Colliers International Research has just released the Asia Pac Office Market Overview 3Q 2012. The report provides real estate office market trends in Asia Pac region. The office sector in the Asia Pacific region continued to be challenging in 3Q 2012 with a slowing economic growth and the unresolved European debt crisis; market participants are holding positive views on market outlook but confidence is not as strong as the previous quarter. Looking ahead, the prospective trend of office rents in most cities will remain positive in the next 12 months, despite a substantial supply projected to enter the market in individual cities.

1. Asia Pacific
Office Market Overview
3Q 2012
Accelerating success.

2. table of contents
asia pacific office market overview | 3q 2012
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 8-11
Jakarta, Indonesia..............................................................................................................................8
Kuala Lumpur, Malaysia.....................................................................................................................8
Karachi, Pakistan...............................................................................................................................9
Manila, Philippines.............................................................................................................................9
Singapore......................................................................................................................................... 10
Bangkok, Thailand............................................................................................................................ 10
Hanoi, Vietnam.................................................................................................................................. 11
Ho Chi Minh City, Vietnam................................................................................................................ 11
India 12-13
Bengaluru (Bangalore).................................................................................................................... 12
Chennai............................................................................................................................................ 12
Mumbai............................................................................................................................................. 13
New Delhi......................................................................................................................................... 13
Australasia 14-17
Adelaide, Australia........................................................................................................................... 14
Brisbane, Australia.......................................................................................................................... 14
Canberra, Australia.......................................................................................................................... 15
Melbourne, Australia........................................................................................................................ 15
Perth, Australia................................................................................................................................ 16
Sydney, Australia............................................................................................................................. 16
Auckland, New Zealand....................................................................................................................17
Wellington, New Zealand..................................................................................................................17
Prime Office Supply, Rents and Net Take-up 18-19
Trends & Forecasts 20-21
Definition & Terminology 22-23
Contacts 24-25

3. regional overview
Economic Overview
The office sector in the Asia Pacific region continued to be challenging in 3Q 2012 with
a slowing economic growth and the unresolved European debt crisis. Although overall
market sentiment was weakening, it remained positive in 3Q 2012. Following two rounds
of quantitative easing (QE1 and QE2), the US Federal Reserve announced a third round
(QE3) on 13 September 2012. With the US Federal Reserve instigating the third round of
bond purchases, commodity prices have been pushed up and this has spilled over to real
estate costs and pricing.
Based on the findings of Colliers Asia Office Leasing Survey for 3Q 2012, market participants
are holding positive views on market outlook but confidence is not as strong as the previous
quarter.
Leasing Market
The overall level of new office leasing inquiries decreased in 3Q 2012. However vacancy
rates and rentals remained strong throughout the quarter due to the limited supply of office
space. Firms in the IT/communication and Finance industries continued to be the major
source of leasing demand in 3Q 2012.
Most cities in Australia and China continued to exhibit positive rental growth. The average
rent increased 2.3% QoQ during 3Q 2012. Individual markets like Guangzhou, Hanoi, Ho
Chi Minh City, New Delhi and Singapore on the other hand, are expected to face growing
downward pressure for the coming months despite the solid demand for Grade A office
space. The Colliers Asia Office leasing Survey for 3Q 2012 found that most tenants are
seeking expansion however the pace will be less aggressive.
Sales Market
On the sales front, average transacted office prices edged up by 2.1% QoQ. The office market
became more active compared to the first half of 2012. This is mainly due to high quality
projects receiving encouraging sales performance in the last quarter, especially in Auckland,
Sydney, Perth and Brisbane which all saw an increase in sales activities. Institutions and
foreign investors remained active to source quality office developments in prime locations.
Market Outlook
Market sentiment remained positive in 3Q 2012 and market players are holding an optimistic
view on the market outlook. Therefore looking ahead, the prospective trend of office rents in
most cities will remain positive in the next 12 months, despite a substantial supply projected
to enter the market in individual cities.
With the expectation of the low interest rate trend to continue and the Chinese government
to continue stimulate growth, investment in office real estate in the region is expected to
remain strong.
Colliers International | p. 3

4. asia pacific office market overview | 3Q 2012
CHINA
BEIJING OFFICE SUPPLY, TAKE-UP &
Beijing
VACANCY RATE • Supply remained tight in Beijing’s Grade A office property market during 3Q12, with the
1.00 25.0% total stock resting at 5.17 million sq m, due to a lack of new completions for the third
0.80 20.0% consecutive quarter.
