global_office_1s by Colliers Chile

FIRST HALF 2011 | OFFICE

GLOBAL OFFICE

HIGHLIGHTS

Office Markets Show Further Recovery – But Concerns Rising ROSS J. MOORE Chief Economist | USA

OFFICE CONSTRUCTION - TOP 10 CITIES UNDER CONSTRUCTION (MILLION SQUARE FEET)

MARKET (Ranked by June 2011)

JUNE 2011

DEC. 2010

JUNE 2010

Guangzhou

31.3

18.1

26.9

Ho Chi Minh City

29.0

29.1

7.2

Moscow

19.6

30.2

Riyadh

18.1

18.5

11.2

Mexico City

15.9

14.8

12.5

Tokyo

15.6

23.1

Shanghai

14.5

Cairo

14.1

São Paulo

11.5

12.0

19.6

Chennai

11.1

7.6

4.1

GLOBAL CAPITALIZATION RATES /PRIME YIELDS – 10 LOWEST CITIES MARKET (Ranked by June 2011) Taipei Hong Kong Vienna Geneva London – West End Zurich Singapore Munich Paris Tokyo

CBD CAP RATE (%) JUNE 2011

DEC. 2010

JUNE 2010

2.80 3.22 3.50 4.00 4.00

2.90 3.31 3.50 4.00 4.50

3.34 3.50 4.00 4.50

4.10 4.30 4.50 4.50 4.60

4.10 4.20 4.50 4.75 4.70

4.40 3.80 4.50 5.10 4.80

Office space markets around the world continued to make gains in the first half of 2011. Most regions also showed leasing markets continued to be relatively active despite what was an increasingly uncertain global economy. With the global economic landscape showing more and more signs of slowing, however, the demand for office space has again been called into question and will need to be monitored closely in the coming months. EUROPE, MIDDLE EAST, AFRICA (EMEA) With more mixed economic conditions across many parts of Europe, Middle East and Africa, the EMEA average vacancy rate remained at around 12 per cent at midyear. While the regional vacancy rate remained elevated, vacancies in key markets including Berlin, Frankfurt, central London, Moscow, Warsaw and Zurich all fell during first half of the year. With conditions still mixed, office rents in the region largely held steady. London again retained its position as the most expensive office market in the region, with average Class A asking rents in the West End sub-market at $150.00 USD/£93.50 GBP per square foot per year. Office space under construction at midyear was down modestly from year-end: at midyear development totaling 159 million square feet was underway, compared with 163 million square feet at year-end. NORTH AMERICA The United States office market finished the first half of the year on a relative weak note. The much anticipated recovery in the U.S. office market remained muted with many markets still characterized by little or no growth. Rents continued to languish as both downtown and suburban markets registered small decreases during the first six months of the year. With only

GLOBAL OFFICE OCCUPANCY COSTS – TOP 10 CITIES CLASS A/GROSS RENT (USD PER SQUARE FOOT)

MARKET (Ranked by June 2011)

JUNE 2011

DEC. 2010

JUNE 2010

Hong Kong

213.70

191.97

161.42

London – West End

150.20

133.02

129.58

Paris

111.92

102.15

Tokyo

104.91

105.00

100.76

London – City

103.61

99.77

94.17

Rio de Janeiro

101.41

94.74

73.44

87.00

73.51

58.08

Perth

85.70

68.54

64.42

São Paulo

82.84

78.73

68.50

Geneva

78.39

69.10

55.63

Singapore

91.82

modest economic growth in the first half of the year and employment showing disappointing gains, the outlook for the office space market is far from certain. By comparison, Canadian markets enjoyed another reasonably good half year on the back of a robust first quarter and a modest job gains through the January-June period. Given the sudden stall in job creation and continued high energy costs, the U.S. office market in particular faces fairly stiff headwinds that will likely put a full recovery back until mid 2012 at the earliest. Across the continent, Midtown Manhattan continued to hold top spot for office occupancy costs with average Class A rents at $64.00 USD per square foot. CONTINUED ON PAGE 8

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HIGHLIGHTS | FIRST HALF 2011 | OFFICE | GLOBAL

OFFICE MARKETS EXISTING INVENTORY JUNE 2011 MARKET

COUNTRY

ASIA PACIFIC Adelaide Brisbane Canberra Melbourne Perth Sydney Beijing Chengdu Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo Auckland Wellington Makati Singapore Seoul Taipei Bangkok Ho Chi Minh City

