1. GLOBAL OFFICE
REAL ESTATE REVIEW
FIRST HALF 2010
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2. 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. This publication is the copyrighted property of Colliers International and/or
its licensor(s).
©2010 Colliers International. All rights reserved.

3. TABLE OF CONTENTS
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 www.colliers.com
GLOBAL MARKET ANALYSIS AND FORECASTS
Global Summary and Regional Synopses 1–6
GLOBAL OFFICE MARKETS
Europe, Middle East & Africa (EMEA) 7–8
North America 8–9
Asia Pacific and Latin America 9
CONSTRUCTION AND VACANCY
EMEA 10 – 11
North America 11 – 12
Asia Pacific and Latin America 12
CENTRAL BUSINESS DISTRICT SURVEY
EMEA – Occupancy Costs 13 – 14
North America – Occupancy Costs 14 – 15
Asia Pacific and Latin America – Occupancy Costs 15
EMEA – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 16 – 17
North America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 17 – 18
Asia Pacific and Latin America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 18
SUBURBAN/OUT-OF-TOWN SURVEY
EMEA – Occupancy Costs 19 – 20
North America – Occupancy Costs 20 – 21
Asia Pacific and Latin America – Occupancy Costs 21
EMEA – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 22 – 23
North America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 23 – 24
Asia Pacific and Latin America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 24
Glossary 25
RESEARCH CONTACTS
AMERICAS EUROPE/MIDDLE EAST/AFRICA Andreas Trumpp Felice Spark
Ross Moore Thomas Grounds Germany Australia/New Zealand
USA EMEA andreas.trumpp@colliers.com felice.spark@colliers.com
ross.moore@colliers.com thomas.grounds@colliers.com
ASIA PACIFIC Yumiko Yasuda
Wayne Duong Mark Charlton Simon Lo Japan
Canada United Kingdom Asia yumiko.yasuda@colliers.com
wayne.duong@colliers.com mark.charlton@colliers.com simon.lo@colliers.com
Mario Rivera Roger Renaud Amit Oberoi
Latin America France India
mario.rivera@colliers.com roger.renaud@colliers.com amit.oberoi@colliers.com
Cover photo: Singapore (Photos.com)

5. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
Demand for Office Space
Slowly Returning
OFFICE CONSTRUCTION – TOP 50 CITIES
Investors Already Bidding up Prices in
Advance of a Turnaround
UNDER CONSTRUCTION
(MILLION SQUARE FEET)
MARKET JUNE DEC. JUNE ROSS J. MOORE Chief Economist | USA
(Ranked by June 2010) 2010 2009 2009
Shanghai 37.0 23.7 29.3 Office space markets around the world took another step towards returning
Moscow 30.2 43.5 40.9 to normal in the latest six month period. Most regions showed increasing
Dubai 28.0 24.0 27.1 signs that the worst of the global financial crisis had passed. Leasing activity
Tokyo 23.1 11.5 11.5
was up significantly from the prior six month period. In particular, Asia
Seoul 16.4 6.7 7.8
São Paulo 16.1 16.1 9.2 Pacific, Latin America and Canada all posted healthy growth rates and
Abu Dhabi 12.9 13.1 9.3 showed signs of future expansion. The United States and much of Europe,
Mexico City 12.5 11.3 9.5 however, chalked up another six month period of tepid demand. With the
Riyadh 11.2 – 2.0
exception of Asia Pacific, all regions again reported higher vacancies while
Beijing 9.3 9.9 11.5
Singapore 7.6 8.3 10.0 rents were more mixed. Midyear is almost certain to mark an inflection point
Paris 7.5 11.8 17.2 for the global office market. In contrast to lukewarm letting conditions,
Ho Chi Minh City 7.2 – – however, office investment sales activity in the first half of 2010 was up in
Sofia 7.2 2.7 9.3
all regions. This suggests investors see a firming in market fundamentals in
Saint Petersburg 6.9 3.4 4.1
Brussels 6.5 6.5 8.6 the coming months and are prepared to bid up prices. The outlook for the
Jakarta 6.1 7.3 7.8 balance of 2010 and into 2011 is for continued signs of growth. The worst
Washington, DC 5.6 6.0 9.7 appears to be behind us.
Tallinn 5.0 0.06 0.2
Milan 4.9 – 3.9
Rio De Janeiro 4.5 3.6 3.2 EUROPE, MIDDLE EAST, AFRICA (EMEA)
Chennai 4.1 2.1 4.2
Amidst a tepid recovery and marked by uneven economic growth, the EMEA
Bangalore 4.0 5.4 4.7
Delhi 3.9 1.5 4.7 average vacancy rate rose to 12.6 percent at midyear. This was an increase
Hamburg 3.8 5.3 4.8 of 0.3 percentage points since year-end and 1.3 percentage points over the
Madrid 3.6 3.8 4.3 past 12 months, and brings the EMEA vacancy rate to nearly double the
Amsterdam 3.5 2.7 3.0
year-end 2007 level. The rise in vacancy was felt across the region, but was
Zurich 3.2 1.6 1.1
Frankfurt 3.1 3.9 3.8 particularly acute in Dubai, Riyadh, Sofia, Bucharest, Athens, Abu Dhabi,
Calgary 3.0 4.5 6.5 Budapest, Johannesburg and Tirana, all of which saw their respective
Istanbul 3.0 2.6 0.8 vacancy rates rise by at least four percentage points in the first half of 2010.
Munich 2.9 5.2 7.9
Eighteen EMEA cities now register vacancy rates of 15 percent or higher
Bucharest 2.9 3.2 3.2
New York – Downtown Manhattan 2.6 6.6 4.6 and eight markets have vacancy over 20.0 percent. While the trend for the
Sydney 2.5 1.9 2.1 region is still up, vacancy rates in central London, Madrid, Dublin, Moscow,
Seattle/Puget Sound 2.5 3.0 5.0 and Tel Aviv all fell during first half of the year. With vacancy showing signs
London – City 2.5 2.4 5.3
of stabilizing, Class A rents reversed direction and increased by 1.4 percent
Vienna 2.5 1.6 1.8
Bogotá 2.4 3.6 7.7 in the first half of 2010. This was on the heels of a 3.1 percent drop in the
Houston 2.2 2.2 4.3 second half of last year. Notable cities registering increases in asking rents
Copenhagen 2.2 2.0 1.6 included London, Paris, Tel Aviv, and Zurich. London again retained its
Mumbai 2.1 – 9.0
position as the most expensive office market in the region, with current
Boston 2.0 2.3 2.0
London – Docklands 1.9 1.9 0.7 average Class A asking rents in the West End sub-market at $130.00 USD
Düsseldorf 1.7 2.2 3.7 per square foot per year (London City, London Southbank and London
Perth 1.7 2.5 2.6 Docklands ranked second, fourth and fifth). Beyond London; Paris, Milan,
Rome 1.7 – 0.9
Stockholm and Geneva rounded out the top five cities.
