2013 Fearless Forecast

2009 Location, location, location 2011 Timing, timing, timing 2013 Cash, cash, cash
Presented by:

Marc Townsend Managing Director

Tuesday, 15 January, 2013

2 0 1 2 Y E AR I N R E V I E W
A W I N F O R M . NG UYEN AND C. HUYNH

Wrestler Carol Huynh brought home Olympic bronze for wrestling. Michael Nguyen won a silver in Olympics gymnastics

CBRE | Page 2

2 0 1 2 Y E AR I N R E V I E W
MORE SURPRISES

Marc in Bhutan

Where it all started for CBRE 10 years ago in Nam Ky Khoi Nghia Street, District 1, HCMC

Richard Leech runs 90k in 9.5 hours at the Comrades Ultra Marathon in South Africa
CBRE | Page 3

V I E T N AM E C O N O M Y
2 0 1 2 KEY I NDI CATO RS
2009 GDP Growth Rate (y-o-y) Lending Rate Inflation (Average, y-o-y) Exports Imports Gold Price (per Tael) US$/VND (Commercial banks) FDI in Real Estate (committed) Committed FDI Implemented FDI 5.3% 12.75%
Down from 21% in Q3

2010 6.8%

2011 5.9%1

2012 e 5.03%

2013f 5.68%4

16%-17.0%
(Late 2010)

22% - 25%2

12% - 15%

12% - 13%5

6.9%1 US$57.1 bil US$69.9 bil VND26.7 mil

(Dec. 31, 2009, up 50% y-o-y)

9.2%
(Dec10: 11.8%)

18.58%1 US$96.3 bil US$105.8 bil VND41.8mil3

(Dec. 30,2011. up 15.8% y-o-y)

9.21% US$114.6 bil US$114.3 bil VND46.3 mil

(Dec. 28, 2012, up 10.8% y-o-y)

9.4% (e-o-p) 5 US$129.5 bil4 US$132.84 bil4 -

US$71.6 bil US$84.0 bil VND36.1 mil

(Dec. 31, 2010, up 35.2% y-o-y)

18,497 (Dec. 31, 2009) US$7.6 bil US$22.6 bil US$10 bil
1

19,500
(Dec. 31, 2010) Devalued by 5.4% vs. Dec. 2009

21,036
(Dec.31, 2011) Devalued by 7.9% vs Dec. 2010)

20,855
(Dec.31, 2012)

21,5006

US$6.8 bil US$18.6 bil

(US$6.8 bil real estate)

US$11 bil US$14.7 bil

1

US$10.46 bil US$13 bil US$10.46 bil

US$10.5 11 bil US$13 14 bil4 US$10.5 11 bil4

(US$845.6 mil real estate)

US$11 bil

US$11 bil1

Source: Historical data by GSO, 1GSO , 2SBV, 3SJC, 4Ministry of Planning & Investment, 5ANZ, 6HSBC
CBRE | Page 4

2 0 1 2 Y E AR I N R E V I E W
THE NEG ATI VE
Residential prices continued to fall.......
Luxury 5% 2% 2009 2010 2011 2012 High-end Mid-end Affordable
30,000 25,000 20,000

......as unsold inventory remained high, but stable....

Total Unsold Total Launch

Unit

-1% -4% -7% -10%

Source: CBRE

15,000 10,000 5,000 0 2010 2011 2012

Source: CBRE

....leading to impacts in other sectors too. i.e. Falling Serviced Apartment rentals.
Grade A Rents $40 $35 Grade B Rents

Elsewhere office rents decreased, again, but....

Vacant Space 200,000 150,000 100,000 Asking Rent $26 $24 $22 $20 $18

$30
50,000

$25
0

$20 2009 2010 2011 2012

Q1

Q2 2011

Q3

Q4

Q1

Q2 2012

Q3

Q4

CBRE | Page 5

2 0 1 2 Y E AR I N R E V I E W
THE POSITIVE
HCMC Office Rent Cycle appears to be approaching a bottom. Transactions visible at affordable projects the rise of the first time buyer?

