Retail Cities in Asia Pacific - JLL the new Retail Cities in Asia Pacific ... broadly at how innovation and local customer ... countries are at different stages of development of infrastructure

Retail Intelligence | September 2013

Retail Cities in Asia PacificThe Next Big Move for Luxury

Visit the new Retail Cities in Asia Pacific microsite, where you’ll find our latest retail

intelligence, view featured properties across Asia Pacific and get in touch with

a Jones Lang LaSalle retail expert.

“Luxury retail in Asia Pacific is evolving, and retailers and mall managers are responding to the desire for a more tailored experience. In our third edition of Retail Cities, we examine where the luxury sector is heading and also look more broadly at how innovation and local customer needs are driving retail real estate requirements across the region. We hope you enjoy it.”Dr Jane Murray Head of Research – Asia Pacific

03Retail Intelligence

Contents

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10

23

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The Changing Face of Luxury Retail

The Multinational Mall

Quick Facts

The Retail Transformation

City Profiles

Jones Lang LaSalle Retail Team

10 Hong Kong11 Beijing12 Shanghai13 Guangzhou14 Tokyo15 Singapore16 Bangkok17 Jakarta18 Delhi19 Mumbai20 Sydney21 Melbourne

The Changing Face of Luxury RetailBrands and mall managers are responding to the desire for a more personalised definition of luxury. By Tom Gaffney


The luxury retail sector has rebounded strongly from the financial crisis, with global luxury sales estimated to total EUR 212 billion in 2012, a 10% increase from 20111. Across Asia, upscale brand sales are booming – and Chinese shoppers are at the front of the queue. By 2015, Chinese purchasing could account for over 20% of the world’s luxury sales, according to a report by McKinsey2.

Definitions of luxury are also evolving in Asia’s dynamic consumer markets. Today’s savvy shopper is increasingly exposed to globalised branding and advertising. Experiential value, rather than just image, is coveted, and there exists an insatiable thirst for the new season’s luxury collections.

Tapping into this broadening clientele while maintaining the premium appeal of a product is challenging. “The real luxury lifestyle must be rooted in authenticity,” says McKinsey3. “If luxury brands stray too far from their roots, they will be reduced to little more than faded labels.”

Evolving Brand Perceptions In recent years, several upscale brands have eschewed logos and monograms in favour of more subtle product labelling. Louis Vuitton created a collection of bags without its famously intertwined initials, while understated brands, such as Bottega Veneta, are experiencing strong sales growth. This logo-less trend shows no sign of abating, while emerging design-led brands, including Rick Owens, Neil Barrett and Kiton, are repositioning themselves to target Asia’s knowledgeable consumers.

Luxury has also diversified beyond fashion, watches and jewellery. Take Fuel Espresso from Wellington, New Zealand, which has positioned itself as a luxury ‘espresso boutique’. Founded by Sanjay Ponnapa, the ambience of each Fuel Espresso store matches the world’s leading luxury brand boutiques, and delivers first-class service plus superlative coffee.

This perfection is paying off. Fuel’s boutiques in Hong Kong, Shanghai and New Zealand each sell several hundred cups of coffee per day, with the majority of clients hailing from the finance, insurance and real estate sectors.

Challenges for Retailers As perceptions of luxury products shift, mall owners must balance the demand from brands for larger flagship stores – particularly in Hong Kong and China – while maintaining a competitive, compelling tenant mix. Luxury retailers often desire their Asia flagships to be a minimum of 5,000 sq ft, and include large, decorative store facades to entice shoppers.

Once inside, store designs are responding to consumer trends. VIP rooms are now highly cherished by consumers because privacy and personalised pampering are a valued part of the luxury lifestyle. It is in such rooms that big-ticket sales of exclusive pieces are often made.

Even brands that usually require smaller retail spaces, such as Swiss watch brand Breitling, are now including VIP rooms in their stores. In a recent meeting with David Reid, Managing Director of Melchers, during the launch of Breitling’s first mono-brand flagship store in Hong Kong, he noted that VIP rooms are a critical feature to cater to high net-worth customers who seek a deeper understanding of the brand, its heritage and the craftsmanship that goes into its products. This, Mr Reid affirmed, can only be achieved in a comfortable, relaxed and private location within the store.

New Mall Designs Increasing middle class spending power and sophisticated brand marketing suggest that luxury retailing in Asia will continue to diversify. For brands, this will require larger stores, more creative flagship designs and a greater emphasis on online and smartphone interactivity with customers. The shopping experience will become more exclusive to meet the desire for personalised luxury.

Premium brands, such as Louis Vuitton, Prada, Gucci and Chanel, want to be present at the table from the initial stages of a new mall’s development. This enables them to shape the best, most efficient stores in tandem with the developer’s original design. It also helps forge long-term relationships that can benefit both the developer and the brand in a highly competitive market.

Ensuring a premium level of comfort and exclusivity is a high priority. Many large brands now expect ‘VIP drop-offs’ at the front of their stores, dedicated lifts and exclusive entrances for big-spending customers. As a result, millions of dollars are being invested in luxury store designs and fit-outs to create an unparalleled atmosphere of exclusivity from start to finish.

Tom Gaffney is the Head of Retail, Hong Kong for Jones Lang LaSalle.

“The real luxury lifestyle must be rooted in authenticity, if luxury

brands stray too far from their roots, they will be reduced to little more

than faded labels.”McKinsey

1 Bain & Co., “2012 Luxury Goods Worldwide Market Study,” October 2012.2 McKinsey & Co., “Understanding China’s Growing Love for Luxury,” March 2011. 3 McKinsey & Co., “Luxury lifestyle, Business beyond buzzwords,” June 2012.

The Retail TransformationInnovative technologies and greater interactivity with customers are revolutionising the way retailers utilise store space, design and marketing.


Retailing in Asia Pacific is undergoing a revolution. Competition among brands to entice and retain consumers in fast-changing markets is placing a stronger emphasis on the shopping experience. Store formats are being carefully tailored and marketing activities are formulated to exceed the expectations of tech-savvy, brand-aware shoppers.

Some of the retail innovations being introduced across Asia Pacific appeal to human emotions as well as purchasing capacity by creating shopping experiences that are enhanced by sight, sound, smell and spacing.