Minsk 1.6 – 0.1
Athens 1.6 – 0.3
Dallas/Fort Worth 1.5 3.0 3.2
Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 1

6. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
The amount of office space under construction at midyear end was
GLOBAL VACANCY RATES (%)
little changed from year-end when 180.2 million square feet was
MONTH/ ASIA LATIN
YEAR EMEA PACIFIC USA AMERICA
underway. This suggests the slowdown in construction may be hitting
Dec. 2003 11.3 13.4 15.1 15.2
bottom. It is unlikely that development will ramp up any time soon
June 2004 10.7 12.4 14.9 12.4 which will help to bring vacancies down in the coming months and
Dec. 2004 11.7 14.0 14.2 12.2 stabilize rents.
June 2005 9.7 8.6 14.2 11.5
Dec. 2005 8.3 8.2 13.5 9.2 ASIA PACIFIC
June 2006 8.0 7.6 13.1 7.3
The Asia Pacific region posted improved results during the first half of
Dec. 2006 7.4 7.1 12.6 7.6
June 2007 6.8 7.7 12.4 5.2
2010 with the regional vacancy rate up just 10 basis points to 12.2
Dec. 2007 6.7 8.1 12.6 3.8 percent. The latest result comes after steady increases dating back to
June 2008 7.1 7.7 13.2 2.6 year-end 2006 and leaves the region’s vacancy rate at levels
Dec. 2008 8.5 8.7 14.2 2.7 experienced in early 2005. At the two extremes, Chinese vacancy
June 2009 11.3 11.7 15.5 5.8 rates drifted lower while Australian cities generally recorded increased
Dec. 2009 12.4 12.1 16.2 6.5 availability.
June 2010 12.6 12.2 16.3 7.1
Chennai again posted the highest vacancy rate in the region at 22.5
percent, followed by Delhi, Bangalore, Canberra, Guangzhou, Ho Chi
EMEA VACANCY RATES (%)
Minh City and Bangkok, all with vacancy rates at or above 15 percent.
MONTH/ LONDON – Hong Kong recorded the region’s lowest vacancy rate at just 4.0
YEAR WEST END PARIS FRANKFURT MOSCOW
percent. After showing signs of hitting bottom in the latter half of
Dec. 2003 11.7 4.6 15.0 6.7
2009, office rents moved modestly higher in the first half of 2010,
June 2004 10.8 5.5 16.1 6.8
increasing an average of 4.5 percent. Cities recording significant
Dec. 2004 10.7 5.7 17.7 6.6
June 2005 10.9 5.5 16.7 6.3 increases included Hong Kong, Sydney, Delhi, Singapore and Brisbane.
Dec. 2005 8.8 5.8 16.7 5.8 Sizeable declines were limited to just two cities; Shanghai and
June 2006 7.5 5.2 16.9 3.1 Bangkok. The Asia Pacific region remains characterized by high levels
Dec. 2006 6.4 5.2 15.6 2.4 of office construction with Beijing, Guangzhou, Ho Chi Minh City,
June 2007 5.2 5.0 15.3 2.6 Jakarta, Shanghai, Seoul, Singapore and Tokyo all with at least five
Dec. 2007 4.1 4.8 15.2 4.5 million square feet of construction currently underway. Construction
June 2008 5.4 5.0 15.3 1.0 in these eight cities totaled 133.7 million square feet at midyear. On
Dec. 2008 6.1 5.4 14.7 9.5
the demand side, the region is expected to continue leading global
June 2009 9.9 6.4 15.9 16.9
growth through 2010 and into 2011. China, Singapore, India and
Dec. 2009 9.5 6.8 16.5 16.5
June 2010 9.4 7.0 17.3 14.6
Taiwan in particular continue to register very robust growth. Even
Japan, which is typically the laggard in the group, is anticipated to
grow by 3.2% in 2010. In a ranking of highest occupancy costs
ASIA PACIFIC VACANCY RATES (%) (average Class A gross rents) Hong Kong again took the top spot, both
MONTH/ HONG within the region and the world at $161.00 USD per square foot per
YEAR KONG SHANGHAI SYDNEY TOKYO year, with Tokyo second in the region (third spot worldwide) at
Dec. 2003 13.8 11.0 9.5 8.0 $101.00 USD per square foot and Perth, Australia third at $64.00 per
June 2004 10.0 10.0 10.3 7.5 square foot.
Dec. 2004 6.2 7.2 11.2 7.0
June 2005 5.6 6.1 10.1 6.0
Looking to the end of 2010 and into 2011, Asia Pacific is anticipated to
Dec. 2005 5.0 5.0 9.6 5.0
keep leading the global recovery and subsequently is expected to have
June 2006 4.2 5.4 9.4 4.0
Dec. 2006 3.8 3.7 7.9 3.9
the best leasing markets of any of the four major regions. The
June 2007 3.8 3.1 5.6 3.9 continued delivery of office space will act as a drag on any material
Dec. 2007 1.7 2.5 3.7 2.5 growth in rents, however, a certain amount of pent up demand in
June 2008 1.5 5.5 4.3 3.5 tandem with rapid growth should push rents materially higher by early
Dec. 2008 4.0 10.3 5.4 4.0 2011.