E Home 3 (P1): Total units: 333 Sold rate: over 70%

HCM City

Condominium completion increased y-o-y

10,000 10,000 8,000 8,000 6,000 6,000 4,000 4,000 2,000 2,000 0 0 2008 2010 2008 20092009
Source: CBRE

Hoang Anh Thanh Binh (P1): Total unit: ~528 Sold rate: ~67%
40 30 20 10 0

No. of Unit

No. of Project 35 30 25 20 15 10 5 0 2011 2010 2012 2011 2012

Sunview 3: Total unit:: ~330 Sold rate: ~80% Buyers: Young Professionals, Young Couples/Families, First Time Buyers

CBRE | Page 6

2012 BRIGHT SPOT

RETAI L CO M PL ETI O N, ENTRY & EXPANSI O N
Vincom Center A

Pandora City

PowerBowl 388

CBRE | Page 7

 Global reach, local expertise Unsurpassed connectivity and civic partnerships Highest caliber operations Customised client care programs Impeccable grounds and building environment Achievable real estate solutions Highest ethical standards Innovative tools and resources Robust procurement platform Global footprint Proactive client relations and retention Commitment to philanthropy Superior talent Personal touch Stringent quality control Performance and satisfaction benchmarking Fully integrated, comprehensive platform World-class services Unmatched connectivity Ambassadors of quality Financial integrity and accountability Superior sunstainability standards Community minded and charitable Building relationships, tracking trends Dynamic building management and communications Global excellence, local knowledge Proprietary General Management Council Thinking innovatively, but acting practically Unprecedented speed to market Performance and satisfaction benchmarking Unparalleled research capability Professionally trained staff Proprietary General Management Council Superior sunstainability standards Global reach, local expertise Unsurpassed connectivity and civic partnerships Commitment to confidentiality Highest caliber operations Proactive client relations and retention Commitment to philanthropy Superior talent Stringent quality control Global footprint Fully integrated, comprehensive procurement platform Ambassadors of quality Professionally trained staff Building relationships, tracking trends Commitment to confidentiality World-class services Unprecedented speed to market Thinking innovatively, but acting practically Global excellence, local knowledge Unparalleled research capability Superior talent CBRE | Page 8

Region

ASIA PACIFIC STILL THE HOME OF GROWTH

Real GDP Growth (%, y-o-y) 15
China

10

Asia Pacific

0
World United States Western Europe

-5

-10
2002-Q1 2003-Q1 2004-Q1 2005-Q1 2006-Q1 2007-Q1 2008-Q1 2009-Q1 2010-Q1 2011-Q1 2012-Q1

Source: IHS Global Insight (November 2012)

CBRE | Page 9

GDP % Growth

CBRE | Page 10

China India Indonesia Vietnam Malaysia Hong Kong Singapore

Source: Oxford Economics (November 2012)

Real GDP % change per annum

2012 F

Taiwan Philippines South Korea Australia New Zealand Thailand Japan South-East Asia Asia Pacific World

2 0 1 3 T O B E B E T T E R T H AN 2 0 1 2

2013 F

V I E T N AM vs . C H I N A a n d I N D O N E S I A
Vietnam 16 14 12 10 8 6 4 2 0 2003 2005 2007 2009
China

China

Real GDP Growth Rate (%)

2011

2013

2015

Vietnam 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

Indonesia

GDP per capita (US$)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: Vietnamese General Statistics Office; World Bank; Oxford Economics
CBRE | Page 11

50

100

150

200

250

CBRE GLOBAL OFFICE CAPITAL VALUE INDEX

PERIOD OF NOTABLE GROWTH - PARTICULARLY IN CORE CITIES

CBRE | Page 12

2001 Q1 = 100

Source: CBRE Research

Global Americas Asia Pacific EMEA

2001.1 2001.2 2001.3 2001.4 2002.1 2002.2 2002.3 2002.4 2003.1 2003.2 2003.3 2003.4 2004.1 2004.2 2004.3 2004.4 2005.1 2005.2 2005.3 2005.4 2006.1 2006.2 2006.3 2006.4 2007.1 2007.2 2007.3 2007.4 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3

