Asia Pacific Office Market Overview Q4 2009

Asia Pacific
Office Market Overview

REGIONAL RESEARCH
Q U A RT E R LY U P DAT E | J A N UA RY | 2 0 1 0
ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010
CONTENTS
Regional Overview .....................................................................3
Greater China ..........................................................................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

Bangalore .......................................................................................................... 11
Chennai ............................................................................................................. 11
Mumbai .............................................................................................................. 12
New Delhi ........................................................................................................ 12
Australasia .......................................................................... 13-16

Adelaide, Australia ........................................................................................... 13
Canberra, Australia ......................................................................................... 13
Melbourne, Australia ....................................................................................... 14
Perth, Australia ................................................................................................. 14
Sydney, Australia .............................................................................................. 15
Auckland, New Zealand ................................................................................. 16
Wellington, New Zealand .............................................................................. 16
Prime Office Rentals ................................................................17
Trends & Forecasts ............................................................. 18-19
Definitions & Terminology ................................................. 20-21
Contacts .............................................................................. 22-23
2 COLLIERS INTERNATIONAL | REGIONAL RESEARCH

EXECUTIVE SUMMARY
REGIONAL OVERVIEW
Thanks to the sustained low-interest rate environment and a number of economic stimulus
packages introduced by various governments, the region showed further signs of improvement
on the economic front during 4Q2009. Hiring expectations were increasingly positive as
more companies in the private sector started replenishing their workforce in anticipation
of stronger economic performance in 2010. Market sentiment remained buoyant since
market players, in particular vendors and investors, were encouraged by the price rise in
stock markets and a number of asset classes, including office real estate. Office capital
values rose in individual centres during 4Q2009 but rentals were yet to show a similar
growth pattern.
Mixed Leasing Trends Although there was an increase in the level of both enquiries and transactional volume
during 4Q2009, leasing trends in the region remained mixed. Despite the prevailing positive
market sentiment and the reported growth in hiring expectations in individual companies,
office occupiers remained largely cautious about any significant capital expenditure.
Although there was demand attributed to office consolidation and relocations, the pace of
growth in expansionary floor area requirements was yet to catch up with the sales market.
In addition, the supply cycle in 2010 continued to challenge the rental performance of
individual centres where demand fundamentals were relatively fragile.
Overall, the leasing market in the region took another step closer to its cyclical trough.
Thanks to the strong rental performance in a few centres, such as Hong Kong and Chengdu,
where the supply of new development remained tight, the pace of rental decline narrowed
further to less than 1% quarter-on-quarter in 4Q2009.
Sales Market Similar to the situation in 3Q2009, overall sales activity picked up additional momentum in
4Q2009, with private investors with a strong equity position continuing to be the key group
of buyers in the marketplace. In Beijing, there was a change in buyers’ profiles from state-
owned-enterprises to local listed developers and real estate investors. For example, Beijing
Huarong Infrastructure Investment Co. acquired an 87.5% stake in Beijing Capital Times
Square for a total consideration of RMB2,708 million (US$397 million). In Shanghai, a
range of domestic investors were keen to acquire office premises for their own occupation.
Elsewhere in Australasia, Sydney saw the return of core investment funds during 4Q2009,
with a major sales transaction being the sale of Aurora Place to the Korean National Pension
Fund for a total of AU$685 million (US$614 million).
Market Outlook Looking ahead, the office leasing market in the region is predicted to move further along
its recovery track during 2010. The prevailing supply cycle in some centres will put a
damper on any material rental growth over the near term. However, in anticipation of
the catch-up of occupational demand in tandem with overall economic growth, average
rentals in the region should return to positive growth in the latter part of 2010. On the
sales front, market activity should continue to be underpinned by growing occupational
demand and, importantly, the sustained buying interest of a number of private investors.
In addition, the return of long-term real estate funds to the marketplace is reckoned to be
a good endorsement for the overall market in 2010.
COLLIERS INTERNATIONAL | REGIONAL RESEARCH 3

CHINA
Beijing
• Three new projects - PICC Tower, Central Point and ECM Tower - were completed in
4Q2009, providing a total of 126,000 sq m of new office space to the market. The overall
BEIJING OFFICE SUPPLY, TAKE-UP & VACANCY RATE
vacancy rate edged up 0.18 percentage points quarter-on-quarter (QoQ), to 17.16%, as
2.50 25.0%
at end 4Q2009.
2.00 20.0%
• The leasing market continued to be driven by headcount increases and relocations among
some major multinational corporations engaged in the pharmaceutical, media, energy,
Vacancy Rate
1.50 15.0%
Million sq m
1.00 10.0% education and electronics sectors. For example, Novo Nordisk committed to 9,000 sq
m in the World Financial Centre, while Pearson took up 4,000 sq m in China World
0.50 5.0%
Trade Centre III.
0.00 0.0%
2007 2008 2009 2010 F 2011 F
• Prime office rents fell 0.68% QoQ to RMB164.75 per sq m per month in 4Q2009. This
Supply Take up Vacancy Rate
was despite the improving economic environment, satisfactory occupancy rates achieved
in individual new projects and growing expectations among landlords for an improved
BEIJING OFFICE CAPITAL AND RENTAL VALUES
rental market.
350.00 35,000 • The investment sales market revealed a significant turnaround in the profiles of buyers
300.00 30,000
from State-owned Enterprises to local listed developers and investors. For example, Wharf
250.00 25,000
sold its 87.5% stake in Beijing Capital Times Square to Beijing Huarong Infrastructure
Capital Values
200.00 20,000
Investment Co. for a total consideration of RMB2.708 billion, while Bluewater sold Nexus
Rentals
150.00 15,000
Centre with a total GFA of 103,340 sq m to SOHO China for RMB2.34 billion.
100.00 10,000
MAJOR TRANSACTIONS
50.00 5,000
Building Lease (L) / Tenant / Area
0.00 0
Sale (S) Purchaser (sq ft)
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Beijing Capital Times Square S Beijing Huarong Infrastructure 1,291,700

Rentals (RMB / sq m / Month) Capital Values (RMB / sq m) Investment Co.
Nexus Centre S SOHO China 1,112,300
Raycom Infotech Park Tower D S Sohu 441,320
Power Land S NA 461,500
World Financial Centre L Novonordisk 96,900
China World Trade Centre III L Pearson 43,100
China Central Place L ShengDaSen 24,800
China Central Place L TengZhong 24,800
The Fifth Square L Bureau Veritas 23,700
CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE The Fifth Square L Haiwei Energy 21,500
0.50 50.0%
0.40 40.0%
Chengdu
• The overall leasing activity picked up additional momentum in 4Q2009 due to an
0.30 30.0%
Vacancy Rate
Million sq m
increase in relocation requirements and the improved economy. Key deals included the
0.20 20.0%
lease of 848 sq m in Central Plaza by Southwest City Holdings Limited and the French
0.10 10.0% Pernod Ricard Group taking 500 sq m in Shangri-La Office Tower.
0.00
2007 2008 2009 2010 F 2011 F
0.0%
• No new projects were completed in 4Q2009 and the average vacancy rate was 18.89%.
Supply Take up Vacancy Rate The bulk of vacant stock was located in the CBD, and on Dong Avenue and Ren Min
South Road. The average office rentals edged up to RMB107 per sq m per month as of
4Q2009.
CHENGDU OFFICE CAPITAL AND RENTAL VALUES
• In anticipation of more new new supply coming on stream over the next 1-2 years, the
180.00 18,000
160.00 16,000
average vacancy rate will edge up over the near term. Prime office rentals are predicted
140.00 14,000 to stay at high levels and underpin a further growth of capital values.
120.00 12,000
Capital Values
100.00 10,000
Rentals
80.00 8,000
60.00 6,000 MAJOR TRANSACTIONS

40.00 4,000 Building Lease (L) / Tenant / Area
20.00 2,000
0.00 0
Plaza Central L Southwest Chengkong Co Ltd 9,100
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Shangri-la Office Tower L Pernod Ricard Group 5,400

Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)

EXECUTIVE SUMMARY
CHINA
Guangzhou
• The prime office market in Guangzhou remained stable and average rentals stood firm
GUANGZHOU OFFICE SUPPLY, TAKE-UP & VACANCY RATE
at US$18.6 per sq m per month.
2.50 50.0%
• The launch of individual office developments was deferred from 4Q2009 to the first
2.00 40.0% half of 2010. The average vacancy rate edged down to 18% during the period.
• Investment confidence strengthened during 4Q2009 and the volume of investment
Vacancy Rate
1.50 30.0%
Million sq m
1.00 20.0% sales transactions remained active. Lately, the Kaisa Group has announced that it has
0.50 10.0%
signed a memorandum of understanding with a prospective buyer to sell an enbloc office
building located in Zhujiang New City.
0.00 0.0%
2007 2008 2009 2010 F 2011 F
GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES

MAJOR TRANSACTIONS
40.00 4,000
35.00 3,500
Teem Tower L Jewellery products company 12,900
30.00 3,000
G.T.Land Plaza L Telecommunication company 7,000
25.00 2,500
Capital Values
R&F Centre L Investment company 7,800

