With the slow recovery in the global economy driven by the continued risks emanating from the Eurozone and the US, GDP growth in a number of Asian economies registered a slower than expected performance in 1Q 2013. Singapore’s GDP contracted 0.6% year-on-year (YoY), the first decline over the past three years. China unexpectedly lost its momentum in 1Q 2013 with growth falling short of the original forecast of 8% to a recorded increase of 7.7% YoY. This slowdown occurred despite the government’s commitment to massive infrastructure spending and the sustained growth in private consumption. Looking ahead, individual governments in the region are expected to introduce additional stimulus measures to improve the pace of economic growth. In the leasing market, corporate tenants will remain largely cost-conscious over the near term until there are more concrete signs of recovery in global demand, perhaps in the latter half of 2013. Given the low interest rate environment, the overall sales market is expected to remain dominated by cash-rich occupiers who are motivated to consider buying for long-term own-use.

1. Asia Pacific
Office Market Overview
1Q 2013
Accelerating success.

2. table of contents
asia pacific office market overview | 1q 2013
Regional Overview 3
North Asia 4-7
Beijing, China.....................................................................................................................................4
Shanghai, China.................................................................................................................................4
Guangzhou, China..............................................................................................................................5
Chengdu, China..................................................................................................................................5
Hong Kong, HKSAR............................................................................................................................6
Tokyo, Japan......................................................................................................................................6
Seoul, South Korea............................................................................................................................7
Taipei, Taiwan....................................................................................................................................7
South East Asia 8-11
Jakarta, Indonesia..............................................................................................................................8
Kuala Lumpur, Malaysia.....................................................................................................................8
Manila, Philippines.............................................................................................................................9
Singapore...........................................................................................................................................9
Bangkok, Thailand............................................................................................................................ 10
Ho Chi Minh City, Vietnam............................................................................................................... 10
Hanoi, Vietnam..................................................................................................................................11
South Asia 11-13
Bengaluru (Bangalore), India...........................................................................................................11
Chennai, India................................................................................................................................... 12
Delhi NCR, India............................................................................................................................... 12
Mumbai, India................................................................................................................................... 13
Karachi, Pakistan............................................................................................................................. 13
Australasia 14-17
Adelaide, Australia........................................................................................................................... 14
Brisbane, Australia.......................................................................................................................... 14
Canberra, Australia.......................................................................................................................... 15
Melbourne, Australia........................................................................................................................ 15
Perth, Australia................................................................................................................................ 16
Sydney, Australia............................................................................................................................. 16
Auckland, New Zealand....................................................................................................................17
Wellington, New Zealand..................................................................................................................17
Prime Office Rental and Supply 18-19
Trends & Forecasts 20-21
Definition & Terminology 22-23
Contacts 24-25

3. Colliers International | p. 3
regional overview
Economic Overview
With the slow recovery in the global economy driven by the continued risks emanating from
the Eurozone and the US, GDP growth in a number of Asian economies registered a slower
than expected performance in 1Q 2013. Singapore’s GDP contracted 0.6% year-on-year
(YoY), the first decline over the past three years. China unexpectedly lost its momentum
in 1Q 2013 with growth falling short of the original forecast of 8% to a recorded increase
of 7.7% YoY. This slowdown occurred despite the government’s commitment to massive
infrastructure spending and the sustained growth in private consumption.
Leasing
Morethanhalfoftheleasinginquiriesreceivedin1Q2013involvedexpansionaryrequirements
from companies and, as a result, average rents in the region increased mildly by 0.9% QoQ
in 1Q 2013. Although expansion requirements were seen regionally, most multinational
corporations maintained a cautious outlook on the external environment and remained
largely cost-conscious in regard to real estate spending. Many firms continue to pursue
cost reduction real estate strategies with focus on shifting to lower cost decentralised
locations, thus putting a cap on rental growth in core locations. However there were stand-
out markets such as Jakarta and Manila where economic growth has been running above
the three-year historical average. With low office vacancy rates and limited new supply in
the pipeline, rental growth was recorded at over 7% QoQ during the quarter.
Sales Market
On the sales front, buying interest from individual investors has been dampened by
various government cooling measures such as the increases in real estate stamp duties
in Singapore and Hong Kong, introduced in 1Q 2013. However, cash-rich occupiers, in
particular insurance companies, became active in the sales market in order to avoid the
risk of rental volatility. This trend was demonstrated with key purchases in Hong Kong and
Korea. In China, domestic end-users in Beijing remained active in sourcing deals while
overseas institutional investors and local players in Shanghai continued to dominate the
whole-block sales market.
Market Outlook
Looking ahead, individual governments in the region are expected to introduce additional
stimulus measures to improve the pace of economic growth. In the leasing market, corporate
tenants will remain largely cost-conscious over the near term until there are more concrete
signs of recovery in global demand, perhaps in the latter half of 2013. Given the low interest
rate environment, the overall sales market is expected to remain dominated by cash-rich
occupiers who are motivated to consider buying for long-term own-use.

4. p. 4 | Colliers International
asia pacific office market overview | 1Q 2013
CHINA
Beijing
• A new Grade A office project of 37,800 sq m was completed in 1Q 2013. An existing
project situated in the East 2nd Ring sub-market was added back to the market due to the
transition from an owner-occupancy to a partial leasing strategy.
• Demand for Grade A office properties remained largely stable during 1Q 2013, on the back
of a mild upturn in economic growth, with enquiries and leasing transactions for quality
office space recovering moderately. Correspondingly, the overall vacancy rate edged down
by 0.2 percentage points QoQ to 4.8%, as of the end of 1Q 2013.
• Rentals increased 0.4% QoQ to RMB327.9 per sq m per month by end of 1Q 2013. However,
in a bid to retain satisfactory occupancy rates, some landlords were more flexible in their
pricing, leading the average rents in the East Chang An Avenue, Lufthansa and East 2nd
Ring sub-markets to decline by 3.0% QoQ, 1.9% QoQ and 0.9% QoQ, respectively.
• The office investment market was active in 1Q 2013, with many domestic end-users
demonstrating strong interest in sourcing deals. One en bloc salestransaction was disclosed
during this quarter. Shandong Luneng Group Co. Ltd, a domestic corporation, acquired
Bogong International Centre in the central business district (CBD), for a total consideration
of RMB1.39 billion.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Bogong International Centre S Shandong Luneng Group Co. Ltd 344,400
Raycom Info Tech Park L Red Hat Software 54,800
Central International
Trade Centre
L Joy Global (China)
Investment Co. Ltd
20,800
Phoenix Place L Lexmark 15,100
China Electronics Plaza L Nufront 14,700
20,000
40,000
60,000
80,000
00.00
100.00
200.00
300.00
400.00
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
CapitalValues
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
BEIJING OFFICE CAPITAL AND RENTAL VALUES
0.00
0.20
0.40
0.60
0.80
0.0%
5.0%
10.0%
15.0%
20.0%
2010 2011 2012 2013 F 2014 F
Supply Take-up Vacancy Rate
BEIJING OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
SHANGHAI
• Leasing demand improved slightly in 1Q 2013. Correspondingly, the average vacancy rate in
the CBD edged down from 9.2% in 4Q 2012 to 9.1% in 1Q 2013, while in decentralised areas
it descended mildly to 19.5%.
• Afterbeing acquired byBlackstone in 2012, Huamin Imperial Towerwas launched as Garden
Square in March 2013.
• The average rental rate for Grade A premises in the CBD remained flat in 1Q 2013, standing
at RMB8.8 per sq m per day. The rental rate in decentralised districts declined by 1.2% QoQ
to RMB5.1 per sq m per day.
• The en bloc office sales market recorded a numberof notabletransactions, with both overseas
institutional investors and local buyers active in 1Q 2013.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Grand Gateway L Seagate 9,700
Park Place L Advent 6,500
Corporate Avenue L Gensler 6,500
Park Place L Simmons & Simmons 7,500
Ocean Tower S ARA 539,600
J-Tower S MGPA 161,500
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
CapitalValues
Rentals (RMB / sq m / Day) Capital Values (RMB / sq m)
0.00
3.00
6.00
9.00
12.00
15.00
18.00
0
12,000
24,000
36,000
48,000
60,000
72,000
SHANGHAI OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0.00
0.30
0.60
0.90
1.20
Millionsqm
0.0%
5.0%
10.0%
15.0%
VacancyRate
20.0%
Supply Take-up Vacancy Rate
SHANGHAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE

5. asia pacific office market overview | 1Q 2013
Colliers International | p. 5
CHENGDU
• Chengdu’s Grade A office market database has been adjusted to the latest Office Grading
Guideline. Until 1Q 2013, the total Grade A office stock amounted to 780,175 sq m. Average
rent increased by 0.94% QoQ, to RMB128.91 per sq m per month, while the vacancy rate
went up slightly by 0.2% QoQ.
• In this quarter The Atrium office building, with 37,858 sq m of space, entered the office
market bringing Grade A office stock in the Financial Street area to 220,599 sq m. The
average rent increased by 6.18% QoQ, to RMB119.56 per sq m per month, while the
vacancy rate in this area stood at 53.39%, an increase of 2.97% QoQ.
• The new office buildings with high-quality hardware and construction attracted many
tenants. As a result, vacancy rate for the overall Grade A office market increased by only
0.2% QoQ in 1Q 2013, even though there was a new project entering the market at the
same time. On the other hand, the pressure of rising rents will increase as homogeneous
competition in the Grade A office market intensifies in 2013.
guangzhou
• The average vacancy rate for Guangzhou’s Grade A office market decreased 2.4% QoQ
to 21.9% in 1Q 2013, as no new supply entered the market.
• Office rents rebounded to RMB156.9 per sq m per month in 1Q 2013.
• Guangzhou’s Grade A office prices staged a stable performance, averaging RMB31,107
per sq m during 1Q 2013.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Taikoo Hui L Sumitomo Corporation 21,500
Victory Plaza L Dacheng Law Offices 14,000
CHENGDU OFFICE CAPITAL AND RENTAL VALUES
0.00
50.00
100.00
150.00
200.00
250.00
0
5,000
10,000
15,000
20,000
25,000
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
CapitalValues
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
CHENGDU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
2010 2011 2012 2013 F 2014 F
Millionsqm
VacancyRate
Supply Take-up Vacancy Rate
CHINA
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Square One L Ruihuang Watch 1,600
Raffles City L Zhengjin Mining 7,000
Raffles City L A-one Industrial 14,000
Ping An Fortune Centre L AstraZeneca 17,200
Ping An Fortune Centre L Jiangsu Institute of Urban
Planning and Design
14,000
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0.00
50.00
100.00
150.00
200.00
0
10,000
20,000
30,000
40,000
Rentals
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
CapitalValues
GUANGZHOU OFFICE CAPITAL
AND RENTAL VALUES
0.00
0.25
0.50
0.75
1.00
0.0%
10.0%
20.0%
30.0%
40.0%
2010 2011 2012 2013 F 2014 F
Millionsqm
VacancyRate
Supply Take-up Vacancy Rate
GUANGZHOU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE

6. p. 6 | Colliers International
asia pacific office market overview | 1Q 2013
tokyo
• New supply in 2013 will be the lowest since 2008.
• Rents bottoming, significant incentives continue.
• Vacancy rates continue to be range bound with some qualitative decline.
• Business confidence and government stimulus may impact demand positively.
• Macro-economic indicators turning positive, land prices stabilising.
• Tenant-friendly market conditions continue, but near-term further weakening unlikely.
hong kong
hong kong
• Overall Grade A office rents increased slightly by 0.4% QoQ in 1Q 2013. However rents
in Central fell by 1.2% QoQ during the same period, as individual landlords of top-tier
buildings reduced their asking rents in anticipation of a potential increase in backfill
space once major anchors decided to relocate.
• Most tenants chose to renew their leases in 1Q 2013, as very few other real estate leasing
options were available.
• Buying interest remained strong among investors and end-users in 1Q 2013. For example,
Hang Seng Bank acquired the en bloc at 113 Argyle Street in Mong Kok for about HK$3
billion for its own occupation and investment purposes, representing an estimated market
yield of 3.4%.
• On the leasing front, office rents in Central are expected to grow more strongly in the
order of 8% than overall Grade A office rents (7%) in the coming 12 months, as the
rental premium for top-tier buildings is expected to increase, due to growing occupational
demand among small-to-medium-size financial tenants willing to pay the premium.
HONG KONG OFFICE CAPITAL
AND RENTAL VALUES
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0.00
25.00
50.00
75.00
100.00
125.00
150.00
175.00
Rentals
CapitalValues
Rentals (HK$ / sq ft / Month) Capital Values (HK$ / sq ft)
HONG KONG OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
0.00
0.50
1.00
1.50
2.00
2.50
3.00
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2010 2011 2012 2013 F 2014 F
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Akasaka Center Building L Oracle 120,700
Watterras Tower L Hitachi Building Systems 177,500
Kokusai Shin Akasaka L Ando Hazama Construction 152,700
Toranomon Hills L Asatsu DK 230,800
JP Tower L Net One Systems 177,500
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
10,000
20,000
30,000
40,000
50,000
Rentals
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
CapitalValues
Rentals (Yen / Tsubo / Month) Capital Values (Yen / Tsubo)
TOKYO OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0
40,000
80,000
120,000
160,000
200,000
240,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Supply Take-up Vacancy Rate
Tsubo
VacancyRate
TOKYO OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
japan
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Two IFC L UBS 205,000
Kowloon Commerce Centre
Tower B
L Bank of America 117,000
Three Pacific Place L Societe Generale 108,000
113 Argyle Street S Hang Seng Bank 340,000
Manley Commercial Building S Macau-based investor 58,300

7. asia pacific office market overview | 1Q 2013
Colliers International | p. 7
seoul
• Seven office buildings were launched in 2012, covering 500,830 sq m of gross floor
area. In 1Q 2013, State Tower Gwanghwamun in the CBD with a gross floor area of
40,991 sq m was the only new supply to enter the market.
• Most upcoming office buildings in 2013 will be in the CBD and YBD. In the CBD, four
Grade A office buildings will come on stream and two premium office towers, Three IFC
and FDI tower, will be launched.
• The average rent for Grade A office buildings increased 1.11% from the previous quarter
to KRW24,478 per sq m in 1Q 2013 as most prime-grade buildings maintained steady
rental rates with no significant changes.
• The overall vacancy rate stood at 7.89% in 1Q 2013, relatively unchanged from the
previous quarter as expansions/relocations to prime office buildings continued at a
moderate pace.
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
Rentals
CapitalValues
Rentals (NT$ / Ping / Month) Capital Values (NT$ / Ping)
TAIPEI OFFICE CAPITAL AND RENTAL VALUES
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2010 2011 2012 2013 F 2014 F
Ping
Supply Take-up Vacancy Rate
VacancyRate
TAIPEI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
south korea1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
CapitalValues
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
00
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Rentals
Rentals (Won / sq m / Month) Capital Values (Won / sq m)
SEOUL OFFICE CAPITAL AND RENTAL VALUES
0
100,000
200,000
300,000
400,000
500,000
600,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010 2011 2012 2013 F 2014 F
VacancyRate
sqm
Supply Take-up Vacancy Rate
SEOUL OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
taiwan
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Farglory International Centre L PAREXEL International 71,100
Taipei 101 Tower L Ting Hsin International Group 27,700
Fabulous International
Commercial Building
L Brother Hotel 22,800
Walsin Xinyi Building L Eastspring Investments 17,800
Manhattan World Trade Building L Insurance Company of North
America Taipei Branch
13,200
Taipei
• The completion Farglory Financial Center added 18,000 ping to Grade A office market.
Since the net take-up of Grade A offices during this quarter was lower than the new
supply, the vacancy rate increased further by 1.2 percentage points QoQ to 11.14% in 1Q
2013. Meanwhile, vacancy rate in Hsin-Yi district increased to 13.5% due to the completion
of the new building.
• In addition, the net take-up in the NK-SC district was 2,400 ping in 1Q 2013, causing the
vacancy rate to decline by 6.2 percentage points QoQ, to 13.23% in 1Q 2013.
• The net take-up in the MS-TN district also reached 1,040 ping in 1Q 2013, which caused
the vacancy rate to drop by 95 basis points QoQ, to 13.1% in 1Q 2013.
• The average effective Grade A office rents rose by 14 basis points or NT$4 QoQ to NT$
2,442 per ping per month in 1Q 2013. Effective rents in the Hsin-Yi district rose by 0.72%
QoQ to NT$ 2,844 per ping per month in 1Q 2013.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
K Twin Tower L Woori Card 99,600
K Twin Tower L Microsoft 148,600
Center 1 L SMBC 72,800
Sewoo Building L IGIS Asset management 11,700
GS Yeokjeon Tower S Vastas Investment Management 429,600
Doosan E&C S Hana Daol Trust 234,400
Hyundai Capital HQ S Hyundai Life Insurance 400,500