June 2009 5.1 14.1 7.8 6.5
Dec. 2009 5.1 14.8 8.1 7.5
June 2010 4.0 12.8 8.5 8.2
P. 2 | COLLIERS INTERNATIONAL

7. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
UNITED STATES/CANADA
GLOBAL OFFICE OCCUPANCY COSTS – TOP 50 CITIES
Although the U.S economy finished the first half of the year on a
CLASS A/PRIME SPACE
sluggish note, leasing activity was relatively robust throughout the (USD PER SQUARE FOOT)
January-June period. This helped to stabilize market fundamentals
MARKET JUNE DEC. JUNE
after a prolonged period of weakness. Despite this firming in (Ranked by June 2010) 2010 2009 2009
fundamentals, both Canadian and U.S. vacancies rose during the first Hong Kong 161.42 161.14 138.08
six months of the year although the latest increases were relatively London – West End 129.58 139.43 125.52
muted. Occupancies were mixed, with U.S. markets recording only Tokyo 100.76 101.24 101.57
mildly positive absorption while Canadian markets registered more London – City 94.17 99.46 90.83
substantial growth. Paris 91.82 83.19 81.53
Rio de Janeiro 87.91 95.62 80.12
London – Southbank 73.08 83.48 77.62
Combined with new construction, the overall U.S. vacancy rate rose by
Perth 64.42 66.34 55.99
12 basis points to finish the first half of the year at 16.3 percent. With
São Paulo 63.98 73.31 57.23
leasing activity up, rents began to stabilize, with downtown lease rates
New York – Midtown Manhattan 62.76 62.37 69.70
little changed for the six month period but down 6.4 percent for the London – Docklands 61.77 72.82 67.71
year. Suburban lease rates, however, continued to drift lower falling a Mumbai 59.64 59.11 67.84
further 2.3 percent during the first half of 2010 and 4.1 percent over the Delhi 58.60 51.69 53.04
year. Canadian markets also began to show signs of strength in the first Milan 58.38 66.56 67.84
six months of the year, albeit by modest standards. Combined with Singapore 58.08 53.71 55.53
construction coming online, however, vacancies moved higher while Brisbane 58.05 43.54 63.97
rents were slightly lower. In contrast to the U.S., however, the Canadian Stockholm 55.91 58.13 55.13
Sydney 55.83 51.42 45.53
marketplace is set to benefit from significant job growth and a
Geneva 55.63 55.47 53.90
commodity sector that continues to post robust growth. Across the
Bristol 53.49 61.28 59.45
continent, Midtown Manhattan continued to hold the top spot for office Abu Dhabi 52.94 60.16 66.98
occupancy costs with average Class A rents of $63.00 USD per square Washington, DC 51.26 51.00 49.60
foot, followed by Washington at $51.26 USD and Toronto $51.07 USD. Birmingham 51.23 55.74 61.11
Edinburgh 51.23 54.95 57.80
The latest results reaffirms our view that the first half of 2010 was a Glasgow 51.23 52.56 56.15
period of transition from dramatically rising vacancies and falling rents Toronto 51.07 48.56 46.37
to more modest movements in both, and a possible reversal in the near Calgary 49.60 40.02 41.52
Manchester 48.97 59.50 56.15
to medium term. Calling into question the idea of a swift recovery,
Frankfurt 46.28 60.70 59.53
Ottawa 46.26 47.17 41.96
Boston 45.51 47.90 50.10
Zurich 45.36 41.16 43.63
NORTH AMERICA VACANCY RATES (%) San Diego County 44.74 31.44 33.50
MONTH/ WASHINGTON, NEW YORK – TORONTO – SAN Kyiv 44.61 40.12 42.38
YEAR DC – CBD MIDTOWN CBD FRANCISCO Vancouver 43.69 44.79 38.06
Dec. 2003 7.8 11.8 11.7 16.9 Athens 43.56 – 29.76
June 2004 7.2 11.4 11.1 17.0 Rome 43.07 50.58 49.57
Dec. 2004 7.4 10.5 11.0 15.4 New York – Midtown S. Manhattan 42.42 40.59 51.30
Minsk 42.20 – 62.66
June 2005 6.7 9.6 10.1 14.6
Miami-Dade 42.01 43.25 43.50
Dec. 2005 7.3 8.0 9.2 13.2
Munich 40.84 48.75 49.35
June 2006 7.2 7.4 8.9 12.4
New York – Downtown Manhattan 39.82 38.85 48.60
Dec. 2006 7.1 6.5 8.0 11.6
Dubai 39.47 75.84 75.82
June 2007 7.2 6.4 5.2 11.1
Edmonton 39.19 41.35 40.48
Dec. 2007 7.4 6.8 4.6 9.9 Los Angeles 38.88 39.24 39.80
June 2008 7.9 8.2 4.0 10.4 Buenos Aires 38.59 24.31 40.48
Dec. 2008 7.8 10.2 4.0 12.6 Shanghai 37.86 39.41 39.41
June 2009 9.6 13.7 4.7 14.1 West Palm Beach/Palm Beach Co. 37.54 38.94 38.94
Dec. 2009 10.2 14.9 5.1 13.6 Stamford 37.02 – –
June 2010 11.8 13.3 5.5 15.2 Madrid 36.75 43.16 43.86
Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 3

8. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
however, is a noticeable downshift in the economy and still stubbornly
LARGEST INCREASE IN VACANCY RATES – TOP 50 CITIES
high unemployment rates. More encouraging, however, is the eight
CHANGE IN VACANCY month long gain in private sector employment, suggesting the recent
JUNE 2009-JUNE 2010
MARKET (Basis Points) improvement in office leasing activity may be sustainable.
Stamford 1,758
White Plains 1,156 LATIN AMERICA
Tirana 1,100 For the fourth consecutive six month period the Latin America region
Lima 1,020
registered higher vacancies across most markets. The regional office
Dubai 1,000
vacancy rate increased by 55 basis points during the first half of 2010
Riyadh 900
and comes on top of a 123 basis point increase in the latter half of
Budapest 810
2009. Even with these increases the region’s vacancy rate remains
Canberra 780
Sofia 760
relatively low with average vacancies of just 7.1 percent. With a vacancy
Abu Dhabi 700 rate of less than 1.0 percent Rio de Janeiro again posted the lowest
New Jersey – Northern 656 office vacancy rate in the region and indeed the world. The Latin
New York – Downtown Manhattan 637 American region continues to register very robust growth rates. Led
Bucharest 600 by Brazil with projected GDP growth of 7.8 percent in 2010 and 4.5
Johannesburg 575 percent in 2011, the rest of the region including Argentina, Peru, Chile
Columbia 572 and Colombia, the region is home to some of the fastest growing
Calgary 515 economies in the world. This growth is expected to soon reverse the
Ho Chi Minh City 500 rise in vacancies and once again push rents higher.
Athens 500
New Jersey – Central 496
Office construction remained concentrated in Mexico City and São
Victoria 487
Paulo with 28.6 million square feet currently underway. In third spot
Seattle/Puget Sound 486
was Rio de Janeiro with 4.5 million square feet under construction
Belfast 450
which should help to relieve extremely tight leasing conditions. Rio de
London – Docklands 400
Belgrade 390
Janeiro captured top spot as the most expensive office market in the
Prague 370 region with average Class A gross rents of $88.00 USD per square
Edmonton 355 foot (6th spot worldwide).
Kitchener-Waterloo 353
Orange County 338
Washington, DC 333
Adelaide 330
Charlotte 234
Warsaw 230
LATIN AMERICA VACANCY RATES (%)
Auckland 220
Seoul 218 MONTH/ MEXICO SãO BUENOS
YEAR CITY PAULO AIRES BOGOTÁ
Detroit 217
Dec. 2003 16.2 14.7 18.2 4.0
Singapore 210
June 2004 15.9 14.2 14.0 1.6
Bratislava 210
Los Angeles 206 Dec. 2004 15.4 15.5 9.9 2.1
Minsk 200 June 2005 16.5 14.8 7.6 2.1
Helsinki 200 Dec. 2005 13.1 11.0 3.0 1.8
Miami-Dade 193 June 2006 11.7 8.8 2.4 2.4
Perth 190 Dec. 2006 10.4 7.6 1.8 1.6
Düsseldorf 190
June 2007 8.0 5.9 2.9 1.3
Cincinnati 183
Dec. 2007 7.6 3.3 1.4 0.9
Edinburgh 180
June 2008 8.5 2.7 1.5 1.3
Zagreb 170
Dec. 2008 6.1 4.0 2.9 3.2
Buenos Aires 170
Tokyo 170 June 2009 5.1 5.7 6.2 7.3
Tampa 164 Dec. 2009 9.5 4.9 6.9 8.0
Pleasanton/Walnut Creek 164 June 2010 10.0 4.4 7.9 7.4
P. 4 | COLLIERS INTERNATIONAL

9. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
GLOBAL INVESTMENT SALES
COUNTRY GROWTH RATES
Global office investment sales increased for the second consecutive six
month period with first half 2010 sales totaling $58.4 USD billion. This CHANGE IN
GROSS DOMESTIC PRODUCT (%)
was an increase of 31 percent from the second half of 2009 and a 37
percent increase from the same period a year ago. The EMEA region COUNTRY 2010 2011
(Ranked by 2010) (Projected) (Forecast)
was the most active region with office sales volume of $23.5 billion
China 9.9 8.3
followed by Asia Pacific at $17.2 billion and the America’s at $14.1 billion.
