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Asia Pacific

Office Market Overview


REGIONAL RESEARCH

Q U A RT E R LY U P DAT E | J U LY | 2 0 1 0
ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 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
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.................................................................17

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

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

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

2 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

REGIONAL OVERVIEW
On the Path to In tandem with the continued economic recovery in the region, the office market across
most centres registered further signs of growth in 2Q2010. In view of the stronger-than-
Recovery
anticipated recovery of intra-regional trade and resilient private consumption expenditure,
business confidence among most office occupiers strengthened. From the human resources
perspective, the growth was evident in the increasing positive hiring expectations in the
private sector, according to a hiring expectations survey undertaken by Hudson in 2Q2010.
The findings of the survey suggested that overall hiring expectations continued to rise in
a number of key centres in the region, with over two-thirds of the respondents engaged in
the banking and financial services planning to increase their headcounts in 2Q2010.

Leasing Trends The overall office leasing demand in the region showed no signs of abating in 2Q2010,
despite the imminent threat of a sovereign debt crisis in Europe. Led by occupiers engaged
in the financial services sector, leasing demand was particularly strong in certain centres
with a high financial services component, such as Hong Kong and Singapore. A number
of companies took advantage of competitive rental offers in the markets by committing to
additional space for headcount expansions in the future. For example, in Singapore, Barclays
Capital which recently pre-committed to take 250,000 sq ft in the Marina Bay Financial
Centre (MBFC) Tower 2, further committed to take up an additional 100,000 sq ft in the
same building in 2Q2010. In India, occupational demand was particularly strong in the
aerospace, IT and auto sectors. In Hong Kong, AXA leased 180,000 sq ft in Landmark East
in 2Q2010, after having committed to about 30,000 sq ft in Exchange Tower in the same
sub-market in March 2010. With sustained absorption, average office rentals in the region
picked up additional momentum, with a growth of 1.4% quarter-on-quarter in 2Q2010.

Sales Market On the sales front, overall buying interest remained strong in 2Q2010. In addition to high-
net-worth private investors, there were signs that institutional investors started returning
to the market in 2Q2010, thanks to the continued growth in occupational demand and
concrete signs of rental increases over the past few quarters. In Hong Kong, a Singaporean
real estate investment fund acquired Manulife Tower for a total consideration of US$288
million (HK$2.25 billion). Meanwhile, institutional players in Brisbane became active in
2Q2010 after staying on the sidelines for the past one and a half years.

Market Outlook Looking forward, we expect that office demand fundamentals will remain solid in the region
over the next 12 months given the prospective economic growth and the sustained hiring
expectations in the private sector. Although individual centres currently in the midst of their
supply cycle might see slow rental growth, the anticipated catch-up of the non-finance sector
will take the leasing market in the region to the next stage of rental increase. Meanwhile,
overall investment demand is expected to strengthen further given the positive scenario
of a low interest rate environment and accelerating rental growth, and, more importantly,
the return of institutional players over the near to medium term.

Colliers International | REGIONAL RESEARCH 3


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

c h ina
Beijing
• In 2Q 2010, Office Park Tower C in the CBD area was completed, injecting 52,737 sq
m of new office space into the market. Consequently, the total stock of Grade A office
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property exceeded 4.6 million sq m as at the end of 2Q 2010.
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• Due to robust leasing demand from both MNCs and domestic enterprises and a net
positive absorption rate of 129,175 sq m, the average office vacancy rate edged down 1.85
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percentage points to 14.43% as at the end of 2Q2010. The demand stemmed from new

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leases, relocations and renewals, with several representative examples such as BMW’s
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renewal of 12,000 sq m in Gateway Plaza, King & Wood and Panasonic’s commitments
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to 9,000 sq m and 7,000 sq m respectively in the World Financial Centre and Office
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���� Park Tower C.
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• Average rent in the Beijing Grade A office market grew by 3.92% quarter-on-quarter
(q-o-q) to RMB173.03 per sq m per month as a result of the adjustments of landlords’
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leasing strategies from maintaining the occupancy rate to optimising tenant quality and
maximising rental income.
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• The investment market was active, as evidenced by at least two sales transactions concluded
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during 2Q 2010 by a domestic financial institution and a global investor.
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MAJOR TRANSACTIONS
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Building Lease (L) / Tenant / Area
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Sale (S) Purchaser (sq ft)
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Gateway Plaza L BMW 129,200


���������������������������� ��������������������������� World Financial Centre L King & Wood 96,900
Office Park Tower C L Panasonic 75,300
Pingan International Financial Centre L Polycom 47,400
Metropolis L Cadence Electronics 43,100
Hyundai Motor Tower L Lafarge 25,800
Raffles City L National Oilwell Varco 25,800
China Central Place L AECOM 23,700
Fortune Resource International Centre L Founder Securities 16,100
China Overseas Plaza L OMRON 12,900
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Chengdu
• The Chengdu Grade A office market continued to stay on its upward trend with a steady
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increase in rentals during 2Q 2010. With the overall rate at 14.61%, the average rental
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was at RMB109.43 per sq m per month as of 2Q2010.
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• Major tenants are principally located along South Renmin Road. Individual tenants
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have been looking to expand and the latest example was the commitment by Chengdu
������ ������� ������������ Forte to take 1,800 sq m of office space at Lippo Plaza during 2Q2010.

• There were no completions of major Grade A office buildings in Chengdu recorded


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in 2Q2010. Scheduled for completion in 3Q2010, Grade A office units in Yanlord
Landmark and One Aero Space Center have already been offered for pre-lease. Given
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the new office supply of over 130,000 sq m, the market will face a greater challenge in
������ ������ absorption rate going forward. On the sales front, the average transacted price increased
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slightly to RMB15,500 per sq m as of 2Q2010.
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����� ����� MAJOR TRANSACTIONS


����� ����� Building Lease (L) / Tenant / Area
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Sale (S) Purchaser (sq ft)
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Lippo Plaza L Chengdu Forte 19,400
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4 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

c h ina
Guangzhou
• There was only one Grade A office building - Poly Centre comprising a total floor area
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of 66,370 sq m - released in the market during 2Q2010.

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• In tandem with the sustained economic growth, office leasing dominated, with a number
���� ����� of sizeable companies active during 2Q2010. The average vacancy fell to 15.2% by the
end of 2Q2010.
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���� ����� • The average Grade A office rental was steady at RMB134 per sq m per month as at the
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end of 2Q2010.

���� ���� • Looking ahead, a total of over 220,000 sq m new office space will be launched in 3Q2010.
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With a dramatic increase in new stock, the vacancy rate is anticipated to rise over the
near term.