Rentals
20.00 2,000
Teem Tower L Travel company 3,200
15.00 1,500
10.00 1,000
5.00 500
0.00 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Rentals (US$ / sq m / Month) Capital Values (US$ / sq m)
Shanghai
• Shanghai’s Grade A office market stabilised in 4Q2009 in line with the recovery of the
domestic economy. Although net take-up eased back, due partly to the traditionally slow
season for office relocations, the net impact on the office market was mitigated by the
SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE deferral of the completion of some new projects.
1.50 30.0%
• Only two new office buildings were completed in 4Q2009, providing a total floor area
1.20 24.0% of 93,597 sq m. The average vacancy in the market edged up slightly further to 14.8%
in 4Q2009. The average office rental edged down 2.9% QoQ to RMB6.8 per sq m per
0.90 18.0%
Vacancy Rate
Million sq m
day in 4Q2009.
0.60 12.0%
• Domestic investors were the key players in 4Q2009, with a number of them purchasing
0.30 6.0%
office premises for their own occupation. For example, the HNA Group purchased
0.00
2007 2008 2009 2010 F 2011 F
0.0%
several office and retail floors in Pufa Tower in Lujiazui, Pudong, at an average price of
Supply Take up Vacancy Rate about RMB35,000 per sq m. Xinglipu Tower, an office building in Huangpu, was sold
at an average price of RMB33,600 per sq m to the Shanghai Jiushi Corporation.
• In anticipation of large amount of new supply coming on stream in 2010, the vacancy
rate is expected to rise and rentals will come under downward pressure. In the sales
SHANGHAI OFFICE CAPITAL AND RENTAL VALUES
market, investors and end-users will remain active in securing the best deals before the
60,000
15.00
anticipated market trough in 2011.
12.00 48,000
MAJOR TRANSACTIONS
36,000 Building Lease (L) / Tenant / Area
Capital Values
9.00
Rentals

6.00 24,000
Xinglipu Tower S Shanghai Jiushi Corporation 807,300
3.00 12,000 Pufa Tower S HNA Group 499,200
SH ifc L Citic Prudential Fund Management 17,200
0.00 0
AZIA Centre L Panalpina Logistics 38,800
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
Mirae Asset Tower L Jaguar 25,800

Rentals (RMB / sq m / Day) Capital Values (RMB / sq m)
BEA Finance Tower L Cathay Bank 6,500
HSBC Tower L Daiwa Fund Management 22,600
Raffles City L Total 15,100

Hong Kong
• Thanks to the sustained inflow of capital and the low interest rate environment, sales
prices remained buoyant and positive market sentiment continued to prevail in the
HONG KONG OFFICE SUPPLY, TAKE-UP & VACANCY RATE prime office sector during 4Q2009.
5.00 10.0%
4.50 9.0% • Rental performance was mixed across the key sub-markets during 4Q2009. Overall, the
4.00 8.0%
average prime office rentals saw an increase of 3.0% QoQ to HK$42.48 per sq ft per
3.50 7.0%
3.00 6.0% month during the quarter.
Vacancy Rate
Million sq ft
2.50 5.0%
2.00 4.0%
1.50 3.0%
• No major new development was completed during 4Q2009. Amid the gradual absorption
1.00 2.0% of new premises in Kowloon East, the overall vacancy in the market edged down from
0.50 1.0%
0.00 0.0%
7.95% in 3Q2009 to 7.45% in 4Q2009.
2007 2008 2009 2010 F 2011 F
Supply Take up Vacancy Rate • It is expected that rents may increase 8% over the next 12 months. With expectations
of a sustained recovery in the finance industries and the ongoing trend of corporate
relocations, Central and Kowloon East will be the two major sub-markets experiencing
HONG KONG OFFICE CAPITAL AND RENTAL VALUES
stronger rental growth during the period.
125.00 25,000
MAJOR TRANSACTIONS
100.00 20,000
75.00 Sale (S) Purchaser (sq ft)
Capital Values
15,000
Rentals
Manulife Financial Centre L Insurance company 247,100

50.00 10,000
Harbour City L Insurance company 95,900
25.00 5,000 One Kowloon L Engineering company 58,100
Pacific Place Two L Finance company 48,000
0.00 0
Landmark East L Link REIT 40,000
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Warwick House L Insurance company 29,100

16/F and 17/F, Low Block, S Gleeville Co Ltd 30,200
Rentals (HK$ / sq ft / Month) Capital Values (HK$ / sq ft)
Grand Millennium Plaza
33/F Cosco Tower S Classic Wisdom Ltd 20,500
28/F, 9 Queen’s Road Central S Sing Kee Co Ltd 13,800
32/F Convention Plaza S Nan Hua Int’l Engineering Co Ltd 14,300
TAIWAN
Taipei
• Thanks to the overall economic recovery in the region, local GDP improved from a
TAIPEI OFFICE SUPPLY, TAKE-UP & VACANCY RATE decline of 1.29% year-on-year (YoY) in 3Q2009 to an estimated growth of 6.89% YoY
35,000 35.0% in 4Q2009.
30,000 30.0%
25,000 25.0% • No new developments were completed in 4Q2009. With a slight increase in office
20,000 20.0% demand, the average vacancy rate fell from 12.76% in 3Q2009 to 12.36% in 4Q2009.
Vacancy Rate
Ping
15,000 15.0%
As such, the average effective rentals increased to NT$2,463 per ping per month during
10,000 10.0%
4Q2009.
5,000 5.0%
0 0.0%
2007 2008 2009 2010 F 2011 F • Given the projection of a sustained economic recovery and the deepening economic co-
-5,000 -5.0%
operation between Taipei and the mainland, the overall office demand looks positive in
2010. However, with growing new supply coming on stream, the vacancy rate is expected
TAIPEI OFFICE CAPITAL AND RENTAL VALUES
to edge upward.
3,000 1,200,000
2,500 1,000,000
MAJOR TRANSACTIONS
2,000 800,000
Capital Values
Rentals
1,500 600,000 Sale (S) Purchaser (sq ft)

1,000 400,000
Walsin Hsin Yi Building L Nomura International (Hong Kong) 24,400
Ltd Taipei Branch
500 200,000
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)

EXECUTIVE SUMMARY
SOUTH KOREA
Seoul
• Thanks to the recovery of leasing demand, the average prime office rental in Seoul
increased 1.05% quarter on quarter (QoQ) in 4Q2009 compared with a decline of
SEOUL OFFICE SUPPLY, TAKE-UP & VACANCY RATE 1.18% QoQ in 3Q2009. Rentals in the CBD grew 0.72% QoQ during 4Q2009.
300,000 6.0%
• The average vacancy rate across the board remained largely steady at about 4.31% in
250,000 5.0%
4Q2009. However, the rate in the CBD increased significantly from 4.60% in 3Q2009 to
200,000 4.0%
5.83% in 4Q2009 due to the addition to 132,807 sq m of new space in Seoul Square.
Vacancy Rate
Pyung
150,000 3.0%
100,000 2.0% • Given the prospective completion of new developments, such as Centre 1 and Ferrum
50,000 1.0% Tower, in the CBD during 2010, the average vacancy rate in the area is expected to rise
0 0.0%
to approximately 8% in 2010.
2007 2008 2009 2010 F 2011 F
Supply Take up Vacancy Rate • The average office capital value in 4Q2009 was 14.9% lower than in 3Q2009. In
anticipation of buying interest from genuine investors, office capital values are expected
to recover gradually in 2010.
SEOUL OFFICE CAPITAL AND RENTAL VALUES
MAJOR TRANSACTIONS
250,000 25,000,000 Building Lease (L) / Tenant / Area
200,000 20,000,000
Posteel Bldg. L The Face Shop 59,100
150,000 15,000,000 Samsung F&M Seocho Bldg. L Allianz 42,900
Capital Values
Rentals
W Tower L Interpark INT 38,400

100,000 10,000,000
W Tower L OTIS 57,600
50,000 5,000,000 Pacific Tower S Dohwa Consulting Engineers Co., Ltd 312,600
Mirae Asset Maps Songpa Tower S Hansol Texile Co. 250,700
0 0
MBC Business Centre S KTB Asset Management 244,800
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Insong Building S KocREF CR-REITS 15 304,700
Rentals (Won / Pyung / Month) Capital Values (Won / Pyung)
JAPAN
Tokyo
• Vacancy rates remain high at over 7% as the strong Yen, domestic deflationary pressure
TOKYO OFFICE SUPPLY, TAKE-UP & VACANCY RATE and increasing new supply restrained demand.
320,000 8.0%
• Demand was generally weak in all industries and sectors. Most companies sought to
280,000 7.0%
240,000 6.0%
reduce leased space and rents in their current premises rather than absorb the capital
200,000 5.0% required to relocate.
Vacancy Rate
Tsubo
160,000 4.0%
120,000 3.0% • New supply completed recently suffered from higher than market average vacancy rates
80,000 2.0%
and struggled to secure tenants.
40,000 1.0%
0
2007 2008 2009 2010 F 2011 F
0.0%
• Individual sizeable leasing deals were realised as landlords with significantly high vacancy
rates offered attractive incentives in order to stimulate relocations.
TOKYO OFFICE CAPITAL AND RENTAL VALUES