Singapore 8.4 4.5
India 8.0 8.1
Prices appear to be moving higher in all three major regions with
Brazil 7.8 4.5
capitalization rates/yields shifting lower. EMEA capitalization rates in
particular moved 119 basis points lower while EMEA yields dropped by 16 Taiwan 7.6 4.3
basis points and in the Americas cap rates dropped 56 basis points. This Argentina 6.8 4.0
would appear to mark a synchronized downward trend in yields and a Malaysia 6.8 4.0
corresponding uptrend in prices. A more robust global economy Peru 6.7 4.1
combined with improved financial markets is clearly boosting both Philippines 6.2 4.3
transaction volume and also pricing. While debt is still relatively difficult South Korea 5.9 4.0
to access, and much uncertainty still exists with respect to the Indonesia 5.6 5.9
sustainability of the current economic expansion, real estate markets Hong Kong 5.5 4.4
across the globe appear to be off the bottom and slowly returning to Chile 5.2 5.0
more normal levels. Cross-border investment, however, is still relatively Turkey 5.0 3.9
subdued with most investors focusing on their domestic market. Two Russia 4.8 4.0
markets bucking this trend, however, are the U.S. and U.K. which both Colombia 4.6 4.4
registered a slight increase in cross-border investment in the first half of Mexico 4.6 3.5
the year. Saudi Arabia 3.6 3.7
Canada 3.5 2.9
Slovakia 3.5 3.3
GLOBAL INVESTMENT SALES
OFFICE PROPERTIES –TOP 20 CITIES Israel 3.2 3.3
Japan 3.2 1.6
FIRST HALF FIRST HALF CHANGE Sweden 3.2 2.7
2010 2009 2009-2010 Australia 3.1 3.3
MARKET (Million USD) (Million USD) (%) Poland 3.0 3.4
Tokyo 7,674 7,763 -1.1 United States 3.0 2.8
London 5,072 4,014 26.3 New Zealand 2.8 3.2
Paris 3,744 1,730 116.4 South Africa 2.8 3.7
New York 2,316 1,267 82.7 Switzerland 2.0 1.9
Washinton DC 2,181 671 225.0 Germany 1.9 1.6
Denmark 1.5 1.8
Hong Kong 1,955 844 131.6
Britain 1.4 1.9
Shanghai 1,792 766 134.0
France 1.4 1.4
San Francisco 1,478 383 285.8
Netherlands 1.4 1.5
Beijing 1,041 675 54.2 Belgium 1.3 1.4
Sydney 1,038 175 492.5 Norway 1.3 1.4
Seoul 952 1,753 -45.7 Austria 1.0 1.3
Berlin 935 415 125.4 Italy 1.0 1.0
Moscow 904 934 -3.2 Czech Republic 0.9 2.0
Boston 869 604 44.0 Finland 0.8 0.9
Estonia 0.5 3.1
Los Angeles 811 615 31.9
Ireland 0.1 0.1
Stockholm 788 313 151.7
Hungary -0.3 2.5
Toronto 778 216 259.6
Spain -0.4 0.5
Munich 749 312 139.9
Lithuania -1.8 2.3
Cologne 704 91 672.8 Latvia -2.3 3.0
Houston 651 134 386.2 Greece -4.8 -3.8
Source: Real Capital Analytics. Based on independent reports of properties and portfolios Blue = G7 Countries
$10 million and greater. Source: Economist Intelligence Group August 2010
Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 5

10. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
GLOBAL CAPITALIZATION RATES/INTIAL YIELDS – 50 LOWEST CITIES An analysis of office sales activity by city for the first half of the year
shows Tokyo took top spot at $7.7 USD billion followed by London at
CBD CAP RATE (%)
$5.1 billion and Paris at $3.7 billion. Rounding out the top five were New
MARKET JUNE DEC. JUNE York at number four with $2.3 billion in office trades and Washington at
(Ranked by June 2010) 2010 2009 2009 $2.2 billion. With the exception of Tokyo all five markets posted
Hong Kong 3.34 2.97 3.28 significant year-over-year gains in investment volume.
Singapore 3.80 3.85 4.06
Geneva 4.00 4.50 4.60 As indicated above, capitalization rates/yields in all three regions saw a
Zurich 4.40 4.40 4.60 modest move lower in the first half of the year. In Asia Pacific major
Vienna 4.50 5.00 3.50 markets such as Beijing, Sydney and Singapore all reported lower
Munich 4.50 4.75 4.75 yields. In the EMEA region Central London, Paris, Geneva, Vienna,
London – West End 4.50 4.75 6.00 Munich, Hamburg, Brussels and Warsaw all saw capitalization rate
Tokyo 4.80 4.80 4.60 move lower. In North America many top tier markets saw cap rates hold
Hamburg 4.80 5.00 5.00 steady and indeed go lower in cities such as San Francisco and many
Copenhagen 5.00 5.00 5.75 Canadian markets. In secondary and tertiary markets, however, the
Paris 5.10 5.75 6.00 trend was still up but signs were beginning to emerge yields were
Frankfurt 5.40 5.40 5.40 beginning to plateau.
Shanghai 5.40 5.80 6.40
Berlin 5.50 5.30 5.50 Although real estate markets are still emerging from the global financial
Düsseldorf 5.50 5.50 5.75 crisis, a more robust economy, improving global trade and improved
Stuttgart 5.50 5.50 5.50 credit conditions are all helping to push yields lower and prices higher.
Milan 5.50 5.50 5.50 This upward movement in prices may be held back by still relatively
London – City 5.50 6.00 6.75 weak leasing conditions but investors appear to be convinced
Seoul 5.50 6.30 4.10 occupancies will only improve albeit over a more prolonged period.
Birmingham 5.75 5.75 7.00
Investors may indeed be getting ahead of themselves but the move back
London – Docklands 5.75 6.25 7.00
into office real estate is almost certain to gain strength over the coming
months.
