Asia real estate 2013 forecast

Asia Real Estate
2013 Forecast

Content
Introduction
Section 1 - Asia Real Estate 2013 Forecast
• Office: Driven by cost-savings and the continued flight to quality
• Residential: Cities with pent-up demand will do well
• Retail: Powered by growing urbanisation
• Industrial: Intra-regional demand spilled over from China
Section 2 - Markets
Greater China
• Beijing, China
• Chengdu, China
• Guangzhou, China
• Shanghai, China
• Hong Kong
• Taipei, Taiwan
North Asia
• Tokyo, Japan
• Seoul, South Korea
Southeast Asia
• Jakarta, Indonesia
• Kuala Lumpur, Malaysia
• Karachi, Pakistan
• Manila, Philippines
• Singapore
• Bangkok, Thailand
• Ho Chi Minh City, Vietnam
• Hanoi, Vietnam
India & Central Asia
• Bengaluru, India
• Chennai, India
• Mumbai, India
• NCR (Delhi, Noida and Guragon), India
• Kazakhstan
Colliers International is delighted to present the Asia Real Estate Forecast for 2013.
The summary section of the paper provides the top-down analysis on the key trends in macro-
environment in Asia as well as the prospective trend on the major property sectors in the region.
The country section covers major cities in Asia with property forecast and projections on both
rental and capital values for 2013.
As a snapshot, one of the notable trends in 2013 is that real estate prices will remain positive in
2013. More occupiers are expected to go for acquisition rather than leasing amid the continued
surge in rentals. Office tenants would take the supply cycle in individual cities as an opportunity
to upgrade themselves to better quality premises.
I trust you will find the results of this paper of interest.

Colliers International 5Asia Real Estate 2013 Forecast
In 2013, real estate prices in the region are predicted to stay in the upward trend not
just because of the rising prices of commodities including some construction materials
from the replacement cost angle but also the growth expectations in the region and the
underlying demand from end-users, occupiers and investors.
Looking at the prospective GDP growth in the region, China is going to be the key driver
which is predicted to generate a significant positive spill-over to the rest of countries in
Asia. Shortly after the conclusion of the 18th National People’s Congress in 4Q 2012,
economic growth of China in 2013 is predicted to be stronger. The main reason is that
massive investment has been made in a number of infrastructure projects which will
definitely drive growth. Meanwhile, the prevailing relaxed monetary policy is going to
sustain in 2013 given the rate of price inflation has been staying at low level. Comparing
2013 to 2012, the only difference is that the growth rate of real estate prices is expected
to taper off slightly from the range of 5 - 9% per year in 2012 to 2 - 5% per year in 2013.
Asia Real Estate 2013 Forecast
Real estate
prices for 2013
remain positive
Further to the general fall of investment yields in 2012, the same is going to
happen again in 2013 across the board but the degree of compression will be
much slower between flat and 10 basis points. On the one hand, occupiers are
expected to take advantage of the prevailing low-interest rate environment
to acquire real estate for long-term occupation rather than leasing. On the
other hand, investors who have previously been constrained by limited loan-
to-value ratios are expected to take on more risks in completing deals given
the support by most banks and other lending institutions on both core and
mezzanine real estate financing in 2013.
Renters become
buyers; Yields
to compress

Breaking down by sector, the office sector is going to see more rental weakness primarily because of the impact arising from the
current supply cycle. Although individual occupiers might take it as an opportunity to relocate and upgrade to better quality buildings,
the introduction of new developments is going bring down the average overall rental rates at least over the short term. More significant
downward pressure will be inevitable in cities having plentiful vacant space available for immediate occupation. For example, cities in India
where existing vacancy is on the order of 15 - 20% are going to experience a rental correction of 2 - 3% in 2013. Meanwhile, Singapore
will continue to see ample new developments coming on line. Rents are therefore predicted to be made competitive in order to lure tenants.
Similarly, the growing new supply in Ho Chi Minh City and Hanoi will send office rents further down since the new projects, mostly located
outside the city core, are anticipated to be pitched at rates significantly lower than those in the CBD.
Offices: Driven by
cost-savings and the
continued flight to quality
In 2013, the top three office performers in descending order are predicted to be Jakarta, Beijing and Bangkok.
Similar to 2012, Jakarta will continue to steal the limelight with an anticipated 35% rent growth thanks to the
buoyant leasing demand from overseas companies engaged in banking and finances. Beijing expects a rental
growth of 10.9%, with many domestic firms and some MNCs continually seeking office spaces for relocation and
expansion. Bangkok will edge up another 10% in 2013 primarily because of the lack of new supply in the CBD.
However, the overall growth pace is going to be diluted by the forthcoming new supply and the deferred completions
of a number of buildings to 2013.
*NCR denotes Delhi, NOIDA and Gurgaon
Office Rents 2013 Forecast

Due to the strong underlying genuine demand, the flow of liquidity and the additional push
from price inflation, residential real estate prices in most Asian cities showed different
degrees of upsurge from flat growth to more than 26% in 2012. As a pre-emptive move to
stop residential markets from developing into asset bubbles, individual governments have
built up firewalls in terms of buying and lending restrictions to cool residential prices in
their home markets.
Due to the implementation of additional buyers’ stamp duty (ABSD) since late December
2011, Singapore was just one of the few cities in Asia recording negative price growth in
2012. Following suit, Hong Kong introduced buyers’ stamp duty (BSD) in 4Q 2012 to restrict
non-local buying activity in the residential market. Although residential prices in Hong Kong
managed to rise 3% in 2012, the market direction is predicted to reverse in 2013.
Residential:
Cities with pent-up
demand will do well

Nevertheless, residential markets in most Asian cities continue to look good thanks to the genuine demand from the
local residents which have been growing due to natural birth rates and migration of residents into urban centres.
Beijing will continue to see robust capital growth due to limited supply in the marketplace. Jakarta, Manila and the
key cities in India are typical cases showing sustained growth in the residential market as they gradually recover
from the global financial crisis (GFC) which happened in the second half of 2008. Other macro-reasons are their
massive internal consumption base and the trend of sustained inflation.
Residential Capital Values 2013 Forecast
In Jakarta, demand for strata-title units has
been growing since 2012. Potential upside
risk remains in 2013 because of limited
supply of stock particularly in the CBD
and South Jakarta. Demand for residential
properties in India has been buoyant but
supply was tight in 2012 due to the deferred
completions of new projects. If local banks
soften their stance on financing to local
developers, more new supply is expected
to come along, thus slowing the prospective
price growth to 8% in 2013.
As a first-tier city in China, Guangzhou
will continue to see its residential market
being regulated by the prevailing buying
restrictions. However, sales prices are
predicted to edge up further by 5% due to
the strong demand from end-users and a
number of high-net-worth individuals.
Colliers International 11

