City
Capital Values Vacancy Rate

2009
Take-up

2010

2011 F
Vacancy Rate

NEW DELHI OFFICE CAPITAL AND RENTAL VALUES
350 300 250 Rentals 200 150 100 50 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

leAse (l) / sAle (s) L L L L L L L L L

teNANt / PurcHAser General Electric ICI Paints Fuji Films HAYS Birla Sun Life Insurance Canara HSBC OBC Life Insurance KPMG Hewitt Infosys

AreA (sq ft) 70,000 40,000 15,000 25,000 25,800 39,000 200,000 30,000 26,000

DLF Cyber City Vatika Business Park Unitech Infospace Unitech Cyber Park, T-B, 2nd Unitech Trade Centre DLF 10C Unitech Cyber Park, T-B, 3rd Unitech Cyber Park, T-B, 7th

Rentals (Rupee/ sq ft / Month)

Capital Values (Rupee / sq ft)

P. 12

| colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2010

Aust r A l i A
ADELAIDE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
90,000 80,000 70,000 60,000 sq m 50,000 40,000 30,000 20,000 10,000 0 2008 2009
Supply

adel aide
9.0% 8.0% 7.0% Vacancy Rate 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%

· With the current limited new supply situation to persist at least until 2.012., the overall vacancy rate in the CBD is predicted to edge down to below 7% by mid-2.011. Office rentals are expected to remain stable over the short term. · Investment sales activity has been growing since 2.Q 2.010, with signs of yield compression across the market. · Driven by pent-up demand from investors who have been looking for opportunities, the investment market is anticipated to remain active in 2.011.

2010
Take-up

2011 F

2012 F

0.0%

Vacancy Rate

ADELAIDE OFFICE CAPITAL AND RENTAL VALUES
700 600 500 Rentals 400 300 200 100 0 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F Capital Values

mAjor trANsActioNs Building City Central Tower 2, 121 King William Street 420 King William Street 22 King William Street 178 North Terrace leAse (l) / sAle (s) S L L L teNANt / PurcHAser Motor Accident Commission of South Australia BDO State Government (Dept. of Land & Biodiversity) Adelaide University 21,100 AreA (sq ft) 132,800 20,500 16,600

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

BRISBANE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
180,000 160,000 140,000 120,000 sq m 100,000 80,000 60,000 40,000 20,000 0 2008 2009
Supply

BrisBane
18.0% 16.0% 14.0% Vacancy Rate 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

· The vacancy rate for prime offices fell further to circa 6% in 4Q 2.010. However, a significant rise in prime vacancy is expected in 2.011 and 2.012. due to higher levels of speculative development completions. · The growing strength of the domestic economy will continue to restore business confidence and underpin solid levels of office leasing demand in 2.011. · Prime rental values have stabilised after a significant decline during the period from 2.008 to 2.010. Amid growing leasing demand for office, the anticipated increase in vacancy is going to limit significant growth of rental values. · On the sales front, renewed investment demand for prime offices is going to support capital values.

2010
Take-up

2011 F

2012 F

Vacancy Rate

BRISBANE OFFICE CAPITAL AND RENTAL VALUES
1,200 1,000 800 Rentals 600 400 200 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 12,000 10,000 8,000 6,000 4,000 2,000 0

mAjor trANsActioNs
Capital Values

Building AMP Place Mincom Central Brisbane Transit Centre 10 Felix Street 247 Adelaide Street 266 George Street

leAse (l) / sAle (s) L L L S S S

teNANt / PurcHAser Schweikert Harris AMP Services Australia Post Canberra Raiders Leagues Club Australian Property Growth Fund Charter Hall & Telstra Super

AreA (sq ft) 4,300 12,900 22,400 51,000 32,900 616,800

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

colliers iNterNAtioNAl |

P. 13

asia pacific office market overview | 4Q 2010

Aust r A l i A
CANBERRA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
80,000 70,000 60,000 50,000 sq m 40,000 30,000 20,000 10,000 0 2008 2009
Supply

canBer ra
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

· After four years of record supply growth no new supply will be delivered to the CBD Market in 2.011. · Demand for quality accommodation continued in 4Q 2.010 with new leases agreed at 12.1 Marcus Clarke Street. · The secondary market struggled during 4Q 2.010 as tenants migrated to new accommodation creating higher vacancy levels, higher incentives and lower face rents. · Only one major commercial sale was completed in 4Q 2.010, however there is still good interest in prime assets from national and international buyers.
mAjor trANsActioNs Building 6 National Circuit
Capital Values