• Overall, demand remained strong throughout the quarter. However, due to the limited
Vacancy Rate
15.0%
Million sq m
0.60
0.40 10.0% letting space available on the market, leasing transaction volume continued to decrease.
0.20 5.0%
Net absorption of the Grade A office property market in 3Q12 totalled 1,888 sq m, down
85.6% QoQ and the overall average vacancy rate edged down by 0.04 percentage points
0.00 0.0%
2009 2010 2011 2012 F 2013 F to 3.51%.
Supply Take-up Vacancy Rate
• Rentals continued with its upward trend during this quarter, with the average net effective
rent growing by 7.47% QoQ to RMB325.1 per sq m per month. The expansion of rental
growth, was mostly a result of the epidemic of reduced or even withdrawal of rent free
BEIJING OFFICE CAPITAL AND RENTAL VALUES periods provided by most landlords.
800.00 80,000
• Office investment market activity increased in 3Q 2012. A domestic B2B enterprise
700.00 70,000
600.00 60,000
acquired a 57,000 sq m Grade A office building in the Wangjing area for owner-occupancy.
500.00 50,000 Moreover, a private equity investor acquired four blocks of Grade A office buildings or
Capital Values
Rentals
400.00 40,000 a total of 26,000 sq m for investment purpose.
300.00 30,000
200.00 20,000 major transactions
100.00 10,000
0.00 0 Building Lease (L) / Tenant / Purchaser Area
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
3Q 2013 F
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014 F
Sale (S) (sq ft)
Parkview Green L Roche 71,000
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
Gateway Plaza L Nanyang Commercial Bank NCB 48,400
Oriental Plaza L Cheung Kong Graduate School 32,300
of Business
SK Tower L Black & Veatch 16,100
Tengda building L China State Construction 16,100
CHENGDU OFFICE SUPPLY, TAKE-UP &
chengdu
VACANCY RATE • Raffles City, the Grade A office building comprising 74,024 sq m, was introduced in
0.50 50.0%
September, thus boosting the total stock of Grade A office space in Chengdu to 718,922 sq m.
0.40 40.0%
• The average rent decreased 0.38% QoQ to RMB137.28 per sq m per month. The overall
Vacancy Rate
0.30 30.0%
vacancy rate edged 3.75% QoQ, to 24.42% in 3Q 2012.
Million sq m
0.20 20.0%
• The average vacancy rate of the Grade A office buildings remained steady, signifying
0.10 10.0%
the solid demand for Grade A office space.
0.00 0.0%
2009 2010 2011 2012 F 2013 F
• In view of the current supply cycle and the continued slowdown of economic environment,
Supply Take-up Vacancy Rate
the local office market is expected to face growing downward pressure over the coming
months.
CHENGDU OFFICE CAPITAL AND RENTAL VALUES major transactions
225.00 22,500
Building Lease (L) / Tenant / Purchaser Area
200.00 20,000 Sale (S) (sq ft)
175.00 17,500
Western Tower L Ganzi Shangshan Water 12,900
150.00 15,000
Capital Values
125.00 12,500 Aerospace Technology Plaza L Starbucks Coffee 10,800
Rentals
100.00 10,000
75.00 7,500
Square One L Kasikorn Bank of Thailand 7,500
50.00 5,000 Square One L Jintai International Investment 9,700
25.00 2,500
0.00 0 China Overseas International L Chengdu Runfu Properties 12,200
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014 F
Centre
China Overseas International L Yusen Agriculture 9,900
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
Centre
p. 4 | Colliers International

5. asia pacific office market overview | 3Q 2012
CHINA
GUANGZHOU OFFICE SUPPLY, TAKE-UP &
guangzhou
VACANCY RATE • Evergrande Center and Poly V Plaza in Pearl River New City and Lavendome Hui in
2.00 40.0% Pazhou, were launched in 3Q 2012, providing a total of 266,627 sq m new stock. The
total stock of Grade A office grew to 2.80 million sq m. The overall vacancy rate increased
1.50 30.0%
1.6 percentage points to 22.2% in 3Q 2012.
