Property Times India offices Q3 2011 Cautiously optimistic markets

13 October 2011 Contents

Executive summary Economic overview India real estate overview Seven cities snap shot I Seven cities snap shot II Delhi NCR Mumbai Bengaluru Chennai Pune Kolkata Hyderabad Micro markets rentals Micro markets outlook Definitions Contacts 1 2 3 4 5 6 8 10 12 14 16 18 20 21 22 23

Office data from Q3 2011 indicated that the momentum seen in deal closures in the preceding quarter was lost and overall market activity remained subdued during the period. The cumulative take-up across Indias seven largest cities dropped 33% quarter-on-quarter (Q-o-Q), to the lowest level in the past year, as a number of occupiers remained cautious and reevaluated expansion plans. The cumulative vacancy rose marginally to 23.6% due to the slown down in deal closures, in spite of the sharp decline in new supply in the market. During the quarter, the new supply declined by 50% Q-o-Q, as the tight monetory policy measures pushed up the cost of funds over the course of the year. This was compunded by the declining funding options available to developers. The market uncertainty also impacted the rental expectations across all micro markets and average achievable rents remained unchanged. Even though the overall market sentiment remained muted across Indias seven largest cities in Q3 2011, due to the global uncertainties and the likely slow down in domestic growth, Indias long term growth prospects remain robust. Hence, markets are likely to rebound once clarity emerges on the likely direction of the global economy in 2012.

Author
Rohit Kumar Head of India Research +91 (0)124 459 7500 rohit.kumar@dtz.com Rejish T.C. Manager, Research +91 (0)80 4123 1600 rejish.tc@dtz.com Divya Badola Manager, Research +91 (0)124 459 7500 divya.badola@dtz.com Satish Tiwari Manager, Research +91 (0) 22 4223 1600 satish.tiwari@dtz.com Contacts David Green-Morgan Head of Asia Pacific Research +61 (0)2 8243 9913 david.green-morgan@dtz.com Tony McGough Global Head of Forecasting & Strategy Research +44 (0)20 3296 2314 tony.mcgough@dtz.com Hans Vrensen Global Head of Research +44 (0)20 3296 2159 hans.vrensen@dtz.com www.dtz.com

Figure 1

India office take-up and availability ratio

sq ft (millions) 12

30% 25%

9 20% 6 15% 10% 3 5% 0 Q1 2010

Source: DTZ Research

0% Q2 2010 Q3 2010 Q4 2010 Take-up Q1 2011 Q2 2011 Availability (%) Q3 2011

Economic overview

Gross Domestic Product (GDP) in India expanded 7.7% in the 2nd quarter of 2011 compared to the same quarter of 2010. This is Indias weakest growth in the last six quarters (Figure 2). The S&P downgrade of the US economy and the prevailing tense debt situation in Europe might not affect the Indian economy because it is primarily driven by domestic consumption. However, the IT and ITES sector might feel the pinch in the coming months. The Wholesale Price Index (WPI) headline inflation is within touching distance of 10% (9.78% in August 2011) - the highest among major economies of the world. Petrol prices were up by INR 3.14 adding to the inflationary pressures. The Reserve Bank of Indias (RBIs) anti-inflationary stance has seen interest rates go up a dozen times in the past 18 months. The repo rate (the rate at which the RBI lends) now stands at 8.25% and the reverse rate (rate at which the RBI borrows) now stands at 7.25% (Figure 3). The government launched a new Index of Industrial Production (IIP) in April 2011, with the aim of offering a better gauge of the country's industrial activity. The data was the first of a new series with a new base year, new components and weightings. The old series used the base year of 1993-94, which now stands revised to 2004-05. India's industrial production (IIP) growth fell to a 21 month low of 3.3% in July this year (Figure 4). This low growth figure is primarily driven by capital goods.

Figure 2

Gross Domestic Product (GDP)

Source: MOSPI, Govt. Of India, RBI

Figure 3

Interest Rates

Source: www.rbi.org.in

Figure 4

Index of Industrial Production

Source: www.rbi.org.in

www.dtz.com

India real estate overview

The deployment of Gross Bank Credit to the real estate sector saw a minor improvement in Q3 2011 from 4.4% of the total Non-Food Credit given by Commercial Banks in March 2011 to 4.4% in July 2011 (Figure 5). Since the beginning of the current financial year, the BSE Realty Index has eroded 21% in the past 6 months the sharpest fall being in August 2011 (Figure 6). Cabinet has approved the Draft Land Acquisition and Rehabilitation & Resettlement Bill 2011 in September 2011 in the Monsoon Session of the Parliment. It is likely to be enacted in the Winter Session later this year. Key highlights of the Bill are the higher compensation and clearer definition of public purpose for acquiring land. FDI into the Indian real estate sector has been at an all time low the past 4 years reflecting lower investor confidence in the sector. Prime reasons are politicizing the land acquisition issues and uncontrolled price rise of building materials amongst others.

Figure 5

Share of Gross Bank Credit to Real Estate

Source: www.rbi.org.in

Figure 6

BSE Realty Index

Source: www.bseindia.com

www.dtz.com

Seven cities snap shot

Delhi and Pune witness strong new supply but at the same time both cities see increased vacancies between Q310 and Q311 (Figure 7). Mumbai, on the other hand, has shrunk its new supply and at the same time, has increased its vacancy signifying decreased take up during the same time.

