Various factors impacted the Asian economies during 2Q 2013, such as further confirmation of slower than expected growth in China and increasing worries on the next interest hike in Asia as the US Federal Reserve signaled they may start scaling back its quantitative easing policy later this year. Against a backdrop of weakening economic conditions across the region, individual Asian countries have seen a drop in inflation and are still subject to various challenges ahead such as the potential risk of liquidity outflow from Asia. With the economic performance yet to show any sign of acceleration, the region is entering an era of slower growth. The economic environment in Asia is expected to remain uncertain as the region continues to be reactive to the overall global economic conditions. Individual governments are expected to focus on economic issues and introduce additional stimulus measures to help their countries emerge from prolonged bouts of deflation. Nevertheless, based on the findings of Colliers Asia Office Leasing Survey for 2Q 2013, it is anticipated that rents will increase in the next 12 months but the pace of rental growth will taper off. Investment transaction volume is likely to consolidate further in the second half of 2013, as risk-averse investors continue to be cautious, due to concerns that rising interest rates will lead to higher property yields and reduced property values.

1. Asia Pacific
Office Market Overview
2Q 2013
Accelerating success.

2. table of contents
asia pacific office market overview | 2q 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
Various factors impacted the Asian economies during 2Q 2013, such as further confirmation
of slower than expected growth in China and increasing worries on the next interest hike
in Asia as the US Federal Reserve signaled they may start scaling back its quantitative
easing policy later this year. Against a backdrop of weakening economic conditions across
the region, individual Asian countries have seen a drop in inflation and are still subject to
various challenges ahead such as the potential risk of liquidity outflow from Asia. With
the economic performance yet to show any sign of acceleration, the region is entering an
era of slower growth.
Leasing Market
Office rents in most key cities in Asia Pacific saw no significant growth in 2Q 2013. Although
Jakarta and Manila continued to be the key performers, with strong rental growth in the
orderof 4-6% quarter-on-quarter(QoQ),there wasasignificant slowdown intermsofspace
absorption during 2Q 2013 despite low vacancy rates. Perth saw average rents decrease
the most among cities in the region, in the order of 5% QoQ, as demand softened due to
the adoption of more conservative business attitudes in the current global environment.
Sales Market
Due to various property curbs in the investment market, more investment capital originating
from Hong Kong and Singapore turned to offshore markets such as China and especially
Japan, where inbound purchases doubled inthe past six months. In Beijing and Shanghaithe
en bloc sales market witnessed a rebound in transaction activity in 2Q 2013, demonstrated
by a number of significant deals done by both domestic and foreign institutions. However,
in Hong Kong investment demand was dampened by government cooling measures with
speculatorsexitingthemarket.Meanwhile,inAustralasia,investmentdemandfrominstitutional
buyers chasing scarce prime assets remained strong, resulting in a slighttightening of yields.
Market Outlook
The economic environment in Asia is expected to remain uncertain as the region continues
to be reactivetothe overall global economic conditions. Individual governments are expected
to focus on economic issues and introduce additional stimulus measures to help their
countries emerge from prolonged bouts of deflation. Nevertheless, based on the findings
of Colliers Asia Office Leasing Survey for 2Q 2013, it is anticipated that rents will increase
in the next 12 months but the pace of rental growth will taper off. Investment transaction
volume is likely to consolidate further in the second half of 2013, as risk-averse investors
continue to be cautious, due to concerns that rising interest rates will lead to higher property
yields and reduced property values.

4. p. 4 | Colliers International
asia pacific office market overview | 2Q 2013
CHINA
Beijing
• There were no new completions in 2Q 2013.
• Demand in Beijing’s Grade A office property market moderated in 2Q 2013, with enquiries
and leasing transactions decreasing on the back of the economic deceleration and changes
to corporate expansion plans. Key demand generators were companies from the finance
sector (investment, banking, insurance and securities).
• Rents declined for the first time since 4Q 2009, by 1.6% QoQ to RMB322.6 per sq m per
month as of the end of 2Q 2013. By submarket, the CBD area recorded the largest quarterly
rent decline of 2.6%, to RMB362.9 per sq m per month as of the end of 2Q 2013, while
rents in Financial Street remained stable.
• Office investment market was very active in 2Q 2013. Three en bloc sales transactions
were concluded, including China Merchants Bank’s purchase of an office project (currently
under construction) from Financial Street Holdings for a total consideration of approximately
RMB3.902 billion.
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
20,000
40,000
60,000
80,000
00.00
100.00
200.00
300.00
400.00
Rentals
CapitalValues
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
BEIJING OFFICE CAPITAL AND RENTAL VALUES
2010 2011 2012 2013 F 2014 F
0.00
0.20
0.40
0.60
0.80
0.0%
5.0%
10.0%
15.0%
20.0%
Supply Take-up Vacancy Rate
Millionsqm
VacancyRate
BEIJING OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
SHANGHAI
• Jing’an Kerry Center Tower II was launched during 2Q 2013, adding 43,725 sq m to the
market.
• The average vacancy rate edged down from 9.1% in 1Q 2013 to 8.4% in 2Q 2013 as demand
picked up.
• The average Grade A office rent inthe CBD remained unchanged in 2Q 2013. Bysub-market,
the rental rate in Pudong increased by 0.4% QoQ to RMB8.7 per sq m per day while that
in Puxi edged down by 0.3% QoQ to RMB8.9 per sq m per day. Pudong benefited from the
strong demand from domestic financial institutions and professional service firms.
• The investment market remained active with a number of en bloc transactions by both
domestic and foreign institutions.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
East Ocean Center S CLSA 516,700
Central Plaza S Carlyle 433,000
Park Place L JP Morgan 86,100
Sandhill L Dupont 58,100
One Lujiazui L Zhonghai Fund Management 32,300
Belle Int'l Plaza L Future Electronics 19,400
SOHO The Exchange L Dockwise 17,200
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Block 4# in Yuetan South
Street, Xicheng District
S China Merchants Bank 766,400
Silicon Valley Tower 4 S BOC International (China) 98,800
Diamond Plaza S BOC International (China) 244,000
Hopson International Tower L CITIC 839,600
China Overseas Plaza L China Unicom 56,000
Parkview Green L China Lianhe Credit Rating 32,300
Raffles City L CITIC Securities 24,600