CBRE GLOBAL OFFICE CAPITAL VALUE INDEX

SLOWING CAP VALUE GROWTH: RE-ALLOCATION OCCURRING

CBRE | Page 13

-40% 10% 20% 30% 40% 50% 0%

-30%

-20%

-10%

Year-Over-Year % Change

Source: CBRE Research

Global Americas Asia Pacific EMEA

2002.1 2002.2 2002.3 2002.4 2003.1 2003.2 2003.3 2003.4 2004.1 2004.2 2004.3 2004.4 2005.1 2005.2 2005.3 2005.4 2006.1 2006.2 2006.3 2006.4 2007.1 2007.2 2007.3 2007.4 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3

CONTINUED INCREASE IN DEALS <US$100 MIL

SOUGHT AFTER DEAL SIZE IS THAT AVAILABLE IN VIETNAM
Total Investment Turnover in Asia Pacific by Deal Size

25

20

US$ billion

15

10

0
2005.1 2005.2 2005.3 2005.4 2006.1 2006.2 2006.3 2006.4 2007.1 2007.2 2007.3 2007.4 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3

Deals below US$100 mil Deals between US$250 mil and US$1 bil
Source: CBRE Research

Deals between US$100 mil and US$250 mil Deals over US$1 bil

CBRE | Page 14

000s sq. ft.

10,000

12,000

14,000

2,000

4,000

6,000

8,000

-2,000

CBRE | Page 15 Source: CBRE Research As of Q3 2012

AS I A N O F F I C E M AR K E T S L O W S

Net Absorption Overall vacancy

0% 2% 4%

Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

6%

8%

10%

12%

14%

16%

OFFICE MARKETS STILL BELOW PEAK VACANCY

Vacancy Rates, %
45 40 35 30 25 20 15 10 5 0

Cyclical Low

Cyclical High

Q2 2012

*The cyclic low is the most recent low prior to the onset of the GFC; the cyclic high is the high experienced following the cyclic low. Source: CBRE Research

CBRE | Page 16

 Global reach, local expertise Unsurpassed connectivity and civic partnerships Highest caliber operations Customised client care programs Impeccable grounds and building environment Achievable real estate solutions Highest ethical standards Innovative tools and resources Robust procurement platform Global footprint Proactive client relations and retention Commitment to philanthropy Superior talent Personal touch Stringent quality control Performance and satisfaction benchmarking Fully integrated, comprehensive platform World-class services Unmatched connectivity Ambassadors of quality Financial integrity and accountability Superior sunstainability standards Community minded and charitable Building relationships, tracking trends Dynamic building management and communications Global excellence, local knowledge Proprietary General Management Council Thinking innovatively, but acting practically Unprecedented speed to market Performance and satisfaction benchmarking Unparalleled research capability Professionally trained staff Proprietary General Management Council Superior sunstainability standards Global reach, local expertise Unsurpassed connectivity and civic partnerships Commitment to confidentiality Highest caliber operations Proactive client relations and retention Commitment to philanthropy Superior talent Stringent quality control Global footprint Fully integrated, comprehensive procurement platform Ambassadors of quality Professionally trained staff Building relationships, tracking trends Commitment to confidentiality World-class services Unprecedented speed to market Thinking innovatively, but acting practically Global excellence, local knowledge Unparalleled research capability Superior talent CBRE | Page 17

HCMC

V I E T N AM M AC R O P I C T U R E
COMMITTED FDI
16% 1%
10 9 8 7 6 5 4 3 2 1 0
Source: Vietnam Ministry and Investment Real Estate of Planning Manufacturing

14%
2010 2011 2012

70%

27% 37% 09% 27%

Real Estate Manufacturing
Billion USD Total commited FDI Real Estate 2010 18.6 6.8

Commited FDI (Billion USD)