MAJOR TRANSACTIONS
60,000 12,000,000 Building Lease (L) / Tenant / Area
50,000 10,000,000
Osaki Centre Building L Japan Railways East 53,250
40,000 8,000,000
Sumitomo Shinagawa Seaside L Rakuten 159,750
Capital Values
Rentals
30,000 6,000,000 Ote Centre Building L Staff Service 49,700

20,000 4,000,000 Sumitomo Fudosan Aobadai L Kanpo Life 124,250
Marunouchi Trust Main Tower L White & Case 42,600
10,000 2,000,000
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)

INDONESIA
Jakarta
• The average occupancy rate stayed at a healthy level of 87% as of 4Q2009. Prime office
JAKARTA OFFICE SUPPLY, TAKE-UP
rentals were stable at Rupiah 141,946 per sq m per month during the period.
& VACANCY RATE
400,000 20.0% • In terms of new supply, the completion of Bakrie Tower has been deferred to 2010.
With the faster-than-anticipated construction pace, Equity Tower could see full
300,000 15.0%
completion in 2010 rather than 2011. As such, the total new supply in 2010 will be
over 210,000 sq m.
Vacancy Rate
sq m
200,000 10.0%
100,000 5.0%
• In anticipation of positive economic growth in 2010, it is expected that the local office
market will stage further growth in the order of 4% over the next 12 months.
0 0.0%
2007 2008 2009 2010 F 2011 F
MAJOR TRANSACTIONS
JAKARTA OFFICE CAPITAL AND RENTAL VALUES
200,000 20,000,000 Cyber 2 L Vilona 7,500
180,000 18,000,000 The Plaza L Itochu Corporation 27,800
160,000 16,000,000
The Plaza L IBM 52,700
140,000 14,000,000
The Plaza L BWM 9,000
Capital Values
120,000 12,000,000
Rentals
100,000 10,000,000 The Plaza L Sime Darby 55,600

80,000 8,000,000
Sentral Senayan 2 L BASF 10,800
60,000 6,000,000
40,000 4,000,000
Sentral Senayan 2 L Chuo Senko Indonesia 10,800
20,000 2,000,000 Sentral Senayan 2 L Fortice 10,800
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)
MALAYSIA
Kuala Lumpur
• Thanks to the positive signs of economic recovery, the flow of ample liquidity and the
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP sustained low interest rate environment, there was an increase in the number of office
& VACANCY RATE
sales transactions in 4Q2009.
3.00 30.0%
2.50 25.0%
• The prime office market will see a large batch of new office developments coming on
2.00 20.0% line before the end of 2011 and the vacancy rate is expected to rise, notwithstanding a
Vacancy Rate
Million sq ft
1.50 15.0% projected steady absorption rate during the period.

1.00 10.0%
• Looking forward, prime office capital values are expected to remain be stable over the
0.50 5.0%
next 6 to 12 months however, prime rentals will soften in view of impending large
0.00 0.0%
2007 2008 2009 2010 F 2011 F supply.
MAJOR TRANSACTIONS
KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES Building Lease (L) / Tenant / Area
10.00 1,000
Quill 7 L BP Asia Pacific (M) Sdn Bhd 84,000
9.00 900
8.00 800 Menara UOA Bangsar - Tower B L Syarikat Prasarana Negara Bhd (SPNB) 50,000*
7.00 700 Menara UOA Bangsar - Tower B L Avaya (M) Sdn Bhd 17,500
Capital Values
6.00 600
Menara UOA Bangsar - Tower B L Hitachi Data Systems Sdn Bhd 35,000
Rentals
5.00 500
4.00 400
Menara IMC L Boeing Aerospace (M) Sdn Bhd 1,700**
3.00 300 Menara Kenanga S Permodalan Nasional Berhad (PNB) 297,511**
2.00 200
Menara Shell S Haluan Gigih Sdn Bhd 212,867
1.00 100
0.00 0
* circa ** Concluded by WTW
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Rentals (Ringgit / sq ft / Month) Capital Values (Ringgit / sq ft)

EXECUTIVE SUMMARY
PHILIPPINES
Manila
• Office rentals in prime buildings continued to bring the overall market down due to the
MANILA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
high vacancy rate in 4Q2009. Tenants continued to downgrade from top-tier premises
90,000 9.0% to newer, cheaper buildings in alternative locations.
80,000 8.0%
70,000 7.0%
60,000 6.0% • Although expectations point to office rents stabilising, the glut in office space will remain
50,000 5.0%
for another 12 months at least. Taking all office types into consideration, Metro Manila
Vacancy Rate
40,000 4.0%
sq m
30,000 3.0% had around 500,000 sq m of vacant office space at year-end, 30% of which was in the
20,000 2.0%
10,000 1.0% Makati CBD.

0 0.0%
2007 2008 2009 2010 F 2011 F
-10,000
-20,000
-1.0%
-2.0%
• Following a continued decline in office rents, prime office capital values fell marginally
to P86,000 per sq m in 4Q2009.
• Looking forward, office rentals in the CBD are expected to reach bottom in 1Q2010. As
such, there will be a total decline of 30% compared to the recent peak in June 2008.
MANILA OFFICE CAPITAL AND RENTAL VALUES
1,200 120,000 MAJOR TRANSACTIONS

1,000 100,000
800 80,000
Commerce & Industry Plaza L Canon Marketing 22,600
Capital Values
Rentals
600 60,000 Commerce & Industry Plaza L Datacom Connect 17,200

400 40,000
8 Park Avenue Building B L UST Global 22,900
200 20,000
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Rentals (Peso / sq m / Month) Capital Values (Peso / sq m)
SINGAPORE
Singapore
• With the dark clouds over the economy clearing, businesses started to prepare for
the upturn and the local office market witnessed an increase in leasing activities in
SINGAPORE OFFICE SUPPLY, TAKE-UP
& VACANCY RATE 4Q2009.
2.50 25.0%
• Major deals concluded in the quarter included SP Services’ commitment to
2.00 20.0%
100,000 sq ft of space at Mapletree Business City in the Alexandra Road locality and
1.50 BHP Billiton’s agreement to take up an additional 89,000 sq ft in the yet-to-be-completed
Vacancy Rate
15.0%
Million sq ft
Marina Bay Financial Centre, bringing its total space commitment to 231,000 sq ft in
1.00 10.0%
the development.
0.50 5.0%
• Due to the improvement in leasing demand, the slide in office rents slowed to 0.4%
0.00 0.0%
2007 2008 2009 2010 F 2011 F quarter-on-quarter (QoQ) in 4Q2009. The average office rental was S$6.29 per sq ft per
month during the period.
• Although demand for office space is strengthening, the large influx of new supply is
SINGAPORE OFFICE CAPITAL AND RENTAL VALUES
expected to put further downward pressure on rents over the medium term. Office
30.00 3,000 rentals might edge down by no more than 5% in 1H2010 before seeing their anticipated
25.00 2,500 trough in 2H 2010.
20.00 2,000
MAJOR TRANSACTIONS
Capital Values
Rentals
15.00 1,500 Building Lease (L) / Tenant / Area

10.00 1,000 Sale (S) Purchaser (sq ft)
Mapletree Business City L SP Services 100,000
5.00 500
Marina Bay Financial Centre Phase One L BHP Billiton 89,000
0.00 0
2HR L Estee Lauder 40,000
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Twenty Anson L Computer Sciences Corporation 25,000

Singapore Land Tower L Boardroom 24,000
Rentals (Singapore$ / sq ft / Month) Capital Values (Singapore$ / sq ft)
UOB Plaza 1 L CLSA 19,000
North Bridge Commercial Complex S ERC Holdings 38,524

THAILAND
Bangkok
• Office leasing demand remained uninspiring in 4Q2009 due to the sustained
uncertainties about both the economic and the political environment. In terms of the
BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE
total number of transactions, the final quarter of 2009 was the weakest of the year.
0.10 25.0%
0.08 20.0%
• Prime office rentals were basically flat in 4Q2009. Although there was an average rental
decline of 5% in 2009, prime office rents in the CBD remained firm.
0.06 15.0%
Vacancy Rate
Million sq m
0.04 10.0% • No major new supply was completed in 4Q2009, helping to prevent any significant
downward pressure on office rentals.
0.02 5.0%
0.00 0.0% • It is our view that the new supply coming online will satisfy demand in 2010, so no
2007 2008 2009 2010 F 2011 F
significant rental growth is expected over the near term.
BANGKOK OFFICE CAPITAL AND RENTAL VALUES
1,400 140,000
MAJOR TRANSACTIONS
1,200
120,000
1,000 100,000
CIMB Thai Sathorn buildings S Undisclosed 240,400
Capital Values
800 80,000
Rentals
Land and office building on S TCC Group 301,400

600 60,000
Surawong Road
400 40,000
200 20,000
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Rentals (Baht / sq m / Month) Capital Values (Baht / sq m)
VIETNAM
Ho Chi Minh City

