Research and Forecast Report. Accelerating success. CBD OFFICE. Second Half 2018

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1 Research and Forecast Report Accelerating success. CBD OFFICE Second Half

2 EXPERTS IN PROPERTY DATA & INSIGHTS Colliers Edge is a subscription service developed by our in-house property research specialists, drawing on the expertise of our national network of operators. DEEPER INSIGHTS Largest data set on market today LIMITLESS SUPPORT Analyst not operators FAIRER PRICING Tailored to your needs Want better insights, faster? Talk to a Colliers Edge expert today Anneke Thompson National Director Research anneke.thompson@colliers.com colliers.com.au/colliersedge Accelerating success.

3 CONTENTS CBD Office snapshot 4 National overview 5 CBD Office market snapshots Sydney 6 Melbourne 9 Brisbane 12 Perth 15 Adelaide 17 Canberra 19 Auckland 21 Our experience CBD office 22 CBD Office Research & Forecast Report Second Half

4 CBD OFFICE SNAPSHOT VACANCY RATE NET SUPPLY (SQM) NET FACE RENTS ($/SQM) INCENTIVES NET EFFECTIVE RENTS ($/SQM) YIELD Current July-19 Year to July 2018 Year to July 2019 Current July-19 Current July-19 Current July-19 Current July-19 SYDNEY 4.6% 3.5% $863 $941 19% 16% $657 $ % 5.07% Premium 5.1% 2.5% $1,071 $1,173 21% 18% $818 $ % 4.50% -62,190 20,789 A Grade 4.6% 3.8% $825 $901 19% 16% $626 $ % 5.23% B Grade 5.1% 3.4% $693 $749 18% 16% $528 $ % 5.46% MELBOURNE 3.6% 3.7% $575 $626 28% 26% $421 $ % 5.04% Premium 4.6% 4.4% $739 $812 26% 25% $546 $ % 4.59% 17,257 73,360 A Grade 2.9% 2.8% $567 $620 29% 28% $403 $ % 4.99% B Grade 4.2% 5.3% $420 $447 28% 27% $313 $ % 5.54% BRISBANE 14.6% 11.2% $563 $564 38% 36% $294 $ % 6.15% Premium 9.5% 5.0% $670 $674 37% 35% $367 $ % 5.46% -36,395-35,263 A Grade 11.7% 8.8% $565 $566 37% 36% $296 $ % 5.91% B Grade 20.8% 16.7% $454 $452 40% 39% $220 $ % 7.07% PERTH 19.4% 19.4% $546 $536 49% 46% $280 $ % 6.66% Premium 4.1% 6.5% $700 $700 45% 43% $385 $ % 5.88% 1,404 56,690 A Grade 17.7% 18.9% $558 $540 53% 48% $265 $ % 6.63% B Grade 31.6% 30.2% $380 $368 50% 48% $190 $ % 7.48% ADELAIDE 14.7% 12.9% $376 $386 34% 25% $205 $ % 6.78% Premium 2.8% 1.4% $397 $404 33% 23% $218 $ % 5.94% 20 0 A Grade 14.8% 13.2% $399 $416 34% 23% $227 $ % 6.69% B Grade 14.5% 11.9% $333 $339 37% 30% $171 $ % 7.69% CANBERRA 12.5% 9.9% $340 $340 20% 18% $253 $ % 6.88% A Grade 8.5% 2.1% 1,622 15,894 $385 $386 20% 15% $290 $ % 5.88% B Grade 12.6% 16.8% $295 $293 20% 20% $216 $ % 7.87% *Net incentives quoted for Melbourne and Perth. Gross incentives for all other markets.