2010
Take-up

2011 F

2012 F

Vacancy Rate

CANBERRA OFFICE CAPITAL AND RENTAL VALUES
800 700 600 500 Rentals 400 300 200 100 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

leAse (l) / sAle (s) S L L L

teNANt / PurcHAser Doma Group IBM CSC Department of Broadband, Communications and the Digital Economy

AreA (sq ft) 66,500 43,600 22,500 38,800

IBM Building Pharmacy Guild House Walter Turnbull Building

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

MELBOURNE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
250,000 10.0% 200,000 8.0% Vacancy Rate

melBourne
· The average Grade A office rents grew 13% in 2.010 on a net effective basis. Premium Grade offices saw growth of 8.7% during the same period. · Against the backdrop of growing demand and limited new supply in 2.011 and 2.012., rentals are anticipated to increase. In addition, the CBD will be running out of development sites within the next 10 years, thus creating an upward pressure on rents. · There were 16 investment sales transactions with a sale price in excess of A$10 million totalling over A$1 billion.

150,000 sq m

6.0%

100,000

4.0%

50,000

2.0%

0 2008 2009
Supply

0.0% 2010
Take-up

2011 F

2012 F

Vacancy Rate

MELBOURNE OFFICE CAPITAL AND RENTAL VALUES
700 600 500 Rentals 400 300 200 100 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Capital Values

mAjor trANsActioNs Building 655 Collins Street 750 Collins Street 180 LONSDALE STREET (50%) 222 Lonsdale Street (50%) 171 Collins Street 180 Lonsdale Street 277 William Street 469 LaTrobe Street 555 Lonsdale Street leAse (l) / sAle (s) S S S S L L L L L teNANt / PurcHAser CPA CPA CPA CPA BHP Billiton National Australia Bank Justice Services CPG Australia Monash University AreA (sq ft) 182,600 438,500 433,200 198,400 127,500 77,200 51,700 40,800 29,800

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

P. 14

| colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2010

Aust r A l i A
PERTH OFFICE SUPPLY, TAKE-UP & VACANCY RATE
120,000 100,000 80,000 60,000 sq m 40,000 20,000 0 2008 -20,000 -40,000
Supply Take-up Vacancy Rate

perth
12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% Vacancy Rate

· Leasing activity picked up during the second half of 2.010 thanks to the demand attributed to resources and related industries. · Vacancy tightened due to an increase of net take-up during the period. · Rents were stable in 4Q 2.010, but incentives were scaled back due to the general lack of immediate property options in the marketplace.

2009

2010

2011 F

2012 F

mAjor trANsActioNs PERTH OFFICE CAPITAL AND RENTAL VALUES
1,000 900 800 700 Rentals 600 500 400 300 200 100 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Capital Values

Building 256 St Georges Terrace, Perth Alinta House, 12 The Esplanade 226 Adelaide Terrace 123 Adelaide Terrace 50 St Georges Terrace

leAse (l) / sAle (s) L L L L L

teNANt / PurcHAser Chevron Halliburton ENI Fortescue Mining Group Calibre Global

AreA (sq ft) 132,400 11,100 48,400 32,800 75,300

Rentals (Australian $/ sq m / Year)

Capital Values (Australian $ / sq m)

SYDNEY OFFICE SUPPLY, TAKE-UP & VACANCY RATE
150,000 15.0%

sydney
· Leasing demand remained buoyant in 4Q 2.010 due to the sustained growth of whitecollar employment during the period. · An increase in new supply and backfill space coming into the market will see vacancy rates continue to increase, and they are forecast to peak in mid to late 2.011. · Rents and incentives remained relatively stable during 4Q 2.010. · The investment sales market continued to remain strong with seven major transactions taking place worth circa A$49.5 million. Investment yields and capital values remained relatively stable during 4Q 2.010.
mAjor trANsActioNs Building 420 George Street, Sydney 225 George Street, Sydney 20 Bond Street, Sydney 350 George Street, Sydney 320 Pitt Street 55 Clarence Street leAse (l) / sAle (s) L L L S S S teNANt / PurcHAser Aecom Macquarie Telecom The Trust Company Abacus Property Group and W Property Pty Ltd MacarthurCook Industrial Property Fund Eureka Funds Management AreA (sq ft) 107,600 42,300 36,600 43,400 313,900 161,000