Vacancy Rate
Million sq m
1.00 20.0%
• The average rental recorded RMB157.6 per sq m per month, down 2.3% Q-o-Q, due to
0.50 10.0% the weak demand and large supply. Enterprises from IT/communication, pharmaceuticals
and professional services were the major source of leasing demand in 3Q 2012.
0.00 0.0%
2009 2010 2011 2012 F 2013 F
Supply Take-up Vacancy Rate
• High quality projects such as R&F Yingkai Plaza and Bravo Plaza received encouraging
sales performance. The achievable price of R&F Yingkai Plaza reached about RMB50,000
per sq m in 3Q 2012. The average sales price of Guangzhou Grade A office further edged
up by 1.61% QoQ to RMB32,586 per sq m.
GUANGZHOU OFFICE CAPITAL
AND RENTAL VALUES
36,000
180.00
major transactions
160.00 32,000
28,000
140.00
Building Lease (L) / Tenant / Purchaser Area
120.00 24,000
Sale (S) (sq ft)
Capital Values
100.00 20,000
Rentals
80.00 16,000 International Financial L Alcatel Lucent 16,000
60.00 12,000
40.00 8,000
Center (IFC)
20.00 4,000 China International Center L Guangzhou City Telecom 23,500
0
0.00
Centra Plaza L Qianhai Life Insurance 13,600
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014 F
Leatop Plaza L Lukadilong Clothes 5,400
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m) R&F Yingkai Plaza S ANGLEE 51,700
SHANGHAI OFFICE SUPPLY, TAKE-UP &
shanghai
VACANCY RATE • Shanghai remained the world's sixth-most competitive financial center in 2012, according
1.20 20.0% to Xinhua-Dow Jones International Financial Centers Development Index released in
August 2012.
0.90 15.0%
• Five new projects were launched in 3Q 2012, adding a total of approximately 330,256
Vacancy Rate
Million sq m
0.60 10.0%
sq m new supply to Shanghai’s Grade A office market.
0.30 5.0%
• Average Grade A office rental rates increased 1.2% QoQ to RMB 8.7 per square meter
0.00
2009 2010 2011 2012 F 2013 F
0.0% per day.
Supply Take-up Vacancy Rate
• In 3Q 2012, the overall vacancy rate increased from the previous quarter’s 6.7 to 9.5%.
Among the six major central business districts, Jing’an recorded the lowest vacancy
rates, at 5.3%. Zhuyuan and Changning posted the highest vacancy rates, at 14.9% and
SHANGHAI OFFICE CAPITAL AND RENTAL VALUES
14.2% respectively.
18.00 72,000
15.00 60,000 major transactions
12.00 48,000
Building Lease (L) / Tenant / Purchaser Area
Capital Values
Rentals
9.00 36,000
Sale (S) (sq ft)
6.00 24,000
International Commerce Center L Adidas 187,300
3.00 12,000
Kerry Parkside L Danone Group 76,400
0.00 0 L'Avenue L 3M 72,000
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
3Q 2013 F
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014 F
Jin Mao Tower L MWE China Law Office 22,900
Rentals (RMB / sq m / Day) Capital Values (RMB / sq m)
CITIC Square L Nike China 16,800
Colliers International | p. 5

6. asia pacific office market overview | 3Q 2012
h o ng ko ng
HONG KONG OFFICE SUPPLY, TAKE-UP &
hong kong
VACANCY RATE • In view of uncertain economic outlook, individual large tenants downsized their premises
4.50 9.0% but still prefer to stay in the same district. The overall net take up fell 80% QoQ to 111,000
4.00 8.0%
3.50 7.0%
sq ft in 3Q 2012, which reflects the slowdown in leasing activity especially in Central/
3.00 6.0% Admiralty.
Vacancy Rate
Million sq ft
2.50 5.0%
2.00 4.0%
• The overall Grade A office rent rebounded in 3Q 2012 after falling for three consecutive
1.50 3.0%
1.00 2.0% months, rising a solid 1.5% QoQ. Meanwhile, the average Grade A office rent in Cetral/
0.50 1.0%
Admiralty showed its first quarterly gain since 3Q 2011, rising 0.8% QoQ in 3Q 2012 to
0.00 0.0%
2009 2010 2011 2012 F 2013 F HK$ 98.8 per sq ft.
