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Subdued Leasing,Strengthening Investment

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3

Feature Article

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Dr Jane Murrayaaa a

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The tide turns for China and Japan

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Dr Jane Murray

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y-o-y(%)

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China

Philippines

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India*

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Taiwan

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Country

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2013-14 Outlook

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Economy

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Incoming data are mixed

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aried ination and interest rate picture

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Regional growth continues to outpace rest of the world

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Slow leasing activity on the back of ongoing corporate caution

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Rents grow modestly in most cities. Falls in Beijing, Australia

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2012 2013F

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Retailer demand healthy, although some signs of slowing

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PropertyMarket

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About the Author

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Figure 6: Rental Property Clocks, 2Q13

Rents and capital values still increasing, but slower growth

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*Business Parks (Singapore) & Conventional (Singapore)Logistics Space (Hong Kong, Shanghai, Beijing, Tokyo Bay Area)

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Beijing:Ofce

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Two new completions add 81,000 sqm to the market stockRents edge down for the second consecutive quarterTwo en bloc transactions completed in the quarter

Demand

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4Q08 4Q09 4Q010 4Q11 4Q12 4Q13

60

100

260

180

220

140

Rental Value Index Capital Value Index

Index

Th

ousandsqm

Percent

08 09 10 11 12 13F

Take-Up (net) Completions

Future Supply Vacancy Rate

0

750

1,500

0

10

20

25

30

5

15

500

250

1,250

1,000

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More tenants consider relocation from the CBD to decentralised areasDomestic companies active in Pudong, supporting moderate rental growth Investment demand for ofce assets remains strong

Demand

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q1360

80

120

100

180

Index

160

140

Thousandsqm

Percen

t



08 09 10 11 120

3

9

15

12

0

200

400

600

1000

800

13F

6

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Guang

hou:Ofce

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Renewals and cost-saving relocations dominate demandRental growth accelerates despite rising vacancyPrimary and secondary markets record strong sales growth

Demand

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q1360

100

120

160

Index

140

80

Take-Up (net) C ompletions

Future Supply Vacancy Ra te

08 09 10 11 120

800

400

600

200

Thousandsqm

0

14

7

21

28

Percen

t

13F

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Take-up declines as global economic uncertainties weigh on demandOverall rents rise, driven by buildings with low vacancy Investment volumes fall sharply as investors take a wait-and-see attitude

Demand

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q1380

90

100

110

130

Index

120

08 09 10 11 12

Percent



120

60

0

60

120

180

Thousandsqm

16

8

0

8

16

24

13F

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Tokyo:Ofce

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acancy rate rises for the fourth consecutive quarter, up 20 bps to 4.6%Rents increase 0.7% q-o-q, driven by OtemachiMarunouchi Investment yields remain at as capital values grow in line with rents

Demand

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

20

40

60

80

100

120

Th

ousandsqm

Percent

0

150

300

450

600

08 09 10 11 12 13F0

2

4

8

6

Take-Up (net ) Complet ions


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14a aa

Grand Front Osaka completes adding 145,000 sqm to market stockRents decrease slightly despite major new supplyHankyu REIT acquires an ofce building for JP10.2 billion

Demand

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

20

40

60

80

100

120

Tho

usandsqm

Percen

t

0

40

80

120

200

08 09 10 11 12 13F0

2

6

14

10

Take-Up (net ) Completions


160

4

12

8

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Seoul:Ofce

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-Tower completes and adds 51,400 sqm to market stockEffective rents rise 0.5% q-o-q, driven by gains in the CBDield compression accelerates on strong investment activity

Demand

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Index

4Q08 4Q09 4Q10 4Q11 4Q134Q12


90

100

120

110

140

130



08 09 10 11 12

Tho

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Percen

t

4

0

4

8

200

0

200

400

12600

13F

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Demand remains stable with support from small-space occupiersRents continue to stabilise with select buildings reporting slightly higher rentsCapital values continue a positive growth trend on healthy demand

Demand

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q1320

60

120

Index

100

80

40

Take-U p (net) Comple tions

Future Supp ly Vacancy Rate

50

0

100

250

08 09 10 11 12 2

0

4

8

10

2

6

12

200

50

150

300

Thousandsqm

Percent

13F

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Bangkok:Ofce

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acancy continues to decline amid strong demandRents rise further due to a lack of new supplyCapital values increase as yields remain at 7.3%

Demand

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Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q1370

80

90

100

110

Take-Up (net) Complet ions


0

25

50

125

100

Th

ousandsqm

0

10

5

15

20

25

Percent

75

08 09 10 11 12 13F

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18a aa

Demand mainly driven by relocations and expansions of oil gas companiesAverage rental rates in the City Centre broadly stableThe Grade A investment market remains inactive

Demand

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

90

95

105

100

110

Tho

usandsqm

Percen

t



08 09 10 11 120

300

0

24

250 20

12

100

16200

8

150

50 4

13F

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Jakarta:Ofce

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Tenant demand remains high amid strong optimism about the outlookRental growth accelerates as landlords become more aggressive on rents Investor interest in prime assets continues to grow

Demand

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Rental Information

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Take-Up (net) Comple tions

Futu re Supply Vacancy Rate

08 09 10 11 120

50

100

150

200

300

250

Tho

usandsqm

0

5

10

15

25

30

Percen

t

13F

20


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

80

120

160

320

280

240

200

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20a aa

et absorption improves due to healthy pre-commitments in new buildingsStable demand from various industries supports rental growthStrong investment interest drives higher capital value growth

Demand

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Index

80

90

100

110

130

120

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

08 09 10 11 12 13F


Futu re Supply Vacancy R ate

0

150

300

450

T

housandsqm

0

2

10

12

Percent

6

8

4

375

225

75

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HoChiMinhCity:Ofce

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et absorption moves into negative territory for the rst time since 2009Average rents remain stable from the previous quarterThe investment market remains quiet with no transactions

Demand

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4Q08 4Q09 4Q010 4Q11 4Q12 4Q13

Index

Rental Value Index

0

40

60

80

100

120

20

08 09 10 1211

Take-Up (net ) Complet ions


20

0

20

40

60

140

100

Thousandsqm

10

0

20

10

30

40

70

50

Percent

120 60

80

13F

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22a aa

et absorption rises signicantly to 1.7 million sq ftRents increase across all submarketsoida witnesses the strongest growth in capital values

Demand

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12-Month Outlook

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Rental Information (CBD)

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Index

40

100

120

80


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

60

Take-Up (net) Complet ions


08 09 10 11 12

Th

ousandsqm

Percent

0

40

80

200

0

4

12

16

24

20

8

160

120

13F

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Mumbai:Ofce

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et absorption rises 20% q-o-q to 2 million sq ftSBD BC and estern Suburbs see a marginal increase in rentsCapital values remain stable across most submarkets

Demand

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

40

60

80

100

120

08 09 10 11 12

Thousandsqm

Percent

Take-Up (net) Comple tions


0

200

400

0

5

10

15

1000

800

600

25

20

13F

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24a aa

The SBD accounts for the majority of absorptionRents remain stable across all submarkets due to steady demandCapital values increase marginally across all submarkets