100,000

10.0% Vacancy Rate Capital Values

sq m

50,000

5.0%

0 2008 -50,000 2009 2010 2011 F 2012 F

0.0%

-5.0%

-100,000
Supply Take-up Vacancy Rate

-10.0%

SYDNEY OFFICE CAPITAL AND RENTAL VALUES
1,600 1,400 1,200 1,000 Rentals 800 600 400 200 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F
Rentals (Australian $/ sq m / Year) Capital Values (Australian $ / sq m)

16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

0

colliers iNterNAtioNAl |

P. 15

asia pacific office market overview | 4Q 2010

New zeAlAND
AUCKLAND OFFICE SUPPLY, TAKE-UP & VACANCY RATE
80,000 70,000 60,000 50,000 sq m 40,000 30,000 20,000 10,000 0 2008 2009
Supply

auckl and
16.0% 14.0% 12.0% Vacancy Rate 10.0% 8.0% 6.0% 4.0% 2.0%

· The average CBD office vacancy declined from 10.6% in June 2.010 to 9..6% in December 2.010. Prime grade vacancy increased from 9..4% in June 2.010 to 9..8% in December 2.010. Prime CBD office vacancy is anticipated to edge up to 11% in mid-2.011, due to the scheduled completion of Britomart East Building. · Despite the projection of a mild downward rental adjustment in 2.011, the growing leasing momentum is expected to roll over into 2.011, since more companies are confident of investing in 2.011. · Investment activity remained weak in 4Q 2.010, but yields were stable in both prime and secondary grade office precincts, with indicative yields going between 7.9.% and 10.2.%. The landmark deal was the sale of Fonterra House for about A$40 million to German businessman and island broker Farhad Vladi by Shortland Properties - a subsidiary of AMP Capital Property. · East Building at Britomart Place is the only office development currently under construction in Auckland CBD. Scheduled for completion in early 2.011, the development is 100% pre-committed.
mAjor trANsActioNs Building Heritage Centre 139 Vincent Street 76 Symonds Street 3-13 Shortland Street 21 Pitt Street 151 Queen Street leAse (l) / sAle (s) S S S S L L teNANt / PurcHAser Private Investor Private Investor Private Investor Private Investor Beca Corporate Holdings Ltd CMC Markets AreA (sq ft) 7,600 3,700 27,800 4,800 150,700 3,200

2010
Take-up

2011 F

2012 F

0.0%

Vacancy Rate

AUCKLAND OFFICE CAPITAL AND RENTAL VALUES
600 500 400 Rentals 300 200 100 0 6,000 5,000 4,000 3,000 2,000 1,000 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F

Rentals (New Zealand $/ sq m / Year)

Capital Values (New Zealand $ / sq m)

Capital Values

WELLINGTON OFFICE SUPPLY, TAKE-UP & VACANCY RATE
100,000 5.0% 80,000

wellington
· Leasing activity in Wellington CBD was strong during the second half of 2.010. However, the average office rental fell 5.7% in 2.010 due to an increase of new supply. Our research suggests rentals would edge down 2.% over the next 12. months. · The market saw the completion of about 54,000 sq m office space in the Wellington CBD in the end of 2.010, representing 2.8% of the total stock. A total of 33,2.00 sq m office space currently under construction is scheduled for completion in mid-2.011, including the new Telecom Headquarters at Willis Central. · On the investment front, prime office yields in Wellington CBD increased 2.5 to 50 basis points. Prime CBD office capital values fell by 7.1% over the last 12. months, demonstrating that pressure on capital values was still evident at the end of 2.010.
mAjor trANsActioNs Building
Capital Values Vacancy Rate

4.0%

60,000 sq m

3.0%

40,000

2.0%

20,000

1.0%

0

2008

2009
Supply

2010
Take-up

2011 F

2012 F

0.0%

Vacancy Rate

WELLINGTON OFFICE CAPITAL AND RENTAL VALUES
600 500 400 Rentals 300 200 100 0 6,000 5,000 4,000 3,000 2,000 1,000 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 F 2Q 2011 F 3Q 2011 F 4Q 2011 F 1Q 2012 F 2Q 2012 F 3Q 2012 F

leAse (l) / sAle (s) S S S L

teNANt / PurcHAser H L Burns Jigsaw Holdings Ltd Cheops Holdings Limited Fletcher Construction Limited

AreA (sq ft) 37,900 3,700 70,700 6,200

Gillies Group House Hallenstein House, L7, 276 Lambton Quay Randstad House The Customhouse

Rentals (New Zealand $/ sq m / Year)

Capital Values (New Zealand $ / sq m)

