Asia Pacific Office Market | Jan 2010

Asia Pacific Office Market Overview REGIONAL RESEARCH Q U A RT E R LY U P DAT E | J A N UA RY | 2 0 1 0

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

CONTENTS Regional Overview .....................................................................3 Greater China ..........................................................................4-6 Beijing, China ...................................................................................................... 4 Chengdu, China ................................................................................................. 4 Guangzhou, China ............................................................................................. 5 Shanghai, China .................................................................................................. 5 Hong Kong SAR, China .................................................................................... 6 Taipei, Taiwan ...................................................................................................... 6

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

Southeast Asia ...................................................................... 8-10 Jakarta, Indonesia ............................................................................................... 8 Kuala Lumpur, Malaysia ..................................................................................... 8 Manila, Philippines.............................................................................................. 9 Singapore ............................................................................................................ 9 Bangkok, Thailand ............................................................................................ 10 Ho Chi Minh City, Vietnam ............................................................................ 10

India ..................................................................................... 11-12 Bangalore .......................................................................................................... 11 Chennai ............................................................................................................. 11 Mumbai .............................................................................................................. 12 New Delhi ........................................................................................................ 12

Australasia .......................................................................... 13-16 Adelaide, Australia ........................................................................................... 13 Canberra, Australia ......................................................................................... 13 Melbourne, Australia ....................................................................................... 14 Perth, Australia ................................................................................................. 14 Sydney, Australia .............................................................................................. 15 Auckland, New Zealand ................................................................................. 16 Wellington, New Zealand .............................................................................. 16

Prime Office Rentals ................................................................17 Trends & Forecasts ............................................................. 18-19 Definitions & Terminology ................................................. 20-21 Contacts .............................................................................. 22-23

2

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

REGIONAL OVERVIEW Thanks to the sustained low-interest rate environment and a number of economic stimulus packages introduced by various governments, the region showed further signs of improvement on the economic front during 4Q2009. Hiring expectations were increasingly positive as more companies in the private sector started replenishing their workforce in anticipation of stronger economic performance in 2010. Market sentiment remained buoyant since market players, in particular vendors and investors, were encouraged by the price rise in stock markets and a number of asset classes, including office real estate. Office capital values rose in individual centres during 4Q2009 but rentals were yet to show a similar growth pattern.

Mixed Leasing Trends

Although there was an increase in the level of both enquiries and transactional volume during 4Q2009, leasing trends in the region remained mixed. Despite the prevailing positive market sentiment and the reported growth in hiring expectations in individual companies, office occupiers remained largely cautious about any significant capital expenditure.

Although there was demand attributed to office consolidation and relocations, the pace of growth in expansionary floor area requirements was yet to catch up with the sales market.

In addition, the supply cycle in 2010 continued to challenge the rental performance of individual centres where demand fundamentals were relatively fragile.

Overall, the leasing market in the region took another step closer to its cyclical trough.

Thanks to the strong rental performance in a few centres, such as Hong Kong and Chengdu, where the supply of new development remained tight, the pace of rental decline narrowed further to less than 1% quarter-on-quarter in 4Q2009.

Sales Market

Similar to the situation in 3Q2009, overall sales activity picked up additional momentum in 4Q2009, with private investors with a strong equity position continuing to be the key group of buyers in the marketplace. In Beijing, there was a change in buyers’ profiles from stateowned-enterprises to local listed developers and real estate investors. For example, Beijing Huarong Infrastructure Investment Co. acquired an 87.5% stake in Beijing Capital Times Square for a total consideration of RMB2,708 million (US$397 million). In Shanghai, a range of domestic investors were keen to acquire office premises for their own occupation.

Elsewhere in Australasia, Sydney saw the return of core investment funds during 4Q2009, with a major sales transaction being the sale of Aurora Place to the Korean National Pension Fund for a total of AU$685 million (US$614 million).

Market Outlook

Looking ahead, the office leasing market in the region is predicted to move further along its recovery track during 2010. The prevailing supply cycle in some centres will put a damper on any material rental growth over the near term. However, in anticipation of the catch-up of occupational demand in tandem with overall economic growth, average rentals in the region should return to positive growth in the latter part of 2010. On the sales front, market activity should continue to be underpinned by growing occupational demand and, importantly, the sustained buying interest of a number of private investors.

In addition, the return of long-term real estate funds to the marketplace is reckoned to be a good endorsement for the overall market in 2010.

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

3

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

CHINA Beijing • Three new projects - PICC Tower, Central Point and ECM Tower - were completed in 4Q2009, providing a total of 126,000 sq m of new office space to the market. The overall vacancy rate edged up 0.18 percentage points quarter-on-quarter (QoQ), to 17.16%, as at end 4Q2009.

2.50

25.0%

2.00

20.0%

1.50

15.0%

1.00

10.0%

0.50

5.0%

0.00

2007

2008

2009

Supply

2010 F

Take up

Vacancy Rate

Million sq m

BEIJING OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

2011 F

• Prime office rents fell 0.68% QoQ to RMB164.75 per sq m per month in 4Q2009. This was despite the improving economic environment, satisfactory occupancy rates achieved in individual new projects and growing expectations among landlords for an improved rental market.

Vacancy Rate

350.00

35,000

300.00

30,000

250.00

25,000

200.00

20,000

150.00

15,000

100.00

10,000

50.00

5,000

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

4Q 2009

2Q 2010 F

3Q 2009

1Q 2010 F

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

Beijing Capital Times Square

Capital Values (RMB / sq m)

Nexus Centre Raycom Infotech Park Tower D Power Land World Financial Centre China World Trade Centre III China Central Place China Central Place The Fifth Square The Fifth Square

0.50

50.0%

0.40

40.0%

0.30

30.0%

0.20

20.0%

0.10

10.0%

2007

2008

2009

Supply

2010 F

Take up

Vacancy Rate

Million sq m

CHENGDU OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.00

Vacancy Rate

18,000

160.00

16,000

140.00

14,000

120.00

12,000

100.00

10,000

80.00

8,000

60.00

6,000

40.00

4,000

20.00

2,000 0

4

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0.00

Area (sq ft) 1,291,700 1,112,300 441,320 461,500 96,900 43,100 24,800 24,800 23,700 21,500

Chengdu • The overall leasing activity picked up additional momentum in 4Q2009 due to an increase in relocation requirements and the improved economy. Key deals included the lease of 848 sq m in Central Plaza by Southwest City Holdings Limited and the French Pernod Ricard Group taking 500 sq m in Shangri-La Office Tower.

• In anticipation of more new new supply coming on stream over the next 1-2 years, the average vacancy rate will edge up over the near term. Prime office rentals are predicted to stay at high levels and underpin a further growth of capital values.

Capital Values

Rentals

180.00

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser S Beijing Huarong Infrastructure Investment Co. S SOHO China S Sohu S NA L Novonordisk L Pearson L ShengDaSen L TengZhong L Bureau Veritas L Haiwei Energy

• No new projects were completed in 4Q2009 and the average vacancy rate was 18.89%.

The bulk of vacant stock was located in the CBD, and on Dong Avenue and Ren Min South Road. The average office rentals edged up to RMB107 per sq m per month as of 4Q2009.

0.0%

2011 F

CHENGDU OFFICE CAPITAL AND RENTAL VALUES

Rentals (RMB / sq m / Month)

• The investment sales market revealed a significant turnaround in the profiles of buyers from State-owned Enterprises to local listed developers and investors. For example, Wharf sold its 87.5% stake in Beijing Capital Times Square to Beijing Huarong Infrastructure Investment Co. for a total consideration of RMB2.708 billion, while Bluewater sold Nexus Centre with a total GFA of 103,340 sq m to SOHO China for RMB2.34 billion.

Building

0 1Q 2007

0.00

Capital Values

Rentals

BEIJING OFFICE CAPITAL AND RENTAL VALUES

Rentals (RMB / sq m / Month)

• The leasing market continued to be driven by headcount increases and relocations among some major multinational corporations engaged in the pharmaceutical, media, energy, education and electronics sectors. For example, Novo Nordisk committed to 9,000 sq m in the World Financial Centre, while Pearson took up 4,000 sq m in China World Trade Centre III.

Building Plaza Central Shangri-la Office Tower

Capital Values (RMB / sq m)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Southwest Chengkong Co Ltd L Pernod Ricard Group

Area (sq ft) 9,100 5,400

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

CHINA Guangzhou • The prime office market in Guangzhou remained stable and average rentals stood firm at US$18.6 per sq m per month.

2.50

50.0%

2.00

40.0%

1.50

30.0%

1.00

20.0%

0.50

10.0%

0.00

2007

2008

2009

Supply

2010 F

Take up

• The launch of individual office developments was deferred from 4Q2009 to the first half of 2010. The average vacancy rate edged down to 18% during the period.