Demand

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Index


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

70

90

120

80

110

100

Take-Up (net ) Comple tions

Fu ture Supply Vacancy Rate

08 09 10 11 120

100

200

600

600

Thousandsqm

0

1

2

3

6

Percen

t

4

5500

400

13F

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Sydney:Ofce

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aaa

The Sydney CBD records the fourth consecutive quarter of negative absorptionFace rents increase but incentives negatively impact gross effective rents12 assets transact, totalling AD 657.9 million

Demand

a aaa

a4aaaa

aa aaaaa

aa9 aa4aa

aa

aa494

aaaaa

a

aaaa8 aaa

aaaaa aaaa

Supply

aaaa

a

8aa8 a4

aaa8

aaaaaa

a4aa

aaaaaaa

Asset Performance

aaaa8

aaaaa9

a aaaaa

aaaaa

8 aaaa

aaaa

aaaa

aa9 aaa

aaa aaaaa

aa aaaaa

a8

aaaaaaa

aaa8

12-Month Outlook

aaaaaaa

aaaaa

aaaaaaa

aa

aaaaaa

aaa

aa4

12-Month Outlook

aa aaa

8 aaaaaaaaaaaaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa 8 a

a a

aaa


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

70

80

90

100

110

120

Take-Up (gross) Completions


08 09 10 11 12 13F

Thousandsqm

Percen

t

100

0

100

150

6

50 3

0

6

50 3

9

200 12

8/12/2019 JLL_APPD_2013Q2_E

26/68

26a aa

et absorption is -10,700 sqm in 1H13Rising incentives pushes gross effective rents lower by 5% q-o-qPrime equivalent yields tighten at the upper end

Demand

aa

aaaaaaaaa

a 8a

aaaaaaaaa

aaaaaa

484a99

aaaaaaa

99aaaa

aaaaaaaaa

aa

Supply

a8 aaa

9aa8

8aaaaaa

aaa

aa

Asset Performance

aaa

a8aaaa

a48aaaaa

aaa aaa

aaaaa

aaaaaa

aaaaa

a8

aaaaa

aa4aaaaa

12 Month Outlook

aaaaa

aaaaa a

aaaaaaaa

aaaaa

aaaaaa

aa aaaa

aaaaaaaa

a aaaaa

aa

aaa

12-Month Outlook

aa aaa

8 aaaaaaaaaaaaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa 8a

a a

aaa


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

70

90

80

100

110

120

08 09 10 11 12

Tho

usandsqm

Percen

t



40

40

80

120

200

2

2

4

6

10

8160

0 0

13F

8/12/2019 JLL_APPD_2013Q2_E

27/68

Perth:Ofce

a aa 27

acancy rises for a fth consecutive quarteret rental growth declines while incentives increaseFour sales totalling AD 1.1 billion transact in 2Q13

Demand

aaa44aaaa

aaa98aaa 4a

aaa9aa

aaaaaa

aaaa

aaaa4a

aaa4

aaa

Supply

aaa

4

aa 84aa

8 aa

aaa

a4a4a

a9a9

aaaa

a

Asset Performance

a84

aa aa4

a aaaaaaaa

aaa 9

aaa

aaaaaa

48 aaa

aaaa

aaa448

12-Month Outlook

aaaa aaaaa

aaaa4aaa

84a aaaaaaa

8aaaa

aaaaaa

aaaaa

aaa

aaa

12-Month Outlook

aa aaa

8 aaaaaaaaaaaaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa 84 a

a a

aaa

4


Index

0

25

50

75

100

150

125

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Take Up (ne t) C ompletions


08 09 10 11 12

Tho

usandsqm

Percen

t

40

0

20

40

60

80

120

100

4

20 2

0

2

4

6

8

12

10

13F

8/12/2019 JLL_APPD_2013Q2_E

28/68

28a aa

Tenants continue to favour Premium grade ofce spaceRents trend higher, up 6.5% y-o-y Improving market fundamentals see yields decline by 25 bps

Demand

aaaa

aaaaa

aaaa aa

aaa

aaa4a

aaaa

aa49aaa

aaa

aaaa

Supply

aaa

aaa

aaaaa

aaaaaa

aaaaaaaa

aaaaaa

aaaaaaa

aa aaa aaaa

aaaaaaaa

Asset Performance

aaaaaaa

aaaaaaaa

49 aaa

aaaaaa

aaaa

aaa a4

a9a9

12-Month Outlook

aa

aaaaa

aaaa aa

aaaa

aaaaaaaa

aa

aaaaaa

12-Month Outlook

aa aaa

8 aaaaaaaaaaaaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa 49 a

a

aaa

9

a


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

60

70

80

90

100

110


Futu re Supply Vacancy R ate

08 09 10 11 12 13F

Th

ousandsqm

Percent

20

0

20

40

5

0

5

10

60 15

8/12/2019 JLL_APPD_2013Q2_E

29/68

HongKong:Retail

Perth:Ofce

a aa 29

Hong Kong: Retail

Sales of gold products helps boost retail salesRetail rents continue to climb higher, reaching a record high levelCapital values for High Street shops fall

Demand

aaaa

a9aa a

aa4aa

aaaa

aaaaa aa

aaaaaa

aaaaa

aaaaaa

Supply

aaaaa

aaa8 aaaaa

aaaaaa

a449 4 aa

a

a a aa

aa

Asset Performance

aaaaaaa

8a

4a

aaaaa

aa aaaaaa

a

12-Month Outlook

aa

a

aa8aaaaaa

aaaaaa

98aaaaaa

aaaa

aaaaaa

aa

aaaa

aaaaa

8 aaaa

aaa

aa

aa48 aaa

aa

aaa

Rental Information(Overall Prime Shopping Centres)

aa^

a

aa

^ aa4

12-Month Outlook

aa

aaa

a

Rental Information(Premium Prime Shopping Centres)

aa^ 94

a

aa

^

Rental Information (High Street Shops)

aa^

a

aa

^

80

120

280

240

160Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

RV Index (High Street Shop)CV Index (High Street Shop)RV Index (Premium Prime Shopping Centres)RV Index (Overall Prime Shopping Centres)

200

Comple tions Future Supp ly

08 09 10 11 12 13F

Thousandsqm

0

40

80

120

160

8/12/2019 JLL_APPD_2013Q2_E

30/68

30a aa

Beijing: Retail

et absorption of 51,000 sqm despite no new completionsRental growth largely stable q-o-qA pick-up in sales market momentum with two en bloc transactions