5. asia pacific office market overview | 2Q 2013
Colliers International | p. 5
CHENGDU
• The total Grade A office stock remained at 780,175 sq m as no new Grade A office space
entered the Chengdu office market in 2Q 2013.
• Most of the leasing deals in 2Q 2013 occurred in the relatively new office projects,
because of the adequate available area and better hardware.
• Average rent stood at RMB129.51 per sq m per month in 2Q 2013 and increased slightly
by 0.47% QoQ with an increase in new office stock during the past two quarters.
Meanwhile, the vacancy rate dropped by 1.23 percentage points QoQ.
• The 2013 Fortune Global Forum, which was held in Chengdu in June 2013, is expected
to be a positive factor for the Grade A office market in Chengdu over the long term.
However, during the coming two quarters, the Chengdu office market will suffer from
the pressure of the macro-economy and the huge supply of office space.
guangzhou
• Two new Grade A office buildings, Fortune Century Plaza and One Bravo Plaza in Pearl
River New City, were completed and injected 127,600 sq m of new supply into the market.
The vacancy rate went up by 1.0% QoQ to 22.9% in 2Q 2013.
• The demand for office space was relatively cold during 2Q 2013, on the back of a shrinking
macro-financial environment. In addition, the upcoming large volume of new supply in
Pearl River New City drove the landlords of newly completed projects to lower the asking
price. The average rent declined by 2.3% QoQ to RMB153.3 per sq m per month in 2Q
2013.
• The sales price of Guangzhou Grade A offices continued increasing in 2Q 2013 to
RMB33,446, up 1.0% QoQ.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
G.T. Land Building A L Yuanfang Technological 53,800
Guangzhou International
Financial Center
L Jing'an Investment Holding 35,500
One Bravo Plaza L Shanghai Leo Burnett
Advertisement
29,100
Onel Link Walk L gzmama.com 17,200
One Bravo Plaza L Saatchi & Saatchi Guangzhou 11,200
CHENGDU OFFICE CAPITAL AND RENTAL VALUES
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
0.00
50.00
100.00
150.00
200.00
250.00
0
5,000
10,000
15,000
20,000
25,000
Rentals
CapitalValues
Rentals (RMB / sq m / Month) Capital Values (RMB / sq m)
2010 2011 2012 2013 F 2014 F
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%
Millionsqm
VacancyRate
Supply Take-up Vacancy Rate
CHENGDU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
CHINA
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
China Overseas International Centre L Orientac Management
Co. Ltd
11,300
China Overseas International Centre L Zhongni Investment Co. Ltd 8,100
Raffles City L Chengde Asset
Management Co. Ltd
2,300
Yanlord Landmark L Sumitomo Mitsui
Financial Group
2,700
Square One L Puleidisi Consultancy 2,500
Lippo Tower L Nokia 4,300
Mingyu Financial Centre L Huatu Education 10,800
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
2010 2011 2012 2013 F 2014 F
0.00
0.25
0.50
0.75
1.00
0.0%
10.0%
20.0%
30.0%
40.0%
Millionsqm
VacancyRate
Supply Take-up Vacancy Rate
GUANGZHOU OFFICE SUPPLY, TAKE-UP &
VACANCY RATE

6. p. 6 | Colliers International
asia pacific office market overview | 2Q 2013
tokyo
• Macro-economic indicators continued a gradual improvement trend.
• The low new supply in 2013 provides a recovery opportunity in an oversupplied market.
• Rents continue to stabilise.
• Vacancy is contracting moderately.
• Recent turmoil in financial markets is expected to weaken business confidence in the
near term.
• Tenant market conditions prevail based upon relatively high vacancy and only a modest
increase in demand.
hong kong
hong kong
• The Double Stamp Duty introduced by the Hong Kong government has effectively
suppressed acquisition demand as the number of office sales deals fell sharply in 2Q
2013 with short-term investors shying away from the market.
• Overall Grade A office rents stabilised at 0.9% QoQ in 2Q 2013, with some signs of
small- and medium-sized enterprises reducing their CBD footprint for downsizing and
cost-savings reasons.
• Genuine buying interest among individual cash-rich corporations was still demonstrated
in 2Q 2013. The latest example being Canadian insurer Manulife, acquiring the West
Tower at One Bay East in Kowloon East for HK$4.5 billion for its own occupation, despite
being caught by the doubling of stamp duty.
• With more companies turning cautious in hiring amid deteriorating business conditions,
office-leasing demand will progressively weaken. The overall Grade A office rents are
set to slow and undergo mild growth of 2% over the next 12 months.
HONG KONG OFFICE CAPITAL
AND RENTAL VALUES
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0.00
25.00
50.00
75.00
100.00
125.00
150.00
175.00
Rentals
CapitalValues
Rentals (HK$ / sq ft / Month) Capital Values (HK$ / sq ft)
HONG KONG OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
2010 2011 2012 2013 F 2014 F
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%
Millionsqft
VacancyRate
Supply Take-up Vacancy Rate
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Otemachi Financial City
North Tower
L JFE Shoji Trading Corporation 68,500
Marunouchi Eiraku Building L Abeam Consulting Ltd 104,000
Marunouchi Eiraku Building L Mitsui Sumitomo Trust
Holdings
269,800
Think Park Tower L Dassault System 49,700
Nisseki Yokohama Building L Tenneco Japan 49,700
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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)
Hutchison House L Undisclosed 12,900
One Pacific Centre L Manulife 8,600
International Commerce Centre L Undisclosed 7,300
4 floors, Kowloon Commerce Centre S China Mobile 104,000
Whole block, Wing Hang Finance
Centre
S Emperor Group 95,600
12/F, Enterprise Square One S Undisclosed 40,500