• The overall office occupancy rate in the city improved 5 to 7 percentage points to the
HO CHI MINH CITY OFFICE SUPPLY, TAKE-UP range of 97%-100% as of 4Q2009 thanks to the continued recovery of the Vietnamese
& VACANCY RATE
70,000 14.0%
economy.
60,000 12.0%
• Prime office rentals were between US$40 and US$50 per sq m per month in 4Q2009
50,000 10.0%
based on net lettable area before the inclusion of services charge or VAT.
Vacancy Rate
40,000 8.0%
sq m
30,000 6.0%
• Kumho Asian Plaza was introduced to the market in 4Q2009 with rental rates in the order
20,000 4.0%
10,000 2.0%
of US$45-$55 per sq m per month. With a total of 25,765 sq m on a net lettable basis,
0 0.0% the new building constituted 25% of the total existing office stock in the market.
2007 2008 2009 2010 F
-10,000 -2.0%

• Financial Tower and A & B Tower will come online in 2010. The former will
provide 37,710 sq m of brand new office space, while A & B Tower will be smaller, at
25,500 sq m.
HO CHI MINH CITY OFFICE RENTAL VALUES
MAJOR TRANSACTIONS
70
60
50
Kumho Asiana L Thai Thinh Capital 17,200
40
Rentals
30
20
10
0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
Rentals (US$ / sq m / Month)

EXECUTIVE SUMMARY
INDIA
Bangalore
• Prime office rentals remained stable across various sub-markets in 4Q2009. Capital
values also displayed the similar trend during the period.
BANGALORE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
12.00 24.0% • The Bangalore market witnessed completion of a few projects in 4Q2009 including
10.00 20.0% Kalyani Platina in Whitefield and Prestige Dynasty at Ulsoor Rd by Kalyani Group and
8.00 16.0% Prestige Construction respectively.
Vacancy Rate
Million sq ft
6.00 12.0%
• The overall sentiment in the office market reached a state of stabilization in 4Q2009.
4.00 8.0%
Looking forward, the overall demand for office space is expected to strengthen over the
2.00 4.0%
medium to long term.
0.00 0.0%
2007 2008 2009 2010 F
BANGALORE OFFICE CAPITAL AND RENTAL VALUES
80 8,000
MAJOR TRANSACTIONS
70 7,000
6,000
60
50 5,000
Capital Values
Maruthi Info tec L Mysis 25,000

Rentals
40 4,000
30 3,000 Maruthi Info tec L Mercedez 20,000

20 2,000 SJI I park L Unysis 80,000
10 1,000 Salarpuria Touch Stone L Head Strong 40,000
0 0 Manyata Tech Park L IBM 400,000
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Global Technology Park L LSI Logic 277,000
Rentals (Rupee / sq ft / Month) Capital Values (Rupee / sq ft)
Chennai
CHENNAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
• Office rental and capital values remained virtually stagnant across almost all the micro-
markets during 4Q2009. With the exception of Old Mahabalipuram Road, a rental
16.00 32.0%
decline of 4% QoQ registered for buildings exposed to the IT/ITES sector due to the
14.00 28.0%
12.00 24.0%
prevailing high vacancy and uninspiring demand.
10.00 20.0%
Vacancy Rate
Million sq ft
8.00 16.0% • In a recent development, the nodal agency Tidco had identified about 180 acres of land
6.00 12.0% in Sholinganallur - Perumbakkam village for the development of a proposed financial city.
4.00 8.0%
This project is expected to be the next growth lever for Chennai after the automobile,
2.00 4.0%
IT and healthcare sectors.
0.00 0.0%
2007 2008 2009
Supply Take up Vacancy Rate • While companies have started expanding their operations and increased hiring, they are
yet to expand their real estate requirements. The overall market is expected to take some
more time to stabilize until more companies finalize their expansion plans in 2010.
CHENNAI OFFICE CAPITAL AND RENTAL VALUES
80 8,000 MAJOR TRANSACTIONS

70 7,000 Building Lease (L) / Tenant / Area
60 6,000 Sale (S) Purchaser (sq ft)
50 5,000 Ambit Tech Park L Cybernet Software Solutions 230,000
Capital Values
Rentals
40 4,000 Temple Steps L Just Dial 22,000

30 3,000 S P Infocity L Lister Technologies 20,000
20 2,000 Tamarai Tech Park L Invensys 33,000
10 1,000
ECCI Tech Park L Uninor 25,000
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F

INDIA
Mumbai
• No major new project was launched in 4Q2009. The local office market will see more
new supply in the first half of 2010 in areas such as Andheri, Lower Parel, BKC and
MUMBAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
Thane.
18.00 24.0%
• Office rentals remained stable in 4Q2009 in almost all the micro-markets and the average
15.00 20.0%
rental stayed at INR193 per sq ft per month. BKC saw an increase in activity during
12.00 16.0%
4Q2009, as a number of local and overseas companies were keen to consolidate their
Vacancy Rate
Million sq ft
9.00 12.0%
business in this location due to prevailing low rentals, good infrastructure and location
6.00 8.0%
advantages.
3.00 4.0%
0.00 0.0% • In 4Q2009, Mumbai witnessed few large commercial and land transactions. For example,
2007 2008 2009 2010 F
Rustomjee developers sold 150,000 sq ft of office space in Andheri(E) to SBI Life
insurance company at a price of INR2.11 billion and Wadhwa group acquired 18 acres
of Hindustan Composites land in Ghatkopar for INR5.7 billion.
MUMBAI OFFICE CAPITAL AND RENTAL VALUES
MAJOR TRANSACTIONS
350 70,000
300 60,000
250 50,000 Rustomjee Natraj S SBI Life 150,000
Capital Values
200 40,000 Rajeja Chromium S Motilal Oswal 100,000

Rentals
150 30,000 G Corp Tech Park L Birla Sun Life 150,000

100 20,000 Kamala Mills S India Infoline 100,000
50 10,000 Kalpataru Square L Indofill 35,000
0 0
Peninsula Tech Park L Asia Motor Works 25,000
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
HCC 24/7 L DHL 18,000
New Delhi
• Prime office rentals in the CBD and SBD (Secondary Business District) showed signs
NEW DELHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE
of stabilization in 4Q2009 but PBD (Peripheral Business District) fell 2% QoQ during
the same period.
12.00 24.0%
10.00 20.0% • Only a few new projects were completed in 4Q 2009. More new projects have been
8.00 16.0% launched in Gurgaon and Noida since the last quarter of 2009.
Vacancy Rate
Million sq ft
6.00 12.0%
• In order to attract the business process outsourcing and IT/ITES industry, the local
4.00 8.0%
Government of UP has provided a number of incentives. As per the new policy, IT and
4.0%
2.00
BPO companies setting up their units in UP will get 100% relaxation in stamp duty.
0.00
2007 2008 2009 2010 F
0.0%
Those setting up call centres can now get a land lot in UP on better terms. The cabinet
Supply Take up Vacancy Rate also decided that those getting a commercial plot through open bidding by March 31,
2010, will have to pay just 1% lease rent instead of the previous rate of 2.5%.
• Due to the Commonwealth Games in October 2010, a number of new infrastructure

NEW DELHI OFFICE CAPITAL AND RENTAL VALUES
projects will be completed in the next 2 quarters, which are anticipated to fuel further
350 35,000
office demand over the medium to long term.
300 30,000

Capital Values
200 20,000 Building Lease (L) / Tenant / Area

Rentals

100 10,000 Splendor Forum L National Investigation Agency 17,000
50 5,000
Hindustan Times Bldng L World Bank 57,000
0 0
Hindustan Times Bldng L Law Ministry 31,500
Individual Building L India Infoline 100,000
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
DLF 10B L Schnider Electric 68,000

Rentals (Rupee / sq ft / Month) Capital Values (Rupee / sq ft) Cyber City L BMW 20,000
Centrum Plaza L Mercedes 17,000

EXECUTIVE SUMMARY
AUSTRALIA
Adelaide
• No sales or leasing deals were concluded during 4Q2009. However, the market is expected
ADELAIDE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
to see an increase in activity in early 2010 as a number of major office buildings are in
80,000 8.0% the final stage of the sale process.
70,000 7.0%
60,000 6.0% • The average office vacancy rate edged up in 4Q2009 and is expected to peak at 6.0%-
50,000 5.0%
6.5% by 1Q-2010, well below its historical average of 13%.
Vacancy Rate
sq m
40,000 4.0%
30,000 3.0%
• The office will see no major completion of new developments before 2011 at the
20,000 2.0%
10,000
earliest.
1.0%
0 0.0%
2007 2008 2009 2010 F 2011 F • Prime office rents stabilised and incentives increased by approximately 5% during
4Q2009.
ADELAIDE OFFICE CAPITAL AND RENTAL VALUES
700 7,000
600 6,000
500 5,000
Capital Values
400 4,000
Rentals
300 3,000
200 2,000
100 1,000
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Rentals (Australian$ / sq m / Year) Capital Values (Australian$ / sq m)
Canberra
CANBERRA OFFICE SUPPLY, TAKE-UP & VACANCY RATE
• The local office leasing market remained competitive and tenants continued to have
140,000
strong bargaining positions in 4Q2009. However, prime office rentals stayed steady at
14.0%
120,000 12.0%
an average of AU$375 per sq m per annum in the quarter.
100,000 10.0%
Vacancy Rate
80,000 8.0% • The trend of existing tenants migrating from old to new developments continued in
sq m
60,000 6.0%
4Q2009.
40,000 4.0%
20,000 2.0% • Rentals for second-tier office developments declined during the period. The current
0 0.0% trend is anticipated to continue throughout 2010.
2007 2008 2009 2010 F 2011 F
MAJOR TRANSACTIONS
CANBERRA OFFICE CAPITAL AND RENTAL VALUES
800 8,000 Allan Woods Building L Australian Government 161,500
700 7,000 Robert Garren Offices L Australian Government 53,900
600 6,000 ActewAGL Building L ActewAGL 80,700
500 5,000 10 Rudd Street S Undisclosed 51,000
Capital Values
Rentals
400 4,000 4 Marcus Clarke S Undisclosed 25,300