Supply Take-up Vacancy Rate
• The outlook for the Hong Kong Grade A office market has been brighten up due to the
positive market sentiment and increased leasing enquires. On the back of scare supply
and positive demand, overall Grade A office rents are projected to climb 4% over the
HONG KONG OFFICE CAPITAL next 12 months.
AND RENTAL VALUES
175.00 35,000 major transactions
150.00 30,000
Building Lease (L) / Tenant / Purchaser Area
125.00 25,000
Sale (S) (sq ft)
Capital Values
100.00 20,000
Rentals
China Resources Building L Regus 10,300
75.00 15,000
50.00 10,000
Grand Century Place Tower 1 L Covidien 12,800
25.00 5,000
Exchange Tower L Parsons Brinckerhoff (Asia) Ltd 12,200
0.00 0
4 floors, Kowloon Commercial S China Shipping Logistics 105,200
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014 F
Centre Tower B
5 floors, Kowloon Commercial S The Open University of Hong 124,800
Rentals (HK$ / sq ft / Month) Capital Values (HK$ / sq ft)
Centre Tower B Kong
Park Building S Billion Mart Dec Ltd 145,000
ta i wan
TAIPEI OFFICE SUPPLY, TAKE-UP &
Taipei
VACANCY RATE • With a net take-up of Grade A office at 3,111 ping in 3Q 2012, vacancy rate was down
40,000 40.0% 58 basis point to 9.42% - the lowest point since 1Q 2009.
35,000 35.0%
30,000 30.0%
• The total net take up of Hsin-Yi district amounted to 2,160 ping in 3Q 2012. The key
25,000 25.0%
contributor was Shin Kong Bank who leased 2,400 ping in Shin Kong Xin Yi Financial
Vacancy Rate
Ping
20,000 20.0%
15,000 15.0% Building.
10,000 10.0%
5,000 5.0% • Thanks to the net take up of 680 ping at the Pacific Century Tower in West district, the
0
2009 2010 2011 2012 F 2013 F
0.0%
average vacancy in the district decreased 1.45 percentage points to 4.92%.
-5,000 -5.0%
Supply Take-up Vacancy Rate
• The average effective Grade A office rent edged up mildly to NT$ 2,441 per ping per
month in 3Q 2012. The effective rent of Hsin-Yi district was NT$ 2,824 per ping per
month, an increase of 0.32% QoQ. However, MS-TN district fell 0.30% to NT$ 2,247
TAIPEI OFFICE CAPITAL AND RENTAL VALUES per ping per month.
3,500 1,400,000 major transactions
3,000 1,200,000
2,500 1,000,000
Building Lease (L) / Tenant / Purchaser Area
Sale (S) (sq ft)
Capital Values
2,000 800,000
Rentals
1,500 600,000 Prince Financial Building S Cathay Life Insurance Co. 262,000
1,000 400,000 CEC Tun Nan Building L 3M Taiwan Ltd. 113,500
500 200,000 Taipei 101 Tower L Bayer Taiwan Ltd. 69,900
0 0 Shin Kong Xin Yi Financial L Kraton Polymers International 10,700
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014 F
Building Limited
Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)
Cathay Xin-Yi Trading Center L China Construction Bank 10,100
Exchange Square Two L Bates Asia Pacific Taiwan Ltd. 9,200
Taipei 101 Tower L Christian Dior Taiwan Ltd 8,900
p. 6 | Colliers International

7. asia pacific office market overview | 3Q 2012
s o u t h ko r e a
SEOUL OFFICE SUPPLY, TAKE-UP &
seoul
VACANCY RATE • During 3Q 2012, a total of two buildings covering 122,147 sq m came in market including
800,000 16.0% Two IFC in YBD of 78,031 sq m. The launch of State Gwanghwamun Building of 40,972
sq m is delayed to next quarter.
700,000 14.0%
600,000 12.0%
500,000 10.0%
• The average rent increased 8.85% QoQ in 3Q 2012 to KRW 24,103 per sq mper month.
Vacancy Rate
sq m
400,000 8.0%
300,000 6.0% The YBD showed a rental increase of 2.15% due to completion of A+ office building Two
200,000 4.0% IFC.
100,000 2.0%
0
2009 2010 2011 2012 F 2013 F
0.0%
• The overall vacancy rate rose 0.92 percentage points QoQ in 3Q 2012 to 7.88%. Despite
-100,000 -2.0%
Supply Take-up Vacancy Rate
the large new space from Two IFC, the vacancy rate in YBD witnessed marginal increase
of 0.50 percent points QoQ owing to the successful take-up in One IFC.