7. asia pacific office market overview | 2Q 2013
Colliers International | p. 7
seoul
• A total of 2 office buildings have come on stream in the first half of 2013, all located in
the Central Business District. The State Tower Gwanghwamun, with a total floor area
40,991 sq m came in the market in 1Q 2013, while the N Tower was opened in 2Q 2013
with a total gross floor area of 51,377 sq m.
• Vacancy rate in the first half of 2013 remained at the 7% level since 3Q 2011. Overall
vacancy rate decreased 37 basis points QoQ to 7.52% in 2Q 2013.
• The average rent for offices in Seoul recorded KRW 24,522 per sq m in 2Q 2012, a 1.29%
increase from the beginning of the year as rent for new offices was set at a higher level
than the standard rent, hence pushing up the average rent.
• During the first half of 2013, besides the relocation and expansion of foreign companies
most expansionary demand in CBD was noted among local conglomerates and
conglomerate affiliates. In YBD, mainly relocation and expansion demand were noted
among finance related firms and foreign-affiliated consulting firms.
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
2010 2011 2012 2013 F 2014 F
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%
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
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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)
Fabulous International
Commercial Building
L Zurich International Life Taiwan 85,400
Taipei 101 Tower L Alliance Bernstein L.P. Taiwan 24,200
Taipei Financial Center L AVON Cosmetics Taiwan 15,300
City Link Building L Thai Airways 12,500
Taipei
• The total Grade A office stock increased to 566,846 ping amid the completion of the
5,500-ping Taiwan Life Insurance Financial Headquarter. Net take-up of Grade A office
reached 5,271 ping in 2Q 2013, which brought vacancy down by 7 basis points to 11.07%
• Vacancy rate in West district decreased by 0.83 percentage points QoQ to 5.27% in 2Q
2013, while that in MS-TN district decreased 0.5 percentage points QoQ to 12.6% during
the same period.
• Hsin-Yi district recorded the first negative net take-up since 4Q 2010, at -946 ping in
2Q 2013. This was due to increase in vacancy in some buildings, such as Taipei 101
Tower, Cathay Financial Center and Shin Kong Xin Yi Financial Building increasing 500
ping respectively.
• The average effective rent of Grade A offices remained stable at NT$2,441 per ping per
month during the quarter. Meanwhile, rffective rent of the JA-HS district dropped 5%
QoQ to NT$1,900 per ping per month.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Kyobo Building L Fujitsu Korea Limited 53,400
Kyungam Building L Coupang 153,000
TWO IFC L OTIS 84,100
Doosan Tower S Deutsche Asset/Wealth Mgmt 588,500
GS Yeokjeon Tower S Angelo Gordon 349,700
Union Steel Building S Samsung Life Insurance 284,000

8. p. 8 | Colliers International
asia pacific office market overview | 2Q 2013
indonesia
jakarta
• The average occupancy rate for office buildings in Jakarta was relatively flat during
2Q 2013. The space absorption slowed due to the consolidation of some companies in
anticipation of the fuel price hike.
• New office supply will increase in both the CBD and non-CBD areas over the next three
years with the majority of projected office space already in the construction stage.
• Despite signs of weakening office leasing demand, overall Grade A office rents increased
in 2Q 2013, mainly dominated by office buildings charging rupiah tariffs.
• The take-up rate for operating strata-title office buildings is very high and this is followed
by the sales performance of future buildings where the pre-committed sales rate has
achieved 54%. The asking price of these future office buildings has increased quite
substantially as well and is now ranging between IDR30 and 50 million per sq m.
0
100,000
200,000
300,000
400,000
500,000
600,000
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
Rentals
CapitalValues
Rentals (Rupiah / sq m / Month) Capital Values (Rupiah / sq m)
JAKARTA OFFICE CAPITAL AND RENTAL VALUES
0
2010 2011 2012 2013 F 2014 F
sqm
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
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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 in the Kuala Lumpur market during the review period.
New incoming supply of approximately 500,000 sq ft is anticipated by the end of 2013.
• The KLCC REIT, the country’s largest REIT, which was initially a property company, has
restructured itself into a stapled REIT in a bid to lure yield-hungry investors. The KLCC
REIT’s portfolio includes the Petronas Twin Towers, Tower 3 @ KLCC, Menara ExxonMobil,
Suria KLCC and Mandarin Oriental which have high occupancy rates.
• Some landlords of the newly completed buildings were willing to offer more incentives
such as longer rent-free periods to secure tenants.
• Rents have generally remained stable in 2Q 2013. Office buildings with MSC Malaysia
status and Green Building Index (GBI) Certified buildings were able to command higher
rental rates despite a longer time needed to fill up with tenants.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Sunway Tower 2 L Worley Parsons Services
Sdn Bhd
10,000
Sunway Tower 2 L ACCA Malaysia Sdn Bhd 10,000
Menara PMI S Admiral Gateway Sdn Bhd 104,000
Menara Tun Ismail Mohd Ali L KL Metropolitan College 101,600
Integra Tower L Aker Solutions 155,000
Integra Tower L Petronas Lubricants
International Sdn Bhd
50,000
malaysia
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Gran Rubina S Mandiri Healthcare 33,100
Centennial Tower S PT. Permata Hijau Group 30,100
Tempo Pavilion I L BNI Syariah 60,300
Wisma Mampang L Rekayasa Engineering 40,900
Menara Prima 2 L PT. Excelcomindo 28,000
Lot 18 Tower E L Swiber 24,000
Eighty8 Kota Kasablanka L Danamon 21,500
Data sourced from C H Williams Talhar & Wong Sdn Bhd

