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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
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
Contacts............................................................................... 22-23
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.
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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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.
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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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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.
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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.
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• 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
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Sale (S) Purchaser (sq ft)
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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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• 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
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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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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%.
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������ ����� • 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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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
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MAJOR TRANSACTIONS
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Building Lease (L) / Tenant / Area
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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
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• Vacancy in the CBD area was 6% in 2Q 2010, but it is anticipated to rise to 7% by the
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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
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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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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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Individual schemes struggled to achieve acceptable occupancy levels even one year or
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• Extended free rent periods of twelve months or more has become common for larger
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MAJOR TRANSACTIONS
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indonesia
Jakarta
• Occupational demand showed further growth during 2Q 2010, following the recovery
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trend set in 3Q 2009. Office inquiries came mostly from existing tenants with expansion
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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
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Sale (S) Purchaser (sq ft)
������� ���������� Citibank Tower 3rd Floor L Bentoel Prima Office 12,900
������� ���������� Gedung Sarana Jaya L US Embassy 139,900
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Wisma Pondok Indah II L Michelin Office 5,400
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������� UOB Plaza L ISGS 4,300
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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.
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���� ����� • 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.
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• Lured by attractive rental rates, more tenants are expected to relocate to brand new and
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refurbished office buildings in the second half of 2010. Vendors of older buildings are
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going to see strong competition for tenants.
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���� ���� • Looking forward, prime office rental and capital values are expected to remain stable
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during the second half of 2010.
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MAJOR TRANSACTIONS
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Sale (S) Purchaser (sq ft)
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Wisma Times S Johor Land Bhd *171,611
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���� ��� Surian Tower L Procter & Gamble (M) Sdn Bhd 15,000
���� ��� Wisma 2430 L T Systems (M) Sdn Bhd *14,998
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1 Nagasari L Lion Group 100,000
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Menara Olympia L GRI Marketing 14,000
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* Concluded by WTW
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EXECUTIVE SUMMARY
p h ilippines
Manila
• New inquiries for office space remained steady in 2Q 2010. Demand largely came from
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newcomers and existing tenants going for expansions.
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������� ����� • Demand for Grade A buildings in Makati CBD and other locations picked up in 2Q 2010.
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With significant vacancy in a number of premium buildings in Makati CBD, landlords
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offered competitive terms in order to fill the space vacated by outgoing BPOs.
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• Developers have pushed ahead their new schemes in view of the growing absorption in
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the marketplace, particularly in the alternative business districts of Metro Manila.
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• Office capital values showed initial signs of recovery as investors anticipate 5% to 10%
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rental growth to happen before the end of 2010.
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MAJOR TRANSACTIONS
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Building Lease (L) / Tenant / Area
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8 / 10 Upper McKinley Road L Cognizant Technology Philippines 49,600
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Commerce and Industry Plaza L Factset Philippines, Inc. 17,200
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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
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�������������� quality, the increase in rents can also be attributed to companies taking advantage of
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the competitive rental rates by taking up more space to cater for an expected future rise
in headcount.
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• For example, ANZ Bank, which now occupies slightly more than 100,000 sq ft at One
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Raffles Place, is understood to have signed a lease for 209,000 sq ft at Ocean Financial
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Centre (OFC) in the Raffles Place / New Downtown micro-market that will be completed
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Bay Financial Centre (MBFC) Tower 2, increased its space commitment in the same
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building by a further 100,000 sq ft.
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• 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
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economy if it worsens or is not contained. On balance, the office market is expected to
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see a moderate improvement of around 10% in rents for the second half of 2010.
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MAJOR TRANSACTIONS
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Building Lease (L) / Tenant / Area
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Sale (S) Purchaser (sq ft)
���� ��� Ocean Financial Centre L ANZ Bank 209,000
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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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Marina Bay Financial Centre Tower Two L Prudential Asset Management 37,000
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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
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.
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������� ����� • No new supply was added in 2Q 2010 but there will be around 78,000 sq m scheduled
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for completion in the second half of 2010.
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• Some market activity was brisk in 2Q 2010. Individual companies relocated their offices
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������ ����� away from the affected area as the short-term solution to maintain their operations.
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• The dynamics of the office market could see further changes over the near term since
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� ���� a number of businesses started looking to set up their back-up offices by splitting their
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operations into two locations to provide protection in the event of continued unrest.
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MAJOR TRANSACTIONS
Building Lease (L) / Tenant / Area
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����� ������� United Center L Pfizer (expansion) 21,500
����� ������� United Center L Gold Future 6,500
Vibulthani Tower L MTC Thailand Co., Ltd. 7,500
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vietnam
��
• With the completion of The Vincom Plaza, a total of 76,000 sq m of new floor area
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was introduced into the market at a competitive rental of US$37 per sq m per month.
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Meanwhile, the Financial Tower with a total of 37,710 sq m is scheduled for completion
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in 2010.
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• At the top-tier of the market, Kumho Plaza, a Grade A development designed to
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international specifications, has been offered at an average rental of US$55 per sq m
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�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������
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
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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���������
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���������
���������
���������
���������
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.
����������������������������������������
������������������������������� ������������������������������
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
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
�������
���������
���������
���������
���������
���������
���������
���������
������������������������������� ������������������������������
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.
��� ������
��� ������
�������
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
�������
������� �����
• 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
��������������
��� �����
��� �����
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
�������
�������
�������
�������
�������
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���������
���������
���������
���������
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
��������������
��� �����
����������������������������������� �����������������������������������
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 TRANSACTIONS
��� �����
Building Lease (L) / Tenant / Area
Sale (S) Purchaser (sq ft)
��������������
��� �����
�������
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
������� �����
��������������������������������������
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
��� �����
��� �����
��� �����
��� �����
� �
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���������
���������
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���������
���������
���������
����������������������������������� �����������������������������������
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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����������������������������������� �����������������������������������
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.
���� ���� ���� ������ ������
��� ����� • 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.
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.
��������������
�������
EXECUTIVE SUMMARY
����������������������������
� �� �� �� �� ��� ���
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������
�������
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���������������������������������������������������������������������������������������������������������������������������������������������������������
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
EXECUTIVE SUMMARY
Bangkok
CBD 839,584 290,625 161,459 269,098 18.0 20.0 17,945,940 18,236,565 22.68 24.06
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
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$) on gross per sq m.
floor area basis.
EXECUTIVE SUMMARY
Singapore Mumbai
The quality office buildings covered in the report are located in the Central Prime office properties in Mumbai are primarily concentrated in CBD
Business District of Singapore. (Central Business District) – consist of Nariman Point, Ford and Ballard
Estate; SBD (Secondary Business District) including Bandra (West and
Rents are quoted in S$ 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.
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.
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EXECUTIVE SUMMARY