Figure 7

Vacancy and New Supply

20

Bengaluru Q310 Delhi NCR Q311 Delhi NCR Q310 Mumbai Q311

Vacancy (mn sq ft)

15

Bengaluru Q311 Chennai Q311

Chennai Q310

Mumbai Q310

10 Pune Q310 5 Kolkata Q311 Hyderabad Q310 Hyderabad Q311 1 2 3 4

Pune Q311

Kolkata Q310 -

10

11

New Supply (mn sq ft)

Q310

Q311

Sizeof theBubblerepresentsStock

Source: DTZ Research

Delhi, Mumbai and Pune increase their stock from a healthy base (Figure 8). Bengaluru has seen moderate growth in its stock since last year. For all cities, the quarteron-quarter growth (between Q211 and Q311) has been miniscule

Figure 8

Stock Q3 11

2% 5%

Bengaluru 24%

Delhi 17%

3% 16%

Chennai 13% 2% 8% Hyderabad 7% 0% 10% Base: 366 mn sq ft Red Text: Q-O-Q change
Source: DTZ Research

Mumbai 22% Pune 12%

3% 14%

Kolkata 5% 0% 18%

2% 16%

Blue Text: Y-O-Y change

www.dtz.com

Seven cities snap shot II

Miniscule absorption happening in CBDs of all 7 towns primarily because of low supply (Figure 9).

Figure 9

Vacancy and New Supply

9 100 Kolkata 18% Hyderabad 8% Delhi NCR 14% Mumbai 14%
73 PBD Gurgaon
11 SBD

PBD NOIDA

Base: 0.56 mn sq ft

7 CBD

Base: 1.02 mn sq ft
33 PBD
23 Suburban 13 New CBD 29 Off CBD 1 CBD

99

PBD

Pune 6%
1 CBD

31 52 13 4

PBD SBD

Chennai 8% Bengaluru 32%

57 PBD SBD CBD 93 PBD SBD CBD

Base: 1.03 mn sq ft

Off CBD CBD

Base: 0.42 mn sq ft

26 18

Base: 2.4 mn sq ft

Base: 0.6 mn sq ft
Source: DTZ Research

www.dtz.com

Delhi NCR

Amidst uncertain global economic conditions and unfavourable domestic conditions, Delhi NCR witnessed substantially lower take-up in Q3 2011. The overall take-up stood at 1.02 million sq ft which was 48% less than the previous quarter and 25% less than the same quarter last year (Figure 10). Nearly 60% of the total take-up was reported in Gurgaon. The traditional IT/ITES continued to dominate the market in Q3 2011, contributing to more than 50% of the demand. The rest of the demand came from sectors such as Retail, Manufacturing and Consumer Goods. Overall vacancy stood at 31.8% of the total stock in Q3 2011 which was marginally higher than Q2 2011 (Figure 10). The take-up and new supply were able to offset each other resulting in a minor rise of 1% in vacancy q-o-q. Vacancy levels declined across all key micro markets except Noida where it increased by 4% q-o-q. Noida witnessed the lowest take-up in Q3 2011 compared to any of the quarters in 2010 and, Q1 and Q2 in 2011. Although the CBD witnessed the highest take-up compared to any of the quarters in 2010 and Q1 and Q2 2011, most of the activity was a result of internal movement and not fresh take-up. Due to the liquidity crunch as a result of increasing interest rates and cost of construction, new supply in Q3 2011 reduced by 19% q-o-q. Approximately 1.6 million sq ft of new supply came to the market in Q3 2011, taking the stock to 62.6 million sq ft (Figure 11). The delivery timeline of many new projects got pushed back by a few quarters. Overall rents remained stable across all micro markets in the region (Figure 12). With moderate demand and supply, the rents in the SBD and PBD along with the CBD are expected to stay stable in the next couple of quarters. The Land Acquisition and Rehabilitation and Resettlement Bill 2011 was introduced in the Lok Sabha on September 7, 2011 and is expected to be passed in the winter session of the Parliament. The compensation component of the Bill is going to affect the real estate prices as the developers will have to shell out more money to acquire land from the farmers now. The momentum in Delhi NCR both in commercial and residential real estate is expected to slow down for a couple of quarters as a result of the current economic conditions both globally and in the country.

Figure 10

Office take-up & availability ratio

Source: DTZ Research

Figure 11

Office new supply

Source: DTZ Research

Figure 12

Prime office rents

Source: DTZ Research

www.dtz.com

Delhi NCR

Table 1 Occupier market Q3 2010 TOTAL Stock (sq ft) Take-up (sq ft) Availability (%) New Supply (sq ft) CBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) SBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) PBD (Gurgaon) Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) PBD (Noida) Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm)
Source: DTZ Research

Q4 2010 56,774,542 1,850,233 32.61 2,790,066 19,300 57,301 4 0 300 ($6.6) 35,000 1,496,804 34 0 175 ($3.9) 1,487,733 10,774,744 30 2,245,066 86 ($1.9) 308,200 6,183,825 43 545,000 38 ($0.8)

Q1 2011 58,914,131 1,220,352 33.82 2,139,589 3,515 53,786 4 0 315($7.0) 55,600 1,466,804 33 0 185($4.1) 768,737 11,523,452 31 1,050,000 90($2.0) 392,500 6,881,414 45 1,089,589 40($0.9)

Q2 2011 60,923,131 1,963,519 31.59 2,009,000 21,350 32,436 2 0 350 (7.7) 229,500 1,537,304 32 300000 185($4.0) 1,315,488 10,249,732 27 770,000 90($2.0) 397,181 7,423,233 45 939,000 40($0.9)

Q3 2011 62,557,434 1,015,778 31.89 1,634,303 67,434 0 0 0 350 (7.7) 107,200 1,430,104 30 0 185($4.0) 744,944 10,454,788 27 950,000 90($2.0) 96,200 8,011,336 47 684,303 40($0.9)

Q/Q change (%) 2 -48 -19 216 0 -53 -7 0 -43 -93 23 0 -76 8 -27 0

Y/Y change (%) 16 -25 121 1126 21 23 -6 6 130 -92 494 10 -90 36 174 11

Directional outlook

53,984,476 1,356,673 31.61 740,000 5,500 73,400 5 0 290 ($6.4) 87,000 1,526,000 34 330000 175 ($3.9) 323,655 9,567,218 28 160,000 82 ($1.8) 940,518 5,900,054 43 250,000 36 ($0.8)