Closely linked to the trend of population growth and limited land supply in the urban core,
retail rentals largely showed positive growth in 2012. New retail supply in the format of
community shopping malls will come down the pipeline in decentralised locations outside
the city core. Thanks to fundamental support by local residents, Jakarta will see another
strong year in 2013 with rents potentially going up by 20% during the period. To most
residents in Pakistan, shopping malls are essentially a new concept since there were
virtually no shopping malls in Karachi five years ago. With the on-going structural change
in the market, quality shopping mall developments in central locations have been gradually
accepted by the community with the average rent nearly three times more expensive than
stand-alone retail facilities. Rents are expected to gather additional growth momentum to
rise over 10% in 2013.
Retail: Powered by
growing urbanisation

Retail rents in the first-tier cities of China remain positive thanks to the continued increase
in household income and the encouraging double-digit growth of retail sales. Demand from
overseas labels remains keen on opening their flagship stores in the first-tier cities. With
new supply due to be completed largely in non-traditional areas, rent growth is going to go
flat or rise moderately by 1 to 3% in 2013. Chengdu, one of the major second-tier cities in
China, will deliver exceptional performance thanks to the demand from new brands and the
expansionary requirements from local retailers. Market sentiment will be further buoyed
since the next “Fortune” Global Forum is going to be held in Chengdu in mid-2013. However,
with more competitive stock due for completion in 2013, rent growth is predicted to taper off
to 5% in 2013. In Hong Kong, rents will grow further in 2013. However, the pace of growth
is expected to taper off to 9% since the discretionary spending by mainland visitors making
up more than two-thirds of the total inbound tourists is forecast to slow in tandem with the
performance of other asset markets in China.
In Singapore, rents of prime retail shops will remain weak in 2013 further to some downward
rental adjustment in 2012. The key challenges are the shrinkage of operating margins,
growing competition and the shortage of labour amid the general slide of discretionary
spending by local residents. Prospective rent fall in Vietnam is largely due to the forthcoming
new supply in the outskirt areas where rents are more competitive than in the city centre.
Retail Rents 2013 Forecast

Largely above market expectations, the industrial logistics market showed positive growth on the leasing front in 2012 despite the challenges
in the external environment including the sovereign debt issues in the euro-zone. It appears that the sector is going to perform again and
deliver even stronger growth in 2013 if the economy in China can resume its growth momentum after the recent period of stabilisation. In
our view, it is likely to happen as the government in China has made massive investment in a number of infrastructure projects since 3Q
2012 and is determined to revive the economy by boosting domestic consumption. Industrial logistics warehousing is going to benefit from
the trend since private enterprises including those engaged in the fast-moving consumer goods (FMCG) sector will continue to outsource
logistics functions to third-party logistics (3PL) operators to save costs.
Industrial:
Intra-regional demand
spilled over from China
The industrial sector of Beijing in particular is going to be the star performer in 2013. Capital values are expected to increase 12.5% in 2013
due to the tight supply and sustained demand. Jakarta continues to look strong in 2013 although prospective buyers are becoming more
resistant to the current price levels. In Bangkok, the volume of sales activity in the city area has been slow but prices are expected to be
supported by end-users who have gradually turned their focus to the fringe areas of Bangkok. In Kuala Lumpur, industrial real estate looks
positive due to the support by the government via grants and incentives. Capital values are expected to be supported by foreign companies
from, for example, Singapore looking to relocate and set up their operations outside Kuala Lumpur. NCR in India again is anticipated to see
further capital growth primarily due to the upgrading demand from manufacturers in light industries and the IT/ITes sector. Meanwhile, the
industrial sector in Singapore was the star performer in 2012, with rents increasing by 10% and capital values surging by 26% during the
year. However, the recent strong run-up in industrial property prices has prompted the Government to impose, with effect from 12 January
2013, a Seller’s Stamp Duty (SSD) on industrial properties that are sold within three years of purchase. Given the sustained long-term
investment demand, industrial capital values are expected to stay flat in 2013.
In China, prospective capital growth for logistics warehouses in Guangzhou will be stronger than the other property sectors thanks to
the support from purchasers who are planning to build manufacturing or machinery assembly facilities. In Shanghai, the local logistics
warehousing sector will see more exciting growth thanks to increasing real estate requirements from overseas companies who are
engaged in the specific industries (e.g. high-tech manufacturing) preferred by the government.
Seoul and Taipei are predicted to undergo short-term downward adjustments in 2013. The industrial real estate sector in Seoul, primarily
geared towards manufacturing industries, is predicted to remain weak since investors are sceptical of the demand for imports by the major
economies in the west. The market in Taipei is going to be affected by the prevailing government’s determination to open the market to
other investors instead of being too dominated by local life insurance companies. Cities relying heavily on exports to mature economies in
the US and the euro-zone will see a more significant downward adjustment on capital values in 2013.
Industrial/Logistics Capital Values 2013 Forecast

Colliers International 19Asia Real Estate 2013 Forecast I Beijing, China
Beijing, China
The world economy is projected to pick up gradually in 2013, with China remaining the
global growth leader, given the cabinet reformat during the 18th National Congress,
the accelerating development of key infrastructure projects outlined in the 12th Five-
Year Plan, and the steady domestic economic growth.
Demand for Beijing’s office properties is expected to be stable in 2013, with many
domestic firms and some MNCs continually seeking office spaces for relocation and
expansion. The unbalance between tight supply and stable demand in the Grade A
sector should be somewhat cushioned by several new completions in 2013. The
overall vacancy rate is projected to edge up, due to relatively limited pre-commitment