9. asia pacific office market overview | 2Q 2013
Colliers International | p. 9
philippines
manila
• Due to attractive business conditions, coupled with the recent investment upgrade by
Standard & Poor’s (S&P) and Fitch Ratings, more companies are expected to set up
offices in the medium term. The latest example is Citco International Support Services
Limited (CISSL) setting up its Regional Operating Headquarters at the Philamlife Tower
in the Makati CBD.
• The vacancy rate in the Makati CBD almost doubled to 6.7% QoQ, mainly driven by the
low take-up rate of the recently completed Alphaland Makati Tower. The overall vacancy
rate in the CBD is set to decline by 5.6% towards the year end as take-up will remain
heavily fuelled by the expansion requirements of outsourcing and off-shoring companies.
• Premium monthly rents, currently at an average of PHP875 per sq m, are expected to
exceed the PHP900 per sq m level by 1Q 2014 backed by a generally higher landlord
confidence coupled with the absence of new supply.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
One Ecom Center L ACS of the Philippines, Inc. 41,800
Robinsons Equitable Tower L Simpro Solutions 12,700
RCBC Plaza L Bayview Technologies 9,400
Net Lima L Employers Mutual
Management
6,700
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
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
• Driven by tenants’ continued flight to quality, leasing demand increased for Premium
Grade office space in the Raffles Place / New Downtown micro-market.
• Positive demand lifted the overall occupancy rate of Premium and Grade A office space
in the CBD to 95.2% QoQ as of June 2013, the highest level in 4.5 years.
• Consequently, the average monthly gross rents for CBD Premium and Grade A office
space rose for the first time since the market downturn in 4Q 2011, inching up 0.1% QoQ
to S$8.42 psf in 2Q 2013.
• On the back of improving market sentiments and demand for efficient floor layouts,
rents for Premium and Grade A office space in the CBD are expected to head north in
2H 2013.
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
0.00
5.00
10.00
15.00
20.00
25.00
Rentals
30.00
500
1,000
1,500
2,000
2,500
3,000
CapitalValues
0
Capital Values (Singapore$ / 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)
Asia Square Tower 1 L IHS Global Pte Ltd 32,600
Asia Square Tower 2 L National Australia Bank n.a.
Asia Square Tower 2 L Swiss Reinsurance Company n.a.
n.a. : Information not available

10. p. 10 | Colliers International
asia pacific office market overview | 2Q 2013
thailand
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
• The average occupancy rates in the office market are expected to rise in 2013 due to
ever-increasing demand and limited new supply, especially in the CBD area.
• Many multinational companies are still looking for office space in Bangkok, and some
are planning to expand their existing space.
• Compared to last year, the average rental rate increased by 5 - 10% in the first half of
2013, depending on location and building specifications. Looking forward, office rents
in the CBD area will continue to stay on an upward trend in the second half of 2013 due
to the limited supply.
• The main obstacle for office building development in the CBD area is that land prices
are escalating while rents remain relatively static. The majority of the future supply is
therefore located outside the CBD area, as there is limited land available with reasonable
prices suitable for office building development in the CBD.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Bangkok City L L'Roeal (Thailand) Co. Ltd 22,100
Mercury Tower L Asia Well Co. Ltd 11,800
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Empress Tower L Nestle 32,300
Bitexco Financial Tower L Sanofi Aventis 10,800
Bao Viet Office Building L Bridgestone 10,800
Bao Viet Office Building L Hitachi Electric 8,700
Saigon Airport Plaza L Pepsi Call Center 8,600
President Place L Canon 5,400
vietnam
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
0
10
20
30
40
50
Rentals
Rentals (US$/ sq m / Month)
HO CHI MINH CITY OFFICE RENTAL VALUES
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
sqm
VacancyRate
Supply Take-up Vacancy Rate
2010 2011 2012 2013 F 2014 F
HO CHI MINH CITY OFFICE SUPPLY,
TAKE-UP & VACANCY RATE
ho chi minh city
• Landlords were more willing to lower their asking rents and more generous in offering
incentives in 2Q 2013.
• The office leasing market in the city is a tenant’s market. Tenants, especially MNCs, were
aggressive in demanding more incentives, including longer rent-free and fit-out period.
• More tenants took the opportunity to relocate to new Grade A office buildings which
provided more competitive rents when compared to their existing addresses.
• New supply is expected to stay humble with about 20,000 sq m of new office space
entering the market in both 2013 and 2014.
• Overall Grade A office rents should see a slight decrease before a modest improvement
throughout 2014 thanks to the slow influx of new supply.