The use of LED screens and interactivity is becoming an inventive part of the retail experience. Burberry, for example, now incorporates cutting-edge technology and video screens that enable customers to mix and match outfits whilst in the store. Sensory selling is also becoming more prevalent. Several retailers now scent their stores so that the fragrance evokes a particular memory when customers enter the store. Shanghai Tang and Abercrombie & Fitch are leading purveyors of this approach, while shopping centres such as ifc Mall in Hong Kong have commissioned bespoke scents that are circulated through the air-conditioning system.

New technology is at the heart of new retail marketing innovations that combine the ubiquity of smartphones in Asia Pacific with the rising influence of social media. Founded in 1985, French menswear brand Cielo has stores in 70 countries. “Cielo is focused on developing business in emerging markets, and India is at centre of its global play” says Rajiv Nair, Chief Executive Officer of Cielo Future Fashion Ltd. “Digital technology is a fast method to create brand salience among our target clientele, and we have aggressively grown our customer database in stores and on social media.”

This strategy includes Celio Fantastic Rewards, a mobile-based loyalty programme. “Customers with a smartphone can instantly access their points, purchases and offers, as the app is compatible with all major social media platforms,” says Rajiv.

Similarly, the use of QR (quick response) codes is expanding as retailers improve the content and inventiveness of promotions. In Seoul, E-mart hypermarket sought to overcome sluggish lunchtime trade by launching the Sunny Sale. Using an outdoor Shadow QR code, created by the shade of the sun and only evident between midday and 1pm, the sale offered shopping coupons via customer smartphones with direct home delivery. Extended to more than 35 locations across the Korean capital, the popular initiative increased lunchtime sales by 25%.

Community-based inclusivity is another contemporary tactic. “Several retailers are enhancing the shopping experience to keep people in store rather than online. Nike has established the Nike Run Club that is free to join and meets several times a week in store to warm up and then run on planned routes with Nike staff around the city,” says Rebecca Tibbott, Local Director, Jones Lang LaSalle China.

“Lululemon has also recently secured their first store in Shanghai, due to open late 2014, and is establishing a connection with the community by working with local gyms, fitness clubs and shopping mall landlords to set up ‘pop-up yoga,” adds Rebecca.

The ‘pop-up’ concept engages shoppers over a concentrated period of time. In Perth, Australia, Cbus Property created the 140 Pop-Up Project at the one40william retail centre to positively activate nine vacant tenancies, support existing retail trade and establish a new brand position for a retail redevelopment that is now underway. A vibrant collective of artists and independent retailers, such as Zara Bryson, Pigeonhole and Miss Brown Vintage, became temporary neighbours for nine months, forming the first pop-up community in the Perth CBD. Inventive fit-out solutions enhanced each store footprint, improved sightlines and supported contemporary merchandising solutions.

These pop-up stores were linked throughout the property, enhancing the presence of existing retail offers to drive visitation and spending. “The results were positive. Customers enjoyed an inspiring new shopping experience, while retailers gained an opportunity to introduce their products to a city-based market,” says Tony Doherty, Head of Retail, Property and Asset Management for Jones Lang LaSalle Australia.

In the rapidly evolving retail markets of Asia Pacific, inventiveness and innovation are permeating all aspects of the shopping experience.

Watch this space!

“Several retailers are enhancing the shopping experience to keep people in

store rather than online.”Rebecca Tibbott

Local Director, Jones Lang LaSalle China

The Multinational MallInternational retailers are aggressively expanding in Asia Pacific and becoming more flexible and focused on local market requirements.


Until recently, several high-profile American and European retailers had been reticent about committing serious investment dollars to expanding in Asia Pacific. Times have changed. Now, convinced that rising incomes and relatively low dependency ratios will continue to drive consumer spending for the foreseeable future, retail brands are moving swiftly and decisively.

Having watched and waited, leading international retailers evaluated individual markets and ascertained the similarities and differences in consumer behaviour that exist between, and within, Asian countries. Consequently, they are localising store formats, product lines and the marketing and advertising mix to make direct connections with consumers from Delhi to Dalian and Saigon to Sydney.

The diversity of Asian retail markets means that conducting detailed research and studying the demographics of residential clusters is crucial. “To be effective in Asia, international retail strategies need to be tailored to the nuances of the local market,” says Anuj Puri, Chairman & Country Head, Jones Lang LaSalle, India. “Different Asian countries are at different stages of development of infrastructure and logistics capability. Therefore, retailers must take into account key factors, such as real estate location, price points and good supply chain management. Such issues hardly exist in the developed world.”

Fashion and luxury products are prime examples of nuanced markets. A strong appetite for both is evident among consumers across the region, but affordability and value are both highly prized. “International retailers that have little disparity between price and service from country to country have outperformed peers that lack that same consistency,” notes Tom Hamilton, Associate Director of Retail for Jones Lang LaSalle in Singapore.

Tailoring products to local tastes and preferences is increasingly en vogue. In 2010, French luxury brand Hermes opened the first Shang Xia store in Shanghai. The China-inspired clothing, accessories and home decorations brand was specifically created for aspirational Chinese consumers, and will expand to Paris in September. Also in China, carmaker BMW and its partner Brilliance have created a new brand, called Zinoro, specifically for the Chinese market.

Upscale shopping experiences continue to appeal to consumers in established and emerging Asian markets, and the success of retail expansion often depends on the strength of the brand and brand recognition. Revered Paris-based department store Galeries Lafayette recently opened a branch in Jakarta, while fashionable watch purveyors, Breitling and Maurice Lacroix, opened mono-brand stores in Hong Kong. London’s Harrods department store has announced it will extend its brand into the luxury hotel sector, with one of its new Harrods Hotels to be located in Kuala Lumpur.

Other fast-expanding retailers have devised “fast fashion” to bring affordably priced products to market in quick cycles. High-profile

brands such as Gap, Zara and Topshop have all entered Australia in the last three years, and are rolling out new stores. Zara stores feature clothing collections exclusively designed for the southern hemisphere’s seasonal trends, and frequent stock turnover ensures new options are always available.

Food and beverage retailers are similarly extending their reach, particularly as mall managers seek a more diversified tenant mix to attract and retain shoppers. Coffee shop chains Starbucks, Costa Coffee and Coffee Bean & Tea Leaf are ubiquitous in Asian cities, as are McDonald’s and KFC which both offer menus tailored to local tastes. In Japan, KFC even teamed up with local potato chip brand Calbee to create and market the Savory Salt Ginger Chicken chips.

Supporting these Asian store rollouts and new brand concepts are a variety of market-focused strategies. Giordano’s localisation approach in China is a good example. The clothing retailer revamped its management structure, and appointed five general managers to direct operations in the strategic cities of Beijing, Shanghai, Wuhan and Guangzhou, plus the company’s e-commerce site.

