Seoul, South KoreaTaipei, TaiwanContact<strong>NAI</strong> Korea+82 2 6205 3500Country DataArea (KM 2 )GDP Growth (%)GDP 2009 (US$ B)GDP/Capita (US$)1334.3-0.99%$800.29$16,449.90The Korean economy has improved faster than expected.The global market share of products such as automobile,semiconductor and cell phones increased and conglomeratessuch as Samsung, Hyundai and LG recorded high profits.Korea's quarterly GDP growth of 2.3% for the April-to-Juneperiod was the highest among members of the OECD.Overall, Class A office buildings remain stable with lowvacancy rates but Class B buildings are experiencing highvacancy rates with rents decreased by landlords’ incentivessuch as longer free rent periods, not seen before in Class Boffice buildings. It is expected that the rent of prime buildingswill decrease in Q4 due to an increase in vacancy rates anda new supply of office space in the CBD.The investor demand for commercial properties revived fromQ2 was due to the government's drive to prevent a residentialreal estate bubble from growing larger. The notable transactionsthis year are the ING Tower (KRW 400 billion), DACOM(KRW 182 billion), and Pacific Tower (KRW 153 billion). Thecapitalization rate has seen a slight decrease to 5.5%-6%.The industrial market is also suffering from high vacancyrates of 15%-20% with rent down 20% from the previousyear. Sellers outnumbered buyers in 2009, but transactionsare not active. Ssangyong factory (KRW 95 billion) andDAEWOO factory (KRW 100 billion) are among the largesttransactions of the year.In the retail market, the overall rent decreased, exceptin Myungdong, the most active retail district in Seoul.Myungdong benefited from a new supply of retail space withNoonsquare (23,869 SM) and from tourists visiting the area.The opening of Times Square shopping mall (370,000 SM)in Youndeungpo, is drawing attention to the district.A large scale urban redevelopment is under way in the CBD,and a new supply of large office buildings and a high-riseresidential complex are expected in two to three years.Contact<strong>NAI</strong> Taiwan+ 886 2 8770 6699Country DataArea (KM 2 )GDP Growth (%)GDP 2009 (US$ B)GDP/Capita (US$)1334.3-4.13%$357.34$15,373.34Taipei, the capital of Taiwan, has had the most rapid economicdevelopment in the country and has become a global hub forthe technology industry. Economic growth has reached anaverage of 2.11%. Taipei is the world’s number-one providerof notebook PCs, with 72% of the market share. Taipei is alsothe world’s leading provider of LCD monitors, with 68% ofthe market share and of chip foundry services, with 70% ofthe market share.The office inventory in the Taipei metropolitan area totals 7.12million SM with an average rental rate of NT $599/SM/month,and NT $709/SM/month for Class A office space. Vacancyrates have risen slightly to 13.92% from 13.80%.The dawn is approaching the Taipei office market after theglobal finance crisis. The success of the Cross-Strait Summithas revitalized the real estate market. Several major transactionsoccurred after Q1 2009, stimulated by the Summit,leading to increasing closer economic ties with China. Theoverall absorption was 28,007 SM in Q3 2009. The demandin the suburban office market remains steady and theabsorption rate has continued upward. The overall vacancyrate of Nangang Economy Trading Park Phase III went down16.34% year over year to 34.81%.The Taipei suburban area saw more major transactionscompared to Taipei downtown areas such as Nei-HuTechnology Park and