1
Office refers to Grade A offices

2
Residential refers to luxury apartments

3
Retail refers to mid- to high-end shopping centers

4
Industrial refers to the logistics sector
2012 2013
(% growth YoY) Rental Capital Values Rental Capital Values
Office1 19.4% 15.4% 10.9% 8.9%
Residential2
21.1% 26.1% 12.3% 16.7%
Retail3
6.5% 5.0% 4.6% 4.6%
Industrial4
10.7% 12% 9.4% 12.5%
Greater China
rates of the new supply, but should remain at a single-digit level of 5.5% by end-2013. Asset performance is expected to be relatively stable,
too, with rental and capital values growing moderately. Due to limited availabilities and strong demand from end-users, some submarkets
should continue to see yield compressions.
The overall retail property market remained positive in 2012, with rental and capital values growing moderately, in spite of cautious
spending attitude rising on the back of the volatile world economy and slowing domestic economics. In 2013, demand of retailers from the
F&B, children’s education, health & beauty as well as personal care sectors should remain strong whilst that of luxury product retailers
should continue to weaken comparatively. Fixed rents and capital values are forecast to grow at a single-digit pace and yields are expected
to remain flat throughout 2013.
In spite of the central and local governments’ tightened policies and lending controls on the housing market, the overall residential sales
market remained positive in 2012. The letting market was healthy too, with rental growth logged in at 21.1% YoY by end-2012. The
continuation of the aforementioned policies will be the highlight in 2013, continually curbing speculative purchases and preventing excessive
growth in property prices. Demand for owner-occupancy and housing condition upgrades in the overall residential property market is
expected to remain stable, underpinning the price up-ticks.
The growth momentum for Beijing’s logistic property market continued in 2012, fueled by thriving business expansions in the 3PL and
E-Commerce sectors. The disequilibrium of insufficient supply and strong demand for leasing and investment continued to lead to a further
upward drift on both rental and capital values. The outlook of the property sector in 2013 should continue to be strong, with investment
returns stabilising over the next 12-24 months.

Asia Real Estate 2013 Forecast I Guangzhou, China
Guangzhou, China
Colliers International 21Asia Real Estate 2013 Forecast I Chengdu, China
Chengdu, China
The office rental market saw a mild correction in 2012 since most multi-national
corporations were largely cost cautious on their real estate budgets. However,
sizeable local enterprises and state-owned companies engaged in energy,
infrastructure and manufacturing looking for expansion are expected to take up the
slack in 2013. Tenants will be taking the new supply coming on line as a market
opportunity to upgrade from older to brand-new Grade A office developments with
quality management.
The retail sector continues to look positive in 2013 due to the double-digit growth
(i.e. 16% YoY in mid-2012) of retail consumption in the city, the increasing number
of new brands and the expansionary requirements from local retailers as well. However, the challenge to the market is the prospective
completion of a batch of new supply with similar physical settings and targeted spending groups over the next 12 to 24 months. A number
of retailers will be lured to brand new projects, thus leaving less convenient developments such as those located outside the 3rd Ring Road
with slower rent growth next year. With the addition of new stock, the overall retail rent growth is predicted to slow to 5% in 2013 but retail
capital values will be going up steadily on the order of 3% per year.
The office rental trend in Guangzhou is going to reverse in 2013 due to the prospective supply coming on line roughly representing a
doubling of the historical average completion rate, while there are no signs of expansion on the demand front. Prospective buyers are
expected to be conservative in making their bids since sales prices have substantially increased in the past couple of years and the current
investment yields have been compressed to about 2 - 3% per year. As such, it is our prediction that the potential upside for capital values
will be largely capped at 4% in 2013.
In the residential market, the prospective growth of capital values will be constrained by the prevailing buying restrictions. With the
prospective launch of a few super-luxury developments, the average unit prices will be slightly higher. Although the volume is thin, sales
prices could be supported by the prevailing strong demand from end-users and a number of high-net-worth individuals.
In the retail sector, new malls coming on line in Guangzhou city will be limited due to the lack of development sites. Rent growth for existing
malls will depend on the successful restructuring of tenant mix. Development of new malls in the suburban locations will be the on-going
trend but unit rents are usually offered at lower rates. Sales transactions are generally confined to ground floor shops. As usual, it is a
unique sector driven principally by local players.
In the industrial sector, single-level facilities with high headroom at eight meters or above and site area on the order of 3,000 and 10,000 sq
m will remain in the market favour in 2013. Rent growth is going to be steady at about 3% in 2013 due to the support from manufacturing
and machinery assembly activity. Prospective capital growth will be the strongest among the other sectors since demand will be buoyed
by purchasers who are planning to build for their own uses.

1
Office refers to Grade A office

2
Residential refers to shopping centers

1
Office refers to Grade A offices in the CBD

2
Residential refers to the units in the luxury sector

3
Retail refers to shopping malls

4
Industrial refers to logistics warehouse and single and multi-storey facilities in industrial parks
2012 2013
Office1
-2.0% 3.0% 6.0% 4.0%
Residential - - - -
Retail2
8.0% 3.0% 5.0% 3.0%
Industrial - - - -
2012 2013
(% growth YoY) Rents Capital Values Rents Capital Values
Office1
7.0% 12.0% -3.0% 4.0%
Residential2
10.0% 3.0% 8.0% 5.0%
Retail3 1.0% 3.0% 1.0% 1.0%
Industrial4
5.0% 8.0% 3.0% 6.0%

1
Office refers to Grade A office

2
Residential refers to high-end units located in traditional luxury locations

3
Retail refers to ground-floor shops in traditional shopping locations

4
Industrial refers to factory and warehouses
In 2013, asking rents will be raised at better quality office buildings coming onto
the market in 2013. However, the anticipated rent growth will be slower in 2013 in
anticipation of slower demand growth and a batch of new supply comprising about
half a million square metres and the completion of a few buildings being deferred to
2013. The office sales market is expected to perform well with the strongest growth
among the other real estate sectors in 2013 thanks to the sustained buying interests
from a number of local institutions and growing interest among domestic players.
Given the projection that the prevailing buying and lending restrictions on the local
residential sector are going to remain intact, both residential prices and rents are
Colliers Asia Real Estate Forecast 2013 I ShanghaiAsia Real Estate 2013 Forecast I Shanghai, China
Shanghai, China