P. 16

| colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2010 Pr i m e o ff il i A e N tA l Aust r A c e r

RENTALS (US$ / SQ FT / YEAR) 0.00 Tokyo Hong Kong Singapore Sydney Perth Brisbane Mumbai Ho Chi Minh City New Delhi Melbourne Canberra Shanghai Adelaide Beijing Taipei Wellington Bangkok Kuala Lumpur Guangzhou Seoul Auckland Chengdu Jakarta Manila Chennai Bengaluru
Note: Rental figure in each of the above centre is the average of the various key sub-markets outlined under the section of "Definitions and Terminology"

20.00

40.00

60.00

80.00

100.00

120.00

colliers iNterNAtioNAl |

P. 17

asia pacific office market overview | 4Q 2010 t r e N D s & fo r ec A s t s
city New supply (sq ft) 2010 2011 f take-up (sq ft) 2010 2011 f Average vacancy (%) 2010 2011 f total stock (sq ft) 2010 2011 f Average rentals (us$ / sq ft / year) 2010 2011 f

BeijiNG
CBD Zhongguancun Financial Street Lufthansa East Chang An Avenue East 2.nd Ring 2.,09.6,130 0 409.,02.8 9.05,9.9.7 0 0 2.,59.8,2.44 404,2.60 0 1,431,59.9. 0 1,52.1,2.51 3,001,42.7 406,305 82.4,881 1,062.,2.14 12.5,2.2.7 39.4,809. 1,552.,789. 306,448 42.,636 1,038,049. -67,52.2. 1,007,576 19..2. 1.0 1.8 14.5 3.0 13.8 2.2..0 2..2. 1.4 16.8 4.1 2.0.1 16,810,89.8 7,619.,765 9.,82.9.,69.0 6,42.0,39.7 6,307,067 3,2.54,379. 19.,409.,142. 8,02.4,02.5 10,2.38,719. 8,413,549. 6,307,064 4,775,630 34.00 2.8.80 40.09. 2.8.15 2.7.70 2.7.00 35.54 31.02. 42..42. 2.9..35 2.9..11 2.8.88

cHeNGDu
Renmin Road CBD Financial Street 0 1,510,82.1 0 1,42.8,886 0 0 634,454 375,2.67 2.2.6,2.69. 447,42.2. 589.,761 35,056 3.0 40.0 17.0 30.0 2.0.0 10.0 2.,047,401 2.,9.48,803 500,801 3,476,2.88 2.,9.48,803 500,801 2.0.87 2.1.2.1 2.2..89. 2.1.38 2.1.72. 2.2..89.

GuANGzHou
Yuexiu Tianhe Haizhu 0 2.,362.,2.13 0 344,445 15,383,787 1,183,060 140,577 1,788,734 2.2.6,042. 173,600 6,068,504 473,12.7 6.4 18.7 2.0.3 9..9. 37.2. 39..3 4,338,79.9. 17,62.9.,083 1,076,39.0 4,683,2.44 33,012.,871 2.,2.59.,450 17.39. 2.4.2.2. 16.41 16.50 2.3.11 15.15

sHANGHAi
Huangpu Jingan Lujiazui-Pudong Zhuyuan-Pudong Changning Luwan Xuhui 39.5,52.0 1,144,073 0 384,2.50 341,474 0 0 0 2.,9.65,379. 7,9.48,042. 79.2.,686 0 0 666,307 345,89.8 1,02.5,750 853,32.2. 569.,465 180,642. -100,084 -81,162. 12.9.,42.9. 2.,09.6,332. 5,542.,618 -153,001 65,488 12.4,511 406,374 9..4 16.1 14.5 13.7 15.1 8.4 7.1 5.5 2.0.1 2.0.1 34.5 13.7 4.9. 11.4 3,333,182. 6,864,59.1 3,2.39.,9.13 4,850,805 3,554,2.07 4,2.9.4,9.58 3,333,182. 9.,82.9.,9.70 4,032.,59.9. 4,850,805 3,554,2.07 4,9.61,2.64 36.01 40.72. 36.9.1 2.9..51 30.60 40.37 35.83 39..2.9. 42..76 35.50 2.7.2.3 31.68 41.49. 36.48

14,481,409. 2.2.,42.9.,452.