Demand

aaaaaa

aaaaa

aaa

aaaaaaa

aaaaaa

aaaaaaaa

aaaaa

aaa

Supplyaaaaa

aaaaaa

84aaaaaa4 a

9a aa

aaa aaaaaaaaa

a

Asset Performance

aaaa

aaaa

aaaaaaaaaaa

aaaaaa

aaaa

aaaaaa

aaaaa 48

aaa aaaaa

a aaa8

a 8aaaaa

aaaaaaa

12-Month Outlookaaaaaa

aaaaa

aaaaaa

a

aaaaaaaa

aa

aaaa

a

aaaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

12-Month Outlook

aa aaa

Rental Information

aa^ 88

a

aa

4

^

Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13


80

100

120

140

160

Completions Future Supply

08 09 10 11 12 13F

Thous

andsqm

0

400

800

1,000

200

600

8/12/2019 JLL_APPD_2013Q2_E

31/68

Shanghai:Retail

Perth:Ofce

a aa 31

Shanghai: Retail

One prime and one decentralised mall open in 2Q13 Prime shopping mall rents increase 1.1% q-o-qew orld Development purchases a shopping mall for RMB 1.25 billion

Demand

aaaaaaa

aaa aa

aaaa

aaaaaaaa

aaaaaaa a

aa aaa

aaaaaa

aaaaa

aaaa

aaaaaaaaa

aaaaaa

aaaaa8

aaaaaa

aaaaaa

aaaaa aaa aa aa

aaaaa

Supply

aaa

aa aaa

a aaa

aaa aaa

aaa aaaa a

aaa

Asset Performance

aaaaa

49aa

9aaa

aaaa 4a

aa a8a a

aa a

12-Month Outlook

aaaaaaa

aaaa aaaa

aaaaaaa

aaaaaaa

aaaaa

aa9a

aaa

aaaaaaaa

aaa

aaaaaaaa

12-Month Outlook

aa aaa

8 aaaaaaa

aaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa^ 49a

a

aa

^

aaaaa

Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13


90

100

110

140

130

120

150

Thou

sandsqm

08 09 10 11 12 13F

C ompletions Future Supply

0

300

200

100

400

500

8/12/2019 JLL_APPD_2013Q2_E

32/68

32a aa

Guangzhou: Retail

easing slows in the face of a slowing domestic economyRental levels at most existing malls remain stableCapital values remain unchanged in the quarter

Demand

aaaaa48 a

aaaa

aaaaa

aaaaaaa

aaaaa

aaaaa

aaaaaa

aaaaaaa

aaaaaa

aaaaaaaaa4a

aaaaa

aaa aaa a

aa

Supply

aaa

aaaaaa

aaaaaaa

aaaaa 4aaa

aa

Asset Performance

aaaaa

aaa aaaaa

aaaaaaa

aaaa

aaa4

aaaaa

aaaaaaa

aa9

12-Month Outlook

aa aaa

aaaaaaaa

aaaaa

aaaaaa

aa4

aaaa

aaa4a

aaaaaa

12-Month Outlook

aa aaa

8 aaaaaaa

aa

aa48

aaa

aa

aaa

Rental Information

aa^ 4

a

aa

^

Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13


70

90

120

130

110

80

100


08 09 10 11 120

100

200

300

700

Thousandsqm

600

500

400

13F

8/12/2019 JLL_APPD_2013Q2_E

33/68

Tokyo:Retail

Perth:Ofce

a aa 33

Tokyo: Retail

uxury spending rises as consumer sentiment improvesRents grow for the third consecutive quarter as vacancy declines Investment yields compress for the second consecutive quarter

Demand

a

aaaaaaaaa

aaaa

aa4a

aaa

aaaa

aaa aa4

aaaa

aaaaa aaaa

aaaaaaaa

aaa

aaaa 4a

aaa aa

Supply

aaaa

aaa

4aaaa

aaa

aaaa

a aaaa aaa

aa

Asset Performance

aa89aa

44aa

aaa aa

aa4a

aaaaa aa

aaa aa aaa

aa4 a

4

12-month Outlook

aaaaaaaaaa

a4aaaa

aaaaaaa

aaaaa

aaaaaa

aa aaaa

Rental Information

aa^ 89

a

a

a

^

aa

aa48

aaa

aa

aa

12-Month Outlook

aa aaa

Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13


60

100

120

80

Sales Growth of Large-Scale

Retail Stores in Tokyo

1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

y-o-y(%)

-10

-6

0

6

4

2

-2

-4

-8

8/12/2019 JLL_APPD_2013Q2_E

34/68

34a aa

Singapore: Retail

easing interest resilient despite growing concerns over a labour shortage Rents largely stable in the face of subdued retail spending Capital values edge up amid strong investment demand

Demand

aaaaaa

aaa aa

aaaaaa

aaa8

aaaaa9a

a aaaaaa

aaaaa

aaaaaaaa

aaaaaaa

aaaaaaaa aaaaaaa

aaaaaa

aaaa

a a4aaa

aa

a

Supply

aaaa

aaaaa aa

aaaaa8

aaaa8aaa

aa

aaaaaaaaa

aaaaaa

Asset Performance

aaaaaa

aaa

aaaaaaaaa

aaaaaa

aaaaaaaaa

12-Month Outlook

aaaaa

aaa aaaaaa

aaa

aaaaaa

aaaa

aaaaa

aaaa

aaaaaaaa a

aaaa

aaa aaaa

a aaaa aa

aaa

aaaaaaa aa

12-Month Outlook

aa aaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa^

a a

aa

^


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

80

100

110

Index

95

90

85

105

Future SupplyCompletions

08 09 10 11 12 13F0

100

200

300

400

500

Thou

sandsqm

8/12/2019 JLL_APPD_2013Q2_E

35/68

Bangkok:Retail

Perth:Ofce

a aa 35

Bangkok: Retail

Strong leasing activity by international brands continuesGross rents increase by 0.4% q-o-qCapital values continue to rise and market yields remain at 12.8%

Demand

aaa

aaaaa

aaaaa aaaa

aaaaaaaa

aaaaaaa

a8a8aa

aaaaaaaaa

Supply

a

aaaaaaa

aaa4

aaa4

4aa

aaaaa aaaa

a aaaa

aaa

Asset Performance

aaaaaa

aaaaaa

44 aaa

94 a

aaaa8

aaa aaa

aaaaaaa

a aaaa89 aa

aaaaaaa

aa 4a

aaaa

12-Month Outlook

aaaaa

aaaaa

aaaaa

aaaa

aaa8

aaaaa

aaaaaa

aaaaaa

a

aaaaa

12-Month Outlook

aa aaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa^ 4

a

aa

^


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

80

85

90

100

95

105

110


08 09 10 11

Thou

sandsqm

0

300

600

900

1,200

12 13F

8/12/2019 JLL_APPD_2013Q2_E

36/68

36a aa

Kuala Lumpur: Retail

acancy declines on higher leasing activityRents increase marginally underpinned by good demandHealthy investor demand but no sales transactions