* Noida is inclusive of Greater Noida. Exchange rate: USD 1=INR 45.7

Table 2 Leasing transactions Address Unitech SEZ Sector 48, Building 2 Unitech SEZ Sector 48, Building 3 DLF Cyber City Building 5A
Source: DTZ Research

Micro-market Gurgaon Gurgaon Gurgaon

Size (sq ft) 200,000 200,000 55,000

Tenant Genpact Cognizant Emerson

Sector IT/ITES IT/ITES IT/ITES

www.dtz.com

Mumbai

In Q3 2011, office space take-up in Mumbai showed signs of moderation. Demand from the IT/ITES sector, which is one of the principal drivers for office space in the city, was restrained. This can be attributed to delayed decision making by several IT companies owing to debt crisis in America and several European economies which account for over 85% of revenues to the Indian IT sector. Additionally, inflation induced uncertainty in Indian markets has forced companies to adopt a cautious approach towards expansion. As a result, total demand for office space in the city was recorded at 1.03 million sq ft (Figure 13), which was substantially lower than demand recorded in Q2 2011. In the current quarter, Mumbai witnessed a total new supply of 2.37 million sq ft, taking the overall office space stock in the city to over 81 million sq ft. This new supply, largely comprising Grade A developments was centered across off CBD (77%) and suburban (23%) locations. Nearly half of supply witnessed in Q3 2011 consists of large sized under construction projects. With limited pre commitments in new supply, overall vacancy levels in the city inched over 24% (Figure 13) as compared to 23% recorded in the previous quarter. However, Grade A - Non IT vacancy levels were considerably lower as is the supply. Highest availabilities were recorded in off CBD (43%) and the suburban locations (33%) where significant part of new supply was unabsorbed. CBD and New CBD locations witnessed lowest vacancies in the city, which were recorded at 6-7%. Office rents remained largely stable across all micromarkets in the city in Q3 2011. Rents are likely to remain under pressure over the next 3-6 months due to a large supply pipeline and a simultaneous anticipated slowdown in demand (Figure 15). An anticipated slowdown of the US economy is likely to increase outsourcing to India. A robust 7-8% growth of the Indian economy will ensure a reasonable level of absorption in coming months. This, however will only provide a cushion to pricing in the face of large upcoming supply.

Figure 13

Office take-up & availability ratio

sq ft (000s) 2,500 2,000 1,500 20% 1,000 500 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 15% 10% 30% 25%

Take-up
Source: DTZ Research

Availability Ratio

Figure 14

Office new supply

sq ft (000s) 24,000 20,000 16,000 12,000 8,000 4,000 2006 2007 2008 2009 2010 2011 2012 2013 2014

Source: DTZ Research

Figure 15

Prime office rents

INR per sq ft per month

600 500 400 300 200 100 0

2006 2007 2008 2009 2010 2011(E) 2012(E) 2013(E) 2014(E)

Source: DTZ Research

Mumbai

Table 3 Occupier market Q3 2010 Total Stock (sq ft) Take-up (sq ft) Availability (%) New Supply (sq ft) CBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) Off CBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) New CBD Take-up Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) Suburban Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) PBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm)
Source: DTZ Research

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q/Q change (%) 3 -50 -31 -65 -9 0 0 100 47 31 0 -68 -22 -100 0 -74 6 23 0 -35 -4 -100 0

Y/Y change (%) 14 -46 -8 -33 -34 0 0 601 340 -8 -51 -24 -100 5 -35 -12 -73 0 -72 18 -100 0

Directional outlook

71,513,802 1,908,379 22 2,581,000 17,982 178,531 9 0 325 ($7.1) 42,815 1,094,385 16 0 190 ($4.2) 273,499 616,500 8 93,000 300 ($6.6) 370,138 6,767,475 35 1,988,000 125 ($2.7) 1,203,945 6,777,322 19 500,000 65 ($1.4)

72,758,906 2,100,000 20 1,245,104 15,000 172,531 9 0 325 ($7.1) 375,000 1,610,969 22 731,354 180 ($3.9) 310,000 450,000 6 46,250 315 ($6.9) 800,000 6,250,000 32 285,000 125 ($2.7) 600,000 6,350,700 18 182,500 65 ($1.4)

75,810,906 1,260,000 22 3,052,000 9,000 163,531 9 0 325 ($7.1) 175,000 2,032,069 25 600,000 180 ($3.9) 150,000 350,000 5 0 315 ($6.9) 225,000 6,025,000 30 0 125 ($2.7) 701,000 7,950,700 21 2,452,000 65 ($1.4)

79,256,559 2,068,441 23 3,445,653 34,000 129,531 7 0 325 ($7.1) 150,000 3,282,069 35 1,400,000 175 ($3.8) 415,586 602,067 7 667,653 315 ($6.9) 943,400 5,571,600 27 440,000 125 ($2.7) 525,455 8,363,245 21 938,000 65 ($1.4)

81,628,059 1,027,097 24 2,371,500 11,996 117,535 6 0 325 ($7.1) 300,000 4,812,069 43 1,830,000 175 ($3.8) 133,718 468,349 6 0 315 ($6.9) 241,001 5,922,099 28 541,500 125 ($2.7) 340,382 8,022,863 20% 0 65 ($1.4)

Table 4 Leasing transactions Address Maker Maxity Nirlon Knowledge Park www.dtz.com
Source: DTZ Research