5 NATIONAL OVERVIEW By Anneke Thompson National Director Research Lower for Longer vacancy in Sydney and Melbourne Demand conditions over the last 6 months have continued to strengthen in most Australian office markets. Sydney and Melbourne continue to be the clear outperformers, with both markets experiencing continued reductions in their vacancy rates. Whilst neither market is at a record low level of vacancy, what sets this vacancy cycle apart from previous cycles is the length of time that vacancy has been well below average, and how long we are expecting it to stay this way. Given that property is traditionally cyclical, the long term average vacancy rates of our CBD markets provide a useful benchmark to measure the relative impact of vacancy rates. Over time, Sydney is a remarkably steady market, with both the 20 year and 10 year average vacancy rates equaling 7.3 per cent. In Melbourne, the 10 year average is 6.6 per cent, whilst the 20 year average rate is 7.2 per cent, due to a period of very high vacancy in the late 1990s. It is reasonable then to say that a vacancy rate of between 7 and 7.5 per cent in both markets is a balanced market. Both markets are currently well below this rate, with rental growth in each reflecting the markets tight vacancy. In Sydney, the 10 year prime grade average face rent growth rate is 4.7 per cent. The last 3 years have seen growth rates of almost double this rate, at 8.8 per cent. A very similar story is reflected in the Melbourne data long term prime grade net face rent growth of 4.3 per cent, while the last 3 years have experienced 8.6 per cent. So what of the future? Our vacancy forecasts indicate that these tight market conditions in both cities will be with us for some time yet. In fact, the length of this cycle will in effect re-rate what a balanced market actually is. There are three main reasons why we think this will be a long low vacancy cycle. The first is the length of time until the next major supply cycle the largest tranches of new supply will complete in The second is the strong commitment levels of this upcoming supply 60 per cent in Sydney and 70 per cent in Melbourne. The third is the continued strong population and jobs growth in both cities continuing to drive the white collar employment market. Occupiers are already starting to respond, particularly in the more expensive market of Sydney, where occupiers are utilizing space far more efficiently by tightening workspace ratios, and looking for buildings that provide flexible space and placemaking initiatives they need that additional flexibility solution going into such a sustained tight market. For owners, we expect that the rental growth story has some way to run. In the medium to long term, expect that CBD fringe markets will have a greater part to play in our capital city office markets, as the market looks for room to expand in to. Sydney & Melbourne CBD Office vacancy spreads to 20 year average 8.0% 6.0% 4.0% Spread to 20 year avearge 2.0% 0.0% -2.0% -4.0% -6.0% Jul-98 Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Sydney Mebourne CBD Office Research & Forecast Report Second Half

6 Research & Forecast Report SYDNEY CBD Office Second Half 2018 MARKET HIGHLIGHTS Yield compression continues with a total market average reduction of 10bps Annual net effective rental growth persistent at 11.6%, with B grade the outperformer Vacancy expected to continue to fall towards 3.0% before rising to reach the 10-year historical average of 7.3% Investment market Yield compression continues Yield compression continued over the first half of 2018 with these significant sales 1 York Street purchased for $205m by York II Sub trust (Blackstone) at a passing initial yield of 6.26 per cent 52 Goulburn Street purchased for $176m (for the 50 per cent interest) by Arcadia at a passing initial yield of 4.75 per cent 55 Clarence Street purchased for $252.4m by Zone Q 179 Elizabeth Street purchased for $265m by a private investor at a passing initial yield of 5.19 per cent 117 Clarence Street purchased for $153m by ICPF (Investa) at a passing yield of 4.89 per cent 275 Kent Street purchased for $721.9m by ISPT/Mirvac at a passing initial yield of 4.55 per cent Average yields compressed across all grades over the first half of 2018 with a reduction of 6bps in premium grade, 15bps in A grade and 9bps in B grade. Despite yields already trending towards 6 historical lows, the 20-year prime average spread of 1.93 per cent suggests there is still room for further compression with the current spread over the risk-free rate of 2.59 per cent for prime assets. Further compression is expected to continue to the end of 2018, with a forecast reduction over the next six months (to December 2018) of 24bps in premium grade, 16bps in A grade and 11bps in B grade when using Deloitte Access Economic s 10-year bond forecasts. Average Market Yield Premium A Grade B Grade June % 5.45% 5.66% Leasing market Stay vs Go With vacancy at historical lows placing upward pressure on accommodation pricing, tenants are increasingly renewing rather than relocating at expiry to make it financially viable to remain within the CBD. External relocations are considered but not actioned due to the lower incentives on offer. The Sydney CBD has experienced an accelerated rate of business growth attributed to the IT, Flexible Space and Finance Industries, with Education and Health labelled as fledgling sectors ripe for growth. In anticipation of declining availability of space and business growth, tenants are space-banking to lock in additional square metres for a lower price than anticipated for the future. Co-working groups continue to expand within the CBD with WeWork dominating in that space, securing a number of new locations including 3 floors in 161 Castlereagh Street and a whole building at 1 Sussex Street. Colliers International believes the major co-working groups are seeking to expand their CBD footprint with requirements in the market for prime grade space, contiguous floors and space within new developments.