• The net take-up in 3Q 2012 softened from the previous quarter to 44,956 sq m. Net
SEOUL OFFICE CAPITAL AND RENTAL VALUES take-up increased in the GBD and YBD, but decreased in the CBD.
40,000 8,000,000
35,000 7,000,000
major transactions
30,000 6,000,000
25,000 5,000,000 Building Lease (L) / Tenant / Purchaser Area
Capital Values
Rentals
20,000 4,000,000 Sale (S) (sq ft)
15,000 3,000,000
Rinnai Korea Bldg S Private 186,600
10,000 2,000,000
5,000 1,000,000
CJ E&M Bundang Building S Gongpyung Savings Bank 73,700
0 0 Junghak Building S Vestas Investment Manage- 902,200
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
4Q 2013 F
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
1Q 2014 F
2Q 2014 F
ment
Rentals (Won / sq m / Month) Capital Values (Won / sq m)
Hyundai Group Building S KORAMCO REITS & Trust 564,800
Asia Tower L GS Construction 53,400
Banpo Building L Sanofi Aventis 80,600
IFC L Citrix 29,500
japan
TOKYO OFFICE SUPPLY, TAKE-UP & tokyo
VACANCY RATE • New supply declines after significant completion during the first half of 2012.
240,000 12.0%
200,000 10.0% • Vacancy increase has slowed and may begin to decline modestly in the near term.
160,000 8.0%
• Corporate restructuring continues keeping rents low and vacancy high.
Vacancy Rate
Tsubo
120,000 6.0%
80,000 4.0% • Relocation to higher grade and more efficient space continues.
40,000 2.0%
• Value for money, cost reduction and workplace modernization are key factors.
0 0.0%
2009 2010 2011 2012 F 2013 F
Supply Take-up Vacancy Rate • Some rent stabilization on an individual building basis, but overall market remains weak.
TOKYO OFFICE CAPITAL AND RENTAL VALUES major transactions
50,000 10,000,000 Building Lease (L) / Tenant / Purchaser Area
Sale (S) (sq ft)
40,000 8,000,000
Otemachi Financial City L Morgan Stanley MUFG 248,500
Capital Values
30,000 6,000,000
North Tower Securities
Rentals
20,000 4,000,000 Mita Bellju L Japan Marine United 63,900
10,000 2,000,000
Lunesite Tower L TDK 63,900
Roppongi First Building L Nuclear Regulatory Agency 71,000
0 0
Shinjuku Eastside Square L Citibank Japan 177,500
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
4Q 2013 F
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
1Q 2014 F
2Q 2014 F
Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)
Colliers International | p. 7

8. asia pacific office market overview | 3Q 2012
i nd o n es i a
JAKARTA OFFICE SUPPLY, TAKE-UP &
jakarta
VACANCY RATE • The authority of Jakarta province issued a new environmental policy. As such, more
500,000 20.0% new buildings in compliance with environmental guidelines can be seen in the future.
400,000 16.0%
• The absorption level is expected to remain high as the rental rates are anticipated to
climb further due to a scarce supply of good quality office space.
Vacancy Rate
300,000 12.0%
sq m
200,000 8.0%
• Up to 3Q 2012, the mining, oil & gas related companies and other business sectors like
100,000 4.0%
consumer goods, agribusiness, insurance and finance related industries continued to
0
2009 2010 2011 2012 F 2013 F
0.0%
expand their business operation.
Supply Take-up Vacancy Rate
• With the increasing office demand from business expansion, competition for office space
can be expected for 2013.