Micro-market New CBD PBD

Size (sq ft) 75,200 22,945

Tenant Bank of Scotland Citibank

Sector BFSI BFSI 9

Bengaluru

Absorption of office space remained high at 2.4 million sq ft in Q3 2011, on the back of a number of large pre-commitments in the PBD ORR submarket. However, this was a q-o-q decline of 26% from the record absorption achieved in the preceding quarter (Figure 16). Towards the end of Q3 2011, there appeared to be a change in the market conditions with a few corporations deciding to be cautious and go slow on their expansion plans, in the wake of turbulence in the global financial marketplace. Vacancy levels in the city moved marginally up to 18.3%, primarily because the total absorption did not completely offset the new supply during the period as pre-commitments accounted for half the deal closure in Q3 2011. Overall vacancy rates in city appeared to have bottomed out at 18.0% in Q2 2011 (Figure 16). Considering the significantly large supply scheduled for the next two years, vacancy rates are unlikely to improve further from the current levels. Among the various micro markets,vacancy remained low in CBD and SBD at 8% each, while it was at 23% in PBD. Among the various submarkets within PBD, it ranged between a low of 6% in PBD ORR to a high of 35% in PBD Whitefield submarket. A total of 1.6 million sq ft of new supply got ready for fit-outs during Q3 2011, a drop of 8% q-o-q, as no new supply came in the SEZ category. Significantly large portion of the new supply was in the PBD ORR submarket which has witnessed consistently large demand for space in the past. The progressively increasing cost of loans and the limited financing options available to developers are likely to have an impact on the future supply pipeline (Figure 17). The rentals remained largely unchanged during the quarter, due to the uncertain global market conditions apart from the fact that domestic economic scenario remained far from ideal. Rental expectations also appeared to remain realistic, in the wake of unconfirmed reports of recruitment freeze in a few large MNCs (Figure 18). In spite of all the global uncertainties and the emerging signs of weakening GDP growth in the country, the demand for office space in the city is likely to exceed the new supply during the rest of 2011. However, the large new supply expected during 2012-13, even in the face of possible phasing out of some projects, is likely to restrain any uncontrolled spiralling of rentals in the city.

Figure 16

Office take-up and availability ratio

sq ft (000s) 3,600 3,000 2,400 1,800 1,200 600 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Take-up
Source: DTZ Research

30% 24% 18% 12% 6% 0%

Availability ratio (%)

Figure 17

Office new supply

sq ft (000s) 15000 12000 9000 6000 3000 0 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: DTZ Research

Figure 18

Prime office rents

INR per sq ft per month 120

100 80 60 40 20 0 2006 2007 2008 2009 2010 2011(E) 2012(E) 2013(E) 2014(E)

Source: DTZ Research

www.dtz.com

10

Bengaluru

Table 5 Occupier market Q/Q change (%) Y/Y change (%)

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Directional outlook

Total Stock (sq ft) Take-up (sq ft) Availability (%) New Supply (sq ft) CBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) SBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) PBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft)
Source: DTZ Research

83,019,68 2,246,292 23 140,000 236,964 719,506 10 140,000 72 ($1.6) 165,970 2,157,402 10 0 50 ($1.1) 1,843,358 15,882,833 29 0

83,849,295 2,356,391 21 829,606 204,651 601,256 8 152,000 75 ($1.6) 262,645 2,183,751 10 0 55 ($1.2) 1,889,095 14,569,131 26 677,606 42 ($0.9)

84,012,289 1,703,497 20 162,994 106,256 556,494 8 0 75 ($1.6) 159,600 1,827,450 9 0 55 ($1.2) 1,778,340 14,086,171 25 162,994 42 ($0.9)

85,738,480 3,253,148 18 1,726,191 94,986 690,807 9 0 80 ($1.8) 237,805 1,452,060 7 150,930 55 ($1.2) 2,920,357 13,310,819 23 1,575,261 45 ($1.0)

87,322,965 2,408,506 18 1,584,485 71,639 625,101 8 0 80 ($1.8) 89,936 1,663,642 8 250,000 55 ($1.2) 2,246,931 13,716,019 23 1,334,485 45 ($1.0)

2 -26 -8 -25 -10 0 0 -62 15 66 0 -23 3 -15 0

5 7 1032 -70 -13

11 -46 -23

10 22 -14

Prime rents (INR psft pm)* 40 ($0.9)

13

Exchange rate: USD 1 = INR 45.7; * only PBD ORR sub-market commands the reported PBD prime rent

Table 6 Leasing transactions Address Adarsh Eco Place Brigade Summit Manyata Business Park
Source: DTZ Research

Micro-market Size (sq ft) PBD 28,327 PBD PBD 100,000 701,200

Tenant Qualcomm Volvo CTS

Sector IT/ITES Automobile IT/ITES

www.dtz.com

11

Chennai

The office market recovery in Chennai, which has been underway since the second half of 2010 slowed down considerably in Q3 2011. The quarterly absorption during the quarter moderated to 0.6 million sq ft, a q-o-q decline of 46% (Figure 19). The tightening monetary policy measures to tame the stubbornly high inflation, coupled with the grave prognosis for the world economy, was likely to have delayed expansion plans of a few large corporations. Most of the demand during the quarter was restricted to the some of the more sought after technology parks in the beginning of OMR, apart from the central areas of the city. Vacancy rate in the city increased marginally and stood at 27% at the end of Q3 2011 vis--vis 26% at the end of Q2 2011 (Figure 19). Overall vacancy rate the city appeared to have bottomed out by the previous quarter and is likely to move up from the current levels, albeit marginally, unless sustained demand for space firms up in the near future. New supply during Q3 2011 stood at 0.8 million sq ft, a q-o-q drop of 63%. All of this new supply was reported in the PBD OMR submarket. The supply pipeline in the city continued to be large, however, the slackening demand in the wake of cautious market sentiments is likely to result in further project delays over the next two years (Figure 20). The rentals across the city remained largely unchanged in Q3 2011 as the market activity was considerably subdued during the period. Eventhough the city boasts of significant presence of firms in banking, engineering, automotive, consumer goods, media and entertainment sectors, the demand for large Grade A space was primarily driven by IT and ITES (particularly BFSI outsourcing) firms. In the next few quarters, how demand from IT/ITES sector gets firmed up would determine the course of the rental movement across all micromarkets. In a decision which may make the development of SEZs slightly more attractive, the Union Government took the decision to allow SEZ developers to sell stake in their projects. As per the SEZ rules, transfer of land is not permitted within SEZs and the government has clarified that the dilution of equity stake would not be treated as transfer of land. This decision is likely to help some of the SEZ developers as it gives them an opportunity to pare down their high debt levels on their balance sheets.

