SlideShare a Scribd company logo
1 of 38
Download to read offline
*/2%$/2)),()25($67 2015-2016 
$XVKPDQ	:DNHÀHOG5HVHDUFK3XEOLFDWLRQ 
129(0%(5
BANGKOK
%106'065 
) . 1 $ # .  1 8 ' 4 8 + ' 9  0 2 0 ( 1 7 8 0  % 8 , / ' 6 
, 1  . (   0 $ 5 . ( 7 6 
# / ' 4 + % # 5 8 7 :2  . (  7 + ( 0 ( 6  
5 (  29 ( 5  	 
 + $ 1 * , 1 * 
:2 5 . 3 / $ ( 
# 5 + #  2 # % + ( + % 12 ) 8 1 '$ 0 ( 1 7$ / 6 
5 ( 0 $ , 1  6 2 / , ' 
' 7 4 1 2 ' 16 2 1 7 + (  52$ ' 
72  5 (  29 ( 5 
# 2 2 ' 0  + : 20
GLOBAL OFFICE MARKET 
FORECAST OVERVIEW 
/1/'067/ 
$7+.5 
+0-'; 
/#4-'65 
)URPDJOREDOSHUVSHFWLYHZDVD 
EHWWHUHDUIRUWKHRIÀFHUHDOHVWDWHVHFWRU 
ZLWKPDQPDUNHWVLQPXFKEHWWHUVKDSH 
WKDQWZHOYHPRQWKVDJRDQGRQVROLG 
IRRWLQJKHDGLQJLQWR2IFRXUVHWKHUH 
DUHDQXPEHURIH[FHSWLRQVSDUWLFXODUO 
LQPDUNHWVLQRUQHDUDUHDVRISROLWLFDO 
LQVWDELOLWDQGLQWKRVHZLWKVWDOOHG 
HFRQRPLFJURZWK 
 
7252172
U.S. COMEBACK FUELS REGIONAL GROWTH 
,QWKH$PHULFDVPRUH86FLWLHVRXWVLGHRIWKRVHGRPLQDWHG 
EWKHWHFKQRORJDQGHQHUJVHFWRUV
DUHH[SHULHQFLQJ 
HFRQRPLFH[SDQVLRQZKLFKLVWUDQVODWLQJLQWRVWURQJRIÀFH 
PDUNHWIXQGDPHQWDOV'HPDQGSDUWLFXODUOIRUQHZO 
FRQVWUXFWHGRUUHIXUELVKHGVSDFHLVRQWKHXSVZLQJ:KLOH 
UHQWDOJURZWKKDVPRGHUDWHGLQVRPHPDUNHWVRYHURI 
WKHORFDWLRQVLQWKHVWXGZLOOH[SHULHQFHUHQWDOJURZWK 
H[FHHGLQJLQÁDWLRQ 
7KHDQDGLDQRIÀFHPDUNHWVFRQWLQXHDORQJDSDWKRI 
UHFRYHUDVWKHJOREDOHFRQRPHVSHFLDOOLQWKH86 
H[SHULHQFHVVWURQJHUJURZWKRQVROLGDWLRQVDQGGHQVLÀFDWLRQ 
UHPDLQWKHQRUPLQPRVWPDUNHWVZKLOHWKHÁLJKWWRTXDOLWLV 
FUHDWLQJYDFDQFLHVLQVRPHROGHURIÀFHVWRFN7KHVXSSO 
SLSHOLQHUHPDLQVUREXVWZLWKWKHQRWDEOHH[FHSWLRQRIWKH 
QDWLRQ·VFDSLWDOHWYDFDQFUDWHVZLOOVWDELOL]HEWKHHQGRI 
WKHIRUHFDVWSHULRGGXHWRKHDOWKGHPDQG 
0H[LFRLWLVWKHVWDURIWKH/DWLQ$PHULFDQRIÀFHPDUNHW 
GXHLQSDUWWRHQHUJUHIRUPVDQGVHFRQGDUODZVSDVVHGE 
RQJUHVVZKLFKKDYHRSHQHGXSWKHFRXQWUWRLQFUHDVHG 
IRUHLJQLQYHVWPHQW:KLOH*'3JURZWKZDVEHORZ 
H[SHFWDWLRQVLQUREXVWJURZWKLVSURMHFWHGRYHUWKHQH[W 
VHYHUDOHDUVDQGWKHRIÀFHPDUNHWLVWHHGXSWRUHDSWKH 
EHQHÀWV 
SOUTH AMERICA IN SLUMP 
6RXWK$PHULFDQPDUNHWVDUHODJJLQJEHKLQGHVSHFLDOOLQ 
$UJHQWLQDDQG%UD]LOZKHUHERWKSURGXFWLRQDQGFRQVXPSWLRQ 
OHYHOVDUHGDPSHQHG:KLOHWKH6DQWLDJRRIÀFHPDUNHWLQKLOH 
KDGEHHQDEULJKWVSRWUHFHQWWUHQGVLQFOXGLQJRYHUVXSSOWKH 
GRZQVL]LQJRIPLQLQJDQGUHODWHGLQGXVWULHVDQGXQFHUWDLQW 
GXHWRQHZWD[ODZVKDYHPRYHGLWLQOLQHZLWKRWKHU6RXWK 
GLOBAL OFFICE 
)25($67 
$PHULFDQPDUNHWVZKLFKDUHQRWH[SHFWHGWRIXOOUHFRYHU 
XQWLO 
SUN SHINES ON JAPAN AND INDIA 
-DSDQDQG,QGLDDUHDPRQJWKHVWURQJHVWSHUIRUPHUVLQ$VLD 
3DFLÀFLQWHUPVRIHFRQRPLFJURZWKDQGVWDELOLW2IÀFH 
PDUNHWGHPDQGLQ7RNRLVEHLQJGULYHQEVWURQJFRUSRUDWH 
SURÀWVGHVSLWHFKDQJHVWRWKHÀQDQFLDOUHJXODWRUHQYLURQPHQW 
,Q,QGLD,QIRUPDWLRQ7HFKQRORJDQG,76HUYLFHVFRPSDQLHV 
FRQWLQXHWRGRPLQDWHWKHRIÀFHODQGVFDSH3URYLGLQJWKDW 
JOREDOUHFRYHUJDLQVVWUHQJWKJURZWKLQWKLVVHFWRUZKLFK 
LQFOXGHVPXOWLQDWLRQDOFRUSRUDWLRQVWKDWRXWVRXUFH 
WHFKQRORJIXQFWLRQVZLOOEHVXVWDLQHG6LQJDSRUHLVDOVR 
EHQHÀWWLQJIURPWKLVWHFKJURZWKDVDORQJZLWKWKH3KLOLSSLQHV 
LWWHQGVWREHWKHQH[WGHVWLQDWLRQDIWHU,QGLDIRUWKHPXOWL 
QDWLRQDOV(FRPPHUFHFRPSDQLHVDUHDOVRH[SDQGLQJ 
)2 
241,'%6+105 
 