Australia Australia Australia Australia Australia Australia China China China China China India India India India Indonesia Japan New Zealand New Zealand Philippines Singapore South Korea Taiwan Thailand Vietnam

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania Vienna Austria Minsk Belarus Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Prague Czech Republic Copenhagen Denmark Cairo Egypt Tallinn Estonia Helsinki Finland Bordeaux France Lyon France Marseille France Montepelier France Nantes France Paris France Toulouse France Berlin Germany D端sseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Amsterdam Netherlands

P. 2

| COLLIERS INTERNATIONAL

UNDER CONSTRUCTION JUNE 2011

SQUARE FEET

SQUARE METERS

SQUARE FEET

SQUARE METERS

VACANCY RATE (%) JUNE 2011

14,000,718 21,947,021 7,316,800 44,209,074 15,740,331 52,777,025 52,706,913 2,947,734 20,451,403 23,237,825 42,567,970 68,212,675 52,173,195 61,029,158 86,028,000 47,132,146 685,681,000 14,597,038 13,797,537 29,048,729 51,871,234 71,601,721 55,700,438 84,981,318 11,767,233

1,301,182 2,039,686 680,000 4,108,650 1,462,856 4,904,928 4,898,412 273,953 1,900,688 2,159,649 3,956,131 6,339,468 4,848,810 5,671,855 7,995,167 4,380,311 63,725,000 1,356,602 1,282,299 2,699,696 4,820,747 6,654,435 5,176,621 7,897,892 1,093,609

966,678 1,529,437 215,200 2,833,980 1,706,762 1,712,174 6,588,660 10,760,000 31,317,776 456,225 14,450,723 8,103,925 11,056,878 6,465,000 5,220,000 4,472,921 15,591,240 0 279,760 1,030,302 3,939,587 1,956,512 2,903,048 2,309,419 29,032,955

89,840 142,141 20,000 263,381 158,621 159,124 612,329 1,000,000 2,910,574 42,400 1,343,004 753,153 1,027,591 600,836 485,130 415,699 1,449,000 0 26,000 95,753 366,133 181,832 269,800 214,630 2,698,230

7.80 7.40 10.00 5.80 7.80 9.30 5.35 35.20 17.60 3.70 10.60 15.50 21.50 17.00 14.00 7.50 8.40 12.20 10.00 4.10 14.30 5.30 10.00 15.30 9.92

682,184 120,243,000 4,300,772 22,327,000 139,880,000 14,945,640 7,478,200 29,207,202 61,197,500 10,354,918 5,008,780 90,384,000 22,596,000 53,767,720 31,204,000 17,754,000 29,052,000 548,760,000 37,425,400 192,604,000 83,390,000 124,998,920 139,966,080 240,098,640 80,054,400 73,706,000 27,544,879 37,660,000 130,196,000 105,448,000 5,649,000 3,609,980 77,472,000

63,400 11,175,000 399,700 2,075,000 13,000,000 1,389,000 695,000 2,714,424 5,687,500 962,353 465,500 8,400,000 2,100,000 4,997,000 2,900,000 1,650,000 2,700,000 51,000,000 3,478,197 17,900,000 7,750,000 11,617,000 13,008,000 22,314,000 7,440,000 6,850,000 2,559,933 3,500,000 12,100,000 9,800,000 525,000 335,500 7,200,000

96,840 968,400 2,377,960 107,600 1,936,800 5,014,160 1,345,000 2,055,160 1,076,000 14,132,216 26,900 1,076,000 322,800 430,400 161,400 96,840 322,800 4,519,200 129,120 1,506,400 2,276,816 5,069,768 4,004,872 2,439,615 1,321,328 753,200 538,000 0 4,304,000 1,076,000 61,257 244,252 2,765,320

9,000 90,000 221,000 10,000 180,000 466,000 125,000 191,000 100,000 1,313,403 2500 100,000 30,000 40,000 15,000 9,000 30,000 420,000 12,000 140,000 211,600 471,168 372,200 226,730 122,800 70,000 50,000 0 400,000 100,000 5,693 22,700 257,000

11.07 5.00 13.73 8.00 12.00 26.00 9.00 11.90 8.60 17.00 11.00 12.20 5.60 7.00 7.50 3.60 4.70 7.00 6.60 8.10 11.60 17.00 9.00 8.00 6.30 14.00 24.90 21.43 8.55 6.00 12.70 10,00 18.70