8. p. 8 | Colliers International
asia pacific office market overview | 1Q 2013
indonesia
jakarta
• The average occupancy rate for office buildings in the CBD was registered at 97% in
1Q 2013. Expansion activity remains the main demand generator this year in view of
promising economic growth. About 35% of the new projects coming on line in 2013 has
been pre-committed.
• Office buildings located outside the CBD also enjoy a robust market. About 70% of the
new projects scheduled for completion this year has been pre-committed.
• Grade A office rents soared quite substantially in 1Q 2013. There are increasing demand
for more affordable property options.
• The growing T.B. Simatupang market in South Jakarta will be the major source of new
supply in 2013, accounting for about 50% of the total in non-CBD areas. The tenants of
the new space are mainly from the mining and oil & gas industries.
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
CapitalValues
Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)
JAKARTA OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F
sqm
0
100,000
200,000
300,000
400,000
500,000
Supply Take-up Vacancy Rate
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
VacancyRate
JAKARTA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Rentals
200
400
600
800
1,000
1,200
CapitalValues
0
Capital Values (Ringgit / sq ft)Rentals (Ringgit / sq ft / Month)
KUALA LUMPUR OFFICE CAPITAL AND
RENTAL VALUES
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
28.0%
2010 2011 2012 2013 F 2014 F
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
KUALA LUMPUR OFFICE SUPPLY, TAKE-UP
& VACANCY RATE
kuala lumpur
• There were no new completions during the review period in Central Kuala Lumpur. The
only prime office development which is expected to be completed by the end of this year
is Menara Hap Seng 2, contributing 509,000 sq ft of net lettable area to the existing
supply.
• As the new office space completed in 2012 was gradually absorbed, the vacancy rate
decreased to 7.5% in 1Q 2013 from 13.9% in the previous quarter.
• Older buildings are being refurbished or demolished to make way for modern buildings.
Among these are Tradewinds Corp Bhd demolishing the Crowne Plaza Mutiara Kuala
Lumpur and Kompleks Antarabangsa to build the RM6 billion Tradewinds Centre, and
the 35-storey Kompleks Dayabumi undergoing upgrades worth RM900 million in a
conversion to a high-rise office and residential tower.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Menara Haw Par L Pac Lease Berhad 16,000
Integra Tower @ Intermark L Michael Page International
Sdn Bhd
5,000
Pavilion Tower L KL Metro Group 9,800
Menara CitiBank L Foster Wheeler E & C
(Malaysia) Sdn Bhd
17,900
malaysia
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
BRI 2 L GE International Operations
Company Inc.
44,600
World Trade Center II L PT Avrist Assurance 21,200
Menara 165 L PT Energy Equity Epic (Seng-
kang) Pty. Ltd
25,900
Menara 165 L Rajawali Swiber Cakrawala 13,000
Menteng Office Park S Harmoni Dinamik Indonesia 78,000
Gran Rubina S Mandiri Healthcare 33,100

9. asia pacific office market overview | 1Q 2013
Colliers International | p. 9
philippines
manila
• In 1Q 2013, the overall vacancy rate in all of the sub-markets in Metro Manila dropped
to the 3% level, mainly driven by the strong expansion demand from the outsourcing &
off-shoring industry. In the Makati CBD, premium vacancy declined to 3.48% QoQ and
will remain below the 4% level over the next twelve months.
• The vacancy rate in the Makati CBD will remain low in the long term as the supply
for new office space remains limited. Only one new office building is expected to be
completed this year - Alphaland Makati Tower (38,400 sq m). Meanwhile, V-Corporate
Center (23,000 sq m) is targeted to be completed in 2014.
• As landlords gained more pricing power resulting from the relatively low vacancy rate,
rents in Makati CBD increased substantially by 8.7% QoQ to almost P840.00 per sq m
per month. The rental rate will eventually exceed the P900 per sq m level by the end of
the year.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Hanston Square L Flextronics
(Project Management)
27,200
RCBC Plaza L GXS 9,400
0
200
400
600
800
1,000
1,200
1,400
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Capital Values (Peso / sq m)Rentals (Peso / sq m / Month)
CapitalValues
Rentals
MANILA OFFICE CAPITAL AND RENTAL VALUES
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2010 2011 2012 2013 F 2014 F
sqm
Supply Take-up Vacancy Rate
VacancyRate
MANILA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
singapore
• Leasing momentum in the CBD stayed relatively muted in 1Q 2013, dominated by renewal
deals and tenants’ flight to quality.
• The average occupancy rate for Premium Grade office space in the Raffles Place /
New Downtown micro-market increased from 88.5% in 4Q 2012 to 90.2% in 1Q 2013,
although the average occupancy rate for Grade A office space in the wider CBD slipped
from 94.5 to 93.6% over the same period.
• The average monthly gross rents for CBD Premium and Grade A office space continued
to ease by another 0.7% QoQ in 1Q 2013 to reach S$8.41 per sq ft as of March 2013.
• Weighed down by downside risks on the global economic front, CBD office rents are
expected to stay on a downtrend in 2013, but improving local market fundamentals could
cap the fall in office rents to less than 5% for the whole year.
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0.00
5.00
10.00
15.00
20.00
25.00
Rentals
30.00
500
1,000
1,500
2,000
2,500
3,000
CapitalValues
0
Capital Values (Singapore$ / sq ft)Rentals (Singapore$/ sq ft / Month)
SINGAPORE OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
0.00
0.50
1.00
1.50
2.00
2.50
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
SINGAPORE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
singapore
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
The Metropolis L Procter & Gamble 300,000
The Metropolis L Neptune Orient Line 150,000
The Metropolis L Shell 140,000
The Metropolis L Singapore Exchange 80,000
16 Collyer Quay (51% stake
in holding company)
S NTUC Income 278,400
2HR, 2 Havelock Road S Guthrie GTS 173,900
Note: A re-basketing exercise was conducted in 1Q 2013 to update Colliers International’s basket of properties in the different micro-markets so as
to better reflect the quality and physical building specifications under the current office built-up landscape.

10. p. 10 | Colliers International
asia pacific office market overview | 1Q 2013
thailand
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
0
200
400
600
800
1,000
1,200
1,400
120,000
CapitalValues
20,000
40,000
60,000
80,000
100,000
140,000
0
Capital Values (Baht / sq m)Rentals (Baht/ sq m / Month)
BANGKOK OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F
Supply Take-up Vacancy Rate
sqm
0
20,000
40,000
60,000
80,000
100,000
120,000
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRate
BANGKOK OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
bangkok
• Overall, Bangkok office market rental rates increased in 2012 and are expected to continue
to rise in 2013, especially in the CBD.
• The limited availability of land at reasonable prices in the CBD area is the major obstacle
for office building development. Therefore, most of the new office supply is located
outside the CBD area.
• New international companies are entering the Thailand market, while many existing
companies are expanding or planning to expand their offices.
• The prospects under the Asean Economic Community (AEC) in 2015 and the opening
up of Myanmar will increase demand for office buildings in Bangkok as Thailand is seen
as an increasingly important regional centre for companies with operations in the sub-
region, i.e. Myanmar, Laos and Cambodia.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Chamchuree Square L AIRA Securities Group 30,200
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Bitexco Financial Tower L Sabic 2,700
Bitexco Financial Tower L Murphy Oil 9,700
Bitexco Financial Tower L SoftBank 2,200
President Place L Microsoft 32,300
vietnam
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
10
20
30
40
50
Rentals
Rentals (US$/ sq m / Month)
HO CHI MINH CITY OFFICE RENTAL VALUES
-20,000
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
-6.0%
-3.0%
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
18.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take-up Vacancy Rate
HO CHI MINH CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
ho chi minh city
• Due to a number of delayed projects and continued difficulty in accessing financing,
there will not be any major increases in supply during 2013 or 2014. Current movement
in investments from international enterprises should push growth in the long term.
• The lack of new supply should keep rents relatively stable. However, rental rates are
expected to slide slightly more in 2013 before increasing again in 2014 as the market
faces pressure from increasing demand and no major new supply until 2015.
• The lack of new supply in coming years is expected to lower vacancy rates to below
10% in the Premium Grade sector over the next two years.
• Future development of Premium Grade office projects will continue to be centred in the
CBD (District 1).