300 3,000
19-25 Moore Street S Undisclosed 38,300
200 2,000
7-11 Barry Drive S Undisclosed 25,600
100 1,000
82 Northbourne S Undisclosed 75,300
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F

AUSTRALIA
Melbourne
• A total of about 160,000 sq m of new office space was completed during 4Q2009.
MELBOURNE OFFICE SUPPLY, TAKE-UP & VACANCY RATE
250,000 10.0% • With steady supply and moderate demand, the overall performance of the office market
in Melbourne remained solid in 4Q2009.
200,000 8.0%
6.0% • Incentives remained stable at 15%-25% in 4Q2009.
Vacancy Rate
150,000
sq m
100,000 4.0%
• The recent sales activity reflected a stablisation of prime office yields in the Melbourne
50,000 2.0% CBD.
0.0%
0
2007 2008 2009 2010 F 2011 F • The average vacancy rate is expected to peak at 8.3% in mid-2011.
MAJOR TRANSACTIONS
MELBOURNE OFFICE CAPITAL AND RENTAL VALUES
600 6,000 410-420 Elizabeth Street S Undisclosed 65,600
500 5,000
128 Exhibition Street S Salvest Capital 51,300
525 Lonsdale Street S Undisclosed 204,500
Capital Values
400 4,000
Rentals
452 Flinders Street L UCMS 57,700

300 3,000
452 Flinders Street L Sinclair Knight Merz 29,000
200 2,000
717 Bourke Street L Chartis 64,600
100 1,000
717 Bourke Street L Financial Ombudisman Service 43,100
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
Perth
PERTH OFFICE SUPPLY, TAKE-UP & VACANCY RATE
• The average office vacancy rate stayed at about 8% in 4Q2009 and the amount of sub-
160,000 16.0%
140,000 14.0%
lease space remained stable. However, individual space has been withdrawn due to the
120,000 12.0% recent deals concluded with tenants in the resource sector.
100,000 10.0%
Vacancy Rate
80,000 8.0%
• Prime office rentals stabilised in 4Q2009 due to the general improvement in the
sq m
60,000 6.0%
40,000 4.0%
economic performance during the period.
20,000 2.0%
0 0.0% • The overall investment sales activity in the CBD remained subdued in 4Q2009. However,
2007 2008 2009 2010 F 2011 F
-20,000 -2.0%
this is expected to improve over the short to medium term when more institutions start
-40,000 -4.0%
Supply Take up Vacancy Rate entering the market again.
• Leasing demand is expected to improve over the medium to long term amid the continued
improvement of economic conditions and business confidence. Due to the new supply
PERTH OFFICE CAPITAL AND RENTAL VALUES
coming on line, the overall vacancy rate will edge up in 2010.
1,000 10,000
900 9,000
800 8,000

6,000 Building Lease (L) / Tenant / Area
Capital Values
600
Rentals
500 5,000
400 4,000
300 3,000 Alluvion S* Commonwealth Property Office Fund 240,000

200 2,000 The Quadrant L MGI 11,800
100 1,000
Wesfarmer House L Santos Ltd 9,900
0 0
* 50% share
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F

EXECUTIVE SUMMARY
AUSTRALIA
Sydney
• With the gradual stabilisation of the local economy and the job market, the overall
number of leasing enquiries and transactional activity in Sydney’s CBD saw a substantial
SYDNEY OFFICE SUPPLY, TAKE-UP & VACANCY RATE
increase in 4Q2009.
120,000 12.0%
100,000 10.0%
80,000 8.0%
• The projection of vacancy rates has been revised downward as a result of the continued
60,000 6.0% pick-up in the local economy and stronger-than-expected leasing demand for offices
Vacancy Rate
40,000 4.0%
during 4Q2009.
sq m
20,000 2.0%
0 0.0%
2007 2008 2009 2010 F 2011 F
-20,000 -2.0% • Prime office rentals stayed firm at AU$626 per sq m per annum during 4Q2009 and
-40,000 -4.0%
-60,000 -6.0%
incentives remained high at about 25% to 30%.
-80,000 -8.0%
-100,000 -10.0% • Recent sales transactions reflected the fact that prime office yields in Sydney CBD were
in the order of 7%-8%. One of the major investment sales transactions in 4Q2009 was
the sale of Aurora Place to a Korean Pension fund for a total of AU$685 million.
SYDNEY OFFICE CAPITAL AND RENTAL VALUES
1,600 16,000
MAJOR TRANSACTIONS
1,400 14,000 Building Lease (L) / Tenant / Area
1,200 12,000 Sale (S) Purchaser (sq ft)
1,000 10,000 302 Pitt Street L Garratts Limited 15,100
Capital Values
Rentals
800 8,000 50 Bridge Street L Rothchilds Australia 14,000

600 6,000 68 York Street L Coface Australia 10,800
400 4,000 549 Kent Street L AIBM 10,300
200 2,000 1 Chifley Square L Penson Financial Services 9,000
0 0 Aurora Place S South Korea’s National Pension Fund 526,400
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
1Q 2011 F
2Q 2011 F
3Q 2011 F
60 Union Street S AFIAA (Swiss Pension Fund) 215,300

505-523 George Street S Coombes Property Group 194,100

NEW ZEALAND
Auckland
• The Deloitte Centre at 80 Queen Street, comprising 23,780 sq m of floor space, was
AUCKLAND OFFICE SUPPLY, TAKE-UP & VACANCY RATE
the only new project scheduled for completion in 4Q2009. The average vacancy rates
70,000 14.0%
increased across most CBD precincts with an overall rate recorded at 11.5% in December
60,000 12.0%
2009, compared with 8.4% in the preceding six months. Prime office vacancy rates also
50,000 10.0%
edged up from 5.4% to 11.5% in December 2009. The average office rental was around
Vacancy Rate
40,000 8.0%
NZ$330 per sq m per annum as of 4Q2009.
sq m
30,000 6.0%
20,000 4.0% • Tenants continued to opt for lease renewals rather than committing to new leases.
10,000 2.0% Landlords were more open in offering shorter leases and lease extensions in order to
0 0.0% provide tenants with additional flexibility. In some case, rent-free periods were offered
2007 2008 2009 2010 F 2011 F
Supply Take up Vacancy Rate as part of the lease incentive package.
• There were signs that private investors and property syndicates have been returning to
AUCKLAND OFFICE CAPITAL AND RENTAL VALUES
the market as they want to take advantage of the market weakness in the current cyclical
downturn. Investment yields ranged from 8% to 9% for prime offices as of 4Q2009.
600 6,000
500 5,000 • Looking forward, rentals are expected to remain stable or stage a moderate decline given
400 4,000 the continued surge in vacancy rates. Investment yields will be largely stable over the
Capital Values
next 12 months.
Rentals
300 3,000
200 2,000
MAJOR TRANSACTIONS
100 1,000
0 0 Sale (S) Purchaser (sq ft)
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
L14, 21 Queen Street L CBRE 9,800

L15, Brookfields House, L SMX 5,300
Rentals (New Zealand$ / sq m / Year) Capital Values (New Zealand$ / sq m)
19 Victoria Street West
Wellington
WELLINGTON OFFICE SUPPLY, TAKE-UP & VACANCY RATE
• Despite the general rental reduction to an average of NZ$374 per sq m per annum, the
70,000 7.0%
leasing market in Wellington saw continued activity in 4Q2009. For example, General
Market Company leased 775 sq m in Deloitte House to the Real Estate Agents Authority
60,000 6.0%
50,000 5.0%
for NZ$296,272 per annum for a four-year term.
Vacancy Rate
40,000 4.0%
sq m
30,000 3.0% • Office investment yields in most precincts remain static in 4Q2009, although there was
20,000 2.0%
a 25-50 basis points increase in the Core precinct. Sales transactions remained active for
10,000 1.0%
premises priced at NZ$3 million or below during the period.
0 0.0%
2007 2008 2009 2010 F 2011 F
• Around 54,000 sq m of new office space is scheduled for completion in 2010. The Inland
Revenue Department has pre-committed to a 25,000 sq m floor area in a brand new
33,000 sq m office building that will be completed by late 2010.
• Looking forward, the office market in the Wellington CBD will face a further rise in
WELLINGTON OFFICE CAPITAL AND RENTAL VALUES
vacancy rates and rentals are expected to decline by 2.4% before the end of 2010.
600 6,000

400
4,000
Capital Values
Rentals
300 3,000
L2, Deloitte House, 10 Brandon Street L Real Estate Agents Authority 8,300
200 2,000
100 1,000
0 0
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010 F
2Q 2010 F
3Q 2010 F
4Q 2010 F
Rentals (New Zealand$ / sq m / Year) Capital Values (New Zealand$ / sq m)