HIGHLIGHTS | FIRST HALF 2011 | OFFICE | GLOBAL

OFFICE MARKETS EXISTING INVENTORY JUNE 2011 MARKET

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued Warsaw Poland Lisbon Portugal Bucharest Romania Moscow Russia Saint Petersburg Russia Jeddah Saudi Arabia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Johannesburg South Africa Madrid Spain Stockholm Sweden Geneva Switzerland Zurich Switzerland Istanbul Turkey Kyiv Ukraine Abu Dhabi United Arab Emirates Dubai United Arab Emirates Belfast United Kingdom Birmingham United Kingdom Bristol United Kingdom Edinburgh United Kingdom Glasgow United Kingdom London – City United Kingdom London – Docklands United Kingdom London – Southbank United Kingdom London – West End United Kingdom Manchester United Kingdom

UNDER CONSTRUCTION JUNE 2011

SQUARE FEET

SQUARE METERS

SQUARE FEET

SQUARE METERS

VACANCY RATE (%) JUNE 2011

37,714,177 48,190,005 15,386,800 139,234,400 15,924,800 8,608,000 10,039,080 7,155,400 14,848,800 27,976,000 158,849,880 19,368,000 47,559,200 114,594,000 27,518,851 13,234,800 26,900,000 61,461,163 9,000,000 15,695,042 12,250,000 10,400,000 14,000,000 96,085,354 18,741,502 18,883,829 80,601,733 17,464,040

3,505,035 4,478,625 1,430,000 12,940,000 1,480,000 800,000 933,000 665,000 1,380,000 2,600,000 14,763,000 1,800,000 4,420,000 10,650,000 2,557,514 1,230,000 2,500,000 5,712,004 836,431 1,458,647 1,138,476 966,543 1,301,115 8,929,866 1,741,775 1,755,003 7,490,867 1,623,052

4,640,304 587,679 1,452,600 19,615,480 4,164,120 6,662,398 18,129,696 1,003,456 1,022,200 2,690,000 2,313,400 322,800 376,600 2,152,000 3,968,729 5,164,800 8,118,420 5,909,887

431,255 54,617 135,000 1,823,000 387,000 619,182 1,684,916 93,258 95,000 250,000 215,000 30,000 35,000 200,000 368,841 480,000 754,500 549,246

300,000 165,500 190,000 0 2,979,416 1,900,000 1,012,000 2,617,816 325,000

27,881 15,381 17,658 0 276,897 176,580 94,052 243,291 30,204

6.17 12.01 18.00 11.66 12.84 18.00 30.00 26.80 9.10 9.30 11.40 6.00 2.50 4.30 10.54 12.50 7.00 50.00 19.25 18.00 17.59 13.30 12.10 9.49 9.20 4.66 5.79 16.90

*Rental figures represent an average of Class A&B

LATIN AMERICA Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá San José Mexico City Lima

Argentina Brazil Brazil Chile Colombia Costa Rica México Peru

NORTH AMERICA Calgary Edmonton Guelph Halifax Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Waterloo Region, ON Winnipeg Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago

Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States

41,426,172 48,511,460 69,705,755 41,951,572 17,108,970 9,930,512 65,777,214 6,183,342

3,850,016 4,508,500 6,478,230 3,898,845 1,590,053 922,910 6,113,124 574,660

491,764 4,632,180 11,472,667 3,700,073 2,793,479 1,394,216 15,945,029 1,382,380

45,703 430,500 1,066,233 343,873 259,617 129,574 1,481,880 128,474

7.12 1.10 3.10 3.01 4.80 9.60 11.00 3.20

61,286,904 20,197,430 1,735,958 10,993,961 73,049,523 35,629,890 4,207,379 2,099,293 186,620,371 51,567,418 8,483,363 9,561,883 14,311,836 216,902,919 8,954,343 106,041,867 14,340,388 166,600,461 11,497,129 94,955,521 311,605,191

5,695,809 1,877,085 161,334 1,021,744 6,788,989 3,311,328 391,020 195,102 17,343,901 4,792,511 788,417 888,651 1,330,096 20,158,264 832,188 9,855,192 1,332,750 15,483,314 1,068,506 8,824,863 28,959,590

2,515,699 40,000 72,499 90,000 112,000 550,000 200,000 147,000 1,562,858 776,290 113,100 784,883 37,000 616,650 9,277 1,203,429 16,000 1,869,000 0 533,512 416,000