London – Southbank 5.75 6.25 7.00
Manchester 5.75 5.75 7.00
Glasgow 5.85 5.85 7.00
Rome 6.00 6.00 6.50
Madrid 6.00 6.00 6.00 HIGHEST VACANCY RATES
Bristol 6.00 6.00 7.00
Edinburgh 6.00 6.00 7.00 JUNE 2010
Vancouver 6.00 5.75 5.75 MARKET (%)
New York – Downtown Manhattan 6.00 6.00 8.00 Riga 30.0
Dubai 30.0
New York – Midtown S. Manhattan 6.00 6.00 8.00
Fairfield 26.8
Brussels 6.20 6.30 6.30 Budapest 26.1
Helsinki 6.25 6.50 6.40 Riyadh 26.0
Belfast 6.25 – – Los Angeles – Inland Empire 24.7
Las Vegas 24.7
Lyon 6.30 6.50 7.00 Columbia 24.1
Beijing 6.47 7.42 8.30 Orange County 23.6
Amsterdam 6.50 6.50 6.32 Cincinnati 22.6
Victoria 6.50 6.50 6.50
Boston 6.50 – – LOWEST VACANCY RATES
New York – Midtown Manhattan 6.50 6.50 7.00
Toronto 6.60 6.80 7.00 JUNE 2010
Calgary 6.63 7.50 7.50 MARKET (%)
Guangzhou 6.69 6.00 7.80 Rio de Janeiro 0.6
Warsaw 6.70 7.00 7.00 Regina 1.4
Geneva 2.5
San Francisco 6.75 7.00 7.50
Hong Kong 4.0
Prague 7.00 7.00 7.00 São Paulo 4.4
Istanbul 7.00 – – Saskatoon 4.6
Los Angeles 7.00 – – London – Southbank 5.0
Vienna 5.0
Nashville 7.00 8.30 8.30 Zurich 5.2
Sydney 7.12 7.45 7.40 Seoul 5.3
P. 6 | COLLIERS INTERNATIONAL

11. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS
EXISTING INVENTORY
JUNE 2010
GEOGRAPHIC
MARKET COUNTRY POPULATION SQUARE FEET SQUARE METERS AREA
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Tirana Albania 343,078 860,800 80,000 CBD
Vienna Austria 1,687,271 118,360,000 11,000,000 Metro
Minsk Belarus 1,834,200 3,927,400 365,000 Metro
Brussels Belgium 1,048,491 146,336,000 13,600,000 Metro
Sofia Bulgaria 1,247,059 12,567,680 1,168,000 Metro
Zagreb Croatia 691,724 7,187,680 668,000 Metro
Prague Czech Republic 1,233,211 29,073,520 2,702,000 Metro
Copenhagen Denmark 1,636,749 38,206,608 3,550,800 Metro
Tallinn Estonia 398,594 60,256 5,600 Metro
Helsinki Finland 576,632 90,384,000 8,400,000 Metro
Bordeaux France 232,260 21,520,000 2,000,000 Metro
Lyon France 472,305 49,496,000 4,600,000 Metro
Montepelier France 253,712 10,760,000 1,000,000 Metro
Nantes France 282,853 26,900,000 2,500,000 Metro
Paris France 10,000,000 538,000,000 50,000,000 Metro
Strasbourg France 272,975 31,204,000 2,900,000 Metro
Toulouse France 439,453 3,228,000 300,000 Metro
Berlin Germany 3,416,255 192,604,000 17,900,000 Metro
Düsseldorf Germany 581,122 81,507,000 7,575,000 Metro
Frankfurt Germany 659,021 125,967,320 11,707,000 Metro
Hamburg Germany 1,770,629 139,019,200 12,920,000 CBD
Munich Germany 1,311,573 238,183,468 22,136,010 Metro
Stuttgart Germany 597,176 79,731,600 7,410,000 Metro
Athens Greece 597,176 69,940,000 6,500,000 Metro
Budapest Hungary 1,702,297 24,784,218 2,303,366 Metro
Dublin Ireland 1,045,769 38,036,600 3,535,000 Metro
Tel Aviv Israel 2,203,700 26,792,400 2,490,000 CBD
Milan Italy 1,299,633 129,120,000 12,000,000 Metro
Rome Italy 2,718,768 101,144,000 9,400,000 Metro
Riga Latvia 713,016 3,883,413 360,912 Metro
Vilnius Lithuania 546,733 3,394,780 315,500 Metro
Amsterdam Netherlands 755,605 73,706,000 6,850,000 CBD
Belfast Northern Ireland 277,459 8,000,000 743,494 CBD
Warsaw Poland 1,707,981 36,398,928 3,382,800 Metro
Bucharest Romania 1,931,838 14,855,902 1,380,660 Metro
Moscow Russia 10,470,318 130,120,680 12,093,000 Metro
Saint Petersburg Russia 4,568,047 14,741,200 1,370,000 Metro
Riyadh Saudi Arabia 4,087,152 8,530,130 792,763 CBD
Belgrade Serbia 1,120,092 6,735,760 626,000 Metro
Bratislava Slovakia 428,791 14,719,680 1,368,000 Metro
Cape Town South Africa 3,497,097 21,577,286 2,005,324 Metro
Durban South Africa 3,468,086 – – Metro
Johannesburg South Africa 5,827,524 27,842,700 2,587,611 Metro
Madrid Spain 6,271,638 157,634,000 14,650,000 Metro
Stockholm Sweden 1,889,945 17,915,400 1,665,000 CBD
Geneva Switzerland 438,177 47,344,000 4,400,000 Metro
Zurich Switzerland 1,307,567 176,464,000 16,400,000 Metro
Istanbul Turkey 12,573,836 24,946,780 2,318,474 Metro
Kyiv Ukraine 2,765,531 12,051,200 1,120,000 Metro
Abu Dhabi United Arab Emirates 630,000 21,520,000 2,000,000 Metro
Dubai United Arab Emirates 1,354,980 36,584,000 3,400,000 Metro
Birmingham United Kingdom 2,284,093 15,500,000 1,440,520 CBD
Bristol United Kingdom 551,066 11,000,000 1,022,305 CBD
Edinburgh United Kingdom 446,110 10,500,000 975,836 CBD
Glasgow United Kingdom 634,680 14,100,000 1,310,409 CBD
London – City United Kingdom 7,556,900 94,946,238 8,824,000 CBD
Contact: Ross Moore—ross.moore@colliers.com CBD = Central Business District Metro = Metropolitan Area COLLIERS INTERNATIONAL | P. 7

12. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS
EXISTING INVENTORY
JUNE 2010
GEOGRAPHIC
MARKET COUNTRY POPULATION SQUARE FEET SQUARE METERS AREA
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London – Docklands United Kingdom 7,556,900 19,115,495 1,776,533 CBD
London – Southbank United Kingdom 7,556,900 19,159,107 1,780,586 CBD
London – West End United Kingdom 7,556,900 80,174,945 7,451,203 CBD
Manchester United Kingdom 2,244,931 17,300,000 1,607,807 CBD
NORTH AMERICA
Calgary Canada 1,079,310 55,300,593 5,139,460 Metro
Edmonton Canada 1,034,945 19,353,113 1,798,616 Metro