11. asia pacific office market overview | 2Q 2013
Colliers International | p. 11
hanoi
• Business conditions improved on the back of a recovering economy. Therefore, some
office tenants will likely take the opportunity to expand in the coming months.
• A large amount of new prime office space to be finished in the next two years, such as
the Lotte Center, would likely increase competition in the Grade A office market.
• A few tenants moved out from high price deals such as SunCity office building.
• Landlords were willing to offer more incentives, including longer rent-free period up to
four months for a three-year lease even though asking rents stayed relatively high.
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
0
10
20
30
40
50
Rentals (US$/ sq m / Month)
Rentals
HANOI OFFICE RENTAL VALUES
2010 2011 2012 2013 F 2014 F
-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%
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)
Ha Long Marine Plaza L Hoang Anh Commerce and
Service JSC
11,500
india
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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)
BENGALURU OFFICE CAPITAL AND
RENTAL VALUES
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 2Q 2013, total absorption was around 2.5 million sq ft, including 0.5 million sq ft of
BTS (Build to Suit) absorption concentrated in micro-markets along the Outer Ring Road
and in Whitefield. The IT/ITeS sector remained the major contributor to this demand.
• Amid robust absorption, rental values appreciated in the range of 3-8% QoQ in micro-
markets like the EPIP Zone, Whitefield, Bannerghatta Road and the Outer Ring Road.
However, rents dipped by 7% QoQ in Electronic City, keeping overall average rentals
stable for the Bengaluru market.
• Construction activities remain steady during 2Q 2013. Approximately 0.6 million sq ft
of Grade A commercial office space was added to the city’s total inventory.
• The Central Government has approved a proposal for setting up an Information Technology
Investment Region near Bengaluru, with an estimated investment of INR1,060 billion. The
project covers around 10,500 acres of land, located 14 kilometres north of Bengaluru
International Airport (BIA). The project is expected to generate an annual turnover of
INR2,010 billion by 2032, and create about 1.2 million direct, and 2.8 million indirect jobs.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
RMZ Infinity L Analog Devices 54,000
RMZ Ecoworld L Honeywell 500,000
Prestige Tech Park L BMC Software 80,000
Mantri Commercio L AXA 237,000
Salarpuria Softzone L Akamai 70,000

12. p. 12 | Colliers International
asia pacific office market overview | 2Q 2013
india1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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)
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
• Absorption remains in line with the previous quarter with a number of mid-sized
transactions (10,000 to 45,000 sq ft) recorded during 2Q 2013. Major occupiers like
IBM Daksh, AT & T and Bosch relocated in order to downsize.
• The total absorption recorded till 2Q 2013 was 1.53 million sq ft. The micro-markets
which remained most active in terms of commercial leasing were OMR, RK Salai and
Dr MGR Road.
• No new projects were launched during 2Q 2013.
• In 2Q 2013, rental values for Grade A office space remained stable. Average rental values
are expected to remain stable with a downward bias amid cautious market sentiment
and more prime office supply in the pipeline.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
RMZ I L Ford 44,000
ASV Hansa L Frost and Sullivan 42,500
Sunnyside L Bosch 32,000
Prince Infocity-ll L DAKSH IBM 34,000
SP Infocity–Block B L Siemens 44,000
AKDR L Ajuba 34,000
DELHI NCR OFFICE CAPITAL AND
RENTAL VALUES
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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)
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
• Delhi National Capital Region (NCR) witnessed steady occupier demand with absorption
at more than 1.34 million sq ft during 2Q 2013. More than 50% of this absorption was
recorded in Gurgaon.
• In 2Q 2013, the completion of various projects across the city added approximately 1.8
million sq ft of Grade A office stock to the city’s total inventory.
• Amid steady demand, the large quantum of supply kept rental values steady across Delhi
NCR, except in the CBD, where capital values moved up by 3% QoQ.
• Demand is anticipated to remain moderate in the next quarter due to cautious expansion
plans by occupiers. With the continuous addition of new supply, vacancy levels are
expected to rise putting pressure on the rental values in the mid-term.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Gurgaon L Convergys 227,300
New Delhi L Relaxo Footware (Office) 50,000
Gurgaon L DuPont 123,000
Gurgaon L Reliance 4G 80,000
Gurgaon L Home Credit 55,000

13. asia pacific office market overview | 2Q 2013
Colliers International | p. 13
india1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
• Mumbai’s office market experienced fairly good absorption during the last two quarters
showing healthy occupier demand. The city’s total absorption for 2Q 2013 was recorded
at around 1.58 million sq ft in 2Q 2013 when compared to the 1Q 2013 figure of 2.17
million sq ft.
• Two new projects, the FIFC (The First International Financial Centre) developed by
Vornado Realty at BKC (Bandra Kurla Complex) and Kalptaru Prime developed by
Kalpataru Group in Thane, were completed in 2Q 2013, adding approximately 1 million
sq ft of office stock to the city’s Grade A inventory.
• Rental values for Grade A office space remained stable in all of the micro-markets, except
BKC, which recorded a marginal appreciation in rental values.
• With limited premium commercial development expected to be completed in 2013,
commercial office space rents are expected to increase slightly. However, rental values
for IT/ITeS office space will remain stable due to demand supply equilibrium.
Karachi
• Pakistan’s change of government had a positive effect on economic activities in Karachi
in 2Q 2013.
• The developers put on hold their commercial development projects since 2009 in view
of unfavourable conditions. The change of government has brought new hope to the
market and the developers have resumed the development of these projects
• A slight improvement in the office sector was witnessed during the quarter. Occupancy
levels, rents and prices of existing office premises have edged up.
• Looking forward, expansions of companies are expected amid further economic
improvement, which will create additional demand for office premises.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Al Tijarah Center L Lotte Chemical Pakistan Ltd. 14,200
Horizon Vista L Pak Brunei 24,000
pakistan
KARACHI OFFICE CAPITAL AND RENTAL VALUES
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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)
Marathon Icon L NSDL 200,000
Mindspace SEZ L Cognizant 230,000
IFC L HSBC 72,000
Gcorp L Convergys 120,000
One India Bulls Annexe L ISDI Parsons 210,000