233,801 3,717 6,738 8,364 10,409 51,115 18,587 13,662 145,247 72,146 10,511 72,945 3,439 57,309 862 111,843 1,487 173,699 0 49,583 38,662

8.32 12.23 5.90 9.25 7.70 6.75 1.28 5.39 5.88 7.46 8.83 9.97 8.43 17.89 9.94 14.64 19.36 18.33 15.55 13.09 16.74

COLLIERS INTERNATIONAL |

P. 3

HIGHLIGHTS | FIRST HALF 2011 | OFFICE | GLOBAL

OFFICE MARKETS EXISTING INVENTORY JUNE 2011 MARKET

COUNTRY

NORTH AMERICA continued Cincinnati Cleveland Columbia Columbus Dallas/Fort Worth Denver Detroit Fairfield Fairfield County Fresno Ft. Lauderdale/Broward County Grand Rapids Greenville Hartford Honolulu Houston Indianapolis Jacksonville Kansas City Las Vegas Little Rock Long Island Los Angeles Los Angeles – Inland Empire Louisville Memphis Miami-Dade Minneapolis Nashville New Jersey – Central New Jersey – Northern New York – Downtown Manhattan New York – Midtown Manhattan New York – Midtown S. Manhattan Oakland Omaha Orange County Orlando Philadelphia Phoenix Pittsburgh Pleasanton/Walnut Creek Portland Raleigh/Durham/Chapel Hill Reno Sacramento San Diego San Francisco San Francisco Peninsula San Jose/Silicon Valley Savannah Seattle/Puget Sound St. Louis St. Paul, MN Stamford Stockton/San Joaquin County Tampa Washington, DC West Palm Beach/Palm Beach Co. Westchester County White Plains

United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

P. 4

| COLLIERS INTERNATIONAL

SQUARE FEET

SQUARE METERS

53,805,774 126,597,562 9,682,294 62,838,633 306,155,632 132,396,800 131,155,664 4,268,968 57,808,020 21,148,168 52,097,385 16,941,514 7,743,665 22,022,121 15,583,553 196,915,625 118,419,079 60,082,205 90,086,285 38,658,740 13,937,608 71,298,915 204,772,800 21,667,000 52,150,947 35,956,776 80,986,851 68,907,239 33,590,442 104,219,394 138,766,069 109,357,035 228,626,978 167,391,612 32,768,363 27,045,977 79,233,800 68,001,483 151,904,476 128,613,730 125,512,247 45,205,074 77,641,985 77,685,976 6,872,171 91,101,391 78,327,479 85,635,358 35,175,133 61,581,453 2,251,504 132,418,326 82,289,947 22,409,676 18,797,769 8,344,890 79,907,098 453,968,190 39,207,052 41,077,833 14,071,253

5,000,537 11,765,573 899,841 5,840,022 28,453,126 12,304,535 12,189,188 396,744 5,372,493 1,965,443 4,841,764 1,574,490 719,671 2,046,666 1,448,286 18,300,709 11,005,491 5,583,848 8,372,331 3,592,820 1,295,317 6,626,293 19,030,929 2,013,662 4,846,742 3,341,708 7,526,659 6,404,018 3,121,788 9,685,817 12,896,475 10,163,293 21,247,860 15,556,841 3,045,387 2,513,567 7,363,736 6,319,840 14,117,516 11,952,949 11,664,707 4,201,215 7,215,798 7,219,886 638,678 8,466,672 7,279,505 7,958,676 3,269,064 5,723,183 209,248 12,306,536 7,647,765 2,082,684 1,747,005 775,547 7,426,310 42,190,352 3,643,778 3,817,642 1,307,737

UNDER CONSTRUCTION JUNE 2011 SQUARE FEET

195,136 1,835,874 0 209,700 722,607 300,006 24,000 0 0 60,000 0 0 14,000 180,000 0 780,512 0 14,560 42,500 312,444 186,000 149,000 1,001,100 0 276,518 0 873,347 0 479,110 467,925 382,600 4,707,000 1,876,364 0 658,767 0 0 412,066 285,000 553,212 181,103 0 700,380 394,244 0 280,000 86,887 288,000 0 578,312 70,000 828,480 363,141 0 0 0 106,644 4,824,230 32,000 0 0

SQUARE METERS

18,135 170,620 0 19,489 67,157 27,882 2,230 0 0 5,576 0 0 1,301 16,729 0 72,538 0 1,353 3,950 29,038 17,286 13,848 93,039 0 25,699 0 81,166 0 44,527 43,487 35,558 437,454 174,383 0 61,224 0 0 38,296 26,487 51,414 16,831 0 65,091 36,640 0 26,022 8,075 26,766 0 53,746 6,506 76,996 33,749 0 0 0 9,911 448,349 2,974 0 0