Vacancy Rate

Million sq m

GUANGZHOU OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

2011 F Vacancy Rate

4,000

35.00

3,500

30.00

3,000

25.00

2,500

20.00

2,000

15.00

1,500

10.00

1,000

Shanghai • Shanghai’s Grade A office market stabilised in 4Q2009 in line with the recovery of the domestic economy. Although net take-up eased back, due partly to the traditionally slow season for office relocations, the net impact on the office market was mitigated by the deferral of the completion of some new projects.

30.0%

1.20

24.0%

0.90

18.0%

0.60

12.0%

0.30

6.0%

2008

2009

Supply

2010 F

Take up

Vacancy Rate

Million sq m

1.50

2007

0.0%

2011 F Vacancy Rate

12.00

48,000

9.00

36,000

6.00

24,000

3.00

12,000

0.00

0 4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

Capital Values

60,000

1Q 2007

Rentals

15.00

Capital Values (RMB / sq m)

• Only two new office buildings were completed in 4Q2009, providing a total floor area of 93,597 sq m. The average vacancy in the market edged up slightly further to 14.8% in 4Q2009. The average office rental edged down 2.9% QoQ to RMB6.8 per sq m per day in 4Q2009.

• Domestic investors were the key players in 4Q2009, with a number of them purchasing office premises for their own occupation. For example, the HNA Group purchased several office and retail floors in Pufa Tower in Lujiazui, Pudong, at an average price of about RMB35,000 per sq m. Xinglipu Tower, an office building in Huangpu, was sold at an average price of RMB33,600 per sq m to the Shanghai Jiushi Corporation.

SHANGHAI OFFICE CAPITAL AND RENTAL VALUES

Rentals (RMB / sq m / Day)

Area (sq ft) 12,900 7,000 7,800 3,200

Capital Values (US$ / sq m)

SHANGHAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.00

Teem Tower G.T.Land Plaza R&F Centre Teem Tower

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Jewellery products company L Telecommunication company L Investment company L Travel company

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

4Q 2009

2Q 2010 F

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

0 3Q 2007

500

0.00 2Q 2007

5.00

Capital Values

Building

40.00

1Q 2007

Rentals

GUANGZHOU OFFICE CAPITAL AND RENTAL VALUES

Rentals (US$ / sq m / Month)

• Investment confidence strengthened during 4Q2009 and the volume of investment sales transactions remained active. Lately, the Kaisa Group has announced that it has signed a memorandum of understanding with a prospective buyer to sell an enbloc office building located in Zhujiang New City.

• In anticipation of large amount of new supply coming on stream in 2010, the vacancy rate is expected to rise and rentals will come under downward pressure. In the sales market, investors and end-users will remain active in securing the best deals before the anticipated market trough in 2011.

Building Xinglipu Tower Pufa Tower SH ifc AZIA Centre Mirae Asset Tower BEA Finance Tower HSBC Tower Raffles City

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser S Shanghai Jiushi Corporation S HNA Group L Citic Prudential Fund Management L Panalpina Logistics L Jaguar L Cathay Bank L Daiwa Fund Management L Total

Area (sq ft) 807,300 499,200 17,200 38,800 25,800 6,500 22,600 15,100

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

5

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

Hong Kong • Thanks to the sustained inflow of capital and the low interest rate environment, sales prices remained buoyant and positive market sentiment continued to prevail in the prime office sector during 4Q2009.

5.00

10.0%

4.50

9.0%

4.00

8.0%

3.50

7.0%

3.00

6.0%

2.50

5.0%

2.00

4.0%

1.50

3.0%

1.00

2.0%

0.50

Vacancy Rate

Million sq ft

HONG KONG OFFICE SUPPLY, TAKE-UP & VACANCY RATE

1.0%

0.00

2007

2008

2009

Supply

2010 F

Take up

0.0%

2011 F

125.00

25,000

100.00

20,000

75.00

15,000

50.00

10,000

25.00

5,000

Building

Capital Values

Rentals

HONG KONG OFFICE CAPITAL AND RENTAL VALUES

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Rentals (HK$ / sq ft / Month)

• No major new development was completed during 4Q2009. Amid the gradual absorption of new premises in Kowloon East, the overall vacancy in the market edged down from 7.95% in 3Q2009 to 7.45% in 4Q2009.

• It is expected that rents may increase 8% over the next 12 months. With expectations of a sustained recovery in the finance industries and the ongoing trend of corporate relocations, Central and Kowloon East will be the two major sub-markets experiencing stronger rental growth during the period.

Vacancy Rate

0.00

• Rental performance was mixed across the key sub-markets during 4Q2009. Overall, the average prime office rentals saw an increase of 3.0% QoQ to HK$42.48 per sq ft per month during the quarter.

Capital Values (HK$ / sq ft)

Manulife Financial Centre Harbour City One Kowloon Pacific Place Two Landmark East Warwick House 16/F and 17/F, Low Block, Grand Millennium Plaza 33/F Cosco Tower 28/F, 9 Queen’s Road Central 32/F Convention Plaza

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Insurance company L Insurance company L Engineering company L Finance company L Link REIT L Insurance company S Gleeville Co Ltd S S S

Area (sq ft) 247,100 95,900 58,100 48,000 40,000 29,100 30,200

Classic Wisdom Ltd Sing Kee Co Ltd Nan Hua Int’l Engineering Co Ltd

20,500 13,800 14,300

TAIWAN Taipei • Thanks to the overall economic recovery in the region, local GDP improved from a decline of 1.29% year-on-year (YoY) in 3Q2009 to an estimated growth of 6.89% YoY in 4Q2009.

35,000

35.0%

30,000

30.0%

25,000

25.0%

20,000

20.0%

15,000

15.0%

10,000

10.0%

5,000

5.0%

0

2007

2008

2009

2010 F

2011 F

Vacancy Rate

Ping

TAIPEI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

• Given the projection of a sustained economic recovery and the deepening economic cooperation between Taipei and the mainland, the overall office demand looks positive in 2010. However, with growing new supply coming on stream, the vacancy rate is expected to edge upward.

-5.0%

-5,000 Supply

Take up

Vacancy Rate

3,000

1,200,000

2,500

1,000,000

2,000

800,000

1,500

600,000

1,000

400,000

500

200,000

Building Walsin Hsin Yi Building

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Rentals (NT$ / Ping / Month)

6

Capital Values

Rentals

TAIPEI OFFICE CAPITAL AND RENTAL VALUES

0

• No new developments were completed in 4Q2009. With a slight increase in office demand, the average vacancy rate fell from 12.76% in 3Q2009 to 12.36% in 4Q2009.

As such, the average effective rentals increased to NT$2,463 per ping per month during 4Q2009.

Capital Values (NT$ / Ping)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Nomura International (Hong Kong) Ltd Taipei Branch

Area (sq ft) 24,400

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

SOUTH KOREA Seoul • Thanks to the recovery of leasing demand, the average prime office rental in Seoul increased 1.05% quarter on quarter (QoQ) in 4Q2009 compared with a decline of 1.18% QoQ in 3Q2009. Rentals in the CBD grew 0.72% QoQ during 4Q2009.

300,000

6.0%

250,000

5.0%

200,000

4.0%

150,000

3.0%

100,000

2.0%

50,000

1.0%

0 2007

2008

2009

Supply

2010 F

Take up

Vacancy Rate

Pyung

SEOUL OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.0%

2011 F

• The average vacancy rate across the board remained largely steady at about 4.31% in 4Q2009. However, the rate in the CBD increased significantly from 4.60% in 3Q2009 to 5.83% in 4Q2009 due to the addition to 132,807 sq m of new space in Seoul Square.

• Given the prospective completion of new developments, such as Centre 1 and Ferrum Tower, in the CBD during 2010, the average vacancy rate in the area is expected to rise to approximately 8% in 2010.

• The average office capital value in 4Q2009 was 14.9% lower than in 3Q2009. In anticipation of buying interest from genuine investors, office capital values are expected to recover gradually in 2010.

Vacancy Rate

SEOUL OFFICE CAPITAL AND RENTAL VALUES 25,000,000

200,000

20,000,000

150,000

15,000,000

100,000

10,000,000

50,000

5,000,000

Rentals

Capital Values

250,000

0

Rentals (Won / Pyung / Month)

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

3Q 2009

1Q 2010 F

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Building Posteel Bldg.

Samsung F&M Seocho Bldg.

W Tower W Tower Pacific Tower Mirae Asset Maps Songpa Tower MBC Business Centre Insong Building

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L The Face Shop L Allianz L Interpark INT L OTIS S Dohwa Consulting Engineers Co., Ltd S Hansol Texile Co. S KTB Asset Management S KocREF CR-REITS 15

Area (sq ft) 59,100 42,900 38,400 57,600 312,600 250,700 244,800 304,700

Capital Values (Won / Pyung)

JAPAN Tokyo • Vacancy rates remain high at over 7% as the strong Yen, domestic deflationary pressure and increasing new supply restrained demand.

320,000

8.0%

280,000

7.0%

240,000

6.0%

200,000

5.0%

160,000

4.0%

120,000

3.0%

80,000

2.0%

40,000

1.0%

Vacancy Rate

Tsubo

TOKYO OFFICE SUPPLY, TAKE-UP & VACANCY RATE

2007

2008

2009

Supply

2010 F

Take up

• New supply completed recently suffered from higher than market average vacancy rates and struggled to secure tenants.