11. asia pacific office market overview | 1Q 2013
Colliers International | p. 11
hanoi
• An increasing proportion of new supply over the coming years will be coming from
large-scale projects being developed outside the CBD, particularly in Cau Giay and Tu
Liam districts.
• The lower rental rates in the non-CBD projects will continue to drive average rental
rates down across the city, as the projects compete with CBD projects for large-scale
tenants.
• As the economy is still recovering from the slowdown of previous years, it is expected that
demand and take-up will remain at lower levels despite the increased supply. Meanwhile,
vacancy levels are expected to increase in the coming years.
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
10
20
30
40
50
Rentals (US$/ sq m / Month)
Rentals
HANOI OFFICE RENTAL VALUES
-50,000
0
50,000
100,000
150,000
200,000
250,000
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take-up Vacancy Rate
HANOI CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
vietnam
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Pacific Place L Honeywell 1,100
india
0
10
20
30
40
50
60
70
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Rentals
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
BENGALURU OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Millionsqft
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
VacancyRate
0.0%
Supply Take-up Vacancy Rate
BENGALURU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
bengaluru (Bangalore)
• In 1Q 2013, absorption improved in the IT/ITeS sector, the traditional driver of office
demand in the city. More than 2.5 million sq ft of Grade A office space was absorbed
during the quarter. Most of the demand was generated by small and medium enterprises
in the IT/ITeS sector, in micro-markets such as Whitefield, Electronic City and ORR.
• During 1Q 2013, construction activities in Bengaluru remained active, resulting in
numerous completions. More than 1.5 million sq ft of Grade A office space was added
to the city’s total inventory.
• Rental values for Grade A properties remained stable across all the sub-markets due to
a supply and demand equilibrium.
• There will be limited new supply in the near- to medium-term. Developers are refraining
from speculative development due to the uncertainty in the future performance of the IT/
ITeS sector, and price competition from alternative locations like Pune and Hyderabad.
Short- to medium-term rents are anticipated to remain stable.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Prestige Tech Park L LinkedIn 80,000
RPS Green Space L VM Ware 60,000
Golden Supreme Tech Park L Siemens 240,000
Pritech Park L Saffron 80,000
Renaissance First Face L Microchip 155,000

12. p. 12 | Colliers International
asia pacific office market overview | 1Q 2013
india
0
10
20
30
40
50
60
70
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Rentals
CapitalValues
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
CHENNAI OFFICE CAPITAL AND
RENTAL VALUES
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.00
2.00
4.00
6.00
8.00
10.00
2010 2011 2012 2013 F 2014 F
Millionsqft
VacancyRateSupply Take-up Vacancy Rate
CHENNAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
chennai
• In 1Q 2013, the city witnessed moderate leasing activities, with demand mostly driven
by IT/ITeS occupants in the Special Economic Zones (SEZs). The total office space
absorption was recorded at around 1 million sq ft.
• The city has not witnessed any major completions in 1Q 2013. Developers have adopted
a cautious approach due to high vacancy levels, and have slowed the pace of their
construction works.
• During the surveyed quarter, no major movement of capital and rental values were
recorded, hence both remained stable across all micro-markets.
• A moderate level of absorption momentum is expected in the coming quarters. With
controlled supply in the near future, rentals are expected to remain at current levels in
preferred micro-markets such as the CBD, OMR and Guindy. However, there may be
some downward pressure in locations outside city areas because of lower demand.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Ramanujan IT SEZ L TCS 100,000
Ramanujan IT SEZ L Mindtree 200,000
Ramanujan IT SEZ L Pershing 60,000
RMZ L Flextronics 80,000
DLF SEZ L Barclays 69,000
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
50
100
150
200
250
0
5,000
10,000
15,000
20,000
25,000
Rentals
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
DELHI NCR OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
28.0%
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
DELHI NCR OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
delhi NCR
• Steady occupier demand was observed during 1Q 2013. NCR witnessed the absorption
of more than 1.5 million sq ft during the quarter. More than 60% of this absorption was
recorded in Gurgaon.
• Approximately, 3 million sq ft of Grade A office space was added to the city’s total
inventory in 1Q 2013.
• The investment market continued to remain sluggish with no major en bloc sales
transactions concluded in 1Q 2013.
• Rental values for new completed buildings in the CBD were higher than the market
average due to their state-of-the-art facilities and amenities. However, the overall rents
and capital values for Grade A offices remained stable in all micro-markets
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Modelama L Jacob Engineering 116,000
Konnectus L VFS Global 50,000
DLF Atria L Cairn Energy 200,000
Building No. 5 L American Express 150,000
DLF IT Park L Fiserv 200,000

13. asia pacific office market overview | 1Q 2013
Colliers International | p. 13
india1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
10,000
20,000
30,000
40,000
50,000
60,000
0
50
100
150
200
250
300
Rentals
CapitalValues
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Month)
MUMBAI OFFICE CAPITAL AND RENTAL VALUES
0.00
2.00
4.00
6.00
8.00
10.00
12.00
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
2010 2011 2012 2013 F 2014 F
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
MUMBAI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
mumbai
• Healthy leasing activities were observed during 1Q 2013. Office space absorption was
recorded at more than 2 million sq ft. A number of large-sized leases (40,000 – 100,000
sq ft) were signed. BFSI and IT/ITeS were the primary sectors contributing to this
demand.
• No major movements in rental values were recorded across the sub-markets, except for
a marginal decrease in the range of 1 -3% in areas like Nariman Point and Lower Parel.
• In the medium-term, occupier demand is expected to remain healthy with micro-markets
like Andheri, BKC and Lower Parel continuing to be the preferred destination for occupiers,
due to the availability of Grade A office space. Overall, rents across the micro-markets
are expected to remain unchanged, while rents for premium office space may increase
slightly due to limited availability.
Karachi
• The Karachi office market is struggling due to the prevailing uncertainty regarding the
macro-economic levels and the upcoming elections.
• Marhaba Trade Centre is the only office development launched in March 2013 on a sales
model basis wherein small sized offices range from 1,800 to 2,200 sq ft.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Al Tijarah Centre L Lotte Pakistan 12,000
pakistan
KARACHI OFFICE CAPITAL AND RENTAL VALUES
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
0
20
40
60
80
100
120
140
160
Capital Values (Rupee / sq ft)Rentals (Rupee/ sq ft / Year)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
CapitalValues
2010 2011 2012 2013 F 2014 F
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Millionsqft
1.60
VacancyRate
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Supply Take-up Vacancy Rate
KARACHI OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Lodha Sim Tools L Sutherland 75,000
L&T Business Park L Colgate Palmolive 100,000
Solitaire 14 L UTV-Disney 90,000
Lodha Sim Tools L Tata Group 100,000
Arena Space L Johnson & Johnson 150,000
Nirlon L Barclays 180,000
Gigaplex S Axis Bank 300,000