AMERICAS 
 
ASIA PACIFIC 
 
EASTERN EUROPE 
 
WESTERN EUROPE 
72.2 
86+0$1	:$.(),(/' 5
RENTAL GROWTH IN BOTH ESTABLISHED AND 
EMERGING ASIAN MARKETS 
1RWVXUSULVLQJOUHQWDOJURZWKDPRQJHVWDEOLVKHGPDUNHWVLV 
H[SHFWHGWREHVWURQJHVWLQ7RNRDQG6LQJDSRUHZKLOH 
HPHUJLQJPDUNHWVLQ,QGRQHVLD7KDLODQGDQGVHOHFWVXEPDUNHWV 
LQKHQQDLDQG%HQJDOXUXLQ,QGLDDUHOLNHOWRH[SHULHQFH 
DERYHDYHUDJHJURZWK5HQWVZLOOJURZPRGHUDWHORUUHPDLQ 
VWDEOHDFURVVPXFKRIKLQD:KLOH+RQJ.RQJ,VODQGKDV 
EDODQFHGVXSSODQGGHPDQGIXQGDPHQWDOVWKH+RQJ.RQJ 
RIÀFHPDUNHWLVODJJLQJEHKLQGDVVOXJJLVKRIÀFHHPSORPHQW 
JURZWKKDVNHSWOHDVLQJDFWLYLWDWED7KXVFRQWLQXHG 
FRQWUDFWLRQVLQUHQWDOUDWHVDUHDQWLFLSDWHG 
5REXVWVXSSOSLSHOLQHVSDUWLFXODUOLQ$XVWUDOLDQPDUNHWVZLOO 
NHHSYDFDQFUDWHVHOHYDWHG2WKHUFLWLHVVWUXJJOLQJZLWKVXSSO 
DQGGHPDQGLPEDODQFHVDUHWKRVHLQWKHHPHUJLQJPDUNHWVRI 
KLQDDQG,QGLD 
RENTAL GROWTH EXPECTED IN MOST EUROPEAN 
MARKETS OVER THREE YEARS 
(FRQRPLFFRQGLWLRQVDFURVV(XURSHDUHPL[HGEXWRQWKH 
ZKROHDUHFRYHULVWDNLQJVKDSHDOEHLWDWGLIIHUHQWVSHHGV 
DFURVVWKHFRQWLQHQW,QWHUPVRIWKHRIÀFHVHFWRURIWKH 
FLWLHVPRQLWRUHGDUHDQWLFLSDWHGWRUHJLVWHUUHQWDOJURZWKRQ 
DQDQQXDOFRPSRXQGEDVLV7KHWZRIURQWUXQQHUVRI'XEOLQ 
DQG/RQGRQDUHVXSSOOHGUHFRYHULHVLQWKHPDLQ'XEOLQZLWK 
RQORQHVFKHPHLQWKHGHYHORSPHQWSLSHOLQHLVDQWLFLSDWHGWR 
VHHDQQXDOFRPSRXQGJURZWKRYHU 
,Q/RQGRQIXHOOHGEDQLQFUHDVLQJOSRVLWLYHHFRQRPLFRXWORRN 
RFFXSLHUGHPDQGLVVHWWRHVFDODWHSDUWLFXODUOIRUFODVV$ 
VSDFHZKLFKLVLQOLPLWHGVXSSO0HGLDDQGWHFKÀUPVDUH 
GULYLQJDFWLYLWLQWKH:HVW(QGEXWWKHLWLVRQÀUHGXHWRD 
FRPELQDWLRQRIDUHVXUJHQWEDQNLQJDQGÀQDQFLDOVHFWRUDQG 
5(17$/*52:7+$118$/203281'
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 
Boston 
Dublin 
Tokyo 
Houston 
Jakarta 
San Francisco 
Barcelona 
New York 
Seattle 
Los Angeles 
0$'5,' 
6
VWURQJDFWLYLWIURPH[SDQGLQJPHGLDDQGWHFKFRPSDQLHV 
3ULPHUHQWVDUHXQGHUVXVWDLQHGXSZDUGSUHVVXUHDQGNH 
VXEPDUNHWVDFURVV/RQGRQDUHVHHLQJXSOLIWVLQUHQWV7KLVLV 
OLQNHGWRERWKLPSURYLQJHFRQRPLFIXQGDPHQWDOVDVZHOODVD 
UHVWULFWHGGHYHORSPHQWSLSHOLQHZKLFKLVDQWLFLSDWHGWREH 
OLPLWHGRYHUWKHQH[WWZRHDUVRQWKHEDFNRIEHORZDYHUDJH 
FRPSOHWLRQVFRPELQHGZLWKWKHSUHYDOHQFHRISUHOHDVH 
DJUHHPHQWVZKLFKLVDEVRUELQJIXWXUHVXSSO 
TENANTS MOVING PROACTIVELY 
IN ACTIVE MARKETS 
7KHJHQHUDOODFNRITXDOLWVSDFHLVVHHLQJWHQDQWVLQYHVWLJDWH 
WKHLUUHDOHVWDWHRSWLRQVDQGVRPHDUHPRYLQJSURDFWLYHO 
EHIRUHWKHLUOHDVHH[SLUDWLRQVLQRUGHUWRORFNLQTXDOLWVSDFH 
EHIRUHIXUWKHUUHQWDOJDLQVDUHUHFRUGHG:LWKIXQGDPHQWDOV 
ÀUPLQJLQYHVWRUVDUHORRNLQJDWRSSRUWXQLWLHVLQVHFRQGDU 
PDUNHWVZKHUHWKHUHPDEHSRWHQWLDOUHGHYHORSPHQWDQJOHV 
,QDGGLWLRQZKLOHFRQVROLGDWLRQVDQGUDWLRQDOL]DWLRQVUHPDLQ 
FRPPRQWKHPHVDFURVV(XURSHWKHJRRGQHZVLVWKDWGHPDQG 
OHYHOVDUHEHLQJGULYHQOHVVEFKXUQLQWKHPDUNHWSODFHDQG 
PRUHEH[SDQVLRQV%XVLQHVVHVDUHFRPLQJRIIWKHVLGHOLQHV 
DQGDUHH[HFXWLQJSODQVIRUJURZWK,QIDFWDEVRUSWLRQOHYHOV 
DUHDQWLFLSDWHGWREHUREXVWWKURXJKGHVSLWHQHZVXSSO 
OHDYLQJWKHRIÀFHYDFDQFUDWHDWLWVORZHVWSRLQWVLQFH 
:LWKDIHZH[FHSWLRQVFODVV$GRZQWRZQRIÀFHPDUNHWV 
DFURVV(XURSHDUHSRLVHGIRUUHVSHFWDEOHOHYHOVRIJURZWK 
WKURXJK+RZHYHUROGHURIÀFHVWRFNZLOOSDWKHSULFH 
JLYHQWKHSHUYDVLYHWUHQGVRIGHQVLÀFDWLRQDQGÁLJKWWRTXDOLW 
0RUHUHWURÀWWLQJFRQYHUVLRQVDQGDVWHDGVWUHDPRIQHZ 
VXSSOFDQEHH[SHFWHGLQWKRVHPDUNHWVZLWKDKLJKHU 
SHUFHQWDJHRIDJLQJLQYHQWRU 
$%62537,21$6$3(5(17$*(2),19(1725 
Ho Chi Minh City 
Istanbul 
Chengdu 
Shenzhen 
Hyderabad 
Pune 
Mexico City 
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 
1(:6833/$6$3(5(17$*(2),19(1725 
Manila 
Shanghai 
Jakarta 
Ho Chi Minh City 
Shenzhen 
Guangzhou 
Jakarta 
Mumbai 
Shanghai 
Mexico City 
0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 
Manila 
Hyderabad 
Seattle 
GLOBAL OFFICE 
)25($67 
86+0$1	:$.(),(/'
AMERICAS 
691-'; 
6*'/'5 
4'%18'4; 
	%*#0)+0) 
914-2.#%' 
7KHHFRQRPLFUHFRYHULQWKH8QLWHG 
6WDWHVHYLGHQFHGEVWURQJHUMREJURZWK 
LVÀQDOOWUDQVODWLQJLQWRQRWLFHDEOH 
LPSURYHPHQWVLQRIÀFHOHDVLQJIXQGDPHQWDOV 
7KLVLVSDUWLFXODUOWKHFDVHLQWKHFODVV$ 
VHJPHQWRIXUEDQPDUNHWV 
1(:25.,7 
8
'HPDQGKDVEHFRPHVWURQJHUDFURVVLQGXVWULHV:KLOHQRWDOO 
VHFWRUVDQGPDUNHWVKDYHIXOOUHFRYHUHGWKLVLVQRORQJHUD 
VWRURQODERXWWHFKQRORJDQGHQHUJVHFWRUJURZWK,WLV 
DOVRQRWVLPSODERXWUHDOHVWDWH7KHFKDQJLQJZRUNIRUFHLV 
H[HUWLQJLWVLQÁXHQFHRQZKHUHLWZDQWVWRZRUN$WODQWD 
KLFDJRDQG'DOODVDUHH[SHULHQFLQJLQFUHDVHGOHDVLQJYHORFLW 
DQGKDYHMRLQHGWKHUDQNVRI6DQ)UDQFLVFR6HDWWOH%RVWRQ 
1HZRUNDQG+RXVWRQZLWKUHVSHFWWRLPSURYHGOHDVLQJ 
IXQGDPHQWDOV 
7KHUHLVFRQVWUXFWLRQLQWKHSLSHOLQHEXWGHPDQGLVEHJLQQLQJ 
WRRXWSDFHLWLQDQXPEHURIPDUNHWVDQGDVLJQLÀFDQWDPRXQW 
RIGHOLYHULHVLVSUHOHDVHG7ZRFODVV$SURMHFWVWRWDOLQJ 
PLOOLRQVTXDUHIHHWZLOOFRPHWRWKHKLFDJRPDUNHWE 
DQGWKHDUHFXUUHQWOSUHOHDVHG 
6RPHH[FHSWLRQVWRWKLVUHFRYHULQFOXGH3KLODGHOSKLD/RV 
$QJHOHVDQG:DVKLQJWRQ'3KLODGHOSKLDUHPDLQVVWDEOHZLWK 
QRQHZFRQVWUXFWLRQSODQQHG/RV$QJHOHVH[SHFWVPDUNHW 
VRIWHQLQJGXHWRWHQDQWGRZQVL]LQJQRWDEOLQÀQDQFLDOVHUYLFHV 
ÀUPV7KH:DVKLQJWRQ'PDUNHWLVVWLOOLQWKHPLGVWRID 
VOXJJLVKHFRQRPLFUHFRYHUDQGPDVHHVHYHUDORXWPLJUDWLRQV 
RIWHQDQWVIURPWKHPDUNHW 
RENTS ON THEIR WAY UP IN U.S. 
GROWTH MARKETS 
'RXEOHGLJLWUHQWDOJURZWKLVIRUHFDVWIRU%RVWRQ+RXVWRQ6DQ 
)UDQFLVFR1HZRUNDQG6HDWWOH,QIDFWPRVW86PDUNHWVLQ 
WKHVWXGDUHH[SHFWHGWRVHHPRGHVWLQFUHDVHVZLWKWKH 
VORZHVWJURZWKRFFXUULQJLQ$WODQWDDQGKLFDJR(YHQ 
:DVKLQJWRQ'DQG/RV$QJHOHVZLOOVHHUHQWVULVHLQ 
DQG 
CANADA ANTICIPATES RECOVERY 
$FRPELQDWLRQRIWUHQGVZLOOFRQYHUJHDFURVVDQDGD·VRIÀFH 
PDUNHWVLQFOXGLQJFRQVROLGDWLRQGHQVLÀFDWLRQDQGPDUNHW 
FKXUQ²ZKHQWHQDQWVFKDQJHORFDWLRQVDQGOHDYHHPSWVSDFH 
EHKLQG7RURQWRLVH[SHULHQFLQJDJURXQGVZHOORIH[SDQVLRQDU 
GHPDQGWKDWORRNVWREHXVKHULQJDQHZHUDRIJURZWK%XWLW 
UHPDLQVWREHVHHQZKHWKHULWLVVXVWDLQDEOH$VWKHQH[W 
PLOOLRQVTXDUHIHHWRIQHZVSDFHFRPHVWRPDUNHWQRZWR 
IDUPRUHFRPSHWLWLRQZLOOEHFUHDWHGZKLFKZLOOOLNHO 
UHVXOWLQEHWWHUGHDOV 
0RQWUHDOZLOOVHHWKH'HORLWWH7RZHUULVHWKRXJKDQHTXDO 
DPRXQWRIVSDFHZLOOEHGLVSODFHGDVPDMRUWHQDQWVPRYHLQWR 
WKLVQHZWRZHUDOJDUDQG9DQFRXYHUZLOOERWKVHHQHZ 
VXSSOFRPHWRWKHPDUNHWDVWHQDQWGHPDQGPRGHUDWHV 
+RZHYHUVXIÀFLHQWGHPDQGLQDOJDUDQG2WWDZDVKRXOGNHHS 
IXQGDPHQWDOVEDODQFHGZKLOH9DQFRXYHUDQWLFLSDWHVGRZQZDUG 
SUHVVXUHRQDVNLQJUHQWV/RRNLQJIRUZDUGVXVWDLQHG86 
JURZWKLVH[SHFWHGWRKDYHDFRQWLQXHGSRVLWLYHLPSDFWRQDOO 
PDMRUPDUNHWV 
/ 
7RWDODPRXQWRIQHZRIÀFH 
VSDFHWKDWZLOOFRPHWR 
7RURQWR·VGRZQWRZQ 
PDUNHWE 
6$1)5$1,62 
GLOBAL OFFICE 
)25($67 
86+0$1	:$.(),(/' 9
MEXICO CITY ON THE UPSWING 
0H[LFRLWLVXQGHUJRLQJDVXUJHRIDFWLYLWDVUHFHQW 
OHJLVODWLRQHQFRXUDJLQJLQYHVWPHQWFRXSOHGZLWKWKHLPSURYHG 
HFRQRPLFFRQGLWLRQVKDVIRVWHUHGDFWLYLWDPRQJÀQDQFLDO 
VHUYLFHVDQGWHOHFRPPXQLFDWLRQVÀUPVDPRQJRWKHUV$VXUJH 
LQVXSSOZLOOEHPHWZLWKDQHYHQVWURQJHULQFUHDVHLQ 
DEVRUSWLRQWKXVUHQWDOUDWHJURZWKLVH[SHFWHGRYHUWKHQH[W 
WKUHHHDUV 
SOUTH AMERICAN SLOWDOWN 
7KHVORZGRZQRI6RXWK$PHULFDQHFRQRPLHVHVSHFLDOO$UJHQWLQD 
DQG%UD]LOLVLPSDFWLQJRIÀFHPDUNHWIXQGDPHQWDOV7KHZHDN 
%UD]LOLDQHFRQRPZLOOFRQWLQXHWRGDPSHQWKHUHDOHVWDWHRXWORRN 
IRU6mR3DXORDQG5LRGH-DQHLURIRUWKHQH[WWKUHHHDUV3ROLWLFDO 
XQFHUWDLQWDOVRFORXGVWKHRXWORRNIRU%UD]LO9DFDQFUDWHVZLOO 
UHPDLQHOHYDWHGWKURXJKZKLOHDVNLQJUHQWVFRQWUDFWGXHWR 
WKHJOXWRIYDFDQWVSDFH 
3HUXKDVDOVRFRROHGRIIEXWUHPDLQVDQRYHUDOOVWDEOHHFRQRP 
6DQ,VLGURLVFXUUHQWOWKHPRVWDWWUDFWLYHFODVV$DQG%RIÀFH 
PDUNHWEXWRWKHUGLVWULFWVVXFKDV0LUDÁRUHV6XUFRDQG 
0DJGDOHQDKDYHEHFRPHDWWUDFWLYHDOWHUQDWLYHVFDSWXULQJ 
KHDOWKVHOODQGOHDVHSULFHV 
,QKLOHWKH6DQWLDJRRIÀFHPDUNHWKDVEHHQYHUVWURQJDQG 
VHHQVLQJOHGLJLWYDFDQFUDWHVXQWLOUHFHQWO$QLQFUHDVHLQ 
FRQVWUXFWLRQ²RIH[LVWLQJVWRFN²DQGDSRWHQWLDOFKDQJH 
LQOHJLVODWLRQUHJDUGLQJWD[DWLRQKDYHFUHDWHGDQDWPRVSKHUHRI 
XQFHUWDLQWLQWKHUHDOHVWDWHPDUNHW$GGLWLRQDOODVORZGRZQ 
LQWKHPLQLQJLQGXVWUKDVOHGWRZHDNQHVVLQWKHHQJLQHHULQJ 
VHFWRUDQGÀUPVKDYHYDFDWHGODUJHEORFNVRIVSDFH$OWKRXJK 
WKHYDFDQFUDWHLVVWLOOKRYHULQJDWRQOUHQWDOUDWHVLQ 
PLGEHJDQWRGHFOLQHIRUWKHÀUVWWLPHVLQFH 
$0(5,$6$%62537,21$6$3(5(17$*(2),19(1725 
$0(5,$61(:6833/$6$3(5(17$*(2),19(1725
30.0% 
25.0% 
20.0% 
15.0% 
10.0% 
5.0% 
0.0% 
-5.0% 
Rio de Janeiro 
Santiago 
São Paulo 
Vancouver 
Boston 
Buenos Aires 
Dallas 
Toronto 
$0(5,$6 
Washington, DC 
Calgary 
San Francisco 
New York 
Houston 
Philadelphia 
Montreal 
Los Angeles 
Atlanta 
Chicago 
Ottawa 
pp y g y ( ) 
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 
10
5,2'(-$1(,52 
GLOBAL OFFICE 
)25($67 
86+0$1	:$.(),(/' 11
ASIA PACIFIC 
(70#/'06#.5 
4'/#+051.+ 
2XUPRGHUDWHJURZWKIRUHFDVWVIRU$VLD 
3DFLÀFLQUHPDLQLQWDFW5HJLRQDO 
*'3JURZWKLVSURMHFWHGWRUHPDLQVROLGDW 
WKLVHDUDQGUHERXQGWR 
E:KLOHWKHPRGHUDWHSDFHRI 
HFRQRPLFJURZWKLQWKHUHJLRQUHVXOWHG 
LQDVXEGXHGOHDVLQJHQYLURQPHQWLQ 
DFWLYLWLVVHWWRJDLQWUDFWLRQQH[WHDU 
WKDQNVWRLPSURYLQJVHQWLPHQW 
0RVWFRUHPDUNHWVZLOOVWLOOERDVWUHODWLYHO 
ORZRIÀFHYDFDQFLHVRIWKURXJK 
ZLWKWKHH[FHSWLRQRIFLWLHVLQ$XVWUDOLD 
DQG6HRXOZKHUHUREXVWFRQVWUXFWLRQZLOO 
VXVWDLQKLJKHUYDFDQFLHV+RZHYHUDVXSSO 
LQÁX[LQ6LQJDSRUHDQG6KDQJKDLLQ 
ZLOOOHDGWRGRXEOHGLJLWYDFDQFLHVLQWKRVH 
PDUNHWV 
+21*.21* 
12
H[SHFWHGWRFRPHRQOLQHHVSHFLDOOLQ.RZORRQ(DVWDQG 
OLPLWHGPRYHPHQWDPRQJRFFXSLHUVJLYHQKLJKUHORFDWLRQFRVWV 
ZHH[SHFWWKHPLOGGRZQWUHQGLQUHQWVWRSHUSHWXDWHDFURVV 
QRQFRUHGLVWULFWVWKURXJK+RZHYHUUHQWVLQ+RQJ.RQJ 
,VODQGVXEPDUNHWVDUHOLNHOWRUHPDLQVWDEOHJLYHQWKHODFNRI 
ODUJHVFDOHQHZVXSSORYHUWKHQH[WWZRHDUV 
DYNAMICS SUPPORT LEASING ACTIVITY 
RROLQJ*'3JURZWKLQKLQDVKRXOGVWLOOEHVXIÀFLHQWWR 
VXSSRUWVWURQJOHDVLQJDFWLYLWGHVSLWHUDPSHGXSQHZ 
FRQVWUXFWLRQ,Q6KDQJKDLFRPSDQLHVDUHXSJUDGLQJRQWKHEDFN 
RILPSURYHGPHWURFRQQHFWLYLWDQGEXLOGLQJVSHFLÀFDWLRQV 
,QFHQWLYHVZLOOLQFUHDVHIRUWKHÀQDQFLDOVHFWRULQWKH:DLJDRTLDR 
)7=DQG-LQJ·DQZKHUHWKHJRYHUQPHQWUHFHQWODQQRXQFHGD 
VKDNHXSRIWD[LQFHQWLYHVWRDWWUDFWPRUHWD[SDLQJRFFXSLHUV 
7KHGHFHQWUDOL]DWLRQWUHQGWREXVLQHVVSDUNVLVVKRZLQJVLJQVRI 
HDVLQJHVSHFLDOODV%'UHQWDOVLQ6KDQJKDLUHPDLQVRIW 
5HQWDOVLQSULPHEXLOGLQJVZLWKJRRGLQIUDVWUXFWXUHDQGKLJK 
RFFXSDQFDUHKROGLQJXSXQGHUSLQQHGEVWDEOHGHPDQGZKLFK 
LVLQFUHDVLQJOFRPLQJIURPKLQHVHFRPSDQLHV7KXVIDULW 
UHPDLQVDZLQQHUWDNHVDOOPDUNHWZLWKTXDOLWSURMHFWVWSLFDOO 
VHHLQJSUHFRPPLWPHQWRIRUPRUHZKLOHGHFHQWUDOL]HG 
SURSHUWLHVZLWKSRRULQIUDVWUXFWXUHEDVLFVSHFLÀFDWLRQVDQG 
SRRUORFDODPHQLWLHVDUHVWUXJJOLQJWROHDVHDWDOO 
TENANT LEVERAGE IN SEOUL TO ERODE 
/HDVLQJPRPHQWXPLQ6RXWK.RUHDKDVPRVWOEHHQVXVWDLQHG 
EDÁLJKWWRTXDOLWWKLVHDU+RZHYHUWKHVXSSOVSLJRWLV 
DERXWWRVKXWRIIZLWKOLPLWHGFRPSOHWLRQVDFURVVDOOPDMRU 
GLVWULFWVWKURXJK$JDLQVWWKLVEDFNGURSQRWZLWKVWDQGLQJDQ 
HFRQRPLFXSWXUQVXVWDLQLQJKHDOWKOHDVLQJDFWLYLWYDFDQFLHVLQ 
6HRXOZLOOEHJLQWKHLUGHVFHQWWKURXJKDIWHUULVLQJQRQVWRS 
VLQFHRQVHTXHQWOWHQDQWOHYHUDJHZLOOHURGHDVHIIHFWLYH 
UHQWVVKRZUHQHZHGVWUHQJWKEWKHHQGRIQH[WHDU 
NEW SUPPLY DRIVES UP VACANCY 
IN EMERGING MARKETS 
1HZVXSSOLVFRQFHQWUDWHGLQHPHUJLQJPDUNHWVZKLFKLQ 
WXUQZLOODOVRNHHSWKHLUFODVV$YDFDQFLHVRQDQXSZDUG 
WUDMHFWRUKRYHULQJDURXQGWKURXJK 
*LYHQWKHUHJLRQ·VPRGHUDWHJURZWKUHQWVDUHH[SHFWHGWR 
HDVHXSPDUJLQDOODWDQDQQXDOUDWHRIIRUFRUH 
PDUNHWVDQGIRUHPHUJLQJPDUNHWVWKURXJK 
7RNRDQG6LQJDSRUHKRZHYHUDUHOLNHOWRWRSWKHFKDUWVIRU 
FRUHPDUNHWVZLWKUHQWVULVLQJDWDQGUHVSHFWLYHO 
-DNDUWD0DQLOD%DQJNRN6KHQ]KHQ%HQJDOXUXDQGKHQQDLZLOO 
OHDGHPHUJLQJPDUNHWVZLWKDQQXDODYHUDJHUHQWLQFUHDVHVLQ 
WKHUDQJHRI 
TOKYO ON RECOVERY TRACK; 
HONG KONG ON HOLD 
:LWKLQFUHDVLQJUHJXODWRURYHUVLJKWRIÀFHSHUIRUPDQFHLQWKH 
UHJLRQ·VÀQDQFLDOFHQWHUVRI7RNR+RQJ.RQJ6LQJDSRUHDQG 
6KDQJKDLZLOOEHPL[HGGHSHQGLQJRQGHPDQGVXSSOGQDPLFV 
DVZHOODVWHQDQWEDVHV-DSDQ·VHFRQRPLVDQWLFLSDWHGWR 
ZHDWKHUWKHLQFUHDVHLQFRQVXPSWLRQWD[DQGHVWDEOLVKD 
SRVLWLYHJURZWKLQÁDWLRQGQDPLFDV3ULPH0LQLVWHU$EHORRNV 
WRVHWKLVUHIRUPVLQPRWLRQ 
7KH7RNRRIÀFHPDUNHWZLOOFRQWLQXHLWVUHFRYHUZLWKRIÀFH 
GHPDQGLQFUHDVLQJDFURVVPDQVHFWRUVRQWKHEDFNRIVWURQJ 
FRUSRUDWHHDUQLQJVDQGH[SHFWVWRVHHIXOOÁHGJHGUHQW 
LPSURYHPHQWV,QWKHFDVHRI6LQJDSRUHUHFRYHUZLOOFRQWLQXH 
HYHQZLWKPRGHUDWHJURZWKLQGHPDQGDVSULPHVXSSO 
UHPDLQVDWYHUORZOHYHOVWKHQH[WZDYHLVRQOH[SHFWHGLQ 
ODWH 
+RQJ.RQJZLOOOLNHOUHPDLQDODJJDUGDVHPSORPHQWJDLQVLQ 
RIÀFHXVLQJVHFWRUVKDYHHWWRWUDQVODWHLQWRDUHERXQGLQ 
OHDVLQJDFWLYLW:LWKVXSSORIRYHUPLOOLRQVTXDUHIHHW 
7KH7RNRRIÀFHPDUNHW 
ZLOOFRQWLQXHLWVUHFRYHU 
ZLWKRIÀFHGHPDQG 
LQFUHDVLQJDFURVVPDQ 
VHFWRUVRQWKHEDFNRI 
VWURQJFRUSRUDWH 
HDUQLQJVDQGH[SHFWVWR 
VHHIXOOÁHGJHGUHQW 
LPSURYHPHQWV 
72.2 
GLOBAL OFFICE 
)25($67 
86+0$1	:$.(),(/'
SOUTHEAST ASIA AND INDIA’S 
OUTLOOK BRIGHTENS 
7KHVWDJHLVVHWIRUDQRWKHUVWURQJSHULRGIRU6RXWKHDVW$VLD 
ZLWKXSEHDWOHDVLQJSURJUHVVFRQWLQXLQJLQPRVWPDUNHWV 
0HDQZKLOHLQ,QGLDDQLPSURYHPHQWLQWKHJOREDOHQYLURQPHQW 
VKRXOGERGHZHOOIRUWKHFRXQWU·V,QIRUPDWLRQ7HFKQRORJDQG 
,QIRUPDWLRQ7HFKQRORJ(QDEOHG6HUYLFHV,7,7H6
VHFWRU 
ZKLFKUHPDLQVWKHGRPLQDQWGHPDQGGULYHUIRUWKHHLJKWPDMRU 
FLWLHVWUDFNHGLQ,QGLD7KHIRUPDWLRQRIDVWDEOHJRYHUQPHQW 
KDVKHOSHGWRLPSURYH,QGLD·VPDFURRXWORRN7KHQHZ 
JRYHUQPHQW·VHPSKDVLVRQLQGXVWULDOL]DWLRQDQGLQIUDVWUXFWXUH 
FDQDOVRDGGWRWKHOHDVLQJGHPDQGDVRWKHUVHFWRUVRIWKH 
HFRQRPSLFNXSSDFH 
$6,$3$,),$%62537,21$6$3(5(17$*(2),19(1725 
$6,$3$,),1(:6833/$6$3(5(17$*(2),19(1725
$6,$3$,), 
45.0% 
40.0% 
35.0% 
30.0% 
25.0% 
20.0% 
15.0% 
10.0% 
5.0% 
0.0% 
Guangzhou 
Jakarta 
Mumbai 
Shanghai 
Manila 
Hyderabad 
Bengaluru 
Delhi - NCR 
Pune 
Singapore 
Perth 
Brisbane 
Sydney 
Chengdu 
Beijing 
Taipei 
Kuala Lumpur 
Tokyo 
Melbourne 
Chennai 
Bangkok 
Hong Kong 
Seoul 
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0 
0(/%2851(
AUSTRALIA’S REBALANCING ACT 
ODVV$SURSHUWLHVLQ3HUWK%ULVEDQH6GQHDQG$GHODLGH 
DUHH[SHFWHGWRVHHHOHYDWHGYDFDQFLHVRYHUWKHQH[WWZR 
HDUV0HOERXUQHZLOODOVRZLWQHVVULVLQJYDFDQFLHVEXWOHYHOV 
DUHOHVVOLNHOWREUHDFK1RQHWKHOHVVHIIRUWVWR 
UHEDODQFHWKHHFRQRPVKRXOGDXJXUZHOOIRUWKHRIÀFH 
VHFWRU:HH[SHFWWKHQRQPLQLQJVHFWRUVWRNHHSJDLQLQJ 
WUDFWLRQ 
SOLID INVESTMENT FUNDAMENTALS 
2QHLPSRUWDQWIDFWRUWKDWERGHVZHOOIRULQYHVWPHQWDFWLYLW 
LVWKHLQFUHDVLQJDOORFDWLRQVWRUHDOHVWDWHESHQVLRQIXQGV 
DQGRWKHULQVWLWXWLRQV7KHPDFURODQGVFDSHLVLPSURYLQJDQG 
VXSSRUWLQJSURSHUWIXQGDPHQWDOV(YHQZLWKVORZHUHFRQRPLF 
JURZWKH[SHFWDWLRQVRYHUWKHQHDUWHUPWKHXQGHUOLQJ 
SURSHUWIXQGDPHQWDOVUHPDLQVROLGDQGDUHVWLOOH[SHFWHGWR 
RXWSHUIRUPPRVWPDUNHWVJOREDOORYHUWKHORQJWHUP 
(YHQLIWKH86)HGHUDO5HVHUYHQXGJHVXSVKRUWWHUPLQWHUHVW 
UDWHVLQDQGDQGERUURZLQJFRVWVVXEVHTXHQWO 
LQFUHDVHLQPRVWSDUWVRIWKHUHJLRQDQIDOORXWZLOOEHRIIVHWE 
DVWURQJHUSURSHUWPDUNHWSHUIRUPDQFH,QGHHGJUDGXDO 
LPSURYHPHQWDFURVVWKHUHJLRQSUHVHQWVRSSRUWXQLWLHVIRU 
LQYHVWRUVWRHDUQDWWUDFWLYHUHWXUQV 
GLOBAL OFFICE 
)25($67 
86+0$1	:$.(),(/' 15
EUROPE 
106*' 
41#61 
4'%18'4; 
(XURSHLVFRQWLQXLQJRQLWVUHFRYHUPDUFK 
²LQGHHGWKHUHDUHLQFUHDVLQJOSRVLWLYH 
VLJQVEHLQJVHHQDFURVVWKHRIÀFHPDUNHWV 
DQGWKHRXWORRNLVEULJKWHUWKDQLWKDV 
EHHQIRUVRPHFRQVLGHUDEOHWLPH2YHUDOO 
SHUIRUPDQFHLVVWURQJDFURVVOHDGLQJ 
LQGLFDWRUVLQFOXGLQJUHQWDOJURZWKVXSSO 
OHYHOVDQGGHPDQGDOWKRXJKYDULDQFHVGR 
RIFRXUVHH[LVWIURPFLWWRFLWDFURVVWKH 
FRQWLQHQW 
/21'21 
16
:KLOHJHRSROLWLFDOULVNVUHPDLQDQGRFFXSLHUVDUHYLHZLQJVRPH 
ORFDWLRQVZLWKDQXQVXUSULVLQJDPRXQWRIFDXWLRQWKH(XURSHDQ 
HFRQRPLVJHQHUDOORQÀUPHUJURXQG+RZHYHUZKLOHRYHUDOO 
UHFRYHULVVORZORFDOSHUIRUPDQFHVDUHDQWLFLSDWHGWRYDUIURP 
PDUNHWWRPDUNHW7KH8.3RODQG5RPDQLDDQG+XQJDUDUHWKH 
EULJKWHVWVWDUVLQWHUPVRI*'3JURZWKZKLOHPRPHQWXPLVDOVR 
LQFUHDVLQJOSRVLWLYHIRUVRPHUHIRUPLQJSHULSKHUDOHFRQRPLHV 
ZLWK6SDLQLQSDUWLFXODUH[SHFWHGWRVXUSULVHRQWKHXSVLGH 
:KLOHJURZWKKDVVWXPEOHGLQODUJHUHFRQRPLHVVXFKDV 
*HUPDQ)UDQFHDQG,WDORYHUDOOUHFRYHUUHPDLQVVWHDGLORQ 
WUDFN 
SUPPLY LED REVIVAL 
/RZOHYHOVRIQHZVSHFXODWLYHFRPSOHWLRQVRYHUWKHODVWWR 
PRQWKVKDYHUHVXOWHGLQDODFNRITXDOLWVXSSOLQDQXPEHURI 
ORFDWLRQV7KHH[FHSWLRQVDUH0RVFRZ3DULVDQG:DUVDZZKHUH 
KLJKHUWKDQDYHUDJHOHYHOVRIQHZGHYHORSPHQWKDYHVWLÁHG 
VKRUWWHUPUHQWDOJURZWK$VLGHIURPWKLVWKHNQRFNRQLPSDFWIRU 
RFFXSLHUVLVWKDWWKHVKRUWDJHRIPRGHUQVWRFNLVOLPLWLQJFKRLFH 
SDUWLFXODUOIRUWKRVHVHHNLQJODUJHUÁRRUSODWHV7KLVLVHQFRXUDJLQJ 
VRPHRFFXSLHUVWRDVVHVVWKHLUOHDVHRSWLRQVDQGPRYHVRRQHUWKDQ 
H[SHFWHGWRVHFXUHGHDOVRQJRRGTXDOLWVSDFH 
,QGHHGRQWKHVXSSOVLGHZKLOHWKHRYHUDOOYDFDQFUDWHRI 
PDUNHWVPRQLWRUHGDFURVV(XURSHUHDFKHGDWWKHHQGRI 
LWLVH[SHFWHGWRULVHRQOPDUJLQDOOWRGHVSLWH 
GRZQVL]LQJEVRPHDQGWKHPLOOLRQVTPRIVSDFHVFKHGXOHG 
IRUGHOLYHULQ$IWHUWKLVDVPRUHVROLGDQGVXVWDLQDEOH 
GHPDQGWDNHVKROGDQGGHYHORSPHQWFRPSOHWLRQVGHFOLQHIXUWKHU 
WKHYDFDQFUDWHLVH[SHFWHGWRHGJHGRZQWRLQDQG 
WKHQLQ²WKLVZLOOEHWKHORZHVWUDWHVHHQVLQFH 
'HVSLWHJUHDWHUFRQÀGHQFHDQGDPRUHUHOD[HGOHQGLQJ 
HQYLURQPHQWFDXWLRXVGHYHORSHUVDUHVWLOORQOGXVWLQJGRZQ 
SUHYLRXVOVKHOYHGVFKHPHVZKHUHWKHFRQVWUXFWLRQYLDELOLWKDV 
EHHQWKRURXJKODVVHVVHG 
Istanbul 
35.0% 
30.0% 
25.0% 
20.0% 
15.0% 
10.0% 
5.0% 
0.0% 
Bucharest 
Prague 
Warsaw 
Moscow 
Bratislava 
Luxembourg 
Budapest 
Brussels 
Munich 
Paris 
Frankfurt 
Zurich 
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 
Stockholm 
Milan 
Dublin 
London 
Amsterdam 
Lisbon 
Madrid 
Barcelona 
(8523($%62537,21$6$3(5(17$*(2),19(1725 
(8523(1(:6833/$6$3(5(17$*(2),19(1725
-5.0% 
GLOBAL OFFICE 
)25($67 
86+0$1	:$.(),(/'
PRIME RENTAL GROWTH IN CORE CITIES 
3RVLWLYHSULPHUHQWDOJURZWKKDVEHHQVHHQLQDVPDOOJURXSRI 
FRUHFLWFHQWHUVDVWKH(XURSHDQHFRQRPLPSURYHVIXUWKHU 
DQGWKHEDODQFHRIFRQWUROEHJLQVWRVKLIWDZDIURPWKH 
RFFXSLHU'XEOLQKROGVWKHWRSVSRWIRUUHQWDOJURZWKDJDLQVWD 
EDFNGURSRIDSLFNXSLQGHPDQGDQGDFRPSOHWHODFNRIQHZ 
FRQVWUXFWLRQRYHUWKHSDVWPRQWKV/RQGRQ0XQLFKDQG 
$PVWHUGDPDUHDOVRDQWLFLSDWHGWRVHHVROLGVXSSOOHGJURZWK 
IROORZHGDWDVORZHUSDFHE,VWDQEXODQG6WRFNKROP 
7KHSHUIRUPDQFHRIWKHVWURQJHUPDUNHWVLVRIFRXUVHOLQNHG 
WRWKHLUFRQWLQXHGHFRQRPLFUHFRYHUDQGWKXVUHQWDOULVHV 
PDVWDOOLIJURZWKVORZVLWLHVUHJLVWHULQJQHJDWLYHJURZWKLQ 
DUH0RVFRZ3UDJXH3DULVDQG=XULFKEXWHQFRXUDJLQJO 
PRVWDUHH[SHFWHGWRVHHSRVLWLYHJURZWKUHWXUQLQDQG 
7KHH[FHSWLRQWRWKLVPDEH0RVFRZZKLFKLVVXIIHULQJ 
GRZQJUDGHGIRUHFDVWVOLQNHGWRVDQFWLRQVDQGHYHQWVLQ 
8NUDLQHWKDWKDYHQHJDWLYHOLPSDFWHGRQFRUSRUDWH 
FRQÀGHQFH$FWLYLWWKHUHLVFKDUDFWHUL]HGEFRVWFXWWLQJ 
PRYHVKHVLWDQWQHZHQWUDQWVDQGDSLSHOLQHWKDWLVGHOLYHULQJ 
VSHFXODWLYHVFKHPHVUHVXOWLQJLQUHQWVFRPLQJXQGHU 
GRZQZDUGSUHVVXUH 
(8523( 
QUALITY SPACE IN DEMAND 
2FFXSLHUDFWLYLWLVRQWKHXSZLWK+UHDFKLQJPLOOLRQ 
VTPFLWLHV
VRPHKLJKHUWKDQLQWKHHTXLYDOHQWSHULRGRI 
(QFRXUDJLQJODVPDOOHUSURSRUWLRQLVDFFRXQWHGIRUE 
WHQDQWVFKXUQLQJVSDFH,QGHHGPRUHH[SDQVLRQGULYHQWDNHXSLV 
EHLQJUHFRUGHGDQGQHZUHTXLUHPHQWVDUHDOVREHLQJVHHQLQWKH 
PDMRULWRIPDUNHWVLQSDUWLFXODU/RQGRQDVZHOODVWKHNHFLWLHV 
LQ*HUPDQDQG6ZHGHQLQWHUPVRI:HVWHUQORFDWLRQVDQG 
+XQJDUDQG3RODQGWRWKH(DVW1HHGOHVVWRVDWKLVWUHQGLV 
WUDFNLQJWKHSRVLWLYHMREJURZWKLQWKHVHPDUNHWVDOWKRXJK 
XQHPSORPHQWZKLOHLPSURYHGUHPDLQVVWXEERUQOKLJKLQ 
FRXQWULHVVXFKDV3RUWXJDO6SDLQDQG*UHHFH 
IS SECONDARY AN OPTION? 
7KHUHLVDFOHDUSUHIHUHQFHIRUSULPHVSDFHEXWDVDYDLODELOLW 
HURGHVRFFXSLHUVDUHLQFUHDVLQJOORRNLQJDWWKHEHVWRIWKH 
VHFRQGDURSWLRQVLQRUGHUWRVHFXUHWKHLUDFFRPPRGDWLRQ 
QHHGVEHIRUHUHQWDOJURZWKWDNHVKROGLQHDUQHVW)URPDQ 
LQYHVWRUSHUVSHFWLYHWKLVLQGLFDWHVWKDWWKHUHDUHPRUH 
RSSRUWXQLWLHVHPHUJLQJDZDIURPWKHFODVV$PDUNHWLQGHHG 
VRPHKDYHDOUHDGPRYHGXSWKHULVNFXUYHWRWDNHRQ 
GHYHORSPHQWDQGUHIXUELVKPHQWULVN 
)5$1.)857 
5+)051( 
+/2418'/'06 
7KHSHUIRUPDQFHRIWKH 
(XURSHDQRIÀFHPDUNHWLV 
SRVLWLYHDFURVVDQXPEHURI 
LQGLFDWRUVLQFOXGLQJUHQWDO 
JURZWKVXSSOOHYHOVDQG 
GHPDQGDOWKRXJKWKHUHDUH 
YDULDWLRQVIURPFLWWRFLW 
18
0262: 
GLOBAL OFFICE 
)25($67 
86+0$1	:$.(),(/' 19
$33(1',;$0(5,$6 
81,7('67$7(6 
%'/$66$9$$1 %'/$66$5(176 %'/$66$1(:6833/s
200(17$5 
 2015 2016  2015 2016  2015 2016 
CITY 
LOCAL 
LOCAL 
LOCAL 
LOCAL 
(LOCAL MEASURE) % % % CURRENCY US$/SF/YR CURRENCY US$/SF/YR CURRENCY US$/SF/YR MEASURE SF 
LOCAL 
MEASURE 
SF LOCAL 
MEASURE SF 
$7/$17$ 
866)5
0 0 500 500 
'HPDQGIRUFODVV$VSDFHLQ$WODQWD·V%' 
PDUNHWVLVEHJLQQLQJWRRXWSDFHVXSSO 
7KHUHDOHVWDWHSHQGXOXPLVVORZOVKLIWLQJ 
EDFNLQWKHODQGORUG·VIDYRUDVWKHQXPEHU 
RIDYDLODEOHVSDFHVDUHGZLQGOLQJ7KLVZLOO 
FRQWLQXHWRGULYHGRZQYDFDQFUDWHV 
%26721 
866)5
$VWHFKQRORJFRPSDQLHVFRQWLQXHWR 
PLJUDWHWRZDUGVFHQWUDO%RVWRQLQDQ 
DWWHPSWWRWDSLQWRDKLJKOVNLOOHGODERU 
SRROZHFDQH[SHFWWRVHHVWHDGGHPDQG 
IRU%RVWRQ·VFODVV$SURGXFWRYHUWKHQH[W 
WZRHDUV 
+,$*2 
866)5
0 0 0 0 550 550 
7ZRFODVV$EXLOGLQJVZLOOEHDGGHGWR 
WKHPDUNHWE7KHSURMHFWVWRWDOLQJ 
PVIFXUUHQWOXQGHUFRQVWUXFWLRQDUH 
DOPRVWSUHOHDVHG:KLOHGHPDQGIRU 
KLJKHQGRIÀFHVSDFHLVH[SHFWHGWRVWD 
UREXVWWHQDQWVZLOOOHDVHOHVVVSDFHDVWKH 
RFFXSPRUHHIÀFLHQWVSDFH 
'$//$6 
866)5
0 0 0 0 615 615 
0DUNHWLQGLFDWRUVIRUFODVV$%'VSDFH 
GRQRWWHOOWKHIXOOVWRURIWKH'):RIÀFH 
PDUNHWZKLFKLVDWLWVKHDOWKLHVWLQHDUV 
WKDQNVLQODUJHSDUWWRVWURQJMREJURZWK 
5HQWVDUHH[SHFWHGWRLQFUHDVHZKLOH 
YDFDQFUDWHVUHPDLQVWDEOH1HZVXSSO 
ZLOOÀQDOOEHGHOLYHUHGWRWKH'DOODV%' 
IRUWKHÀUVWWLPHVLQFH 
+286721 
866)5
0 0 0 0 606 606 
9DFDQFLQ+RXVWRQ·V%'KDVEHHQORZ 
IRUVHYHUDOHDUV1HZFRQVWUXFWLRQDW 
0DLQZLOOEULQJFORVHWRPVIRIQHZ 
RIÀFHVSDFHRQWRWKHPDUNHWEWKHHQGRI 
RUHDUO 
/26$1*(/(6 
866)5
0 0 0 0   
/RV$QJHOHV%'FODVV$ZLOOFRQWLQXHWR 
VRIWHQDVÀQDQFLDOÀUPVGRZQVL]H9DFDQF 
LVH[SHFWHGWRFOLPEWRZLWKWKH 
DGGLWLRQRIVSDFHIURPWKUHHPDMRUÀUPV 
DQGWKHGHOLYHURIVIRIRIÀFH 
VSDFHLQ 
20
81,7('67$7(6 
GLOBAL OFFICE 
)25($67 
%'/$66$9$$1 %'/$66$5(176 %'/$66$1(:6833/s
200(17$5 
 2015 2016  2015 2016  2015 2016 
CITY 
LOCAL 
LOCAL 
LOCAL 
LOCAL 
(LOCAL MEASURE) % % % CURRENCY US$/SF/YR CURRENCY US$/SF/YR CURRENCY US$/SF/YR MEASURE SF 
LOCAL 
MEASURE 
SF LOCAL 
MEASURE SF 
1(:25. 
866)5
$VWUHQJWKHQLQJHFRQRPZLOOOHDGWR 
PRGHUDWLQJYDFDQFDQGVROLGUHQWJURZWK 
LQDQG%HRQGKRZHYHU 
QHZFRQVWUXFWLRQZLOONHHSWKHYDFDQF 
UDWHDERYHHTXLOLEULXP³SUHYHQWLQJDUHQWDO 
VSLNHEXWDOORZLQJDVNLQJUHQWVWRULVHDWD 
PHDVXUHGSDFH 
3+,/$'(/3+,$ 
866)5
0 0 0 0 622 622 
7KHRXWORRNIRU3KLODGHOSKLDLVFDXWLRXVO 
RSWLPLVWLFZLWKVROLGGHPDQGWUHQGV 
FRPELQHGZLWKQRQHZVSDFHFRPLQJ 
RQOLQHWLJKWHQLQJWKHPDUNHWDQGDOORZLQJ 
IRUDERYHLQÁDWLRQUHQWJURZWK 
6$1 
)5$1,62 
866)5