14. p. 14 | Colliers International
asia pacific office market overview | 2Q 2013
australia1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
2010 2011 2012 2013 F 2014 F
sqm
VacancyRate
Supply Take-up Vacancy Rate
BRISBANE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
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
VacancyRate
Supply Take-up Vacancy Rate
ADELAIDE OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
adelaide
• Foreign investor interest for prime quality investment assets should remain elevated in
the medium term. Institutional buyers are making enquiries, and are likely to become
more active during the next 12 - 18 months, provided opportunities are available.
• The market recorded its largest office asset sale for the year following the sale of 45
Pirie Street recently for AU$87 million on a passing yield of 8.4%.
• Vacancy rates rose further in 2Q 2013 due to an increase in new supply and backfill
space. In the short term, prime incentives are expected to rise marginally.
• Yields remained stable and there were positive transactional trends, which showed there
was good demand for prime, well-located investment assets in Adelaide.
• Drawn out decision-making tempered overall leasing activity during 2Q 2013. However,
it is anticipated that activity will improve in the second half of 2013 due to the increase
in high-quality refurbished backfill space.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
45 Pirie Street S Private 213,800
101 Pirie Street S Health Partners 73,100
brisbane
• Institutions have dominated the Brisbane investment landscape with approximately AU$1.6
billion in transactions recorded over the first half of 2013. Prime asset sales indicate
tight yields and high capital values compared to transactions over the past two years.
• Corporations and the Queensland State Government accounted for the majority of
disposals in 2013 YTD at AU$543.9 and 561.9 million, respectively.
• Double-digit vacancy is set to remain in the Brisbane office market in the short to medium
term. Research indicates that the current CBD vacancy rate is close to 13%, with the
highest vacancy being recorded in the secondary Grade sector.
• Given the tight supply in the prime market, vacancy rates are expected to remain relatively
stable over the medium term until new developments are completed.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
41 George St S QIC 316,000
400 George Street S Motor Accident Commission (SA) 471,000
480 Queen Street S DEXUS Property Group and
DEXUS Wholesale Property Fund
(DWPF)
598,100
259 Queen Street S Investa Commercial Property Fund 266,800
192 Ann Street L Aurizon Property Pty Ltd 30,500
179 North Quay L Maurice Blackburn Lawyers 19,000
480 Queen Street L BHP Billiton 148,500
150 Charlotte Street L Boeing Australia 80,700

15. asia pacific office market overview | 2Q 2013
Colliers International | p. 15
australia
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
0
100
200
300
400
500
600
700
800
900
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Rentals
Capital Values (Australian $ / sq m)Rentals (Australian $/ sq m / Year)
CapitalValues
MELBOURNE OFFICE CAPITAL AND
RENTAL VALUES
0
50,000
100,000
150,000
200,000
250,000
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
2010 2011 2012 2013 F 2014 F
sqm
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
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
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
CANBERRA OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
canberra
• There was limited leasing activity due to the upcoming 2013 federal elections as most
federal department expansions and moves were put on hold.
• No major federal government workforce reductions were witnessed in 2Q 2013.
• The current supply cycle is coming to an end with limited leasing options offering
contiguous space.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
40 Macquarie Street L Accenture 32,300
14 Mort Street L DEEWR 43,100
140 - 180 City Walk L Federal Government 140,000
40 Marcus Clarke Street S Private 110,000
4 Mort Street S Private 58,800
melbourne
• The leasing market was more subdued, with limited major deals.
• Sales in the Melbourne CBD were strong compared to the same time last year. The
transaction amount reached over AU$1 billion up to June 2013.
• Yield compression was observed in the prime Grade market while secondary Grade
yields have remained flat.
• Demand is expected to pick up slightly following the 2013 federal elections.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
80 Collins Street L Australia Post 93,000
567 Collins Street L Virgin Active 47,400
360 Collins Street L UXC 39,700
120 Collins Street L Migration Review Tribunal 38,000
555 Lonsdale Street S LaSalle Investment Management 174,100
567 Collins Street S Investa Office Fund / Investa
Commercial Property Fund
584,200
8 Exhibition Street (50%) S GPT Wholesale Office Fund 484,400
575 Bourke Street S RREEF OBO BVV 174,100
90 Collins Street S Mirvac 228,700

16. p. 16 | Colliers International
asia pacific office market overview | 2Q 2013
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
-50,000
0
50,000
100,000
150,000
200,000
-3.0%
0.0%
3.0%
6.0%
9.0%
12.0%
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
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
2010 2011 2012 2013 F 2014 F
0
40,000
80,000
120,000
160,000
200,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
sqm
VacancyRate
Supply Take-up Vacancy Rate
SYDNEY OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
perth
• Leasing demand has softened due to more conservative business perspectives as a
consequence of continuing sluggish global economic conditions and the subsequent
deferral of some capital expenditure projects.
• Vacancy has increased largely due to more direct space being made available in the
past six months up to June 2013. However, as a result of a pullback in resource sector
investment and the subsequent flow through impact on the engineering / technical
services sector there was an increase in availability of sub-lease space.
• Yields generally remained stable in the first half of 2013 as demand for properties with
good lease covenants was relatively unaffected by increasing vacancy levels.
• Relatively strong pre-commitment activity in the past 6 to 12 months is expected to result
in the delivery of 9 buildings totalling 162,725 sq m by mid-2016.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
Allendale Square, 77 St Georges
Terrace, Perth
S Mirvac Property Trust 302,400
Kings Square 1, 2 & 3, Wellington
Street, Perth
S Dexus 568,100
QV1 250 St Georges Terrace, Perth L Chevron 301,400
32 St Georges Terrace, Perth L Legal Aid 60,000
sydney
• Landlords continued to increase incentives to attract and retain tenants.
• The leasing market continued to remain soft due to low levels of business and investment
confidence.
• The investment market remained strong across the Sydney CBD office market with
AU$375 million worth of sales taking place during 2Q 2013.
• The weight of funds chasing quality assets has resulted in a slight tightening of yields
for well-leased premium Grade properties.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
121 - 127 Harrington St S Private 67,900
10 Spring St S Centuria 149,000
175 Castlereagh St S Centuria 129,000
117 Clarence St S Altis Proerty Partners 120,600
australia