Construction

Others

Construction Others
2012 13.0 1.9

CBRE | Page 18

V I E T N AM F U T U R E S U P P L Y
ACCO RDI NG TO BCI ASI A
All Future Projects (2013-2022) Office Retail Hospitality and SA Residential Total Y-o-Y change Projects Under Construction Office Retail Hospitality and SA Resi Total Y-o-Y change Source: www.bciasia.com; CBRE
CBRE | Page 19

HCMC 309 130 47 444 930 31.4% HCMC 142 51 20 190 403 7.5%

Hanoi 563 314 65 588 1530 155.4% Hanoi 165 82 15 177 439 77.0%

Da Nang 69 38 38 198 343 53.8% Da Nang 15 4 13 31 63 10.5%

Can Tho 39 7 10 19 75 47.1% Can Tho 6 4 2 2 14 -51.7%

Nha Trang (Khanh Hoa) 16 6 51 29 102 29.1% Nha Trang (Khanh Hoa) 6 2 9 6 23 -4.2%

Vung Tau 35 27 22 49 133 37.1% Vung Tau 12 7 7 11 37 -11.9%

Hai Phong 15 6 9 13 43 30.3% Hai Phong 7 4 2 3 16 -5.9%

H C M C I N V E S T M E N T C AP I T A L
DI F F I CUL TI ES ACCE SSI NG CAPI T AL TO KEEP DEVELOPMENT LIMITED

Development Capital Needed in HCMC, Next Three Years

Office 300 250
US$ million

Retail

Hotel

Serviced Apartment

200 150 100 50 0 2013 2014 2015

Source: CBRE

CBRE | Page 20

V I E T N AM I N V E S T M E N T T R E N D S
DEAL S W I L L HAPPE N

Deals did happen including numerous Vietnamese to Vietnamese

residential project transfers, suggesting a bottoming of the market.

Vietnam remains on the radar. Japanese to be the pre-eminent FDI player, though the real estate
sector holds broader appeal across Asia and further afield.

There will be some notable deals in HCMC during1H 2013 these

will revive interest in Vietnam.

Syndicated deals will become the norm for groups already present. Myanmar is a side show.

CBRE | Page 21

HCMC CONDOMINIUM
UNSOLD STOCK
Leading Fund Manager 35,000 unsold units HCMC Construction Department 18,000 unsold units
(NOT covering delayed projects)

Other sources

> 70,000 unsold units (HCMC+HN)

CBRE
HCMC Sold vs. Unsold Condominium (Units)

Total Unsold 40,000 30,000

Unit

Total Sold

Unsold stock increased in 2011 BUT remained stable in 2012 Developers, in the majority, restrained (or were restricted) from launching product less pressure on unsold stock
HCMC: 2,900 units sold in the primary markets in 2012 Hanoi: 5,000 units sold in the primary markets in 2012

20,000 10,000 0 2010 2011 2012

Source: CBRE

Note: unsold stock, by CBREs definition, is stock that have been launched by developers but unable to find buyers. This excludes stock offered on the secondary market (i.e. offered for sale by individuals) Source: CBRE discussions with representatives of developers and trading floors

CBRE | Page 22

HCMC CONDOMINIUM
2 0 1 2 Y - O - Y PRI CE CHANG E: - 6 %
DISTRICT 12

Y-o-y Price Change

-25% -20% -10% -5% -0,2% 0,2% 5% 10% -20% -10% -5% -0,2% 0,2% 5% 10% 20%

CBRE | Page 23

HCMC CONDOMINIUM
AL TER N ATI VE I NVESTM ENT O PTI O NS
Investment Option Stock Market (VN Index) Bank Deposit Gold (SJC) Condominium Q4/2011 MOST favoured 2012 Total Return 17.1% in 2012 (*); 21.5% for last 45 days 12% down to 8% (**) 5.9% (***) 7% (****)
Very attractive Education Oil, Gas & Natural Resources Real Estate Property Healthcare&Pharmaceuticals Manufacturing Agriculture Financial Services Retail Transportation and Logistics Hospitality and Leisure 0% 20% 40% 60% 80% 100% Somewhat attractive Neutral Somewhat unattractive Very unattractive