More Related Content

What's hot

Excel vba course notes 1 macro basics
Excel vba course notes 1   macro basicsExcel vba course notes 1   macro basics
Excel vba course notes 1 macro basics
necromen
 
En contemporary issues
En contemporary issuesEn contemporary issues
En contemporary issues
Loveofpeople
 
Endocrinologia manual cto (7ª edición)
Endocrinologia   manual cto (7ª edición)Endocrinologia   manual cto (7ª edición)
Endocrinologia manual cto (7ª edición)
Kervis Rodriguez V
 
Law Questions compliments of Asif tufal law
Law Questions compliments of Asif tufal lawLaw Questions compliments of Asif tufal law
Law Questions compliments of Asif tufal law
Jubilanté Cutting
 

What's hot (18)

La Arenera
La AreneraLa Arenera
La Arenera
 
Futuhaate razawiya by mufti zulfiqar khan
Futuhaate razawiya by mufti zulfiqar khanFutuhaate razawiya by mufti zulfiqar khan
Futuhaate razawiya by mufti zulfiqar khan
 
Excel vba course notes 1 macro basics
Excel vba course notes 1   macro basicsExcel vba course notes 1   macro basics
Excel vba course notes 1 macro basics
 
لمحة عامة عن برنامج مادسكيلز
لمحة عامة عن برنامج مادسكيلزلمحة عامة عن برنامج مادسكيلز
لمحة عامة عن برنامج مادسكيلز
 
Procesos estocasticos para señales y sistemas
Procesos estocasticos para señales y sistemasProcesos estocasticos para señales y sistemas
Procesos estocasticos para señales y sistemas
 
Allama muhamamd ahmad misbahi jan 2014
Allama muhamamd ahmad misbahi jan 2014Allama muhamamd ahmad misbahi jan 2014
Allama muhamamd ahmad misbahi jan 2014
 
En contemporary issues
En contemporary issuesEn contemporary issues
En contemporary issues
 
Contemporary Issues
Contemporary IssuesContemporary Issues
Contemporary Issues
 
Allama muhammad ahmad misbahi sep 2014
Allama muhammad ahmad misbahi sep 2014Allama muhammad ahmad misbahi sep 2014
Allama muhammad ahmad misbahi sep 2014
 
Mates5
Mates5Mates5
Mates5
 
Endocrinologia manual cto (7ª edición)
Endocrinologia   manual cto (7ª edición)Endocrinologia   manual cto (7ª edición)
Endocrinologia manual cto (7ª edición)
 
Toxic Tech: The Dangerous Chemicals in Electronic Products
Toxic Tech: The Dangerous Chemicals in Electronic ProductsToxic Tech: The Dangerous Chemicals in Electronic Products
Toxic Tech: The Dangerous Chemicals in Electronic Products
 