EXECUTIVE SUMMARY
PRIME OFFICE RENTALS
Rentals (US$ / sq ft / year)
0 20 40 60 80 100 120
Tokyo
Hong Kong
Singapore
Sydney
Ho Chi Minh City
Perth
Mumbai
New Delhi
Shanghai
Canberra
Melbourne
Adelaide
Beijing
Taipei
Wellington
Auckland
Seoul
Bangkok
Kuala Lumpur
Guangzhou
Chengdu
Jakarta
Manila
Chennai
Bangalore
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"

TRENDS & FORECASTS

City New Supply Take-up Average Vacancy Total Stock Average Rentals
(sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year)
2009 2010 F 2009 2010 F 2009 2010 F 2009 2010 F 2009 2010 F
Beijing
CBD 1,060,244 4,958,175 673,944 1,679,341 28.1 37.7 14,714,765 19,672,940 26.66 26.12
Zhongguancun 269,098 0 147,993 45,719 6.3 5.7 7,619,765 7,619,765 24.91 25.13
Financial Street 666,162 794,268 1,424,391 48,820 6.1 6.9 9,829,690 10,623,958 34.44 35.37
Lufthansa 0 344,445 173,867 384,155 19.2 17.5 6,075,952 6,420,397 23.84 23.10
East Chang An Avenue 0 0 -79,518 -104,991 5.0 6.6 6,307,067 6,307,067 22.78 21.69
East 2nd Ring 1,252,035 1,442,739 294,287 331,490 40.6 50.2 4,061,672 5,504,411 23.95 22.74
Chengdu
Renmin Road 0 2,760,295 254,595 421,772 26.0 55.0 2,828,828 5,589,123 17.80 20.41
CBD 0 0 129,191 64,595 12.0 8.0 1,614,886 1,614,886 15.35 17.14
East Street 293,036 861,112 214,289 461,579 29.0 40.0 500,801 1,361,913 22.04 22.86
Tianfu Avenue 946,685 0 477,708 144,837 40.0 30.0 1,448,369 1,448,369 13.06 14.69
Guangzhou
Yuexiu 0 0 339,730 163,568 13.3 7.3 4,338,799 4,338,799 17.03 16.66
Tianhe 1,597,266 4,613,408 1,640,763 3,050,091 24.9 23.4 13,718,946 18,332,353 22.72 21.71
Haizhu 0 0 118,403 160,382 37.1 22.7 1,076,390 1,076,390 15.51 15.51
Shanghai
Huangpu 0 395,520 -93,486 82,479 8.9 17.3 2,937,662 3,333,182 33.89 31.48
Jingan 395,853 1,666,768 126,829 923,594 17.3 23.5 5,720,518 7,387,286 40.63 37.19
Lujiazui-Pudong 2,154,997 4,291,610 1,289,130 2,149,829 19.4 26.6 13,994,741 18,286,351 32.51 29.78
Zhuyuan-Pudong 788,500 2,180,852 696,694 1,162,930 22.1 32.7 2,855,664 5,036,516 25.77 25.37
Changning 207,237 341,474 -86,691 -76,324 12.6 20.4 4,509,331 4,850,805 29.90 26.50
Luwan 0 699,654 -26,498 481,097 4.8 9.7 3,102,124 3,801,777 36.54 35.73
Xuhui 0 0 -3,037 -264,485 5.2 11.4 4,272,386 4,272,386 35.11 33.20
Hong Kong
Central 0 0 -218,093 195,501 5.1 4.2 21,266,625 21,266,625 117.80 133.97
Wanchai 0 0 -367,815 113,705 6.5 5.5 11,095,267 11,095,267 59.02 55.02
HK Island East 0 434,350 -302,501 125,983 5.1 7.7 10,540,480 10,974,830 43.14 40.98
Tsim Sha Tsui 0 0 -407,876 -151,745 7.7 7.1 6,563,890 6,361,390 51.88 54.48
Taipei
CBD 1,016,262 697,264 -109,108 372,810 12.3 13.6 18,489,630 19,186,894 25.94 26.17
Seoul
CBD 1,429,599 2,959,807 42,616 2,572,419 5.8 6.6 26,514,806 29,474,613 23.69 24.62
KBD 0 329,902 -717,619 710,492 4.2 2.7 25,775,816 26,105,717 20.09 20.91
YBD 429,491 949,004 213,081 799,500 2.0 2.8 15,780,292 16,729,297 15.39 16.30
Tokyo
CBD 4,706,568 4,001,307 N/A N/A 7.2 7.5 N/A N/A 101.39 97.73
Jakarta
CBD 2,755,408 2,269,030 1,914,123 2,372,697 12.3 11.5 43,679,691 45,948,721 16.77 17.36
Non-CBD 690,041 904,221 642,164 696,532 13.2 13.6 17,924,057 19,032,642 11.55 11.89
Kuala Lumpur
KLCA 1,437,039 1,172,000 431,000 500,000 8.2 11.2 27,314,778 28,486,778 21.71 22.06
Manila
Makati 445,130 0 166,486 122,728 8.4 6.3 9,317,135 9,317,135 15.33 15.08
Ortigas 1,287,022 0 1,086,776 91,487 6.1 4.2 4,961,404 4,961,404 11.30 10.85

EXECUTIVE SUMMARY
TRENDS & FORECASTS

City New Supply Take-up Average Vacancy Total Stock Average Rentals
(sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year)
2009 2010 F 2009 2010 F 2009 2010 F 2009 2010 F 2009 2010 F
Singapore
CBD 948,498 1,811,999 268,686 1,206,414 8.5 10.6 19,285,297 21,097,296 53.78 53.19
Bangkok
CBD 486,625 837,431 80,729 215,278 18.0 20.7 16,903,306 17,740,737 21.72 23.39
Ho Chi Minh City

CBD 277,332 680,386 238,476 556,833 5.0 10.0 1,110,296 1,790,682 56.58 55.18
Bangalore
Overall 5,036,343 5,366,832 N/A N/A 16.0 N/A 58,756,343 64,123,175 10.80 10.80
CBD 403,218 172,807 N/A N/A 5.0 N/A N/A N/A 17.22 17.22
SBD 3,500,000 2,700,000 N/A N/A 17.0 N/A N/A N/A 10.28 10.28
PBD 1,133,125 2,494,025 N/A N/A 28.0 N/A N/A N/A 4.63 4.63
Chennai
Overall 7,388,295 N/A N/A N/A 22.5 N/A 26,800,000 N/A 11.83 11.57
CBD 643,295 N/A N/A N/A N/A N/A 1,575,000 N/A 14.78 14.91
SBD 560,000 N/A N/A N/A N/A N/A 5,845,000 N/A 12.21 11.83
PBD 6,185,000 N/A N/A N/A N/A N/A 19,380,000 N/A 8.23 7.71
Mumbai
Overall 12,241,000 N/A N/A N/A 14.5 N/A 72,180,000 N/A 49.36 49.61
CBD 0 N/A N/A N/A N/A N/A N/A N/A 82.26 82.26
SBD 2,631,000 N/A N/A N/A N/A N/A N/A N/A 41.13 42.42
PBD 9,610,000 N/A N/A N/A N/A N/A N/A N/A 24.42 24.42
New Delhi
Overall 10,756,136 1,525,000 N/A N/A 19.5 N/A 51,028,158 N/A 41.65 41.65
CBD 0 0 N/A N/A 12.0 N/A 1,861,000 1,861,000 68.12 68.12
SBD 1,951,000 N/A N/A N/A 16.0 N/A 6,909,000 N/A 37.79 37.79
PBD 8,805,136 1,525,000 N/A N/A 24.0 N/A 42,258,158 43,783,158 19.02 19.02
Adelaide
CBD 516,667 0 269,098 430,556 5.0 6.5 13,866,465 13,866,465 27.91 29.16
Canberra
CBD 96,875 775,001 96,875 538,195 1.0 8.0 2,314,239 3,089,239 31.25 32.08
Melbourne
CBD 1,815,870 736,789 0 215,278 5.3 8.2 19,006,141 19,678,347 30.33 30.50
Perth
CBD 672,475 1,462,147 -182,986 376,737 8.0 14.0 14,715,747 16,177,894 49.99 49.99
Sydney
CBD 581,789 971,862 -861,112 -107,639 4.7 5.7 51,663,738 51,623,320 52.16 51.66
Auckland
CBD 401,278 0 92,914 241,746 11.5 9.9 4,255,454 4,448,343 22.13 21.59
Wellington
CBD 268,484 581,251 240,336 523,287 0.7 2.7 1,563,683 2,144,933 25.08 24.47