������������������������������������������ MAJOR TRANSACTIONS


������ ������
Building Lease (L) / Tenant / Area
������ ������
Sale (S) Purchaser (sq ft)
������ ������ R&F Centre L Wm Wrigley Jr. Company 64,600
������ ������ China International Plaza L DHL-Sinotrans International Air 23,700
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Courier Ltd.
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����� ������ Poly Centre L Zhanjiang Commercial Bank 39,500


����� ����� Poly Centre L Guangzhou Yu De Long Trade Co., Ltd. 26,900
����� ����� Poly Centre L Guangzhou Love37 Clothing Co., Ltd. 19,400
���� � Poly Centre L CITIC Securities 12,900
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Poly Centre L Guangdong Ying De Feng Financing 10,800


Guarantee Co., Ltd.
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Shanghai
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• Wheelock Square was added to the Grade A office market during 2Q2010. However,
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with a significant absorption rate in 2Q2010, the average vacancy rate was virtually
���� ����� unchanged during the period.
���� �����
• Strong leasing activity was witnessed across the board in 2Q2010. As a result individual
������������
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���� ����� landlords became slightly more aggressive with their leasing terms leading to a rise in
the effective rental rate.
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���� ���� • Pudong performed better than Puxi across all key market indicators, primarily due to a
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lack of new supply and the continued strong leasing demand attributed to the financial
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services sector.

• In anticipation of an increase in new supply over the next 18 months, vacancy rates are
forecasted to rise during this period, while rental rates will pull back slightly.
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MAJOR TRANSACTIONS
����� ������ Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq ft)
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Platinum S Hong Kong-listed Company 466,600


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���� ������ Wheelock Square L Lufthansa 11,800


Wheelock Square L Hitachi 48,400
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SOHO L B+H Architects 16,100
���� � DBS Tower L Blackstone 10,800
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Diamond Exchange L Ai Jian Securities 75,300

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Colliers International | REGIONAL RESEARCH 5


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

Hong Kong
• The local Grade A office leasing market was virtually immune from the threat of the
outbreak of a debt crisis during 2Q2010 as solid occupational demand, attributed
����������������������������������������������� principally to the financial services sector, continued to buoy the market.
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���� ���� • Without a major new supply of office stock in the primary market, prospective tenants
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continued to focus on the available stock for lease in the secondary markets. With a
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positive market absorption, the overall average vacancy rate in the market edged down

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���� ���� 100 basis points to 5.0% in 2Q2010.


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• Overall, office rentals saw a growth of 8.4% q-o-q in 2Q2010 amid the continued
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strengthening of occupational demand. Central continued to deliver an exceptionally
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strong rental growth of 13.9% q-o-q during the period.
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• Given the solid demand fundamentals, our rental prediction remains unchanged at
20% over the next 12 months. However, with the continued narrowing of the rental
������������������������������������������
difference between Kowloon East and other sub-markets on Hong Kong Island, the pace
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of major relocations looks set to take a breather over the near term.
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����� ������ MAJOR TRANSACTIONS


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Building Lease (L) / Tenant / Area


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Sale (S) Purchaser (sq ft)
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CITIC Tower L Finance company 14,500
The Lee Gardens L Watch and jewellery company 15,600
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Exchange Tower L Nike 84,000
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Landmark East L AXA 180,000


Kowloon Commercial Centre L Logistic company 60,100
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Fortis Centre S Hong Kong Housing Society 289,540
The Broadway S Glorious Sun Enterprises 65,577
Manulife Tower S Singapore real estate fund 384,000

taiwan

Taipei
• The economic environment continued to improve due to the performance of both
�������������������������������������������� exports and private consumption, and growing investment in the private sector. The
������ ����� 2010 GDP in Taiwan has been recently revised upward to 6.14%.
������ �����

������ ����� • No new supply was added to the market in 2Q2010. However, with the relocation and
������ ����� consolidation of finance and life insurance companies, the net negative absorption
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bought the average vacancy rate up from 13.04% in 1Q2010 to 13.50% in 2Q2010.
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• With an increase of leasing stock during 2Q2010, asking and effective rental rates
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���� ���� ���� ������ ������ decreased to NT$2,781 per ping per month and NT$2,452 per ping per month
������ �����
respectively during 2Q 2010.
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• Looking forward, with the signing of the Economic Cooperation Framework Agreement
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(ECFA), an overall positive absorption is anticipated in 2010. However, with plentiful
����� ��������� supply in the market, rentals will remain largely flat during the second half of 2010.
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MAJOR TRANSACTIONS
����� �������
Building Lease (L) / Tenant / Area
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����� ������� Sale (S) Purchaser (sq ft)


����� ������� City Link L Tai Airways International Public 12,500
Company Ltd., Taipei Branch
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Exchange Square Two L Victrex Manufacturing Limited 2,200
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Exchange Square Two L Network Appliance Inc. 3,700
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TAIPEI 101 L Sinochem 3,600


TAIPEI 101 L Google 3,600
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6 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

sout h korea
Seoul
• Prime office rentals increased 0.57% QoQ in the CBD and 0.87% QoQ in the YBD
in 2Q 2010. However, GBD bucked the trend with a fall of 0.14% QoQ during the
������������������������������������������� period.
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• Vacancy in the CBD area was 6% in 2Q 2010, but it is anticipated to rise to 7% by the
������� ���� end of 2010 due to an increase of new supply. Vacancy in GBD and YBD increased
������� ����
slightly in 2Q 2010. With the prospective increase in new supply, the leasing market in

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Seoul will continue to be a tenant market.
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• There were five Grade A office sales transactions concluded during 2Q 2010 including
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some strata-title sales since most domestic pension funds and equity capital have been
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focusing on overseas opportunities. Sales prices were approximately 5% lower compared
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with their valuation in 1Q 2010.

MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
��������������������������������������
Sale (S) Purchaser (sq ft)
������� ���������� Samsung-dong Building L iMarket Korea 69,400
STX Tower L Lilly Korea 58,000
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KTB Network L Kyobo Life Insurance 55,300
������� ���������� KTB Network L Mannatech Korea 23,800
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Mirae Asset A Tower L Korea Southern Power Co., Ltd. 39,900


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Gangnam Finance Center L Korea Technology Investment 24,400
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Corp. (KTIC)
Eugene Securities Building S Public Officials Benefit 435,300
� � Association (POBA)
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Gateway Tower S Dongbu Insurance 432,000


Platinum Tower S Hana Bank 39,200
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Samsung Jaeil Building S Busan Bank 134,200

japan
Tokyo
• Relocations to new premises showed signs of increasing after twenty-four months of
limited activity.
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• The office market saw vacancy approaching 9%, but the rate of increase slowed.
������� �����

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������� ���� • A number of new developments were completed with very low levels of commitment.
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Individual schemes struggled to achieve acceptable occupancy levels even one year or
������������

more after completion.


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• Extended free rent periods of twelve months or more has become common for larger
������ ���� relocations.
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• Landlords of high vacancy properties have been offering greater incentives to stimulate
relocations.
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• Many leases signed or renewed from 2006 to 2009 are now or soon will be over-market.
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There will be more opportunities for tenants to negotiate rents down on existing
������ ����������
leases.
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MAJOR TRANSACTIONS
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Building Lease (L) / Tenant / Area


������ ���������
Sale (S) Purchaser (sq ft)
������ ���������
Minato Mirai Center Building L Lenovo Japan 71,000
� � Akasaka 2-3 Project L Tokyo Star Bank 88,750
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Harumi Front Tower Project L Tokyo Mitsubishi UFJ Bank 355,000


Shin Maru Building L Asahi Glass 142,000
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Ote Center Building L AFLAC 35,500

Colliers International | REGIONAL RESEARCH 7


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

indonesia
Jakarta
• Occupational demand showed further growth during 2Q 2010, following the recovery
������������������������������
trend set in 3Q 2009. Office inquiries came mostly from existing tenants with expansion
�������������� plans or relocations.
������� �����

• Office developments under construction are anticipated to finish on schedule.