HoNG koNG
Central Wanchai HK Island East Tsim Sha Tsui 0 0 366,2.41 0 0 0 0 0 460,007 309.,2.09. 2.08,709. -9.,137 2.06,72.9. 82.,9.84 12.4,364 39.,465 3.0 3.5 5.8 4.8 2..0 2..7 4.5 4.2. 2.1,2.66,62.5 11,09.5,2.67 10,854,774 6,361,39.0 2.1,2.66,62.5 11,09.5,2.67 10,854,774 6,361,39.0 165.09. 78.88 55.13 59..9.7 19.7.30 9.0.34 63.14 64.60

tAiPei
CBD 660,053 0 136,002. 739.,9.54 14.6 10.8 19.,149.,669. 19.,149.,669. 2.7.18 2.7.9.9.

seoul
CBD KBD YBD 4,9.35,9.82. 9.15,483 0 5,9.16,2.05 487,710 62.1,9.2.3 3,2.9.2.,332. 42.,9.70 -1,800,868 3,39.2.,053 337,358 315,755 11.0 4.0 3.0 16.0 4.5 5.0 31,766,9.11 2.5,709.,650 13,651,559. 37,683,116 2.6,19.7,360 14,2.73,481 2.4.18 2.0.9.4 16.00 2.3.40 2.0.15 15.33

tokyo
CBD 3,2.9.1,633 5,665,680 N/A N/A 8.5 8.5 N/A N/A 105.09. 104.2.6

jAkArtA
CBD Non-CBD 2.,358,780 1,154,740 1,2.73,057 1,161,306 1,9.83,2.81 72.1,364 1,873,371 1,003,142. 12..9. 13.2. 10.8 13.2. 45,500,2.75 47,311,52.8 19..2.8 12..79. 2.0.2.6 13.43 19.,2.77,9.30 2.0,439.,344

kuAlA lumPur
KLCA 677,000 3,011,000 1,2.11,000 1,580,000 9..7 15.5 2.8,12.8,837 31,139.,9.62. 2.4.31 2.4.31

mANilA
Makati Ortigas 0 2.70,604 0 0 2.59.,012. 39.0,730 32.0,506 135,130 8.4 8.4 4.9. 5.6 9.,317,135 4,9.61,404 9.,317,135 4,9.61,404 16.89. 12..83 19..33 14.15

P. 18

| colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2010 t r e N D s & fo r ec A s t s
city New supply (sq ft) 2010 2011 f take-up (sq ft) 2010 2011 f Average vacancy (%) 2010 2011 f total stock (sq ft) 2010 2011 f Average rentals (us$ / sq ft / year) 2010 2011 f

siNGAPore
CBD 1,480,082. 2.,09.2.,158 2.,014,2.60 1,69.7,189. 5.7 6.9. 2.0,765,379. 2.2.,857,537 73.69. 88.85

BANGkok
CBD 0 1,076,39.0 161,459. 376,737 17.1 19..9. 17,160,175 18,2.36,565 2.4.37 2.5.14

Ho cHi miNH city
CBD 1,015,143 1,443,547 751,42.7 1,048,358 15.0 2.0.0 2.,12.9.,59.5 3,573,141 46.82. 41.2.5

BeNGAluru
Overall CBD SBD PBD 3,845,500 337,500 2.,2.43,000 1,2.65,000 3,2.80,000 450,000 9.70,000 1,860,000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 69.,2.33,175 N/A N/A N/A 72.,513,175 N/A N/A N/A 11.78 17.9.4 10.71 6.16 12..32. 18.2.1 11.52. 6.9.6

cHeNNAi
Overall CBD SBD PBD 1,9.59.,2.69. 334,569. 12.,000 1,612.,700 7,59.4,878 1,02.6,417 1,100,000 5,468,461 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 12..05 16.07 12..32. 8.03 12..32. 16.07 12..59. 8.03

mumBAi
Overall CBD SBD PBD 8,683,000 0 3,478,000 5,2.05,000 2.,557,000 9.30,000 1,440,000 187,000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 84,2.2.8,000 86,785,000 N/A N/A N/A N/A N/A N/A 52..2.2. 82..2.1 48.74 2.5.44 53.02. 83.02. 50.35 2.5.44

New DelHi
Overall CBD SBD PBD 5,339.,2.72. 471,2.72. 168,000 4,700,000 5,2.00,000 400,000 0 4,800,000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 59.,79.4,158 1,861,000 7,850,000 49.,783,158 64,9.9.4,158 2.,2.61,000 8,450,000 53,2.83,158 47.67 79..00 44.19. 19..82. 47.9.4 79..00 44.72. 2.0.08

ADelAiDe
CBD 150,69.5 0 86,111 2.79.,861 7.8 6.3 14,02.4,9.42. 13,9.71,542. 33.05 33.9.9.