VACANCY RATE (%) JUNE 2011

20.31 12.86 21.81 13.01 17.49 15.11 20.45 25.78 13.61 13.10 14.68 23.10 20.78 19.15 12.10 15.89 10.97 13.91 13.62 25.28 13.33 11.05 18.30 25.00 14.74 14.68 16.26 16.28 12.65 15.81 14.88 12.55 11.98 8.83 15.98 11.95 20.60 15.44 14.70 22.35 8.93 17.81 11.31 12.68 19.35 17.61 15.79 13.51 14.26 18.73 21.23 14.10 14.85 16.23 17.45 18.95 16.25 13.02 19.99 10.82 15.90

HIGHLIGHTS | FIRST HALF 2011 | OFFICE | GLOBAL

LOCAL MEASURE/CURRENCY CBD RENTS CBD RENTS LOCAL CURRENCY

MEASURE

MARKET

COUNTRY

EXCHANGE RATE CLASS A QUOTED TIME (USD) NET UNIT CURRENCY PERIOD JUN 30, 2011 RENT

SM SM SM SM SM SM SM SM SM SF SM SF SF SF SF SM SM SM SM SM SF SM Ping SM SM

AUD SGD AUD AUD AUD AUD RMB CNY RMB HKD RMB INR INR INR INR IDR JPY NZD NZD PHP SGD KRW NTD THB USD

Year Year Year Year Year Year Month Month Month Month Month Month Month Month Month Month Year Year Year Month Month Month Month Month Month

0.93 0.93 0.93 0.93 0.93 0.93 6.46 6.46 6.46 7.78 6.46 44.60 44.60 44.60 44.60 8 570 80.66 1.21 1.21 43.33 1.23 1 067 28.71 30.72 1.00

305.00 342.00 835.00 7.08 23 157.00 2 462.00 665.00 27.60

SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM

EUR EUR EUR EUR EUR EUR EUR EUR DKK USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month

0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 5.1370 1.00 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887

18.00 18.00 28.00 10.40 15.00 9.00 12.50 17.50 108.33 23.00 13.20 22.00 13.30 18.75 15.90 12.50 13.80 62.50 16.67 19.50 16.90 30.00 22.00 26.40 15.40 14.00 12.50 20.00 40.60 29.00 12.00 13.10 17.10

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana* Albania Vienna Austria Minsk Belarus Antwerp Belgium Brussels Belgium Sofia* Bulgaria Zagreb* Croatia Prague* Czech Republic Copenhagen Denmark Cairo Egypt Tallinn Estonia Helsinki Finland Bordeaux France Lyon France Marseille France Montepelier France Nantes France Paris France Toulouse France Berlin Germany D端sseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens* Greece Budapest* Hungary Dublin Ireland Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Amsterdam Netherlands

350.00 602.50 360.00 479.00 700.00 610.00 257.84 134.30 147.26 120.55 237.00 55.00 55.00 216.00 218.00 116 885

CLASS A GROSS RENT 460.00 725.00 430.00 561.00 860.00 745.00 287.84 153.10 202.18 138.57 237.00 65.00 65.00 254.50 236.00 171 843 91 113.00 434.00 438.00 8.90 32 899.00 2 954.00 712.00 35.86

23.00 30.00 13.80 20.00

133.33 26.00 15.45 25.00 19.20 24.50 21.70 18.33 19.60 69.17 22.50 24.00 20.10 34.00 24.00 30.40 18.30 30.00 43.22 30.00 14.00 16.00 18.80

CBD RENTS US DOLLARS/SQ FT/YEAR

CBD CAP AVERAGE AVERAGE RATE CLASS A CLASS A /PRIME NET RENT GROSS RENT YIELD (%) 34.88 60.04 35.88 47.74 69.76 60.79 44.46 23.16 25.39 185.91 40.86 14.80 14.80 58.12 58.65 15.20 23.46 26.31 21.48 69.21 24.18 28.58 24.12 30.76 26.13 29.13 45.31 16.83 24.27 14.56 20.23 28.32 23.50 25.63 21.36 35.60 21.52 30.34 25.73 20.23 22.33 101.13 26.97 31.55 27.35 48.54 35.60 42.72 24.92 22.65 20.23 32.36 65.70 46.93 19.42 21.20 27.67