من أجل تأسيس جديد
من أجل تأسيس جديدمن أجل تأسيس جديد
من أجل تأسيس جديد
 
Aqeedah Wastiyyah العقيدة-الواسطية-للشيخ-عبد-الرحمن-بن-ناصر-البراك-ـ-حفظه-الله-ـ
Aqeedah Wastiyyah العقيدة-الواسطية-للشيخ-عبد-الرحمن-بن-ناصر-البراك-ـ-حفظه-الله-ـAqeedah Wastiyyah العقيدة-الواسطية-للشيخ-عبد-الرحمن-بن-ناصر-البراك-ـ-حفظه-الله-ـ
Aqeedah Wastiyyah العقيدة-الواسطية-للشيخ-عبد-الرحمن-بن-ناصر-البراك-ـ-حفظه-الله-ـ
 
Law Questions compliments of Asif tufal law
Law Questions compliments of Asif tufal lawLaw Questions compliments of Asif tufal law
Law Questions compliments of Asif tufal law
 
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly 100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
 
Islam Perfectly Complete
Islam Perfectly CompleteIslam Perfectly Complete
Islam Perfectly Complete
 
140111prosym
140111prosym140111prosym
140111prosym
 

Viewers also liked

Redes cooperativas de aprendizaje virtual como zona de construcción entre igu...
Redes cooperativas de aprendizaje virtual como zona de construcción entre igu...Redes cooperativas de aprendizaje virtual como zona de construcción entre igu...
Redes cooperativas de aprendizaje virtual como zona de construcción entre igu...
monica vera
 
Libro blanco emma.
Libro blanco emma.Libro blanco emma.
Libro blanco emma.
emma mero
 
Alkon 2010 Presentación Comercial
Alkon 2010 Presentación ComercialAlkon 2010 Presentación Comercial
Alkon 2010 Presentación Comercial
Mauro Montauti
 
Sociolo gjavascript ;ía
Sociolo gjavascript ;íaSociolo gjavascript ;ía
Sociolo gjavascript ;ía
mariaemilia1
 
Ley de telecomunicaciones
Ley de telecomunicacionesLey de telecomunicaciones
Ley de telecomunicaciones
Save Solutions
 
Los alimentos
Los alimentosLos alimentos
Los alimentos
andrea
 
Presentacion ejemplar
Presentacion ejemplarPresentacion ejemplar
Presentacion ejemplar
jorge
 

Viewers also liked (20)

Recuerdos
RecuerdosRecuerdos
Recuerdos
 
Jovenesytrabajo
JovenesytrabajoJovenesytrabajo
Jovenesytrabajo
 
Diaporama du Bureau de tourisme du Mont-Dore
Diaporama du Bureau de tourisme du Mont-DoreDiaporama du Bureau de tourisme du Mont-Dore
Diaporama du Bureau de tourisme du Mont-Dore
 
Redes cooperativas de aprendizaje virtual como zona de construcción entre igu...
Redes cooperativas de aprendizaje virtual como zona de construcción entre igu...Redes cooperativas de aprendizaje virtual como zona de construcción entre igu...
Redes cooperativas de aprendizaje virtual como zona de construcción entre igu...
 
Autismo
AutismoAutismo
Autismo
 
Libro blanco emma.
Libro blanco emma.Libro blanco emma.
Libro blanco emma.
 
Miguel. son frère
Miguel. son frèreMiguel. son frère
Miguel. son frère
 
Lenguaje java
Lenguaje javaLenguaje java
Lenguaje java
 
Instrumentos musicales
Instrumentos musicalesInstrumentos musicales
Instrumentos musicales
 
Alkon 2010 Presentación Comercial
Alkon 2010 Presentación ComercialAlkon 2010 Presentación Comercial
Alkon 2010 Presentación Comercial
 
Sociolo gjavascript ;ía
Sociolo gjavascript ;íaSociolo gjavascript ;ía
Sociolo gjavascript ;ía
 
Nanobots
NanobotsNanobots
Nanobots
 
Simulador en google earth
Simulador en google earthSimulador en google earth
Simulador en google earth
 
Camilo daniel
Camilo danielCamilo daniel
Camilo daniel
 
Ley de telecomunicaciones
Ley de telecomunicacionesLey de telecomunicaciones
Ley de telecomunicaciones
 
Atencion de quejas y reclamos
Atencion de quejas y reclamosAtencion de quejas y reclamos
Atencion de quejas y reclamos
 
C:\Documents And Settings\Sistemas\Escritorio\Blogs Yeni
C:\Documents And Settings\Sistemas\Escritorio\Blogs YeniC:\Documents And Settings\Sistemas\Escritorio\Blogs Yeni
C:\Documents And Settings\Sistemas\Escritorio\Blogs Yeni
 
Los alimentos
Los alimentosLos alimentos
Los alimentos
 
Paloma. sa soeur
Paloma. sa soeurPaloma. sa soeur
Paloma. sa soeur
 
Presentacion ejemplar
Presentacion ejemplarPresentacion ejemplar
Presentacion ejemplar
 

Similar to GLOBAL OFFICE FORECAST 2015 2016

Terms of contract
Terms of contractTerms of contract
Terms of contract
FAROUQ
 
Void and illegality lecture
Void and illegality lectureVoid and illegality lecture
Void and illegality lecture
FAROUQ
 
Remedies lecture 1
Remedies lecture 1Remedies lecture 1
Remedies lecture 1
FAROUQ
 

Similar to GLOBAL OFFICE FORECAST 2015 2016 (20)

La presentacion
La presentacion La presentacion
La presentacion
 
How marketing can be your secret sauce to fundraising and growth with bandwidth
How marketing can be your secret sauce to fundraising and growth with bandwidthHow marketing can be your secret sauce to fundraising and growth with bandwidth
How marketing can be your secret sauce to fundraising and growth with bandwidth
 
Agricultura resiliente
Agricultura resilienteAgricultura resiliente
Agricultura resiliente
 
Basic Port Statistics 2021.pdf
Basic Port Statistics 2021.pdfBasic Port Statistics 2021.pdf
Basic Port Statistics 2021.pdf
 
1st book dr rahul & heena tiwari- periooral soft tissue & orthognath...
1st book  dr rahul & heena tiwari- periooral soft tissue & orthognath...1st book  dr rahul & heena tiwari- periooral soft tissue & orthognath...
1st book dr rahul & heena tiwari- periooral soft tissue & orthognath...
 
1st Book- Dr Rahul & Heena Tiwari- Periooral Soft Tissue & Orthognathic Surge...
1st Book- Dr Rahul & Heena Tiwari- Periooral Soft Tissue & Orthognathic Surge...1st Book- Dr Rahul & Heena Tiwari- Periooral Soft Tissue & Orthognathic Surge...
1st Book- Dr Rahul & Heena Tiwari- Periooral Soft Tissue & Orthognathic Surge...
 
Planificacion.pdf
Planificacion.pdfPlanificacion.pdf
Planificacion.pdf
 
BusinessLawsNotes.pdf
BusinessLawsNotes.pdfBusinessLawsNotes.pdf
BusinessLawsNotes.pdf
 
Terms of contract
Terms of contractTerms of contract
Terms of contract
 
Void and illegality lecture
Void and illegality lectureVoid and illegality lecture
Void and illegality lecture
 
GFI LanGuard SDK - Technical DataSheet
GFI LanGuard SDK - Technical DataSheetGFI LanGuard SDK - Technical DataSheet
GFI LanGuard SDK - Technical DataSheet
 
how to write an article and publish it - complete book
how to write an article and publish it - complete bookhow to write an article and publish it - complete book
how to write an article and publish it - complete book
 
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...
 
Arterial ligation of lower limb aneurysms is it ever safe?
Arterial ligation of lower limb aneurysms is it ever safe?Arterial ligation of lower limb aneurysms is it ever safe?
Arterial ligation of lower limb aneurysms is it ever safe?
 
Remedies lecture 1
Remedies lecture 1Remedies lecture 1
Remedies lecture 1
 
Bleeding Hearts Club
Bleeding Hearts ClubBleeding Hearts Club
Bleeding Hearts Club
 
Communal Harmony in Mahesh Dattani's Finally Solution
Communal Harmony in Mahesh Dattani's Finally SolutionCommunal Harmony in Mahesh Dattani's Finally Solution
Communal Harmony in Mahesh Dattani's Finally Solution
 
Communal Harmony in Mahesh Dattani's Finally Solution
Communal Harmony in Mahesh Dattani's Finally SolutionCommunal Harmony in Mahesh Dattani's Finally Solution
Communal Harmony in Mahesh Dattani's Finally Solution
 
Rio de Janeiro
Rio de JaneiroRio de Janeiro
Rio de Janeiro
 
ESSENCE OF MY RESEARCH ENDEAVOUR BY AUTHOR DEVANSSH MEHTA
ESSENCE OF MY RESEARCH ENDEAVOUR BY AUTHOR DEVANSSH MEHTAESSENCE OF MY RESEARCH ENDEAVOUR BY AUTHOR DEVANSSH MEHTA
ESSENCE OF MY RESEARCH ENDEAVOUR BY AUTHOR DEVANSSH MEHTA
 