JAKARTA OFFICE CAPITAL AND RENTAL VALUES
270,000 45,000,000
major transactions
240,000 40,000,000
210,000 35,000,000
Building Lease (L) / Tenant / Purchaser Area
180,000 30,000,000 Sale (S) (sq ft)
Capital Values
25,000,000
150,000
The East L Net Mediatama Indonesia 54,800
Rentals
120,000 20,000,000
90,000 15,000,000 Eighty 8 L Prudential 53,800
60,000 10,000,000 Eighty 8 L Huawei 32,300
30,000 5,000,000
Menara 165 L PT. Rajawali Swiber Perkasa 19,400
0 0
Eighty 8 L Regus 14,000
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014F
Menara 165 L PT. Feni Haltim 13,000
Menara Mulia L Trijaya Pratama Futures 12,900
Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)
m a l ays i a
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP
kual a lumpur
& VACANCY RATE • New completion in 3Q 2012 include Menara Darulssalam and Menara Binjai and
3.50 35.0%
contributed a total of 564,000 sq ft of net lettable area
3.00 30.0%
2.50 25.0% • Tun Razak Exchange (TRX) was launched in July to promote Malaysia as an international
Vacancy Rate
financial hub and to attract foreign investment. It is estimated to generate a gross
Million sq ft
2.00 20.0%
1.50 15.0%
development value of RM26 billion.
1.00 10.0%
0.50 5.0% • TRX-status companies will be given 10 years income tax exemption, stamp duty exemption,
0.00
2009 2010 2011 2012 F 2013 F
0.0%
industrial building allowance and accelerated capital allowance for TRX Marquee-status
Supply Take-up Vacancy Rate
companies while tax exemption is also available for property developers
• Although the office market was generally subdued, it is noted that tenants have been
taking the opportunity to relocate and / or expand to better quality buildings within city
KUALA LUMPUR OFFICE CAPITAL AND centre.
RENTAL VALUES
12.00 1,200
major transactions
10.00 1,000
8.00 800 Building Lease (L) / Tenant / Purchaser Area
Capital Values
Sale (S) (sq ft)
Rentals
6.00 600
Menara MBF L BostonWeb College of 12,400
4.00 400
2.00 200
Technology & Management
Hampshire Place L Tioman Drilling Co Sdn Bhd 70,800
0.00 0
Menara Prestige L KFH (Malaysia) Berhad 133,100
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014F
Data sourced from C H Williams Talhar & Wong Sdn Bhd
Rentals (Ringgit / sq ft / Month) Capital Values (Ringgit / sq ft)
p. 8 | Colliers International

9. asia pacific office market overview | 3Q 2012
pa k i stan
KARACHI OFFICE SUPPLY, TAKE-UP &
Karachi
VACANCY RATE • The office market is not expected to revive over the medium term due to the political
1.60 80.0% scenario in the country. As a result, many companies have adopted a cautious approach
1.40 70.0%
in the office market.
1.20 60.0%
1.00 50.0%
• No major office leasing deals were concluded in 3Q 2012. The office sector has been
Vacancy Rate
Million sq ft
0.80 40.0%
0.60 30.0% stable and showed no signs of demand growth.
0.40 20.0%
0.20 10.0% • Asking rent in the recently launched Bahria Complex IV has been reduced by nearly 40%
0.00
2009 2010 2011 2012 F 2013 F
0.0% in order to attract tenants.
Supply Take-up Vacancy Rate
KARACHI OFFICE CAPITAL AND RENTAL VALUES
160 16,000
140 14,000
120 12,000
100 10,000
Capital Values
Rentals
80 8,000
60 6,000
40 4,000
20 2,000
0 0
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
1Q 2013 F
2Q 2012
3Q 2012
4Q 2012 F
2Q 2013 F
3Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014F
Rentals (Rupee/ sq ft / Year) Capital Values (Rupee / sq ft)
ph i l i pp i n es
MANILA OFFICE SUPPLY, TAKE-UP &
manil a
VACANCY RATE • The Grade A office stock in Makati CBD reached 922,944 sq m with Zuellig Building
120,000 12.0%
(57,000 sq m) completed in 3Q 2012. In 2013, Alphaland Makati Tower and V Tower will
100,000 10.0% be completed, thus adding about 61,400 sq m new space to the total stock.
80,000 8.0%
Vacancy Rate
60,000 6.0%
• Amongst the various sub-markets, Makati CBD remains the preferred office location by
sq m
40,000 4.0%
tenants. In 3Q 2012, the overall vacancy rate increased by 4.28% due to the inclusion
20,000 2.0%
of Zuellig Building. However, it is forecast to taper off to 3.2% by late 2012.
0 0.0%
2009 2010 2011 2012 F 2013 F • Average prime rental rate was at P755 per sq m per month in 3Q 2012. It is projected
-2.0%
to increase above P800 per sq m by 2Q 2013 due to the limited supply of office space.