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• Strata-title office prices increased 1.25% QoQ to Rp17 million per sq m in 2Q 2010.

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Transactions were active in both the CBD area and outer CBD areas.
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• Office rental rates are expected to edge up over the next 12 months.
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MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
����������������������������������������
Sale (S) Purchaser (sq ft)
������� ���������� Citibank Tower 3rd Floor L Bentoel Prima Office 12,900
������� ���������� Gedung Sarana Jaya L US Embassy 139,900
������� ����������
Wisma Pondok Indah II L Michelin Office 5,400
������� ����������
������� UOB Plaza L ISGS 4,300
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������� ���������� Equity Tower L Trikomsel 21,500


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Equity Tower L Sucorinvest 21,500
������ ���������
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Wisma 46 L MSD Office 7,500
������ ��������� Menara Cakrawala L Bank Permata 2,200
� �
Atrium Setiabudi L Bank Permata 2,200
�������
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malaysia
Kuala Lumpur
• The forthcoming new developments scheduled for completion during 2010 - 2011 are
����������������������������������� anticipated to stay well above the historical average.
��������������

���� ����� • Office leasing activity picked up in 2Q2010 but yet to catch up with the increase in new
���� ����� supply during 2Q2010. Vacancy rate continued to edge up during the period.
���� �����
• Lured by attractive rental rates, more tenants are expected to relocate to brand new and
������������
�������������

���� �����
refurbished office buildings in the second half of 2010. Vendors of older buildings are
���� �����
going to see strong competition for tenants.
���� ����

���� ���� • Looking forward, prime office rental and capital values are expected to remain stable
���� ���� ���� ������ ������
during the second half of 2010.
������ ������� ������������

MAJOR TRANSACTIONS
��������������������������������������������� Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq ft)
����� �����
Wisma Times S Johor Land Bhd *171,611
���� ���

���� ��� Surian Tower L Procter & Gamble (M) Sdn Bhd 15,000
���� ��� Wisma 2430 L T Systems (M) Sdn Bhd *14,998
���
��������������

����
1 Nagasari L Lion Group 100,000
�������

���� ���

���� ���
Menara Olympia L GRI Marketing 14,000
���� ���
* Concluded by WTW
���� ���

���� ���

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���������

��������������������������������� ��������������������������������

8 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

p h ilippines
Manila
• New inquiries for office space remained steady in 2Q 2010. Demand largely came from
��������������������������������������������
newcomers and existing tenants going for expansions.
������� �����

������� ����� • Demand for Grade A buildings in Makati CBD and other locations picked up in 2Q 2010.
����
������
With significant vacancy in a number of premium buildings in Makati CBD, landlords
������ ����

������������
offered competitive terms in order to fill the space vacated by outgoing BPOs.
����

������ ����

������ ����
• Developers have pushed ahead their new schemes in view of the growing absorption in
� ����

�������
���� ���� ���� ������ ������
�����
the marketplace, particularly in the alternative business districts of Metro Manila.
������� �����
• Office capital values showed initial signs of recovery as investors anticipate 5% to 10%
������ ������� ������������
rental growth to happen before the end of 2010.

���������������������������������������
MAJOR TRANSACTIONS
����� �������
Building Lease (L) / Tenant / Area
����� ������� Sale (S) Purchaser (sq ft)
��� ������
8 / 10 Upper McKinley Road L Cognizant Technology Philippines 49,600
��������������

One World Square L Modern Imaging Solutions, Inc. 7,900


�������

��� ������
Commerce and Industry Plaza L Factset Philippines, Inc. 17,200
��� ������
Fort Legend Towers L Goodyear Philippines 8,400
��� ������

� �
�������
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���������

����������������������������� ����������������������������

singapore
Singapore
• The average monthly gross rents of Grade A office space in the CBD increased by 6.1%
QoQ to S$6.77 per sq ft per month as of the end of June 2010. Besides the flight to
��������������������������������
�������������� quality, the increase in rents can also be attributed to companies taking advantage of
���� �����
the competitive rental rates by taking up more space to cater for an expected future rise
in headcount.
���� �����

���� �����
• For example, ANZ Bank, which now occupies slightly more than 100,000 sq ft at One
������������
�������������

Raffles Place, is understood to have signed a lease for 209,000 sq ft at Ocean Financial
���� �����
Centre (OFC) in the Raffles Place / New Downtown micro-market that will be completed
���� ���� in 1Q 2011. Barclays Capital, which has already pre-committed to 250,000 sq f at Marina
���� ����
Bay Financial Centre (MBFC) Tower 2, increased its space commitment in the same
���� ���� ���� ������ ������
building by a further 100,000 sq ft.
������ ������� ������������

• The positive economic outlook for 2010 is expected to boost demand for office space
further. However the financial woes in the Europe Zone could have a drag on the
������������������������������������������
economy if it worsens or is not contained. On balance, the office market is expected to
����� �����
see a moderate improvement of around 10% in rents for the second half of 2010.
����� �����

����� �����
��������������

MAJOR TRANSACTIONS
�������

����� �����
Building Lease (L) / Tenant / Area
����� �����
Sale (S) Purchaser (sq ft)
���� ��� Ocean Financial Centre L ANZ Bank 209,000
���� �
Marina Bay Financial Centre Tower Two L Barclays Capital 100,000
Ocean Financial Centre L Drew and Napier LLC 93,000
�������
�������
�������
�������
�������
�������
�������
�������
�������
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���������
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���������
���������
���������
���������

Marina Bay Financial Centre Tower Two L Prudential Asset Management 37,000
������������������������������������ ����������������������������������� 71 Robinson L Sungard Systems 30,000
Millenia Tower L Commonwealth Bank of Australia 18,000
Keppel Bay Tower L BMW Group Asia 18,000
Parkview Square L Professional Investment Advisory Services 15,000

Colliers International | REGIONAL RESEARCH 9


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

THAILAND
Bangkok
• The recent protests in April and subsequent rioting in May has dampened sentiment
in the city. As such, the leasing market remained subdued during 2Q 2010.
���������������������������������������������

������� ����� • No new supply was added in 2Q 2010 but there will be around 78,000 sq m scheduled
������ �����
������ �����
for completion in the second half of 2010.
������ �����
������ �����
• Some market activity was brisk in 2Q 2010. Individual companies relocated their offices

������������
����

������ �����

������ ����� away from the affected area as the short-term solution to maintain their operations.
������ ����

������ ����
• The dynamics of the office market could see further changes over the near term since
������ ����

� ���� a number of businesses started looking to set up their back-up offices by splitting their
���� ���� ���� ������ ������
operations into two locations to provide protection in the event of continued unrest.
������ ������� ������������

����������������������������������������
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
����� ������� Sale (S) Purchaser (sq ft)
����� ������� United Center L Pfizer (expansion) 21,500
����� ������� United Center L Gold Future 6,500
Vibulthani Tower L MTC Thailand Co., Ltd. 7,500
��������������

��� ������
�������

��� ������ Vibulthani Tower L Esso (Thailand) Plc 14,400


��� ������
Silom Complex L Country Group Securities Plc 6,200
��� ������

� �
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�������
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���������

����������������������������� ����������������������������

vietnam

Ho Chi Minh City


• GDP returned to its pre-crisis level in 2Q 2010 and the overall office occupancy rates
remained high. However, the market was challenged as supply continued to outstrip
�������������������������������������
demand. Rentals were soft and the Grade A sector saw the steepest decline during 2Q
2010.
��

��
• With the completion of The Vincom Plaza, a total of 76,000 sq m of new floor area
��
was introduced into the market at a competitive rental of US$37 per sq m per month.
��
Meanwhile, the Financial Tower with a total of 37,710 sq m is scheduled for completion
�������

��
in 2010.
��

��
• At the top-tier of the market, Kumho Plaza, a Grade A development designed to

international specifications, has been offered at an average rental of US$55 per sq m
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������

per month.
����������������������������

MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq ft)
Kumho L Thang Long JOC 9,200
Kumho L ANZ 9,100
Kumho L MSD 4,700
Kumho L Akzo Nobel 4,700
Kumho L LevelOne 4,600
Kumho L Masan Group 4,600
Kumho L Shell 4,600
Kumho L Thai Thinh 4,000
Kumho L Debenhams 3,600
A & B Tower L Electrolux 3,000

10 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

INDIA
Bengaluru (formerly Bangalore)
• Office project completed in 2Q 2010 included Vrindavan Tech Village located at Outer
Ring Road, contributing approximately 0.9 million sq ft to the total stock.
�����������������������������������������������

����� ����� • Two new projects were launched in Bengaluru. They were Bagmane Commerce II at
����� ����� CV Ramanagar and Stand Alone Building at Hebbal.
���� �����
• The overall office space absorption and the number of outright sale transactions showed

������������
�������������

���� �����
further signs of improvement thanks to the prevailing lower rentals and improving market
���� ����
sentiment. Occupational demand was particularly strong in the IT and auto sectors.
���� ����

���� ���� • Both rental and capital values in most sub-markets of Bengaluru remained stable despite
���� ���� ���� ������ ������
an overall increase in the number of transactions.
������ ������� ������������

MAJOR TRANSACTIONS
������������������������������������������
Building Lease (L) / Tenant / Area
�� ����� Sale (S) Purchaser (sq ft)
�� ����� BPL Towers L Elken 30,000
�� ����� The Estate L System Advisories 16,000
�� �����
Embassy Icon L Hexawear Technologies 25,000
��������������
�������

�����
��
Stand Alone Building S MACHINE TOOLS INDIA 5,000
�� �����
Stand Alone Building L Semler Research Center Pvt. Ltd. 30,000
�� �����
Stand Alone Building L Crossdomain 40,000
�� �����
RMZ NXT L Schneider Electrical 70,000
� �
Prestige Meridian L Infragistics India Pvt. Ltd. 3,000
�������
�������
�������
�������
�������
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���������
���������
���������

Uthkarsha L Commerce Velocity 4,000


������������������������������� ������������������������������

Chennai
���������������������������������������������
• There were about 2 million sq ft of new office space added to the total inventory in 2Q
����� �����
2010. Most of this was in the form of IT / ITES office space, thus keeping vacancy rate
����� �����

����� �����
at a high level despite an improvement of absorption.
����� �����
������������

• Rental and capital values for IT / ITES prime office space were stagnant during 2Q 2010
�������������

���� �����

���� ����� due to high vacancy levels and large upcoming supply across most micro-markets.
���� ����

���� ���� • In a recent decision, the Tamil Nadu Government approved uniform guidelines of
����
���� ���� ���� ������ ������
���� Development Control Regulations (DCR) regarding multi-storey buildings, special
������ ������� ������������
buildings, group developments, layouts and subdivisions. The areas affected by the
new regulations include Trichy, Madurai, Tirunelveli, Thoothukudi, Salem, Erode,
Coimbatore, Tirupur, Vellore and suburban areas falling in Kancheepuram and
Tiruvallur districts in Tamil Nadu.
����������������������������������������

�� ����� MAJOR TRANSACTIONS


�� ����� Building Lease (L) / Tenant / Area
�� ����� Sale (S) Purchaser (sq ft)
�� ����� Shreyas L Cevin Care 16,000
��������������
�������

�� ����� DLF Building L Cognizant Technologies 200,000


�� ����� Shreyas L Dalkia 8,000
�� ����� RMG Complex L SBB Constructions 12,000
�����
�� Samson IT Park L Tata Consultancy Services 20,000
� �
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������������������������������� ������������������������������

Colliers International | REGIONAL RESEARCH 11


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

INDIA
Mumbai
• About 2.5 million sq f of prime office space was added to the city’s Grade A office
inventory in 2Q 2010. Most of this new supply was located in SBD and PBD, such as
��������������������������������������������
Andheri, Bandra Kurla Complex, Lal Bahadur Shastri Marg and Thane. Rental and
����� ����� capital values for both IT and non-IT office space remained stable during 2Q 2010.
����� �����
• In line with Central Legislation, the Building and the Other Construction workers Cess
����� �����
Act, 1996, the Maharashtra Government decided to charge 1 per cent labour cess on

������������
�������������

���� �����
construction cost of all new public and private projects.
���� ����

���� ���� • In a recent notification, the state urban development department decided to amend
���� ���� regulation 33(1) of the Development Control Rules 1991, and to provide 25% more
���� ���� ���� ������
floor space index (FSI) to developers if they agree to construct a road on a portion of
������ ������� ������������
the land that they have surrendered to the Brihanmumbai Municipal Corporation.

���������������������������������������
MAJOR TRANSACTIONS
��� ������ Building Lease (L) / Tenant / Area
��� ������ Sale (S) Purchaser (sq ft)
��� ������ Lotus Midtown S Edelweiss 200,000
HCC Park L Siemens 100,000
��������������

��� ������
�������

��� ������
Sun Infotech Park S India Infoline 115,000
��� ������
Kaledonia L State Bank of India 20,000
Raj Plaza L Cipla 20,000
�� ������
Rustomjee Nataraj L Canon 15,000
� �
Rustomjee Nataraj L Amway 15,000
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
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���������
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���������
���������
���������
���������

������������������������������� ������������������������������

New Delhi
�����������������������������������������������
• Rentals for Grade A office space across all CBD and SBD witnessed an increase of 2-3%
����� �����
QoQ during 2Q 2010. However, rentals in PBD remained stable in 2Q 2010 due to the
����� �����
availability of plentiful supply.
���� �����
������������
�������������

���� ����� • New supply of approximately 1.6 million sq ft was added to the city’s existing inventory.
���� ����
About 0.4 million sq ft was in CBD and 1.2 million sq ft was completed in Gurgaon and
����
Noida. The vacancy level in CBD witnessed a decrease in 2Q 2010. However, vacancy
����
in SBD and PBD areas remained largely unchanged.
���� ����
���� ���� ���� ������ ������

������ ������� ������������ • Capital values increased 3% to 4% across all micro-markets during 2Q 2010.