7 The Google Effect The Tech Industry also remains one of Sydney CBD s prime growth industries with one organisation quadrupling their size requirement in search of permanent office accommodation. A focus has been on where Google will position their HQ with the latest speculated location within the proposed Central Station precinct. Staying along existing infrastructure lines is critical in attracting local and global talent and this location also positions Google within Sydney s Education precinct, amongst UTS, TAFE and a variety of student accommodation facilities. Furthermore, the NSW Government announced its partnership with Atlassian to create Australia s version of Silicon Valley - a tech hub located just beyond the Southern CBD precinct between Central Station and Eveleigh to create 10,000 new jobs by It was reported that the location of this tech hub was based on infrastructure development and the established Tech sector. The proposed mixed-use developments sites within the Southern CBD Precinct, Google s potential HQ location and Atlassian/NSW Government s proposed Silicon Valley will likely cause an uplift in rents, values and popularity in the area. This next wave of commercial regeneration in Sydney CBD s south could trigger a tech-migration from our current Tech Hub in Martin Place towards the Southern CBD. Number of Sydney CBD Office Transactions vs Average Yields Number of Transactions H H H H H H H1 /RCA 2010 H H H H H H1 Number of Office Transactions Net Absorption vs Vacancy Rate Net Absorption (sqm) 150, ,000 50, , , , H H H H1 Average Yield Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 /Property Council Net Absorption Vacancy 2015 H2 Forecast 2016 H H H H2 5.35% H 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Vacancy Rate Average Yield Net Face Rents vs Net Effective Rents $1,200 Forecast $1,000 $800 $/sqm $600 $400 $200 $- Jun-95 Jun-96 Jun-97 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Average Net Face Rents Average Net Effective Rents /Property Council Rental growth forges ahead Net effective rental growth for all grades picked up during the first half of 2018, with premium grade dominating at a growth of 6.7 per cent, followed closely by B grade increasing by 5.2 per cent and A grade by 3.9 per cent. However, A grade net face rents grew the most at 4.8 per cent, with premium increasing by 4.5 per cent and B grade at 4.0 per cent over the last six months. 383 George Street, Sydney Leased on behalf of Fife Capital CBD Office Research & Forecast Report Second Half

8 Incentives have largely remained stable in prime grade, with B grade declining one percentage point from 19 per cent to 18 per cent on average. Incentives will likely reach their trough by the second half of 2019 at a forecasted all-grade average of 16 per cent. Average Annual Net Effective Rental Growth Due to a sustained low vacancy forecast, net face rental growth is expected to continue at an average growth rate of approx. 2.1 per cent per quarter for all grades, to Dec-19. Forecast net effective rental growth is more pronounced within the same period, with expectations of the total Sydney CBD market growing at 3.5 per cent per quarter a total net effective rental growth of 23 per cent from Jun-18 current to Dec-19. Vacancy: how low can we go? The Property Council of Australia reported Sydney CBD vacancy at 4.6 per cent (as at July 2018), a reduction of 0.2 per cent from the January 2018 period, where Barangaroo was a prime contributor in this decrease, absorbing approximately 30,000sqm of tenant demand. Premium A Grade B Grade A flight to quality was apparent with negative net absorption evident in the A, B and C grade segments while Premium grade experienced strong positive net absorption of nearly Total Average June % 12.1% 14.0% 11.6% 54,000sqm, well above the 6-monthly 10-year historical average of 23,000sqm. This is reflective of tenants electing to re-commit due to a lack of alternatives being available. We believe there is a build-up of demand forming as companies are being forced to compromise their premises and design decisions. As a result, tenants are preferring to pay a modest premium and are committing to better quality premises as the gap between secondary and prime space is narrow, however Colliers expects this price differential to expand over the next 12 to 18 months. July 2018 Total Market Premium A Grade B Grade 6-monthly net absorption (sqm) Off the back of strong demand in the premium grade segment, vacancy declined significantly (by 1.8 per cent), with A grade vacancy increasing over the 6 months to July Vacancy is expected to tighten further towards a trough within the mid-3.0 per cent by January 2020 as demand strengthens and supply weakens. From 2020, as the next supply cycle commences, vacancy is expected to rise, closing in on the 10-year historical average of 7.3 per cent. 9,144 53,776-16,771-2,457 July 2018 Total Market Premium A Grade B Grade Vacancy 4.6% 5.1% 4.6% 5.1% 231 Elizabeth Street, Sydney Sold on behalf of Bright Ruby 8