Demand

aaaaaaaa

a9

aaaaaaa

aa aa aa aaa

aaaaaa

aaaaaaa

aa

aaaaaaaaa

aaaaaaaaa

aaa aaaaaaaaaaaaaa

Supply

a

aa

aa aaa aa

aaa4 a

aaaaa a

aaaaaa

Asset Performanceaaaaaa

aaa

aaa

aaaa aaaa

aaa8

12-Month Outlook

aaa

aaaaa

aa aaaa

aaa

aaaaaaa

aa

aaaaaaa

a aaaaaa

aa

aaaaaaaaa

aa

aa aaa aa

8 aaaaaaa

aa

aa48 a

aa

a

12-Month Outlook

aa aaa

Rental Information

aa^

a

aa

^

90

100

120

Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13


110

Thousandsqm

08 09 10 11 12 13F

Complet ions Future Supply

0

50

100

200

150

8/12/2019 JLL_APPD_2013Q2_E

37/68

Jakarta:Retail

Perth:Ofce

a aa 37

Jakarta: Retail

Aggressive expansion by international retailers supports healthy demandRents grow positively on the back of robust enquiriesCapital values rise and put downward pressure on yields

Demand

aaaa

aaaa

aa

aaaa

aaaaa

aaaaa

9aaaa

aaaaa

aaaaaa

aaaaaaa

aaaaaaaaa

aaaa

aaaaaaa

a

aaaaaa

494

Supply

aaaaa

aa aaa

aaaa9

aaaaaaa

aaaa a

aaaaaa

a

Asset Performance

aaaaaaa

a aaaaa

aaaaaaaa

aaaaaaa

a

aa

aaaaaa

aaa

a8a

12-Month Outlook

a aaaaaaa

aaaaa

aaaaa

aaaaa

aaaaa

aaaa aaa

aaa aaaaaaa

8 aaaaaaa

aa

aa4aaa

aa

aa48 aaa

aa

aaa

aa

aaa

12-Month Outlook

aa aaa

12-Month Outlook

aa aaa

Rental Information

aa^ 4848 a

a

aa

^

Rental Information

aa^ 894 a

a

aa

9

^


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

90

95

100

110

120

105

115


08 09 10 11 12 13F

Thou

sandsqm

0

50

150

250

200

100

8/12/2019 JLL_APPD_2013Q2_E

38/68

38a aa

Delhi: Retail

egative net absorption for the rst time in 32 quartersRents rise in the Prime South and Prime Others submarketsields remain stable as capital values grow in line with rents

Demand

aaaaa

aaaa a

aaaaa

a aa aa

aaaaaaaa

aaaa

aa aaaa

a aaaa aaa4a

aa aaaa aaaa

aaaa4

aaa

aaaaa

aaaa

aaa a8aa

aaaaaaa

Supply

aaa

aaa

a

Asset Performance

aaa

aaaaaaaaa

aaaaa

aaa

12-Month Outlook

aaa

aaaaa

aaaa

aaaaaa

aaaaa

aaaaaaa

aaaaa

aaaaaa

aaa

aaaa

aaaaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

12-Month Outlook

aa aaa

Rental Information (Prime South)

aa^ 4

a

aa

aa^

aaaa

Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13


50

60

100

70

80

90

110

08 09 10 11 12


Thous

andsqm

0

100

200

300

400

13F

8/12/2019 JLL_APPD_2013Q2_E

39/68

Mumbai:Retail

Perth:Ofce

a aa 39

Mumbai: Retail

et absorption rises to the highest level in ve quartersRents rise in the range of 1-2% q-o-q across all submarketsCapital values grow at a similar pace as rents, holding yields rm

Demand

aaaaa49

aaaaa

aa

aaaaa8

aa aaaaa

aa aaa aaaaaaa

aaa

aaaaaaa

aa aaaaaaaa

aaaaaaaa4 a

aaaa9aaa

aa4aaaaaa

a98aa aa

Supply

a aaaaa 9aaa

a

Asset Performance

aaaaaaaaaaaaaaaa

aaaaaaaaaa

aa aa

aa

12-Month Outlook

aa

a aaaa

aaaaaaa

4 aaa

aaaaaaaaa

aaaaaaaaaa

aaaaaa

12-Month Outlook

aa aaa

aaaaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information (Prime South)

aa^ 4

a

aa

9

aa^

aaaa

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13


60

100

110

Index

80

70

90

08 09 10 11 12

C ompletions Futu re Supply

Thou

sandsqm

0

100

200

300

400

13F

8/12/2019 JLL_APPD_2013Q2_E

40/68

40a aa

Sydney: RetailSydney: Retail

acancy rates rise but remain relatively low Rents decline y-o-y across all retail formats The bulky goods yield range widens further

Demand

aaaaa

aaa

aaaaa

aaaaaaa

aaaaaa aa9

aaa

aaaaaaaaa

aaaaa

aaaa

aaaa aaaaaaa

aaaa

aaa

aaaa

aaaaaa4

Supply

aaaa99

4a8

aaaa

a

aaaa

8aaa

Asset Performance

aaaa

aaaaaaaaaaaa

aa aaaa

aa

aaaaa

aaa aaa aa

a aaaaa

aaaa

aaaaa

a88

12-Month Outlook

aaa aa

aaaaa a

aa

aaaaa

aaaa

8 aaaaaaa

aaa

aa48 aaa

aa

aaa

12-Month Outlook

aa aaa

Rental Information

aa^ 948 a

a a

aaa

^

Rental Value Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

90

100

110

120


08 09 10 11 12

Thou

sandsqm

0

100

50

150

200

250

13F

8/12/2019 JLL_APPD_2013Q2_E

41/68

Melbourne:Retail

Perth:Ofce

a aa 41

Melbourne: Retail

acancy rises as leasing demand softensAverage specialty tenants rents decline by 0.7% q-o-qBlackstone buys Greensborough Plaza for AD 360 million

Demand

aa 8a

aaaa4aa

aaa aaa

aa

aaaaaa

aaaaaaa

aaaaaaa

aaaaaaaa

aaaaaaaaa

aaa

Supply

aaaaa

aa

aa

aa a4 a

aaaaa

aaaaaaaa

aa

a a

aaaa49a

aaaaaaa

4

Asset Performance

aaaaaa

aaaaa

aaaa

aaaaaa

aaaaaaaaaaaaa

12-Month Outlook

aa a4 aa

a aaaa

aaa

aaa

aaaa a

aaaaaaa

aaaa

12-Month Outlook

aa aaa

8 aaaaaaa

aaa

aa48 aaa

aa

aaa

Rental Information

aa^ 49 a

a a

aaa

^

Rental Value Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

90

100

110

120


08 09 10 11 12

Thou

sandsqm

0

100

50

150

200

400

300

350

250

13F

8/12/2019 JLL_APPD_2013Q2_E

42/68

42a aa

Hong Kong: Residential

Market activity remains soft on the back of policy measuresuxury rents hold rm as the market enters its traditional peak seasonCapital values stabilise despite a further dip in transaction volumes