Real Estate
Q4/2012 attractive

Source: Grant Thornton Vietnam

(*) VN Index change, 31 Dec 2012 against 2 Jan 2012 (**) For term deposit less than one year (***) Gold price per tael change in 31 Dec 2012 against 2 Jan 2012 (****) (Capital variance between 2Jan2012 and 31Dec2012+ Annual Rental Income) / Capital Value

CBRE | Page 24

HCMC CONDOMINIUM
GOVERNMENTS PROPOSED MEASURES TO SAVE THE MARKET

CBRE | Page 25

HCMC OFFICE
ABSO RPTI O N & RENT AL TRENDS
120000.0 100000.0 80000.0
NLA (sm)

$42.0 $35.0 $28.0 $21.0 $14.0 $7.0 $.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NET ABSORPTION

Grade A Grade B Total

60000.0 40000.0 20000.0 .0

2011 Grade A - Vacant Grade B - Net absorption

2012 Grade A - Net absorption Grade A Rent

2013 Grade B - Vacant Grade B Rent

2010 2011 2012

34,016 97,744 131,760 33,917 85,367 119,284 24,209 39,921 64,130

1200000.0 800000.0 400000.0 .0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 Total GFA Q4

2011 Existing Space - GFA (sm)

Source: CBRE
CBRE | Page 26

2012 New Space Come Online

Average Asking Rent (US$/sm/month)

HCMC OFFICE
Grade A District 1 NEW SUPPLY Grade B Decentralized

President Place 9,100 sm

Lim Tower 34,000 sm

An Phu Plaza 10,905 sm

The Vista 5,000 sm

Empress Tower 20,000 sm

Times Square 12,704 sm

Saigon Airport Plaza 12,000 sm

CBRE | Page 27

H C M C R E T AI L
ABSO RPTI O N & RENT AL TRENDS
Net absorption-CBD Vacant space - Non CBD 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 -20,000 Net absorption-Non CBD Rent-CBD Vacant space - CBD Rent-Non CBD $130 $80 $30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010
2011 GFA (sm) Project Name 111,090 -Parkson Paragon (D7) -Bitexco Financial Tower (D1) - The Crescent (D7)

-$20

2011
2012 85,000

2012

2013f
2013 126,331

-The Vista (D2) - Vincom Center A (D1) - Pandora City (Tan Phu)

-D1:Times Square - D2: The Estella, Thao Dien Pearl, Cantavil Premier -D7: Petroland Commercial and Financial Tower -Tan Binh: Pico Plaza, Saigon Airport Plaza -Phu Nhuan: Satra Eximland - Nha Be: Dragon Tower

Source: CBRE
CBRE | Page 28

Asking rent (US$/sm/month)

GFA (sm)

 Global reach, local expertise Unsurpassed connectivity and civic partnerships Highest caliber operations Customised client care programs Impeccable grounds and building environment Achievable real estate solutions Highest ethical standards Innovative tools and resources Robust procurement platform Global footprint Proactive client relations and retention Commitment to philanthropy Superior talent Personal touch Stringent quality control Performance and satisfaction benchmarking Fully integrated, comprehensive platform World-class services Unmatched connectivity Ambassadors of quality Financial integrity and accountability Superior sunstainability standards Community minded and charitable Building relationships, tracking trends Dynamic building management and communications Global excellence, local knowledge Proprietary General Management Council Thinking innovatively, but acting practically Unprecedented speed to market Performance and satisfaction benchmarking Unparalleled research capability Professionally trained staff Proprietary General Management Council Superior sunstainability standards Global reach, local expertise Unsurpassed connectivity and civic partnerships Commitment to confidentiality Highest caliber operations Proactive client relations and retention Commitment to philanthropy Superior talent Stringent quality control Global footprint Fully integrated, comprehensive procurement platform Ambassadors of quality Professionally trained staff Building relationships, tracking trends Commitment to confidentiality World-class services Unprecedented speed to market Thinking innovatively, but acting practically Global excellence, local knowledge Unparalleled research capability Superior talent CBRE | Page 29

CBRE

H C M C F E AR L E S S F O R E C AS T S
Capital Availability
1. 2.
The burden of Non Performing Loans will be the dominant play in the newspapers in 2013, the on the ground reality will be different. Cash is king. There is no knight in shining armour coming - denial will see many players isolated. Those who succeed will be those who roll up their sleeves and work hard, stay late.