45.84 72.25 42.85 55.91 85.70 74.24 49.63 26.40 34.86 213.70 40.86 17.49 17.49 68.48 63.50 22.35 104.91 33.38 33.69 87.00 34.35 34.29 25.83 39.96

37.22 48.54 22.33 32.36

28.93 28.98 25.00 40.45 31.07 39.64 35.11 29.67 31.71 111.92 36.41 38.83 32.52 55.02 38.83 49.19 29.61 48.54 69.93 48.54 22.65 25.89 30.42

7.75 7.50 7.50 7.00 7.25 7.08 5.93 7.60 5.89 3.22 6.30 9.60 9.00 9.00 10.60 8.30 4.60 8.68 8.22 9.77 4.30 5.68 2.80

14.00 3.50 14.00 7.25 6.00 9.00 9.00 6.50 5.00 11.00 7.80 5.65 6.50 6.00 6.15 7.00 6.50 4.50 6.50 5.00 5.25 5.20 4.70 4.50 5.40 7.25 7.75 7.75 5.50 6.00 8.00 8.50 6.50

COLLIERS INTERNATIONAL |

P. 5

HIGHLIGHTS | FIRST HALF 2011 | OFFICE | GLOBAL

LOCAL MEASURE/CURRENCY CBD RENTS CBD RENTS LOCAL CURRENCY

MEASURE

MARKET

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued Warsaw* Poland Lisbon Portugal Bucharest* Romania Moscow Russia Saint Petersburg* Russia Jeddah Saudi Arabia Riyadh Saudi Arabia Belgrade* Serbia Bratislava* Slovakia Cape Town South Africa Durban South Africa Johannesburg South Africa Madrid Spain Stockholm Sweden Geneva Switzerland Zurich Switzerland Istanbul Turkey Kyiv Ukraine Abu Dhabi United Arab Emirates Dubai United Arab Emirates Belfast United Kingdom Birmingham United Kingdom Bristol United Kingdom Edinburgh United Kingdom Glasgow United Kingdom London – City United Kingdom London – Docklands United Kingdom London – Southbank United Kingdom London – West End United Kingdom Manchester United Kingdom

EXCHANGE RATE CLASS A QUOTED TIME (USD) NET UNIT CURRENCY PERIOD JUN 30, 2011 RENT SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SF SF SF SF SF SF SF SF SF SF

EUR EUR EUR USD USD SAR SAR EUR EUR ZAR ZAR ZAR EUR SEK CHF CHF USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

Month Month Month Month Month Year Year Month Month Month Month Month Month Year Month Month Month Month Month Month Year Year Year Year Year Year Year Year Year Year

0.6887 0.6887 0.6887 1.00 0.6887 3.7501 3.7501 0.6887 0.6887 6.7568 6.7568 6.7568 0.6887 6.3035 0.8416 0.8416 1.00 1.00 1.00 1.00 0.6225 0.6225 0.6225 0.6225 0.6225 0.6225 0.6225 0.6225 0.6225 0.6225

22.50 15.65 15.00 58.17 34.10 1,100.00 1,300.00 13.00 11.50 70.00 75.00 45.00 24.00 4,500.00 55.00 40.00 26.64 33.00 37.40 37.91 12.50 21.00 24.00 21.00 23.00 48.50 25.00 32.50 77.50 20.50

CLASS A GROSS RENT

17.15

1,210.00 1,495.00 95.00 85.00 65.00 27.00 4,900.00 59.20 42.00 32.64 44.00 44.60 20.50 34.00 36.00 34.00 34.00 64.50 41.00 48.50 93.50 32.50

CBD RENTS US DOLLARS/SQ FT/YEAR

CBD CAP AVERAGE AVERAGE RATE CLASS A CLASS A /PRIME NET RENT GROSS RENT YIELD (%) 36.41 25.32 24.27 64.83 38.00 27.24 32.19 21.04 18.61 11.55 12.37 7.42 38.83 66.30 72.83 52.97 29.69 36.78 41.68 42.25 20.08 33.73 38.55 33.73 36.95 77.91 40.16 52.21 124.50 32.93

27.75

29.97 37.02 15.67 14.02 10.72 43.69 72.19 78.39 55.62 36.38 49.04 49.70 32.93 54.62 57.83 54.62 54.62 103.61 65.86 77.91 150.20 52.21