Figure 19

Office take-up and availability ratio

sq ft (000s) 2,400 2,000 1,600 1,200 800 400 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 20% 10% 0%

50% 40% 30%

Take-up

Availability ratio (%)

Source: DTZ Research

Figure 20

Office new supply

sq ft (000s) 12,000 9,000 6,000 3,000 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: DTZ Research

Figure 21

Prime office rents

INR per sq ft per month 100 80 60 40 20 2006 2007 2008 2009 2010 2011(E) 2012(E) 2013(E) 2014(E)

Source: DTZ Research

www.dtz.com

12

Chennai

Table 7 Occupier market Q3 2010 Total (sq ft) Stock (sq ft) Take-up (sq ft) Availability ratio (%) New supply (sq ft) CBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) SBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) PBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm)
Source: DTZ Research

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q/Q change (%) 2 -46 -63 25 0 -100 0 -27 32 -100 0 -59 6 -33 0

Y/Y change (%) 8 -25 -22 289 4 -100 15 -54 -53

Directional outlook

43,311,029 800,000 34 1,022,000 27,000 949,437 26 180,000 65 ($1.4) 333,000 1,466,530 14 0 43 ($0.9) 440,000 12,833,429 43 842,000 24 ($0.5)

43,311,029 2,200,000 29 0 175,000 850,500 23 0 70 ($1.5) 950,000 423,000 4 0 45 ($1.0) 1,075,000 11,716,711 39 0 24 ($0.5)

44,811,029 1,300,000 26 500,000 36,000 818,000 23 0 70 ($1.5) 241,020 339,780 3 0 48 ($1.1) 1,022,980 10,388,851 34 500,000 26 ($0.6)

46,963,574 1,117,511 26 2,152,545 84,000 988,545 25 254,545 75 ($1.6) 212,240 525,780 5 698,000 48 ($1.1) 821,271 10,567,580 33 1,200,000 26 ($0.6)

47,763,574 600,000 27 800,000 105,000 985,545 25 0 75 ($1.6) 154,640 691,780 6 0 48 ($1.1) 340,360 11,226,980 35 800,000 26 ($0.6)

12 -23 -13 -5 8

Exchange rate: USD 1 = INR 45.7

Table 8 Leasing transactions Address Ascendas ITPC Bannari Amman Square RMZ Millenia
Source: DTZ Research

Micro-market PBD CBD PBD

Size (sq ft) 75,000 12,000 150,000

Tenant BNP Paribas Mitsubishi Corporation Verizon

Sector BFSI Manufacturing Telecom

www.dtz.com

13

Pune

In Q3 2011, Pune witnessed a total take-up of 0.42 million sq ft, a drop of 57% as compared to the previous quarter (Figure 22). This slowdown in demand can be attributed to a wait and watch policy adopted by most IT companies owing to debt crisis in several European countries and cautious outlook in American markets. With these geographies accounting for majority of revenues to Indian IT sector, IT/ITES companies have been guarded in executing their expansion plans. The SBD and PBD micro markets emerged as most active precincts in the city accounting for 52% and 31% of total take-up respectively. With take-up from BFSI and manufacturing sector largely being restrained, office space demand in the city continues to be driven by the IT/ITES sector. With significant part of new supply already precommited, vacancy levels in the city largely remained stable. As a result, overall vacancy levels in Q3 2011 was recorded at 28% (Figure 22). PBD witnessed the vacancy levels of 38%. However, availabilities in CBD and off CBD vacacny levels were recorded in the range of 9%-10%. With March 2014 set as deadline under the proposed Direct Tax Code (DTC) to occupy space in order to avail Special Economy Zone (SEZ) tax benefits, the city witnessed some transactions for SEZ space. SEZ space accounted for nearly 48% out of total take-up witnessed in this quarter. With high vacancy levels and moderation in demand, many developers are now going slow on under construction projects. As a result, the city witnessed a modest supply of 0.63 million sq ft in Q3 2011 (Figure 23), which was lowest when compared to last four quarters. Additionally, no significant new project were launched in the current quarter. After witnessing an appreciation in Q1 2011, rentals across micro markets have remained stable (Figure 24) in Q3 2011. This can be attributed to restrained demand and large upcoming supply. Cautious global market sentiments coupled with inflation induced uncertainity in Indian economy is likely to restrain office space take up over the next 3 to 6 months. Additionally, while demand is expected to remain at moderate levels, large upcoming supply over the next 6 to 9 months will keep rentals under pressure.

Figure 22

Office take-up and availability ratio

sq ft (000s) 30% 1,000 800 600 400 25% 20% 15% 10% 5% 0% Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011

200 -

Take-up
Source: DTZ Research

Availability ratio

Figure 23

Office new supply

sq ft (000s) 10,000 8,000 6,000 4,000 2,000 0 2006
Source: DTZ Research

2007

2008

2009

2010

2011

2012

2013

2014

Figure 24

Prime office rents

INR per sq ft per month

100 80 60 40 20 0
2007
Source: DTZ Research

2008

2009

2010

2011(E) 2012(E) 2013(E) 2014(E)

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Pune

Table 9 Occupier market Q3 2010 Total Stock (sq ft) Take-up (sq ft) Availability ratio (%) New supply (sq ft) CBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) Off CBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) SBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) PBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm)
Source: DTZ Research

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q/Q change (%) 2 -57 -76 -77 -4 0 -64 8 0 73 29 83 0 -79 -1 0

Y/Y change (%) 16 -36 58 -49 -10 7 8 31 4 172 42 0 -73 39 0

Directional outlook

36,808,410 650,000 24 400,000 30,000 382,100 10 0 70 ($1.5) 50,000 265,900 8 0 55 ($1.2) 80,000 1,047,000 12 0 35 ($0.8) 490,000 6,964,160 33 400,000 30 ($0.7)