• Due to the forthcoming Commonwealth Games, the infrastructure of the city has
been improving noticeably. It is hoped that all the infrastructure work related to the
������������������������������������������ Commonwealth Games will be completed soon.

��� ������

��� ������ MAJOR TRANSACTIONS


��� ������
Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq ft)
��������������

��� ������
�������

Times Tower L Sony Ericsson 12,000


��� ������
ITT Building L Louis Vuitton 5,500
��� ������
Baani Corporate One L Hyundai 50,000
�� �����
Salcon Rasvilas L Max Bupa 20,000
� �
DLF Silokhera L Max 25,0000
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������

Golf Course Road (next to Amex) L Remfry Sagar 200,000


Golf Course Road (next to Amex) L Amway 100,000
������������������������������� ������������������������������
Unitech Infospace SEZ L E-value Serve 50,000
Chimes L Contract Advertising 20,000
DLF Cyber City L Protivity 17,000

12 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

AUSTRALIA
Adelaide
• No new supply option is anticipated until at least 2012/2013. Overall vacancy rate will
����������������������������������������������
remain low as tenants resort to existing stock.
������ ����

������ ���� • After reaching a high of 7.6% in January 2010, vacancy is expected to fall to between
������ ���� 6.5% and 7.0%.
������ ����

������������
����

������ ���� • Lease incentives will be scaled back in the second half of 2010, while rentals are going
������ ����
to remain solid during the period.
������ ����

������ ����
• An increase in the number of market opportunities will continue, particularly in the
� ����
���� ���� ���� ������ ������ price bracket below AU$20 million where investment demand is the greatest.
������ ������� ������������

MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
�����������������������������������������
Sale (S) Purchaser (sq ft)
��� ����� 45 Grenfell Street S Private Investors 139,700
��� �����
1 King William Street S Record Funds Management Pty Ltd 221,400
��� �����
12-26 Franklin Street L Australian Taxation Office 322,900
22 King William Street L State Government 17,200
��������������

��� �����
�������

��� �����

��� �����

��� �����

� �
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
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���������
���������
���������
���������
���������
���������

����������������������������������� �����������������������������������

Brisbane
����������������������������������������������
• According to the Property Council of Australia, the average vacancy rate for the combined
������� �����

�����
Premium and Grade A office market edged down from 12.6% in July 2009 to 8.8% in
�������

������� ����� January 2010.


������� �����
������������

������� �����
• Demand for brand new and Green Star rated office buildings remained firm in 2Q
����

������ ����

������ ����
2010. Overall occupancy rates were generally above 90%.
������ ����

������ ���� • Institutional investors showed signs of making a comeback to the market after staying on
����

���� ���� ���� ������ ������ the sideline for the past 18 months. Meanwhile, investors continued to be constrained
������ ������� ������������ by the lack of sufficient financing.

• It is anticipated that 38,000 sq m of brand new office space in CBD will come online
in 2010. Another 64,000 sq m will be available in 2011.
�����������������������������������������
• Net office rents are expected to stabilise over the next six to 12 months.
����� ������

����� ������
MAJOR TRANSACTIONS
��� �����
Building Lease (L) / Tenant / Area
��������������

Sale (S) Purchaser (sq ft)


�������

��� �����

��� �����
10 Market Street S GDI property Group 73,700
275 George Street S K-Reit Asia (Australia) Trust 449,300
��� �����
145 Ann Street S Commonwealth Office Property Fund 297,300
� � Central Plaza Two L AIRC 15,200
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������

Central Plaza One L Hudson 10,800


Waterfront Place L Verizon 6,300
����������������������������������� �����������������������������������

Colliers International | REGIONAL RESEARCH 13


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

AUSTRALIA
Canberra
���������������������������������������������� • The top-tier office market in Canberra during 2Q2010 remained resilient but the
������� �����
secondary market was mixed due to less certainty.
������� �����
• Supported by positive market sentiment, investment demand for office properties was
������� �����
stable in 2Q 2010. However, there was no conclusion of a major investment deal during

������������
������ ����
the period.
����

������ ����

������ ����
• There has been a surge in new supply on the western side of the Canberra CBD with the
������ ����
completion of 50 Marcus Clarke Street (40,000 sq m fully pre-leased) and 121 Marcus
� ����
���� ���� ���� ������ ������ Clarke Street (26,000 sq m).
������ ������� ������������

• Tenants continued to command strong bargaining positions in both the primary and
secondary market.
�����������������������������������������
• The mandatory disclosure of environmental ratings has now been introduced and should
��� �����
assist investors and tenants to make informed choices.
��� �����

��� �����

��� �����
MAJOR TRANSACTIONS
��������������

Building Lease (L) / Tenant / Area


�������

��� �����

��� ����� Sale (S) Purchaser (sq ft)


��� ����� 60 Marcus Clarke Street L St George Bank 14,200
��� ����� Sirius Building L CoA - DoHA 495,200
� � 50 Marcus Clarke L CoA - DEEWR 428,600
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������

40 Bunda Street L ActewAGL 86,400

����������������������������������� �����������������������������������

Melbourne
• Docklands remained the focus for development within the Melbourne market primarily
due to availability of land and the ability of corporate occupiers to develop purpose built
premises in 2Q 2010.
�����������������������������������������������

������� ����� • There was about 57,800 sq m of new supply completed in the first quarter of 2010. The
������� ����
two new buildings at Docklands, namely 400 Docklands Drive (13,650 sq m) and 800
Collins Street (Myer) (28,650 sq m), contributed to the bulk of the supply. However,
����
������������

�������
there will be very limited supply in the CBD during 2011 and 2012.
����

������� ����

• Major pre-commitments in 2010 included ATO (38,000 sq m) and Melbourne Water


������ ����
(12,000 sq m).
� ����
���� ���� ���� ������ ������
• According to our research, Melbourne CBD Office market is expected to have strong
������ ������� ������������
rental growth over the next 12 to 18 months. Improving occupational demand together
with expectations of rental growth will bode well for the CBD investment market in the
second half of 2010. Further yield compression is expected in 2010.
������������������������������������������

��� �����

��� �����
MAJOR TRANSACTIONS
��� �����
Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq ft)
��������������

��� �����
�������

356 Collins Street S Undisclosed 77,600


��� �����
171 Collins Street S (50% share) Cbus Property 49,100
��� �����
290 LaTrobe Street S Shesh Ghale 107,600
��� �����
530 Collins Street L AEMO 54,200
� �
717 Bourke Street L AHAC 45,000
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������

1000 LaTrobe Street L Melbourne Water 129,200


360 Elizabeth Street L MacMillan Shakespeare 39,800
����������������������������������� �����������������������������������
181 William Street L WHK 32,600
525 Collins Street L Thomson Playford Cutlers 28,600
530 Collins Street L Mills Oakley Lawyers 37,700

14 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

AUSTRALIA
Perth
������������������������������������������� • The office leasing market in Perth remained largely stable in 2Q 2010. Transactions of
������� �����
small to medium size deals (below 3,000 sq m) were popular. However, large transactions
������� �����
were slow during the period.
������ ����
• Office rental was stable in 2Q 2010, while there was an increase in the level of lease

������������
������ ����

incentives.
����

������ ����

������ ����

� ����
• There was no major office investment sale in the CBD during 2Q 2010.
���� ���� ���� ������ ������
������� �����
• Average office capital values experienced a marginal increase during 2Q 2010. Average
������� �����

������ ������� ������������


investment yields for prime offices slightly contracted.