1
Office refers to prime offices in the CBD

2
Residential refers to high-end units with unit prices at RMB40,000 per sq m or above

3
Retail refers to shopping malls in both core and decentralised locations
2012 2013
Office1 10.0% 11.0% 6.5% 7.5%
Residential2
1.0% 3.0% 1.0% 3.0%
Retail3
1.1% 3.0% 1.1% 3.0%
Industrial 6.4% 7.0% 4.0% 5.0%
Logistics
Industrial 2.8% 2.8% 2.5% 2.5%
Workshop
expected to see only mild growth on the order of 1 - 3% at best in 2013. As such, real estate capital values in other non-commercial sectors
are predicted to enjoy the shift of investment capital and the benefits of a projected economic recovery in 2013.
The on-going trend of retail sales in Shanghai remains solid. However, the retail real estate sector will be relatively flat in 2013 because of
the supply cycle, thus putting a cap on both rents and capital values.
In the industrial market, workshops, largely factories are going to stage a mild growth in 2013 but the local logistics warehousing sector
will see more exciting growth due to growing real estate requirements from overseas companies. However, the challenge is always the
availability of land for development although specific preferred industries such as high-tech manufacturing could receive special treatment
from the local government on the procurement of industrial sites.
Asia Real Estate 2013 Forecast I Hong Kong
Hong Kong
Despite the general softening of rents, office yields were compressed further in 2012
due to inflation and capital flow from the local residential sector. Office rents will buck
the downward trend in 2013 thanks to steady growing occupational demand in the
legal sector and the continued support from mainland companies. Buying interests
including both investors and end-users were immense for office developments in
decentralised locations. In anticipation of further rent stabilisation in traditional CBD
markets, sales prices in core areas are predicted to catch up in 2013.
The cooling measures implemented by the government on the residential sector
actually led to an immediate volume contraction in 4Q 2012. Upward price momentum
stalled and housing rents fell 5% YoY as corporate tenants downgraded themselves to more affordable premises. Looking ahead, the
current trend of capital growth is going to be sustained except in the residential sector which is predicted to consolidate by 10% as a result
of the Buyers’ Stamp Duty (BSD).
In the retail sector, rent growth is going to taper off in 2013 since retailers have become more realistic to make their offers more in line with
the trend of retail sales. Capital values could see double-digit growth, again due to the strong investment demand.
In the industrial sector, prospective rent growth is expected to stay steady in 2013 but capital growth is predicted to slow to about 10%
after the distinct yield compression in 2012. However, quality logistics warehouses are anticipated to see outperforming growth due to the
limited supply in the marketplace.
2012 2013
Office1
-3.0% 7.0% 5.0% 9.0%
Residential2
-5.0% 3.0% -5.0% -10.0%
Retail3
14.0% 27.0% 9.0% 11.0%
Industrial4
6.0% 20.0% 5.0% 10.0%

Colliers International 25Asia Real Estate 2013 Forecast I Taipei, Taiwan
Taipei, Taiwan
Office capital values increased by an estimated 5.7% in 2012 notwithstanding that rents
moved generally sideways during the period. The key reason was that most local life insurers
determined to park their capital in office stock despite the sustained low investment yields.
However, the current trend might be reversed in 2013.
Further to the increase of the minimum yields on real-estate investments from 1.875 to
2.125% in August 2012, the Financial Supervisory Commission (FSC) increased the rate
to 2.875% in November 2012 in an attempt to curb short-term trading of commercial
properties. Shortly after the announcement, investment sentiment for both the office and
industrial sectors has turned cautious. Both office and industrial prices are predicted to
soften in 2013 since market yields for offices are generally fetching 2.5%. More importantly,
life insurers who used to be the main buyers in the commercial investment market now have
virtually disappeared from the market.
2012 2013
Office1
-0.5% 5.7% 1.0% -5.0%
Residential - - - -
Retail - - - -
Industrial2
2.1% 6.3% 1.0% -5.0%

1
Office refers to premium Grade and Grade A offices in CBD

2
Industrial refers to hi-specs buildings in Neihu Technology Park
North Asia

Colliers International 27Asia Real Estate 2013 Forecast I Tokyo, Japan Asia Real Estate 2013 Forecast I Seoul, South Korea
Seoul, South KoreaTokyo, Japan
Although the pace of rent decline has been tapering off since 2008, the market continued to be challenged by the current supply cycle –
the year with the second largest completion since 2003. However, due to the completion rate of new developments on a quarterly basis,
the current supply cycle saw its peak in 1Q 2012. Rents came down and bottomed in 3Q 2012 and started to rise in 4Q 2012 after an
accumulated decline of nearly 40% since the global financial tsunami in 2008. In 2013, office rents are expected to increase slightly as
there will be less new supply coming onto the market. The vacancy rate is expected to edge down from 8.5 to 7.8% in 2013. Due to the
stock availability, it is our prediction that tenants will relocate to higher grade and better quality office developments, thus leading to a mild
increase of rent and capital values in 2013.
The industrial market in Tokyo is predicted to remain stable in 2013 thanks to the steady end-user demand from a batch of local logistics
companies. Most of the leasing contracts are signed for a term of 5 to 10 years. Therefore, no dramatic changes are expected in the overall
leasing market. In the sales market, more sales transactions are anticipated since two existing JREITs and two other new REITs are there
in the marketplace to expand their portfolios for long-term investment.
Office rents increased about 4% in 2012 thanks to the improvement of occupancy rates. Asking rents for newly completed developments
were raised thanks to the upgrading demand from the financial services sector and a number of local conglomerates (e.g. Samsung and
Daelim). As vendors provide less incentive, effective rents and capital values are predicted to increase 3 to 4% in 2013. On the supply
front, prime office developments are made available for sale-and-leaseback by a range of domestic conglomerates for the purpose of
strengthening their balance sheets. Investment funds including NPS, Korea Teachers Mutual Funds and Police Mutual Funds are expected
to remain the key buyers in 2013.
On the supply front, urban redevelopment projects in the CBD - Cheongjin District No. 1, Myeongdong District No. 3, Doryum District No. 24
and one prime office building, the FDI building in the YBD will come on stream in 2013, thus boosting the vacancy rate in the overall office
market in Seoul. Domestic pension and mutual funds (e.g. NPS, Korea Teachers Mutual Funds) are expected to be the key buyers in 2013.
In addition, investment activities are expected to remain upbeat since more quality properties will be available for sale-and-leaseback by a
range of domestic conglomerates for the purpose of strengthening their balance sheets.
In the residential sector, rent growth is going to be relatively steady on the order of 4% in 2013. However, buying interests are expected to
remain weak notwithstanding the various stimulus packages implemented by the government to mitigate negative factors such as economic
uncertainties and the high volume of new supply and so on. Most end-users would then resort to lease rather than to buy.
The industrial sector looks gloomy despite the projection of steadily-rising rents. Most prospective buyers are generally sceptical about the
prospective growth due to the weak prevailing demand in the manufacturing industries.
2012 2013
Office1
3.9% 2.7% 4.0% 3.0%
Residential2
3.4% 0.2% 4.0% 1.0%
Retail - - - -
Industrial3
2.8% -6.5% 3.0% -5.0%
2012 2013
Office1
0.4% 1.2% 2.0% 0.3%
Residential - - - -
Retail - - - -
Industrial2
0.3% 0.2% 0.0% 0.0%