6.50 7.50 7.75 9.50 11.00 10.00 10.50 9.00 7.50 10.50 12.00 11.00 5.50 5.00 4.00 4.10 7.00 11.00 10.00 10.70 6.25 5.75 6.00 6.00 5.85 5.25 5.50 5.50 4.00 5.75

*Rental figures represent an average of Class A&B

LATIN AMERICA Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá San José Mexico City Lima

Argentina Brazil Brazil Chile Colombia Costa Rica México Peru

SM SM SM SM SM SM SM SM

USD REAL REAL USD USD USD USD USD

Month Month Month Month Month Month Month Month

1.00 1.56 1.56 1.00 1.00 1.00 1.00 1.00

29.80 124.00 96.00 26.01 34.50 19.14 27.00 17.00

34.00 142.00 116.00 29.38 36.00 17.25 30.00 22.42

33.21 88.56 68.56 28.99 38.45 21.33 30.09 18.95

37.89 101.41 82.84 32.74 40.12 19.22 33.43 24.99

9.50 10.50 11.00 8.51 10.00 9.54 10.00

NORTH AMERICA Calgary Edmonton Guelph Halifax Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Waterloo Region, ON Winnipeg Atlanta Bakersfield Baltimore Boise Boston

Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States

SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF

USD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD USD USD USD USD USD

Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year

1.00 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 1.00 1.00 1.00 1.00 1.00

26.00 21.49 16.00 17.63 18.64 26.09 22.12 22.90 20.86 33.90 23.78 14.38 16.00 10.71 9.31 13.09 12.00 25.64

43.95 39.15 27.36 32.40 37.00 48.64 37.08 34.00 52.42 53.75 37.78 25.74 29.97 22.46 17.40 24.09 18.00 45.64

26.00 22.29 16.59 18.28 19.33 27.06 22.94 23.75 21.63 35.15 24.66 14.91 16.59 10.71 9.31 13.09 12.00 25.64

43.95 40.60 28.37 33.60 38.37 50.44 38.45 35.26 54.36 55.74 39.18 26.69 31.08 22.46 17.40 24.09 18.00 45.64

6.25

P. 6

| COLLIERS INTERNATIONAL

7.25 7.00 7.25 8.00 7.00 6.54 5.75 6.50 7.25 7.75 7.50

5.00

HIGHLIGHTS | FIRST HALF 2011 | OFFICE | GLOBAL

LOCAL MEASURE/CURRENCY CBD RENTS CBD RENTS LOCAL CURRENCY

MEASURE

MARKET

COUNTRY

NORTH AMERICA continued Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas/Fort Worth Denver Detroit Fresno Ft. Lauderdale/Broward County Grand Rapids Greenville Hartford Honolulu Houston Indianapolis Jacksonville Kansas City Las Vegas Little Rock Los Angeles Louisville Memphis Miami-Dade Minneapolis Nashville New York – Downtown Manhattan New York – Midtown Manhattan New York – Midtown S. Manhattan Oakland Omaha Orlando Philadelphia Phoenix Pittsburgh Pleasanton/Walnut Creek Portland Raleigh/Durham/Chapel Hill Reno Sacramento San Diego San Francisco San Jose/Silicon Valley Savannah Seattle/Puget Sound St. Louis St. Paul, MN Stamford Stockton/San Joaquin County Tampa Washington, DC West Palm Beach/Palm Beach Co. White Plains

EXCHANGE RATE CLASS A QUOTED TIME (USD) NET UNIT CURRENCY PERIOD JUN 30, 2011 RENT

SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

20.02 24.18 12.50 13.70 20.69 12.12 10.49 17.75 11.64 22.56 16.50 18.27 9.29 12.06 11.06 19.31 22.54 10.44 10.72 11.53 21.28 8.75 22.52 21.01 8.45 25.65 15.05 13.92 14.67 32.40 27.90 17.22 10.80 10.14 14.28 10.85 11.08 14.16 14.79 15.14 11.56 25.12 13.82 20.92 17.42 11.92 18.60 8.01 14.15 24.58 17.88 13.68 55.23 22.22 17.16

CLASS A GROSS RENT

29.02 24.18 33.00 23.20 20.69 19.52 19.03 25.25 27.49 22.56 24.60 31.77 17.24 20.26 23.01 35.40 34.15 19.12 19.82 19.53 32.28 15.45 38.52 21.01 16.70 41.15 26.80 21.92 37.67 64.40 47.90 30.72 18.80 24.14 26.09 23.85 21.68 26.16 24.79 21.74 22.56 32.37 28.68 36.92 31.92 18.92 29.65 18.01 27.53 37.58 21.60 22.68 55.23 37.22 30.16