“Significant improvements were seen in various areas, such as local marketing and merchandising, franchisee consolidation and new store expansion programmes,” says Anuj. “Giordano has also promoted greater autonomy and flexibility in each region, enabling managers to react to market change and local needs swiftly and effectively.”

As international retailers expand across Asia Pacific, their strategies and objectives will continue to evolve. One thing will not change, however – focusing on the changing needs and preferences of Asian consumers will remain a high priority.

“Different Asian countries are at different stages of development of

infrastructure and logistics capability. Therefore, retailers must take into

account key factors, such as real estate location, price points and good supply

chain management. Such issues hardly exist in the developed world.”

Anuj PuriChairman & Country Head, Jones Lang LaSalle, India

2Q 2013 HIGHLIGHTS

Note: Hong Kong Retail refers to Hong Kong’s Overall Prime Shopping Centre and High Street retail markets.

NoTabLe ReTaIL deaLS IN 1H13LeaSinG TRanSaCTionS

iWC – 1,500 sq ft, Causeway BayFolli Folli – 2,000 sq ft, Tsimshatsui

inveSTMenT TRanSaCTionS

no major deals in 1H13.

Gold sales help boost retail sales

A correction in gold prices saw the sale of jewellery and watches soar 48.5% y-o-y in

2Q13, providing a boost to retail sales.

Retail rents climb to record highs

Sustained leasing demand and tight vacancy helped prime

shopping centre rents set new record highs in 2Q13. Rents

for Premium Prime shopping centres grew by 1.8% q-o-q,

while Overall Prime shopping centres grew by 1.4% q-o-q.

High Street shop rents grew by 1.5% q-o-q during the quarter.

Capital values for High Street shops fall

Capital values for High Street shops decreased mildly,

down by 0.5% q-o-q, as the investment market reacted to the higher stamp duties, adopting a wait-and-see attitude. This downward pressure is expected to

continue in the near term.

Tourism remains strong

Tourist arrivals between June and August are expected to grow in the range of 5-8%

y-o-y, led by Mainland China. As a result, retail sales are

expected to post double digit growth in 2013 compared to

9.8% in 2012.

new mixed-use project to boost supply

New World Centre will be demolished in 2014 and

redeveloped into a new mixed-use project comprising a hotel,

serviced apartments, offices and retailing elements. The development is expected to

complete in 2017.

IntimissimiTop Shop

New ReTaILeRS IN 2013

14.7%Retail sales growth (June 2013, y-o-y)

3.5 mil sqmPrime retail centre

stock

+7%new supply forecast

(2013 to 2017)

7.3%Rental growth

(y-o-y)

HKD 153Rental value

(psf pm)

QuIck facTS

Overall Prime Shopping Centres

net, on LFA

10 Retail Intelligence

Hong KongHong Kong is a world-class shopping destination, and retail sales continue to enjoy double-digit growth. International fashion stores, luxury brand flagships and innovative food and beverage outlets compete for prestige sites that attract high-spending locals and visitors, particularly from Mainland China. Shopping hotspots include the impressive Pacific Place, Harbour City, Times Square, The Landmark and ifc, plus the coveted street-front stores along Queen’s Road Central and Canton Road in Tsimshatsui. Ongoing demand for retail space has resulted in several brands hot-footing into non-core areas, such as Johnston Street in Wanchai, Wellington Street in Central and Haiphong Road in Tsimshatsui.

Note: Beijing Retail refers to Beijing’s Urban Prime retail market.

F&B operators lead expansion demand

Net absorption was recorded at 51,000 sqm in 2Q13, despite

no new completions. F&B operators were the most aggressive in looking for expansion opportunities,

while luxury brands remained conservative and fast

fashion retailers turned to decentralised or suburban

areas.

vacancy decreases

With no new completions in the quarter, the vacancy

rate in urban malls fell by 1.1 percentage points q-o-q to

8.4% and the vacancy rate in core malls decreased by 1.4 percentage points q-o-q to

6.0%; both of which reflected the lowest levels since 2008.

Luxury market slows

Sales of luxury goods remained relatively subdued. A few high-end positioned malls located in non-core locations

were hit the hardest, while mature high tier malls in core locations were more resistant

to the downturn.

Developers strive for high pre-commitment levels

Developers of new projects are expected to strive for

high pre-commitment before opening. The retail investment market has seen some liquidity thus far in 2013 in comparison to previous years and this will

continue to drive investors to seek retail opportunities in

Beijing.

Strong sales in mass market malls to

drive growthRental growth in Beijing’s

urban market in 2013 is expected to be broadly similar to that seen in 2012 despite a potential slowdown in retail

sales growth. Strong sales in mass market malls are likely to

be the main driver of growth in 2013.

NoTabLe ReTaIL deaLS IN 1H13LeaSinG TRanSaCTionS

apple – 2,500 sqm, China Central MallHollister – 900 sqm, Taikoo Li Sanlitun


Zhongguancun Plaza (140,000 sqm GFA) sold for RMB 2.2 billionnew Times Plaza (38,000 sqm) sold for RMB 1.7 billion (whole mixed-use complex)Grand Canyon Mall (94,100 sqm GFA) sold for RMB 1.74 billion

Alfie’s BeijingCity ShopJil SanderKaren MillenOpera BombanaStella McCartneyTadashi Shoji


2Q 2013 HIGHLIGHTS



stock


(2013 to 2017)

8.9%Rental growth

(y-o-y)

RMB 1,217

Rental value (psm pm)

QuIck facTS

Core Prime Shopping Centres

net effective, on NLA


BeijingThe Chinese capital has emerged as a sophisticated retail centre since its pre-2008 Olympic urban makeover. Developers created several mixed-use developments featuring contemporary malls in a city once famed for its open-air markets. Today, Beijing is a coveted location for international retailers, with glitzy venues like Oriental Plaza, China World Mall and Shin Kong Place appealing to both brands and shoppers. Designer boutiques plus high-end dining and entertainment draw a hip, fashion-conscious clientele to Taikoo Li Sanlitun (previously called The Village at Sanlitun) and Parkview Green, while Indigo in Jiuxianqiao, Solana in the Third Embassy Area and Wangfujing Street are popular with families.

2Q 2013 HIGHLIGHTS

F&B retailers expand in Shanghai

F&B retailers have been expanding aggressively in

Shanghai, reflecting a rising demand for lifestyle and leisure offerings in shopping centres.