9 Research & Forecast Report MELBOURNE CBD Office Second Half 2018 MARKET HIGHLIGHTS Vacancy forecast to peak at 5.7 % in July % below the 10-year average Lack of upcoming supply to continue low vacancy trend through 2019 High demand for investments continues to tighten yields Investment market Throughout the second half of the financial year, Melbourne has maintained a high number of transactions totaling $1.09 billion and grade compression for both A and B grade stock. Constrained supply and ongoing high demand has been evident from both domestic and offshore investors. Prime grade and secondary grade yields compressed by 26 basis points and 65 basis points respectively over the 12 months to June This yield compression, coupled with good face rental growth, translated through to premium grade capital values recording an annual growth rate of 12 per cent. June 2018 Premium A Grade B Grade Average Market Yield 4.70% 5.09% 5.35% Over the first half of this year, offshore investors accounted for 5 out of the 11 deals (above $10 million). Of these, four out of five transactions were purchased by Asian investors with capital emanating from Malaysia, Hong Kong, Singapore and India. Interestingly, Chinese investors have not been as active compared with last year whereby they accounted for the majority of offshore sales. We expect further increased interest from both domestic and offshore investors in the latter half of this year with appetite for Melbourne fuelled by strong forecast rental growth and low vacancy rate. One of the largest transactions for 2018 was Lendlease s sale of the unconstructed 25 storey commercial office tower, Two Melbourne Quarter to First State Super and Australian Prime Property Fund (LLC), who each purchased a half share. The anchor tenant for the building will be Energy Australia who will occupy 22,000sqm over 10 and a half levels. Another notable transaction was Morgan Stanley s 50 per cent purchase of 699 Bourke Street, Docklands for $102 million dollars. The sale was transacted at an initial yield of 5.36 per cent on a 7.25-year WALE. Leasing market Effective rental growth well above average Rental growth has continued to climb through the first half of 2018 with tenants having to compete for a limited supply of stock. Supply will remain tight until 2020, when a number of new developments are expected to be completed including 447 Collins Street, 477 Collins Street (The Olderfleet), 311 Spencer Street and Two Melbourne Quarter. Whilst pre-commitment levels are already strong, they are likely to increase significantly, as a number of larger tenant requirements are set to commit to these developments by the end of Average net effective rents for Premium, A and B grade assets all experienced strong growth at 9.4 per cent, 8.7 per cent and 14.7 per cent respectively over the 12 months to June 2018, which are well above long term average rates. The lack of supply available in the market and strong population and jobs growth in Melbourne has supported this rental growth. Incentives continue to decline albeit moderately at this point - averaging 26 per cent for Premium grade, 29 per cent for A grade and 28 per cent for B grade space as at June We expect that incentives will continue to tighten for the remainder of this year, potentially falling to a range of 22 to 25 per cent by late 2019 for Prime Grade space. While a decline in incentives has thus far been slow, the expected strength of face rent growth, coupled with exceptionally tight vacancy, means there is now more scope for a more sustained decline going forward. CBD Office Research & Forecast Report Second Half