CBD RENTS US DOLLARS/SQ FT/YEAR

CBD CAP AVERAGE AVERAGE RATE CLASS A CLASS A /PRIME NET RENT GROSS RENT YIELD (%)

COLLIERS INTERNATIONAL |

8.00 7.25 9.75

8.20 7.50 9.00

7.60

8.00 9.50 6.00

6.90 5.00 5.00 8.00 8.00 8.60 8.25 8.00

5.50 9.50 8.03 9.25 8.00 8.50

8.00 P. 7

HIGHLIGHTS | FIRST HALF 2011 | OFFICE | GLOBAL

ASIA PACIFIC The Asia Pacific region posted strong results during the first half of 2011 reflected by the pan-regional vacancy rate tumbling 121 basis points to 11.42 percent. All but seven of the 25 markets tracked recorded lower vacancy rates. Once again Hong Kong recorded the region’s lowest vacancy rate in the region at just 3.7 percent. Rents moved modestly higher in the first half of 2011, increasing an average of 2.9 percent. The Asia Pacific region remains characterized by high levels of office construction with Bangalore,

Beijing, Chengdu, Chennai, Delhi, Guangzhou, Ho Chi Minh City, Mumbai, Shanghai and Tokyo all with at least five million square feet of construction underway. Construction in these ten cities totaled 138 million square feet at midyear. In a ranking of highest office occupancy costs (average Class A gross rents) Hong Kong again took the top spot, both within the region and the world, at $214.00 USD per square foot per year/$139.00 HKD per square foot per month.

512 offices in 61 countries on 6 continents United States: 125 Canada: 38 Latin America: 18 Asia Pacific: 214 EMEA: 117 • $1.5

GLOSSARY Class A Gross Rent - The average rent quoted per square foot per annum for a class A office building within the CBD plus additional costs such as property taxes, service charges or operating expenses. Class A Net Rent - The average rent quoted per square foot per annum for a class A office building within the CBD. Class A (Prime) Buildings - Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. • Characterized

by: Prime central location; firstclass tenant improvements; on-site parking; state of the art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance; ability to command a premium rent within the relevant market. The class A building designation implies that the size of the building is “significant” in accordance with the market.

Quoted Currency - The currency quoted locally in all lease transactions, not necessarily national currency. (Note: Chile utilizes Unidad de Fomento, which equals USD 24.30)

Time Period - The standard way in which leases are quoted. Usually on a per month or per year basis. Existing Inventory - Existing office floor space (classes A, B and C) within each city’s CBD (central business district). Under Construction - The total office floor space (classes A, B and C) within each city’s CBD (central business district) which is under construction, but not yet completed, giving an indication of the development pipeline for each market. This includes both available and pre-let floor space. Unit - The normal convention locally in which area is measured. Usually on a per square foot or per square meter basis.

billion in annual revenue

million square feet under management

• 978.6 • Over

12,500 professionals

COLLIERS INTERNATIONAL 601 Union Street, Suite 4800 Seattle, WA 98101 USA TEL +1 206 695 4200

Copyright © 2011 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

Vacancy Rate (%) - The percentage of the inventory (total completed office floor space, classes A, B and C, within the CBD) which is unoccupied. Yield (%) - The average prime yield (or capitalization rate), expressed as a percentage, for a Class A office building within the CBD. Note: SF = Square Feet SM = Square Meter PSF = Per Square Feet PSM = Per Square Meter CBD = Central Business District

GLOBAL RESEARCH CONTACTS AMERICAS Ross Moore USA ross.moore@colliers.com Ian MacCulloch Canada ian.macculloch@colliers.com

EUROPE, MIDDLE EAST AND AFRICA Thomas Grounds EMEA thomas.grounds@colliers.com Mark Charlton United Kingdom mark.charlton@colliers.com Damian Harrington Central and Eastern Europe damian.harrington@colliers.com Renaud Roger France rroger@colliers-ufgpm.fr

www.colliers.com/marketname WWW.COLLIERS.COM

ASIA PACIFIC Simon Lo Asia simon.lo@colliers.com Amit Oberoi India amit.oberoi@colliers.com Nerida Conisbee Australia/New Zealand nerida.conisbee@colliers.com Yumiko Yasuda Japan yumiko.yasuda@colliers.com

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