Among fashion tenants, the strongest growth was in the

mid-market range, with slower expansion at the high-end.

newly completed properties open with

high occupancyIn Pudong, ifc Mall Phase

II launched with a high occupancy rate, targeting luxury consumers with a

tenant mix focused on fashion and jewellery. Meanwhile,

Touch Mall located along the Xuhui riverfront opened with 70% occupancy, with a large weighting of fashion and F&B

tenants.

Prime shopping mall rents increase 1.1% q-o-q

In prime areas, open-market ground floor base rents for

shopping malls rose by 1.1% q-o-q to RMB 49 per sqm per

day, while decentralised rents rose 1.3% q-o-q to RMB 19 per

sqm per day.

expanding retailers seek well-located properties

Expanding retailers are expected to remain selective about location decisions, and will gravitate towards well-

located properties backed by strong and experienced retail

asset managers. The pre-commitment rate sits at 93% for projects set to deliver in 3Q13 and 62% for projects to open at the end of the year.

Mature properties retain high occupancy levels

Existing, mature properties are still easily able to replace any store that closes. Since these mature malls have a

long waiting list of potential replacement tenants,

occupancy is expected to remain robust.

Ashley Steakhouse Caffé BeneCath KidstonCosInnisfreeMixxoMonki OshyoParadise DynastyTGI FridayZara Home


Note: Shanghai Retail refers to Shanghai’s Overall Prime retail market.

LeaSinG TRanSaCTionS

eland Group – 6,000 sqm, Nanjing Road East Uniqlo – 8,000 sqm, Middle Huahai RoadPorts – 3,000 sqm, Nanjing Road West


Life Hub @ Jinqiao (114,731 sqm) sold for RMB 2.64 billionHongxin Fashion Plaza (36,647 sqm) sold for RMB 1.25 billion

9.1%Retail sales growth

(1H13, y-o-y)


stock


(2013 to 2017)

4.5%Rental growth

(y-o-y)

RMB 49Rental value (psm per day)

QuIck facTS

Prime Shopping Centres net, on NLA

NoTabLe ReTaIL deaLS IN 1H13


ShanghaiChina’s boldest, brashest metropolis boasts the nation’s most exciting retail mix. Sophisticated shopping resides on both banks of the Huangpu River that bifurcates this east coast metropolis. In downtown Puxi, international and local brands vie for prime storefronts on Nanjing Road and Huaihai Road, and in smart malls including Plaza 66, Réel, Hong Kong Plaza, L’Avenue and the art-themed K11. Luxury brand flagships are a feature of Xintiandi district and the restored heritage mansions hugging the riverfront Bund. In Pudong, ifc mall and Superbrand Mall in the riverside Lujiazui district and Kerry Parkside all offer upscale shopping and a classy range of dining.

Leasing slows in the face of a slowing domestic

economyAlthough sales were up, the

leasing market faced subdued momentum as retailers

expressed concern over China’s slowing economy. Some mid-range retailers

consolidated underperforming operations in non-core

locations and relocated to mature submarkets such as

the Tianhe CBD.

Foreign retailers eye mature malls

Foreign retailers expanding in Guangzhou are choosing to

take space in mature shopping malls that guarantee good foot traffic. Italian retailers Moschino and Etro made

their first commitments to the Guangzhou market at Le Perle in the Huanshi East retail area.

new mall attracts F&B operators

Mall of The World (Central Zone) was the only new

completion in 2Q13 with most of its retail space occupied by food and beverage operators.

Around 524,000 sqm of new supply is scheduled to complete within the next 12 months, pushing vacancy

higher.

Tenants’ market ahead

For the next 12 months, Guangzhou is likely to be a tenants’ market due to a slowing economy and

softening expansion demand from retail brands. To combat vacancy in non-core shopping

centres, landlords are expected to fill vacant space

with lower tier tenants. In contrast, mature shopping

centres are likely to continue to upgrade their tenant mix.

Capital values remain unchanged in the quarter

Considering the large amount of pending supply and

weakening demand, investors expressed concern over the

risk of acquiring retail assets. Capital values remained

unchanged at RMB 59,100 per sqm (on GFA) in 2Q13.

AuchanGapHai Di LaoYonghui Supermarket

2Q 2013 HIGHLIGHTS


Note: Guangzhou Retail refers to Guangzhou’s Overall Prime retail market.


Uniqlo – 10,000 sqm, Victory PlazaUniqlo – 2,000 sqm, Rock SquareHSBC – 200 sqm, One Bravo





stock


(2013 to 2017)

3.3%Rental growth

(y-o-y)

RMB 406Rental value

(psm pm)

QuIck facTS


net, on GFA



GuangzhouChina’s southern megacity continues to benefit from ongoing urban redevelopment catalysed by hosting the 2010 Asian Games. Upgraded city infrastructure includes state-of-the-art new malls in prime areas. The emerging Zhujiang New Town district beside the Pearl River entices global and local retailers because of its luxury hotels, offices, dining and entertainment. The Mall of the World, Guangzhou’s largest subterranean mall, is opening here in 2013. Rock Square in Haizhu district is a commercial and residential property with a large shopping mall, and TaiKoo Hui in the Tianhe CBD is a mixed-use development featuring a shopping mall, office towers and a luxury hotel.

2Q 2013 HIGHLIGHTS

CH Carolina Herrera Charlotte Ehinger-Schwarz 1876 JapanGervasoni Tokyo Tommy Bahama

Luxury spending rises as consumer sentiment

improves On the back of improving

consumer confidence, sales at large-scale retail stores in Tokyo increased 2.6% y-o-y during 2Q13 while sales of

luxury goods at department stores in Tokyo increased

30.7% y-o-y during June 2013, posting double-digit growth for

the sixth consecutive month.

Rents grow for the third consecutive quarter as

vacancy declines Rents averaged JPY 65,893

per tsubo per month in 2Q13, increasing 0.5% q-o-q and

4.4% y-o-y. This represented the third consecutive quarter

of modest growth, largely reflecting rental increases on higher floors in both Ginza and

Omotesando.

investment yields compress for the second

consecutive quarterInvestment yields averaged 4.0% in 2Q13, the second consecutive

quarter of compression. A notable investment during the quarter was the purchase of Shibuya Flag, a 6,000 sqm (NLA) retail

building, by Mori Trust Sogo REIT for JPY 32.04 billion or an NOI yield of 4.2%. Yields for prime assets to compress and we

expect sub 3% to be achieved within 3Q13.

