HONG KONG ASIA’S MOST EXPENSIVE OFFICE RENTS

Hong Kong has the highest office rents in Asia, according to the latest CB Richard Ellis (CBRE) Asia Pacific Office Marketview. Central Business District (CBD) office rents in Hong Kong are about THB 5,000 per square metre per month, compared to THB 680 per square metre per month in Bangkok. Tokyo is in second position at THB 3,329 and the Nariman Point district in Mumbai is in third position at THB 2,900 per square metre per month. Most cities in Asia saw an increase in demand with falling vacancy rates and rising rents. Beijing office rents rose by over 40%, compared to the first quarter of 2010. Core Central rents rose by almost 40% in Hong Kong and Singapore by 28.4% year-on-year. Bangkok office rents remained flat with virtually no change over the last 12 months while Vietnam was one of the few countries where office rents fell. Ho Chi Minh City saw a 12% decline and Hanoi 8.5%. Bangkok office rents are some of the cheapest in Asia, with only Manila and Jakarta being lower. There is almost eight million square metres of completed office space in Bangkok with only 270,000 square metres of new buildings due to be completed by the end of 2014. “We are starting to see some increase in demand driven by the overall strength of the Thai economy,” stated Mr. James Pitchon, Executive Director of CBRE Thailand. Annual new demand for Bangkok office space fell from 2006 to 2009 and improved slightly in 2010, but it is still well below the levels seen between 2000 – 2005. “If we see a return to the level of demand that we saw between 2000 – 2005, then we could see rents rise significantly as vacancy rates fall, particularly for the best grade A buildings,” said Mr. Nithipat Tongpun, Executive Director of Office Services at CBRE Thailand. Top 10 Asia Pacific Office Rental Index Ranking Country City THB / sq m/ Q-o-Q Change (%) Y-o-Y Vacancy Rate (%) Month Change (%) 1 Hong Kong Hong Kong- Core Central 5,002 8.5 39.5 3.4 2 Japan Tokyo- inner 3,329 -1.6 -4.7 5.1 3 India Mumbai - BKC 2,947 0 3.6 11.9 4 India Mumbai - Nariman Point 2,895 0 3.4 9.6 5 Hong Kong Hong Kong 2,417 8.3 37.1 5.6 6 India New Delhi- CBD 2,412 0 4.2 2 7 Singapore Singapore 2,204 3.6 28.4 4.8 8 Mainland China Beijing- Finance Street 1,733 4.2 37.8 2.8 9 Australia Perth 1,678 1.6 -1.3 9.5* 10 Australia Brisbane 1,611 0.8 0.8 9.4* *Q4 2010 figures Source : CBRE’s Asia Pacific Office MarketView Q1 2011 About CB Richard Ellis CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis established an office in Bangkok in 1988, followed by its Phuket office in 2004. CB Richard Ellis (Thailand) Co., Ltd. has grown to be a leading real estate services provider, offering strategic advice and execution for sales and leasing for all types of property, property and facilities and tenancy management, valuation and advisory, and research and consulting. For more information, visit the company's website at www.cbre.co.th. For further information: Ms. Ngamjai Jearrajarat Manager Marketing and Communications - Thailand 66 2 654 1111 ext 522 [email protected] Click for photo release at www.thaipr.net

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