1
Office refers to prime offices in Seoul

2
Residential refers to residential properties in major areas in Seoul

3
Industrial refers to six major industrial area - Seongsu, Youngdeungpo, Namdong, Shihwa / Banwol, Pyeongtaek / Asan / Dangjin, Busan Noksan

1
Office refers to Grade A developments in the CBD areas

2
Industrial refers to logistics warehouses

Colliers International 29Asia Real Estate 2013 Forecast I Jakarta, Indonesia
Jakarta, Indonesia

1

2
Residential for lease refers to stock available to expatriates; Residential for sale refers to strata-title units

3
Retail for lease refers to shopping malls with a total floor area of 10,000 sq m or more; Retail for sale refers to strata-title units

4
Industrial refers to industrial estates located in greater Jakarta including sub-markets like Serang, Tangerang, Bogor, Bekasi and Karawang
Jakarta saw very positive growth of real estate prices across the board in 2012. The office sector stole the limelight with 35 and 32%
rent and capital growth, respectively. The same trend is expected to continue in 2013 thanks the buoyant leasing demand from overseas
companies engaged in banking and financial industries. With very limited stock for sale, office capital values could edge up further but at a
slower pace since capital values have increased by more than 60% over the past couple of years. Investment yields would settle in a range
between 6 and 8% per year in 2013.
The residential leasing market is popular among most expatriates but it is small in Jakarta, representing only 7% of the total stock in the
market. However, rent growth is anticipated to pick up additional momentum to about 6% in 2013 due to limited stock availability. In the
sales market, demand for strata-title units has been growing since early 2012. Given the ongoing trend and limited stock in the sub-markets
like the CBD and South Jakarta, prices could go up by 11% in 2013.
Retail rents for sizeable shopping malls increased 18% in 2012. However, capital values were slow due to the fact that market liquidity for
strata-title retail units has been thin and prospective growth has been suffering from a lack of overseas retailers. As such, prospective retail
capital growth is going to be limited at low single digits in 2013.
Industrial rents in Jakarta increased significantly by 18% in 2012 although that represents a small portion of the total industrial transactions.
The sales market showed remarkable growth with prices rising by 25% during the year. Since industrialists show increasing resistance
to the current price level, asking prices are anticipated to be reduced. It is our prediction that the overall industrial capital values will slow
to 11% in 2013.
2012 2013
Office1
34.5% 31.6% 35.0% 20.7%
Residential2
3.2% 11.8% 5.5% 10.6%
Retail3
17.8% 2.1% 20.0% 3.2%
Industrial4
18.0% 24.5% 5.0% 10.5%
Southeast Asia

Colliers International 31Asia Real Estate 2013 Forecast I Kuala Lumpur, Malaysia
Kuala Lumpur, Malaysia

1
Office refers to Grade A office buildings in Kuala Lumpur

2
Residential refers to luxury condominiums and serviced residences

3
Retail refers principally to shopping areas in Kuala Lumpur

4
Industrial refers principally to the rents of warehouses and capital values of the land prices in Greater Kuala Lumpur.
With a stable economic outlook expected in Malaysia, supported by continued strong
domestic consumption and investment, Kuala Lumpur foresees a cautious growth in
the residential sector while all other real estate sectors may moderate.
In the office sector, rents and capital values remain stable as supply continues to
be projected into the market (2.5 million sq ft of office space in 2012 and about
4 - 5 million sq ft of office space in 2013). These future office developments are,
in most cases, not pre-leased and landlords are looking for tenants to fill up these
spaces. In the leasing sector, structural changes are seen by major tenants taking
the opportunity to relocate and/or expand to better quality buildings within the city
centre. Main tenants are from the oil & gas and finance sectors.
The residential market sentiment in Kuala Lumpur has been upbeat since last year as residential property prices and new supply has
further increased. However, rising supply and weak demand are expected to put further pressure on the condominium rental market. In
contrast, the landed residential segment continues to show strong take-up levels and remains attractive to local investors.
Kuala Lumpur functions as the retail and fashion hub for Malaysia and as tourism plays an important role in Kuala Lumpur’s service-driven
economy, the retail market in Kuala Lumpur is performing relatively well. Looking forward, the future supply of retail centres in the Klang
Valley is expected to increase by 7.63 million sq ft between 2012 and 2014 which represents an average annual increase of 5 - 6% in total
net lettable area (NLA) of shopping malls in the Klang Valley. Retail rents are expected to remain stable while healthy growth of 5% or more
in capital value is expected in 2013.
Most of the industrial developments are led by the public sector. To help new entrepreneurs get started, the government provides various
types of funding in the form of grants, loans and incentives for various industrial sectors. The most active industrial sectors are from the
logistics and small and medium enterprises (SME) sectors. With a stable economic outlook, the industrial property market could potentially
benefit from foreign firms, especially from Singapore, relocating or setting up their operations in well-established industrial parks that have
good infrastructure, facilities and connectivity.
2012 2013
Office1
0.0% 0.0% 0.0% 0.0%
Residential2
0.0% 0.0% 0.0% 0.0%
Retail3
5.0% 5.0% 0.0% 5.0%
Industrial4
7.5% 6.0% 5.0% 5.0%
Asia Real Estate 2013 Forecast I Karachi, Pakistan
Karachi, Pakistan
The Karachi office market continues to face challenging problems, including terrorism
that has negatively influenced the buying interest of local and foreign investors in the
office market. With an existing oversupply situation in the market and no actual new
demand generated from local and foreign companies, rents for good quality office
buildings in Karachi are forecast to rise slightly at an average of 2% in 2013 whereas,
the capital values will remain flat. The majority of the tenants taking up space in
these buildings are engaged in “Fast Moving Consumer Goods” (FMCGs), the oil and
gas sector and the telecom industry.
Supported by strong population growth and an intercity migration trend, healthy
growth in the residential sector is expected in 2013. Nonetheless, due to the difficult economic conditions, the considerable drop in
purchasing power among genuine homebuyers, there has been a shift of demand from luxury units to the more affordable housing sector.
Rents are predicted to rise 5% while capital values will edge up 4% in the residential sector of Karachi in 2013.
Retail shopping mall developments in Karachi are performing relatively well due to solid consumer spending and a shift of the population’s
preference towards one-stop shopping (i.e. mall development). Good quality malls catering to high-end foreign and local brands have been
achieving an occupancy rate of above 75% on average - a clear sign showing healthy demand from foreign retailers in Karachi. Overall
retail rents are predicted to increase 10% and capital values will grow 7% on average in 2013.