GLOBAL OFFICE FORECAST 2015 2016

  • 3. %106'065 ) . 1 $ # . 1 8 ' 4 8 + ' 9 0 2 0 ( 1 7 8 0 % 8 , / ' 6 , 1 . ( 0 $ 5 . ( 7 6 # / ' 4 + % # 5 8 7 :2 . ( 7 + ( 0 ( 6 5 ( 29 ( 5 + $ 1 * , 1 * :2 5 . 3 / $ ( # 5 + # 2 # % + ( + % 12 ) 8 1 '$ 0 ( 1 7$ / 6 5 ( 0 $ , 1 6 2 / , ' ' 7 4 1 2 ' 16 2 1 7 + ( 52$ ' 72 5 ( 29 ( 5 # 2 2 ' 0 + : 20
  • 4. GLOBAL OFFICE MARKET FORECAST OVERVIEW /1/'067/ $7+.5 +0-'; /#4-'65 )URPDJOREDOSHUVSHFWLYHZDVD EHWWHUHDUIRUWKHRIÀFHUHDOHVWDWHVHFWRU ZLWKPDQPDUNHWVLQPXFKEHWWHUVKDSH WKDQWZHOYHPRQWKVDJRDQGRQVROLG IRRWLQJKHDGLQJLQWR2IFRXUVHWKHUH DUHDQXPEHURIH[FHSWLRQVSDUWLFXODUO LQPDUNHWVLQRUQHDUDUHDVRISROLWLFDO LQVWDELOLWDQGLQWKRVHZLWKVWDOOHG HFRQRPLFJURZWK 7252172
  • 5. U.S. COMEBACK FUELS REGIONAL GROWTH ,QWKH$PHULFDVPRUH86FLWLHVRXWVLGHRIWKRVHGRPLQDWHG EWKHWHFKQRORJDQGHQHUJVHFWRUV
  • 6. DUHH[SHULHQFLQJ HFRQRPLFH[SDQVLRQZKLFKLVWUDQVODWLQJLQWRVWURQJRIÀFH PDUNHWIXQGDPHQWDOV'HPDQGSDUWLFXODUOIRUQHZO FRQVWUXFWHGRUUHIXUELVKHGVSDFHLVRQWKHXSVZLQJ:KLOH UHQWDOJURZWKKDVPRGHUDWHGLQVRPHPDUNHWVRYHURI WKHORFDWLRQVLQWKHVWXGZLOOH[SHULHQFHUHQWDOJURZWK H[FHHGLQJLQÁDWLRQ 7KHDQDGLDQRIÀFHPDUNHWVFRQWLQXHDORQJDSDWKRI UHFRYHUDVWKHJOREDOHFRQRPHVSHFLDOOLQWKH86 H[SHULHQFHVVWURQJHUJURZWKRQVROLGDWLRQVDQGGHQVLÀFDWLRQ UHPDLQWKHQRUPLQPRVWPDUNHWVZKLOHWKHÁLJKWWRTXDOLWLV FUHDWLQJYDFDQFLHVLQVRPHROGHURIÀFHVWRFN7KHVXSSO SLSHOLQHUHPDLQVUREXVWZLWKWKHQRWDEOHH[FHSWLRQRIWKH QDWLRQ·VFDSLWDOHWYDFDQFUDWHVZLOOVWDELOL]HEWKHHQGRI WKHIRUHFDVWSHULRGGXHWRKHDOWKGHPDQG 0H[LFRLWLVWKHVWDURIWKH/DWLQ$PHULFDQRIÀFHPDUNHW GXHLQSDUWWRHQHUJUHIRUPVDQGVHFRQGDUODZVSDVVHGE RQJUHVVZKLFKKDYHRSHQHGXSWKHFRXQWUWRLQFUHDVHG IRUHLJQLQYHVWPHQW:KLOH*'3JURZWKZDVEHORZ H[SHFWDWLRQVLQUREXVWJURZWKLVSURMHFWHGRYHUWKHQH[W VHYHUDOHDUVDQGWKHRIÀFHPDUNHWLVWHHGXSWRUHDSWKH EHQHÀWV SOUTH AMERICA IN SLUMP 6RXWK$PHULFDQPDUNHWVDUHODJJLQJEHKLQGHVSHFLDOOLQ $UJHQWLQDDQG%UD]LOZKHUHERWKSURGXFWLRQDQGFRQVXPSWLRQ OHYHOVDUHGDPSHQHG:KLOHWKH6DQWLDJRRIÀFHPDUNHWLQKLOH KDGEHHQDEULJKWVSRWUHFHQWWUHQGVLQFOXGLQJRYHUVXSSOWKH GRZQVL]LQJRIPLQLQJDQGUHODWHGLQGXVWULHVDQGXQFHUWDLQW GXHWRQHZWD[ODZVKDYHPRYHGLWLQOLQHZLWKRWKHU6RXWK GLOBAL OFFICE )25($67 $PHULFDQPDUNHWVZKLFKDUHQRWH[SHFWHGWRIXOOUHFRYHU XQWLO SUN SHINES ON JAPAN AND INDIA -DSDQDQG,QGLDDUHDPRQJWKHVWURQJHVWSHUIRUPHUVLQ$VLD 3DFLÀFLQWHUPVRIHFRQRPLFJURZWKDQGVWDELOLW2IÀFH PDUNHWGHPDQGLQ7RNRLVEHLQJGULYHQEVWURQJFRUSRUDWH SURÀWVGHVSLWHFKDQJHVWRWKHÀQDQFLDOUHJXODWRUHQYLURQPHQW ,Q,QGLD,QIRUPDWLRQ7HFKQRORJDQG,76HUYLFHVFRPSDQLHV FRQWLQXHWRGRPLQDWHWKHRIÀFHODQGVFDSH3URYLGLQJWKDW JOREDOUHFRYHUJDLQVVWUHQJWKJURZWKLQWKLVVHFWRUZKLFK LQFOXGHVPXOWLQDWLRQDOFRUSRUDWLRQVWKDWRXWVRXUFH WHFKQRORJIXQFWLRQVZLOOEHVXVWDLQHG6LQJDSRUHLVDOVR EHQHÀWWLQJIURPWKLVWHFKJURZWKDVDORQJZLWKWKH3KLOLSSLQHV LWWHQGVWREHWKHQH[WGHVWLQDWLRQDIWHU,QGLDIRUWKHPXOWL QDWLRQDOV(FRPPHUFHFRPSDQLHVDUHDOVRH[SDQGLQJ )2 241,'%6+105 AMERICAS ASIA PACIFIC EASTERN EUROPE WESTERN EUROPE 72.2 86+0$1 :$.(),(/' 5
  • 7. RENTAL GROWTH IN BOTH ESTABLISHED AND EMERGING ASIAN MARKETS 1RWVXUSULVLQJOUHQWDOJURZWKDPRQJHVWDEOLVKHGPDUNHWVLV H[SHFWHGWREHVWURQJHVWLQ7RNRDQG6LQJDSRUHZKLOH HPHUJLQJPDUNHWVLQ,QGRQHVLD7KDLODQGDQGVHOHFWVXEPDUNHWV LQKHQQDLDQG%HQJDOXUXLQ,QGLDDUHOLNHOWRH[SHULHQFH DERYHDYHUDJHJURZWK5HQWVZLOOJURZPRGHUDWHORUUHPDLQ VWDEOHDFURVVPXFKRIKLQD:KLOH+RQJ.RQJ,VODQGKDV EDODQFHGVXSSODQGGHPDQGIXQGDPHQWDOVWKH+RQJ.RQJ RIÀFHPDUNHWLVODJJLQJEHKLQGDVVOXJJLVKRIÀFHHPSORPHQW JURZWKKDVNHSWOHDVLQJDFWLYLWDWED7KXVFRQWLQXHG FRQWUDFWLRQVLQUHQWDOUDWHVDUHDQWLFLSDWHG 5REXVWVXSSOSLSHOLQHVSDUWLFXODUOLQ$XVWUDOLDQPDUNHWVZLOO NHHSYDFDQFUDWHVHOHYDWHG2WKHUFLWLHVVWUXJJOLQJZLWKVXSSO DQGGHPDQGLPEDODQFHVDUHWKRVHLQWKHHPHUJLQJPDUNHWVRI KLQDDQG,QGLD RENTAL GROWTH EXPECTED IN MOST EUROPEAN MARKETS OVER THREE YEARS (FRQRPLFFRQGLWLRQVDFURVV(XURSHDUHPL[HGEXWRQWKH ZKROHDUHFRYHULVWDNLQJVKDSHDOEHLWDWGLIIHUHQWVSHHGV DFURVVWKHFRQWLQHQW,QWHUPVRIWKHRIÀFHVHFWRURIWKH FLWLHVPRQLWRUHGDUHDQWLFLSDWHGWRUHJLVWHUUHQWDOJURZWKRQ DQDQQXDOFRPSRXQGEDVLV7KHWZRIURQWUXQQHUVRI'XEOLQ DQG/RQGRQDUHVXSSOOHGUHFRYHULHVLQWKHPDLQ'XEOLQZLWK RQORQHVFKHPHLQWKHGHYHORSPHQWSLSHOLQHLVDQWLFLSDWHGWR VHHDQQXDOFRPSRXQGJURZWKRYHU ,Q/RQGRQIXHOOHGEDQLQFUHDVLQJOSRVLWLYHHFRQRPLFRXWORRN RFFXSLHUGHPDQGLVVHWWRHVFDODWHSDUWLFXODUOIRUFODVV$ VSDFHZKLFKLVLQOLPLWHGVXSSO0HGLDDQGWHFKÀUPVDUH GULYLQJDFWLYLWLQWKH:HVW(QGEXWWKHLWLVRQÀUHGXHWRD FRPELQDWLRQRIDUHVXUJHQWEDQNLQJDQGÀQDQFLDOVHFWRUDQG 5(17$/*52:7+$118$/203281'
  • 8. 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Boston Dublin Tokyo Houston Jakarta San Francisco Barcelona New York Seattle Los Angeles 0$'5,' 6
  • 9. VWURQJDFWLYLWIURPH[SDQGLQJPHGLDDQGWHFKFRPSDQLHV 3ULPHUHQWVDUHXQGHUVXVWDLQHGXSZDUGSUHVVXUHDQGNH VXEPDUNHWVDFURVV/RQGRQDUHVHHLQJXSOLIWVLQUHQWV7KLVLV OLQNHGWRERWKLPSURYLQJHFRQRPLFIXQGDPHQWDOVDVZHOODVD UHVWULFWHGGHYHORSPHQWSLSHOLQHZKLFKLVDQWLFLSDWHGWREH OLPLWHGRYHUWKHQH[WWZRHDUVRQWKHEDFNRIEHORZDYHUDJH FRPSOHWLRQVFRPELQHGZLWKWKHSUHYDOHQFHRISUHOHDVH DJUHHPHQWVZKLFKLVDEVRUELQJIXWXUHVXSSO TENANTS MOVING PROACTIVELY IN ACTIVE MARKETS 7KHJHQHUDOODFNRITXDOLWVSDFHLVVHHLQJWHQDQWVLQYHVWLJDWH WKHLUUHDOHVWDWHRSWLRQVDQGVRPHDUHPRYLQJSURDFWLYHO EHIRUHWKHLUOHDVHH[SLUDWLRQVLQRUGHUWRORFNLQTXDOLWVSDFH EHIRUHIXUWKHUUHQWDOJDLQVDUHUHFRUGHG:LWKIXQGDPHQWDOV ÀUPLQJLQYHVWRUVDUHORRNLQJDWRSSRUWXQLWLHVLQVHFRQGDU PDUNHWVZKHUHWKHUHPDEHSRWHQWLDOUHGHYHORSPHQWDQJOHV ,QDGGLWLRQZKLOHFRQVROLGDWLRQVDQGUDWLRQDOL]DWLRQVUHPDLQ FRPPRQWKHPHVDFURVV(XURSHWKHJRRGQHZVLVWKDWGHPDQG OHYHOVDUHEHLQJGULYHQOHVVEFKXUQLQWKHPDUNHWSODFHDQG PRUHEH[SDQVLRQV%XVLQHVVHVDUHFRPLQJRIIWKHVLGHOLQHV DQGDUHH[HFXWLQJSODQVIRUJURZWK,QIDFWDEVRUSWLRQOHYHOV DUHDQWLFLSDWHGWREHUREXVWWKURXJKGHVSLWHQHZVXSSO OHDYLQJWKHRIÀFHYDFDQFUDWHDWLWVORZHVWSRLQWVLQFH :LWKDIHZH[FHSWLRQVFODVV$GRZQWRZQRIÀFHPDUNHWV DFURVV(XURSHDUHSRLVHGIRUUHVSHFWDEOHOHYHOVRIJURZWK WKURXJK+RZHYHUROGHURIÀFHVWRFNZLOOSDWKHSULFH JLYHQWKHSHUYDVLYHWUHQGVRIGHQVLÀFDWLRQDQGÁLJKWWRTXDOLW 0RUHUHWURÀWWLQJFRQYHUVLRQVDQGDVWHDGVWUHDPRIQHZ VXSSOFDQEHH[SHFWHGLQWKRVHPDUNHWVZLWKDKLJKHU SHUFHQWDJHRIDJLQJLQYHQWRU $%62537,21$6$3(5(17$*(2),19(1725 Ho Chi Minh City Istanbul Chengdu Shenzhen Hyderabad Pune Mexico City 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 1(:6833/$6$3(5(17$*(2),19(1725 Manila Shanghai Jakarta Ho Chi Minh City Shenzhen Guangzhou Jakarta Mumbai Shanghai Mexico City 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% Manila Hyderabad Seattle GLOBAL OFFICE )25($67 86+0$1 :$.(),(/'
  • 10. AMERICAS 691-'; 6*'/'5 4'%18'4; %*#0)+0) 914-2.#%' 7KHHFRQRPLFUHFRYHULQWKH8QLWHG 6WDWHVHYLGHQFHGEVWURQJHUMREJURZWK LVÀQDOOWUDQVODWLQJLQWRQRWLFHDEOH LPSURYHPHQWVLQRIÀFHOHDVLQJIXQGDPHQWDOV 7KLVLVSDUWLFXODUOWKHFDVHLQWKHFODVV$ VHJPHQWRIXUEDQPDUNHWV 1(:25.,7 8
  • 11. 'HPDQGKDVEHFRPHVWURQJHUDFURVVLQGXVWULHV:KLOHQRWDOO VHFWRUVDQGPDUNHWVKDYHIXOOUHFRYHUHGWKLVLVQRORQJHUD VWRURQODERXWWHFKQRORJDQGHQHUJVHFWRUJURZWK,WLV DOVRQRWVLPSODERXWUHDOHVWDWH7KHFKDQJLQJZRUNIRUFHLV H[HUWLQJLWVLQÁXHQFHRQZKHUHLWZDQWVWRZRUN$WODQWD KLFDJRDQG'DOODVDUHH[SHULHQFLQJLQFUHDVHGOHDVLQJYHORFLW DQGKDYHMRLQHGWKHUDQNVRI6DQ)UDQFLVFR6HDWWOH%RVWRQ 1HZRUNDQG+RXVWRQZLWKUHVSHFWWRLPSURYHGOHDVLQJ IXQGDPHQWDOV 7KHUHLVFRQVWUXFWLRQLQWKHSLSHOLQHEXWGHPDQGLVEHJLQQLQJ WRRXWSDFHLWLQDQXPEHURIPDUNHWVDQGDVLJQLÀFDQWDPRXQW RIGHOLYHULHVLVSUHOHDVHG7ZRFODVV$SURMHFWVWRWDOLQJ PLOOLRQVTXDUHIHHWZLOOFRPHWRWKHKLFDJRPDUNHWE DQGWKHDUHFXUUHQWOSUHOHDVHG 6RPHH[FHSWLRQVWRWKLVUHFRYHULQFOXGH3KLODGHOSKLD/RV $QJHOHVDQG:DVKLQJWRQ'3KLODGHOSKLDUHPDLQVVWDEOHZLWK QRQHZFRQVWUXFWLRQSODQQHG/RV$QJHOHVH[SHFWVPDUNHW VRIWHQLQJGXHWRWHQDQWGRZQVL]LQJQRWDEOLQÀQDQFLDOVHUYLFHV ÀUPV7KH:DVKLQJWRQ'PDUNHWLVVWLOOLQWKHPLGVWRID VOXJJLVKHFRQRPLFUHFRYHUDQGPDVHHVHYHUDORXWPLJUDWLRQV RIWHQDQWVIURPWKHPDUNHW RENTS ON THEIR WAY UP IN U.S. GROWTH MARKETS 'RXEOHGLJLWUHQWDOJURZWKLVIRUHFDVWIRU%RVWRQ+RXVWRQ6DQ )UDQFLVFR1HZRUNDQG6HDWWOH,QIDFWPRVW86PDUNHWVLQ WKHVWXGDUHH[SHFWHGWRVHHPRGHVWLQFUHDVHVZLWKWKH VORZHVWJURZWKRFFXUULQJLQ$WODQWDDQGKLFDJR(YHQ :DVKLQJWRQ'DQG/RV$QJHOHVZLOOVHHUHQWVULVHLQ DQG CANADA ANTICIPATES RECOVERY $FRPELQDWLRQRIWUHQGVZLOOFRQYHUJHDFURVVDQDGD·VRIÀFH PDUNHWVLQFOXGLQJFRQVROLGDWLRQGHQVLÀFDWLRQDQGPDUNHW FKXUQ²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ÀFLHQWGHPDQGLQDOJDUDQG2WWDZDVKRXOGNHHS IXQGDPHQWDOVEDODQFHGZKLOH9DQFRXYHUDQWLFLSDWHVGRZQZDUG SUHVVXUHRQDVNLQJUHQWV/RRNLQJIRUZDUGVXVWDLQHG86 JURZWKLVH[SHFWHGWRKDYHDFRQWLQXHGSRVLWLYHLPSDFWRQDOO PDMRUPDUNHWV / 7RWDODPRXQWRIQHZRIÀFH VSDFHWKDWZLOOFRPHWR 7RURQWR·VGRZQWRZQ PDUNHWE 6$1)5$1,62 GLOBAL OFFICE )25($67 86+0$1 :$.(),(/' 9
  • 12. MEXICO CITY ON THE UPSWING 0H[LFRLWLVXQGHUJRLQJDVXUJHRIDFWLYLWDVUHFHQW OHJLVODWLRQHQFRXUDJLQJLQYHVWPHQWFRXSOHGZLWKWKHLPSURYHG HFRQRPLFFRQGLWLRQVKDVIRVWHUHGDFWLYLWDPRQJÀQDQFLDO VHUYLFHVDQGWHOHFRPPXQLFDWLRQVÀUPVDPRQJRWKHUV$VXUJH LQVXSSOZLOOEHPHWZLWKDQHYHQVWURQJHULQFUHDVHLQ DEVRUSWLRQWKXVUHQWDOUDWHJURZWKLVH[SHFWHGRYHUWKHQH[W WKUHHHDUV SOUTH AMERICAN SLOWDOWN 7KHVORZGRZQRI6RXWK$PHULFDQHFRQRPLHVHVSHFLDOO$UJHQWLQD DQG%UD]LOLVLPSDFWLQJRIÀFHPDUNHWIXQGDPHQWDOV7KHZHDN %UD]LOLDQHFRQRPZLOOFRQWLQXHWRGDPSHQWKHUHDOHVWDWHRXWORRN IRU6mR3DXORDQG5LRGH-DQHLURIRUWKHQH[WWKUHHHDUV3ROLWLFDO XQFHUWDLQWDOVRFORXGVWKHRXWORRNIRU%UD]LO9DFDQFUDWHVZLOO UHPDLQHOHYDWHGWKURXJKZKLOHDVNLQJUHQWVFRQWUDFWGXHWR WKHJOXWRIYDFDQWVSDFH 3HUXKDVDOVRFRROHGRIIEXWUHPDLQVDQRYHUDOOVWDEOHHFRQRP 6DQ,VLGURLVFXUUHQWOWKHPRVWDWWUDFWLYHFODVV$DQG%RIÀFH PDUNHWEXWRWKHUGLVWULFWVVXFKDV0LUDÁRUHV6XUFRDQG 0DJGDOHQDKDYHEHFRPHDWWUDFWLYHDOWHUQDWLYHVFDSWXULQJ KHDOWKVHOODQGOHDVHSULFHV ,QKLOHWKH6DQWLDJRRIÀFHPDUNHWKDVEHHQYHUVWURQJDQG VHHQVLQJOHGLJLWYDFDQFUDWHVXQWLOUHFHQWO$QLQFUHDVHLQ FRQVWUXFWLRQ²RIH[LVWLQJVWRFN²DQGDSRWHQWLDOFKDQJH LQOHJLVODWLRQUHJDUGLQJWD[DWLRQKDYHFUHDWHGDQDWPRVSKHUHRI XQFHUWDLQWLQWKHUHDOHVWDWHPDUNHW$GGLWLRQDOODVORZGRZQ LQWKHPLQLQJLQGXVWUKDVOHGWRZHDNQHVVLQWKHHQJLQHHULQJ VHFWRUDQGÀUPVKDYHYDFDWHGODUJHEORFNVRIVSDFH$OWKRXJK WKHYDFDQFUDWHLVVWLOOKRYHULQJDWRQOUHQWDOUDWHVLQ PLGEHJDQWRGHFOLQHIRUWKHÀUVWWLPHVLQFH $0(5,$6$%62537,21$6$3(5(17$*(2),19(1725 $0(5,$61(:6833/$6$3(5(17$*(2),19(1725