-20,000
Supply Take-up Vacancy Rate
MANILA OFFICE CAPITAL AND RENTAL VALUES major transactions
Building Lease (L) / Tenant / Purchaser Area
1,200 120,000
Sale (S) (sq ft)
1,000 100,000
Aseana One L Seven Tall Trees Events, Inc. 62,400
800 80,000
Q-Plaza L Results Manila 25,800
Capital Values
Rentals
600 60,000
Science Hub 2 L Factset Philippines Inc. 22,900
400 40,000
Net Cube Bonifacio L Shore Solutions Inc. 12,100
200 20,000
0 0
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
1Q 2013 F
4Q 2013 F
2Q 2012
3Q 2012
4Q 2012 F
2Q 2013 F
3Q 2013 F
1Q 2014 F
2Q 2014F
Rentals (Peso / sq m / Month) Capital Values (Peso / sq m)
Colliers International | p. 9

10. asia pacific office market overview | 3Q 2012
s i ngapo r e
SINGAPORE OFFICE SUPPLY, TAKE-UP &
singapore
VACANCY RATE • The rent of Grade A office buildings in the CBD continued to decline under the slowing
2.50 25.0% global economy in 3Q 2012. Nonetheless, the average rent decline slowed for the second
2.00 20.0% consecutive quarter due to an increasing number of foreign companies setting up entities
in Singapore and existing companies relocating to higher quality office space.
Vacancy Rate
1.50 15.0%
Million sq ft
1.00 10.0% • The average occupancy rate of Grade A office in the CBD increased from 92.0% in 2Q
0.50 5.0%
2012 to 93.1% in 3Q 2012, which is the highest level in the last five consecutive quarters.
0.00
2009 2010 2011 2012 F 2013 F
0.0% • Supported by a stronger occupancy rate, the drop in rents slowed marginally to 1.0%
Supply Take-up Vacancy Rate
QoQ in 3Q 2012, from 1.1% QoQ in 2Q 2012. By the end of September 2012, monthly
gross rents for CBD Grade A office space averaged at S$8.37 per sq ft.
• With the long-running Eurozone debt crisis and the risk of an office supply overhang,
SINGAPORE OFFICE CAPITAL AND office rents in the CBD are expected to continue on a downtrend for the rest of 2012.
RENTAL VALUES
30.00 3,000
25.00 2,500
major transactions
20.00 2,000
Capital Values
Building Lease (L) / Tenant / Purchaser Area
Rentals
15.00 1,500
Sale (S) (sq ft)
10.00 1,000
Marina Bay Financial Centre L Goldin 16,000
5.00 500
Tower 3
0.00 0
Marina Bay Financial Centre L Lego 20,000
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
3Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014F
Tower 3
Ocean Financial Centre L Freshfields 8,300
Rentals (Singapore$/ sq ft / Month) Capital Values (Singapore$ / sq ft)
One Raffles Place Tower 2 L Virgin Active 33,000
t ha i l and
bangkok
BANGKOK OFFICE SUPPLY, TAKE-UP &
VACANCY RATE • In 3Q 2012, many international companies have been looking for Grade A office space
120,000 24.0% in the CBD area.
100,000 20.0%
16.0%
• During the last quarter some companies have expanded their office space or have
80,000
relocated to CBD area.
Vacancy Rate
sq m
60,000 12.0%
40,000 8.0%
• The rental rate of Grade A office buildings in the CBD area has increased over the year
20,000 4.0%
due to the limited supply.
0 0.0%
2009 2010 2011 2012 F 2013 F
Supply Take-up Vacancy Rate
major transactions
Building Lease (L) / Tenant / Purchaser Area
BANGKOK OFFICE CAPITAL AND RENTAL VALUES Sale (S) (sq ft)
Ploenchit Center L Bumrungrad Hospital Pcl. 28,000
1,400 140,000
1,200 120,000
Sathorn Square L Ford Sales & Service (Thailand) 43,100
1,000 100,000 Co., Ltd.
Asia Centre L Ipsos Thailand Co., Ltd. 32,100
Capital Values
800 80,000
Rentals
600 60,000
400 40,000
200 20,000
0 0
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
3Q 2013 F
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012 F
1Q 2013 F
2Q 2013 F
4Q 2013 F
1Q 2014 F
2Q 2014F
Rentals (Baht/ sq m / Month) Capital Values (Baht / sq m)
p. 10 | Colliers International