1
Office refers to prime office buildings in Karachi

2
Residential refers to the mass market and high-end residential units in Karachi

3
Retail refers to mall developments in Karachi
2012 2013
Office1
-0.5% 0.0% 2.0% 0.0%
Residential2
5.0 2.0% 5.0% 4.0%
Retail3
10.0% 0.0% 10.0% 7.0%
Industrial - - - -

Colliers International 33Asia Real Estate 2013 Forecast I Manila, Philippines
Manila, Philippines
2012 2013
Office1
9.8% 9.5% 6.5% 4.2%
Residential2
11.0% 8.3% 9.5% 6.2%
Retail3 4.0% Flat 4.4% Flat
Industrial4
3.3% Flat 3.2% Flat
With strong demand from the business process outsourcing (“BPO”) sector for prime offices in the CBD area, office rents will see an
increase by 9.8% at the end of this year. In 2013 the office rents are expected to slow to 6.5% since a batch of new supply comprising
over one million sq m of floor area will be coming to Metro Manila in 2013 and 2014. Due to limited supply in Makati CBD, there will be a
continued shift of leasing demand to the fringe areas such as Bonifacio Global City (“BGC”) where more stock is available at cheaper rents.
Meanwhile, the sales market is expected to benefit from the sustained buying interests from both local and overseas companies.
The residential market will continue to look strong in 2013 due to the anticipated economic growth in 2013 and the sustained occupational
demand from expatriates. However, prospective growth of rents and prices are expected to slow to 9.5 and 6.2%, respectively, since there
will be 2,800 new units coming onto the market, representing 12% growth YoY.
Retail sales remain robust due to the strong consumer spending and the increasing population in the Philippines. Besides the CBDs, more
shopping malls and superstores are also expected in the second and third-tier cities. Moreover, the strip-mall concept is likewise a growing
trend. Retail rents will generally track with the economy with rents growing between 4 and 5% next year.
Industrial rents are expected to stay relatively flat next year. Growth in the industrial segment remains restricted due to the high electricity
costs and weak global demand. Moreover, electronic products, a major source of Philippine industrial exports, have performed passively
over the last few years. Thus, the outlook on industrial rents in 2013 is that they will remain relatively neutral. However, an increase
in Japanese companies scouting for industrial properties has been observed, which might indicate a relocation trend by these foreign
companies to the Philippines.

1

2
Residential refers to three-bedroom units located in the CBD

3
Retail refers to shopping malls and superstores located in the CBD

4
Industrial refers to logistics warehouses
Singapore
Asia Real Estate 2013 Forecast I Singapore
Weighed down by the sluggish global economy, Singapore’s economic growth is
expected to slow to 1 - 3% in 2013. Demand for office space from the sentiment
driven financial services industry is hence expected to remain under the weight of
economic uncertainties. Nonetheless, a more diverse occupier demand – that extends
beyond the financial services sector including broad-based services firms such as
those in the professional and legal services industries, insurance and commodity
segments – is expected to provide support to the sector, thus moderating the rent
decline to 5% in 2013. Overall capital values of office space could hold stable with
only marginal downsides in 2013 on the back of healthy fundamentals in the strata-
titled office market given the low interest rate environment and continued limited

1
Office refers to whole-block Grade A developments for lease and strata-titled units for sales

2
Residential refers to luxury non-landed private residential properties

3
Retail refers to ground-floor retail space for lease and strata-titled units for sales

4
All industrial rental and price indices recorded by the Urban Redevelopment Authority
2012 2013
Office1 -7.0% -1.0% -5.0% 5.0%
Residential2
-4.0% -5.0% -10.0% -5.0%
Retail3
-3.0% 6.0% -5.0% 3.0%
Industrial4
10.0% 26.0% 5.0% Flat
supply of prime strata-titled office space. Recent anti-speculation measures imposed in the residential and industrial sectors will continue
to divert some investment capital to the office market.
The record level of housing transactions and reacceleration of property prices fuelled by the pro-buying environment of low interest rates
and excess liquidity led the Government to introduce more cooling measures in January 2013. This seventh round of cooling measures
is calibrated to dampen investment demand, rein in soaring prices and discourage buyers from overextending themselves. Among other
things, the Additional Buyer’s Stamp Duty (ABSD) rates for the purchase of residential properties were raised between five and seven
percentage points. Loan-to-Value limits on housing loans granted by financial institutions were also lowered for individuals with at least
one outstanding housing loan, as well as for non-individual borrowers such as companies. In addition, the minimum cash down payment
for individuals applying for a second or subsequent home mortgages was raised from 10 to 25%. The pool of potential buyers will shrink
as some will be priced out due to the curbs, while others will stay on the side to assess the impact on the market and their planned
investments. Foreign buyers, who form the main base for the purchases of luxury residential properties in Singapore, will be affected by
the increased ABSD to 15%. However, Singapore remains attractive as it is stable, safe from natural disasters, provides good protection of
property rights, and has little currency risk. Hence, while some foreigners could be deterred, there will still be those who view the latest
measures as another one-time tax on property that they are willing to pay. Overall, foreign participation is expected to slide from current
levels but prices of luxury non-landed residential properties are expected to remain relatively stable with a marginally slip of 5% in 2013.
In 2013, consumer sentiment could be lifted by the latest round of Quantitative Easing (QE3) by the United States Federal Reserve. Retail
sales will also be augmented by healthy tourist arrivals on the back of new and reinvented visitor attractions in Singapore. Yet discretionary
spending by local residents may slide given the weak economic outlook. Also, despite the retail sector’s expected resilience, retailers and
F&B operators have to face the growing challenges brought about by increased competition and operational challenges such as staff
shortages. All of these will have a bearing on the demand for retail space. As such, rents of prime ground floor retail space in the Orchard
Road district are forecast to see some downward pressure to the tune of up to 5% as competition of tenants between malls stiffens in
2013. The sales market will tell a different story. The sales momentum of strata-titled retail space is expected to continue in 2013. Capital
values are projected to continue to trend upwards as interest for existing and new strata-titled retail space from investors and end-users
are expected to remain healthy.