• Individual sizeable leasing deals were realised as landlords with significantly high vacancy rates offered attractive incentives in order to stimulate relocations.

0.0%

0

• Demand was generally weak in all industries and sectors. Most companies sought to reduce leased space and rents in their current premises rather than absorb the capital required to relocate.

2011 F Vacancy Rate

12,000,000

50,000

10,000,000

40,000

8,000,000

30,000

6,000,000

20,000

4,000,000

10,000

2,000,000

Building

Capital Values

60,000

Osaki Centre Building Sumitomo Shinagawa Seaside Ote Centre Building Sumitomo Fudosan Aobadai Marunouchi Trust Main Tower

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Japan Railways East L Rakuten L Staff Service L Kanpo Life L White & Case

Area (sq ft) 53,250 159,750 49,700 124,250 42,600

0

Rentals (Yen / Tsubo / Month)

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

0 1Q 2007

Rentals

TOKYO OFFICE CAPITAL AND RENTAL VALUES

Capital Values (Yen / Tsubo)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

7

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

INDONESIA Jakarta • The average occupancy rate stayed at a healthy level of 87% as of 4Q2009. Prime office rentals were stable at Rupiah 141,946 per sq m per month during the period.

400,000

20.0%

300,000

15.0%

200,000

10.0%

100,000

5.0%

0

2007

2008

2009

Supply

2010 F

Take up

Vacancy Rate

sq m

JAKARTA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• In terms of new supply, the completion of Bakrie Tower has been deferred to 2010.

With the faster-than-anticipated construction pace, Equity Tower could see full completion in 2010 rather than 2011. As such, the total new supply in 2010 will be over 210,000 sq m.

• In anticipation of positive economic growth in 2010, it is expected that the local office market will stage further growth in the order of 4% over the next 12 months.

0.0%

2011 F Vacancy Rate

Building 20,000,000

180,000

18,000,000

160,000

16,000,000

140,000

14,000,000

120,000

12,000,000

100,000

10,000,000

80,000

8,000,000

60,000

6,000,000

40,000

4,000,000

20,000

2,000,000

Rentals

200,000

0

Capital Values

JAKARTA OFFICE CAPITAL AND RENTAL VALUES

Cyber 2 The Plaza The Plaza The Plaza The Plaza Sentral Senayan 2 Sentral Senayan 2 Sentral Senayan 2

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Vilona L Itochu Corporation L IBM L BWM L Sime Darby L BASF L Chuo Senko Indonesia L Fortice

Area (sq ft) 7,500 27,800 52,700 9,000 55,600 10,800 10,800 10,800

Rentals (Rupiah / sq m / Month)

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

3Q 2009

1Q 2010 F

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Capital Values (Rupiah / sq m)

MALAYSIA Kuala Lumpur • Thanks to the positive signs of economic recovery, the flow of ample liquidity and the sustained low interest rate environment, there was an increase in the number of office sales transactions in 4Q2009.

3.00

30.0%

2.50

25.0%

2.00

20.0%

1.50

15.0%

1.00

10.0%

0.50

5.0%

0.00

2007

2008

2009

Supply

2010 F

Take up

Vacancy Rate

Million sq ft

KUALA LUMPUR OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• Looking forward, prime office capital values are expected to remain be stable over the next 6 to 12 months however, prime rentals will soften in view of impending large supply.

0.0%

2011 F Vacancy Rate

8

* circa ** Concluded by WTW

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

0 2Q 2009

100

0.00 1Q 2009

200

1.00 4Q 2008

300

2.00

3Q 2008

400

3.00

2Q 2008

500

4.00

1Q 2008

600

5.00

4Q 2007

700

6.00

3Q 2007

800

7.00

2Q 2007

900

8.00

1Q 2007

Rentals

9.00

Capital Values

1,000

10.00

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser Quill 7 L BP Asia Pacific (M) Sdn Bhd Menara UOA Bangsar - Tower B L Syarikat Prasarana Negara Bhd (SPNB) Menara UOA Bangsar - Tower B L Avaya (M) Sdn Bhd Menara UOA Bangsar - Tower B L Hitachi Data Systems Sdn Bhd Menara IMC L Boeing Aerospace (M) Sdn Bhd Menara Kenanga S Permodalan Nasional Berhad (PNB) Menara Shell S Haluan Gigih Sdn Bhd Building

KUALA LUMPUR OFFICE CAPITAL AND RENTAL VALUES

Rentals (Ringgit / sq ft / Month)

• The prime office market will see a large batch of new office developments coming on line before the end of 2011 and the vacancy rate is expected to rise, notwithstanding a projected steady absorption rate during the period.

Capital Values (Ringgit / sq ft)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

Area (sq ft) 84,000 50,000* 17,500 35,000 1,700** 297,511** 212,867

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

PHILIPPINES Manila • Office rentals in prime buildings continued to bring the overall market down due to the high vacancy rate in 4Q2009. Tenants continued to downgrade from top-tier premises to newer, cheaper buildings in alternative locations.

90,000

9.0%

80,000

8.0%

70,000

7.0%

60,000

6.0%

50,000

5.0%

40,000

4.0%

30,000

3.0%

20,000

2.0%

Vacancy Rate

sq m

MANILA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

1.0%

10,000 0

2007

-10,000

2008

2009

2010 F

0.0%

2011 F

• Following a continued decline in office rents, prime office capital values fell marginally to P86,000 per sq m in 4Q2009.

-1.0% -2.0%

-20,000 Supply

Take up

Vacancy Rate

• Looking forward, office rentals in the CBD are expected to reach bottom in 1Q2010. As such, there will be a total decline of 30% compared to the recent peak in June 2008.

MANILA OFFICE CAPITAL AND RENTAL VALUES 1,200

120,000

1,000

100,000

800

80,000

600

60,000

400

40,000

200

20,000

0

Capital Values

Rentals

• Although expectations point to office rents stabilising, the glut in office space will remain for another 12 months at least. Taking all office types into consideration, Metro Manila had around 500,000 sq m of vacant office space at year-end, 30% of which was in the Makati CBD.

Building Commerce & Industry Plaza Commerce & Industry Plaza 8 Park Avenue Building B

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Canon Marketing L Datacom Connect L UST Global

Area (sq ft) 22,600 17,200 22,900

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

Rentals (Peso / sq m / Month)

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Capital Values (Peso / sq m)

SINGAPORE Singapore • With the dark clouds over the economy clearing, businesses started to prepare for the upturn and the local office market witnessed an increase in leasing activities in 4Q2009.

2.50

25.0%

2.00

20.0%

1.50

15.0%

1.00

10.0%

0.50

5.0%

0.00 2007

2008

2009

Supply

2010 F

Take up

Vacancy Rate

Million sq ft

SINGAPORE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• Due to the improvement in leasing demand, the slide in office rents slowed to 0.4% quarter-on-quarter (QoQ) in 4Q2009. The average office rental was S$6.29 per sq ft per month during the period.

0.0%

2011 F Vacancy Rate

• Although demand for office space is strengthening, the large influx of new supply is expected to put further downward pressure on rents over the medium term. Office rentals might edge down by no more than 5% in 1H2010 before seeing their anticipated trough in 2H 2010.

2,500

20.00

2,000

15.00

1,500

10.00

1,000

Rentals (Singapore$ / sq ft / Month)

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

0 4Q 2007

0.00 3Q 2007

500

2Q 2007

5.00

Capital Values (Singapore$ / sq ft)

Capital Values

3,000

25.00

1Q 2007

Rentals

SINGAPORE OFFICE CAPITAL AND RENTAL VALUES 30.00

• Major deals concluded in the quarter included SP Services’ commitment to 100,000 sq ft of space at Mapletree Business City in the Alexandra Road locality and BHP Billiton’s agreement to take up an additional 89,000 sq ft in the yet-to-be-completed Marina Bay Financial Centre, bringing its total space commitment to 231,000 sq ft in the development.

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser Mapletree Business City L SP Services Marina Bay Financial Centre Phase One L BHP Billiton 2HR L Estee Lauder Twenty Anson L Computer Sciences Corporation Singapore Land Tower L Boardroom UOB Plaza 1 L CLSA North Bridge Commercial Complex S ERC Holdings Building

Area (sq ft) 100,000 89,000 40,000 25,000 24,000 19,000 38,524

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

9

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

THAILAND Bangkok • Office leasing demand remained uninspiring in 4Q2009 due to the sustained uncertainties about both the economic and the political environment. In terms of the total number of transactions, the final quarter of 2009 was the weakest of the year.

0.10

25.0%

0.08

20.0%

0.06

15.0%

0.04

10.0%

0.02

5.0%

0.00

• Prime office rentals were basically flat in 4Q2009. Although there was an average rental decline of 5% in 2009, prime office rents in the CBD remained firm.

Vacancy Rate

Million sq m

BANGKOK OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• It is our view that the new supply coming online will satisfy demand in 2010, so no significant rental growth is expected over the near term.