Halifax Canada 372,679 11,056,317 1,027,539 Metro
Kitchener-Waterloo Canada 451,235 4,692,937 436,147 Metro
Montreal Canada 3,635,571 72,858,523 6,771,238 Metro
Ottawa Canada 1,130,761 34,686,811 3,223,681 Metro
Regina Canada 179,246 4,295,697 399,228 Metro
Saskatoon Canada 202,340 2,009,405 186,748 CBD
Toronto Canada 5,113,149 186,035,934 17,289,585 Metro
Vancouver Canada 2,116,581 52,985,994 4,924,349 Metro
Victoria Canada 337,411 8,211,316 763,133 Metro
Atlanta United States 5,376,285 246,955,152 22,951,222 Metro
Bakersfield United States 800,458 8,900,631 827,196 Metro
Baltimore United States 2,667,117 124,742,689 11,593,187 Metro
Boise United States 599,753 13,997,757 1,300,907 Metro
Boston United States 4,522,858 160,774,460 14,941,864 Metro
Charleston United States 644,506 10,589,004 984,108 Metro
Charlotte United States 1,701,799 92,244,220 8,572,883 Metro
Chicago United States 9,569,624 236,702,317 21,998,357 Metro
Cincinnati United States 333,013 36,997,992 3,438,475 Metro
Cleveland United States 112,143 105,172,524 9,774,398 Metro
Columbia United States 728,063 9,368,083 870,640 Metro
Columbus United States 1,773,120 48,833,477 4,538,427 Metro
Dallas/Fort Worth United States 6,300,006 303,104,931 28,169,603 Metro
Denver United States 2,506,626 154,386,606 14,348,198 Metro
Detroit United States 4,425,110 129,855,563 12,068,361 Metro
Fairfield United States 409,900 3,521,330 327,261 Metro
Fairfield County United States – 59,070,502 5,489,824 Metro
Fresno United States 909,153 20,981,095 1,949,916 Metro
Ft. Lauderdale/Broward County United States 1,912,200 53,340,344 4,957,281 Metro
Greenville United States 624,715 7,517,337 698,637 Metro
Hartford United States 1,190,512 22,092,448 2,053,201 Metro
Honolulu United States 905,034 15,771,083 1,465,714 Metro
Houston United States 5,728,143 195,839,137 18,200,663 Metro
Jacksonville United States 1,313,228 58,246,219 5,413,217 Metro
Kansas City United States 482,299 104,298,299 9,693,150 Metro
Las Vegas United States 1,865,746 41,950,452 3,898,741 Metro
Little Rock United States 675,069 14,016,705 1,302,668 Metro
Los Angeles United States 12,872,808 197,915,500 18,393,634 Metro
Los Angeles – Inland Empire United States 12,872,808 21,937,800 2,038,829 Metro
Louisville United States 1,244,696 66,570,933 6,186,890 Metro
Memphis United States 1,285,732 36,090,907 3,354,174 Metro
Miami-Dade United States 5,414,772 81,903,137 7,611,816 Metro
Nashville United States 605,473 53,921,517 5,011,293 Metro
New Jersey – Central United States 2,347,200 66,073,981 6,140,705 Metro
New Jersey – Northern United States 2,137,600 96,214,030 8,941,824 Metro
New York – Downtown Manhattan United States 19,006,798 84,632,830 7,865,505 CBD
New York – Midtown Manhattan United States 19,006,798 200,280,479 18,613,427 CBD
New York – Midtown S. Manhattan United States 19,006,798 71,892,582 6,681,467 CBD
P. 8 | COLLIERS INTERNATIONAL

13. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS
EXISTING INVENTORY
JUNE 2010
GEOGRAPHIC
MARKET COUNTRY POPULATION SQUARE FEET SQUARE METERS AREA
NORTH AMERICA continued
Oakland United States 404,155 32,899,473 3,057,572 Metro
Orange County United States 3,029,000 77,351,300 7,188,783 Metro
Orlando United States 2,054,574 66,092,472 6,142,423 Metro
Philadelphia United States 5,838,471 150,310,842 13,969,409 Metro
Phoenix United States 4,281,899 129,148,654 12,002,663 Metro
Pleasanton/Walnut Creek United States 130,314 40,246,889 3,740,417 Metro
Portland United States 2,207,462 77,915,198 7,241,189 Metro
Raleigh/Durham/Chapel Hill United States 1,088,765 81,554,043 7,579,372 Metro
Reno United States 414,784 6,768,014 628,998 Metro
Sacramento United States 2,109,832 89,878,912 8,353,059 Metro
San Diego County United States 3,001,072 77,835,004 7,233,736 Metro
San Francisco United States 4,274,531 83,224,170 7,734,588 CBD
San Francisco Peninsula United States 4,274,531 33,518,410 3,115,094 Metro
San Jose/Silicon Valley United States 1,819,198 61,092,359 5,677,729 Metro
Seattle/Puget Sound United States 3,344,813 107,271,803 9,969,498 Metro
St. Louis United States 2,816,710 121,800,484 11,319,748 Metro
Stamford United States 121,026 18,548,027 1,723,794 CBD
Stockton/San Joaquin County United States 672,388 8,499,818 789,946 CBD
Tampa United States 2,733,761 80,800,933 7,509,380 Metro
Washington, DC United States 4,255,400 448,733,066 41,703,817 Metro
West Palm Beach/Palm Beach Co. United States 536,521 38,680,769 3,594,867 Metro
Westchester County United States – 45,840,486 4,260,268 CBD
White Plains United States – 8,171,771 759,458 Metro
ASIA PACIFIC
Adelaide Australia 1,105,840 14,019,860 1,302,961 CBD
Brisbane Australia 1,763,132 21,765,425 2,022,809 CBD
Canberra Australia 350,000 7,272,749 675,906 CBD
Perth Australia 1,445,077 15,452,049 1,436,064 CBD
Sydney Australia 4,119,191 51,600,731 4,795,607 CBD
Beijing China 10,300,723 49,503,069 4,600,657 Metro
Guangzhou China 7,547,467 60,152,467 5,590,378 CBD
Hong Kong China 7,200,000 22,665,048 2,106,417 CBD
Shanghai China 14,230,992 39,106,908 3,634,471 CBD