��������������������������������������
MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
����� ������
Sale (S) Purchaser (sq ft)
��� �����

��� �����
Quayside on Mill, 2 Mill Street L Barrick Gold Ltd 26,900
��� ����� Exchange Plaza, 2 The Esplanade L Sundance Resources Ltd 11,200
����� 66 St Georges Terrace L Acergy Australia Pty Ltd 21,700
��������������

���
�������

��� �����
Central Park, 152 St Georges Terrace L DLA Philips Fox 28,000
��� �����

��� �����

��� �����

��� �����

� �
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������

����������������������������������� �����������������������������������

Sydney
• Face office rents remained stable in 2Q 2010. Lease incentives began to decline and
edged close to the long-term average as demand improved.

��������������������������������������������
• Yield compression eased in 2Q 2010 since rental growth was flat and individual investors
������� ����� became more cautious. Generally, overseas investors and high net-worth private investors
������� ����
remained the most active during the period.

������� ����
• Due to a lack of new supply and steady occupational demand, vacancy rates are
������������
����

������ ���� anticipated to edge down slightly in 2010. However, the rate will increase when new
� ����
supply enters the market in mid 2011.
���� ���� ���� ������ ������

������� �����
• Due to the uncertainty in the global economy, individual tenants might turn cautious
�������� ����� and vacancy rates will go flat in the second half of 2010.
������ ������� ������������

MAJOR TRANSACTIONS
���������������������������������������
Building Lease (L) / Tenant / Area
����� ������ Sale (S) Purchaser (sq ft)
��� �����
12 Castlereagh Street S Sydney Metro 78,400
��� �����
��� ����� 56 Clarence Street S Heathley Diversified Property Fund 55,600
��� 725-731 George Street S Private Investor 33,600
��������������

�����
�������

��� �����
420 George Street L Virgin Active 48,400
��� �����
��� �����
135 King Street L Russell Investment 26,200
��� ����� 56 Pitt Street L Suncorp 23,300
��� �����
� �
�������
�������
�������
�������
�������
�������
�������
�������
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�������
�������
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���������
���������
���������
���������
���������

����������������������������������� �����������������������������������

Colliers International | REGIONAL RESEARCH 15


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

NEW ZEALAND
Auckland
• Auckland CBD office vacancy declined slightly to 10.6% in 2Q 2010 from 11.5% in
����������������������������������������������
December 2009. The overall CBD office vacancy is expected to climb to around 16%
������ �����
in 2013/2014.
������ �����

������ �����
• The anticipated rise in CBD office vacancy is anticipated to be caused by corporate
������ �����
downsizing or companies leaving their existing offices over the next few years. For

������������
����

������ ����

����
example, the former BNZ tower at 125 Queen Street was vacant following the bank’s
������

������ ����
moving across the road to the Deloitte Centre. ASB Bank committed to 18,000 sq m
������ ���� at the Wynyard Quarter development, thus leaving several locations in the CBD vacant
� ���� in 2013.
���� ���� ���� ������ ������

������ ������� ������������


• Investment activity remained weak in 2Q 2010. Yields continued to ease in both prime
and secondary grade office precincts but premium grade assets continued to hold firm
�����������������������������������������
at 7.50% to 8.25%. The latest deal was the sale by Brookfield Multiplex of the Deloitte
Centre at 80 Queen Street to a private New Zealand investment group for NZ$177
��� �����
million, or an initial yield of 7.60%.
��� �����

��� ����� • Overall, demand in the Auckland CBD office market is expected to remain subdued
��������������

over the remainder of 2010. Net effective rents will remain weak with a rise in lease
�������

��� �����

��� �����
incentives. Office yields will be flat after stabilisation in the first half of 2010.

��� ����� MAJOR TRANSACTIONS


� �
Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq ft)
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������

Peace Software Building S Private investor 44,500


������������������������������������ ������������������������������������ Deloitte Centre S Private investor 247,600
East on Quay L Rayonair NZ Ltd 9,600
WHK Gosling Chapman Tower L Morrison Kent 6,900
11 Westhaven Drive L Optimation New Zealand Ltd 6,100

Wellington
������������������������������������������������
• Leasing activity showed signs of improvement but demand attributed to the public sector
������ ����
remained uninspiring in 2Q 2010. Due to an increase of lease incentives, net effective
������ ����
rents particularly for secondary grade office accommodation declined in the first half
������ ����
of 2010.
������������

������ ����
����

������ ����
• After a record level of investment sales in 2009, the overall inquiry level dropped in
������ ����
the first half of 2010. Yields were stable across the board in 2Q 2010, but there was no
������ ����
major sales deal concluded during the period.
� ����
���� ���� ���� ������ ������
• The average vacancy rate increased from 6.0% in June 2009 to 6.8% in December 2009.
������ ������� ������������
According to our research, there will be another 63,800 sq m of new space to be added
to the CBD in 2010 and 2011. A number of office developments with a total floor area
of 106,700 sq m have been planned but have yet to receive tenants’ pre-commitments
�������������������������������������������
before actual commencement of construction.

��� ����� • Looking ahead, vacancy in the CBD is predicted to rise. However, face rents could remain
��� ����� stable in the second half of 2010. Investment yields will ease 25 to 50 basis points during
��� �����
the period.
��������������
�������

��� ����� MAJOR TRANSACTIONS


��� �����
Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq ft)
��� �����
Molesworth House S Bronwen Stewart 3,000
� � NZ Customs House L Chief Electrol Office 24,900
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������

85 Customhouse Quay L Sinclair Knight Merz 12,500


204-206 Thorndon Quay L New Zealand Defence Force 8,700
������������������������������������ ������������������������������������
NZX Centre L Goldman Sachs JB Were 4,500
93 The Terrace L Straterra Ltd 4,900

16 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

PRIME OFFICE RENTALS

����������������������������

� �� �� �� �� ��� ���

�����

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���������

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Colliers International | REGIONAL RESEARCH 17


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

TRENDS & FORECASTS


City New Supply Take-up Average Vacancy Total Stock Average Rentals
(sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year)
2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F
Beijing
CBD 4,683,900 0 1,607,222 2,946,994 37.2 22.0 19,398,668 19,398,668 27.20 29.77
Zhongguancun 0 0 317,008 45,714 2.2 1.6 7,619,765 7,619,765 27.33 29.10
Financial Street 148,434 0 269,442 188,584 4.8 2.9 9,978,125 9,978,125 39.29 41.84
Lufthansa 905,997 828,820 384,155 585,664 24.2 24.7 6,981,950 7,810,770 26.65 27.81
East Chang An Avenue 0 0 -104,991 59,643 6.6 5.7 6,307,067 6,307,064 22.28 24.86
East 2nd Ring 1,442,739 0 671,172 590,077 44.0 33.3 5,504,411 5,504,411 23.81 24.34