BrisBANe
CBD 2.83,413 1,044,09.8 519.,143 548,9.59. 6.0 10.9. 9.,813,2.86 10,857,384 58.07 56.65

cANBerrA
CBD 79.6,52.9. 0 69.9.,654 161,459. 12..0 10.0 2.,79.8,614 2.,79.8,614 36.35 36.82.

melBourNe
CBD 9.03,62.9. 49.5,139. 9.68,751 1,076,39.0 6.4 5.6 19.,845,187 2.0,340,32.7 39..18 43.2.4

PertH
CBD 1,09.3,612. 69.6,769. 716,39.1 69.9.,654 9..7 9..3 15,780,835 15,9.31,2.2.9. 57.12. 59..9.6

syDNey
CBD 1,2.89.,138 1,431,9.75 837,571 861,112. 7.0 7.4 2.6,9.32.,763 2.8,364,739. 61.2.8 62..2.0

AucklAND
CBD 0 301,389. 151,857 134,366 9..8 10.8 4,332.,9.54 4,634,343 2.2..34 2.2..05

welliNGtoN
CBD 581,2.51 357,361 505,839. 346,447 1.7 4.3 2.,09.4,063 2.,445,2.46 2.5.2.7 2.4.77

colliers iNterNAtioNAl |

P. 19

asia pacific office market overview | 4Q 2010

D e f i N i t i o N A N D t e r m i N o lo Gy GreAter cHiNA
Beijing Prime office market in beijing consists of 6 sub-markets ­ cbD (central business District), lufthansa, east 2nd ring, financial street, east chang an avenue and Zhongguancun. rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of management fees and rent free period. capital values are quoted on rMb per sq m. chengdu Prime office buildings in chengdu are mainly located in 3 sub-markets, renmin road, cbD and financial street. rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of management fees. capital values are quoted on rMb per sq m. Guangzhou Prime office buildings in guangzhou are located in 3 principal sub-markets ­ Haizhu, Yuexiu and tianhe. rents are quoted in Us$ per sq m per month on gross floor area basis, and exclusive of any management fees and government taxes. capital values are quoted on Us$ per sq m. shanghai Prime office 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 floor area basis, and exclusive of any management fees. capital values are quoted on rMb per sq m. Hong kong Prime office 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 ft per month on either gross, net or lettable floor area basis, which are exclusive of management fees, and government tax. Prices are quoted in Hk$ per sq ft, and are measurable on gross floor area basis.

NortH AsiA
seoul Major office districts in seoul include the traditional central business area (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 floor area basis. generally, a deposit equivalent to 10 months is required, and is usually paid up front. Management fees are excluded from quoted rents. space is measured on gross floor area basis. capital values are quoted in won per sq m. tokyo the quality office 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 of service charges. Office space is measured on an internal floor area basis. capital values are quoted in Yen per tsubo.

soutHeAst AsiA
jakarta the quality office 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 of service charges but exclusive of government taxes. Office space is measured on lettable floor area basis. capital values are quoted in rupiah per sq m. kuala lumpur Prime office 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 ft per month on net floor area basis, which are inclusive of service charges and property taxes. capital values are quoted in ringgit per sq ft. manila Prime office 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 floor area basis, and exclusive of any management fees. capital values are quoted in Peso per sq m.

taipei Prime office properties in taipei are concentrated in 7 districts, comprising nanking sung chiang (nk-sc), Minsheng tun Hwa north (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 of 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 gross floor area basis.

P. 20

| colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2010

D e f i N i t i o N A N D t e r m i N o lo Gy
singapore the quality office buildings covered in the report are located in the central business District of singapore. rents are quoted in s$ per sq ft per month on net floor area basis (i.e. area less common areas such as corridors, toilets, lift lobby etc. but including columns), and are inclusive of service charge. capital values are quoted on the basis of strata area for strata-titled buildings, and net area for nonstrata-titled developments. Bangkok Prime office properties in bangkok are located in a wide area encompassing eastern silom and sathorn roads starting from narathiwas ratchanakarin, rama iv from Phayathai to ratchadaprisek, along ratchadaprisek from rama iv to sukhumvit and along sukhumvit from asoke to the whole of Pleonchit and then rama i to Phayathai. rents are quoted in baht per sq m per month on a net floor area basis, and inclusive of service charges. capital values are quoted in baht per sq m. Ho chi minh city the quality office 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 floor area basis, and exclusive of management fees and government tax. capital values are quoted on Us$ per sq m. mumbai Prime office properties in Mumbai are primarily concentrated in cbD (central business District) ­ consist of 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 ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis. New Delhi Prime office properties in new Delhi are primarily concentrated in cbD (central business District) ­ consist of 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 ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis.
* super built-up area refers to the total **built-up area of a building plus a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretaker's office/flat throughout the building. ** built-up area refers to the carpet area plus the thickness of external walls and area under columns.