0.0% 2007

2008

2009

Supply

2010 F

2011 F

Take up

• No major new supply was completed in 4Q2009, helping to prevent any significant downward pressure on office rentals.

Vacancy Rate

BANGKOK OFFICE CAPITAL AND RENTAL VALUES 140,000

1,200

120,000

1,000

100,000

800

80,000

600

60,000

400

40,000

200

20,000

0

Capital Values

Rentals

1,400

Building CIMB Thai Sathorn buildings Land and office building on Surawong Road

MAJOR TRANSACTIONS Lease (L) / Sale (S) S S

Tenant / Purchaser Undisclosed TCC Group

Area (sq ft) 240,400 301,400

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

3Q 2009

Rentals (Baht / sq m / Month)

1Q 2010 F

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Capital Values (Baht / sq m)

VIETNAM Ho Chi Minh City • The overall office occupancy rate in the city improved 5 to 7 percentage points to the range of 97%-100% as of 4Q2009 thanks to the continued recovery of the Vietnamese economy.

70,000

14.0%

60,000

12.0%

50,000

10.0%

40,000

8.0%

30,000

6.0%

20,000

4.0%

10,000

2.0% 0.0%

0 2007

-10,000

2008

2009

Supply

2010 F

Take up

-2.0%

Vacancy Rate

Vacancy Rate

sq m

HO CHI MINH CITY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• Prime office rentals were between US$40 and US$50 per sq m per month in 4Q2009 based on net lettable area before the inclusion of services charge or VAT. • Kumho Asian Plaza was introduced to the market in 4Q2009 with rental rates in the order of US$45-$55 per sq m per month. With a total of 25,765 sq m on a net lettable basis, the new building constituted 25% of the total existing office stock in the market.

• Financial Tower and A & B Tower will come online in 2010. The former will provide 37,710 sq m of brand new office space, while A & B Tower will be smaller, at 25,500 sq m.

HO CHI MINH CITY OFFICE RENTAL VALUES 70

Building

60

Rentals

50

Kumho Asiana

40 30 20 10

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Rentals (US$ / sq m / Month)

10

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Thai Thinh Capital

Area (sq ft) 17,200

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

INDIA Bangalore • Prime office rentals remained stable across various sub-markets in 4Q2009. Capital values also displayed the similar trend during the period.

12.00

24.0%

10.00

20.0%

8.00

16.0%

6.00

12.0%

4.00

8.0%

2.00

4.0%

0.00

2007

2008

2009

Supply

• The overall sentiment in the office market reached a state of stabilization in 4Q2009.

Looking forward, the overall demand for office space is expected to strengthen over the medium to long term.

0.0%

2010 F

Take up

• The Bangalore market witnessed completion of a few projects in 4Q2009 including Kalyani Platina in Whitefield and Prestige Dynasty at Ulsoor Rd by Kalyani Group and Prestige Construction respectively.

Vacancy Rate

Million sq ft

BANGALORE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

Vacancy Rate

8,000

70

7,000

60

6,000

50

5,000

40

4,000

30

3,000

20

2,000

10

1,000

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

4Q 2009

Rentals (Rupee / sq ft / Month)

2Q 2010 F

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

0 2Q 2007

0

Building Capital Values

80

1Q 2007

Rentals

BANGALORE OFFICE CAPITAL AND RENTAL VALUES

32.0%

14.00

28.0%

12.00

24.0%

10.00

20.0%

8.00

16.0%

6.00

12.0%

4.00

8.0%

2.00

4.0% 2008 Supply

Area (sq ft) 25,000 20,000 80,000 40,000 400,000 277,000

Chennai • Office rental and capital values remained virtually stagnant across almost all the micromarkets during 4Q2009. With the exception of Old Mahabalipuram Road, a rental decline of 4% QoQ registered for buildings exposed to the IT/ITES sector due to the prevailing high vacancy and uninspiring demand.

0.0%

2009

Take up

Vacancy Rate

Million sq ft

16.00

2007

Tenant / Purchaser Mysis Mercedez Unysis Head Strong IBM LSI Logic

Capital Values (Rupee / sq ft)

CHENNAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.00

Maruthi Info tec Maruthi Info tec SJI I park Salarpuria Touch Stone Manyata Tech Park Global Technology Park

MAJOR TRANSACTIONS Lease (L) / Sale (S) L L L L L L

• In a recent development, the nodal agency Tidco had identified about 180 acres of land in Sholinganallur - Perumbakkam village for the development of a proposed financial city.

This project is expected to be the next growth lever for Chennai after the automobile, IT and healthcare sectors.

• While companies have started expanding their operations and increased hiring, they are yet to expand their real estate requirements. The overall market is expected to take some more time to stabilize until more companies finalize their expansion plans in 2010.

Vacancy Rate

8,000

70

7,000

60

6,000

50

5,000

40

4,000

30

3,000

20

2,000

10

1,000

Building Capital Values

80

Ambit Tech Park Temple Steps S P Infocity Tamarai Tech Park ECCI Tech Park

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Cybernet Software Solutions L Just Dial L Lister Technologies L Invensys L Uninor

Area (sq ft) 230,000 22,000 20,000 33,000 25,000

0

Rentals (Rupee / sq ft / Month)

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

0 1Q 2007

Rentals

CHENNAI OFFICE CAPITAL AND RENTAL VALUES

Capital Values (Rupee / sq ft)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

11

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

INDIA Mumbai • No major new project was launched in 4Q2009. The local office market will see more new supply in the first half of 2010 in areas such as Andheri, Lower Parel, BKC and Thane.

18.00

24.0%

15.00

20.0%

12.00

16.0%

9.00

12.0%

6.00

8.0%

3.00

4.0%

0.00

2007

2008

2009

Supply

• Office rentals remained stable in 4Q2009 in almost all the micro-markets and the average rental stayed at INR193 per sq ft per month. BKC saw an increase in activity during 4Q2009, as a number of local and overseas companies were keen to consolidate their business in this location due to prevailing low rentals, good infrastructure and location advantages.

• In 4Q2009, Mumbai witnessed few large commercial and land transactions. For example, Rustomjee developers sold 150,000 sq ft of office space in Andheri(E) to SBI Life insurance company at a price of INR2.11 billion and Wadhwa group acquired 18 acres of Hindustan Composites land in Ghatkopar for INR5.7 billion.

0.0%

2010 F

Take up

Vacancy Rate

Million sq ft

MUMBAI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

Vacancy Rate

350

70,000

300

60,000

250

50,000

200

40,000

150

30,000

100

20,000

50

10,000

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

Rentals (Rupee / sq ft / Month)

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Building

Capital Values

Rentals

MUMBAI OFFICE CAPITAL AND RENTAL VALUES

0

New Delhi • Prime office rentals in the CBD and SBD (Secondary Business District) showed signs of stabilization in 4Q2009 but PBD (Peripheral Business District) fell 2% QoQ during the same period.

24.0%

10.00

20.0%

8.00

16.0%

6.00

12.0%

4.00

8.0%

2.00

4.0%

2008

2009

Supply

0.0%

2010 F

Take up

• Only a few new projects were completed in 4Q 2009. More new projects have been launched in Gurgaon and Noida since the last quarter of 2009.

Vacancy Rate

Million sq ft

12.00

2007

Vacancy Rate

35,000

300

30,000

250

25,000

200

20,000

150

15,000

100

10,000

50

5,000 0

12

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Capital Values (Rupee / sq ft)

Capital Values

Rentals

350

• In order to attract the business process outsourcing and IT/ITES industry, the local Government of UP has provided a number of incentives. As per the new policy, IT and BPO companies setting up their units in UP will get 100% relaxation in stamp duty.

Those setting up call centres can now get a land lot in UP on better terms. The cabinet also decided that those getting a commercial plot through open bidding by March 31, 2010, will have to pay just 1% lease rent instead of the previous rate of 2.5%.

• Due to the Commonwealth Games in October 2010, a number of new infrastructure projects will be completed in the next 2 quarters, which are anticipated to fuel further office demand over the medium to long term.

NEW DELHI OFFICE CAPITAL AND RENTAL VALUES

Rentals (Rupee / sq ft / Month)

Area (sq ft) 150,000 100,000 150,000 100,000 35,000 25,000 18,000

Capital Values (Rupee / sq ft)

NEW DELHI OFFICE SUPPLY, TAKE-UP & VACANCY RATE

0.00

Rustomjee Natraj Rajeja Chromium G Corp Tech Park Kamala Mills Kalpataru Square Peninsula Tech Park HCC 24/7

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser S SBI Life S Motilal Oswal L Birla Sun Life S India Infoline L Indofill L Asia Motor Works L DHL

Building Splendor Forum Hindustan Times Bldng Hindustan Times Bldng Individual Building DLF 10B Cyber City Centrum Plaza

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L National Investigation Agency L World Bank L Law Ministry L India Infoline L Schnider Electric L BMW L Mercedes

Area (sq ft) 17,000 57,000 31,500 100,000 68,000 20,000 17,000

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

AUSTRALIA Adelaide • No sales or leasing deals were concluded during 4Q2009. However, the market is expected to see an increase in activity in early 2010 as a number of major office buildings are in the final stage of the sale process.