Bangalore India 4,301,326 60,056,343 5,581,445 Metro
Chennai India 4,343,645 48,759,269 4,531,531 Metro
Delhi India 9,879,172 54,396,158 5,055,405 Metro
Mumbai India 11,978,450 74,600,000 6,933,086 Metro
Jakarta Indonesia 8,222,515 45,501,673 4,228,780 CBD
Tokyo Japan 13,039,856 681,764,360 63,361,000 CBD
Seoul Korea 10,464,051 67,546,604 6,277,565 CBD
Auckland New Zealand 1,303,068 14,469,123 1,344,714 CBD
Wellington New Zealand 448,959 13,295,260 1,235,619 CBD
Singapore Singapore 4,483,900 48,975,745 4,551,649 CBD
Bangkok Thailand 8,900,000 85,144,870 7,913,092 Metro
Ho Chi Minh City Vietnam 8,500,000 15,708,008 1,459,852 CBD
LATIN AMERICA
Buenos Aires Argentina 14,917,900 40,771,943 3,789,214 CBD
Rio de Janeiro Brazil 15,420,375 43,534,960 4,046,000 CBD
São Paulo Brazil 10,238,500 63,406,377 5,892,786 CBD
Santiago Chile 6,061,185 37,715,683 3,505,175 CBD
Bogotá Colombia 7,243,698 15,619,980 1,451,671 Metro
San José Costa Rica 1,547,760 8,282,198 769,721 CBD
Mexico City Mexico 14,007,495 57,323,405 5,327,454 Metro
Lima Peru 8,445,211 4,097,881 380,844 Metro
Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 9

14. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS
UNDER CONSTRUCTION
VACANCY VACANCY VACANCY
JUNE 2010
RATE RATE RATE
MARKET COUNTRY SQUARE FEET SQUARE METERS JUNE 2009 (%) DEC. 2009 (%) JUNE 2010 (%)
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Tirana Albania 129,120 12,000 2.0 8.0 13.0
Vienna Austria 2,474,800 230,000 5.0 5.0 5.0
Minsk Belarus 1,614,000 150,000 10.0 14.0 12.0
Brussels Belgium 6,456,000 600,000 12.2 12.2 12.3
Sofia Bulgaria 7,187,680 668,000 13.4 17.9 21.0
Zagreb Croatia 457,300 42,500 5.3 6.0 7.0
Prague Czech Republic 1,269,680 118,000 10.1 11.8 13.8
Copenhagen Denmark 2,152,000 200,000 7.8 8.6 8.5
Tallinn Estonia 5,008,780 465,500 21.2 18.5 19.5
Helsinki Finland – – 10.5 12.3 12.5
Bordeaux France 538,000 50,000 5.6 6.2 6.4
Lyon France 860,800 80,000 10.0 10.0 10.0
Montepelier France 269,000 25,000 6.5 6.5 6.5
Nantes France 322,800 30,000 5.0 5.0 5.5
Paris France 7,532,000 700,000 6.5 7.0 7.0
Strasbourg France 225,960 21,000 6.3 6.5 6.7
Toulouse France 395,968 36,800 5.5 6.0 6.8
Berlin Germany 1,461,208 135,800 8.0 8.4 8.7
Düsseldorf Germany 1,746,348 162,300 9.6 10.0 11.5
Frankfurt Germany 3,141,920 292,000 16.1 16.5 17.3
Hamburg Germany 3,766,000 350,000 7.5 8.3 9.0
Munich Germany 2,907,492 270,213 7.3 7.4 7.9
Stuttgart Germany 907,068 84,300 6.2 6.1 6.5
Athens Greece 1,614,000 150,000 7.0 10.0 12.0
Budapest Hungary 1,136,633 105,635 18.0 21.9 26.1
Dublin Ireland 1,076,000 100,000 21.0 23.0 20.0
Tel Aviv Israel 1,345,000 125,000 7.8 9.8 7.8
Milan Italy 4,949,600 460,000 7.7 8.6 8.8
Rome Italy 1,667,800 155,000 7.0 7.0 6.5
Riga Latvia 172,160 16,000 35 37 30
Vilnius Lithuania 293,748 27,300 20.0 18.3 13.3
Amsterdam Netherlands 3,497,000 325,000 18.5 18.5 18.5
Belfast Northern Ireland 260,000 24,164 8.0 10.0 12.5
Warsaw Poland 1,305,188 121,300 5.7 7.3 8.0
Bucharest Romania 2,901,434 269,650 14.0 18.2 20.0
Moscow Russia 30,160,280 2,803,000 16.9 16.5 14.6
Saint Petersburg Russia 6,853,044 636,900 20.0 18.0 19.0
Riyadh Saudi Arabia 11,222,024 1,042,939 17.0 23.0 26.0
Belgrade Serbia 862,952 80,200 16.0 17.0 19.9
Bratislava Slovakia 645,600 60,000 11.5 12.5 13.6
Cape Town South Africa 173,311 16,107 7.8 7.9 8.2
Durban South Africa 538,000 50,000 15.0 15.0 10.0
Johannesburg South Africa 124,800 11,600 11.0 11.5 16.8
Madrid Spain 3,550,800 330,000 9.6 8.7 7.7
Stockholm Sweden 645,600 60,000 10.0 11,5 10.0
Geneva Switzerland 538,000 50,000 3.0 3.0 2.5
Zurich Switzerland 3,228,000 300,000 4.7 4.7 5.2
Istanbul Turkey 3,012,800 280,000 9.2 9.6 10.0
Kyiv Ukraine 215,200 20,000 20.0 20.0 16.0
Abu Dhabi United Arab Emirates 12,912,000 1,200,000 1.0 1.0 8.0
Dubai United Arab Emirates 27,976,000 2,600,000 20.0 30.0 30.0
Birmingham United Kingdom – – 21.4 18.4 20.8
Bristol United Kingdom 213,000 19,796 17.1 18.4 17.7
Edinburgh United Kingdom – – 13.7 16.0 15.5
Glasgow United Kingdom 30,000 2,788 13.0 14.7 14.1
London – City United Kingdom 2,490,703 231,478 13.3 12.3 10.6
P. 10 | COLLIERS INTERNATIONAL

15. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS
UNDER CONSTRUCTION
VACANCY VACANCY VACANCY
JUNE 2010
RATE RATE RATE
MARKET COUNTRY SQUARE FEET SQUARE METERS JUNE 2009 (%) DEC. 2009 (%) JUNE 2010 (%)
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London – Docklands United Kingdom 1,900,000 176,580 6.0 10.4 10.0
London – Southbank United Kingdom 593,532 55,161 4.0 5.1 5.0
London – West End United Kingdom 1,274,951 118,490 9.9 9.5 9.4
Manchester United Kingdom – – 18.9 18.1 19.9
NORTH AMERICA
Calgary Canada 3,037,027 282,252 8.9 11.7 14.0
Edmonton Canada 670,000 62,268 7.3 9.6 10.9
Halifax Canada 90,000 8,364 9.7 9.5 10.4
Kitchener-Waterloo Canada 398,516 37,037 8.6 14.7 12.1
Montreal Canada 491,800 45,706 7.1 7.7 7.4
Ottawa Canada 183,000 17,007 6.8 7.7 6.1
Regina Canada 0 0 1.6 1.1 1.4
Saskatoon Canada 34,000 3,160 4.6 6.1 4.6
Toronto Canada 878,515 81,646 5.7 6.4 6.6
Vancouver Canada 679,938 63,191 6.4 7.2 7.1