The industrial sector is truly the star performer in 2012, with rents increasing by 10% and capital values surging by 26% during the year.
The unabated growth in industrial property prices has been supported by healthy buying activity from end-users and investors. The recent
strong run-up in industrial property prices has prompted the Government to impose, with effect from 12 January 2013, a Seller’s Stamp
Duty (SSD) on industrial properties that are sold within three years of purchase. The measure aims to discourage short-term speculative
activity and rein in industrial property prices. Unlike speculators, it is expected that end-users and investors with a longer investment
horizon are unlikely to be adversely affected by the SSD and will continue to provide some support to the strata sales market which is
also expected to continue to benefit from the low interest rate and high liquidity environment. Nonetheless, buyers are still expected to
be cautious and price sensitive due to a combination of factors including the latest Government measure, the persistent global economic
headwinds and higher competition for tenants arising from recent moves to evict unauthorised industrial space users and from the spate
of new strata-titled industrial projects sold over the past few years. In the light of the above, the industrial property market is expected to
be more stable in 2013, with industrial capital values expected to remain relatively stable with minimal fluctuations in 2013. Industrial rents
are also projected to rise at a slower pace.
Asia Real Estate 2013 Forecast I Bangkok, Thailand
Bangkok, Thailand

1
Office refers to Grade A office buildings located in the CBD

2
Residential refers to the high-end sector in the city

3
Retail refers principally to shopping centres in the city

4
Industrial refers to logistic warehouses
Since there will be no office developments scheduled for completion in the Bangkok
CBD during 2012 and 2013, the current upward trend for both rents and capital
values is expected to be sustained in 2013. Office investment yields will be largely
steady in the range of from 5 to 7% in 2013 in anticipation of the continued support
of a number of local end-users and investors.
In the residential sector, prospective rent and capital growth will be slowed by
the plentiful supply of completed schemes notwithstanding that a number of new
residential developments currently under construction will be deferred by a general
lack of construction workers. Real estate buyers comprising mainly locals will
continue to support the market, particularly the projects along the mass transit line in the city area.
With a general increase in domestic household income and the ongoing growth of retail sales, retail real estate in Bangkok continues to
look positive in 2013. Another growing trend is the gradual completion of residential projects in the suburban locations of Bangkok, thus
underpinning the demand for shopping and retail facilities in those areas.
Industrial real estate rents and capital values will be edging up steadily in 2013 but the sector will be relatively quiet in terms of the level of
transactional activity particularly in the city area where existing industrial premises have been completed for more than 15 years. Overseas
companies (e.g. Japanese and European) would rather go to the fringe areas of Bangkok to search for industrial sites with landed area on
the order of 10,000 sq m or more.
2012 2013
Office1 10.0% 8.5% 10.0% 8.0%
Residential2
10.0% 10.0% 5.0% 5.0%
Retail3
5.0% 5.0% 5.0% 5.0%
Industrial4
10.0% 7.0% 10.0% 7.0%
Asia Real Estate 2013 Forecast I Singapore

Colliers International 37Asia Real Estate 2013 Forecast I Ho Chi Minh City, Vietnam
Ho Chi Minh City, Vietnam

1
Office refers to office developments located in District 1, 2, 3, 4, 5, 7, 10, 11, Tan Binh

2
Residential refers to residential developments located in District 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, Tan Binh, Binh Thanh, Binh Tan

3
Retail refers to retail developments located in District 1, 2, 3, 4, 5, 7, 10, 11, Tan Binh
In the office sector, rents are predicted to edge down by 6% in 2013 in addition
to the 7% decline in 2012. Office supply in the central areas remains limited since
the CBD in the city is small. New projects coming on line are primarily located in
the fringe districts. However, completion of individual projects have either been
deferred or suspended since developers continue to face the challenge of financing
their cash flows. Although the government has relaxed interest rate controls, banks
remain hesitant to lend to developers other than the large and well-established local
developers. Asian investors from Japan, Korea and Thailand in particular have been
looking at this as distressed opportunities.
In the residential sector, there will be an increase in new supply in 2013, thus putting some downward pressure on rents. However, capital
values remain on the rise notwithstanding the projection that the growth pace will be tapering off to 2% in 2013.
In the retail sector, new development coming on line is limited after the launch of Vincom Centre A, the prime shopping centre located in
the city centre, and two other projects outside the CBD. Rental offers in the brand new retail developments in the outskirt satellite areas are
competitive as vendors are determined to fill their developments. It is our view that retail rents and capital values will edge further down
in 2013 before a rebound by 2014 at the earliest.
2012 2013
Office1
-7.0% 0.0% -6.0% 1.0%
Residential2
-8.0% 7.0% -6.0% 2.0%
Retail3 -12.0% 3.0% -8.0% -4.0%
Industrial - - - -
Asia Real Estate 2013 Forecast I Hanoi, Vietnam
Hanoi, Vietnam

1
Office refers to office developments in CBD (Hoan Kiem, Hai Ba Trung, Ba Dinh) and satellite areas in the West (Cau Giay)

2
Residential refers to residential developments in CBD (Hoan Kiem, Hai Ba Trung, Ba Dinh) and satellite areas in the West (Cau Giay)

3
Retail refers to retail developments in CBD (Hoan Kiem, Hai Ba Trung, Ba Dinh) and satellite areas in the West (Cau Giay)
In the office sector, rents remain firm on the order of USD50 per sq m per month. However, the overall rent level will continue to be
suppressed by the introduction of more new developments in the outskirt areas such as Cau Giay district in the west where rents are
significantly lower than those in the CBD. Developments recently completed include Keangnam Hanoi Landmark Tower and Indochina Plaza
Hanoi. Office rentals are predicted to come down by 17% in 2013. On the sales front, capital values are going to edge down by 9% since
investors are generally challenged by the difficulty of getting access to bank financing.
In the residential sector, rents are anticipated to remain in a downward trend in 2013. Again, capital values will be dampened by the large,
new, luxury supply coming on line in 2013.
In the retail sector, rental performance will remain negative in 2013 since there will be an increase of new supply in the fringe areas. The
most successful developments are located in the CBD with Trang Tien Plaza shopping mall - a renovated development which is scheduled
to come onto the market in 2013.
2012 2013
Office1
-6.0% 0.0% 17.0% -9.0%
Residential2
-9.0% 6.0% -9.0% -1.0%
Retail3 -10.0% 4.0% -10.0% -2.0%
Industrial - - - -

India &
Central Asia
Asia Real Estate 2013 Forecast I Bengaluru, India
Bengaluru, India