Rising consumption likely to underpin demand

Government stimulus measures, increasing visitor arrivals and an anticipated

sales tax increase in 2014, are likely to stimulate consumption

and underpin demand for prime retail space over the

next 12 months.

Supply remains limited

Supply is expected to remain limited for the foreseeable

future. Therefore, vacancy is expected to decrease further and support a modest growth

of rents.


Note: Tokyo Retail refers to Tokyo’s Ginza and Omotesando Prime retail markets.

Shibuya Flag – 6,000 sqm, JPY 32.04 billionKonami Creative Centre Ginza – 19,000 sqm, JPY 18 billion



The Three Dots – Oak Omotesandonespresso Boutique – Oak Omotesandoemporio armani – Oak OmotesandoCoach – Oak Omotesando

6.1% n/a n/aRetail sales growth (June 2013, y-o-y)

Prime retail centre stock

new supply forecast (2013 to 2017)

4.4%Rental growth

(y-o-y)

JPY 65,893

Rental value (per tsubo pm)

QuIck facTS

Ginza & Omotesando Prime Street Shop

gross, on NLA



TokyoShopping in the Japanese capital is a dazzling, stylish and cutting-edge experience. Tokyo’s vast size means its retail landscape is sub-divided into distinctive districts, each featuring a compelling blend of marquee malls, department stores and classy boutiques created by top-name designers. Ginza is a refined area where chic brand stores reside alongside art galleries and high-society cafes. Roppongi’s HQ offices and deluxe hotels are more than matched by Roppongi Hills, one of Tokyo’s sleekest shopping centres. Young consumers make for the trendy malls, en vogue fashions and outdoor video imagery of Omotesando, Shibuya and Shinjuku, while Tokyo Bay’s large shopping mall appeals to families.

Adolfo DominguezArtisan Boulangerie CompagnieBlack Barrett by Neil BarrettCarolina HerreraJollibeeLana MarksOcean Restaurant by Cat CoraZero Halliburton

2Q 2013 HIGHLIGHTS

Leasing interest fueled by demand for prime space

Occupancy rates remained stable in 2Q13, due to sustained

interest for prime space from new-to-market retailers. With a limited supply pipeline, quality

space is taken up quickly, as evidenced by the strong pre-commitment rate at the upcoming Orchard Gateway

development. Rents remained largely stable in 2Q13.

Retail spending remains subdued

In June, retail sales decreased by 4.0% y-o-y, largely due to a double digit decline in motor

vehicle sales and weakness in telecommunications apparatus and computers, and watches

and jewellery.

Capital values edge up amid strong investment

demandCapital values edged up across all submarkets as demand remained strong

from institutional investors. Strong interest was observed in the en bloc sales market, likely due to the retail sector being relatively free from the restrictive cooling measures.

new regulation threatens investor demand

The introduction of the Total Debt Serving Ratio framework

(which requires financial institutions to take into

consideration borrowers’ other outstanding debt obligations

when granting property loans) may weaken investor demand as potential investors adopt a wait-and-see attitude toward

property purchases.

Retailer interest in the Marina submarket rises

The Marina submarket showed signs of revitalisation, as

Phase I of Suntec City mall reopened with two strong anchor tenants, UNIQLO and H&M, and over 85%

occupancy. The remaining tenants are set to open in

3Q13.


artisan Boulangerie Compagnie – 4,000 sq ft, 118 KillineyComo Shambhala – 7,000 sq ft, Delfi OrchardStandard Chartered Bank Priority Banking Centre – Mandarin Gallery




Note: Singapore Retail refers to Singapore’s Prime, Suburban and Marina retail markets.

-4.0%Retail sales growth (June 2013, y-o-y)


stock


(2013 to 2017)

-0.1%Rental growth

(y-o-y)

SGD 38Rental value

(psf pm)

QuIck facTS

Orchard Road Prime Shopping Centres

gross, on NLA



SingaporeSingaporeans love to shop, and strong domestic purchasing power plus a magnetic appeal for Asian shopping tourists combine to create a comparatively mature retail market. The premier retail destination is Orchard Road, where cutting-edge malls such as Ion Orchard, Paragon, Mandarin Gallery, Orchard Central and the recently extended Plaza Singapura feature top-name global brands. Beyond downtown, the redevelopment of Marina Bay has delivered The Shoppes at Marina Bay Sands, a smart mall offering deluxe boutiques and emerging labels, while Suntec City Mall is currently being renovated and extended in three phases with Phase 1 completed in Q2 . Retailers are also moving into decentralised areas such as JEM Mall in Jurong East that opened in Q3, and Westgate due to complete in November.

2Q 2013 HIGHLIGHTS

Giorgio Armani Valentino

Strong leasing activity by international brands

continuesGrowing domestic demand and rising tourist numbers resulted in strong leasing demand from retailers, both those existing and wishing to expand, and

newcomers. Fashion and accessories and F&B retailers were the main drivers of strong

leasing demand.

Large supply pipelineahead

Around 201,300 sqm is in the supply pipeline, scheduled to complete by end-2013. Some

future projects such as Central Embassy and EmQuartier are

reportedly more than 80% pre-committed.

Gross rents increase by 0.4% q-o-q

Strong demand for expansion, and from newcomers, coupled

with limited available space in prime retail centres drove average rents higher in 2Q13 with average gross rents up

by 0.4% q-o-q to THB 2,274 per sqm per month.

Capital values continue to rise and market yields

remain at 12.8%Capital values rose by 0.5%

q-o-q to THB 166,914 per sqm, reflecting strong investment

interest in retail property. Market yields remained stable

at 12.8%.

Positive outlook for the Bangkok retail market

Rents are expected to continue to increase given strong

leasing demand while rising capital values should keep

yields stable.

Siam Makro (retailer) sold for THB 189 billion Crystal Design Center property fund established at THB 4.13 billion



XXi Forever – 930 sqm, Siam CenterMagnum Café – 400 sqm, Siam CenterH&M – 4,500 sqm, Central WorldNew ReTaILeRS IN 2013


Note: Bangkok Retail refers to Bangkok’s Prime retail market.