10 Melbourne CBD vs Melbourne Fringe Vacancy 12% 10% Forecast July 2018 Total Market Premium A Grade B Grade Vacancy 3.6% 4.6% 2.9% 4.2% 8% 6% 4% 2% 0% Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 CBD /Property Council Net Face Rental Growth $ $ $ $ $ $ $ $ $0.00 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Average Yields 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Mar-95 Mar-96 Mar-97 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Dec-12 Mar-05 Jun-13 Mar-06 Dec-13 Jun-14 Dec-14 City Fringe Mar-07 Mar-08 Jun-15 Mar-09 Dec-15 Mar-10 Jun-16 Mar-11 Dec-16 Mar-12 Jun-17 Dec-17 Mar-13 Jun-18 Mar-14 PREMIUM A GRADE B GRADE Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 PREMIUM A GRADE B GRADE Vacancy hits near record lows Mar-04 Mar-05 Vacancy rates in the Melbourne CBD have hit a near record low of 3.6 per cent as at July Rates have not been this low since 2008 when 3.0 per cent was reached. We expect rates to remain around these levels until at least this time next year. This is due to limited supply being offered to the market and a number of larger upcoming vacancies having been pre-committed to over the last 6 months. Vacancy in the A grade market is currently sitting a very low 2.9 per cent the lowest level in 15 years. This remains the tightest grade in Melbourne, underpinned by tenants seeking higher quality space in a competitive employment market. The most recent PCA figures showed gross total supply of 59,613sqm and -33,534sqm withdrawals, translating to a positive net supply of 26,079sqm over the six months to July At the same time, net absorption was 65,392sqm evidence that demand is far outpacing supply. Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Dec-18 Mar-15 Mar-15 Jun-19 Mar-16 Mar-16 Dec-19 Jun-20 Mar-17 Mar-17 Dec-20 Mar-18 Mar-18 Over the next two years to July 2020, we expect 400,600sqm of gross new supply to complete, across 10 buildings. Of this new supply, 70 per cent is already pre-committed. While this is a large amount of supply by historical standards, even for a traditionally strong supply market like Melbourne, the high pre-commitment rates, coupled with known deal activity on existing space, means that our forecast for vacancy as at July 2020 is 5.7 per cent which is still well below the long-term average of 6.6 per cent. As an example of strong take up activity on existing space, Telstra vacated 32,000sqm at AMP Capital s 35 Collins Street at the end of June this year, and this backfill space has already been leased up by a mixture of State Government and Private Sector tenants. While total vacancy reached a lower level in 2008, the difference between then and now is that we expect vacancy to be sub 4 per cent for close to 2 years 2008 was a brief period of low vacancy. In addition, Melbourne s City Fringe market is at record low levels, further constraining supply across the wider Melbourne market. Strong demand conditions set to continue Enquiry for office space has been strong across a number of industries over the first half of this year in the CBD. Melbourne, when compared with the other major cities, attracts a range of all the industries in the city. The majority of enquiries for Melbourne for this year have been from Business Services, Education & Training, State Government, Information Technology and Insurance sectors. Other major CBDs in Australia are heavily weighted to Government and Business Services. Equally strong demand had been seen in the City Fringe market, which has experienced unprecedented number of enquiries for the first half of this year - more enquiries than for all of This has a flow on impact for the CBD, as with both markets being incredibly tight at the same time, tenants are being met with limited options. Deloitte Access Economic (DAE) data reports that employment growth is strong and, assuming strong population growth continues, employment growth may accelerate further in the short term. DAE predict an addition of 10,000 white collar jobs in the CBD over each of the next 2 years, which equates to approximately 112,000sqm of additional office space required over the next 2 years. Given there is only 163,000sqm of vacancy across the whole market, we expect that take up of new space that comes online in 2020 will be very strong. 10