1

2
Residential refers to the high-end sector
Due to the significant contraction in the overall absorption rate and the continued
relocation of tenants from the CBD to decentralised areas, office rents in Bengaluru
declined 3% in 2012. On the demand front, it is going to be driven by the IT/ITes
sector. New supply will be essentially offered for lease. In anticipation of a more
balanced situation between demand and supply in the coming months, both office
rents and capital values are expected to stay largely flat in 2013. Prospective buyers
will be generally cautious in making their offers.
The high-end residential sector in Bengaluru has been performing well with an
encouraging 15% capital growth in 2012 thanks to the growing size of the population
2012 2013
Office1
-3.0% 5.0% Flat Flat
Residential2
4.0% 15.0% Flat 8.0%
Retail - - - -
Industrial - - - -
and the migration of residents into the urban core. The current tight supply situation will remain there due to the deferred completions of
a number of new projects. As such, residential prices will see further growth of 8% in 2013. Going forward, the supply level will gradually
increase since local banks have softened their stance in offering financing to developers.

Colliers International 41Asia Real Estate 2013 Forecast I Chennai, India
Chennai, India

1

2
Office leasing demand in Chennai showed signs of slowing down in the second half
of 2012 although the overall office rent managed to edge up by 1% throughout the
year. In view of the overall slowdown in economic growth and the sustained trend of
cost-savings initiatives adopted by most occupiers, office rent growth will be capped.
The existing vacancy on the order of 20% and the forthcoming new supply estimated
to be about 4 million sq ft per year are expected to send office rents down by 2%
in 2013.
Given the fact that Chennai is the capital city of the Indian state, demand in the
residential sector remained strong. Although the growth pace is expected to taper
off to 8% in 2013, the sales market of small-to-medium size units will continue to be
underpinned by genuine end-users among middle-income households.
2012 2013
Office1
1.0% 0.0% -2.0% -2.0%
Residential2
15.0% 21.0% Flat 8.0%
Retail - - - -
Industrial - - - -
Asia Real Estate 2013 Forecast I NCR, India
NCR, India
NCR = Delhi, Noida and Guragon

1

2

3
Industrial refers to warehouses, factories and offices of light industries
Attributed to the increasing supply of office developments outside the CBD, the average
office rent in NCR fell 1% in 2012. With the on-going trend of tenants moving to
decentralised areas, vacancy in prime offices in the CBD will increase while rents will
fall further by 3% in 2013.
Demand fundamentals in the residential sector remain healthy. However, with a
general lack of supply, both residential rents and capital values increased 21 and 24%,
respectively in 2012. The growth momentum is going to slow in 2013.
In the industrial sector, the market outlook continues to look positive thanks to the
demand from light industry (IT/ITes). The Government of India has been supportive in
upgrading the local infrastructure to the international standards. The ongoing trend is
that industrial facilities have been developed by end-users for self-occupation purposes.
2012 2013
Office1
-1.0% 0.0% -3.0% Flat
Residential2
21.0% 24.0% 5.0% 12.0%
Retail - - - -
Industrial3
3.0% 5.0% 5.0% 5.0%

Colliers International 43Asia Real Estate 2013 Forecast I Mumbai, India
Mumbai, India

1

2
In the office sector, leasing demand slowed considerably in 2012 with overall
contraction of rents by 4%. In an attempt to save costs, tenants have been relocating
out of the CBD, thus leaving more vacant space in the core areas. Going forward,
both rents and capital values are predicted to fall 3% in 2013.
In the residential sector, prices are currently perceived to be at a peak as prospective
buyers turn cautious. In addition to the 9% capital growth in 2012, the market is
anticipated to go sideways due to the increasing level of new supply in 2013.
2012 2013
Office1
-4.0% 0.0% -3.0% -3.0%
Residential2
1.0% 9.0% 0.0% 5.0%
Retail - - - -
Industrial - - - -
Asia Real Estate 2013 Forecast I Kazakhstan
Kazakhstan

1
Office refers to Class A & B office buildings within the CBD

2
Residential refers to all units in business and premium class

3
Retail refers to shopping centres

4
Industrial refers to premises in industrial zones
2012 2013
Office1 0.0% 0.0% 0.0% 0.0%
Residential2
0.0% 5.0% 0.0% 5.0%
Retail3
10.0% 0.0% 10.0% 0.0%
Industrial4 0.0% 0.0% 0.0% 0.0%
Office rents are likely to continue staying flat in 2013 thanks with growing demand from a number of local companies in finance and mining
& resources sector as well as from international companies represented in Kazakhstan. In the sales market, there has been buying interest
in office premises with sizes ranging from 500 to 1,000 sq m. These were mainly detached buildings not designed specifically for office
use but located within the prime areas of the city. The asking price per square metre was in the range of USD1,600 - 3,000 per sq m.
The residential market remained stable which was supported by positive social-economic development trends in Kazakhstan. In June 2012,
the government developed a new state multi-purpose residential programme, “Affordable Housing 2020”. The main goal of the programme
is to provide residents with affordable housing. This programme aims to develop 1 million sq m of rental housing by 2014 and increase
construction volume up to 10 million sq m by 2012. The sales prices in the primary and secondary markets are expected to see a moderate
growth of 5% as most projects in 2008 were suspended or put on hold.
The retail market in Kazakhstan has been staying on an upward trend for many years. Investors have been encouraged by the steady
ongoing rent growth of about 10% per year. Assuming the successful completion of all planned, new retail developments, supply will likely
increase by 120% by second half of 2016.
Industrial rents in Kazakhstan remained flat in 2012 with supply of quality premises being limited. The government has started attending to
these problems by putting more resources into infrastructure and companies outsourcing their logistics functions will receive support from
the government. However, the industrial market will remain flat in 2013 until a further improvement of infrastructure connectivity in the city.

Executive Sponsor
Piers Brunner
Chief Executive Officer, Asia
piers.brunner@colliers.com
Tel: +852 2822 0727
Author
Simon Lo
Executive Director
Research & Advisory, Asia
simon.lo@colliers.com
Tel: +852 2822 0511
Jessy Chung
Analyst
Research & Advisory, Asia
jessy.chung@colliers.com
Tel: +852 2822 0643
For further details, please contact:
www.colliers.com
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations
or warranties of any kind, expressed or implied, regarding the 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 inferred or implied terms, conditions
and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers
International and/or its licensor(s). ©2013. All rights reserved.

Asia real estate 2013 forecast

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