Retail sales growth (May 2013, y-o-y)

Prime retail centre stock

new supply forecast (2013 to 2017)

Rental growth (y-o-y)

Rental value (psm pm)

3.1% 1.8 mil sqm +16% 3.8%THB

2,274QuIck facTS


gross, on NLA


BangkokThailand’s capital is an increasingly hip shopping destination. Brand-hungry shoppers from home and abroad jump on the Skytrain and head for the city centre’s modish malls like Siam Paragon, Siam Center, Emporium, CentralWorld and Terminal 21, or take a more leisurely stroll around Asiatique the Riverfront mall and night bazaar beside the iconic Chao Phraya River. Scheduled openings included Central Embassy (2013), a landmark mixed-use hotel and retail development promising luxury and high-street fashions plus a mono-brand boutique zone for watches and jewellery, as well as EmQuartier (2014), a smart new luxury mall.

expansion by international retailers supports demand

Lotte Department Store, H&M and Uniqlo all opened their first stores in Indonesia during the

quarter, as robust consumption remained the key driver for growth in the retail sector.

Stock grows with two major retail project openings

Lotte Shopping Avenue and Pondok Indah Street Gallery together added 93,000 sqm of new supply to the prime retail

market during the quarter, with St. Moritz Mall scheduled to

open later in the year.

Rents grow positively on the back of robust enquiries

On the back of healthy demand and robust leasing enquiries,

net effective rents in 2Q13 grew by 2.5% q-o-q. The mild growth is a result of low retail

productivity due to the growing number of shopping malls competing for customers.

F&B and lifestyle fashion retailers spur demand

The food and beverage sector and lifestyle fashion stores

were the largest contributors of demand during 2Q13,

continuing their dominance over leasing activity in the last

few quarters.

Capital values rise and put downward pressure on

yields Capital values in 2Q13

increased by 5.2% q-o-q on the back of higher land prices in prime submarkets. As such,

yields declined to 10.8% at end-2Q13.

2Q 2013 HIGHLIGHTS


Uniqlo – 2,650 sqm, Lotte Shopping AvenueXXi – 5,000 sqm, Lotte Shopping AvenueXXX imax – 2,000 sqm, Mal Kelapa Gading





Note: Jakarta Retail refers to Jakarta’s Overall Prime retail market.



stock


(2013 to 2017)

6.8%Rental growth

(y-o-y)

QuIck facTSiDR

5,130,894Rental value

(psm pa)Overall Prime Shopping

Centresnet effective, on NLA


JakartaIndonesia’s fast-developing capital city boasts a rapidly diversifying retail market. Global brands are using Jakarta as a base to expand and tap into rising urban incomes and changing patterns of consumer behaviour across Southeast Asia’s largest country. Downtown Jakarta’s smartest malls include Plaza Indonesia, Grand Indonesia, Plaza Senayan and Pacific Place, all offering a colourful collection of fashion retail, luxury brands and dining. Recent new retail developments include Kota Kasablanka and Ciputra World. Legendary Parisian department store Galeries Lafayette became Jakarta’s highest profile new arrival in June, with the grand opening of its très chic flagship at Pacific Place.

AccessorizeBrooks BrothersCamaeiouCrabtree & EvelynDefuseDoc MartenForever NewG Star RawGaleries La FayetteGodivaH&MHoss IntropiaI amMK SukiPaulPenshoppePoney

Suite BlancoThomas PinkTWGUniqloWakaiiWallisZara Home

2Q 2013 HIGHLIGHTS

negative net absorption for the first time in 32 quarters

Sluggish leasing in operational stock contributed to net absorption recording a

negative result, while lease expirations, re-branding and repositioning initiatives also

played a part. Overall take-up was at a 32 quarter low and as a result, overall vacancy rose by 140 bps q-o-q to 25.3% at

end-2Q13.

Rents rise in the Prime South and Prime others

submarketsAverage rents rose by less than 1% q-o-q in both the

Prime South and Prime Others submarkets. As prime

operational malls are favoured by retailers, mall management

of such shopping centres quoted higher asking rents.

Yields remain stable as capital values grow in line

with rentsCapital value growth followed a similar trend to rents, rising

less than 1% q-o-q in most submarkets. In the next

12-months, capital values may show slightly higher

growth compared to rents, possibly leading to further

yield compression in the retail market.

The Prime South continues to garner retailer interest

Sustained retailer interest in the Prime South submarket

and an active churn may cause rents to rise. An increase in

the amount of occupied stock may spur rent increments in

the other submarkets, but at a slower pace.

Retailers favour projects with good designs

and brandingWith domestic consumption expected to remain resilient, retailers are chasing deals in under-construction projects

that offer good design, branding and professional management. Upcoming completions in precincts with low organised retail

penetration have seen healthy pre-commitments.

Bobbi BrownEmilio PucciMichael KorsThomas PinkYauatcha

Starbucks – 4,500 sq ft, Hamilton House Connaught Placeelle – 4,000 sq ft, Ambience Mall GurgaonFitness First – 9,000 sq ft, Connaught PlaceForever new – 3,900 sq ft, Ambience Mall Gurgaonnext – 6,000 sq ft, Ambience Mall Gurgaon Yauatcha – 18,000 sq ft, Ambience Mall, Vasant KunjSakae Sushi – 3,000 sq ft, Ambience Mall, Vasant Kunj






Note: Delhi Retail refers to Delhi’s Overall retail market.

Retail sales growth

2.2 mil sqmn/aPrime retail centre

stock


(2013 to 2017)

1.2%Rental growth

(y-o-y)

inR 245Rental value

(psf pm)

QuIck facTS

Prime South Shopping Centres

gross, on GFA


DelhiAs India’s retail sector continues to evolve following the relaxing of investment rules for foreign single-brand and multi-brand retailers, Delhi is poised to be a leading beneficiary. Competition to attract affluent, brand-savvy shoppers is increasing between retailers, especially in prime areas with high-quality shopping precincts. The retail landscape of India’s compelling capital city is divided into several submarkets spread across its vast terrain. Popular hangouts for local shoppers include Ambience, Promenade and Select City Walk in South Delhi, Ambience and MGF Metropolitan in Gurgaon, Great India Place in Noida, Europark in Ghaziabad, and Rohini City Center and Metro Walk Mall in North Delhi.

2Q 2013 HIGHLIGHTS

net absorption rises to the highest level in five

quartersNet absorption was notably

higher on q-o-q basis, reaching 439,600 sq ft the highest level in the past five quarters. The

majority of net absorption was due to pre-commitments in

new completions.

Rents rise in the range of 1-2% q-o-q across all

submarkets Rents and capital values appreciated in the range of 1- 2% q-o-q across all

submarkets. The Prime North submarket witnessed an appreciation of rents and

capital values, after remaining stable for the previous six

quarters.

new mall opening to boost demand

Viva City Mall commenced operations in 2Q13 with an

area of 920,000 sq ft and saw a good volume of pre-commitments. This mall is

likely to see further leasing activity in upcoming quarters.