8.0%

70,000

7.0%

60,000

6.0%

50,000

5.0%

sq m

80,000

40,000

4.0%

30,000

3.0%

20,000

2.0%

10,000

1.0%

0

2007

2008

2009

Supply

2010 F

0.0%

2011 F

Take up

Vacancy Rate

ADELAIDE OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• The average office vacancy rate edged up in 4Q2009 and is expected to peak at 6.0%6.5% by 1Q-2010, well below its historical average of 13%.

• The office will see no major completion of new developments before 2011 at the earliest.

• Prime office rents stabilised and incentives increased by approximately 5% during 4Q2009.

Vacancy Rate

700

7,000

600

6,000

500

5,000

400

4,000

300

3,000

200

2,000

100

1,000

Capital Values

Rentals

ADELAIDE OFFICE CAPITAL AND RENTAL VALUES

0 3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

Rentals (Australian$ / sq m / Year)

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Capital Values (Australian$ / sq m)

Canberra • The local office leasing market remained competitive and tenants continued to have strong bargaining positions in 4Q2009. However, prime office rentals stayed steady at an average of AU$375 per sq m per annum in the quarter.

14.0%

120,000

12.0%

100,000

10.0%

80,000

8.0%

60,000

6.0%

40,000

4.0%

20,000

2.0%

0

0.0%

sq m

140,000

2007

2008

2009

Supply

2010 F

Take up

2011 F

Vacancy Rate

CANBERRA OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• Rentals for second-tier office developments declined during the period. The current trend is anticipated to continue throughout 2010.

Vacancy Rate

Building

800

8,000

700

7,000

600

6,000

500

5,000

400

4,000

300

3,000

200

2,000

100

1,000

Capital Values

CANBERRA OFFICE CAPITAL AND RENTAL VALUES

Allan Woods Building Robert Garren Offices ActewAGL Building 10 Rudd Street 4 Marcus Clarke 19-25 Moore Street 7-11 Barry Drive 82 Northbourne

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Australian Government L Australian Government L ActewAGL S Undisclosed S Undisclosed S Undisclosed S Undisclosed S Undisclosed

Area (sq ft) 161,500 53,900 80,700 51,000 25,300 38,300 25,600 75,300

0

Rentals (Australian$ / sq m / Year)

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

0 1Q 2007

Rentals

• The trend of existing tenants migrating from old to new developments continued in 4Q2009.

Capital Values (Australian$ / sq m)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

13

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

AUSTRALIA Melbourne • A total of about 160,000 sq m of new office space was completed during 4Q2009.

MELBOURNE OFFICE SUPPLY, TAKE-UP & VACANCY RATE 10.0%

200,000

8.0%

150,000

6.0%

sq m 100,000

4.0%

50,000

2.0%

• With steady supply and moderate demand, the overall performance of the office market in Melbourne remained solid in 4Q2009.

Vacancy Rate

250,000

0.0%

0

2007

2008

2009

Supply

2010 F

Take up

Vacancy Rate

600

6,000

500

5,000

400

4,000

300

3,000

200

2,000

100

1,000

Capital Values

700

Area (sq ft) 65,600 51,300 204,500 57,700 29,000 64,600 43,100

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

1Q 2007

Rentals (Australian$ / sq m / Year)

Capital Values (Australian$ / sq m)

Perth • The average office vacancy rate stayed at about 8% in 4Q2009 and the amount of sublease space remained stable. However, individual space has been withdrawn due to the recent deals concluded with tenants in the resource sector.

PERTH OFFICE SUPPLY, TAKE-UP & VACANCY RATE 16.0%

140,000

14.0%

120,000

12.0%

100,000

10.0%

80,000

8.0%

60,000

6.0%

40,000

4.0%

20,000

2.0%

0

2007

-20,000

2008

2009

2010 F

Vacancy Rate

160,000

sq m

410-420 Elizabeth Street 128 Exhibition Street 525 Lonsdale Street 452 Flinders Street 452 Flinders Street 717 Bourke Street 717 Bourke Street

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser S Undisclosed S Salvest Capital S Undisclosed L UCMS L Sinclair Knight Merz L Chartis L Financial Ombudisman Service

0

0

2Q 2007

Rentals

Building

7,000

• Prime office rentals stabilised in 4Q2009 due to the general improvement in the economic performance during the period.

• The overall investment sales activity in the CBD remained subdued in 4Q2009. However, this is expected to improve over the short to medium term when more institutions start entering the market again.

0.0%

2011 F

-2.0% -4.0%

-40,000 Supply

Take up

Vacancy Rate

• Leasing demand is expected to improve over the medium to long term amid the continued improvement of economic conditions and business confidence. Due to the new supply coming on line, the overall vacancy rate will edge up in 2010.

PERTH OFFICE CAPITAL AND RENTAL VALUES

900

9,000

800

8,000

700

7,000

600

6,000

500

5,000

400

4,000

300

3,000

200

2,000

100

1,000 0

Rentals (Australian$ / sq m / Year)

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

0

Capital Values

10,000

1,000

Rentals

• The recent sales activity reflected a stablisation of prime office yields in the Melbourne CBD. • The average vacancy rate is expected to peak at 8.3% in mid-2011.

2011 F

MELBOURNE OFFICE CAPITAL AND RENTAL VALUES

14

• Incentives remained stable at 15%-25% in 4Q2009.

Building Alluvion The Quadrant Wesfarmer House * 50% share

Capital Values (Australian$ / sq m)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser S* Commonwealth Property Office Fund L MGI L Santos Ltd

Area (sq ft) 240,000 11,800 9,900

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

AUSTRALIA Sydney • With the gradual stabilisation of the local economy and the job market, the overall number of leasing enquiries and transactional activity in Sydney’s CBD saw a substantial increase in 4Q2009.

12.0%

100,000

10.0%

80,000

8.0%

60,000

6.0%

40,000

4.0%

20,000

2.0%

sq m

120,000

0

2007

-20,000

2008

2009

2010 F

0.0%

2011 F

Vacancy Rate

SYDNEY OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• Prime office rentals stayed firm at AU$626 per sq m per annum during 4Q2009 and incentives remained high at about 25% to 30%.

-2.0%

-40,000

-4.0%

-60,000

-6.0%

-80,000

-8.0%

-100,000

• Recent sales transactions reflected the fact that prime office yields in Sydney CBD were in the order of 7%-8%. One of the major investment sales transactions in 4Q2009 was the sale of Aurora Place to a Korean Pension fund for a total of AU$685 million.

-10.0% Supply

Take up

• The projection of vacancy rates has been revised downward as a result of the continued pick-up in the local economy and stronger-than-expected leasing demand for offices during 4Q2009.

Vacancy Rate

SYDNEY OFFICE CAPITAL AND RENTAL VALUES 16,000 14,000

1,200

12,000

1,000

10,000

800

8,000

600

6,000

400

4,000

200

2,000

Rentals (Australian$ / sq m / Year)

3Q 2011 F

2Q 2011 F

1Q 2011 F

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

0 2Q 2007

0

Building Capital Values

1,400

1Q 2007

Rentals

1,600

302 Pitt Street 50 Bridge Street 68 York Street 549 Kent Street 1 Chifley Square Aurora Place 60 Union Street 505-523 George Street

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L Garratts Limited L Rothchilds Australia L Coface Australia L AIBM L Penson Financial Services S South Korea’s National Pension Fund S AFIAA (Swiss Pension Fund) S Coombes Property Group

Area (sq ft) 15,100 14,000 10,800 10,300 9,000 526,400 215,300 194,100

Capital Values (Australian$ / sq m)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

15

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

NEW ZEALAND

70,000

14.0%

60,000

12.0%

50,000

10.0%

40,000

8.0%

30,000

6.0%

20,000

4.0%

10,000

2.0%

0

2007

2008

2009

Supply

2010 F

Take up

Vacancy Rate

sq m

AUCKLAND OFFICE SUPPLY, TAKE-UP & VACANCY RATE

• Tenants continued to opt for lease renewals rather than committing to new leases.

Landlords were more open in offering shorter leases and lease extensions in order to provide tenants with additional flexibility. In some case, rent-free periods were offered as part of the lease incentive package.

0.0%

2011 F Vacancy Rate

• There were signs that private investors and property syndicates have been returning to the market as they want to take advantage of the market weakness in the current cyclical downturn. Investment yields ranged from 8% to 9% for prime offices as of 4Q2009.