iNDiA
Bengaluru Prime office properties in bengaluru are can be divided in 3 principal submarkets ­ cbD (central business District), sbD (suburban/secondary business District) consisting of bannerghatta road & Outer ring road and PbD (Peripheral business District) including PbD Hosur road, ePiP Zone, electronic city and whitefield. rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis. chennai Prime office properties in chennai are located in 3 principal submarkets­ cbD (central business District), (suburban/secondary business District) and PbD (Peripheral business District). sbD consists of 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 ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis.

AustrAlAsiA
Australia Prime office buildings are located in the cbD and generally favored by Mncs. rents are quoted on net floor area basis, and in a$ per sq m per annum excluding management fee and government charges. capital values are quoted on a$ per sq m. New zealand Prime office buildings are located in the cbD. rents are quoted on net floor area basis, and in nZ$ per sq m per annum excluding management fee and government charges. capital values are quoted on nZ$ per sq m.

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2.011. All rights reserved. Colliers International is the third largest global real estate services company.

colliers iNterNAtioNAl |

P. 21

asia pacific office market overview | 4Q 2010

for further details, please contact:
GreAter cHiNA Beijing, china 502 tower w3, Oriental Plaza no 1 east changan avenue, Dongcheng District beijing 100738 tel : 86 10 8518 1633 fax : 86 10 8518 1638 Amanda Gao Managing Director, north china amanda.gao@colliers.com chengdu, china Unit 1504 Yanlord landmark 1 renmin south road section 2 chengdu 610016 tel : 86 28 8620 2128 fax : 86 28 8620 2158 jacky tsai general Manager jacky.tsai@colliers.com taipei, taiwan 49f taiPei 101 tOwer no. 7 Xin Yi road sec 5, taipei 110 tel : 886 2 8101 2000 fax : 886 2 8101 2345 Andrew liu Managing Director andrew.liu@colliers.com NortH AsiA seoul, south korea 10f korea tourism Organization bldg., 10 Da-dong, Jung-gu, seoul 100-180 tel : 82 2 6740 2000 fax : 82 2 318 2015 jay yun senior Director & general Manager jay.yun@colliers.com tokyo, japan Halifax building 8f, 16-26, roppongi 3-chome Minato-ku, tokyo 106-0032 tel : 81 3 5563 2111 fax : 81 3 5563 2100 james fink senior Managing Director jfink@colliershalifax.com soutH eAst AsiA jakarta, indonesia 10f world trade centre, Jl Jenderal sudirman kav 29-31 Jakarta 12920 tel : 62 21 521 1400 fax : 62 21 521 1411 mike Broomell Managing Director mike.broomell@colliers.com kuala lumpur, malaysia c/o mark lampard* Managing Director corporate solutions | asia Pacific tel : 65 6531 8601 fax : 65 6557 0649 mark.lampard@colliers.com * based in singapore Information contributed by c H williams talhar & wong sdn bhd Ho chi minh city, vietnam Ho chi Minh city, vietnam 7f bitexco building 19-25 nguyen Hue street District 1, Ho chi Minh city tel : 84 8 827 5665 fax : 84 8 827 5667 Peter Dinning general Director peter.dinning@colliers.com singapore 1 raffles Place #45-00 One raffles Place singapore 048616 tel : 65 6223 2323 fax : 65 6222 4901 Dennis yeo Managing Director singapore & industrial services | asia dennis.yeo@colliers.com Bangkok, thailand 17/f Ploenchit center 2 sukhumvit road klongtoey, bangkok 10110 tel : 66 2 656 7000 fax : 66 2 656 7111 Patima jeerapaet Managing Director patima.jeerapaet@colliers.com manila, Philippines 10f tower 2 rcbc Plaza, ayala avenue, Makati city Philippines1226 tel : 63 2 888 9988 fax : 63 2 845 2612 David young Managing Director david.a.young@colliers.com