DEFINITIONS AND TERMINOLOGY
GREATER CHINA NORTH ASIA
Beijing Seoul
Prime office market in Beijing consists of 6 sub-markets – CBD (Central Major office districts in Seoul include the traditional central business
Business District), Lufthansa, East 2nd Ring, Financial Street, East Chang area (CBD), Gangnam Business District (GBD) and Yeouido Business
An Avenue and Zhongguancun. District (YBD).
Rents are quoted in RMB per sq m per month on gross floor area basis, Rents are quoted in Won per pyung (also equivalent to 3.3 sq m) per
and exclusive of management fees and rent free period. Capital values month on gross floor area basis. Generally, a deposit equivalent to 10
are quoted on RMB per sq m. months is required, and is usually paid up front. Management fees are
excluded from quoted rents. Space is measured on gross floor area basis.
Chengdu Capital values are quoted in Won per sq m.
Prime office buildings in Chengdu are mainly located in 4 sub-markets,
South Renming Road , Chunxi Road - Yanshikou Trading Area, Shuncheng Tokyo
Street and Luomasi Trading Area, and East Street. The quality office buildings in Tokyo are located in the central business
area (CBD) area covering six wards namely, Chiyoda-ku, Chuo-ku,
Rents are quoted in RMB per sq m per month on gross floor area basis,
Minato-ku, Shinjuku-ku, Shibuya-ku and Shinagawa-ku.
and exclusive of management fees. Capital values are quoted on RMB
per sq m.
Rents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month,
Guangzhou which are inclusive of service charges. Office space is measured on an
Prime office buildings in Guangzhou are located in 3 principal sub-markets internal floor area basis. Capital values are quoted in Yen per tsubo.
– Dongshan, 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 SOUTH ASIA
values are quoted on US$ per sq m.
Jakarta
Shanghai The quality office buildings in Jakarta are located in the CBD covering
Prime office buildings in Shanghai are located in 6 principal sub-markets the districts Thamrin, Sudirman, Gatot Subroto, Rasuna Said and Mega
– Huangpu, Jingan, Lujiazui-Pudong, Changning, Luwan and Xuhui. Kuningan. The areas outside the above districts are collectively called as
“non-CBD”.
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 Rents are commonly quoted in Rupiah per sq m per month, which are
RMB per sq m. inclusive of service charges but exclusive of government taxes. Office
space is measured on lettable floor area basis. Capital values are quoted
Hong Kong in Rupiah per sq m.
Prime office properties in Hong Kong are concentrated in 4 sub-markets
– Central, Wanchai / Causeway Bay, Island East and Tsim Sha Tsui. Kuala Lumpur
Prime office buildings located in the Kuala Lumpur Central Area (KLCA)
Rents are commonly quoted in HK$ per sq ft per month on either only. The KLCA comprises areas generally within the central business
gross, net or lettable floor area basis, which are exclusive of management district.
fees, and government tax. Prices are quoted in HK$ per sq ft, and are
measurable on gross floor area basis. 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.
Taipei
Prime office properties in Taipei are concentrated in 7 districts, comprising Manila
Nanking Sung Chiang (NK-SC), Minsheng Tun Hwa North (MS-TN), Hsin Prime office buildings in Manila are located in two principal sub-markets
Yi,West,Tun Hwa South (TUN-S), Jen Ai Hsin Sheng (JA-HS) and Nanking – Makati and Ortigas.
East Road (NK-4/5).
Rents are quoted in Peso per sq m per month on net floor area basis,
The local unit of measurement is a “ping” (i.e. 3.3 sq m). Rents and prices and exclusive of any management fees. Capital values are quoted in Peso
are quoted in local currency i.e. New Taiwan Dollar (NT$) on gross per sq m.
floor area basis.

EXECUTIVE SUMMARY
DEFINITIONS AND TERMINOLOGY
Singapore Mumbai
The quality office buildings covered in the report are located in the Central Prime office properties in Mumbai are primarily concentrated in CBD
Business District of Singapore. (Central Business District) – consist of Nariman Point, Ford and Ballard
Estate; SBD (Secondary Business District) including Bandra (West and
Rents are quoted in S$ per sq ft per month on net floor area basis East), Kalina, Lower Parel and Worli/Prabhadevi and PBD (Peripheral
(i.e. area less common areas such as corridors, toilets, lift lobby etc. but Business District) including Navi Mumbai, Vashi, Powai, Goregaon.
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 Rents are commonly quoted in Rupee per sq ft per month, which are usually
for non-strata-titled developments. exclusive of maintenance charges, parking charges and property taxes.
Office space is commonly measured on *super built up area basis.
Bangkok
Rents are quoted in Baht per sq m per month on a net floor area basis, and New Delhi
inclusive of service charges. Capital values are quoted in Baht per sq m. Prime office properties in New Delhi are primarily concentrated in
CBD (Central Business District) – consist of Connaught Place; SBD
Ho Chi Minh City (Secondary Business District) including Nehru Place, Jasola, Saket and
The quality office buildings in Ho Chi Minh City are located in District Netaji Subhash Place and PBD (Peripheral Business District) including
One - the central business district in the city. Gurgaon and Noida.
Rents are commonly quoted in US$ per sq m per month on net floor Rents are commonly quoted in Rupee per sq ft per month, which are
area basis, and exclusive of management fees and government tax. Capital usually exclusive of maintenance charges, parking charges and property
values are quoted on US$ per sq m. taxes.
Office space is commonly measured on *super built up area basis.
INDIA * 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
Bangalore office/flat throughout the building.
Prime office properties in Bangalore are can be divided in 3 principal
sub-markets – CBD (Central Business District), SBD (Suburban/Secondary ** Built-up area refers to the carpet area plus the thickness of external walls and area under
Business District) consisting of Bannerghatta Road & Outer Ring Road columns.
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 AUSTRALASIA
exclusive of maintenance charges, parking charges and property taxes.
Office space is commonly measured on *super built up area basis. Australia
Prime office buildings are located in the CBD and generally favored by
Chennai MNCs.
Prime office properties in Chennai are located in 3 principal submarkets–
CBD (Central Business District), (Suburban/Secondary Business District) Rents are quoted on net floor area basis, and in A$ per sq m per annum
and PBD (Peripheral Business District). SBD consists of Guindy and excluding management fee and government charges. Capital values are
Velechery while PBD includes other areas such as Old Mahaballipuram quoted on A$ per sq m.
Road, Ambattur and GST Road amongst others.
New Zealand
Rents are commonly quoted in Rupee per sq ft per month, which are usually Prime office buildings are located in the CBD.
exclusive of maintenance charges, parking charges and property taxes.
Office space is commonly measured on *super built up area basis. 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.
The content of this report is for information only and should not be relied upon as a substitute for professional advice, which should be sought from Colliers International prior to acting
in reliance upon any such information. The opinions, estimates and information given herein or otherwise in relation hereto are made by Colliers International and affiliated companies
in their best judgement, in the utmost good faith and are as far as possible based on data or sources which they believe to be reliable in the contest hereto. Notwithstanding, Colliers
International and affiliated companies disclaim to the extent permitted by law, any liability in respect of any claim which may arise from any errors or omissions or from providing such
advice, opinions, judgement or information.
Colliers Macaulay Nicolls Inc., and certain of its subsidiaries, is an independently owned and operated business and a member firm of Colliers International Property Consultants, an
affiliation of independent companies with over 290 offices throughout more than 60 countries worldwide

For further details, please contact:
GREATER CHINA Taipei, Taiwan Manila, Philippines

49F TAIPEI 101 TOWER 10F Tower 2 RCBC Plaza,
Beijing, China 7 Xin Yi Road Sec 5, Taipei 110 6819 Ayala Avenue
502 Tower W3, Oriental Plaza Tel : 886 2 8101 2000 corner Sen Gil J Puyat Avenue
No 1 East Changan Avenue, Fax : 886 2 8101 2345 Makati City, Philippines1200
Dongcheng District Andrew Liu Tel : 63 2 888 9988
Beijing 100738 Managing Director Fax : 63 2 845 2612
Tel : 86 10 8518 1633 Andrew.Liu@colliers.com David Young
Fax : 86 10 8518 1638 Managing Director
Amanda Gao David.A.Young@colliers.com
Managing Director, North China NORTH ASIA
Amanda.Gao@colliers.com
Seoul, South Korea Singapore
10F Korea Tourism Organization Bldg., 1 Raffles Place
Chengdu, China 10 Da-dong, #45-00 OUB Centre
Room L 16F City Tower Jung-gu, Seoul 100-180 Singapore 048616
86 Section One Renmin Nan Road Tel : 82 2 6740 2000 Tel : 65 6223 2323
Chengdu 610016 Fax : 82 2 318 2015 Fax : 65 6222 4901
Tel : 86 28 8620 2128 Jay Yun Dennis Yeo
Fax : 86 28 8620 2158 Senior Director & General Manager Managing Director, North Asia
Jacky Tsai Jay.Yun@colliers.com Managing Director, Singapore
General Manager Dennis.Yeo@colliers.com
Jacky.Tsai@colliers.com
Tokyo, Japan
Halifax Building 8F, 16-26, Bangkok, Thailand
Guangzhou, China Roppongi 3-Chome 17/F Ploenchit Center
702 Teem Tower, Minato-ku, Tokyo 106-0032 2 Sukhumvit Road
208 Tianhe Road Tel : 81 3 5563 2111 Klongtoey, Bangkok 10110
Guangzhou 510620 Fax : 81 3 5563 2100 Tel : 66 2 656 7000
Tel : 86 20 3819 3888 James Fink Fax : 66 2 656 7111
Fax : 86 20 3819 3899 Senior Managing Director Patima Jeerapaet
Eric Lam jfink@colliershalifax.com Managing Director
General Manager Patima.Jeerapaet@colliers.com
Eric.Lam@colliers.com
SOUTH ASIA Ho Chi Minh City, Vietnam
Shanghai, China Ho Chi Minh City, Vietnam
16F Hong Kong New World Tower Jakarta, Indonesia 7F Bitexco Building
300 Huaihai Zhong Road 10F World Trade Centre, 19-25 Nguyen Hue Street
Shanghai 200021 Jl Jenderal Sudirman District 1, Ho Chi Minh City
Tel : 86 21 6141 3688 Kav 29-31 Jakarta 12920 Tel : 84 8 827 5665
Fax : 86 21 6141 3699 Tel : 62 21 521 1400 Fax : 84 8 827 5667
Lina Wong Fax : 62 21 521 1411 Peter Dinning
Managing Director, East and South West Mike Broomell General Director
China Managing Director Peter.Dinning@colliers.com
Lina.Wong@colliers.com Mike.Broomell@colliers.com
KP Singh
Managing Director
Hong Kong, HKSAR Kuala Lumpur, Malaysia KP.Singh@colliers.com
5701 Central Plaza, c/o Mark Lampard*
18 Harbour Road Regional Director -
Wanchai, Hong Hong Occupier Services - Asia Hanoi, Vietnam
Company Licence No: C-006052
Tel : 65 6531 8601 Vinaplast - Tai Tam Building,
Tel : 852 2828 9888 Fax : 65 6557 0649 9th Floor,
Fax : 852 2828 9899 Mark.Lampard@colliers.com 39A Ngo Quyen Street
Richard Kirke * Based in Singapore Hoan Kiem District, Hanoi, Vietnam
Managing Director Tel : 84 4 220 5888
Richard.Kirke@colliers.com Malaysia information contributed by: 84 4 220 5566
C H Williams Talhar & Wong Sdn Bhd Fax : 84 4 220 1133
Piers Brunner (E-183614) 32nd Floor Menara Tun Razak Do Le Quan
Chief Operating Officer - Asia P O Box 12157 Deputy General Director
Piers.Brunner@colliers.com 50768 Kuala Lumpur Quan.Do@colliers.com
Malaysia
George McKay (E-215150) Tel : 603 2693 8888
Managing Director, Fax : 603 2693 6565/6655
Corporate Services - Asia Pacific URL: http:// www.wtw.com.my
George.McKay@colliers.com Goh Tian Sui
Managing Director
gts@wtw.com.my