Demand

aaa

aaaa

aaa 44 a

aaaa

a aa aaa

49 aaaaa aa

aaa

aaaaaa

a

aaaaa aaaaaaaa aa84 aa

aa44 aa

aaaa

9aaa

aaaaaa

aaaaaa

aaaaaaa

aaaaa

aaaaaa

aaaaaaaa

aaaaaaa

aaaaaa

Supply

a 4

aa a

Asset Performance

aaaaaa

aaaa

aaaa aaaa

12-Month Outlook

aaaaaaaa

4 aaaa

a aaa

aaaaa

aaaaaa

aaaaa

aaaaa

aaa aaa

aaaaa

aa

aaaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

12-Month Outlook

aa aaa

Rental Information

aa^

a a

aaa

^


08 09 10 11 12 13F0

200

400

600

800

1,000

Units


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

60

100

120

140

200

160

180

80

8/12/2019 JLL_APPD_2013Q2_E

43/68

Beijing:Residential

a aa 43

Beijing: Residential

Primary apartment sales decrease sharply due to restrictive measuresApartment rents edge up by 0.7% q-o-qHigh-end apartment prices grow despite curb measures

Demand

aaaaa99 9

aaaaaa

aaaaaaa

aaaa

aaaa

aa

aa4a

aa aa

aa

aaaaaaaaaaaa

aaaaaaa

aaaaaaa

aaaa

Supply

aa

aaaaaa

aaaaaa

aaaaaaaaa

aaa

aaaaa

a8aaaa

aaaaaaaa aa

aaaa aa

aa9

Asset Performance

aaaaaaaaa

4aa

aaaaa

aaaaaa

aaaaaaa

aaaaa aaaa

aaaaaaa

12-Month Outlook

aaaaa

aaaaa

a

aaaa

aaaaaaaaaa aaaa

a

aaaaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

12-Month Outlook

aa aaa

Rental Information

aa^

a

aa

4

^

Index


4Q08 4Q09 4Q10 4Q11 4Q12 4Q1360

100

140

180

220

08 09 10 11 12 13F

Units

0

3,000

6,000

9,000

12,000


8/12/2019 JLL_APPD_2013Q2_E

44/68

44a aa

Shanghai: Residential

Primary sales volumes retreat after a short-lived boom in MarchServiced apartment rents fall by 0.6% q-o-q as leasing demand softensHigh-end sales prices edge up and are expected to remain stable through end-2013

Demand

aaaaaaaa

aaaaa

aaaa aaaa

aaaaaa

aa4a

aaaaa a

aaa aa

aaaa

aaaaa

a

aaaaa

aaaaaa

aaaa

aaaaaa4

Supply

aaa8 aa

aaaa

4aaaa98

aaaaaaa9

aaaaaaa

aaaa

a

Asset Performance

aaaaaa a

aaaaa

aaaa

a aaa a

aaaaa

aaaaa

aaaaa

aaa

aaaaa aa

aaaaa

12-Month Outlook

aa

aaaaaa

aaaaa

aaaaaaa

aa

aaaa

aaaaaaa

12-Month Outlook

aa aaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa^ 8

a

aa

4

^

Index


80

100

120

140

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Completions Futu re Supply

008 09 10 11 12

Unit

3,000

2,000

4,000

5,000

6,000

13F

1,000

8/12/2019 JLL_APPD_2013Q2_E

45/68

Singapore:Residential

a aa 45

Singapore: Residential

Resale activity remains weak on the back of recent government policyGrowth in uxury Prime rents keep pace with inationLuxury Prime capital values amid rising interest rate risk

Demand

aaaaa a

aaa aa

aa a

aaaa

aaa

aaaaa

aaaa

aaaaa

aaa aaa

Supply

aaa

aa aa 4

4 a a44 a

aaaa

aaaaaaa

aa a

Asset Performance

aaaa8

48 a4aa a

aaaa

a aa a

aaaaa

aa aaa

aaaaaa

aaaaaa

aaaaa

a9aa

a8 aaa9a

aa

12-Month Outlookaaa

aaaaaaaa

aaaaaa

aaa aa

aaaa aaaa

aaa 4

aa4aaaa

aaaaaaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

12-Month Outlook

aa aaa

Rental Information

aa^ 48

a

aaa

8

^

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

RV Index (Prime)

CV Index (Prime)

RV Index (Luxury)

CV Index (Luxury)

60

70

100

150

Index

140

130

110

90

80

120


08 09 10 11 12

Units

0

1,000

2,000

4,000

3,000

13F

8/12/2019 JLL_APPD_2013Q2_E

46/68

46a aa

Bangkok: Residential

Steady demand driven by expatriate relocationsRents rise by 0.8% q-o-q on limited new supplyCapital values increase while yields remain at 4.9%

Demand

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aaa

a aaaaaaaa

a aa8aaa

aaaaa

aa8

aaa aa

aaaaaaa

aaaaaaaa

aaaaaaaa

Supply

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aa

aaa4

aa48 aa

9a

aaaa

a884

aa

aaaaaaaaaa4

Asset Performance

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44

aaaaa aaaa

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aaaaa49

12-Month Outlook

aaaaaaa

aaaaa

aaaa

aaaa

aa

aaaa

aaaaaaaa

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8 aaaaaaa

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aa48 aaa

aa

aaa

12-Month Outlook

aa aaa

Rental Information

aa^

a

aa

^


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

70

80

90

100

110


08 09 10 11 12 13F

Units

0

1,000

2,000

3,000

4,000

8/12/2019 JLL_APPD_2013Q2_E

47/68

KualaLumpur:Residential

a aa 47

Kuala Lumpur: Residential

Alia Tower and MK 28 reach completion, adding 683 units to stockAverage rental rates decline marginally by 0.3% q-o-qCapital values remain stable while yields hold rm

Demand

aaa

a

a aa aa aa

aa a

aaaaa

aa

aa8a

aaa 4aaaa

aa

aaa aaaaa aa

aaaa

a44 aaa

aaaaaa

a8 aaaaaaa

aaaaaaa4

aaaa aaa

aa aa

aaa

Supplya98

a a a8 48

Asset Performance

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aaaaa

aaaaaaa

aa aaaaaaa4

aaaa4

12-Month Outlookaaaa

aaaa

aaa

aaa aaa

aa

aa aaa

aaaa

aaa

aa

aaaa

aaaaaa

aa aaaaaaa

aaaa

12-Month Outlook

aa aaa

8 aaaaaaa

aa

aa48 a

aa

a

Rental Information

aa^

a a

aaa

9

^

aaaaa


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

80

90

100

110

130

120


08 09 10 11 12 13F

Units

0

1,000

2,000

3,000

4,000

8/12/2019 JLL_APPD_2013Q2_E

48/68

48a aa

Jakarta: Residential

Sustained leasing demand underpins rising apartment occupancyApartment rents rise 4.2% q-o-qCapital values rise faster than rents, pushing apartment yields lower