600

6,000

500

5,000

400

4,000

300

3,000

200

2,000

100

1,000

Capital Values

Rentals

AUCKLAND OFFICE CAPITAL AND RENTAL VALUES

Building

4Q 2010 F

3Q 2010 F

2Q 2010 F

4Q 2009

1Q 2010 F

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

1Q 2007

Rentals (New Zealand$ / sq m / Year)

L14, 21 Queen Street L15, Brookfields House, 19 Victoria Street West

Capital Values (New Zealand$ / sq m)

70,000

7.0%

60,000

6.0%

50,000

5.0%

40,000

4.0%

30,000

3.0%

20,000

2.0%

10,000

1.0%

0

2007

2008

2009

Supply

2010 F

Take up

2011 F

Vacancy Rate

sq m

WELLINGTON OFFICE SUPPLY, TAKE-UP & VACANCY RATE

6,000

500

5,000

400

4,000

300

3,000

200

2,000

100

1,000

Wellington • Despite the general rental reduction to an average of NZ$374 per sq m per annum, the leasing market in Wellington saw continued activity in 4Q2009. For example, General Market Company leased 775 sq m in Deloitte House to the Real Estate Agents Authority for NZ$296,272 per annum for a four-year term.

• Office investment yields in most precincts remain static in 4Q2009, although there was a 25-50 basis points increase in the Core precinct. Sales transactions remained active for premises priced at NZ$3 million or below during the period.

MAJOR TRANSACTIONS Lease (L) / Tenant / Sale (S) Purchaser L2, Deloitte House, 10 Brandon Street L Real Estate Agents Authority Building

4Q 2010 F

3Q 2010 F

2Q 2010 F

1Q 2010 F

4Q 2009

3Q 2009

2Q 2009

1Q 2009

4Q 2008

3Q 2008

2Q 2008

1Q 2008

4Q 2007

3Q 2007

2Q 2007

0 1Q 2007

Area (sq ft) 9,800 5,300

• Looking forward, the office market in the Wellington CBD will face a further rise in vacancy rates and rentals are expected to decline by 2.4% before the end of 2010.

Capital Values

600

Rentals (New Zealand$ / sq m / Year)

Tenant / Purchaser CBRE SMX

• Around 54,000 sq m of new office space is scheduled for completion in 2010. The Inland Revenue Department has pre-committed to a 25,000 sq m floor area in a brand new 33,000 sq m office building that will be completed by late 2010.

Vacancy Rate

0

MAJOR TRANSACTIONS Lease (L) / Sale (S) L L

0.0%

WELLINGTON OFFICE CAPITAL AND RENTAL VALUES

Rentals

• Looking forward, rentals are expected to remain stable or stage a moderate decline given the continued surge in vacancy rates. Investment yields will be largely stable over the next 12 months.

0

0

16

Auckland • The Deloitte Centre at 80 Queen Street, comprising 23,780 sq m of floor space, was the only new project scheduled for completion in 4Q2009. The average vacancy rates increased across most CBD precincts with an overall rate recorded at 11.5% in December 2009, compared with 8.4% in the preceding six months. Prime office vacancy rates also edged up from 5.4% to 11.5% in December 2009. The average office rental was around NZ$330 per sq m per annum as of 4Q2009.

Capital Values (New Zealand$ / sq m)

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

Area (sq ft) 8,300

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

PRIME OFFICE RENTALS Rentals (US$ / sq ft / year) 0

20

40

60

80

100

120

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

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

17

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

TRENDS & FORECASTS City

New Supply (sq ft)

Take-up (sq ft)

Average Vacancy (%)

Total Stock (sq ft) 2009

2009

2010 F

2009

2010 F

2009

2010 F

1,060,244 269,098 666,162 0 0 1,252,035

4,958,175 0 794,268 344,445 0 1,442,739

673,944 147,993 1,424,391 173,867 -79,518 294,287

1,679,341 45,719 48,820 384,155 -104,991 331,490

28.1 6.3 6.1 19.2 5.0 40.6

37.7 5.7 6.9 17.5 6.6 50.2

0 0 293,036 946,685

2,760,295 0 861,112 0

254,595 129,191 214,289 477,708

421,772 64,595 461,579 144,837

26.0 12.0 29.0 40.0

55.0 8.0 40.0 30.0

Guangzhou Yuexiu Tianhe Haizhu

0 1,597,266 0

0 4,613,408 0

339,730 1,640,763 118,403

163,568 3,050,091 160,382

13.3 24.9 37.1

Shanghai Huangpu Jingan Lujiazui-Pudong Zhuyuan-Pudong Changning Luwan Xuhui

0 395,853 2,154,997 788,500 207,237 0 0

395,520 1,666,768 4,291,610 2,180,852 341,474 699,654 0

-93,486 126,829 1,289,130 696,694 -86,691 -26,498 -3,037

82,479 923,594 2,149,829 1,162,930 -76,324 481,097 -264,485

0 0 0 0

0 0 434,350 0

-218,093 -367,815 -302,501 -407,876

Taipei CBD

1,016,262

697,264

Seoul CBD KBD YBD

1,429,599 0 429,491

Tokyo CBD

Average Rentals (US$ / sq ft / year)

2010 F

2009

2010 F

14,714,765 19,672,940 7,619,765 7,619,765 9,829,690 10,623,958 6,075,952 6,420,397 6,307,067 6,307,067 4,061,672 5,504,411

26.66 24.91 34.44 23.84 22.78 23.95

26.12 25.13 35.37 23.10 21.69 22.74

5,589,123 1,614,886 1,361,913 1,448,369

17.80 15.35 22.04 13.06

20.41 17.14 22.86 14.69

7.3 23.4 22.7

4,338,799 4,338,799 13,718,946 18,332,353 1,076,390 1,076,390

17.03 22.72 15.51

16.66 21.71 15.51

8.9 17.3 19.4 22.1 12.6 4.8 5.2

17.3 23.5 26.6 32.7 20.4 9.7 11.4

2,937,662 3,333,182 5,720,518 7,387,286 13,994,741 18,286,351 2,855,664 5,036,516 4,509,331 4,850,805 3,102,124 3,801,777 4,272,386 4,272,386

33.89 40.63 32.51 25.77 29.90 36.54 35.11

31.48 37.19 29.78 25.37 26.50 35.73 33.20

195,501 113,705 125,983 -151,745

5.1 6.5 5.1 7.7

4.2 5.5 7.7 7.1

21,266,625 21,266,625 11,095,267 11,095,267 10,540,480 10,974,830 6,563,890 6,361,390

117.80 59.02 43.14 51.88

133.97 55.02 40.98 54.48

-109,108

372,810

12.3

13.6

18,489,630 19,186,894

25.94

26.17

2,959,807 329,902 949,004

42,616 -717,619 213,081

2,572,419 710,492 799,500

5.8 4.2 2.0

6.6 2.7 2.8

26,514,806 29,474,613 25,775,816 26,105,717 15,780,292 16,729,297

23.69 20.09 15.39

24.62 20.91 16.30

4,706,568

4,001,307

N/A

N/A

7.2

7.5

N/A

101.39

97.73

Jakarta CBD Non-CBD

2,755,408 690,041

2,269,030 904,221

1,914,123 642,164

2,372,697 696,532

12.3 13.2

11.5 13.6

43,679,691 45,948,721 17,924,057 19,032,642

16.77 11.55

17.36 11.89

Kuala Lumpur KLCA

1,437,039

1,172,000

431,000

500,000

8.2

11.2

27,314,778 28,486,778

21.71

22.06

Manila Makati Ortigas

445,130 1,287,022

0 0

166,486 1,086,776

122,728 91,487

8.4 6.1

6.3 4.2

15.33 11.30

15.08 10.85

Beijing CBD Zhongguancun Financial Street Lufthansa East Chang An Avenue East 2nd Ring Chengdu Renmin Road CBD East Street Tianfu Avenue

Hong Kong Central Wanchai HK Island East Tsim Sha Tsui

18

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

2,828,828 1,614,886 500,801 1,448,369

N/A

9,317,135 4,961,404

9,317,135 4,961,404

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

TRENDS & FORECASTS City

New Supply (sq ft)

Take-up (sq ft)

Average Vacancy (%)