F&B brands expand their presence

Food and beverage brands expanded their presence in

several pockets of the city in the quarter. High Streets saw a modest level of demand, while the Suburbs witnessed healthy leasing activity, supported by a good blend of residential,

office and retail space.

FDi implementation is slow

Looking ahead, leasing activity is expected to slow on the back of the national election. The government’s

implementation of FDI policy on retail has also been slow, prompting retailers to take a

more cautious view about the progress going forward.



Cotton World – 3,550 sq ft, Oberoi Mall Marks & Spencer – 32,500 sq ft, Bandra Reliance Digital – 5,800 sq ft, Magnet Mall, Bhandup




Note: Mumbai Retail refers to Mumbai’s Overall retail market.

Retail sales growth

n/a 1.8 mil sqmPrime retail centre

stock


(2013 to 2017)

3.3%Rental growth

(y-o-y)

inR 248Rental value

(psf pm)

QuIck facTS

Prime South Shopping Centres

gross, on GFA

Ping PongPizza ExpressStuart Weitzman


MumbaiIndia’s thriving financial and commercial nucleus is also the nation’s capital of style and design. Brand awareness among consumers is high and growing faster, encouraging global retailers, luxury and fashion brands to seek first-mover advantage in India’s edgiest shopping market. Mumbai is a large metropolis and the quality of retail developments has varied considerably following a wave of real estate development in 2011 that caused an imbalance in supply. Mall shopping is a popular concept, though, and shopping centres such as Palladium at High Street Phoenix, Inorbit, and Oberoi Mall offer a sophisticated mix of retail, dining and entertainment. More shopping centres such as Phoenix Market City, R City, and Infinity are poised to pamper shoppers with a wider choice of shopping experience.

2Q 2013 HIGHLIGHTS

vacancy rates rise but remain relatively low

The average retail vacancy rate for the Sydney market

rose by 0.7 percentage points to 2.3% in 1H13. Expansion by international retailers

continues to provide landlords with some level of support,

but this new competition adds to a range of factors already

challenging existing domestic retailers.

Depreciating dollar is a double edged sword

The depreciation of the AUD in 2Q13 is likely to be adding pressure to some retailers’ margins by raising the cost

of imports/inventory, but there are likely to be stronger positive effects if it stimulates

inbound tourism and slows the rate of outbound overseas

travel.

The bulky goods yield range widens further

Yields in Sydney were stable in regional, sub-regional and

neighbourhood formats in 2Q13, while the bulky goods

yields range widened to 8.50%-11.50% from 8.75% 11.25%. Yields are likely to firm reflecting greater

competition for quality assets as investment opportunities

become more limited.

Supply constraints ahead

Gross supply of retail space in Sydney has been slowly falling since 2010 (199,100

sqm), with just 114,200 sqm completing in 2012 and just

82,000 sqm due in 2013 (either already completed or currently

under construction). Supply is likely to remain constrained

in the short term with few new projects commencing

construction.

investment activity remains robust

Investment activity remains robust, although buyers are still selective towards high

quality assets with a positive growth outlook. Challenger

acquired a half share interest in a major portfolio from

Federation Centres in 2Q13 for AUD 602 million.

Michael Kors Tommy Bahama Vapiano

Longton Property Group – 150 sqm, 413 George StreetRolex – 100 sqm, 44 Martin PlaceTommy Bahama – 340-346 George StreetWilliams Sonoma – 2,000 sqm, 446-472 Oxford St Mall Bondi Junction



Federation Centres Portfolio (50% share) sold for AUD 602 millionerina Fair, nSW Central Coast (50% interest) sold for AUD 397.1 million



Note: Sydney Retail refers to Sydney’s Overall retail market.


3.0 mil sqmRegional/sub-

regional centre stock


(2013 to 2017)

-0.5%Rental growth

(y-o-y)

aUD 1,948

Rental value (psm pa)

QuIck facTS

Regional Shopping Centres

net, on GFA


SydneyAustralia’s largest city has truly come of age as a shopping destination. A varied portfolio of smart malls, department stores, designer brands and revamped heritage shopping centres befit its status as a high-profile international city. A large working population and a regular flow of tourists create a strong market for the historic Strand Arcade and Queen Victoria Building in CBD, plus the strikingly remodelled Westfield Sydney and Mid City malls. Retail outlets extend along George Street and Oxford Street, while The Rocks and Darling Harbour are popular with visitors. Beyond the city centre, malls such as Westfield’s Bondi Junction cater to suburban consumers.

vacancy rises as leasing demand softens

The average Melbourne retail vacancy rate rose to 2.7% in 1H13 from 2.1% in December 2012, reflecting broad-based

softening of demand from domestic fashion retailers.

Landlords continue to attract new international retailers to

partially offset this impact.

Significant amount of new supply in 2013

Around 313,300 sqm of space was either completed or

under construction and due to complete in 2013. However, the

forward pipeline of projects is low and a sharp drop off in supply from 2014 onwards is

expected.

Retail sales growth stalls across the board

Victoria’s retail sales growth stalled in June 2013. Growth

in clothing, footwear and personal accessory (-6.3%

y-o-y) and department store retailing (-5.6% y-o-y)

both remained a drag on overall spending growth and

continued to weigh on leasing demand.

investment activity remains healthy

Investment activity in Melbourne was strong in 2Q13 with total volumes

reaching AUD 615 million. The largest sale was Lend Lease’s

Greensborough Plaza for AUD 360 million, which was

acquired by Blackstone.

Rising vacancy puts pressure on rents

Rising vacancy levels have resulted in further declines in average specialty store

rents across all retail formats except super Prime CBD

and neighbourhood centres in 2Q13. Regional shopping

centre rents fell by 0.7% y-o-y.

2Q 2013 HIGHLIGHTS

Dolce and Gabbana UniqloThe Samsung Experience Store

Bamyan Fruit & vegetable – 213 sqm, Thompson Parkway Shopping CentreDolce and Gabbana – 350 sqm, 171 Collins StreetnQR – 825 sqm, Horsham Plaza Shopping Centre Horsham Plus Fitness 24/7 – 208 sqm, Thompson Parkway Shopping CentreWilliams-Sonoma – 744 sqm, 464 Chapel Street. South Yarra


Greensborough Plaza sold for AUD 360 million




Note: Melbourne Retail refers to Melbourne’s Overall retail market.