Demand

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aaaaaaaa

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aaaaa

aaaaaaaaa

aaaaaaa888

aa

aaaaaaaa

aaa aaa aa

aaa9

Supply

aaa

aaaaa

aaaaa 88 a

a9

aaaaa

aaaa

aaaaaa aaa

aaa

Asset Performance

aaaa

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aaaaaa

4

aaaaa aaa

aaaa9

aaa8

12-Month Outlook

aaaaa

aaaa

aaaa

aaaaaaa

aaa a

aaaa

aaaaa

aaaaaaa

aaaa

aaa aaaaaaa

12-Month Outlook

aa aaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa^ a

a

aa

^


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

90

110

130

150

210

190

170


08 09 10 11 12 13F

Units

0

100

150

200

250

50

8/12/2019 JLL_APPD_2013Q2_E

49/68

Manila:Residential

a aa 49

Manila: Residential

Vacancy eases to 4.2% due to healthy leasing demandSustained expansion of OO rms and MCs buoys rental growthLocal investor demand supports healthy investment market activity

Demand

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aa4a8aa

a

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Supply

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aaa

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8aaa

aaaaa

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Asset Performance

aa89

aaa

aaaaaaaa

aaa998 aa

9

12-Month Outlook

aaa

aaaaaaa

aaaaaaaa

aaaaa

aaaaaaaa

aa

a8aaaa

aaaaa a

aaa

aaaaaaaa

aa aaaaaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

12-Month Outlook

aa aaa

Rental Information

aa^ 89a

a

aa

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Index


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

80

90

100

110

140

130

120

Units


08 09 10 11 120

2,000

4,000

6,000

12,000

10,000

8,000

13F

8/12/2019 JLL_APPD_2013Q2_E

50/68

50a aa

Hong Kong: Industrial

Low vacancy rates and high asking rents limit leasing activityRents continue to reach all-time highs on the back of low vacancy rates Investment volumes remain subdued with no major warehouse transactions

Demand

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aa

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Supplyaaa

aaa a

9 aaa8

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a949a

Asset Performance

aaaaa

aaa

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aaaaa

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aaaaa

aaaaa

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12-Month Outlook

aaaaa

aaaaaaa

aaa aaa

a

aaaaa

aaaaaa

aaaaaaa

aaaa

a aaaaaa

aa aa

aaaa

12-Month Outlook

aa aaa

8 aaaaaaa

aa

aa48 aaa

aa

aaa

Rental Information

aa^ 98

a

aa

4

^


4Q08 4Q09 4Q10 4Q11 4Q12 4Q1390

100

110

170

130

120

Index

160

150

140


08 09 10 11 12 13F0

100

200

300

500

Thou

sandsqm

400

250

250

450

350

50

8/12/2019 JLL_APPD_2013Q2_E

51/68

Beijing:Industrial

a aa 51

Beijing: Industrial

Overall vacancy rate declines to 2.3% as absorption exceeds supplyAverage market rental growth accelerates to 2.8% q-o-qCapital values increase 2.8% q-o-q amid a stable market yield

Demand

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9aaa

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aa4aaa

a aaaa

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aaaa a

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aaa

aaa

aaaa9aa

aaaaaa

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Supply

aa

aaa8

aaaaaaaa

aaaaa4

aaaaaaaa

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Asset Performance

aaaaaaaaaa

aaaaa

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a848 aa

a

aaaaaa

a8aa

aaaa

12-Month Outlook

aaaaaa

aaaaa

aaaaaaaa

aaaa

a 9aaa

aaaa

aaaa

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12-Month Outlook

aa aaa

Rental Information

aa^ 8 a

a

aa

4

^

aa

aaa

aa

aa48

aaa

8 aaaaaaa

Index


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

80

100

120

140

180

160

Complet ions Future Supply

08 09 10 11 12 13F

Thou

sandsqm

0

50

150

250

350

300

100

200

8/12/2019 JLL_APPD_2013Q2_E

52/68

52a aa

Shanghai: Industrial

Two new completions add 56,000 sqm to the market stockRental growth slows in Shanghai but remains strong in KunshanStrong investor interest but there is a shortage of tradable assets

Demand

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a

aaaaaa9

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aaaaaaaaa

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Supply

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a 4aaaaa a

a 4aa

aa

aaaa aaaaaaa

aaa

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Asset Performance

aaaaaaa

aa

aaaaaa

94 aaaaa

9a

12-Month Outlook

aaa

aaaa

aaaaaaaaaa

aaaaa

aa aaaa

aaaaaaa a

aa4a

aaaaaaaaa

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12-Month Outlook

aa aaa

aa

aaa

Rental Information

aa^ a

a

aa

4

^

aa

aa48 aaa

8 aaaaaaa


08 09 10 11 120

300

200

400

500

600

13F

100

Thou

sandsqm

Index


4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

60

80

100

140

130

120

70

90

110

8/12/2019 JLL_APPD_2013Q2_E

53/68

Tokyo:Industrial

a aa 53

Tokyo: Industrial

3PL operators and online retailers absorb the new supply in inland TokyoPositive rental growth continuesippon Prologis Reit acquires nine assets for JP132.43 billion

Demand

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aaaaaa

aaaa

aa48aaa

a

Supply

aaaa a

aaaa

aaa 8a

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a8a

aa aa84

aa

a4aaa

Asset Performance

aa8aa

a8aaa

aaaa

aa a4

a aaaa aa9aaa

aaa 99a9 aa

4a9aaaa

4a84aaa

aaa a99a

a aaaa aa

aaaaa

12-month Outlook

aaaa

aaaaaaaaaa

aaaa

aaaaaaa

12-Month Outlook

aa aaa

Rental Information

aa^ 8

a

aa

8

^

a

aaaa

aa

aa48 aaa

NA

Rental Value Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

60

100

120

80

TEU

s(Million)

TEUs shipped per quarter

1Q08 1Q09 1Q10 1Q11 1Q12 1Q130.8

0.9

1.0

1.1

1.2

1.4

1.3

8/12/2019 JLL_APPD_2013Q2_E

54/68

54 Aa aa

Singapore: Industrial

Long-term demand may decline due to rising competition from projects in JohoreRents stabilise as landlords maintain asking rents after renovationsCapital values rise despite economic uncertainties

Demand

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aaaa

aaaaa

aaAa94a

84 aaa

Supply

A 984aaaNaaaa

aaa aa

aaaa84499

Asset Performance

Aaa9

aaaaaa

aaa

aaaaaaa

aa

aaaaaa

aaaaaaaaaa

aaa844

aaaa

4aaaa8

aaaaa

12-Month Outlook

aa

aaaaa

aaaaaaaa

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aaaa

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aAaaa

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8 aaaaa

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Naaaaaaa

12-Month Outlook

aa aaa

8 aaaaaaaaa

aa

Aaa48 aaa

aa

aaa

Rental Information

aa^

a a

Naa

4

^ NA


Index

4Q08 4Q09 4Q10 4Q11 4Q12 4Q1340

60

100

140

160

180

80

120



08 09 10 11 12

Th

ousandsqm

Percent

0

200

100

50

150

250

0

10

15

5

50 5

20

25

13F

8/12/2019 JLL_APPD_2013Q2_E

55/68

Sydney:Industrial

Aa aa 55

Sydney: Industrial

Tenant demand improves, with 179,100 sqm of gross take-upAverage Prime rents rise, led by South Sydney and the Outer orth estActive investment market with eight sales totalling AUD 173.8 million