Guangzhou, china 702 teem tower, 208 tianhe road guangzhou 510620 tel : 86 20 3819 3888 fax : 86 20 3819 3899 eric lam Managing Director eric.lam@colliers.com shanghai, china 16f Hong kong new world tower 300 Huaihai Zhong road shanghai 200021 tel : 86 21 6141 3688 fax : 86 21 6141 3699 lina wong Managing Director, east and south west china lina.wong@colliers.com Hong kong, HksAr 5701 central Plaza, 18 Harbour road wanchai, Hong Hong company licence no: c-006052 tel : 852 2828 9888 fax : 852 2828 9899 richard kirke Managing Director richard.kirke@colliers.com Piers Brunner (e-183614) chief executive Officer - asia piers.brunner@colliers.com

Hanoi, vietnam vinaplast - tai tam building, 9th floor, 39a ngo Quyen street Hoan kiem District, Hanoi, vietnam tel : 84 4 220 5888 84 4 220 5566 fax : 84 4 220 1133 Do le Quan Deputy general Director quan.do@colliers.com

P. 22

| colliers iNterNAtioNAl

asia pacific office market overview | 4Q 2010

iNDiA Bengaluru, india Prestige garnet, level 2, Unit no.201/202 36 Ulsoor road, bengaluru 560 042 tel : 91 80 4079 5500 fax : 91 80 4112 3131 Goutam chakraborty Office Director goutam.chakraborty@colliers.com chennai, india Unit 1c, 1st floor, Heavitree complex, 23 spurtank road, chetpet, chennai 600 031 tel : 91 44 2836 1064 fax : 91 44 2836 1377 kaushik reddy Office Director kaushik.reddy@colliers.com Gurgaon, india g3, newbridge business centers, technoPolis, Dlf golf course Main sector road sector 54, gurgaon 122 002 tel : 91 124 4375807 fax : 91 124 4375806 saacketh chawla Office Director saacketh.chawla@colliers.com kolkata, india regus business centre constantia, level 6, kolkata 700017 tel : 91 33 4400 0541 fax : 91 33 4400 0555 joe verghese Managing Director joe.verghese@colliers.com mumbai, india 31-a, 3rd floors, film centre, 68 tardeo road Mumbai 400 034 tel : 91 22 4050 4500 fax : 91 22 2351 4272 Poonam mahtani Office Director poonam.mahtani@colliers.com George mckay south asia Director Office & integrated services george.mckay@colliers.com

New Delhi, india 204/205, 2nd floor, kanchenjunga building, 18 barakhamba road new Delhi 110 001 tel : 91 11 4360 7500 fax : 91 11 2335 6624 Prit Paul Office Director Prit.Paul@colliers.com Pune, india vatika business center, level-5 c wing, Panchsheel tech Park-1, Yerwada Pune 411 006 tel : 91 20 4011 1356 fax : 91 20 6640 3138 suresh castellino Office Director suresh.castellino@colliers.com

melbourne, Australia level 32 367 collins street Melbourne vic 3000 tel : 61 3 9629 8888 fax : 61 3 9629 8549 john marasco state chief executive john.marasco@colliers.com Perth, Australia level 19, 140 st georges terrace Perth wa 6000 tel : 61 8 9261 6666 fax : 61 8 9261 6665 k. imran mohiuddin state chief executive imran.mohiuddin@colliers.com sydney, Australia level 12, grosvenor Place, 225 george street sydney nsw 2000 tel : 61 2 9257 0222 fax : 61 2 9251 3297 malcom tyson state chief executive malcom.tyson@colliers.com Auckland, New zealand level 27, 151 Queen street, auckland tel : 64 9 358 1888 fax : 64 9 358 1999 mark synnott Managing Director mark.synnott@colliers.com wellington, New zealand level 10, 36 customhouse Quay wellington tel : 64 4 473 4413 fax : 64 4 499 1550 (agency) : 64 4 470 3902 (valuation) richard findlay Managing Director richard.findlay@colliers.com

AustrAlAsiA Adelaide, Australia level 10, 99 gawler Place, adelaide sa 5000 tel : 61 8 8305 8888 fax : 61 8 8231 7712 james young state chief executive james.young@colliers.com Brisbane, Australia level 20 central Plaza One 345 Queen street brisbane QlD 4000 tel : 07 3229 1233 fax : 07 3120 4555 Simon Beirne state chief executive simon.beirne@colliers.com canberra, Australia ground floor, 21-23 Marcus clarke street canberra act 2601 tel : 61 2 6257 2121 fax : 61 2 6257 2937 Paul Powderly state chief executive paul.powderly@colliers.com

colliers iNterNAtioNAl |

P. 23

www.colliers.com