11 35 Collins Street, Melbourne Leased on behalf of AMP Capital Co-working revolution revs up The number of co-working enquiries has not slowed down, with major international co-working operators such as WeWork, Hub, Spaces, Campfire and JustCo active in the market looking to secure more spaces in the CBD. WeWork, which entered into the Australian market in October last year, have since taken up 26,000sqm across both Melbourne and Sydney. The shared office space is one of the fastest growing sectors of the commercial leasing market. Flexible co-working spaces are helping to provide more efficient spaces in major CBD buildings providing a flexibility solution that both large and small tenants have been crying out for. There are a number of transactions recently that highlight the demands for both project space and longer term requirements of larger organisations for flexible working. Hub Australia has leased 3,500sqm in 162 Collins Street (the Georges Building) and will open in the second half of They also have plans to open a third space at 1 Nicholson Street in Spaces joins Hub Australia in the Paris end of Collins Street opening its second shared office space at 161 Collins Street in the T & G building. They are in good company with Google and Nike signing lease deals in the same building. Spaces also opened 2,650sqm of office space at the Rialto. Asian based Campfire should shortly follow in securing their first space in Australia in the Melbourne CBD. We expect that enquiry will continue to increase over the remainder of the year with major players Hub, WeWork and Spaces all looking to continue to expand. CBD Office Research & Forecast Report Second Half

12 Research & Forecast Report BRISBANE CBD Office Second Half 2018 MARKET HIGHLIGHTS Mirvac Secures Suncorp as a major tenant for 80 Ann Street Vacancy heads south to sit at 14.6 per cent as market tightens off the back of strong demand for premium grade office space Flurry of CBD office sales pointing to another strong year for the capital transactions market. Investment market Forecast positive rental growth There were $1.1 billion worth of office sales that took place in the CBD for 2018-to-date and of these, 80 per cent were offshore purchasers. Notable sales for the first half of 2018 included: 143 Turbot/343 Albert Street Selling for $110 million to GIC/Charter Hall reflecting an initial yield of 5.35 per cent and capital value of $5,537/sqm 127 Creek Street Purchased by Singaporean Firmus for $ million reflecting an initial yield of 6.58 per cent and capital value of $6,721/sqm. 53 Albert Street Purchased for circa $250 million by JP Morgan. Represented an initial yield of 6.4 per cent. 80 Ann Street 50 per cent purchase by M&G Real Estate for $418 million. The second half of the year is shaping up for a flurry of sales with a number of assets currently in play including: 110 Eagle Street - currently owned by Kingsmeade No 1 Brisbane - currently owned by 151 Property 95 North Quay - currently owned by Harburg More recently in an ASX announcement, Mirvac said that it has entered into an agreement to sell 50 per cent of 80 Ann Street to British fund manager M&G Property s Asian property fund. The deal will see M&G fund half the construction and development costs of the tower. Now that a major tenant has been secured, Mirvac has exercised a put-and-call option with Singaporean developer Wee Hur for $79 million. Wee Hur had previously received a permit for a 36-storey student accommodation tower on the site. Whilst total dollar volume of transactions for the first half of 2018 is down on the equivalent prior year s figures, the results are a reflection of limited stock rather than latent demand. Given the outlook includes effective rental growth, particularly for prime grade office, further yield compression, albeit at a lower level than previous years, is anticipated over the next 12 months. Leasing market Infrastructure pipeline to generate jobs and business confidence A flurry of deals recorded in the first half of this year contributed to diminishing vacancy as reported by the Property Council PCA for the July 2018 period. Some of the major significant deals included: ALS College/International House - committed to a 10-year lease over 2,329sqm of space spread over four floors from ground to level 3 at 116 Adelaide Street. The Department of Veteran Affairs - leased 6,400sqm of office accommodation in Dexus s 480 Queen Street over levels 6,7 and 8. Allianz - to relocate to 310 Ann Street over levels 12 to 18 over a 10-year lease The State Government (DNRM) - 5,205sqm at 275 George Street for a 7-year term over levels 16 to 19 WeWork Ann Street for 7,682sqm across Ground, first and second levels for a 15-year term from Q