Chengdu
Renmin Road 2,760,295 1,216,321 634,454 867,711 55.0 50.0 5,191,009 6,407,330 19.70 21.34
Chunxilu, Yanshikou 0 484,376 159,989 355,944 6.0 10.0 1,999,857 2,484,233 16.42 17.24
East Street 861,112 0 441,547 136,191 40.0 30.0 1,361,913 1,361,913 19.70 21.34
Tianfu Avenue 0 1,495,633 94,669 613,374 10.0 40.0 946,685 2,442,318 15.60 16.42

Guangzhou
Yuexiu 0 0 96,326 44,950 7.5 6.3 4,338,799 4,338,799 16.42 15.60
Tianhe 5,117,772 13,410,582 2,539,215 4,775,275 22.0 39.8 18,537,890 31,948,472 23.48 23.15
Haizhu 0 1,183,060 123,785 652,314 25.6 35.7 1,076,390 2,259,450 15.60 15.60

Shanghai
Huangpu 395,520 0 350,735 -21,101 5.8 7.6 3,333,182 3,333,182 34.52 34.99
Jingan 1,165,601 1,759,822 1,196,713 1,328,645 16.7 18.5 6,886,119 8,645,941 38.96 39.71
Lujiazui 1,793,632 6,208,230 1,033,833 3,005,092 21.0 29.6 16,275,041 22,483,271 30.82 28.49
Zhuyuan 1,229,216 792,686 1,428,261 -70,807 25.2 35.7 4,084,879 4,877,565 27.34 24.55
Changning 341,474 0 306,826 -19,452 9.2 10.7 4,850,805 4,850,805 29.11 29.87
Luwan 699,654 0 668,543 -6,758 1.1 2.5 3,801,777 3,801,777 37.65 38.75
Xuhui 0 1,288,493 -434,706 1,082,260 12.1 13.4 4,294,958 5,583,450 31.70 32.48

Hong Kong
Central 0 0 297,463 137,819 3.8 3.1 21,266,625 21,266,625 150.48 180.58
Wanchai 0 237,344 215,220 232,355 4.4 4.3 11,095,267 11,332,611 72.49 83.37
HK Island East 434,350 0 344,119 142,130 5.6 4.3 10,974,830 10,974,830 50.51 55.56
Tsim Sha Tsui 0 0 -112,281 39,465 6.4 5.8 6,361,390 6,361,390 59.77 70.53

Taipei
CBD 697,264 0 309,313 681,123 13.9 10.3 19,186,894 19,186,894 25.71 26.99

Seoul
CBD 4,155,833 0 1,617,481 1,404,393 13.3 8.7 30,670,639 30,670,639 22.35 21.94
KBD 329,902 0 332,225 232,430 2.6 1.7 25,709,650 25,709,650 19.45 19.32
YBD 949,004 2,835,343 67,115 1,681,387 4.7 10.0 16,299,806 19,135,149 14.94 14.97

Tokyo
CBD 4,001,307 5,758,695 N/A N/A 8.5 8.5 N/A N/A 98.90 98.14

Jakarta
CBD 2,417,561 3,316,271 2,498,560 2,027,919 12.0 13.8 46,097,252 49,413,524 18.63 19.57
Non-CBD 1,359,222 1,453,643 1,057,133 1,149,068 12.4 13.0 19,283,279 20,736,922 12.15 12.75

Kuala Lumpur
KLCA 1,172,000 2,454,000 700,000 800,000 10.5 15.1 28,420,000 30,874,000 22.99 22.99

Manila
Makati 0 0 273,328 1,081,880 7.1 3.4 9,317,135 9,317,135 16.01 17.55
Ortigas 0 0 233,760 143,752 11.5 8.6 4,961,404 4,961,404 12.16 12.95

18 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

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)
2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F 2010 F 2011 F
Singapore
CBD 1,906,000 1,555,241 1,989,942 1,706,151 7.2 6.0 21,191,297 22,746,538 63.71 74.07

Bangkok
CBD 839,584 290,625 161,459 269,098 18.0 20.0 17,945,940 18,236,565 22.68 24.06

Ho Chi Minh City


CBD N/A N/A N/A N/A N/A N/A N/A N/A 40.13 33.45

Bengaluru
Overall 5,110,000 3,280,000 1,330,000 3,050,000 15.0 17.0 69,233,175 72,513,175 10.82 11.59
CBD 270,000 450,000 350,000 550,000 16.0 18.5 N/A N/A 17.25 18.03
SBD 900,000 970,000 750,000 1,000,000 9.0 9.5 N/A N/A 10.30 11.59
PBD 3,940,000 1,860,000 230,000 1,500,000 19.0 21.5 N/A N/A 4.64 5.15

Chennai
Overall 5,470,147 4,084,000 681,000 2,500,000 N/A N/A N/A N/A 11.59 11.85
CBD 676,986 684,000 66,000 420,087 N/A N/A N/A N/A 14.94 15.45
SBD 412,000 700,000 4,000 429,913 N/A N/A N/A N/A 11.85 12.10
PBD 4,381,161 2,700,000 611,000 1,650,000 N/A N/A N/A N/A 7.73 7.73

Mumbai
Overall 9,483,000 2,057,000 N/A N/A N/A N/A 85,028,000 85,028,000 49.70 50.47
CBD 0 930,000 N/A N/A N/A N/A N/A N/A 82.40 82.40
SBD 3,978,000 940,000 N/A N/A N/A N/A N/A N/A 42.49 44.29
PBD 5,505,000 187,000 N/A N/A N/A N/A N/A N/A 24.46 24.46

New Delhi
Overall 6,639,272 3,900,000 N/A N/A 18.5 N/A 59,794,158 63,694,158 43.26 43.78
CBD 471,272 400,000 N/A N/A 6.1 N/A 1,861,000 2,261,000 70.82 72.10
SBD 168,000 0 N/A N/A 15.0 N/A 8,150,000 8,150,000 39.91 39.91
PBD 6,000,000 3,500,000 N/A N/A 23.0 N/A 49,783,158 53,283,158 19.06 19.06

Adelaide
CBD 0 0 215,278 209,896 6.8 5.0 13,799,320 13,777,792 27.71 28.51

Brisbane
CBD 409,028 683,508 306,771 444,011 9.0 10.0 9,938,901 10,617,027 45.53 45.53

Canberra
CBD 796,529 0 645,834 150,695 8.0 7.5 3,110,767 3,110,767 30.48 31.67

Melbourne
CBD 903,629 312,153 968,751 1,076,390 6.4 6.0 19,845,187 20,157,340 32.04 34.01

Perth
CBD 1,089,145 605,577 753,473 645,834 9.8 9.2 15,838,508 16,444,085 47.90 48.30

Sydney
CBD 1,202,446 1,773,353 430,556 807,293 6.2 7.9 25,643,625 27,416,977 50.24 51.25

Auckland
CBD 0 301,389 241,746 110,427 9.4 11.7 4,332,954 4,634,343 19.89 19.50

Wellington
CBD 581,251 300,313 523,287 213,394 3.0 6.2 2,144,933 2,445,246 23.30 22.79

Colliers International | REGIONAL RESEARCH 19


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

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, Tianfu Tokyo
Avenue, 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 SOUTHEAST 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 7 principal sub-markets the districts Thamrin, Sudirman, Gatot Subroto, Rasuna Said and Mega
– Huangpu, Jingan, Lujiazui, Zhuyuan, 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.