  • 13. 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% Rio de Janeiro Santiago São Paulo Vancouver Boston Buenos Aires Dallas Toronto $0(5,$6 Washington, DC Calgary San Francisco New York Houston Philadelphia Montreal Los Angeles Atlanta Chicago Ottawa pp y g y ( ) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 10
  • 14. 5,2'(-$1(,52 GLOBAL OFFICE )25($67 86+0$1 :$.(),(/' 11
  • 15. ASIA PACIFIC (70#/'06#.5 4'/#+051.+ 2XUPRGHUDWHJURZWKIRUHFDVWVIRU$VLD 3DFLÀFLQUHPDLQLQWDFW5HJLRQDO *'3JURZWKLVSURMHFWHGWRUHPDLQVROLGDW WKLVHDUDQGUHERXQGWR E:KLOHWKHPRGHUDWHSDFHRI HFRQRPLFJURZWKLQWKHUHJLRQUHVXOWHG LQDVXEGXHGOHDVLQJHQYLURQPHQWLQ DFWLYLWLVVHWWRJDLQWUDFWLRQQH[WHDU WKDQNVWRLPSURYLQJVHQWLPHQW 0RVWFRUHPDUNHWVZLOOVWLOOERDVWUHODWLYHO ORZRIÀFHYDFDQFLHVRIWKURXJK ZLWKWKHH[FHSWLRQRIFLWLHVLQ$XVWUDOLD DQG6HRXOZKHUHUREXVWFRQVWUXFWLRQZLOO VXVWDLQKLJKHUYDFDQFLHV+RZHYHUDVXSSO LQÁX[LQ6LQJDSRUHDQG6KDQJKDLLQ ZLOOOHDGWRGRXEOHGLJLWYDFDQFLHVLQWKRVH PDUNHWV +21*.21* 12
  • 16. H[SHFWHGWRFRPHRQOLQHHVSHFLDOOLQ.RZORRQ(DVWDQG OLPLWHGPRYHPHQWDPRQJRFFXSLHUVJLYHQKLJKUHORFDWLRQFRVWV ZHH[SHFWWKHPLOGGRZQWUHQGLQUHQWVWRSHUSHWXDWHDFURVV QRQFRUHGLVWULFWVWKURXJK+RZHYHUUHQWVLQ+RQJ.RQJ ,VODQGVXEPDUNHWVDUHOLNHOWRUHPDLQVWDEOHJLYHQWKHODFNRI ODUJHVFDOHQHZVXSSORYHUWKHQH[WWZRHDUV DYNAMICS SUPPORT LEASING ACTIVITY RROLQJ*'3JURZWKLQKLQDVKRXOGVWLOOEHVXIÀFLHQWWR VXSSRUWVWURQJOHDVLQJDFWLYLWGHVSLWHUDPSHGXSQHZ FRQVWUXFWLRQ,Q6KDQJKDLFRPSDQLHVDUHXSJUDGLQJRQWKHEDFN RILPSURYHGPHWURFRQQHFWLYLWDQGEXLOGLQJVSHFLÀFDWLRQV ,QFHQWLYHVZLOOLQFUHDVHIRUWKHÀQDQFLDOVHFWRULQWKH:DLJDRTLDR )7=DQG-LQJ·DQZKHUHWKHJRYHUQPHQWUHFHQWODQQRXQFHGD VKDNHXSRIWD[LQFHQWLYHVWRDWWUDFWPRUHWD[SDLQJRFFXSLHUV 7KHGHFHQWUDOL]DWLRQWUHQGWREXVLQHVVSDUNVLVVKRZLQJVLJQVRI HDVLQJHVSHFLDOODV%'UHQWDOVLQ6KDQJKDLUHPDLQVRIW 5HQWDOVLQSULPHEXLOGLQJVZLWKJRRGLQIUDVWUXFWXUHDQGKLJK RFFXSDQFDUHKROGLQJXSXQGHUSLQQHGEVWDEOHGHPDQGZKLFK LVLQFUHDVLQJOFRPLQJIURPKLQHVHFRPSDQLHV7KXVIDULW UHPDLQVDZLQQHUWDNHVDOOPDUNHWZLWKTXDOLWSURMHFWVWSLFDOO VHHLQJSUHFRPPLWPHQWRIRUPRUHZKLOHGHFHQWUDOL]HG SURSHUWLHVZLWKSRRULQIUDVWUXFWXUHEDVLFVSHFLÀFDWLRQVDQG SRRUORFDODPHQLWLHVDUHVWUXJJOLQJWROHDVHDWDOO TENANT LEVERAGE IN SEOUL TO ERODE /HDVLQJPRPHQWXPLQ6RXWK.RUHDKDVPRVWOEHHQVXVWDLQHG EDÁLJKWWRTXDOLWWKLVHDU+RZHYHUWKHVXSSOVSLJRWLV DERXWWRVKXWRIIZLWKOLPLWHGFRPSOHWLRQVDFURVVDOOPDMRU GLVWULFWVWKURXJK$JDLQVWWKLVEDFNGURSQRWZLWKVWDQGLQJDQ HFRQRPLFXSWXUQVXVWDLQLQJKHDOWKOHDVLQJDFWLYLWYDFDQFLHVLQ 6HRXOZLOOEHJLQWKHLUGHVFHQWWKURXJKDIWHUULVLQJQRQVWRS VLQFHRQVHTXHQWOWHQDQWOHYHUDJHZLOOHURGHDVHIIHFWLYH UHQWVVKRZUHQHZHGVWUHQJWKEWKHHQGRIQH[WHDU NEW SUPPLY DRIVES UP VACANCY IN EMERGING MARKETS 1HZVXSSOLVFRQFHQWUDWHGLQHPHUJLQJPDUNHWVZKLFKLQ WXUQZLOODOVRNHHSWKHLUFODVV$YDFDQFLHVRQDQXSZDUG WUDMHFWRUKRYHULQJDURXQGWKURXJK *LYHQWKHUHJLRQ·VPRGHUDWHJURZWKUHQWVDUHH[SHFWHGWR HDVHXSPDUJLQDOODWDQDQQXDOUDWHRIIRUFRUH PDUNHWVDQGIRUHPHUJLQJPDUNHWVWKURXJK 7RNRDQG6LQJDSRUHKRZHYHUDUHOLNHOWRWRSWKHFKDUWVIRU FRUHPDUNHWVZLWKUHQWVULVLQJDWDQGUHVSHFWLYHO -DNDUWD0DQLOD%DQJNRN6KHQ]KHQ%HQJDOXUXDQGKHQQDLZLOO OHDGHPHUJLQJPDUNHWVZLWKDQQXDODYHUDJHUHQWLQFUHDVHVLQ WKHUDQJHRI TOKYO ON RECOVERY TRACK; HONG KONG ON HOLD :LWKLQFUHDVLQJUHJXODWRURYHUVLJKWRIÀFHSHUIRUPDQFHLQWKH UHJLRQ·VÀQDQFLDOFHQWHUVRI7RNR+RQJ.RQJ6LQJDSRUHDQG 6KDQJKDLZLOOEHPL[HGGHSHQGLQJRQGHPDQGVXSSOGQDPLFV DVZHOODVWHQDQWEDVHV-DSDQ·VHFRQRPLVDQWLFLSDWHGWR ZHDWKHUWKHLQFUHDVHLQFRQVXPSWLRQWD[DQGHVWDEOLVKD SRVLWLYHJURZWKLQÁDWLRQGQDPLFDV3ULPH0LQLVWHU$EHORRNV WRVHWKLVUHIRUPVLQPRWLRQ 7KH7RNRRIÀFHPDUNHWZLOOFRQWLQXHLWVUHFRYHUZLWKRIÀFH GHPDQGLQFUHDVLQJDFURVVPDQVHFWRUVRQWKHEDFNRIVWURQJ FRUSRUDWHHDUQLQJVDQGH[SHFWVWRVHHIXOOÁHGJHGUHQW LPSURYHPHQWV,QWKHFDVHRI6LQJDSRUHUHFRYHUZLOOFRQWLQXH HYHQZLWKPRGHUDWHJURZWKLQGHPDQGDVSULPHVXSSO UHPDLQVDWYHUORZOHYHOVWKHQH[WZDYHLVRQOH[SHFWHGLQ ODWH +RQJ.RQJZLOOOLNHOUHPDLQDODJJDUGDVHPSORPHQWJDLQVLQ RIÀFHXVLQJVHFWRUVKDYHHWWRWUDQVODWHLQWRDUHERXQGLQ OHDVLQJDFWLYLW:LWKVXSSORIRYHUPLOOLRQVTXDUHIHHW 7KH7RNRRIÀFHPDUNHW ZLOOFRQWLQXHLWVUHFRYHU ZLWKRIÀFHGHPDQG LQFUHDVLQJDFURVVPDQ VHFWRUVRQWKHEDFNRI VWURQJFRUSRUDWH HDUQLQJVDQGH[SHFWVWR VHHIXOOÁHGJHGUHQW LPSURYHPHQWV 72.2 GLOBAL OFFICE )25($67 86+0$1 :$.(),(/'
  • 17. SOUTHEAST ASIA AND INDIA’S OUTLOOK BRIGHTENS 7KHVWDJHLVVHWIRUDQRWKHUVWURQJSHULRGIRU6RXWKHDVW$VLD ZLWKXSEHDWOHDVLQJSURJUHVVFRQWLQXLQJLQPRVWPDUNHWV 0HDQZKLOHLQ,QGLDDQLPSURYHPHQWLQWKHJOREDOHQYLURQPHQW VKRXOGERGHZHOOIRUWKHFRXQWU·V,QIRUPDWLRQ7HFKQRORJDQG ,QIRUPDWLRQ7HFKQRORJ(QDEOHG6HUYLFHV,7,7H6
  • 18. VHFWRU ZKLFKUHPDLQVWKHGRPLQDQWGHPDQGGULYHUIRUWKHHLJKWPDMRU FLWLHVWUDFNHGLQ,QGLD7KHIRUPDWLRQRIDVWDEOHJRYHUQPHQW KDVKHOSHGWRLPSURYH,QGLD·VPDFURRXWORRN7KHQHZ JRYHUQPHQW·VHPSKDVLVRQLQGXVWULDOL]DWLRQDQGLQIUDVWUXFWXUH FDQDOVRDGGWRWKHOHDVLQJGHPDQGDVRWKHUVHFWRUVRIWKH HFRQRPSLFNXSSDFH $6,$3$,),$%62537,21$6$3(5(17$*(2),19(1725 $6,$3$,),1(:6833/$6$3(5(17$*(2),19(1725
  • 19. $6,$3$,), 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Guangzhou Jakarta Mumbai Shanghai Manila Hyderabad Bengaluru Delhi - NCR Pune Singapore Perth Brisbane Sydney Chengdu Beijing Taipei Kuala Lumpur Tokyo Melbourne Chennai Bangkok Hong Kong Seoul 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0 0(/%2851(
  • 20. AUSTRALIA’S REBALANCING ACT ODVV$SURSHUWLHVLQ3HUWK%ULVEDQH6GQHDQG$GHODLGH DUHH[SHFWHGWRVHHHOHYDWHGYDFDQFLHVRYHUWKHQH[WWZR HDUV0HOERXUQHZLOODOVRZLWQHVVULVLQJYDFDQFLHVEXWOHYHOV DUHOHVVOLNHOWREUHDFK1RQHWKHOHVVHIIRUWVWR UHEDODQFHWKHHFRQRPVKRXOGDXJXUZHOOIRUWKHRIÀFH VHFWRU:HH[SHFWWKHQRQPLQLQJVHFWRUVWRNHHSJDLQLQJ WUDFWLRQ SOLID INVESTMENT FUNDAMENTALS 2QHLPSRUWDQWIDFWRUWKDWERGHVZHOOIRULQYHVWPHQWDFWLYLW LVWKHLQFUHDVLQJDOORFDWLRQVWRUHDOHVWDWHESHQVLRQIXQGV DQGRWKHULQVWLWXWLRQV7KHPDFURODQGVFDSHLVLPSURYLQJDQG VXSSRUWLQJSURSHUWIXQGDPHQWDOV(YHQZLWKVORZHUHFRQRPLF JURZWKH[SHFWDWLRQVRYHUWKHQHDUWHUPWKHXQGHUOLQJ SURSHUWIXQGDPHQWDOVUHPDLQVROLGDQGDUHVWLOOH[SHFWHGWR RXWSHUIRUPPRVWPDUNHWVJOREDOORYHUWKHORQJWHUP (YHQLIWKH86)HGHUDO5HVHUYHQXGJHVXSVKRUWWHUPLQWHUHVW UDWHVLQDQGDQGERUURZLQJFRVWVVXEVHTXHQWO LQFUHDVHLQPRVWSDUWVRIWKHUHJLRQDQIDOORXWZLOOEHRIIVHWE DVWURQJHUSURSHUWPDUNHWSHUIRUPDQFH,QGHHGJUDGXDO LPSURYHPHQWDFURVVWKHUHJLRQSUHVHQWVRSSRUWXQLWLHVIRU LQYHVWRUVWRHDUQDWWUDFWLYHUHWXUQV GLOBAL OFFICE )25($67 86+0$1 :$.(),(/' 15
  • 21. EUROPE 106*' 41#61 4'%18'4; (XURSHLVFRQWLQXLQJRQLWVUHFRYHUPDUFK ²LQGHHGWKHUHDUHLQFUHDVLQJOSRVLWLYH VLJQVEHLQJVHHQDFURVVWKHRIÀFHPDUNHWV DQGWKHRXWORRNLVEULJKWHUWKDQLWKDV EHHQIRUVRPHFRQVLGHUDEOHWLPH2YHUDOO SHUIRUPDQFHLVVWURQJDFURVVOHDGLQJ LQGLFDWRUVLQFOXGLQJUHQWDOJURZWKVXSSO OHYHOVDQGGHPDQGDOWKRXJKYDULDQFHVGR RIFRXUVHH[LVWIURPFLWWRFLWDFURVVWKH FRQWLQHQW /21'21 16
  • 22. :KLOHJHRSROLWLFDOULVNVUHPDLQDQGRFFXSLHUVDUHYLHZLQJVRPH ORFDWLRQVZLWKDQXQVXUSULVLQJDPRXQWRIFDXWLRQWKH(XURSHDQ HFRQRPLVJHQHUDOORQÀUPHUJURXQG+RZHYHUZKLOHRYHUDOO UHFRYHULVVORZORFDOSHUIRUPDQFHVDUHDQWLFLSDWHGWRYDUIURP PDUNHWWRPDUNHW7KH8.3RODQG5RPDQLDDQG+XQJDUDUHWKH EULJKWHVWVWDUVLQWHUPVRI*'3JURZWKZKLOHPRPHQWXPLVDOVR LQFUHDVLQJOSRVLWLYHIRUVRPHUHIRUPLQJSHULSKHUDOHFRQRPLHV ZLWK6SDLQLQSDUWLFXODUH[SHFWHGWRVXUSULVHRQWKHXSVLGH :KLOHJURZWKKDVVWXPEOHGLQODUJHUHFRQRPLHVVXFKDV *HUPDQ)UDQFHDQG,WDORYHUDOOUHFRYHUUHPDLQVVWHDGLORQ WUDFN SUPPLY LED REVIVAL /RZOHYHOVRIQHZVSHFXODWLYHFRPSOHWLRQVRYHUWKHODVWWR PRQWKVKDYHUHVXOWHGLQDODFNRITXDOLWVXSSOLQDQXPEHURI ORFDWLRQV7KHH[FHSWLRQVDUH0RVFRZ3DULVDQG:DUVDZZKHUH KLJKHUWKDQDYHUDJHOHYHOVRIQHZGHYHORSPHQWKDYHVWLÁHG VKRUWWHUPUHQWDOJURZWK$VLGHIURPWKLVWKHNQRFNRQLPSDFWIRU RFFXSLHUVLVWKDWWKHVKRUWDJHRIPRGHUQVWRFNLVOLPLWLQJFKRLFH SDUWLFXODUOIRUWKRVHVHHNLQJODUJHUÁRRUSODWHV7KLVLVHQFRXUDJLQJ VRPHRFFXSLHUVWRDVVHVVWKHLUOHDVHRSWLRQVDQGPRYHVRRQHUWKDQ H[SHFWHGWRVHFXUHGHDOVRQJRRGTXDOLWVSDFH ,QGHHGRQWKHVXSSOVLGHZKLOHWKHRYHUDOOYDFDQFUDWHRI PDUNHWVPRQLWRUHGDFURVV(XURSHUHDFKHGDWWKHHQGRI LWLVH[SHFWHGWRULVHRQOPDUJLQDOOWRGHVSLWH GRZQVL]LQJEVRPHDQGWKHPLOOLRQVTPRIVSDFHVFKHGXOHG IRUGHOLYHULQ$IWHUWKLVDVPRUHVROLGDQGVXVWDLQDEOH GHPDQGWDNHVKROGDQGGHYHORSPHQWFRPSOHWLRQVGHFOLQHIXUWKHU WKHYDFDQFUDWHLVH[SHFWHGWRHGJHGRZQWRLQDQG WKHQLQ²WKLVZLOOEHWKHORZHVWUDWHVHHQVLQFH 'HVSLWHJUHDWHUFRQÀGHQFHDQGDPRUHUHOD[HGOHQGLQJ HQYLURQPHQWFDXWLRXVGHYHORSHUVDUHVWLOORQOGXVWLQJGRZQ SUHYLRXVOVKHOYHGVFKHPHVZKHUHWKHFRQVWUXFWLRQYLDELOLWKDV EHHQWKRURXJKODVVHVVHG Istanbul 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Bucharest Prague Warsaw Moscow Bratislava Luxembourg Budapest Brussels Munich Paris Frankfurt Zurich 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Stockholm Milan Dublin London Amsterdam Lisbon Madrid Barcelona (8523($%62537,21$6$3(5(17$*(2),19(1725 (8523(1(:6833/$6$3(5(17$*(2),19(1725
  • 23. -5.0% GLOBAL OFFICE )25($67 86+0$1 :$.(),(/'
  •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ÀGHQFH$FWLYLWWKHUHLVFKDUDFWHUL]HGEFRVWFXWWLQJ PRYHVKHVLWDQWQHZHQWUDQWVDQGDSLSHOLQHWKDWLVGHOLYHULQJ VSHFXODWLYHVFKHPHVUHVXOWLQJLQUHQWVFRPLQJXQGHU GRZQZDUGSUHVVXUH (8523( QUALITY SPACE IN DEMAND 2FFXSLHUDFWLYLWLVRQWKHXSZLWK+UHDFKLQJPLOOLRQ VTPFLWLHV
  •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ÀFHPDUNHWLV SRVLWLYHDFURVVDQXPEHURI LQGLFDWRUVLQFOXGLQJUHQWDO JURZWKVXSSOOHYHOVDQG GHPDQGDOWKRXJKWKHUHDUH YDULDWLRQVIURPFLWWRFLW 18
  • 26. 0262: GLOBAL OFFICE )25($67 86+0$1 :$.(),(/' 19
  • 27. $33(1',;$0(5,$6 81,7('67$7(6 %'/$66$9$$1 %'/$66$5(176 %'/$66$1(:6833/s
  • 28. 200(17$5 2015 2016 2015 2016 2015 2016 CITY LOCAL LOCAL LOCAL LOCAL (LOCAL MEASURE) % % % CURRENCY US$/SF/YR CURRENCY US$/SF/YR CURRENCY US$/SF/YR MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF $7/$17$ 866)5
  • 29. 0 0 500 500 'HPDQGIRUFODVV$VSDFHLQ$WODQWD·V%' PDUNHWVLVEHJLQQLQJWRRXWSDFHVXSSO 7KHUHDOHVWDWHSHQGXOXPLVVORZOVKLIWLQJ EDFNLQWKHODQGORUG·VIDYRUDVWKHQXPEHU RIDYDLODEOHVSDFHVDUHGZLQGOLQJ7KLVZLOO FRQWLQXHWRGULYHGRZQYDFDQFUDWHV %26721 866)5
  • 30. $VWHFKQRORJFRPSDQLHVFRQWLQXHWR PLJUDWHWRZDUGVFHQWUDO%RVWRQLQDQ DWWHPSWWRWDSLQWRDKLJKOVNLOOHGODERU SRROZHFDQH[SHFWWRVHHVWHDGGHPDQG IRU%RVWRQ·VFODVV$SURGXFWRYHUWKHQH[W WZRHDUV +,$*2 866)5
  • 31. 0 0 0 0 550 550 7ZRFODVV$EXLOGLQJVZLOOEHDGGHGWR WKHPDUNHWE7KHSURMHFWVWRWDOLQJ PVIFXUUHQWOXQGHUFRQVWUXFWLRQDUH DOPRVWSUHOHDVHG:KLOHGHPDQGIRU KLJKHQGRIÀFHVSDFHLVH[SHFWHGWRVWD UREXVWWHQDQWVZLOOOHDVHOHVVVSDFHDVWKH RFFXSPRUHHIÀFLHQWVSDFH '$//$6 866)5