2009

2010 F

2009

2010 F

2009

2010 F

Singapore CBD

948,498

1,811,999

268,686

1,206,414

8.5

Bangkok CBD

486,625

837,431

80,729

215,278

Ho Chi Minh City CBD

277,332

680,386

238,476

Bangalore Overall CBD SBD PBD

5,036,343 403,218 3,500,000 1,133,125

5,366,832 172,807 2,700,000 2,494,025

Chennai Overall CBD SBD PBD

7,388,295 643,295 560,000 6,185,000

Mumbai Overall CBD SBD PBD New Delhi Overall CBD SBD PBD

Total Stock (sq ft) 2010 F

2009

2010 F

10.6

19,285,297 21,097,296

53.78

53.19

18.0

20.7

16,903,306 17,740,737

21.72

23.39

556,833

5.0

10.0

1,790,682

56.58

55.18

N/A N/A N/A N/A

N/A N/A N/A N/A

16.0 5.0 17.0 28.0

N/A N/A N/A N/A

58,756,343 64,123,175 N/A N/A N/A N/A N/A N/A

10.80 17.22 10.28 4.63

10.80 17.22 10.28 4.63

N/A N/A N/A N/A

N/A N/A N/A N/A

N/A N/A N/A N/A

22.5 N/A N/A N/A

N/A N/A N/A N/A

26,800,000 1,575,000 5,845,000 19,380,000

N/A N/A N/A N/A

11.83 14.78 12.21 8.23

11.57 14.91 11.83 7.71

12,241,000 0 2,631,000 9,610,000

N/A N/A N/A N/A

N/A N/A N/A N/A

N/A N/A N/A N/A

14.5 N/A N/A N/A

N/A N/A N/A N/A

72,180,000 N/A N/A N/A

N/A N/A N/A N/A

49.36 82.26 41.13 24.42

49.61 82.26 42.42 24.42

10,756,136 0 1,951,000 8,805,136

1,525,000 0 N/A 1,525,000

N/A N/A N/A N/A

N/A N/A N/A N/A

19.5 12.0 16.0 24.0

N/A N/A N/A N/A

51,028,158 N/A 1,861,000 1,861,000 6,909,000 N/A 42,258,158 43,783,158

41.65 68.12 37.79 19.02

41.65 68.12 37.79 19.02

Adelaide CBD

516,667

0

269,098

430,556

5.0

6.5

13,866,465 13,866,465

27.91

29.16

Canberra CBD

96,875

775,001

96,875

538,195

1.0

8.0

3,089,239

31.25

32.08

1,815,870

736,789

0

215,278

5.3

8.2

19,006,141 19,678,347

30.33

30.50

Perth CBD

672,475

1,462,147

-182,986

376,737

8.0

14.0

14,715,747 16,177,894

49.99

49.99

Sydney CBD

581,789

971,862

-861,112

-107,639

4.7

5.7

51,663,738 51,623,320

52.16

51.66

Auckland CBD

401,278

0

92,914

241,746

11.5

9.9

4,255,454

4,448,343

22.13

21.59

Wellington CBD

268,484

581,251

240,336

523,287

0.7

2.7

1,563,683

2,144,933

25.08

24.47

Melbourne CBD

2009

Average Rentals (US$ / sq ft / year)

1,110,296

2,314,239

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

19

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

DEFINITIONS AND TERMINOLOGY

GREATER CHINA

NORTH ASIA

Beijing Prime office market in Beijing consists of 6 sub-markets – CBD (Central Business District), Lufthansa, East 2nd Ring, Financial Street, East Chang An Avenue and Zhongguancun.

Seoul Major office districts in Seoul include the traditional central business area (CBD), Gangnam Business District (GBD) and Yeouido Business District (YBD).

Rents are quoted in RMB per sq m per month on gross floor area basis, and exclusive of management fees and rent free period. Capital values are quoted on RMB per sq m.

Rents are quoted in Won per pyung (also equivalent to 3.3 sq m) per month on gross floor area basis. Generally, a deposit equivalent to 10 months is required, and is usually paid up front. Management fees are excluded from quoted rents. Space is measured on gross floor area basis.

Capital values are quoted in Won per sq m.

Chengdu Prime office buildings in Chengdu are mainly located in 4 sub-markets, South Renming Road , Chunxi Road - Yanshikou Trading Area, Shuncheng Street and Luomasi Trading Area, and East Street.

Rents are quoted in RMB per sq m per month on gross floor area basis, and exclusive of management fees. Capital values are quoted on RMB per sq m.

Guangzhou Prime office buildings in Guangzhou are located in 3 principal sub-markets – Dongshan, Yuexiu and Tianhe.

Rents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month, which are inclusive of service charges. Office space is measured on an internal floor area basis. Capital values are quoted in Yen per tsubo.

Rents are quoted in US$ per sq m per month on gross floor area basis, and exclusive of any management fees and government taxes. Capital values are quoted on US$ per sq m.

SOUTH ASIA

Shanghai Prime office buildings in Shanghai are located in 6 principal sub-markets – Huangpu, Jingan, Lujiazui-Pudong, Changning, Luwan and Xuhui.

Jakarta The quality office buildings in Jakarta are located in the CBD covering the districts Thamrin, Sudirman, Gatot Subroto, Rasuna Said and Mega Kuningan. The areas outside the above districts are collectively called as “non-CBD”.

Rents are quoted in RMB per sq m per day on gross floor area basis, and exclusive of any management fees. Capital values are quoted on RMB per sq m.

Hong Kong Prime office properties in Hong Kong are concentrated in 4 sub-markets – Central, Wanchai / Causeway Bay, Island East and Tsim Sha Tsui.

Rents are commonly quoted in HK$ per sq ft per month on either gross, net or lettable floor area basis, which are exclusive of management fees, and government tax. Prices are quoted in HK$ per sq ft, and are measurable on gross floor area basis.

Taipei Prime office properties in Taipei are concentrated in 7 districts, comprising Nanking Sung Chiang (NK-SC), Minsheng Tun Hwa North (MS-TN), Hsin Yi,West,Tun Hwa South (TUN-S), Jen Ai Hsin Sheng (JA-HS) and Nanking East Road (NK-4/5).

The local unit of measurement is a “ping” (i.e. 3.3 sq m). Rents and prices are quoted in local currency i.e. New Taiwan Dollar (NT$) on gross floor area basis.

20

Tokyo The quality office buildings in Tokyo are located in the central business area (CBD) area covering six wards namely, Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku and Shinagawa-ku.

COLLIERS INTERNATIONAL | REGIONAL RESEARCH

Rents are commonly quoted in Rupiah per sq m per month, which are inclusive of service charges but exclusive of government taxes. Office space is measured on lettable floor area basis. Capital values are quoted in Rupiah per sq m.

Kuala Lumpur Prime office buildings located in the Kuala Lumpur Central Area (KLCA) only. The KLCA comprises areas generally within the central business district.

Rents are commonly quoted in Ringgit Malaysia (RM) per sq ft per month on net floor area basis, which are inclusive of service charges and property taxes. Capital values are quoted in Ringgit per sq ft.

Manila Prime office buildings in Manila are located in two principal sub-markets – Makati and Ortigas.

Rents are quoted in Peso per sq m per month on net floor area basis, and exclusive of any management fees. Capital values are quoted in Peso per sq m.

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

DEFINITIONS AND TERMINOLOGY

Singapore The quality office buildings covered in the report are located in the Central Business District of Singapore.

Rents are quoted in S$ per sq ft per month on net floor area basis (i.e. area less common areas such as corridors, toilets, lift lobby etc. but including columns), and are inclusive of service charge. Capital values are quoted on the basis of strata area for strata-titled buildings, and net area for non-strata-titled developments.

Bangkok 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.

Mumbai Prime office properties in Mumbai are primarily concentrated in CBD (Central Business District) – consist of Nariman Point, Ford and Ballard Estate; SBD (Secondary Business District) including Bandra (West and East), Kalina, Lower Parel and Worli/Prabhadevi and PBD (Peripheral Business District) including Navi Mumbai, Vashi, Powai, Goregaon.

Rents are commonly quoted in Rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes.

Office space is commonly measured on *super built up area basis.

Ho Chi Minh City The quality office buildings in Ho Chi Minh City are located in District One - the central business district in the city.

New Delhi Prime office properties in New Delhi are primarily concentrated in CBD (Central Business District) – consist of Connaught Place; SBD (Secondary Business District) including Nehru Place, Jasola, Saket and Netaji Subhash Place and PBD (Peripheral Business District) including Gurgaon and Noida.

Rents are commonly quoted in US$ per sq m per month on net floor area basis, and exclusive of management fees and government tax. Capital values are quoted on US$ per sq m.

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.

INDIA

*

Super built-up area refers to the total **built-up area of a building plus a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretaker’s

Bangalore Prime office properties in Bangalore are can be divided in 3 principal sub-markets – CBD (Central Business District), SBD (Suburban/Secondary Business District) consisting of Bannerghatta Road & Outer Ring Road and PBD (Peripheral Business District) including PBD Hosur Road, EPIP Zone, Electronic City and Whitefield.

Rents are commonly quoted in Rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes.

Office space is commonly measured on *super built up area basis.

Chennai Prime office properties in Chennai are located in 3 principal submarkets– CBD (Central Business District), (Suburban/Secondary Business District) and PBD (Peripheral Business District). SBD consists of Guindy and Velechery while PBD includes other areas such as Old Mahaballipuram Road, Ambattur and GST Road amongst others.

Rents are commonly quoted in Rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes.

Office space is commonly measured on *super built up area basis.

office/flat throughout the building. ** Built-up area refers to the carpet area plus the thickness of external walls and area under columns.

AUSTRALASIA Australia Prime office buildings are located in the CBD and generally favored by MNCs. Rents are quoted on net floor area basis, and in A$ per sq m per annum excluding management fee and government charges. Capital values are quoted on A$ per sq m.

New Zealand Prime office buildings are located in the CBD. Rents are quoted on net floor area basis, and in NZ$ per sq m per annum excluding management fee and government charges. Capital values are quoted on NZ$ per sq m.