37,843,410 850,676 24 1,035,000 40,000 441,748 12 99,648 72 ($1.6) 20,000 362,900 11 0 55 ($1.2) 50,600 1,057,000 12 0 35 ($0.8) 740,076 7,194,596 33 783,352 30 ($0.7)

39,343,410 525,600 26 1,500,000 15,000 426,748 11 0 75($1.6 ) 95,036 472,864 13 200000 57($ 1.2) 80,564 982,000 11 0 35($0.8 ) 335,000 8,164,053 35 1,300,000 30($0.7 )

41,915,014 967,189 28 2,571,604 66,500 360,248 10 0 75($1.6) 150,000 322,864 9 0 57($1.2) 125,689 1,156,311 12 300,000 35 ($0.8) 625,000 9,810,657 39 2,271,604 30 ($0.7)

42,545,014 418,500 28 630,000 15,300 344,948 9% 0 75($1.6) 54,000 348,864 10% 80,000 57($1.2) 217,500 1,488,811 15% 550,000 35 ($0.8) 131,700 9,678,957 38% 0 30 ($0.7)

Exchange rate: USD 1 = INR 45.7

Table 10 Leasing transactions Address EON Business Plaza

Source: DTZ Research

Micro-market SBD CBD

Size (sq ft) 35,000 12,500

Tenant Eaton Auto Desk

Sector IT/ITES IT/ITES

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15

Kolkata

Kolkata sustained robust absorption during Q3 2011 and reported overall absorption of 1.4 million sq ft. The total space take-up in Q3 2011 increased by more than 300% q-o-q (Figure 25). The PBD witnessed increase of 346% in take-up on q-o-q followed by CBD that witnessed 62% increase q-o-q. Along with Rajarhat this quarter witnessed strong activity in Salt Lake. The PBD accounted for 80% of the total take-up in Q3 2011. With expensive cities getting more expensive, Kolkata is expected to sustain the momentum. The PBD continued to be the preferred destination due to the availability of large floor plates with superior facilities at highly competitive rentals. Guided by no new supply and strong take-up in Q3 2011, the overall vacancy declined by 27% q-o-q and 3% y-o-y (Figure 25). All micro markets witnessed decrease in vacancy with PBD leading the pack. The vacancy level in PBD dropped by 28%, followed by CBD and SBD at 13% and 2% respectively. With no project completions reported during Q3 2011, stock remained unchanged q-o-q at 17.5 million sq ft (Figure 26). The trend is likely to continue into next few quarters. Few developments are expected to be completed in the coming quarters. Developers are holding off on any new project launches due to the current uncertainties in the global and domestic markets. Overall rentals remained stable across Kolkata due to modest vacancy in SBD and PBD. The CBD rentals remained static at INR 87 psft pm followed by SBD at INR 65 psft pm and PBD at INR 54 psft pm. The PBD markets of Rajarhat and Salt Lake remain the key markets for occupiers due to scalability options at competitive and stable rentals (Figure 27). Kolkata is emerging as the preferred destination as businesses try to cut down on their costs. The City is making the best use of its capabilities in terms of developing high standard infrastructure along with skilled man power. The demand in both commercial and retail markets is expected to remain robust in the next few quarters. However, considering the economic uncertainties the rentals are expected to stay stable in short to midterm to maintain the location attractiveness of the city. The IT/ITES sector will continue to be the primary demand driver.

Figure 25

Office take-up and availability ratio

Source: DTZ Research

Figure 26

Office new supply

Source: DTZ Research

Figure 27

Prime office rents

Source: DTZ Research

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Kolkata

Table 11 Occupier market Q3 2010 Total Stock (sq ft) Take-up (sq ft) Availability (%) New Supply (sq ft) CBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) SBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm) PBD Take-up (sq ft) Availability (sq ft) Availability ratio (%) New supply (sq ft) Prime rents (INR psft pm)
Source: DTZ Research

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q/Q change (%)

Y/Y change (%)

Directional outlook

14,759,830 135,000 21 110,000

15,209,830 124,300 23 450,000

17,089,830 496,600 28 1,880,000

17,459,830 310,000 28 370,000

17,459,830 1, 355,278 20.5 -

337

18 904

0 60,950 3 0 85 ($1.9)

0 60,950 3 0 87 ($1.9)

4,500 56,450 3 0 87 ($1.9)

4,200 52,950 3 0 87($1.9)

6,800 46,150 2 0 87($1.9)

62 -13

0 -24

0 0

0 2

0 19,885 3 0 60 ($1.3)

0 119,885 15 100,000 62 ($1.4)

2,500 117385 15 0 62 ($1.4)

4,000 113,385 15 0 65($1.4)

2,000 111,385 14 0 65($1.4)

-50 -2

460

135,000 3,044,586 25 110,000 50 ($1.1)

124,300 3,290,582 27 350,000 52 ($1.1)

489,600 4,682,899 33 1,880,000 54 ($1.2)

301,800 4,762,943 33 370,000 54($1.2)

1,346, 478 3,416,465 23 0 54($1.2)

346 -28

897 12

Exchange rate: USD 1= INR 45.7

Table 12 Leasing transactions Address Infospace Ph 2B Godrej Waterside DLF IT Park