17. asia pacific office market overview | 2Q 2013
Colliers International | p. 17
new zealand
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
-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
AUCKLAND OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013F
4Q2013F
1Q2014F
2Q2014F
3Q2014F
4Q2014F
1Q2015F
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
2010 2011 2012 2013 F 2014 F
-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%
VacancyRate
sqm
Supply Take-up Vacancy Rate
WELLINGTON OFFICE SUPPLY, TAKE-UP &
VACANCY RATE
aUckland
• In the 12 months leading up to June 2013, both face rents and net effective rents have
increased due to the limited supply of available space. While face rents have increased
marginally, incentive packages were reduced by an average of 5 percentage points
compared to a year ago. Overall rents are expected to grow by 2.5% between now and
mid-2014.
• The confidence in business and employment growth intentions was translated into further
demand for Auckland CBD offices. The overall office vacancy rate in the CBD declined
to 9.9% in 2Q 2013, with 38,013 sq m of space leased over the first half of 2013.
• The prime vacancy rate decreased to 5.8% in 2Q 2013, declining by almost half in the
last two years. Despite the inclusion of the new ASB Building in Wynyard Quarter and
the 6,600sq m to be vacated at 205 Queen Street with ANZ Bank’s departure, the prime
vacancy rate will remain low in the range of 6% - 6.5% for the rest of the year.
• Given the rise in rents and the firming in yields by between 25 and 50 basis points for
prime space, prime capital values are set to rise by 7.4% over the next 12 months.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
37 - 39 Anzac Avenue S Private Investor 13,700
Vero Centre, L25 - 30
48 Shortland Street
L Russell McVeagh 66,900
L9, 41 Shortland Street L Morgan Coakle 8,700
wellington
• The combination of a low employment period in both the public and private sectors and
an emphasis on the building seismic strength provides a challenging environment for the
Wellington office market. However, this brings in opportunities, and investment activity
remains strong.
• Argosy Property Trust have purchased NZ Post House in Wellington and undertaken
significant refurbishment and seismic strengthening works. Lifting the seismic strength of
buildings and refurbishment is a recurring theme in Wellington. Landlords with access to
sufficient equity are repositioning to attract and retain tenants in a highly competitive market.
A significant purchase, further demonstrating buoyant investment activity in Wellington,
was Caniwi Capital purchasing the ANZ Bank building in Tory Street for NZ$46.25 million
in April 2013.
major transactions
Building Lease (L) /
Sale (S)
Tenant / Purchaser Area
(sq ft)
NZ Post House, 7 Waterloo Quay S Argosy Property 268,900
The Tory Street Campus, Tory Street S Canwi Capital 156,100
Sovereign House, 34 - 42 Manners
Street
L Government Department 22,100
L7, Todd Tower, 95 Customhouse
Quay
L Assurity 5,900
33 Cuba Street L Design Works NZ 7,600