Evolution in the Real Estate Industry

3.
Property is no longer just about bricks and mortar : When they eventually arrive Real Estate Investments Trusts will require the highest form of property investment sophistication and thus the market is set to require specialised due diligence expertise from both legal, tax and property service providers. The time for this transition and mindset is now. Expectations of local developers/investors of service providers are aligning with those of international developers and investors. CBRE Inc will send more senior staff to Vietnam in 2013 enhance our service offering. On the ground CBRE will employ a greater number of qualified/certified staff as a % of our head count:

4.

CBRE | Page 30

Specialist in every sector. More RICS, more AAPI. More knowledge and experience

H C M C F E AR L E S S F O R E C AS T S

Investment & Development

5. 6. 7. 8.
Reduction in the number of listed Developers Like the number of active real estate funds, developers will halve in 2013 and halve again in 2014 before then rising again. M & A activity to centre around re-structuring. It will be those who are well capitalised who are set to benefit in some cases it may be cheaper to buy a company than to buy a project. HCMC to see number of real estate investment transactions increase. The number of significant transactions that occur in 2013 will be above that of 2012. From "If you build it, they will come" to "Now you have built, what are you going to do with it?" To "do not build it until you have an occupier and a competitive advantage". The era of speculative development is most definitely over.

Green
9.
What happened to LEED? Just because nobodys talking about it dont assume it isnt important the shift in direction continues to occur.

CBRE | Page 31

H C M C F E AR L E S S F O R E C AS T S
Residential Market
10. 11.
CBRE still believes that confidence is the key determinant for a turnaround even if the cost of borrowing continues to slide. Buyers will slowly come back to the market, though the bull run is unlikely to occur in 2013. As in the UK, the fall in resi prices enables record number of first time buyers in to the market as prices in some areas bottom out. Multi-generational housing to become less common as developers continue to recognise the true demand in the market and provide product that buyers can afford.

12.

Vietnamese investors will consider residential investment properties in London and Sydney as well as Ho Chi Minh City.

Commercial Occupier Markets

13. 14. 15. 16.
CBRE | Page 32

The largest office deals will occur in the Grade B market as tenants re-calibrate, re-locate and upgrade. Absorption in 2013, will increase on that seen in 2012, as the Vietnamese and regional economies recover. Prime retail rents remain suffocatingly high as quality pitches remain rare. The prime demographic is slowly transitioning from window shoppers to actual shoppers, F & B operators the main beneficiary of this transition. Retail Landlords go back to school and learn about project positioning as out of town vacancy reaches record highs. Despite the difficulties, foreign retailers will come to Vietnam. Vietnam has 67.1m people below the age of 40.

H C M C F E AR L E S S F O R E C AS T S
And finally
17.
Will anyone still have time for golf..?

Marc Townsend in Falkland Islands (Malvinas) Mar-2012

CBRE | Page 33

CBRE Global Office Locations

2013 CB Richard Ellis (Vietnam) Co., Ltd. This report has been prepared in good faith and with due care by CB Richard Ellis (Vietnam) Co., Ltd. We obtained some of the information above from sources we believe to be reliable. However, we have not verified the accuracy of the information which we obtained from other sources and make no guarantee, warranty or representation about it. We include projections, opinions, assumptions or estimates which are made with careful consideration of factors known to us for example only, and they may not represent current or future performance of the market. This information is designed exclusively for use by CB Richard Ellis clients, and cannot be reproduced without prior written permission of CB Richard Ellis. CBRE | Page 34