Demand

AaaaaA

a9aaa

aaa

a84aa a

a9a

aa

aaa aa

aaaa

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Supply

A a8a

aa

a

4aaaaaa

8

a

4aaaa

aa

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Asset Performance

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aaNa

aaaaAaa

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aaaAaaa

aaa aaaaa

Aa

Aaaaa9

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aaaA8 Aa a

Naaaaaaaaa

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12 Month Outlook

aaa

aaaAaaa

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12-Month Outlook

aa aaa

8 aaaaaaaaa

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Aaa48 aaa

aa

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Rental Information

aa^ Aa

a

Naaa

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4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

70

80

90

120

110

100

Take-Up (gross) Completions

Future Supply

08 09 10 11 12 13F0

200

400

600

800

1,000

Thousandsqm

8/12/2019 JLL_APPD_2013Q2_E

56/68

56 Aa aa

15 major projects under construction totalling 270,000 sqmExisting rents increase in the orth and South East submarketsSix sales transactions totalling AUD 120 million

Demand

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aaa

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Supply

98aaa

8aA aa

aaaa

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a9 Aaaaa aa4

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Asset Performance

a4NA8aaa

aaaaaN

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Aaa4aa

A8aaAa

aaAaaaa

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aa aaa9aa

4aaaa

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aAaaa

aaNaa

aaa

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12 Month Outlook

aaaaaaa

aaaaAa

aaaaaa

aa

aaaa4

aaa4

Melbourne: Industrial

Naaaaa

12-Month Outlook

aa aaa

8 aaaaaaaaa

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Aaa48 aaa

aa

aaa

Rental Information

aa^ Aa

a a

Naa

^ A

NA

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Index

Rental Value Index

90

95

100

105

110

Take-U p (gross) Completions

Future Supply

08 09 10 11 12 13F

Tho

usandsqm

0

200

400

600

800

1,000

8/12/2019 JLL_APPD_2013Q2_E

57/68

HongKong:Hotels

Aa aa 57

Na

Visitor arrivals from China continue to rise y-o-yMajor hotel projects postponed to 3Q13Luxury hotel trading performance remains at

Demand

Aaaaaaa

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9aaaaaa

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A48aa9a

aaaa

aAa a

Asset Performance

Aaaaa

aaaaa4 aa

AaaaAaaaa

aaAaaa

Aaaaa a

aaa

12-Month Outlook

Aaa aa

aaaa

aaa aaaaaa

aaaaaaa

aaa

aaaaa

aaa

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Hong Kong: Hotels

aa

a

aA

aaaa

12-Month Outlook

A a

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ADR RevPAR

007 10 11 1208 09

2,000

4,000

ADR/RevPAR(HKD)

0

20

40

60

100

Occupancy(%)

803,000

1,000

Occupancy (%)

YTDMay12

YTDMay13

08 10 12 13 15F

No.ofrooms

14F09 110

2,000

4,000

1,000

3,000

5,000

Additions to Supply Future Supply

8/12/2019 JLL_APPD_2013Q2_E

58/68

58 Aa aa

International arrivals to Beijing continue to decline International branded hotels are focusing development in suburban areasRevPAR continues to underperform y-o-y

Demand

aaaa48

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a a8aaa

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aaa9a aaa

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Supply

8 aa aaaaa

aa8aaa

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aa 9aaaa

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Asset Performance

Aaaaa

a 8 aAaaaA

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94aaaaa

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12-Month Outlook

aaaa

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Beijing: Hotels

Naa

aaa

a

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12-Month Outlook

A

a A

ADR RevPAR

007 10 11 1208 09

1,000

2,000

ADR/RevPAR(RMB)

0

20

40

60

100

Occupancy(%)

801,500

500

Occupancy (%)

YTDMay12

YTDMay13

08 10 11 12 13 15F

No.

ofrooms

14F090

2,000

6,000

4,000

12,000

10,000

8,000


8/12/2019 JLL_APPD_2013Q2_E

59/68

Shanghai:Ho

tels

Aa aa 59

Shanghai: Hotels

International arrivals in Shanghai continue to fallTwo international branded luxury hotel openings in 2Q13RevPAR declines due to weaker inbound visitation

Demand

aaaaaaa 98

aaaaaaaa

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aaaaaa aaaa

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aaaaaaa

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aaaN9

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Supply

aaaaaa

94aa

8aaa aaaa

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Asset Performance

Aaaaa aaaAaaaA

a84Aa Aaa

a aaaa

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12-Month Outlook

aaaaaaaa

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Naaaaaa

aaa

a

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12-Month Outlook

A

a A

ADR RevPAR

007 10 11 1208 09

1,000

2,000

ADR/RevPAR(RMB)

0

20

40

60

100

Occupancy(%)

801,500

500

Occupancy (%)

YTDMay12

YTDMay13

08 09 10 11 12 15F14F

No.

ofrooms

13F0

2,000

6,000

4,000

10,000

8,000


8/12/2019 JLL_APPD_2013Q2_E

60/68

60 Aa aa

Occupancy exceeds 75%, above the last peak in 2007o major four or ve-star hotel openings in the quarterRevPAR growth likely to drive ADR in the short term

Demand

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Supply

aaa

aaa

aa a48aa a

aa

Asset Performance

aaa

AaaAaaa

aaaaaAaa

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a89aa aaa

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12-Month Outlook

aaaaa

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Aaaaaa

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Tokyo: Hotels

Na

aa

a

aA

aaa

12-Month Outlook

A

a A

ADR RevPAR

007 10 11 1208 09

20,000

50,000

ADR/RevPAR(JPY)

0

20

40

60

100

Occupancy(%)

8040,000

30,000

10,000

Occupancy (%)

YTDMay12

YTDMay13

0908 10 11 12 13 15F

No.

ofrooms

14F0

100

300

200

500

400


8/12/2019 JLL_APPD_2013Q2_E

61/68

Singapore:Ho

tels

Aa aa 61

Singapore: Hotels

Visitor arrivals increase by 6.6% y-o-y in 1Q13Hotel openings are primarily in the economy and midscale sectorsHotel trading performance shows marginal growth as atTD May 2013

Demand

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aa

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Supply

aa88aaa

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aaa aaaAa

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Asset Performance

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8AaaaAa aaa

4a A84

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12-Month Outlook

aaaa

aaaa

aaaaa

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aNa

aaaaNaaAa4

Naaa

aa

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aA

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12-Month Outlook

A a

a A

ADR RevPAR

0

100

250

350

450

ADR/RevPAR(SGD)

0

20

40

60

100

80

10

30

50

90

Occupancy(%)

70

400

200

300

50

150

Occupancy (%)