Victoria Canada 261,700 24,322 1.9 5.6 6.8
Atlanta United States 235,150 21,854 15.9 16.7 17.3
Bakersfield United States 0 0 9.7 9.8 9.0
Baltimore United States 1,370,596 127,379 18.6 13.4 13.5
Boise United States 134,100 12,463 17.5 17.8 18.2
Boston United States 1,950,491 181,272 16.9 17.3 18.0
Charleston United States 0 0 19.0 18.1 18.1
Charlotte United States 342,147 31,798 12.8 13.4 15.2
Chicago United States 110,000 10,223 18.7 19.8 20.3
Cincinnati United States 839,936 78,061 20.8 – 22.6
Cleveland United States 16,000 1,487 12.2 12.0 12.5
Columbia United States 0 0 18.4 22.2 24.1
Columbus United States 90,000 8,364 15.4 16.7 16.7
Dallas/Fort Worth United States 1,499,018 139,314 17.2 18.0 18.8
Denver United States 0 0 14.3 17.3 15.0
Detroit United States 159,158 14,792 18.0 19.3 20.2
Fairfield United States 0 0 26.0 23.8 26.8
Fairfield County United States 420,475 39,078 18.5 – 12.6
Fresno United States 0 0 13.3 14.0 14.7
Ft. Lauderdale/Broward County United States 0 0 13.5 14.7 14.9
Greenville United States 0 0 23.1 21.5 20.2
Hartford United States 194,000 18,030 18.5 15.8 17.0
Honolulu United States 0 0 10.1 10.3 11.4
Houston United States 2,233,817 207,604 15.6 16.8 16.5
Jacksonville United States 138,214 12,845 14.3 15.6 15.2
Kansas City United States 71,126 6,610 18.2 13.6 13.4
Las Vegas United States 213,000 19,796 23.6 23.8 24.7
Little Rock United States 22,300 2,072 10.1 10.4 11.7
Los Angeles United States 781,400 72,621 15.4 16.3 17.5
Los Angeles – Inland Empire United States 0 0 23.5 24.3 24.7
Louisville United States 173,821 16,154 12.3 14.6 11.1
Memphis United States 0 0 13.5 13.3 13.2
Miami-Dade United States 1,069,882 99,431 14.5 15.5 16.4
Nashville United States 110,000 10,223 14.4 14.8 13.1
New Jersey – Central United States 255,000 23,699 17.2 17.6 22.2
New Jersey – Northern United States 57,600 5,353 11.2 17.0 17.7
New York – Downtown Manhattan United States 2,600,000 241,636 10.6 13.0 17.0
New York – Midtown Manhattan United States 0 0 13.7 14.9 13.3
New York – Midtown S. Manhattan United States 0 0 13.8 11.7 11.7
Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 11

16. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS
UNDER CONSTRUCTION
VACANCY VACANCY VACANCY
JUNE 2010
RATE RATE RATE
MARKET COUNTRY SQUARE FEET SQUARE METERS JUNE 2009 (%) DEC. 2009 (%) JUNE 2010 (%)
NORTH AMERICA continued
Oakland United States 62,000 5,762 14.6 15.0 14.7
Orange County United States 0 0 20.2 21.5 23.6
Orlando United States 1,084,219 100,764 15.8 16.4 16.9
Philadelphia United States 1,051,472 97,720 14.4 15.2 15.3
Phoenix United States 545,460 50,693 21.4 22.0 21.1
Pleasanton/Walnut Creek United States 0 0 17.7 19.1 19.3
Portland United States 62,200 5,781 10.1 11.3 11.2
Raleigh/Durham/Chapel Hill United States 370,615 34,444 20.1 13.5 13.8
Reno United States 7,484 696 21.2 21.0 22.1
Sacramento United States 367,516 34,156 15.6 15.9 16.5
San Diego County United States 0 0 17.9 17.8 17.8
San Francisco United States 210,000 19,517 14.1 14.7 15.2
San Francisco Peninsula United States 0 0 19.9 19.0 18.4
San Jose/Silicon Valley United States 916,856 85,210 19.8 20.2 19.8
Seattle/Puget Sound United States 2,505,285 232,833 11.2 17.4 16.0
St. Louis United States 785,250 72,979 12.1 11.7 11.8
Stamford United States 400,475 37,219 – – 17.6
Stockton/San Joaquin County United States 0 0 18.8 19.5 18.1
Tampa United States 0 0 14.8 15.9 16.4
Washington, DC United States 5,574,472 518,074 10.4 14.8 13.7
West Palm Beach/Palm Beach Co. United States 198,475 18,446 20.1 21.0 21.1
Westchester County United States 0 0 16.4 – 10.7
White Plains United States 0 0 – – 11.6
ASIA PACIFIC
Adelaide Australia 193,680 18,000 4.8 7.6 8.1
Brisbane Australia 1,097,520 102,000 10.7 11.3 10.9
Canberra Australia 0 0 8.2 7.4 16.0
Perth Australia 1,690,364 157,097 8.0 8.2 9.9
Sydney Australia 2,527,782 234,924 7.8 8.1 8.5
Beijing China 9,333,299 867,407 19.2 17.2 14.4
Guangzhou China 26,939,489 2,503,670 18.3 13.5 16.4
Hong Kong China 530,398 49,293 5.1 5.1 4.0
Shanghai China 36,971,683 3,436,030 14.1 15.3 12.8
Bangalore India 3,966,832 368,665 19.0 19.0 17.0
Chennai India 4,084,000 379,554 24.5 22.5 22.5
Delhi India 3,900,000 362,454 17.0 19.5 18.5
Mumbai India 2,057,000 191,171 15.5 14.5 14.5
Jakarta Indonesia 6,126,722 569,398 12.4 12.9 11.4
Tokyo Japan 23,101,720 2,147,000 6.5 7.5 8.2
Seoul Korea 16,439,752 1,527,858 3.1 4.5 5.3
Auckland New Zealand 301,280 28,000 8.4 11.5 10.6
Wellington New Zealand 938,272 87,200 6.0 6.8 7.2
Singapore Singapore 7,610,077 707,256 10.6 13.2 12.7
Bangkok Thailand 1,245,761 115,777 15.4 15.6 15.8
Ho Chi Minh City Vietnam 7,210,792 670,148 10.0 13.0 15.0
LATIN AMERICA
Buenos Aires Argentina 949,592 88,252 6.2 6.9 7.9
Rio de Janeiro Brazil 4,533,704 421,348 0.6 0.6 0.6
São Paulo Brazil 16,140,000 1,500,000 5.7 4.9 4.4
Santiago Chile 1,359,031 126,304 3.8 4.8 5.3
Bogotá Colombia 2,379,552 221,148 7.4 8.0 7.4
San José Costa Rica 566,901 52,686 11.6 8.8 7.9
Mexico City Mexico 12,503,755 1,162,059 8.6 9.6 10.0
Lima Peru 457,569 42,525 2.7 8.4 12.9
P. 12 | COLLIERS INTERNATIONAL