2.5 mil sqmRegional/sub-

regional centre stock


(2013 to 2017)

-0.7%Rental growth

(y-o-y)

aUD 1,469

Rental value (psm pa)

QuIck facTS

Regional Shopping Centres

net, on GFA


MelbourneMelbourne is famed for its eclectic dining and year-round calendar of events and festivities, and is emerging as a heartland of Australian fashion and design. Australia’s second most populous city also boasts a vibrant retail scene, ranging from the artisans of Flinders Lane, tailors and jewellery shops on Crossley Street and the cute laneways of QV precinct on Lonsdale Street to the high-end stores on Chapel Street and Collins Street, Bourke Street Mall and Chadstone the Fashion Capital, the southern hemisphere’s largest shopping centre. Impressive developments outside the CBD include Highpoint Shopping Centre and the upcoming Craigieburn Central.

Notes Retail sales growth figure quoted for Bangkok refers to the overall Thailand market, similarly Sydney refers to New South Wales and Melbourne refers to Victoria. All figures updated as at 2Q 2013.

SourcesRetail sales: various government websitesRetail stock and supply additions: Jones Lang LaSalle (Real Estate Intelligence Service), 2Q 2013.

Quick Facts

CURRENT RETAIL STOCK(MIL SQM)

NEW SUPPLY FORECAST(2013 TO 2017)

RENTAL GROWTH(Y-O-Y)

RETAIL SALES GROWTH(NOMINAL, Y-O-Y)

Hong Kong 3.5 +7% 7.3%14.7% HKD 153

Beijing 4.5 +34% 8.9%7.4% RMB 1,217

Shanghai 3.6 +61% 4.5%9.1% RMB 49

Guangzhou 1.9 +86% 3.3%11.9% RMB 406

Tokyo n/a n/a 4.4%6.1% JPY 65,893

Singapore 2.0 +24% -0.1%-4.0% SGD 38

Bangkok 1.8 +16% 3.8%3.1% THB 2,274

Jakarta 1.4 +38% 6.8%8.7% iDR 5,130,894

Delhi 2.2 +39% 1.2%n/a inR 245

Mumbai 1.8 +19% 3.3%n/a inR 248

Sydney 3.0 +4% -0.5%0.8% aUD 1,948

Melbourne 2.5 +6% -0.7%0.0% aUD 1,469

RENTAL VALUE

(psf pm, net, on LFA) Overall Prime Shopping Centres

(psm pm, net effective, on NLA) Core Prime Shopping Centres

(psm per day, net, on NLA)Prime Shopping Centres

(psm pm, net, on GFA) Overall Prime Shopping Centres

(per tsubo pm, gross, on NLA) Ginza & Omotesando Prime Street Shop

(psf pm, gross, on GFA) Prime South Shopping Centres

(psf pm, gross, on GFA) Prime South Shopping Centres

(psf pm, gross, on NLA) Orchard Road Prime Shopping Centres

(psm pm, gross, on NLA) Overall Prime Shopping Centres

(psm pa, net effective, on NLA) Overall Prime Shopping Centres

(psm pa, net, on GFA) Regional Shopping Centres

(psm pa, net, on GFA) Regional Shopping Centres

(June 2013)

(June 2013)

(1H13)

(June 2013)

(June 2013)

(June 2013)

(June 2013)

(June 2013)

(June 2013)

(May 2013)


Shaping decisions through retail intelligenceIn the fast-moving world of retail and leisure it’s all about solutions delivered with higher performance in mind. It comes down to global knowledge, and people with real passion and knowledge of the industry. We call it retail intelligence.

In Asia Pacific, we have leased over 130 million square feet of retail space on behalf of owners and retailers and consulted on over 220 million square feet of retail space for developers and investors. We also manage more than 72 million square feet of space for more than 250 retail properties.

With more than 40,000 people in 1,000 locations in 70 countries, our connected approach and cross-border expertise means we have the contacts and resources to make things happen – fast.

We strive to be best in class, acting as a genuine partner for your business and ensuring you stay one step ahead in a rapidly changing market.

adam Draper Retail Leasing [email protected]

Hong Kong Tom GaffneyHead of [email protected]

David RavenRetail Investment [email protected]

asia Pacificanuj PuriHead of Retail, Asia PacificChairman and Country Head, [email protected]

Cameron Taudevin Retail [email protected]

australiaTony DohertyHead of Retail, Property and Asset [email protected]

Chinaeugene TangHead of [email protected]

Colin DowallHead of Retail Asset [email protected]

indiaPankaj RenjhenRetail Leasing [email protected]

Shubhranshu PaniRetail [email protected]

indonesiaangela Wibawa Retail [email protected]

James austenRetail [email protected]

neil HitchenRetail [email protected]

JapanMidori SuzukiCo-Head of Property and Asset [email protected]

KoreaJay KwonHead of Retail [email protected]

MacauGregory KuCountry [email protected]

new ZealandChris BeasleighRetail Sales and [email protected]

Philippines Lizanne TanTenant [email protected]

Tom HamiltonRetail [email protected]

SingaporeLee SiewLingRetail Leasing [email protected]

ThailandSiwanart SrisomsupRetail Development Consultancy and [email protected]

vietnamTrang BuiLeasing and Tenant [email protected]

TaiwanJeffer WooRetail [email protected]

asia Pacificwww.joneslanglasalle.com/asiapacificaustraliawww.joneslanglasalle.com.auChinawww.joneslanglasalle.com.cnHong Kongwww.joneslanglasalle.com.hkindiawww.joneslanglasalle.co.inindonesiawww.joneslanglasalle.co.idJapanwww.joneslanglasalle.co.jpKoreawww.joneslanglasallekorea.co.krMacauwww.joneslanglasalle.com.monew Zealandwww.joneslanglasalle.co.nzPhilippineswww.joneslanglasalle.com.phSingaporewww.joneslanglasalle.com.sgSri Lankawww.joneslanglasalle.com.lkTaiwanwww.joneslanglasalle.com.twThailandwww.joneslanglasalle.co.thvietnamwww.joneslanglasalle.com.vn

Jones Lang LaSalle asia Pacific

COPYRIGHT @ JONES LANG LASALLE 2013. All rights reserved. The content of this publication has been compiled from the various sources acknowledged. The information is from sources we deem reliable; however, no representation or warranty is made to the accuracy thereof. This report has been produced solely as a general guide and does not constitute advice. We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather than absolute certainties.

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