  • 32. 0 0 0 0 615 615 0DUNHWLQGLFDWRUVIRUFODVV$%'VSDFH GRQRWWHOOWKHIXOOVWRURIWKH'):RIÀFH PDUNHWZKLFKLVDWLWVKHDOWKLHVWLQHDUV WKDQNVLQODUJHSDUWWRVWURQJMREJURZWK 5HQWVDUHH[SHFWHGWRLQFUHDVHZKLOH YDFDQFUDWHVUHPDLQVWDEOH1HZVXSSO ZLOOÀQDOOEHGHOLYHUHGWRWKH'DOODV%' IRUWKHÀUVWWLPHVLQFH +286721 866)5
  • 33. 0 0 0 0 606 606 9DFDQFLQ+RXVWRQ·V%'KDVEHHQORZ IRUVHYHUDOHDUV1HZFRQVWUXFWLRQDW 0DLQZLOOEULQJFORVHWRPVIRIQHZ RIÀFHVSDFHRQWRWKHPDUNHWEWKHHQGRI RUHDUO /26$1*(/(6 866)5
  • 34. 0 0 0 0 /RV$QJHOHV%'FODVV$ZLOOFRQWLQXHWR VRIWHQDVÀQDQFLDOÀUPVGRZQVL]H9DFDQF LVH[SHFWHGWRFOLPEWRZLWKWKH DGGLWLRQRIVSDFHIURPWKUHHPDMRUÀUPV DQGWKHGHOLYHURIVIRIRIÀFH VSDFHLQ 20
  • 35. 81,7('67$7(6 GLOBAL OFFICE )25($67 %'/$66$9$$1 %'/$66$5(176 %'/$66$1(:6833/s
  • 36. 200(17$5 2015 2016 2015 2016 2015 2016 CITY LOCAL LOCAL LOCAL LOCAL (LOCAL MEASURE) % % % CURRENCY US$/SF/YR CURRENCY US$/SF/YR CURRENCY US$/SF/YR MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF 1(:25. 866)5
  • 37. $VWUHQJWKHQLQJHFRQRPZLOOOHDGWR PRGHUDWLQJYDFDQFDQGVROLGUHQWJURZWK LQDQG%HRQGKRZHYHU QHZFRQVWUXFWLRQZLOONHHSWKHYDFDQF UDWHDERYHHTXLOLEULXP³SUHYHQWLQJDUHQWDO VSLNHEXWDOORZLQJDVNLQJUHQWVWRULVHDWD PHDVXUHGSDFH 3+,/$'(/3+,$ 866)5
  • 38. 0 0 0 0 622 622 7KHRXWORRNIRU3KLODGHOSKLDLVFDXWLRXVO RSWLPLVWLFZLWKVROLGGHPDQGWUHQGV FRPELQHGZLWKQRQHZVSDFHFRPLQJ RQOLQHWLJKWHQLQJWKHPDUNHWDQGDOORZLQJ IRUDERYHLQÁDWLRQUHQWJURZWK 6$1 )5$1,62 866)5
  • 39. 50 50 $OWKRXJKPVIRIQHZFODVV$VSDFHLV FRPLQJRQOLQHRYHUWKHQH[WWKUHHHDUV PRVWRILWLVSUHOHDVHGEERWKQHZDQG H[SDQGLQJWHQDQWV7KHRXWORRNIRUWKH6DQ )UDQFLVFRPDUNHWLVIDYRUDEOHIRUWKHQH[W WZRHDUV 6($77/( 866)5
  • 40. 0 0 6LPLODUWRWKHVWRULQ6DQ)UDQFLVFRWKH DPRXQWRIQHZRIÀFHVSDFHFRPLQJRQOLQH LVVXEVWDQWLDOEXWWKHUHLVVXIÀFLHQWGHPDQG IURPERWKQHZDQGH[SDQGLQJWHQDQWV RFFXSLQJVSDFHKHUH$PD]RQLQSDUWLFXODU KDVOHDVHGXSZDUGVRIPVILQWKHSDVW PRQWKVDORQH :$6+,1*721 ' 866)5
  • 41. 168 168 892 892 6WDELOL]LQJIXQGDPHQWDOVVXJJHVWDUHFRYHU RQWKHKRUL]RQEXWUHPDLQVDWHQDQW·V PDUNHW'ZLOOZDLWRXWVHYHUDOODUJH WHQDQWPRYHVWKLVHDUFRQFXUUHQWZLWKWKH VOXJJLVKUHJLRQDOHFRQRPLFUHFRYHUEHIRUH PRUHVXEVWDQWLDOJURZWKFDQEHUHDOL]HGLQ ODWHDQGEHRQG 86+0$1 :$.(),(/' 21
  • 42. $33(1',;$0(5,$6 $1$'$ %'/$66$9$$1 %'/$66$5(176 %'/$66$1(:6833/s
  • 43. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF $/*$5 $'6)5
  • 44. 882 882 :LWKRYHUPVIVHWWRGHOLYHURYHUWKH QH[WTXDUWHUVDVNLQJUHQWVZLOOVRIWHQ VOLJKWOWKRXJKPRGHUDWHGHPDQGZLOO HQVXUHYDFDQFUDWHVUHPDLQUHODWLYHOWLJKW DFURVVDOJDUFHQWUDOPDUNHWV 02175($/ $'6)5
  • 45. 0 0 7HQDQWVFRQWLQXHWRFRQVROLGDWHDQGGHQVLI EULQJLQJVSDFHEDFNWRPDUNHWDFURVV 0RQWUHDO·V%'PDUNHWV:KLOHYDFDQF ZLOOULVHWRE4PRGHVW H[SDQVLRQDUGHPDQGZLOORFFXULQ GXHWRDVWUHQJWKHQLQJ86HFRQRP 277$:$ $'6)5
  • 46. 0 0 0 0 2WWDZDODVV$%'YDFDQFUDWHVZLOO WLJKWHQDVPRGHVWGHPDQGDQGDODFNRI QHZVXSSOHURGHDYDLODEOHVSDFH/LPLWHG QHZVSDFHRSWLRQVZLOOPHDQPRGHVWULVHV LQRYHUDOODVNLQJUHQWV 7252172 $'6)5
  • 47. 285 285 'HPDQGZLOOFRQWLQXHWRVWUHQJWKHQLQ GRZQWRZQ7RURQWREXWDVWHQDQWVPRYH LQWRWKHQHZWRZHUVVLJQLÀFDQWVSDFHZLOO EHGLVSODFHGDFURVVH[LVWLQJLQYHQWRUDQG WKLVZLOOVRIWHQDVNLQJUHQWDOUDWHV 9$1289(5 $'6)5
  • 48. 909 909 1HZFRQVWUXFWLRQFRXSOHGZLWKPRGHUDWH GHPDQGZLOOPHDQULVLQJYDFDQFLQ 9DQFRXYHU·VFHQWUDODUHDRYHUWKHQH[W IHZHDUV$VYDFDQFULVHVVRPH GRZQZDUGSUHVVXUHRQDVNLQJUDWHVZLOOEH H[SHULHQFHG 7252172 22
  • 50. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF %8(126$,5(6 8664002
  • 51. 86 929 28 ,QWKHPLGVWRIDVORZOFRQWUDFWLQJ HFRQRPWKHRIÀFHPDUNHWLVH[SHFWHGWR UHPDLQVWDJQDQWZLWKZHDNDEVRUSWLRQDQG VORZJURZWKLQLQYHQWRU 0(;,2,7 8664002
  • 52. 501 ([SHFWDQRWLFHDEOHLQFUHDVHLQDEVRUSWLRQ LQWKHVKRUWUXQZLWKVLJQLÀFDQWIXWXUH XSVLGHFRPLQJIURPÀQDQFLDOWHOHFRP DQGRWKHULQGXVWULHVDVDUHVXOWRIDQ LPSURYHGRYHUDOOEXVLQHVVHQYLURQPHQW 5HFHQWOHJLVODWLRQDSSURYHGERQJUHVV KDVRSHQHGXSDEURDGUDQJHRIQHZ LQYHVWPHQWRSSRUWXQLWLHV 5,2'(-$1(,52 564002
  • 53. 7KHGHFOLQHLQ%UD]LO VHFRQRPDQG SROLWLFDOXQFHUWDLQWGXHWRWKHXSFRPLQJ HOHFWLRQVSRVHDGGLWLRQDOFKDOOHQJHVWR PRUHVXVWDLQDEOHJURZWK7KLVZLOOGLUHFWO DIIHFWWKHSHUIRUPDQFHRIWKHRIÀFHPDUNHW RYHUWKHQH[WWZRHDUVFDXVLQJWKH YDFDQFUDWHWRFOLPEPDUNHGOWRRYHU EHDUHQG 6$17,$*2 8664002
  • 55. 216 155 7KHGHFOLQHLQ%UD]LO VHFRQRPDQG SROLWLFDOXQFHUWDLQWGXHWRWKHXSFRPLQJ HOHFWLRQVSRVHDGGLWLRQDOFKDOOHQJHVWR PRUHVXVWDLQDEOHJURZWKZKLFKZLOOGLUHFWO DIIHFWWKHSHUIRUPDQFHRIWKHRIÀFHPDUNHW LQDQG9DFDQFZLOOUHPDLQ HOHYDWHGLQWKHZDNHRIVLJQLÀFDQWQHZ RIÀFHFRPSOHWLRQV 6285()25(;+$1*(5$7(6 ),1$1,$/7,0(6$8*/26,1*35,( GLOBAL OFFICE )25($67 86+0$1 :$.(),(/'
  • 57. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF 6,1*$325( 6*'6)02
  • 58. 3RVLWLYHEXVLQHVVVHQWLPHQWVHFRQRPLF JURZWKDQGJURZLQJSUHVHQFHRIGRW FRPPDMRUVDUHOLNHOWRVXVWDLQRFFXSLHU GHPDQGRYHUWKHQH[WWZRHDUV1HZHU SUHPLXPEXLOGLQJVOLPLWHGDYDLODELOLWRI SULPHFODVV$VSDFHLVOLNHOWRVXSSRUW UHQWDOLQFUHPHQWVXQWLODQGDODUJH VFDOHVXSSOLQLVH[SHFWHGWRSXVK YDFDQFLHVXS MANILA 3+364002
  • 59. 6WURQJJURZWKLQRXWVRXUFLQJDQG RIIVKRULQJVHUYLFHVLVH[SHFWHGWRVXVWDLQ RIÀFHGHPDQGJRLQJIRUZDUGODVV$VWRFN LVOLNHOWRH[SDQGVLJQLÀFDQWOZLWKDODUJH VFDOHRIXSFRPLQJVXSSORYHUWKHQH[WWZR HDUVDQGDVXEVHTXHQWPRGHUDWLRQLQUHQWV LVH[SHFWHG .8$/$/80385 056)02
  • 60. 6WURQJGHPDQGDQGPRGHUDWLQJVXSSOZLOO FRQWLQXHLQEXWWKDWZRXOGQRW PHDQUHQWDOJURZWKDVYDFDQFUDWHVDUH DOUHDGHOHYDWHGDW7KHPDUNHW ZLOOUHPDLQIDYRUDEOHWRWHQDQWVRYHUWKH QH[WWZRHDUV -$.$57$ 5364002
  • 61. 162 560 6XSSOEXLOGXSDQGULVLQJYDFDQFLHVZLOO LPSDFWUHQWDOJURZWKRYHUWKHQH[WFRXSOH RIHDUV5HQWDOJURZWKZLOOEHPXFKVORZHU WKLVWLPHDVFRPSDUHGWR3RVLWLYH GHPDQGVKRXOGFRQWLQXHDVEXVLQHVV VHQWLPHQWVLPSURYHJRLQJIRUZDUG +2+,0,1+ ,7 8664002
  • 62. 9 58 2FFXSDQFUDWHVKDYHLPSURYHGWKLVHDU $VL]HDEOHVXSSOSURMHFWHGQH[WHDUZLOO LPSDFWHIIHFWLYHUHQWVRQFHVVLRQVDUHRQ WKHULVHDQGODQGORUGVDUHRIIHULQJÁH[LEOH OHDVLQJWHUPV,WZLOOUHPDLQWHQDQWIDYRUDEOH RYHUWKHQH[WWZRHDUV BANGKOK 7+%64002
  • 63. 0 0 0 0 /DFNRIQHZVXSSODQGVWDEOHGHPDQGZLOO FRQWLQXHJRLQJIRUZDUG9DFDQFLHVDUHVHWWR GHFOLQHIXUWKHUWREHORZEDQG DQDERYHDYHUDJHUHQWJURZWKLVOLNHO,WZLOO EHODQGORUGPDUNHWIRUWKHQH[WWZRHDUV
  • 65. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY 6285()25(;+$1*(5$7(6 ),1$1,$/7,0(6$8*/26,1*35,( US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF %5,6%$1( $8'6405
  • 66. 906 7KHKDQJRYHUIURPWKHVORZGRZQLQWKH UHVRXUFHVVHFWRUDQGVWDWHJRYHUQPHQW FXWEDFNVFRQWLQXHVWRSODJXHWKH%ULVEDQH PDUNHW$QLQFUHDVHLQWKHQXPEHURI SURMHFWVFRPSOHWHGRYHUWKHFRPLQJ PRQWKVZLOOGULYHYDFDQFKLJKHU 0(/%2851( $8'6405
  • 67. 50 802 2IÀFHPDUNHWLQ0HOERXUQHDSSHDUV WRKDYHWXUQHGDFRUQHUZLWKGHPDQG LQFUHDVLQJDFURVVWKHERDUG,QFUHDVLQJ VXSSOUHPDLQVDFRQFHUQKRZHYHUDQ LPSURYHPHQWLQWKHÀQDQFLDOVHUYLFHV VHFWRUZLOOKHOSFXVKLRQWKHLPSDFWRIWKLV LQFUHDVHGVXSSO 3(57+ $8'6405
  • 68. 12 102 8 91 ,QFUHDVLQJVXSSOFRXSOHGZLWKDQXPEHU RISURMHFWVWKDWZHUHFRPPLVVLRQHGSULRU WRWKHJOREDOÀQDQFLDOFULVLVZLOOSXVK YDFDQFKLJKHULQWKHFRPLQJHDUV7KHUH LVKRSHWKDWDERRPLQWKHJDVDQGHQHUJ LQGXVWULHVZLOOKHOSWRGULYHRIÀFHGHPDQG EXWWKLVKDVHWWREHTXDQWLÀHG 6'1( $8'6405
  • 69. 29 812 2IÀFHGHPDQGZLOOOUHFRYHULQ6GQHDV DVWUHQJWKHQLQJÀQDQFLDOVHUYLFHVVHFWRU ERRVWVWKHRIÀFHVHFWRU$ORRPLQJVXSSO SLSHOLQHQRWDEOWKH%DUDQJDURRSUHFLQFW ZLOOGULYHYDFDQFKLJKHUGHVSLWHWKH LQFUHDVHLQGHPDQG 6'1( GLOBAL OFFICE )25($67 86+0$1 :$.(),(/' 25
  • 70. $33(1',;$6,$3$,), 1257+($67$6,$ %'/$66$9$$1 %'/$66$5(176 /$66$1(:6833/s
  • 71. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF *8$1*=+28 50%64002
  • 72. 6SDFHDYDLODELOLWZLOOGHFOLQHGXHWROLPLWHG VXSSODQGGHPDQGUHFRYHULQWKHVKRUW WHUP+RZHYHUVXSSOSURMHFWLRQVRYHUWKH QH[WWZRHDUVLQGLFDWHDVL]HDEOHULVHLQ YDFDQFDQGWKHUHIRUHVWDEOHWRPRGHUDWLQJ UHQWVDUHOLNHO +21*.21* +.6)02
  • 73. 0 0 ([SDQVLRQRI0DLQODQGÀQDQFLDOVZLOOVHUYH DVDSULPDUGHPDQGFDWDOVWZKLOHPDQ 01 VDQGODUJHEDQNVFRQWLQXHWRUHGXFH RFFXSDQFFRVWV/LPLWHGGHPDQGIRUSULPH VSDFHZKHUHODUJHDYDLODELOLWLHVDUHVWLOO SUHVHQWZLOOSUHYHQWDVL]DEOHXSVZLQJLQ UHQWVDQGNHHSFODVV$RIÀFHDYDLODELOLW VOLJKWOHOHYDWHG 6+$1*+$, 50%64002
  • 74. 266 628 /DUJHVFDOHVXSSOSURMHFWLRQVIRU PDQRWQHFHVVDULOWUDQVODWHLQWR VXEVWDQWLDOUHQWDOFRUUHFWLRQVDVDPDMRU SRUWLRQRIWKHQHZVXSSOLVFRPSULVHGRI SUHPLXPVSDFHFRPPDQGLQJKLJKHUWKDQ DYHUDJHUHQWDOV2IÀFHH[SDQVLRQVDUHOLNHO DQGFRQVWUXFWLRQGHODVFRXOGRIIVHWDULVH LQYDFDQFLHV BEIJING 50%64002
  • 75. 7KHRIÀFHPDUNHWZLOOUHPDLQIDYRUDEOH WRLQIDYRURIODQGORUGVRYHUWKHQH[W PRQWKVEXWDODUJHVFDOHRIVXSSO SRVWPDLPSDFWWKHPDUNHWLQ DGYDQFHZHOOEHIRUH7HQDQWVFDQH[SHFW PRUHFRPSHWLWLYHUHQWDOVDQGFRVWVDYLQJV VWDUWLQJIURP 6+(1=+(1 50%64002
  • 76. 258 2IÀFHGHPDQGVKRXOGUHPDLQSRVLWLYH DQGPDH[SHULHQFHJURZWKLQ 7KHQHZODXWKRUL]HG´LQQRYDWLRQ GHPRQVWUDWLRQ]RQHµFRXOGEHDFDWDOVW WRPDUNHWDFWLYLWJRLQJIRUZDUG5HQWDOV FRXOGVWDELOL]HSRVWZLWKDVL]HDEOH VXSSOSLSHOLQHEHFRPLQJPRUHIDYRUDEOH WRWHQDQWV 26
  • 78. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF +(1*'8 50%64002
  • 79. 111 108 +LJKHUYDFDQFLHVDQGVXSSOEXLOGXSZLOO LPSDFWKHQJGXRYHUWKHQH[WWZRHDUV 7KHPDUNHWZLOOUHPDLQIDYRUDEOHWR RFFXSLHUVZLWKVWDEOHWRPRGHUDWLQJUHQWDOV DQGWKHSRVVLELOLWRILPSURYHGFRVWVDYLQJV 'HPDQGIURPWKHÀQDQFLDOVHUYLFHVVHFWRU LVOLNHOWRFRQWLQXHLQWKHVKRUWWHUP 72.2 -3768%202
  • 80. 265 6WURQJEXVLQHVVVHQWLPHQWVH[SDQVLRQVDQG ÁLJKWWRTXDOLWZLOOFRQWLQXHWRGULYHWKH RIÀFHPDUNHWJRLQJIRUZDUG3UHOHDVLQJ LVRQWKHULVHDQGFODVV$YDFDQFLHVDUH H[SHFWHGWRGURSIXUWKHURYHUWKHQH[W FRXSOHRIHDUV$ERYHDYHUDJHUHQWDO JURZWKLVOLNHOLQ 6(28/ .5:64002
  • 81. 0 0 86 )OLJKWWRTXDOLWDQGULVLQJYDFDQFLHVZLOO FRQWLQXHLQWKHVKRUWWHUP+RZHYHULIQHZ VXSSOLVGHOLYHUHGLQDVSODQQHGWKH VXSSOVSLJRWZLOOEHWXUQHGRIIZLWKQR QHZFRPSOHWLRQDFURVVDOOPDMRUGLVWULFWV LQ9DFDQFLHVLQWKH*%'DUHOLNHO WRUHPDLQHOHYDWHGDVVRPHJRYHUQPHQW GLYLVLRQVZLOOUHORFDWHRXWVLGHRI6HRXO 2YHUDOOUHQWVDUHOLNHOWRUHPDLQÁDWLQ+ DQG 7$,3(, 173,1*02
  • 82. 90 26 919 0 0 /LPLWHGQHZVXSSODQGPRGHUDWHGHPDQG LQ;LQL3ODQQHG$UHDLVH[SHFWHG2IÀFH PDUNHWLVUHYHUVHGLQIDYRURIODQGORUGV ZLWKKLJKHUSURVSHFWLYHUHQWV(FRQRPLF LQWHJUDWLRQZLWKKLQDFRXOGIXUWKHUERRVW OHDVLQJDFWLYLWLQWKH%'JRLQJIRUZDUG 6285()25(;+$1*(5$7(6 ),1$1,$/7,0(6$8*/26,1*35,( GLOBAL OFFICE )25($67 86+0$1 :$.(),(/'
  • 83. $33(1',;$6,$3$,), ,1',$ %'/$66$9$$1 %'/$66$5(176 /$66$1(:6833/s
  • 84. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF %(1*$/858 ,156)02
  • 85. *URZLQJGHPDQGDQGKHDOWKSUHOHDVLQJ DFWLYLWZLOOFRQWURODYDLODELOLWLHVDPLGVWD ODUJHVFDOHRIVXSSOXQWLO6XEXUEDQ DQGSHULSKHUDOPDUNHWVZRXOGJDLQDPDMRU VKDUHRIOHDVLQJIURPWKH,7LQGXVWU5HQWDO JURZWKZLOOEHSRVLWLYHEXWEHORZWUHQG +'(5$%$' ,156)02