Nangang Economy Trading Park. Theinflow of overseas capital reached to US $12.99 billionin Q2 2009, the highest ever recorded, according to thecentral bank. The increased inflow of foreign capital helpedboth the local financial and real estate markets in Q3 2009.The agreements on Financial MOU and ECFA betweenTaiwan and China encouraged Taiwanese corporations inChina to reinvest back in Taiwan and also allowed for certainforms of Chinese investments in companies on the island.Inflation Rate (%)2.6%Inflation Rate (%)-0.5%UnemploymentRate (%)3.77%UnemploymentRate (%)6.08%Interest Rate(%)2.0%Interest Rate(%)1.25%Population (Millions) 48.65Population (Millions) 23.244Seoul At A GlanceConversion: 1179.20 KRW = 1 US$ RENT/M 2 /YR US$ RENT/SF/YRLow High Low High VacancyCITY CENTER OFFICENew Construction (AAA)N/A N/A N/A N/A N/AClass A (Prime)Class B (Secondary)SUBURBAN OFFICEKRW 290,400 KRW 435,600KRW 200,400 KRW 290,400$ 22.88$ 15.79$$34.3222.883.0%4.2%New Construction (AAA)N/A N/A N/A N/A N/AClass A (Prime)KRW 144,000 KRW 217,800 $ 11.34 $ 17.16 4.5%Class B (Secondary)INDUSTRIALKRW 108,900 KRW 127,200 $ 8.58 $ 10.02 N/ABulk WarehouseManufacturingHigh Tech/R&DRETAILKRW 54,480 KRWN/AN/A72,600N/AN/A$ 4.29N/AN/A$ 5.72N/AN/A15.0%N/AN/ADowntownNeighborhood Service CentersKRW 4,800,000 KRW 500,000KRW 156,000 KRW 300,000$ 37.82$ 12.29$$39.3923.64N/AN/ACommunity Power CenterRegional MallsSolus Food StoresN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ADEVELOPMENT LAND Low/M 2 High/M 2 Low/M 2 High/M 2Office in CBDLand in Office ParksLand in Industrial ParksOffice/Industrial Land - Non-parkRetail/<strong>Commercial</strong> LandResidentialN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/ATaipei At A GlanceConversion: 32.3 TWD = 1 US$ RENT/M 2 /MO US$ RENT/SF/YRLow High Low High VacancyCITY CENTER OFFICENew Construction (AAA)Class A (Prime)TWDTWD756.00 TWD 1,059.00711.00 TWD 998.00$$26.0924.54$ 36.55$ 34.4545.2%14.0%Class B (Secondary)SUBURBAN OFFICETWD 499.00 TWD 635.00 $ 17.22 $ 21.92 13.9%New Construction (AAA)Class A (Prime)Class B (Secondary)INDUSTRIALTWDTWDTWD393.00 TWD 484.00303.00 TWD 454.00257.00 TWD 378.00$$$13.5610.468.87$ 16.71$ 15.67$ 13.0561.0%15.9%22.5%Bulk WarehouseManufacturingTWDTWD151.00 TWD 212.00136.00 TWD 197.00$$5.214.69$$7.326.8016.8%13.4%High Tech/R&DRETAILTWD 330.00 TWD 378.00 $ 11.39 $ 13.05 19.0%DowntownTWD 3,781.00 TWD 6,723.00 $ 130.50 $ 232.04 1.0%Neighborhood Service CentersCommunity Power CenterTWDTWD968.00 TWD 1,966.00378.00 TWD 678.00$$33.4113.05$ 67.86$ 23.405.9%1.9%Regional MallsTWD 1,573.00 TWD 3,267.00 $ 54.29 $ 112.76 2.4%Solus Food StoresN/A N/A N/A N/A N/ADEVELOPMENT LAND Low/M 2 High/M 2 Low/Acre High/AcreOffice in CBDLand in Office ParksLand in Industrial ParksOffice/Industrial Land - Non-parkRetail/<strong>Commercial</strong> LandResidentialN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A<strong>2010</strong> <strong>Global</strong> <strong>Market</strong> <strong>Report</strong> ■ www.naiglobal.com35
CanadaSECTION CONTENTSCalgary, Alberta, CanadaEdmonton, Alberta, CanadaVancouver, British Columbia, CanadaVictoria, British Columbia, CanadaHalifax, Nova Scotia, CanadaOttawa, Ontario, CanadaToronto, Ontario, CanadaMontréal, Quebec, CanadaRegina, Saskatchewan, Canada36
- Page 1 and 2: CommercialCommercial Real Estate Se
- Page 3 and 4: ■ ■ ■ Table of ContentsGENERA
- Page 5 and 6: Global OutlookCommercial real estat
- Page 7 and 8: 38.3% in November 2009. At the same
- Page 9 and 10: quality than the Census properties.