Source: DTZ Research

Micro-market PBD PBD PBD

Size (sq ft) 90,000 70,000 17,000

Tenant Accenture Rose Valley Shapoorji

Sector IT/ITES Hospitality Real Estate

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17

Hyderabad

Hyderabad reported subdued leasing activity in Q3 2011, after several quarters of robust demand. The total absorption during Q3 2011 declined 42% q-o-q to 0.6 million sq ft (Figure 28). The IT/ITES sector, which contributed to large demand for space during the first half of the year, largely adopted a cautious approach about expansion in the wake of the worsening cues in the global financial markets. Apart from this, the political turmoil, which also disrupted the registration of deals in the city for weeks, likely contributed to the reduced market activity during the period. Vacancy rates in the city, which progressively declined over the past few quarters, remained largely unchanged at 10% in Q3 2011 (Figure 28). However, the absorption over the next few years may not be sufficient to completely offset the corresponding large new supply during the period and hance the vacancy rates in the city is likely to increase from the present low levels. A number of projects earlier scheduled to become ready for fitouts in Q3 2011 were delayed and hence no new supply came to the market during the period. The total Grade A stock in Hyderabad remained unchanged at 26.4 million sq ft at the end of Q3 2011. Even though the large supply pipeline in the city remains a concern, the frequest upward revision in interest rates has impacted the cost of funds for the developers, and this in turn is likely to impact the project delivery timelines in at least a few cases (Figure 29). As the market activity moderated from the record high levels in the immediately preceding quarter, the average achievable rental remained unchanged. The large supply pipeline and the paralysis of several arms of the administration in the city in support of the ongoing political strike, is likely to affect market sentiments and hence any further rental increase is unlikley during the last quarter of 2011 (Figure 30). The city continued to remain one of the most attractive destinations for the IT industry, as it boasts of high calibre work force due to presence of some of the best educational institutions including the IIT, IIIT and ISB. Even though a number of firms have decided to be cautious and to reassess their expansion plans, the demand for office space in the city is likely to improve from the current levels, once more clarity emerges on the direction of the global economy, in coming months.

Figure 28

Office take-up and availability ratio

sq ft (000s) 2000 1500 1000 500 0 Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011
Take-up
Source: DTZ Research

40% 30% 20% 10% 0%

Availability ratio (%)

Figure 29

Office new supply

sq ft (000s) 10,000 8,000 6,000 4,000 2,000 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: DTZ Research

Figure 30

Prime office rents

INR per sq ft per month 80

60

40

20

0 2006 2007 2008 2009 2010 2011(E) 2012(E) 2013(E) 2014(E)

Source: DTZ Research

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Hyderabad

Table 13

Occupier market Q3 2010

Total Stock (sq ft) Take-up (sq ft) Availability (%) New Supply (sq ft)
Source: DTZ Research

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q/Q change (%)

0 -58

Y/Y chang e (%)

10 -3 -100

23,912,146 579,200 16 789,000

24,579,146 1,800,000 11 667,000

24,579,146 1,885,683 9 0

26,399,146 1,339,297 10 1,820,000

26,399,146 561,976 10 0

Table 14

Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q/Q change (%)

Y/Y change (%) Directional outlook

Occupier markets

Prime office rents CBD SBD PBD

Source: DTZ Research

58 ($1.3) 65 ($1.4) 38 ($0.8)

58 ($1.3) 65 ($1.4) 38 ($0.8)

58 ($1.3) 65 ($1.4) 38 ($0.8)

58 ($1.3) 65 ($1.4) 40 ($0.9)

58 ($1.3) 65 ($1.4) 40 ($0.9)

0 0 0

0 0 5

Exchange rate: USD 1 = INR 45.7

Table 15 Leasing transactions Address Divyasree Orion Raheja Mindspace Ascendas V park Cyber Pearl Cyber Pearl
Source: DTZ Research

Submarket PBD PBD PBD PBD PBD

Size (sq ft) 40,000 18,713 50,000 20,000 22,000

Tenant Keane Broadcom OSI systems Salesforce.com GSS Infotech

Sector IT/ITES IT/ITES IT/ITES IT/ITES IT/ITES

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Micro markets rentals

Rentals across all cities have remained stable quarter-on-quarter

Mumbai Prime Space Rental Value
Churchgate
Saket, Delhi 220 60 Sector 16, Noida 70 70 120 DLF Cyber City, Gurgaon MG Road, Gurgaon Rental Value Golf Course Road, Gurgaon 120 145 Jasola, Delhi

Delhi NCR Prime Space Rental Value

Cannaught Place, Delhi 350 Sector 62, Noida

Bengaluru Prime Space Rental Value

MG Road 80

Thane

325 315 45

BKC

Whitefield Bannerghatta Road

80

Residency Road Cunningham 65 Road

30 40 45 50

Navi Mumbai

70 100 175 125

275

Worli
PBD ORR 60 Koramangala 55Intermediate Ring Road

Goregaon Malad

Lower Parel Andheri - Kurla Rental Value

PBD Hebbal

55 C V Raman Nagar

Rental Value

Chennai Prime Sapce Rental Value

Anna Salai Navalur, Siruseri 75 75 R K Salai

Pune Prime Space Rental Value

Koregaon Park / Bund Garden Road 75 Magarpatta 30 40 Aundh / Baner

Kolkata Prime Space Rental Value

AJC Bose Road 110 Rajarhat 35 Camac Street 100

Ambattur 25 30 Sholinganalur 42 Perungudi, Taramani

20

75 Nungambakkam

65 Santhome

Salt Lake

54

90 Park Street 55 55

31
45 55 Guindy

40 34 Yerwada
EM Bypass

Hinjewadi

MountPoonamallee Road Rental Value

Topsia Road Rental Value

Kharadi Rental Value

Hyderabad Prime Space Rental Value

Begumpet Shamshabad 22 Pocharam 26 28 Uppal 38 38 55 Somajiguda 55 65 Banjara Hills