18. p. 18 | Colliers International
asia pacific office market overview | 2Q 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
Brisbane
Beijing
Melbourne
Shanghai
Ho Chi Minh City
Hanoi
Adelaide
Jakarta
Mumbai
Canberra
Delhi NCR
Guangzhou
Taipei
Bangkok
Kuala Lumpur
Wellington
Auckland
Seoul
Chengdu
Manila
Bengaluru
Chennai
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 | 2Q 2013
Colliers International | p. 19
Delhi 12,200,000
Bengaluru 9,090,000
Mumbai 8,700,000
Guangzhou 6,673,618
Chennai 5,240,000
Chengdu 4,628,477
Seoul 4,382,317
Shanghai 3,790,637
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 733,625
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
Tokyo 2,888,680
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 1,614,585 538,195 470,720 1,177,140 10.7 7.6 22,157,679 22,695,874 63.92 68.27
Zhongguancun 0 624,306 26,318 231,908 0.9 5.3 8,095,529 8,719,835 44.79 46.23
Financial Street 406,875 0 366,188 28,967 1.0 0.7 10,107,399 10,107,399 69.14 75.47
Lufthansa 708,781 0 196,867 425,269 8.4 3.2 8,185,871 8,185,871 52.87 55.65
East Chang An Avenue 0 0 140,447 40,903 3.8 3.1 6,307,067 6,307,067 49.00 52.01
East 2nd Ring 0 0 108,500 4,447 1.2 1.1 3,012,514 3,012,514 45.90 49.89
Other areas 0 1,531,918 6,028 453,548 0.5 40.4 1,151,307 2,683,225 46.98 44.62
Shanghai
Pudong 0 823,438 914,932 968,751 6.8 5.9 23,080,665 23,904,103 49.06 51.57
Puxi 3,790,637 2,604,455 1,998,795 2,523,742 12.6 11.9 31,904,878 34,509,332 48.52 50.99
Guangzhou
Yuexiu 0 1,618,761 115,206 1,021,171 4.4 12.7 4,683,244 6,302,005 20.46 20.75
Tianhe 6,675,620 6,820,836 3,531,140 4,945,011 28.7 28.5 31,459,844 38,280,680 29.28 28.27
Haizhu 0 0 77,446 109,092 30.2 25.3 2,244,693 2,244,693 17.64 16.24
Chengdu
Renmin Road 0 645,834 180,192 444,609 16.0 20.0 1,801,446 2,447,280 29.95 30.67
CBD 0 0 919,722 204,742 25.0 16.0 2,274,913 2,274,913 23.46 25.26
Financial Street 1,376,251 4,240,977 867,960 2,027,962 39.0 48.0 3,373,395 7,614,372 23.10 23.46
Tianfu Avenue 857,506 0 838,272 356,647 40.0 27.0 2,743,438 2,743,438 21.65 23.46
Other areas 2,357,003 1,937,502 1,714,689 937,923 26.0 37.0 2,357,003 4,294,505 21.65 21.65
Hong Kong
Central 40,700 0 59,776 60,622 5.0 4.7 21,770,869 21,770,869 157.80 164.59
Wanchai 0 0 88,859 55,379 3.4 2.9 11,439,007 11,439,007 99.17 102.94
HK Island East 0 0 -320,000 25,118 0.7 0.4 10,404,774 10,404,774 71.73 73.88
Tsim Sha Tsui 0 0 -91,938 4,736 1.5 1.4 6,458,960 6,458,960 80.59 76.56
Kowloon East 677,315 0 349,431 305,942 10.8 7.7 9,869,196 9,869,196 61.03 57.98
Tokyo
CBD 2,888,680 4,776,226 3,415,997 4,625,829 7.8 7.5 82,179,204 86,955,444 92.13 93.84
Seoul
CBD 1,417,293 3,576,467 728,190 3,485,409 11.1 10.3 36,199,141 39,775,608 27.60 28.26
GBD 0 0 441,603 242,426 3.5 2.6 28,697,841 28,697,841 24.03 24.87
YBD 2,965,024 0 487,397 1,544,240 18.8 11.1 20,103,762 20,103,762 21.35 22.25
Taipei
CBD 1,074,641 2,113,137 624,375 1,141,475 11.6 14.8 20,402,183 22,515,320 27.39 27.46
Jakarta
CBD 1,564,339 3,407,183 3,185,565 3,551,194 2.5 2.1 51,304,037 54,711,221 44.88 53.52
Non-CBD 1,793,007 4,517,114 2,320,815 2,683,365 3.0 8.8 24,716,627 29,233,741 25.90 30.49
Kuala Lumpur
KLCA 509,000 2,459,266 1,000,000 1,000,000 12.2 15.4 33,424,552 35,883,818 25.29 25.29
p. 20 | Colliers International
asia pacific office market overview | 2Q 2013
TRENDS & FORECASTS

21. 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F 2013 F 2014 F
Manila
Makati 413,334 0 330,645 225,095 5.7 5.3 10,347,811 10,347,811 23.17 25.61
Ortigas 721,171 0 705,035 60,848 4.9 3.8 5,682,575 5,682,575 14.80 16.01
Singapore
CBD 773,625 1,205,000 710,285 772,462 6.0 7.8 19,471,993 20,676,993 82.79 88.91
Bangkok
CBD 0 0 861,112 645,834 7.0 5.0 17,580,646 17,580,646 27.57 27.93
Ho Chi Minh City
CBD 228,507 234,115 118,403 172,222 12.9 8.5 1,935,360 2,169,475 41.25 41.92
Hanoi
CBD 1,748,165 2,046,605 1,340,837 1,412,035 25.0 25.5 5,122,066 7,168,671 35.43 36.27
Bengaluru
Overall 9,090,000 6,000,000 7,500,000 7,000,000 15.0 16.0 93,517,175 99,517,175 9.65 9.95
Chennai
Overall 5,240,000 8,000,000 4,000,000 5,000,000 21.0 22.0 46,032,483 54,032,483 9.65 9.65
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 34.37 34.37
Mumbai
Overall 8,700,000 5,000,000 7,000,000 7,000,000 14.5 15.0 110,158,000 115,158,000 35.78 35.78
Karachi
CBD 145,000 476,000 100,000 124,000 40.0 42.0 15,376,929 15,852,929 0.99 1.03
Adelaide
CBD 454,936 0 55,972 269,098 12.1 11.5 14,853,192 14,853,192 39.05 40.37
Brisbane
CBD 200,209 0 -59,234 32,819 9.4 9.8 11,522,959 11,522,959 60.10 61.10
Canberra
CBD 979,127 200,478 215,278 376,737 12.9 11.4 25,229,764 25,767,959 35.16 38.56
Melbourne
CBD 1,833,781 775,001 78,372 307,729 9.0 9.5 46,445,830 47,080,900 49.68 50.28
Perth
CBD 84,098 78,846 -188,368 123,623 7.2 6.9 17,185,417 17,264,262 71.62 71.62
Sydney
CBD 1,330,827 644,758 393,550 114,313 8.8 9.6 27,937,810 28,311,317 76.18 77.91
Auckland
CBD 193,750 0 153,386 -4,553 5.8 6.0 4,774,974 4,493,767 25.15 26.38
Wellington
CBD 0 0 15,328 -14,327 3.5 4.0 3,256,973 3,256,973 25.31 25.89
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 | 2Q 2013
Colliers International | p. 21
TRENDS & FORECASTS

22. p. 22 | Colliers International
asia pacific office market overview | 2Q 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 2 principal sub-markets
– Pudong covering Lujiazu and Zhuyuan, and Puxi covering Huangpu,
Jingan, 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 | 2Q 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 | 2Q 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
Simon Paterson
Managing Director
Tel 84 4 3941 3277
simon.paterson@colliers.com

25. asia pacific office market overview | 2Q 2013
Colliers International | p. 25
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information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all
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SOUTH
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 | 2Q 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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