EXECUTIVE SUMMARY
INDIA New Delhi, India Perth, Australia

204/205, 2nd Floor, Level 19, 140 St Georges Terrace
Bangalore, India Kanchenjunga Building, Perth WA 6000
Prestige Garnet, Level 2, Unit No.201/202 18 Barakhamba Road Tel : 61 8 9261 6666
36 Ulsoor Road, Bangalore 560 042 New Delhi 110 001 Fax : 61 8 9261 6665
Tel : 91 80 4079 5500 Tel : 91 11 4360 7500 K. Imran Mohiuddin
Fax : 91 80 4112 3131 Fax : 91 11 2335 6624 State Chief Executive
Goutam Chakraborty Prit Paul Imran.Mohiuddin@colliers.com
Office Director Office Director
Goutam.Chakraborty@colliers.com Prit.Paul@colliers.com
Sydney, Australia
Level 12, Grosvenor Place,
Chennai, India Pune, India 225 George Street
Unit 1C, 1st Floor, Heavitree Complex, Vatika Business Center, Level-5 Sydney NSW 2000
23 Spurtank Road, Chetpet, C Wing, Panchsheel Tech Park-1, Tel : 61 2 9257 0222
Chennai 600 031 Yerwada Fax : 61 2 9251 3297
Tel : 91 44 2836 1064 Pune 411 006 Malcom Tyson
Fax : 91 44 2836 1377 Tel : 91 20 4011 1356 State Chief Executive
Saravanan C Fax : 91 20 6640 3138 Malcom.Tyson@colliers.com
Office Director Suresh Castellino
Saravanan.C@colliers.com Office Director
Suresh.Castellino@colliers.com Auckland, New Zealand
Level 27, 151 Queen Street, Auckland
Gurgaon, India Tel : 64 9 358 1888
G3, NewBridge Business Centers, Fax : 64 9 358 1999
TechnoPolis, DLF Golf Course AUSTRALASIA Mark Synnott
Main Sector Road Managing Director
Sector 54, Gurgaon 122 002 Adelaide, Australia Mark.Synnott@colliers.com
Tel : 91 124 4375807 Level 10, 99 Gawler Place,
Fax : 91 124 4375806 Adelaide SA 5000
Saacketh Chawla Tel : 61 8 8305 8888 Wellington, New Zealand
Office Director Fax : 61 8 8231 7712 Level 10, 36 Customhouse Quay
Saacketh.Chawla@colliers.com James Young Wellington
State Chief Executive Tel : 64 4 473 4413
James.Young@colliers.com Fax : 64 4 499 1550 (Agency)
Kolkata, India : 64 4 470 3902 (Valuation)
Regus Business Centre Constantia, Level 6, Richard Findlay
Kolkata 700017 Canberra, Australia Managing Director
Tel : 91 33 4400 0541 Ground floor, 21-23 Marcus Clarke Street Richard.Findlay@colliers.com
Fax : 91 33 4400 0555 Canberra ACT 2601
Joe Verghese Tel : 61 2 6257 2121
Managing Director Fax : 61 2 6257 2937
Joe.Verghese@colliers.com Paul Powderly
State Chief Executive
Paul.Powderly@colliers.com
Mumbai, India
31-A, 3rd Floors, Film Centre,
68 Tardeo Road Melbourne, Australia
Mumbai 400 034 Level 32 367 Collins Street
Tel : 91 22 4050 4500 Melbourne VIC 3000
Fax : 91 22 2351 4272 Tel : 61 3 9629 8888
Poonam Mahtani Fax : 61 3 9629 8549
Office Director John Marasco
Poonam.Mahtani@colliers.com State Chief Executive
John.Marasco@colliers.com

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Asia Pacific

Office Market Overview

Regional Overview .....................................................................3

Greater China ..........................................................................4-6

North Asia ...................................................................................7

Southeast Asia ...................................................................... 8-10

India ..................................................................................... 11-12

Australasia .......................................................................... 13-16

Prime Office Rentals ................................................................17

Trends & Forecasts ............................................................. 18-19

Definitions & Terminology ................................................. 20-21

Contacts .............................................................................. 22-23

2 COLLIERS INTERNATIONAL | REGIONAL RESEARCH

COLLIERS INTERNATIONAL | REGIONAL RESEARCH 3

Beijing Capital Times Square S Beijing Huarong Infrastructure 1,291,700

60.00 6,000 MAJOR TRANSACTIONS

Shangri-la Office Tower L Pernod Ricard Group 5,400

4 COLLIERS INTERNATIONAL | REGIONAL RESEARCH

• Investment confidence strengthened during 4Q2009 and the volume of investment

Supply Take up Vacancy Rate

GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES

R&F Centre L Investment company 7,800

Rentals (US$ / sq m / Month) Capital Values (US$ / sq m)

Sale (S) Purchaser (sq ft)

Mirae Asset Tower L Jaguar 25,800

COLLIERS INTERNATIONAL | REGIONAL RESEARCH 5

Manulife Financial Centre L Insurance company 247,100

Warwick House L Insurance company 29,100

1,500 600,000 Sale (S) Purchaser (sq ft)

Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)

6 COLLIERS INTERNATIONAL | REGIONAL RESEARCH

W Tower L Interpark INT 38,400

Insong Building S KocREF CR-REITS 15 304,700

Rentals (Won / Pyung / Month) Capital Values (Won / Pyung)

TOKYO OFFICE CAPITAL AND RENTAL VALUES

30,000 6,000,000 Ote Centre Building L Staff Service 49,700

Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH 7

Supply Take up Vacancy Rate

100,000 10,000,000 The Plaza L Sime Darby 55,600

Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)

1.50 15.0% projected steady absorption rate during the period.

Rentals (Ringgit / sq ft / Month) Capital Values (Ringgit / sq ft)

8 COLLIERS INTERNATIONAL | REGIONAL RESEARCH

10,000 1.0% Makati CBD.

1,200 120,000 MAJOR TRANSACTIONS

600 60,000 Commerce & Industry Plaza L Datacom Connect 17,200

Rentals (Peso / sq m / Month) Capital Values (Peso / sq m)

15.00 1,500 Building Lease (L) / Tenant / Area

Twenty Anson L Computer Sciences Corporation 25,000

COLLIERS INTERNATIONAL | REGIONAL RESEARCH 9

BANGKOK OFFICE CAPITAL AND RENTAL VALUES

Land and office building on S TCC Group 301,400

Rentals (Baht / sq m / Month) Capital Values (Baht / sq m)

Ho Chi Minh City

Supply Take up Vacancy Rate

Rentals (US$ / sq m / Month)

10 COLLIERS INTERNATIONAL | REGIONAL RESEARCH

Supply Take up Vacancy Rate

BANGALORE OFFICE CAPITAL AND RENTAL VALUES

Maruthi Info tec L Mysis 25,000

30 3,000 Maruthi Info tec L Mercedez 20,000

Global Technology Park L LSI Logic 277,000

Rentals (Rupee / sq ft / Month) Capital Values (Rupee / sq ft)