14. p. 14 | Colliers International
asia pacific office market overview | 1Q 2013
australia1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
100
200
300
400
500
600
700
Rentals
1,000
2,000
3,000
CapitalValues
4,000
5,000
6,000
7,000
0
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
ADELAIDE OFFICE CAPITAL AND
RENTAL VALUES
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
0
200
400
600
800
1,000
1,200
CapitalValues
10,000
12,000
0
2,000
4,000
6,000
8,000
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
BRISBANE OFFICE CAPITAL AND
RENTAL VALUES
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take-up Vacancy Rate
BRISBANE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2010 2011 2012 2013 F 2014 F
0
20,000
40,000
60,000
80,000
100,000
120,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
sqm
VacancyRate
Supply Take-up Vacancy Rate
ADELAIDE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
adelaide
• In 4Q 2012, Adelaide recorded its largest commercial office sale in almost a decade
with the sale of 400 King William Street to German group Real I.S. AG for $97.9 million.
The building, which sold off-market at a yield of 8.2%, demonstrates the strong appetite
from national and offshore investors for prime quality investment assets in Adelaide.
• Due to incoming backfill and new uncommitted supply, the overall CBD vacancy rate is
forecast to continue to trend upwards until 4Q 2013.
• Two new buildings will officially come on line in 2013, including the speculatively
constructed private development at 70 Franklin Street in February 2013, and Bendigo
and Adelaide Bank’s new headquarters at 80 Grenfell Street, due to be completed in
November 2013.
• Yields are likely to firm marginally by late 2013 or early 2014, when the vacancy rate
starts to rebound and rent growth recovers.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
101 Grenfell Street S Private 142,000
153 Wakefield Street L Sydac 12,900
44 - 60 Rundle Mall L University of Adelaide 35,300
211 Victoria Square L Statewide Super 22,600
25 - 27 Franklin Street L Gallagher Bassett Services 32,500
30 Flinders Street L Fyfe 13,500
brisbane
• The Queensland government has adjusted its property stance which has resulted in a
withdrawal from a number of privately owned assets as well as much consolidation and
amalgamation in state owned buildings.
• An increase in vacancy over the last six months can be largely attributed to the ample
supply of secondary backfill space as well as the initial hand-back of government space.
• Domestic and offshore institutional buyers are expected to dominate the investment
landscape, citing potential yield compression and the divergence in total returns compared
to secondary assets.
• Sophisticated investors and developers have placed their confidence in market growth
as evidenced by the progression of several significant new office developments that
could see up to 250,000 sq m of floor space delivered by 2017.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
400 George Street
(50% Interest)
S Motor Accident Commission 468,200
1 Eagle Street L Origin Energy 57,900
410 Ann Street L Jacobs Engineering 36,700
111 Eagle Street L Ernst & Young 16,100
288 Edward Street L Wood Group Wagners 14,800

15. asia pacific office market overview | 1Q 2013
Colliers International | p. 15
australia
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
100
200
300
400
500
600
700
Rentals
0
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
1,000
2,000
3,000
4,000
5,000
6,000
CapitalValues
7,000
0
MELBOURNE OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
sqm
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
VacancyRate
Supply Take-up Vacancy Rate
MELBOURNE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
0
100
200
300
400
500
600
700
800
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
CapitalValues
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
CANBERRA OFFICE CAPITAL AND
RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
sqm
VacancyRate
Supply Take-up Vacancy Rate
CANBERRA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
canberra
• Office supply in Canberra will remain tight with no new supply in the CBD area expected
for the next two years.
• Continued demand for quality office space will place downward pressure on Grade A
vacancy levels.
• Strong interest is seen from foreign investors chasing after safe investment returns.
• Secondary yields have remained steady, while prime yields have firmed in 1Q 2013.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
4 Mort Street S Private investor 58,800
216 Northbourne Avenue L M5 12,900
8 Brisbane Avenue L IBM 43,100
melbourne
• The vacancy rate has increased from 5.6% in July 2012 to 6.9% as of January 2013.
• Face rents were reasonably flat over the year to January 2013; however, incentives
leapt from an average of 16% in July 2012 to 24% in January. As such, Prime Grade
net effective rents decreased by 8.9%.
• Enquiries for office space availability were at 60% of the levels recorded in 2011.
• Even though the slowdown in demand was anticipated and significant levels of additional
supply became available, net absorption remained positive over both the first and second
halves of 2012.
• After a mere 36,000 sq m of new supply was added to the market in 2011, the total
figure for 2012 was about 130,000 sq m after completions of some major new CBD and
Docklands buildings.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
699 Bourke Street L AGL 161,500
567 Collins Street L Corrs Chambers Westgarth 94,700
300 Latrobe Street L Telstra 268,800
390 Latrobe Street L TAL 65,600
11 Exhibition Street L BUPA 126,500
242 Exhibition Street S Investa Office Fund 683,500
150 Collins Street S GPT Wholesale Office Fund 215,300
477 Collins Street S AVIVA Investors 119,400
501 Swanston Street S Vince Giulano 183,000
555 Lonsdale Street S LaSalle Investment Management 174,400

16. p. 16 | Colliers International
asia pacific office market overview | 1Q 2013
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
0
200
400
600
800
1,000
1,200
Rentals
0
2,000
4,000
6,000
8,000
10,000
12,000
CapitalValues
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
PERTH OFFICE CAPITAL AND RENTAL VALUES
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take-up Vacancy Rate
PERTH OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
0
200
400
600
800
1,000
1,200
1,400
1,600
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
CapitalValues
0
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
SYDNEY OFFICE CAPITAL AND RENTAL VALUES
0
40,000
80,000
120,000
160,000
200,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take-up Vacancy Rate
SYDNEY OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
perth
• Net face rents have generally remained stable in 1Q 2013. However, due to an increase
in vacancy in second half of 2012, landlords increased the incentive offerings which
resulted in some contraction in net effective rents during the quarter.
• The market is showing signs of a marginal reversion to a tenants’ market with some
softening in effective rents in 1Q 2013.
• Supply in 2013 is minimal and consists mostly of refurbishments; this is likely to keep
the vacancy rate relatively stable.
• High net absorption in the past is unlikely to be repeated in the short to medium term.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Central Park, 150 St Georges Ter-
race
L INPEX 61,400
66 St Georges Terrace L Dimension Data 10,800
256 St Georges Terrace L Schlumberger 16,100
sydney
• Investment activity and enquiry levels remained strong across the Sydney CBD office
market in 1Q 2013.
• Demand from investors continued to come from new offshore groups looking to get a
foothold in the Australian market, as well as domestic institutions who have increased
their appetites for acquisitions.
• Overall incentives have continued to increase, while rent growth was slightly higher than
the rate of inflation, driven chiefly by rent reviews.
• Lease renewals remained the key driver behind leasing activity with new lease enquiries
coming from metropolitan tenants and business firms looking for more affordable
accommodation in the CBD area.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
231 Elizabeth Street S Bright Ruby 250,500
9 Castlereagh Street S Charter Hall 231,000
383 - 395 Kent Street L WorkCover 17,000
19 - 29 Martin Place L TressCox Lawyers 36,900
2 Chifley Square L Agricultural Bank of China 17,000
australia

17. asia pacific office market overview | 1Q 2013
Colliers International | p. 17
new zealand
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
0
100
200
300
400
500
600
0
1,000
2,000
3,000
4,000
5,000
6,000
CapitalValues
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
AUCKLAND OFFICE CAPITAL AND
RENTAL VALUES
0
5,000
10,000
15,000
20,000
25,000
30,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take-up Vacancy Rate
AUCKLAND OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013F
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
Rentals
CapitalValues
Capital Values (New Zealand $ / sq m)Rentals (New Zealand $/ sq m / Year)
0
100
200
300
400
500
600
0
1,000
2,000
3,000
4,000
5,000
6,000
WELLINGTON OFFICE CAPITAL AND
RENTAL VALUES
-20,000
0
20,000
40,000
60,000
80,000
100,000
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
2010 2011 2012 2013 F 2014 F
VacancyRate
sqm
Supply Take-up Vacancy Rate
WELLINGTON OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
aUckland
• Overall, the Auckland CBD vacancy rate stood at 10.6% in 1Q 2013 which is the lowest
recorded in 18 months. Furthermore, this was the third consecutive decline and it was
below the two decade average of 13%. The drop is being driven by a historically low
prime vacancy rate which is at 7.9% in 1Q 2013.
• Supply constraints remain an issue. The impact of ASB‘s move to Wynyard Quarter is
reduced given Auckland Council’s commitment, albeit decisions on Council’s existing
space are still to be made. ANZ’s consolidation in their new premises in Albert Street in
2Q 2013, provides some opportunity for tenants with backfill space likely to be refurbished
to a high standard. High profile new build market proposals for new office HQs between
now and 2016 may provide some relief to CBD supply constraints.
• Correlating with the reduction in prime vacant office space in Auckland is the reduction
in incentives and the increase in net effective rents. Over the last year, average prime
incentives have decreased and are now just under two months per year of lease term.
Rents are forecast to increase steadily over the next five years.
• Prime yields for office buildings are firming, which is in tandem with the projected
increase in rents and capital values.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
1 Queen Street S Precinct Properties 208,800
L9, 41 Shortland Street L Morgan Coakle 8,700
wellington
• Demand in Wellington’s CBD office market remains focused on higher quality premises as
a result of business and seismic preference. However, only 5% of the circa 230,000 sq
m of vacant office space in Wellington is considered to be prime office space.
• In Wellington, the cautious approach from landlords and tenants led to incentives remaining
low and stable. However, our tenant office survey indicates a rising gross rent outlook for
tenants due to higher insurance costs.
• Forecasts forthe overall performance of the sector remains mixed, given the high proportion
of secondary space that will need to be investigated for earthquake resistance. Clarity
around strengthening requirements and how it will be conducted remains elusive. This will
be positive for the prime sector with demand for the surety of prime space commanding
a premium. As a result, prime rents are expected to rise by 2% in 2013.
• Argosy Property Trust announced their purchase of NZ Post House for NZ$60 million.
Seismic strengthening is required for the project and is estimated at NZ$40 million. The
work is expected to be completed in early 2016 and will not detrimentally affect operations
of tenants who will reportedly continue to occupy the building throughout the process. The
strong covenant provides a 20-year lease with three-yearly market reviews.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
New Zealand Post House,
7 Waterloo Quay
S Argosy Property 268,900
The Freyberg Building,
20 Aitken Street
L Government Department 34,400
16 Willis Street L Chorus 12,800
181 Wakefield Street L EDMI NZ 8,400