The content of this report is for information only and should not be relied upon as a substitute for professional advice, which should be sought from Colliers International prior to acting in reliance upon any such information. The opinions, estimates and information given herein or otherwise in relation hereto are made by Colliers International and affiliated companies in their best judgement, in the utmost good faith and are as far as possible based on data or sources which they believe to be reliable in the contest hereto. Notwithstanding, Colliers International and affiliated companies disclaim to the extent permitted by law, any liability in respect of any claim which may arise from any errors or omissions or from providing such advice, opinions, judgement or information.

Colliers Macaulay Nicolls Inc., and certain of its subsidiaries, is an independently owned and operated business and a member firm of Colliers International Property Consultants, an affiliation of independent companies with over 290 offices throughout more than 60 countries worldwide

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ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010

For further details, please contact: GREATER CHINA Beijing, China 502 Tower W3, Oriental Plaza No 1 East Changan Avenue, Dongcheng District Beijing 100738 Tel : 86 10 8518 1633 Fax : 86 10 8518 1638 Amanda Gao Managing Director, North China Amanda.Gao@colliers.com Chengdu, China Room L 16F City Tower 86 Section One Renmin Nan Road Chengdu 610016 Tel : 86 28 8620 2128 Fax : 86 28 8620 2158 Jacky Tsai General Manager Jacky.Tsai@colliers.com Guangzhou, China 702 Teem Tower, 208 Tianhe Road Guangzhou 510620 Tel : 86 20 3819 3888 Fax : 86 20 3819 3899 Eric Lam General Manager Eric.Lam@colliers.com

Taipei, Taiwan 49F TAIPEI 101 TOWER 7 Xin Yi Road Sec 5, Taipei 110 Tel : 886 2 8101 2000 Fax : 886 2 8101 2345 Andrew Liu Managing Director Andrew.Liu@colliers.com

NORTH ASIA Seoul, South Korea 10F Korea Tourism Organization Bldg., 10 Da-dong, Jung-gu, Seoul 100-180 Tel : 82 2 6740 2000 Fax : 82 2 318 2015 Jay Yun Senior Director & General Manager Jay.Yun@colliers.com Tokyo, Japan Halifax Building 8F, 16-26, Roppongi 3-Chome Minato-ku, Tokyo 106-0032 Tel : 81 3 5563 2111 Fax : 81 3 5563 2100 James Fink Senior Managing Director jfink@colliershalifax.com

SOUTH ASIA Shanghai, China 16F Hong Kong New World Tower 300 Huaihai Zhong Road Shanghai 200021 Tel : 86 21 6141 3688 Fax : 86 21 6141 3699 Lina Wong Managing Director, East and South West China Lina.Wong@colliers.com Hong Kong, HKSAR 5701 Central Plaza, 18 Harbour Road Wanchai, Hong Hong Company Licence No: C-006052

Tel : 852 2828 9888 Fax : 852 2828 9899 Richard Kirke Managing Director Richard.Kirke@colliers.com Piers Brunner (E-183614) Chief Operating Officer - Asia Piers.Brunner@colliers.com George McKay (E-215150) Managing Director, Corporate Services - Asia Pacific George.McKay@colliers.com

22

Manila, Philippines 10F Tower 2 RCBC Plaza, 6819 Ayala Avenue corner Sen Gil J Puyat Avenue Makati City, Philippines1200 Tel : 63 2 888 9988 Fax : 63 2 845 2612 David Young Managing Director David.A.Young@colliers.com

Jakarta, Indonesia 10F World Trade Centre, Jl Jenderal Sudirman Kav 29-31 Jakarta 12920 Tel : 62 21 521 1400 Fax : 62 21 521 1411 Mike Broomell Managing Director Mike.Broomell@colliers.com Kuala Lumpur, Malaysia c/o Mark Lampard* Regional Director Occupier Services - Asia Tel : 65 6531 8601 Fax : 65 6557 0649 Mark.Lampard@colliers.com * Based in Singapore Malaysia information contributed by: C H Williams Talhar & Wong Sdn Bhd 32nd Floor Menara Tun Razak P O Box 12157 50768 Kuala Lumpur Malaysia Tel : 603 2693 8888 Fax : 603 2693 6565/6655 URL: http:// www.wtw.com.my Goh Tian Sui Managing Director gts@wtw.com.my

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Singapore 1 Raffles Place #45-00 OUB Centre Singapore 048616 Tel : 65 6223 2323 Fax : 65 6222 4901 Dennis Yeo Managing Director, North Asia Managing Director, Singapore Dennis.Yeo@colliers.com Bangkok, Thailand 17/F Ploenchit Center 2 Sukhumvit Road Klongtoey, Bangkok 10110 Tel : 66 2 656 7000 Fax : 66 2 656 7111 Patima Jeerapaet Managing Director Patima.Jeerapaet@colliers.com Ho Chi Minh City, Vietnam Ho Chi Minh City, Vietnam 7F Bitexco Building 19-25 Nguyen Hue Street District 1, Ho Chi Minh City Tel : 84 8 827 5665 Fax : 84 8 827 5667 Peter Dinning General Director Peter.Dinning@colliers.com KP Singh Managing Director KP.Singh@colliers.com Hanoi, Vietnam Vinaplast - Tai Tam Building, 9th Floor, 39A Ngo Quyen Street Hoan Kiem District, Hanoi, Vietnam Tel : 84 4 220 5888 84 4 220 5566 Fax : 84 4 220 1133 Do Le Quan Deputy General Director Quan.Do@colliers.com

ASIA PACIFIC OFFICE MARKET OVERVIEW | JANUARY | 2010 EXECUTIVE SUMMARY

INDIA Bangalore, India Prestige Garnet, Level 2, Unit No.201/202 36 Ulsoor Road, Bangalore 560 042 Tel : 91 80 4079 5500 Fax : 91 80 4112 3131 Goutam Chakraborty Office Director Goutam.Chakraborty@colliers.com Chennai, India Unit 1C, 1st Floor, Heavitree Complex, 23 Spurtank Road, Chetpet, Chennai 600 031 Tel : 91 44 2836 1064 Fax : 91 44 2836 1377 Saravanan C Office Director Saravanan.C@colliers.com Gurgaon, India G3, NewBridge Business Centers, TechnoPolis, DLF Golf Course Main Sector Road Sector 54, Gurgaon 122 002 Tel : 91 124 4375807 Fax : 91 124 4375806 Saacketh Chawla Office Director Saacketh.Chawla@colliers.com Kolkata, India Regus Business Centre Constantia, Level 6, Kolkata 700017 Tel : 91 33 4400 0541 Fax : 91 33 4400 0555 Joe Verghese Managing Director Joe.Verghese@colliers.com Mumbai, India 31-A, 3rd Floors, Film Centre, 68 Tardeo Road Mumbai 400 034 Tel : 91 22 4050 4500 Fax : 91 22 2351 4272 Poonam Mahtani Office Director Poonam.Mahtani@colliers.com

New Delhi, India 204/205, 2nd Floor, Kanchenjunga Building, 18 Barakhamba Road New Delhi 110 001 Tel : 91 11 4360 7500 Fax : 91 11 2335 6624 Prit Paul Office Director Prit.Paul@colliers.com

Perth, Australia Level 19, 140 St Georges Terrace Perth WA 6000 Tel : 61 8 9261 6666 Fax : 61 8 9261 6665 K. Imran Mohiuddin State Chief Executive Imran.Mohiuddin@colliers.com

Pune, India Vatika Business Center, Level-5 C Wing, Panchsheel Tech Park-1, Yerwada Pune 411 006 Tel : 91 20 4011 1356 Fax : 91 20 6640 3138 Suresh Castellino Office Director Suresh.Castellino@colliers.com

AUSTRALASIA Adelaide, Australia Level 10, 99 Gawler Place, Adelaide SA 5000 Tel : 61 8 8305 8888 Fax : 61 8 8231 7712 James Young State Chief Executive James.Young@colliers.com Canberra, Australia Ground floor, 21-23 Marcus Clarke Street Canberra ACT 2601 Tel : 61 2 6257 2121 Fax : 61 2 6257 2937 Paul Powderly State Chief Executive Paul.Powderly@colliers.com

Sydney, Australia Level 12, Grosvenor Place, 225 George Street Sydney NSW 2000 Tel : 61 2 9257 0222 Fax : 61 2 9251 3297 Malcom Tyson State Chief Executive Malcom.Tyson@colliers.com Auckland, New Zealand Level 27, 151 Queen Street, Auckland Tel : 64 9 358 1888 Fax : 64 9 358 1999 Mark Synnott Managing Director Mark.Synnott@colliers.com Wellington, New Zealand Level 10, 36 Customhouse Quay Wellington Tel : 64 4 473 4413 Fax : 64 4 499 1550 (Agency) : 64 4 470 3902 (Valuation) Richard Findlay Managing Director Richard.Findlay@colliers.com

Melbourne, Australia Level 32 367 Collins Street Melbourne VIC 3000 Tel : 61 3 9629 8888 Fax : 61 3 9629 8549 John Marasco State Chief Executive John.Marasco@colliers.com

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