07 10 11 12 YTDMay12

08 09 YTDMay13

08 10 11 12 13

No.ofrooms

090

3,000

5,000

2,000

1,000

4,000

7,000

6,000

Additions to Supply Future Suppl y

15F14F

8/12/2019 JLL_APPD_2013Q2_E

62/68

62 Aa aa

Asian countries continue to be the main source markets to BangkokSignicant amount of new supply due to delayed openingsADR remains at as new room supply increases

Demand

a

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a a aaa9a

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aaa

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Supply

aaaa

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aa

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Asset Performance

aaaaa

aaAaaAaaaA

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12-Month Outlook

Aaaaa

aaaaa

aaaaa

Aaaaaa

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aaaaa

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Bangkok: Hotels

aaa

aa

a

aA

aaa

12-Month Outlook

A

a A

ADR RevPAR

007 10 11 1208 09

2,000

6,000

ADR/RevPAR(THB)

0

20

40

60

100

Occupancy(%)

80

3,000

4,000

5,000

1,000

Occupancy (%)

YTDMay12

YTDMay13

No.ofrooms


08 09 10 11 12 15F14F13F0

2,000

4,000

1,000

3,000

5,000

8/12/2019 JLL_APPD_2013Q2_E

63/68

KualaLumpur:Hotels

Aa aa 63

Visitor arrivals growth slows, in light of recent parliamentary electionsThe Aloft at Kuala Lumpur Sentral opens in March 2013Luxury hotel trading performance grows on rising occupancy

Demand

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Supply

aa a48A

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Asset Performance

aaaa aaa

aaaa

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aaaaaaaa

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AaaaAaaa aaA

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Aaaaa

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12-Month Outlook

AaaaaNaa

aaaaa a

aaa

aaaaa

aaaaaaa

aaaa

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Kuala Lumpur: Hotels

Naa aa a

aa

aA

aaa

12-Month Outlook

A a

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No.

ofrooms


08 09 10 11 12 15F14F130

1,000

500

1,500

2,000

ADR RevPAR

007 10 11 1208 09

500

ADR/RevPAR(MYR)

0

20

40

60

100

Occupancy(%)

80

200

300

400

100

Occupancy (%)

YTDMay12

YTDMay13

8/12/2019 JLL_APPD_2013Q2_E

64/68

64 Aa aa

Direct foreign arrivals grow 5.6% y-o-y as atTD May 2013Only one major hotel opening in 2Q13ADR surges while occupancy shows moderate growth

Demand

aaaaa a aaa aaA

Aaa aAa

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848 aaaaaaaa

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9aa aa

aaaa aa

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Supply

aa aaaaa a

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aaa aa a

aaaaaaa

aAaaa aa

aaaa aa aa

Asset Performance

Aaaaa 9 aa

AaaaAa 48

a 4aAaaA4

aaaaaa

aa

aaaA

aaaa

12-Month Outlook

aaaaaaa

aaaaaa

aaaaa

4a

aaaaaA

aaaA a

a aAaa

aaaaaa

Jakarta: Hotels

Naaa aaaaa

aaa

a

aA

aaa

12-Month Outlook

A

a A

ADR RevPAR

0

40

100

140

180

ADR/RevPAR(USD)

0

20

40

60

100

80

10

30

50

90

Occupancy(%)

70

160

80

120

20

60

Occupancy (%)

07 09 10 11 1208 YTDMay12

YTDMay13

08 09 10 11 12 15F14F13F0

2,000

4,000

1,000

3,000

6,000

No.

ofrooms

5,000

Additions to Supply Future Suppl y

8/12/2019 JLL_APPD_2013Q2_E

65/68

Sydney:Hotels

Aa aa 65

Total visitor nights declines 3.1% y-o-y in 1Q13Limited new hotel openings during the rst quarterThree hotel transactions in Sydney in 2Q13

Demand

A a9 a

a aa

aaa

84

aaaaa

aaaaa

Naaaa

aaaaaA

aaa9

Supply

Na

aaaa

a4a 9

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aaa

Asset Performance

Aaaaaaa84AaaaAaa8A

AaaA8A84a

aaaaaaAa

aaaaa

aa

aaaaaa aA

AaAaaa

ANaaa

12-Month Outlook

aaaa

aaaaA

aa8aaa

aa4aa

aa

Sydney: Hotels

Naaaaaaaa

aaa

Aaaaaa

aA

Aaaaaaaa

12-Month Outlook

A

a A

ADR RevPAR

0

100

250

ADR/RevPAR(AUD)

0

20

40

60

100

80

10

30

50

90

Occupancy(%)

70

200

50

150

Occupancy (%)

07 10 11 12 YTDMay12

08 09 YTDMay13

08 09 10 11 12 14F 15F

No.

ofrooms

13F200

0

400

100

200

600

300

100

500


8/12/2019 JLL_APPD_2013Q2_E

66/68

66 Aa aa

With Over100Researchers On TheGround In 50 Markets,We Help You Stay Ahead

aaaa

Dr Jane Murray

aaAa a

8844

aaa

Roddy Allan

Aa a

8849

aaa

aa

8/12/2019 JLL_APPD_2013Q2_E

67/68

Jones Lang LaSalle Research - Asia Pacic

ASIA PACIFIC

Dr Jane MurrayaaAa a

8844

aaa

GREATER CHIA

Michael Klibaner

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Marcos Chan

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Joe Zhou

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Silvia Zeng

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Frank Ma

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Qingdao

Celia Chen

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Tianjin

Durrell Mack

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Jasmine Ma

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Daisy Hu

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Taipei

Jamie Chang

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Macau

Alvin Mak

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ORTH ASIA

Japan

Takeshi Akagi

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South Koreaongmin Lee

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SOUTH EAST ASIA

Singapore

Dr Chuaang Liang

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Indonesia

Anton Sitorus

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The Philippines

Claro Corderoaa

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Thailand

Dan Tantisunthorn

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Vietnam

Chris Murphy

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Malaysia

(Jones Lang ootton in association with

Jones Lang LaSalle)

Malathi Thevendran

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India

Ashutosh Limaye

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AUSTRALASIA

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Asia Pacic

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ASIA PACIFIC

Adelaide

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eijing

risbaneCanberra

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Chengdu

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Coimbatore

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Jakarta

olkata

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umbai

New elhi

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ingdao

uenon

Seoul

Shanghai

Shenyang

Shenhen

Singapore

Sydney

Taguig

Taipei

Tianjin

Tokyoellington

uhan

AMERICAS

Atlanta

Austin

altimore

oston

uenos Aires

ChicagoCincinnati

Cleveland

Columbus

allas

ayton

enver

etroit

Ft. Lauderdale

Houston

ansas City

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eico Cityiami

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Rio de Janeiro

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San iego

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Abu habi

Amsterdam

Antwerp

arcelona

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irminghamrussels

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ublin

usseldorf

Edinburgh

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anchester

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ilanoscow

unich

Norwich

Paris

Prague

Rotterdam

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Stockholm

St. Petersburg

Tel Aviv

trecht

alencia

arsawiesbaden

Jones Lang LaSalle ofces

Jones Lang LaSalle worldwide

JLL_APPD_2013Q2_E

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