18. p. 18 | Colliers International
asia pacific office market overview | 1Q 2013
Note: Rental figure in each of the above centre is the average of the various key sub-markets outlined under the section of "Definitions and Terminology"
australiaprime office rental
Hong Kong
Tokyo
Singapore
Sydney
Perth
Beijing
Brisbane
Shanghai
Hanoi
Ho Chi Minh City
Mumbai
Delhi NCR
Jakarta
Canberra
Adelaide
Melbourne
Guangzhou
Taipei
Bangkok
Wellington
Auckland
Kuala Lumpur
Seoul
Chengdu
Manila
Chennai
Bengaluru
Karachi
RENTALS (US$ / SQ FT / YEAR)
0.00 20.00 40.00 60.00 80.00 100.00 120.00

19. asia pacific office market overview | 1Q 2013
Colliers International | p. 19
Delhi NCR 12,200,000
Guangzhou 6,785,132
Bengaluru 9,090,000
Chennai 5,240,000
Mumbai 8,700,000
Seoul 4,837,867
Chengdu 4,628,477
Shanghai 4,042,942
Tokyo 3,091,015
Jakarta
Guangzhou
Seoul
Shanghai
Chengdu
Hong Kong
Taipei
Singapore
Hanoi
Beijing
Bangkok
Manila
Ho Chi Minh City
Over 3,000,000 sq ft
1,000,000 - 3,000,000 sq ft
Below 1,000,000 sq ft
Hong Kong 927,384
Manila 413,334
Kuala Lumpur 509,000
Adelaide 454,936
Ho Chi Minh City 117,316
Singapore 733,000
Brisbane 200,209
Karachi 145,000
Auckland 193,750
Perth 100,524
Bangkok 0
Canberra 0
Wellington 0
Kuala Lumpur
Melbourne
Auckland
Canberra
Wellington
Delhi NCR
Bengaluru
Mumbai
Chennai
Tokyo
SydneyAdelaide
Brisbane
Karachi
Perth
Beijing 2,730,242
Hanoi 1,748,165
Melbourne 1,442,363
Jakarta 1,564,339
Taipei 1,074,641
Sydney 1,304,994
Prime Office New Supply ForecAst for 2013
Source: Colliers

20. City New Supply Take-up Average Vacancy Total Stock Average Rentals
(sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year)
2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F
Beijing
CBD 1,614,585 538,195 679,195 1,263,682 9.7 6.3 22,157,679 22,695,874 64.53 71.75
Zhongguancun 0 624,306 26,318 231,908 0.9 5.3 8,095,529 8,719,835 48.03 51.85
Financial Street 406,875 0 366,188 28,967 1.0 0.7 10,107,399 10,107,399 72.95 80.46
Lufthansa 708,781 0 196,867 425,269 8.4 3.2 8,185,871 8,185,871 56.62 61.87
East Chang An Avenue 0 0 152,385 32,292 3.6 3.1 6,307,067 6,307,067 52.15 54.70
East 2nd Ring 0 0 108,500 4,447 1.2 1.1 3,012,514 3,012,514 48.96 50.86
Other areas 0 1,531,918 6,028 453,548 0.5 40.4 1,151,307 2,683,225 50.74 47.77
Shanghai
Huangpu 837,991 1,904,801 429,580 1,268,532 11.5 15.0 10,015,691 11,920,492 49.97 52.79
Jingan 2,099,143 0 1,339,070 388,688 12.0 8.0 9,717,208 9,717,208 61.59 65.07
Lujiazui-Pudong 0 1,469,272 553,159 592,370 6.0 10.0 18,249,369 19,718,641 52.09 55.03
Zhuyuan-Pudong 0 1,147,808 342,160 734,073 10.0 15.0 4,831,290 5,979,099 38.09 40.24
Changning 1,213,210 215,278 1,296,059 312,953 9.5 8.0 7,659,807 7,875,085 42.54 44.94
Xuhui 0 0 76,738 24,359 5.0 4.5 4,871,881 4,871,881 52.54 55.51
Guangzhou
Yuexiu 0 165,635 85,627 -271,016 5.0 13.8 4,683,244 4,848,879 19.89 20.10
Tianhe 6,785,132 6,262,674 4,478,482 4,723,361 26.0 27.2 31,569,356 38,519,951 29.45 29.44
Haizhu 0 0 64,487 194,738 30.7 22.1 2,244,693 2,244,693 17.39 17.06
Chengdu
Renmin Road 0 645,834 180,192 444,609 16.0 20.0 1,801,446 2,447,280 29.52 30.23
CBD 0 0 919,722 204,742 25.0 16.0 2,274,913 2,274,913 23.12 24.36
Financial Street 1,376,251 4,240,977 867,960 2,027,962 45.0 49.0 3,373,395 7,614,372 21.34 22.23
Tianfu Avenue 857,506 0 838,272 356,647 40.0 27.0 2,743,438 2,743,438 21.34 22.59
Hong Kong
Central 40,700 0 120,378 237,714 4.7 3.6 21,770,869 21,770,869 166.11 182.72
Wanchai 0 0 25,388 64,609 3.9 3.3 11,439,007 11,439,007 100.05 108.05
HK Island East 0 0 -320,000 25,118 0.7 0.4 10,404,774 10,404,774 71.94 75.53
Tsim Sha Tsui 0 0 5,600 4,736 1.6 1.5 6,361,390 6,361,390 84.62 91.39
Kowloon East 886,684 799,551 766,053 757,430 8.5 8.3 10,078,565 10,878,116 59.89 62.88
Tokyo
CBD 3,091,015 5,622,161 N/A N/A 7.8 7.5 82,421,242 88,043,403 96.11 96.11
Seoul
CBD 1,872,843 2,446,193 844,859 2,701,674 12.8 10.4 36,654,685 39,100,879 28.51 29.19
GBD 0 0 275,782 16,555 4.1 4.0 28,697,841 28,697,841 24.91 25.78
YBD 2,965,024 0 717,263 1,429,306 17.6 10.5 20,103,758 20,103,758 21.70 22.62
Taipei
CBD 1,074,641 2,113,137 624,375 1,141,475 11.6 14.8 20,402,183 22,515,320 27.56 27.69
Jakarta
CBD 1,564,339 2,223,154 3,185,565 2,152,780 1.1 1.5 51,580,835 53,803,989 39.08 44.41
Non-CBD 1,793,007 4,377,183 1,676,639 2,480,735 3.5 9.5 24,824,266 29,201,449 23.56 24.58
Kuala Lumpur
KLCA 509,000 2,459,266 1,000,000 1,000,000 12.2 15.4 33,424,552 35,883,818 25.25 25.25
p. 20 | Colliers International
asia pacific office market overview | 1Q 2013
TRENDS & FORECASTS