65 Jubilee Hills

Gachibowli

Madhapur, Rental Value

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Micro markets outlook

Occupier Market: 6 Month Forecast

Micro Market - City CBD - Delhi NCR CBD - Mumbai CBD - Bengaluru CBD - Hyderabad CBD - Chennai CBD - Pune CBD - Kolkata Off CBD - Mumbai Off CBD - Pune New CBD - Mumbai SBD - Delhi NCR SBD - Mumbai SBD - Bengaluru SBD - Hyderabad SBD - Chennai SBD - Pune SBD - Kolkata PBD - Delhi NCR (Gurgaon) PBD - Delhi NCR (Noida) PBD - Mumbai PBD - Bengaluru PBD - Hyderabad PBD - Chennai PBD - Pune PBD - Kolkata Upcoming Supply Low Low Low Low Low Low Low High Low High Low Moderate Low Low Moderate High Low Moderate Moderate High High High High High Low Vacancy Levels Low Low Low Low High Low Low High Moderate Low Low High Low Low Low High Moderate Moderate High High High High High High Moderate Take-up Moderate Subdued Moderate Low Moderate Moderate Moderate Moderate Low Moderate Moderate Moderate Moderate Low Moderate Moderate Low Moderate Low Low High Moderate Moderate Moderate High Rental Stable Stable Stable Stable Stable Stable Stable Under Pressure Stable Stable Stable Under Pressure Stable Stable Stable Under Pressure Stable Stable Stable Under Pressure Stable Under Pressure Under Pressure Stable Stable 6 Month Outlook - Low vacancy coupled with restrained supply will keep rental stable. - While demand remains subdued, restrained availability of Grade A space will keep rentals stable. -Rentals may improve marginally, due to the commissioning of Phase 1 of Metro -Demand remains subdued while the low vacancy is expected to keep the rental stable. -Mismatch in rental expectation has resulted in high vacancy. The situation is unlikely to change significantly over next 6 months. - Rentals may witness an increase owing to buoyant demand for non IT office space & low Grade A vacancy. - Rentals may witness an increase due to buoyant demand and low Grade A vacancy - Large upcoming supply coupled with moderation in demand will keep rentals under pressure. - Low vacancy coupled with restrained supply will keep rental stable. - Driven by BFSI, demand will be buoyant. However, large upcoming supply will keep rentals stable. - Low vacancy coupled with restrained supply will keep rental stable. - Even as availabilities remain high, upcoming metro project will enhance location attractiveness. -Vacancy remains low in the market while steady demand is expected. -Market activity is likely to remain subdued. -Low vacancy and steady demand is likely to keep the rentals steady in the face of new supply - While demand remains buoyant for SEZ space, large supply & high vacancy will keep rentals under pressure. Moderate vacancy coupled with low demand will keep rental stable. - With demand driven by IT sector, cautious economic sentiments will restrain supply and take-up. - With demand driven by IT sector, cautious economic sentiments will restrain supply and take-up. - With demand driven by IT sector, cautious economic sentiments will retrain supply and take-up. - In spite of signs of delays in deal closures, the demand pipeline remains strong in the city. -Rentals are under pressure in certain submarkets within PBD due to low preference shown by occupiers -Large new supply and the reducing demand is likely to put rentals under pressure - The precinct is expected to witness buoyant demand for SEZ space. -Low vacancy coupled with high demand will keep the rentals stable.

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Definitions

Stock Total accommodation in the private sector, both occupied and vacant. Take-up Floor space acquired for occupation including the following: 1. Offices let to an eventual occupier. 2. Developments pre-let or sold. Prime rent Represents the attainable prime rent that could be expected for a building/unit of the highest quality and specification in the best location. Vacancy Total floor space in existing properties, which are physically vacant, ready for occupation and being actively marketed. New supply Total floor space, which has reached practical completion (ready for fit-outs) during the survey period. The forecasted new supply for the upcoming years is estimated based on the developer announcements and timelines stipulated by them. Pre-let/Pre-commit A development leased or sold prior to completion. Development pipeline Total space which has received planning permission and will either be constructed or extensively refurbished. Q-o-Q Quarter on quarter Y-o-Y Year on year EOI Expression of Interest LOI Letter of Interest BFSI Banking, financial services and insurance FDI Foreign direct investment IT/ITES: Information technology / Information technology enabled services
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Micro-market classification CBD Central business district SBD Secondary business district PBD Peripheral business district Delhi NCR CBD: SBD: PBD: Mumbai CBD: Off CBD: New CBD: Suburban: PBD: Bengaluru CBD: SBD: PBD: Chennai CBD: SBD: PBD: Pune CBD: SBD: PBD: Kolkata CBD: SBD: PBD: Hyderabad CBD: SBD: PBD: Connaught Place Nehru Place, Saket, Jasola and Vasant Kunj Gurgaon, Noida, Greater Noida and Faridabad Nariman Point and Cuffe Parade Worli and Parel Bandra Kurla Complex, Kalina and Santacruz (East) Andheri Kurla road and Andheri (W) Goregaon-Malad, LBS Marg, Powai, Navi Mumbai and Thane M.G. Road, Richmond Road and Vittal Mallya Road C.V. Raman Nagar, Intermediate Ring Road and Airport Road Outer Ring Road, Whitefield, Electronic City and Bannerghatta Road Nungambakkam, Anna Salai and RK Salai Guindy, Manapakkam and Vadapalani OMR, GST Road and Ambattur Koregaon Park, Bund Garden, DP Road and MG Road Viman Nagar, Kalyani Nagar, Kharadi and Airport Road Baner, Aundh, Hinjewadi, Hadapsar and Magarpatta Camac Street, AJC Bose Road, Theatre Road and JN Road Sarat Bose Road, EM Bypass and Topsia Road Rajarhat, Salt Lake SP Road, Rajbhawan Road, Panjagutta and Somajiguda Banjara Hills, Jubilee Hills HITEC City, Madhapur, Gachibowli and Kondapur

22

Contacts

Management Team India Anshul Jain CEO India Occupational and Developments Markets Hugh Hamilton Project Management David Parsley Investment Advisory Rajeev Bairathi Anuj Nangpal Research Rohit Kumar Press Contact Ruchika Rana

+91 99993 33900

anshul.jain@dtz.com

+91 99809 11651

hugh.hamilton@dtz.com

+91 96322 03377

david.parsley@dtz.com

+91 124 459 7500 +91 22 4223 1600

rajeev.bairathi@dtz.com anuj.nangpal@dtz.com

+91 124 4597500

rohit.kumar@dtz.com

+91 124 4597500

ruchika.rana@dtz.com

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23

Disclaimer
This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ. DTZ October 2011

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