20 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

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
Prime office properties in Bangkok are located in a wide area encompassing New Delhi
eastern Silom and Sathorn roads starting from Narathiwas Ratchanakarin, Prime office properties in New Delhi are primarily concentrated in
Rama IV from Phayathai to Ratchadaprisek, along Ratchadaprisek from CBD (Central Business District) – consist of Connaught Place; SBD
Rama IV to Sukhumvit and along Sukhumvit from Asoke to the whole of (Secondary Business District) including Nehru Place, Jasola, Saket and
Pleonchit and then Rama I to Phayathai. Netaji Subhash Place and PBD (Peripheral Business District) including
Gurgaon and Noida.
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. Rents are commonly quoted in Rupee per sq ft per month, which are
usually exclusive of maintenance charges, parking charges and property
Ho Chi Minh City taxes.
The quality office buildings in Ho Chi Minh City are located in District
One - the central business district in the city. Office space is commonly measured on *super built up area basis.

Rents are commonly quoted in US$ per sq m per month on net floor * Super built-up area refers to the total **built-up area of a building plus a proportional
area basis, and exclusive of management fees and government tax. Capital allocation of all common areas including stairs, lift cores, ground floor lobby, and caretaker’s
values are quoted on US$ per sq m. 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 AUSTRALASIA
sub-markets – CBD (Central Business District), SBD (Suburban/Secondary
Business District) consisting of Bannerghatta Road & Outer Ring Road Australia
and PBD (Peripheral Business District) including PBD Hosur Road, EPIP Prime office buildings are located in the CBD and generally favored by
Zone, Electronic City and Whitefield. MNCs.

Rents are commonly quoted in Rupee per sq ft per month, which are usually Rents are quoted on net floor area basis, and in A$ per sq m per annum
exclusive of maintenance charges, parking charges and property taxes. excluding management fee and government charges. Capital values are
Office space is commonly measured on *super built up area basis. quoted on A$ per sq m.

Chennai New Zealand


Prime office properties in Chennai are located in 3 principal submarkets– Prime office buildings are located in the CBD.
CBD (Central Business District), (Suburban/Secondary Business District)
and PBD (Peripheral Business District). SBD consists of Guindy and Rents are quoted on net floor area basis, and in NZ$ per sq m per annum
Velechery while PBD includes other areas such as Old Mahaballipuram excluding management fee and government charges. Capital values are
Road, Ambattur and GST Road amongst others. quoted on NZ$ per sq m.

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.

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). ©2010. All rights reserved.
Colliers International is the third largest global real estate services company.

Colliers International | REGIONAL RESEARCH 21


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

For further details, please contact:

GREATER CHINA Taipei, Taiwan Manila, Philippines


49F TAIPEI 101 TOWER 10F Tower 2 RCBC Plaza,
Beijing, China No. 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 One Raffles Place
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, Singapore
Jacky Tsai Jay.Yun@colliers.com Asia Regional Industrial Group
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
Managing Director Patima.Jeerapaet@colliers.com
Eric.Lam@colliers.com
SOUTH EAST 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 Executive 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

22 Colliers International | REGIONAL RESEARCH


ASIA PACIFIC OFFICE MARKET OVERVIEW | JULY | 2010

EXECUTIVE SUMMARY

INDIA New Delhi, India Melbourne, Australia


204/205, 2nd Floor, Level 32 367 Collins Street
Bengaluru, India Kanchenjunga Building, Melbourne VIC 3000
Prestige Garnet, Level 2, Unit No.201/202 18 Barakhamba Road Tel : 61 3 9629 8888
36 Ulsoor Road, Bengaluru 560 042 New Delhi 110 001 Fax : 61 3 9629 8549
Tel : 91 80 4079 5500 Tel : 91 11 4360 7500 John Marasco
Fax : 91 80 4112 3131 Fax : 91 11 2335 6624 State Chief Executive
Goutam Chakraborty Prit Paul John.Marasco@colliers.com
Office Director Office Director
Goutam.Chakraborty@colliers.com Prit.Paul@colliers.com
Perth, Australia
Level 19, 140 St Georges Terrace
Chennai, India Pune, India Perth WA 6000
Unit 1C, 1st Floor, Heavitree Complex, Vatika Business Center, Level-5 Tel : 61 8 9261 6666
23 Spurtank Road, Chetpet, C Wing, Panchsheel Tech Park-1, Fax : 61 8 9261 6665
Chennai 600 031 Yerwada K. Imran Mohiuddin
Tel : 91 44 2836 1064 Pune 411 006 State Chief Executive
Fax : 91 44 2836 1377 Tel : 91 20 4011 1356 Imran.Mohiuddin@colliers.com
Kaushik Reddy Fax : 91 20 6640 3138
Office Director Suresh Castellino
Kaushik.Reddy@colliers.com Office Director Sydney, Australia
Suresh.Castellino@colliers.com Level 12, Grosvenor Place,
225 George Street
Gurgaon, India Sydney NSW 2000
G3, NewBridge Business Centers, Tel : 61 2 9257 0222
TechnoPolis, DLF Golf Course AUSTRALASIA Fax : 61 2 9251 3297
Main Sector Road Malcom Tyson
Sector 54, Gurgaon 122 002 Adelaide, Australia State Chief Executive
Tel : 91 124 4375807 Level 10, 99 Gawler Place, Malcom.Tyson@colliers.com
Fax : 91 124 4375806 Adelaide SA 5000
Saacketh Chawla Tel : 61 8 8305 8888
Office Director Fax : 61 8 8231 7712 Auckland, New Zealand
Saacketh.Chawla@colliers.com James Young Level 27, 151 Queen Street, Auckland
State Chief Executive Tel : 64 9 358 1888
James.Young@colliers.com Fax : 64 9 358 1999
Kolkata, India Mark Synnott
Regus Business Centre Constantia, Level 6, Managing Director
Kolkata 700017 Brisbane, Australia Mark.Synnott@colliers.com
Tel : 91 33 4400 0541 Level 20 Central Plaza One
Fax : 91 33 4400 0555 345 Queen Street
Joe Verghese Brisbane QLD 4000 Wellington, New Zealand
Managing Director Tel : 07 3229 1233 Level 10, 36 Customhouse Quay
Joe.Verghese@colliers.com Fax : 07 3120 4555 Wellington
Simon Beirne Tel : 64 4 473 4413
State Chief Executive Fax : 64 4 499 1550 (Agency)
Mumbai, India Simon.Beirne@colliers.com : 64 4 470 3902 (Valuation)
31-A, 3rd Floors, Film Centre, Richard Findlay
68 Tardeo Road Managing Director
Mumbai 400 034 Canberra, Australia Richard.Findlay@colliers.com
Tel : 91 22 4050 4500 Ground floor, 21-23 Marcus Clarke Street
Fax : 91 22 2351 4272 Canberra ACT 2601
Poonam Mahtani Tel : 61 2 6257 2121
Office Director Fax : 61 2 6257 2937
Poonam.Mahtani@colliers.com Paul Powderly
State Chief Executive
Paul.Powderly@colliers.com

Colliers International | REGIONAL RESEARCH 23


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