21. 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014
Manila
Makati 413,334 0 533,642 373,378 3.7 3.9 10,347,811 10,347,811 24.51 26.69
Ortigas 876,074 0 791,663 15,629 5.9 5.6 5,837,489 5,837,489 15.93 17.02
Singapore
CBD 732,545 700,000 393,573 399,125 7.4 8.7 19,430,913 20,130,913 79.67 79.67
Bangkok
CBD 0 0 861,112 645,834 8.0 7.0 17,580,646 17,580,646 27.39 28.92
Ho Chi Minh City
CBD 117,316 98,221 118,403 172,222 12.9 5.8 2,301,860 2,311,677 39.35 39.02
Hanoi
CBD 987,136 678,126 188,368 172,222 40.6 47.4 2,712,535 3,390,661 45.71 43.48
Non-CBD 761,029 1,368,479 602,778 688,890 37.3 41.8 2,396,615 3,765,094 28.43 30.10
Bengaluru
Overall 9,090,000 6,000,000 7,500,000 7,000,000 15.0 16.0 93,517,175 99,517,175 10.48 10.73
Chennai
Overall 5,240,000 8,000,000 4,000,000 5,000,000 21.0 22.0 46,032,483 54,032,483 10.59 10.59
Delhi NCR
Overall 12,200,000 10,000,000 6,500,000 7,000,000 18.0 20.0 82,804,158 92,804,158 37.95 37.73
Mumbai
Overall 8,700,000 5,000,000 7,000,000 7,000,000 14.5 15.0 110,158,000 115,158,000 39.49 39.27
Karachi
CBD 145,000 476,000 100,000 124,000 40.0 42.0 15,376,929 15,852,929 1.01 1.05
Adelaide
CBD 454,936 0 139,931 322,917 9.8 9.4 14,432,022 14,860,371 34.31 35.38
Brisbane
CBD 200,209 0 -144,764 45,704 8.3 6.8 11,484,209 11,484,209 57.03 58.81
Canberra
CBD 0 0 21,528 32,292 5.0 4.0 3,013,892 3,013,892 36.71 37.43
Melbourne
CBD 1,442,363 721,181 1,294,660 818,056 7.3 7.0 45,911,553 46,934,124 28.60 29.76
Perth
CBD 100,524 395,057 113,021 188,368 5.3 5.5 17,161,661 17,395,259 67.05 67.05
Sydney
CBD 1,304,994 607,084 740,556 382,980 7.4 7.7 53,246,290 53,340,388 67.95 70.96
Auckland
CBD 193,750 0 224,987 102,419 7.2 5.1 4,800,204 4,805,586 27.04 28.36
Wellington
CBD 0 0 15,328 -14,327 3.5 4.0 3,256,973 3,256,973 27.21 27.83
City New Supply Take-up Average Vacancy Total Stock Average Rentals
(sq ft) (sq ft) (%) (sq ft) (US$ / sq ft / year)
asia pacific office market overview | 1Q 2013
Colliers International | p. 21
TRENDS & FORECASTS

22. p. 22 | Colliers International
asia pacific office market overview | 1Q 2013
definition and terminology
NORTH ASIA
Beijing
Prime office market in Beijing consists of 6 sub-markets – CBD (Central
Business District), Lufthansa, East 2nd Ring, Financial Street, East Chang
An Avenue and Zhongguancun.
Rents are quoted in RMB per sq m per month on gross floor area basis,
and exclusive of management fees and rent free period. Capital values are
quoted on RMB per sq m.
Shanghai
Prime office buildings in Shanghai are located in 6 principal sub-markets –
Huangpu, Jingan, Lujiazu-Pudong, Zhuyuan-Pudong, Changning, and Xuhui.
Rents are quoted in RMB per sq m per day on gross floor area basis, and
exclusive of any management fees. Capital values are quoted on RMB
per sq m.
Guangzhou
Prime office buildings in Guangzhou are located in 3 principal sub-markets
– Haizhu, Yuexiu and Tianhe.
Rents are quoted in RMB per sq m per month on gross floor area basis,
and exclusive of any management fees. Capital values are quoted on RMB
per sq m.
Chengdu
Prime office buildings in Chengdu are mainly located in 3 sub-markets,
Renmin Road, CBD and Financial Street.
Rents are quoted in RMB per sq m per month on gross floor area basis, and
exclusive of management fees. Capital values are quoted on RMB per sq m.
Hong Kong
Prime office properties in Hong Kong are concentrated in 5 sub-markets
– Central, Wanchai / Causeway Bay, Island East, Tsim Sha Tsui and
Kowloon East.
Rents are commonly quoted in HK$ per sq ft per month on either gross, net
or lettable floor area basis, which are exclusive of management fees, and
government tax. Prices are quoted in HK$ per sq ft, and are measurable
on gross floor area basis.
Tokyo
The quality office buildings in Tokyo are located in the central business area
(CBD) area covering six wards namely, Chiyoda-ku, Chuo-ku,
Minato-ku, Shinjuku-ku, Shibuya-ku and Shinagawa-ku.
Rents are achievable rents quoted in Yen per tsubo (i.e. 3.3 sq m) per
month, which are inclusive of service charges. Office space is measured
on an internal floor area basis. Capital values are quoted in Yen per tsubo.
Seoul
Major office districts in Seoul include the traditional central business area
(CBD), Gangnam Business District (GBD) and Yeouido Business District
(YBD).
Rents are quoted in Won per sq m per month on gross floor area basis.
Generally, a deposit equivalent to 10 months is required, and is usually
paid up front. Management fees are excluded from quoted rents. Space
is measured on gross floor area basis. Capital values are quoted in Won
per sq m.
Taipei
Prime office properties in Taipei are concentrated in 7 districts, comprising
Nanking Sung Chiang (NK-SC), Minsheng Tun Hwa North (MS-TN), Hsin Yi,
West, Tun Hwa South (TUN-S), Jen Ai Hsin Sheng (JA-HS) and Nanking
East Road (NK-4/5).
The local unit of measurement is a “ping” (i.e. 3.3 sq m). Rents and prices
are quoted in local currency i.e. New Taiwan Dollar (NT$) on gross floor
area basis.
SOUTHEAST ASIA
Jakarta
The quality office buildings in Jakarta are located in the CBD covering
the districts Thamrin, Sudirman, Gatot Subroto, Rasuna Said and Mega
Kuningan. The areas outside the above districts are collectively called as
“non-CBD”.
Rents are commonly quoted in Rupiah per sq m per month, which are
inclusive of service charges but exclusive of government taxes. Office
space is measured on lettable floor area basis. Capital values are quoted
in Rupiah per sq m.
Kuala Lumpur
Prime office buildings located in the Kuala Lumpur Central Area (KLCA)
only. The KLCA comprises areas generally within the central business
district.
Rents are commonly quoted in Ringgit Malaysia (RM) per sq ft per month
on net floor area basis, which are inclusive of service charges and property
taxes. Capital values are quoted in Ringgit per sq ft.
Manila
Prime office buildings in Manila are located in two principal sub-markets
– Makati and Ortigas.
Rents are quoted in Peso per sq m per month on net floor area basis,
and exclusive of any management fees. Capital values are quoted in Peso
per sq m.
Singapore
The quality office buildings covered in the report are located in the Central
Business District of Singapore.
Rents are quoted in S$ per sq ft per month on net floor area basis (i.e. area
less common areas such as corridors, toilets, lift lobby etc. but including
columns), and are inclusive of service charge. Capital values are quoted
on the basis of strata area for strata-titled buildings, and net area for non-
strata-titled developments.