  • 86. *URZWKLQWKH,7LQGXVWUZLOOIDYRURIÀFH PDUNHWLQ+GHUDEDGRYHUWKHQH[WFRXSOH RIHDUV6KRUWDJHRIKLJKTXDOLWVSDFH LQWKH0DGKDSXUVXEPDUNHWFRXOGGULYH GHPDQGWRZDUGV*DFKLERZOLLQ 5HQWDOJURZWKZLOOUHPDLQÁDWZLWKVXSSO DQGGHPDQGLQEDODQFH '(/+,15 ,156)02
  • 87. RUHDUHDVLQ'HOKLDQG*XUJDRQZLOOVHH UHQWVULVLQJDORQJZLWKVWHDGGHPDQGDQG GZLQGOLQJVXSSO'HPDQGVSLOORYHUZLOO EHQHÀWQRQ%'PDUNHWVLQ*XUJDRQDQG 1RLGDZKHUHVSDFHRSWLRQVDUHDEXQGDQW DQGPRUHVXSSOLVXQGHUZD/LPLWHGUHQWDO JURZWKLVH[SHFWHGLQ1RLGDDQG*XUJDRQ VXEXUEVRYHUWKHQH[WFRXSOHRIHDUV 080%$, ,156)02
  • 88. 0 0 2IÀFHGHPDQGZLOOUHPDLQVWDEOHDQG EHORZWUHQGLQWKH%'EXWLQ6%'LWLV H[SHFWHGWRSLFNXSJUDGXDOOLQ 5HQWVKRZHYHUZLOOUHPDLQVWDEOHZLWKD VL]HDEOHVXSSOXQGHUZDLQ5REXVW GHPDQGZLOOFRQWLQXHLQQRQFRUHPDUNHWV VXFKDV0DODG²*RUHJDRQDQG7KDQH %HODSXU5RDGORZFRVWGHVWLQDWLRQIRUWHFK FRPSDQLHV +(11$, ,156)02
  • 89. 862 862 6WDEOHGHPDQGGHFOLQLQJYDFDQFLHVDQG ÁDWWRLQFUHDVLQJUHQWVZLOOFRQWLQXHLQ WKH%'GXULQJ6XEXUEDQDQG SHULSKHUDOPDUNHWVZLOOFRQWLQXHWRDWWUDFW WHFKFRPSDQLHV$VWHHSULVHLQUHQWVLV OLNHOLQQRQFRUHPDUNHWVSRVWGXH WROLPLWHGDYDLODELOLWRIVSDFHRSWLRQV 28
  • 90. +'(5$%$' ,1',$ GLOBAL OFFICE )25($67 %'/$66$9$$1 %'/$66$5(176 /$66$1(:6833/s
  • 91. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL CURRENCY US$D/ SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF 381( ,156)02
  • 92. ,QFUHDVLQJGHPDQGZLOORIIVHWKLJKHUVXSSO DQGNHHSYDFDQFLHVVWDEOHLQWKHVKRUWWHUP 5HQWVDUHOLNHOWRUHPDLQÁDWRYHUWKH QH[WPRQWKVEXWDUHH[SHFWHGWRULVH JUDGXDOOIURPWKHHQGRI7HFKDQG PDQXIDFWXULQJFRPSDQLHVZLOOFRQWLQXHWR GULYHWKHRIÀFHPDUNHWJRLQJIRUZDUG 86+0$1 :$.(),(/' 29
  • 93. $33(1',;(8523( :(67(51(8523( 29(5$//9$$1 /$66$35,0(5(176 1(:6833/s
  • 94. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF $067(5'$0 ½640($5
  • 95. (FRQRPLFLPSURYHPHQWVDUHEHLQJ PLUURUHGEPRUHUREXVWRFFXSLHUDFWLYLW DOWKRXJKWKLVLVOLPLWHGWRWKHEHVWORFDWLRQV LQNHFLWLHV7KHVWUXFWXUDOYDFDQFLVVXHV DUHEHLQJZRUNHGWKURXJKZLWKWKH FRQYHUVLRQRIVSDFHWRDOWHUQDWLYHXVHV 'HYHORSPHQWVWDUWVDUHOLPLWHGDQGDVVXFK UHQWVPDVHHVOLJKWXSZDUGJURZWK %$5(/21$ ½6400217+
  • 96. $YDLODELOLWLVRQDGRZQZDUGWUDMHFWRU RYHUWKHQH[WPRQWKVDVGHPDQG SLFNVXSHURGLQJFODVV$DYDLODELOLWLQ SDUWLFXODU1HZGHYHORSPHQWLVOLPLWHGZLWK GHYHORSHUVFDXWLRXVDQGSRVLWLYHUHQWDO JURZWKVKRXOGIROORZDVQHZUHTXLUHPHQWV DUHORJJHGDQGSRWHQWLDOOVDWLVÀHG %5866(/6 ½640($5
  • 97. 280 290 RUSRUDWHGHPDQGLVVWLOOUHVWUDLQHGDV UHGXFLQJRSHUDWLRQFRVWVDQGLQFUHDVLQJ HIÀFLHQFWDNHSUHFHGHQFHGHVSLWHWKH HDUOVLJQVRIDQHFRQRPLFUHFRYHU7KH SXEOLFVHFWRULVUHODWLYHODFWLYHKRZHYHU 7KHVFDUFLWRIFODVV$VWRFNDQGOLPLWHG FRQVWUXFWLRQZRUNZLOOVHHYDFDQFIDOO JUDGXDOODQGUHQWDOJURZWKLPSURYHVOLJKWO '8%/,1 ½640($5
  • 98. 515 0 0 'XEOLQLVOHDGLQJWKHRIÀFHPDUNHW UHFRYHUZLWKYHUVWURQJUHQWDOJURZWK DQWLFLSDWHGDVWKHHFRQRPJDWKHUVIXUWKHU PRPHQWXP:LWKRQOWZREXLOGLQJVVHWWR FRPSOHWHLQTXDOLWVXSSOOHYHOVDUH YHUOLPLWHGDQGFRPELQHGZLWKDVWHDG DSSHWLWHRIQHZUHTXLUHPHQWVRQWKH PDUNHWUHQWVDUHH[SHFWHGWRULVH )5$1.)857 ½6400217+
  • 99. 0RPHQWXPLQWKHPDUNHWLVVKRZLQJ VLJQVRISLFNLQJXSVXSSRUWHGEIXUWKHU LPSURYHPHQWVLQWKHHFRQRP7KHYDFDQF UDWHLVH[SHFWHGWRIXUWKHUGHFUHDVHDV LQYHVWRUVDQGGHYHORSHUVWHQGWRUHIXUELVK DQGFRQYHUWROGHURIÀFHSUHPLVHVWKDWGR QRWPHHWPRGHUQTXDOLWVWDQGDUGV4XDOLW VSDFHLVEHLQJDEVRUEHGEXWSRVLWLYHUHQWDO JURZWKLVRIIVHWEFRPSOHWLRQVXQWLO
  • 101. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF /,6%21 ½6400217+
  • 102. 0 0 7KHRIÀFHVHFWRUVKRXOGEHQHÀWIURPD UHODWLYHLPSURYHPHQWRIWKH3RUWXJXHVH HFRQRPDQGUHDOHVWDWHPDUNHW'HPDQG LVH[SHFWHGWRVHHDPRGHUDWHULVHDQG YDFDQFUDWHVZLOOJUDGXDOOGHFUHDVHZLWK GRZQZDUGSUHVVXUHRQUHQWVGLPLQLVKLQJ +RZHYHULQFHQWLYHVZLOODGDSWDFFRUGLQJO EHIRUHUHQWDOJURZWKLVVHHQ /21'21 …64)7($5
  • 103. 7KHVXSSOVTXHH]HGXHWRWKHVFDUFLWRI GHYHORSPHQWFRPSOHWLRQVRYHUWKHQH[W PRQWKVDQGDIXUWKHUVWUHQJWKHQLQJLQ RFFXSLHUDFWLYLWDPLGSRVLWLYHHFRQRPLF QHZVZLOOUHVXOWLQJRRGUHQWDOJURZWK /8;(0%285* ½6400217+
  • 104. 7KHÀQDQFHDQGEDQNLQJVHFWRUUHPDLQ DQLPSRUWDQWHOHPHQWWRDFWLYLWOHYHOV 'HVSLWHULVHVLQQHZFRPSOHWLRQVLQ UREXVWGHPDQGVXSSRUWHGEDKHDOWK HFRQRPZLOOFRQWLQXHWRHURGHFODVV$ VSDFH9DFDQFLVDQWLFLSDWHGWRIDOOEHORZ VXSRUWLQJUHQWDOJURZWKLQFHQWUDODUHDV LQSDUWLFXODU 0$'5,' ½6400217+
  • 105. 0 0 ODVV$VSDFHLVGHFOLQLQJSDUWLFXODUOLQWKH %'DVRFFXSLHUDFWLYLWSLFNVXSDORQJVLGH IRUHFDVWHGHFRQRPLFJURZWKDQGWKLVZLOO SXWXSZDUGSUHVVXUHRQUHQWVZKLFKDUH H[SHFWHGWRULVHLQDIWHUDSHULRGRI VWDELOLW6SHFXODWLYHFRQVWUXFWLRQKDVFRPH WRDKDOWDQGWKHDPRXQWRIVHFRQGKDQG VSDFHEHLQJUHWXUQHGKDVVORZHG MILAN ½640($5
  • 106. $V*'3UHFRYHUVRYHUWKHQH[W PRQWKVUHQHZHGRSWLPLVPZLOOWUDQVODWH LQWRDOEHLWDPRGHVWEURDGEDVHG LPSURYHPHQWLQGRPHVWLFGHPDQG5LVLQJ EXVLQHVVVHQWLPHQWOLQNHGWRSURSRVHG VWUXFWXUDOUHIRUPVVHHVVRPHRFFXSLHUV UHDFWLYDWHWKHLUDFFRPPRGDWLRQSODQVZLWK DZLOOLQJQHVVWRSDKLJKHUUHQWVIRUTXDOLW VSDFHZKLFKLVLQVKRUWVXSSO 6285()25(;+$1*(5$7(6 ),1$1,$/7,0(6$8*/26,1*35,( GLOBAL OFFICE )25($67 86+0$1 :$.(),(/' (8523(
  • 107. $33(1',;(8523( :(67(51(8523( 29(5$//9$$1 /$66$35,0(5(176 1(:6833/s
  • 108. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF 081,+ ½6400217+
  • 109. 6RXQGHFRQRPLFIXQGDPHQWDOVDQGEURDG EDVHGGHPDQGDORQJVLGHVWURQJEXVLQHVV VHQWLPHQWZLOOHURGHDYDLODEOHVXSSO IXUWKHU'HVSLWHWKHKHDOWKGHYHORSPHQW SLSHOLQHYDFDQFZLOOIDOODQGLQGXHFRXUVH DVLQFHQWLYHVFRQWLQXHWREHZLWKGUDZQ SRVLWLYHUHQWDOJURZWKZLOOHQVXHDV0XQLFK UHLQIRUFHVLWVSRVLWLRQLQWKH*HUPDQ KLHUDUFK 3$5,6 ½640($5
  • 110. 810 :HDNHUHFRQRPLFJURZWKDQGPXWHG EXVLQHVVVHQWLPHQWKDYHVHHQUHQWVFRPH XQGHUGRZQZDUGSUHVVXUHZLWKLQFHQWLYHV HYLGHQW'HPDQGLVODUJHOGULYHQE RFFXSLHUVWDNLQJDGYDQWDJHRIWKLVDQG FRQVROLGDWLQJWKHLUDFFRPPRGDWLRQQHHGV LQWRPRUHHIÀFLHQWVSDFHJLYLQJULVHWR LQWHUHVWLQODUJHUÁRRUSODWHGEXLOGLQJV $067(5'$0
  • 111. :(67(51(8523( GLOBAL OFFICE )25($67 29(5$//9$$1 /$66$35,0(5(176 1(:6833/s
  • 112. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF 672.+2/0 6.5640($5
  • 113. %XVLQHVVVHQWLPHQWLVVWURQJXQGHUSLQQHG EUREXVWGRPHVWLFGHPDQG5HQWVDUH ULVLQJDVTXDOLWVXSSOGZLQGOHVOLQNHGWR DVFDOLQJEDFNLQVSHFXODWLYHGHYHORSPHQW DQGJRRGGHPDQG'HVSLWHWKLVYDFDQF PDPRYHXSLQEHIRUHGHFOLQLQJDJDLQ DVRZQHUVRIROGHUVWRFNFRQVLGHUZDVWR UHSRVLWLRQWKHLUDVVHWV =85,+ 6)5640($5
  • 114. $IWHUDUHODWLYHOORQJSHULRGRIORZ YDFDQFDYDLODELOLWLVH[SHFWHGWRULVH DVVFKHPHVFRPSOHWHDOEHLWIURPDORZ EDVH/DQGORUGVDUHKDYLQJWRDGMXVWWKHLU DVNLQJUHQWH[SHFWDWLRQVUHVXOWLQJLQUHQWDO GHFOLQHLQ7KHGHYHORSPHQWSLSHOLQH KDVVORZHGRQDKLJKHUSHUFHLYHGULVNRI YDFDQF 86+0$1 :$.(),(/'
  • 116. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF %5$7,6/$9$ ½6400217+
  • 117. (FRQRPLFIXQGDPHQWDOVDUHLPSURYLQJ DQGJURZWKLVH[SHFWHGDVDXVWHULWHDVHV H[SRUWVULVHDQGXQHPSORPHQWIDOOV 'HFUHDVLQJOHYHOVRIVXSSODQGLPSURYLQJ GHPDQGIURPQHZUHTXLUHPHQWVDVZHOO DVFXUUHQWRFFXSLHUVXSJUDGLQJWKHLU DFFRPPRGDWLRQZLOOVHHYDFDQFIDOODQG UHQWVLQFOLQHDOWKRXJKUHPDLQLQJEHORZ WKHLUSUHFULVLVSHDN %8+$5(67 ½6400217+
  • 118. 'RPHVWLFFRQGLWLRQVFRQWLQXHWRLPSURYH DQGWKHUHFRYHULVQRZPRUHEURDGEDVHG %HWWHUEXVLQHVVVHQWLPHQWLVPRUHHYLGHQW DQGRFFXSLHUVDUHQRZUHDFWLYDWLQJWKHLU UHDOHVWDWHSODQVDOEHLWRQDVHOHFWLYHEDVLV 5HQWDOJURZWKZLOOODJZLWKDQXSVZLQJ DQWLFLSDWHGLQDORQJVLGHDGHFOLQHLQ WKHYDFDQFUDWH %8'$3(67 ½6400217+
  • 119. 1HZFODVV$VSDFHLVGHFOLQLQJDVLVYDFDQF ZKLFKLVUHFDOLEUDWLQJWKHPDUNHWDZDIURP DQH[WUHPHOWHQDQWIDYRXUDEOHSRVLWLRQ ZLWKLQFHQWLYHVVKRUWHQLQJDKHDGRISRVLWLYH UHQWDOJURZWK%XVLQHVVFRQÀGHQFHLV JURZLQJZLWKODUJHURFFXSLHUVORRNLQJ HDUVLQDGYDQFHRIWKHLUOHDVHH[SLULHVWR LGHQWLIVXLWDEOHRSWLRQVRZLQJWRGZLQGOLQJ H[LVWLQJVWRFN ,67$1%8/ 86640 0217+
  • 120. 'HPDQGLVLPSURYLQJEHQHÀWWLQJIURP QHZSLSHOLQHSURMHFWV+RZHYHUWKH QXPEHURIFRPSOHWLRQVDQWLFLSDWHGZLOO RIIHURSWLRQVWRRFFXSLHUVNHHSLQJUHQWV ODUJHOÁDW2OGHUVWRFNZLOOFRQWLQXHWR RIIHUUHGHYHORSPHQWRSSRUWXQLWLHV$PRUH WHQDQWIULHQGOPDUNHWVHHPVSRVVLEOH DORQJZLWKWKHLQFUHDVHVLQPDUNHWVXSSO WKURXJKRXWDQG 6285()25(;+$1*(5$7(6 ),1$1,$/7,0(6$8*/26,1*35,(
  • 122. 200(17$5 2015 2016 2015 2016 2015 2016 CITY (LOCAL MEASURE) % % % LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL MEASURE SF LOCAL MEASURE SF 0262: 86640($5
  • 123. 'RZQJUDGHGJURZWKIRUHFDVWVOLQNHG WRHYHQWVLQ8NUDLQHKDYHLPSDFWHGRQ FRUSRUDWHFRQÀGHQFH$FWLYLWWKHUHLV FKDUDFWHULVHGEFRVWFXWWLQJPRYHV KHVLWDQWQHZHQWUDQWVDQGDSLSHOLQH WKDWLVGHOLYHULQJVSHFXODWLYHVFKHPHV UHVXOWLQJLQUHQWVFRPLQJXQGHUGRZQZDUG SUHVVXUH)LQDQFLQJFRQVWUDLQVZLOODIIHFW FRQVWUXFWLRQUDWHV 35$*8( ½6400217+
  • 124. RQÀGHQFHLVVORZOLPSURYLQJZLWK UHQHZHGLQWHUHVWIURPFRPSDQLHV EHLQJUHJLVWHUHGDV*'3H[SDQGVDQG XQHPSORPHQWIDOOV+RZHYHUUHQWV DUHXQGHUGRZQZDUGSUHVVXUHGXHWR OLQJHULQJRYHUVXSSOEURXJKWRQEWKH IXOOGHYHORSPHQWSLSHOLQH*URZWKLVQRW DQWLFLSDWHGXQWLOXQWLODYDLODELOLW GHFOLQHV :$56$: ½6400217+
  • 125. (FRQRPLFJURZWKKDVDFFHOHUDWHGRQ WKHEDFNRIULVLQJGRPHVWLFDQGH[WHUQDO GHPDQG7KLVKDVQRWEHHQUHÁHFWHG LQWKHRIÀFHPDUNHWDVWKHVXEVWDQWLDO GHYHORSPHQWSLSHOLQHLVH[SHFWHGWRVHH YDFDQFULVHSULPHUHQWVGHFOLQHRYHU DIWHUZKLFKZLWKUHDOHVWDWHIXQGDPHQWDOV LQEHWWHUEDODQFHVWDELOLWVKRXOGIROORZ ,67$1%8/ GLOBAL OFFICE )25($67 86+0$1 :$.(),(/'
  • 126. %75*/#0 9#-'(+'.%106#%65 REGIONAL RESEARCH CONTACTS $0(5,$6 0$5,$6,2/$ ([HFXWLYH0DQDJLQJ'LUHFWRU +HDGRI$PHULFDV5HVHDUFK 6DQ)UDQFLVFR$ /LF 7
  • 128. (SDXODPXQJHU#FXVKZDNHFRP (8523( -2$11$7$12 'LUHFWRU(XURSHDQ5HVHDUFK /RQGRQ8. 7
  • 129. (MRDQQDWDQR#HXUFXVKZDNHFRP $6,$3$,), 6,*5,'=,$/,7$ 0DQDJLQJ'LUHFWRU$VLD3DFLÀF5HVHDUFK 6LQJDSRUH 7
  • 130. (VLJULG]LDOFLWD#DSFXVKZDNHFRP REGIONAL OFFICE SECTOR CONTACTS $0(5,$6 -$0(6 81'(5+,// (2$PHULFDV :DVKLQJWRQ' 7
  • 131. (MLPXQGHUKLOO#FXVKZDNHFRP (8523( -$0(6 281* 3DUWQHU+HDGRI(XURSHDQ2IÀFHV /RQGRQ8. 7
  • 132. (MDPHVRXQJ#HXUFXVKZDNHFRP $6,$3$,), 6$1-$9(50$ (2$VLD3DFLÀF +RQJ.RQJKLQD 7 (VDQMDYHUPD#DSFXVKZDNHFRP XVKPDQ :DNHÀHOGDGYLVHVDQGUHSUHVHQWVFOLHQWVRQDOO DVSHFWVRISURSHUWRFFXSDQFDQGLQYHVWPHQW)RXQGHGLQ LWKDVDSSUR[LPDWHORIÀFHVLQFRXQWULHV HPSORLQJPRUHWKDQSURIHVVLRQDOV,WRIIHUVDFRPSOHWH UDQJHRIVHUYLFHVWRLWVRFFXSLHUDQGLQYHVWRUFOLHQWVIRUDOO SURSHUWWSHVLQFOXGLQJOHDVLQJVDOHVDQGDFTXLVLWLRQVHTXLW GHEWDQGVWUXFWXUHGÀQDQFHFRUSRUDWHÀQDQFHDQGLQYHVWPHQW EDQNLQJDSSUDLVDOFRQVXOWLQJFRUSRUDWHVHUYLFHVDQGSURSHUW IDFLOLWLHVSURMHFWDQGULVNPDQDJHPHQW
  • 133. GLOBAL OFFICE )25($67 3$5,6 86+0$1 :$.(),(/'