- Page 11 and 12: SaskatchewanSaskatchewan is a small
- Page 13 and 14: As 2009 draws to a close, there is
- Page 15 and 16: Global investment interest largely
- Page 18 and 19: ChinaChina continued to post large
- Page 20 and 21: MalaysiaWith Malaysia’s dependenc
- Page 22 and 23: ■ US Highlights - Northeast Regio
- Page 24 and 25: ■ US Highlights - Midwest Region
- Page 26 and 27: ■ US Highlights - West Region■
- Page 28 and 29: Melbourne, AustraliaBeijing, ChinaC
- Page 30 and 31: Shanghai, ChinaXiamen, ChinaContact
- Page 32 and 33: Delhi, Gurgaon, IndiaHyderabad, Pra
- Page 34 and 35: Punjab, IndiaTokyo, JapanContactNAI
- Page 38 and 39: Calgary, Alberta, CanadaEdmonton, A
- Page 40 and 41: Halifax, Nova Scotia, CanadaOttawa,
- Page 42 and 43: Regina, Saskatchewan, CanadaContact
- Page 44 and 45: Vienna, AustriaThe Baltics (Latvia/
- Page 46 and 47: Copenhagen, DenmarkFinlandContactNA
- Page 48 and 49: Athens, GreeceReykjavik IcelandCont
- Page 50 and 51: KuwaitOslo, NorwayContactNAI Kuwait
- Page 52 and 53: Moscow, Russian FederationSt. Peter
- Page 54 and 55: Madrid, SpainStockholm, SwedenConta
- Page 56 and 57: Istanbul, TurkeyKiev, UkraineContac
- Page 58 and 59: Latin AmericaSECTION CONTENTSBuenos
- Page 60 and 61: Campinas, BrazilCuritiba, BrazilCon
- Page 62 and 63: Sao Paulo, BrazilSantiago, ChileCon
- Page 64 and 65: Ciudad Juarez, Chihuahua, MexicoGua
- Page 66 and 67: Matamoros, Tamaulipas, MexicoMexica
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- Page 70 and 71: Torreon, Coahulia, MexicoCaracas, V
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Miami, FloridaOrlando, FloridaConta
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Atlanta, GeorgiaHonolulu, HawaiiCon
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Chicago, IllinoisSpringfield, Illin
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Cedar Rapids, Iowa City, IowaDavenp
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Wichita, KansasLexington, KentuckyC
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Monroe, LouisianaNew Orleans, Louis
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Suburban MarylandBoston, Massachuse
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Grand Rapids, MichiganLansing, Mich
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St. Louis, MissouriBozeman, Montana
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Omaha, NebraskaLas Vegas, NevadaCon
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Portsmouth, New HampshireAtlantic C
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Ocean/Monmouth Counties (“Shore M
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Las Cruces, New MexicoAlbany, New Y
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Asheville, North CarolinaCharlotte,
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Fargo, North DakotaAkron, OhioConta
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Cleveland, OhioColumbus, OhioContac
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Tulsa, OklahomaPortland, OregonCont
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Bucks County, PennsylvaniaHarrisbur
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Pittsburgh, PennsylvaniaSchuylkill
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Greenville/Spartanburg/Anderson Cou
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Knoxville, TennesseeMemphis, Tennes
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Beaumont, TexasCorpus Christi, Texa
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Fort Worth, TexasHouston, TexasCont
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Texarkana (Bowie County, Texas/Mill
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Northern VirginiaSeattle/Puget Soun
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Madison, WisconsinMilwaukee, Wiscon
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Jackson Hole, WyomingContactNAI Jac
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