23. asia pacific office market overview | 1Q 2013
Colliers International | p. 23
definition and terminology
* Super built-up area refers to the total **built-up area of a building plus a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretaker’s office/flat throughout
the building.
** Built-up area refers to the carpet area plus the thickness of external walls and area under columns.
Bangkok
Prime office properties in Bangkok are located in a wide area encompassing
eastern Silom and Sathorn roads starting from Narathiwas Ratchanakarin,
Rama IV from Phayathai to Ratchadaprisek, along Ratchadaprisek from
Rama IV to Sukhumvit and along Sukhumvit from Asoke to the whole of
Pleonchit and then Rama I to Phayathai.
Rents are quoted in Baht per sq m per month on a net floor area basis, and
inclusive of service charges. Capital values are quoted in Baht per sq m.
Ho Chi Minh City
The quality office buildings in Ho Chi Minh City are located in District One
- the central business district in the city.
Rents are commonly quoted in US$ per sq m per month on net floor area
basis, and exclusive of management fees and government tax. Capital
values are quoted on US$ per sq m.
Hanoi
Prime quality office building in Hanoi are mostly located in Hoan Kiem
district, with individual quality buildings located in Cau Giay district and Ba
Dinh district. The central location of the city is perceived as being close to
Hoan Kiem Lake, which is within Hoan Kiem district.
Rents are commonly quoted in US$ per sq m per month on net floor area
basis. Rents are inclusive of service charges and exclusive of value added
tax, which is currently at 10% level.
SOUTH ASIA
Bengaluru (Bangalore)
Prime office properties in Bengaluru are can be divided in 3 principal sub-
markets – CBD (Central Business District), SBD (Suburban/Secondary
Business District) consisting of Bannerghatta Road & Outer Ring Road
and PBD (Peripheral Business District) including PBD Hosur Road, EPIP
Zone, Electronic City and Whitefield.
Rents are commonly quoted in Rupee per sq ft per month, which are
usually exclusive of maintenance charges, parking charges and property
taxes. Office space is commonly measured on *super built up area basis.
Chennai
Prime office properties in Chennai are located in 3 principal submarkets–
CBD (Central Business District), (Suburban/Secondary Business District)
and PBD (Peripheral Business District). SBD consists of Guindy and
Velechery while PBD includes other areas such as Old Mahaballipuram
Road, Ambattur and GST Road amongst others.
Rents are commonly quoted in Rupee per sq ft per month, which are
usually exclusive of maintenance charges, parking charges and property
taxes. Office space is commonly measured on *super built up area basis.
Delhi NCR
Prime office properties in Delhi NCR are primarily concentrated in CBD
(Central Business District) – consist of Connaught Place; SBD (Secondary
Business District) including Nehru Place, Jasola, Saket and Netaji Subhash
Place and PBD (Peripheral Business District) including Gurgaon and Noida.
Rents are commonly quoted in Rupee per sq ft per month, which are usually
exclusive of maintenance charges, parking charges and property taxes.
Mumbai
Prime office properties in Mumbai are primarily concentrated in CBD
(Central Business District) – consist of Nariman Point, Ford and Ballard
Estate; SBD (Secondary Business District) including Bandra (West and
East), Kalina, Lower Parel and Worli/Prabhadevi and PBD (Peripheral
Business District) including Navi Mumbai, Vashi, Powai, Goregaon.
Rents are commonly quoted in Rupee per sq ft per month, which are
usually exclusive of maintenance charges, parking charges and property
taxes. Office space is commonly measured on *super built up area basis.
Office space is commonly measured on *super built up area basis.
Karachi
Prime office buildings in Karachi are located in the central business area
(CBD) covering 4 sub-markets – I.I Chundrigar Road, Shahrah-e-Faisal,
Clifton and Mai Kolachi.
Rents are quoted in Rupee per sq ft per year on gross floor area basis
and are exclusive of service charges or management fee. Capital Values
are quoted in Rupee per sq ft.
AUSTRALASIA
Australia
Prime office buildings are located in the CBD and generally favoured by
MNCs.
Rents are quoted on net floor area basis, and in A$ per sq m per annum
excluding management fee and government charges. Capital values are
quoted on A$ per sq m.
New Zealand
Prime office buildings are located in the CBD.
Rents are quoted on net floor area basis, and in NZ$ per sq m per annum
excluding management fee and government charges. Capital values are
quoted on NZ$ per sq m.
loor area basis, and in NZ$ per sq m per annum excluding management
fee and government charges. Capital values are quoted on NZ$ per sq m.

24. p. 24 | Colliers International
asia pacific office market overview | 1Q 2013
NORTH ASIA
Mainland China
Beijing
George Yeung
Managing Director | North China
Tel : 86 10 8518 1633
george.yeung@colliers.com
Shanghai
Lina Wong
Managing Director
East and South West China
Investment Services, China
Tel : 86 21 6141 3688
lina.wong@colliers.com
Guangzhou
Eric Lam
Managing Director
Tel : 86 20 3819 3888
eric.lam@colliers.com
Chengdu
Jacky Tsai
Managing Director
Tel : 86 28 8658 6288
jacky.tsai@colliers.com
Hong Kong, HKSAR
Company Licence No: C-006052
Richard Kirke (E-279867)
Managing Director
Tel : 852 2828 9888
richard.kirke@colliers.com
Piers Brunner (E-183614)
Chief Executive Officer | Asia
piers.brunner@colliers.com
For further details, please contact:
SOUTH EAST ASIA
Indonesia
Jakarta
Mike Broomell
Managing Director
Tel : 62 21 521 1400
mike.broomell@colliers.com
Malaysia
Kuala Lumpur
c/o Mark Lampard*
Managing Director
Corporate Solutions | Asia Pacific
mark.lampard@colliers.com
Tel : 65 6531 8601
* Based in Singapore
Research data provided by
C H Williams Talhar & Wong Sdn Bhd
URL : http://www.wtw.com.my
Foo Gee Jen
Managing Director
Tel : 603 2616 8888
fgj@wtw.com.my
Philippines
Manila
David Young
Managing Director
Tel : 63 2 888 9988
david.a.young@colliers.com
Singapore
Dennis Yeo
Managing Director
Singapore & Industrial Services | Asia
Tel : 65 6223 2323
dennis.yeo@colliers.com
Thailand
Bangkok
Simon Landy
Executive Chairman
Tel : 66 2 656 7000
simon.landy@colliers.com
Japan
Tokyo
James Fink
Senior Managing Director
Tel : 81 3 5563 2111
james.fink@colliers.co.jp
South Korea
Seoul
Jay Yun
Senior Director and General Manager
Tel : 82 2 6740 2001
jay.yun@colliers.com
Taiwan
Taipei
Andrew Liu
Managing Director
Tel : 886 2 8101 2000
andrew.liu@colliers.com
Vietnam
Ho Chi Minh City
Peter Dinning
General Director
Tel : 84 8 3827 5665
peter.dinning@colliers.com
Hanoi
Dane Moodie
Managing Director
Tel : 84 4 3941 3277
dane.moodie@colliers.com

25. asia pacific office market overview | 1Q 2013
Colliers International | p. 25
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SOUTH ASIA
India
Bengaluru
Goutam Chakraborty
Office Director
Tel : 91 80 4079 5500
goutam.chakraborty@colliers.com
Chennai
Kaushik Reddy
Office Director
Tel : 91 44 2836 1064
kaushik.reddy@colliers.com
Delhi NCR
Ajay Rakheja
Office Director
Tel : 91 11 4360 7500
ajay.rakheja@colliers.com
Gurgaon
Ajay Rakheja
Office Director
Tel : 91 124 4375807
ajay.rakheja@colliers.com
Kolkata
Soumya Mukherjee
Office Director
Tel : 91 33 2357 6501
soumya.mukherjee@colliers.com
Mumbai
Prabhu Raghavendra
Office Director
Tel : 91 22 4050 4500
prabhu.raghavendra@colliers.com
George McKay
South Asia Director
Office and Integrated Services
george.mckay@colliers.com
Pune
Suresh Castellino
Office Director
Tel : 91 20 4120 6435
suresh.castellino@colliers.com
AUSTRALASIA
Australia
Adelaide
James Young
State Chief Executive
Tel : 61 8 8305 8888
james.young@colliers.com
Brisbane
Simon Beirne
State Chief Executive
Tel : 07 3229 1233
simon.beirne@colliers.com
Canberra
Paul Powderly
State Chief Executive
Tel : 61 2 6257 2121
paul.powderly@colliers.com
Melbourne
John Marasco
State Chief Executive
Tel : 61 3 9629 8888
john.marasco@colliers.com
Perth
K. Imran Mohiuddin
State Chief Executive
Tel : 61 8 9261 6666
imran.mohiuddin@colliers.com
Sydney
Malcom Tyson
State Chief Executive
Tel : 61 2 9257 0222
malcom.tyson@colliers.com
Pakistan
Karachi
Mohammed Yasir Qidwai
Senior Manager, Corporate Solutions &
Research
Tel : 92 21 3561 2550-2
research.khi@colliers.com
Lahore
Ahmed Khan
Country Manager
Tel : 92 42 3584 3474-6
ahmed.khan@colliers.com
Islamabad
Waleed Murrawat
Regional Sales Manager
Tel : 92 51 834 7433
waleed.murrawat@colliers.com
New Zealand
Auckland
Mark Synnott
Chief Executive Officer, New Zealand
Tel : 64 9 358 1888
mark.synnott@colliers.com
Wellington
Richard Findlay
Managing Director
Tel : 64 4 473 4413
richard.findlay@colliers.com

26. p. 26 | Colliers International
asia pacific office market overview | 1Q 2013
Professionals & staff: more than 13,500
Square feet managed: 1.1 billion
Lease/sale transactions: more than 78,000
Total transaction value: more than 71 billion
Real estate is a location business.
That’s why we do business where
you do business.
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