13 Strong pick-up in demand sees vacancy head downward According to the Property Council (PCA) Brisbane s CBD total market office vacancy rate declined from 16.1 per cent in January 2018 to sit at 14.6 per cent as at July Vacancy within all grades declined with Premium grade falling to 9.5 per cent from 11.9 per cent in January, A grade fell 1.2 per cent to 11.6 per cent and B Grade office from 22 per cent to 20.8 per cent. Looking forward, we anticipate prime vacancy to continue to decrease gradually in the short term as tenants seek to upgrade their office accommodation. Demand in prime stock is shown by Mirvac recently securing Suncorp as a major tenant, taking circa 40,000sqm at 80 Ann Street for a 10-year term with the relocation expected by September Brisbane Office Sales ($5m plus) $3,500,000,000 $3,000,000,000 $2,500,000,000 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $ Domestic Offshore /RCA Brisbane Effective Rents $1,200 Forecast $1,000 Our forecasts show prime grade vacancy reaching sub 9 per cent by year end. Overall vacancy is not likely to lift again until $/sqm $800 $600 $400 $200 $- Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Premium A Grade B Grade Brisbane CBD Office Vacancy by Grade 25.0% Forecast 20.0% 15.0% 10.0% 5.0% 0.0% Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 /Property Council Total Market Premium A Grade B Grade Brisbane CBD Supply Pipeline 70, ,000 50,000 40,000 30,000 20,000 10,000 - Remaining Area Sublease Backfill Pre-Committed Mooted Levels 16-19, 275 George Street, Brisbane Leased on behalf of Charter Hall Prime Office Fund and Keppel REIT CBD Office Research & Forecast Report Second Half

14 the middle of 2019 when 300 George Street is anticipated for completion (assuming a 30 per cent pre-commitment at time of completion). This may however be counteracted by the potential for the Brisbane Transit Centre to be withdrawn from the market during this period to make way for Brisbane s Cross River Rail. with PC anticipated for 2020). The project currently has a proposal for the redevelopment of the two existing towers (Levels 7-20) and a proposed extension of additional tower levels (21-26). The Supply Story Brisbane has experienced a modest recovery in gross effective rental rates across most grades since and this trend is anticipated to continue throughout 2018 and beyond. Premium gross effective rents could increase from $524/sqm in June 2018 to $579/sqm by June 2020, representing a 10 per cent increase over the period. Equivalently, A grade also is anticipated to see rents rise from $462/sqm to $497/sqm, representing a 7.4 per cent increase over the period. No new supply is anticipated to enter the Brisbane office market during Thereafter in 2019 two projects are scheduled for completion being Dexus development, 12 Creek Street, The Annex (7,000sqm) and Shayher Group s 300 George Street (47,000sqm) - both developments presently have no pre-commitments. There are a number of other projects that are also currently planned, however, most will not proceed without a significant precommitment. The only project which may proceed without a precommitment is the Midtown Centre development (DA approved 33 Queen Street & 199 George Street, Brisbane Managed on behalf of Abacus Property 14 Gross effective rental growth on the horizon

15 Research & Forecast Report PERTH CBD Office Second Half 2018 MARKET HIGHLIGHTS Vacancy falls further, down to 19.4 per cent Some landlords are still finding it tough to fill space A new supply cycle on the horizon Investment market Yields and Capital Transactions During the financial year, Perth CBD assets valued at $583.7 million were transacted. This was up from $228.8 million the previous year. There continues to be robust demand for Perth CBD assets as economic green shoots become more evident. Compared to Sydney and Melbourne higher yielding Perth assets are particularly attractive to foreign buyers, with six of the eight assets acquired by foreign entities. As an example, market yields for A-grade assets, transacted over the past year, ranged between 6.75 per cent and 7.15 per cent. Leasing market Mining Sector Revving up The word is spreading on Perth s streets - the lights have been switched back on in the WA economy and the mining sector is showing signs of life. Things certainly appear better in some aspects of the WA economy, but going by the available data - it s currently a slow and steady climb out of the mine pit. Mining sector employment has grown 18.8 per cent in the year to June 2018, while Administration and Support Services expanded 17.3 per cent and Public Administration and Safety are up 22.9 per cent. Employment growth in these sectors has underpinned white collar worker growth in the Perth CBD, resulting in improved office space net absorption over the financial year. Net absorption in the year to July 2018 was 30,759sqm according to recently released Property Council of Australia data. This robust level of absorption underpinned the decline in CBD vacancy from 21.1 per cent in July 2017 to 19.4 per cent in July Tussle for Tenants Continues Perth s office landlords continue to tussle for tenants. The backfill at 240 St Georges Terrace arising from the pending Woodside relocation has already enticed three significant tenants to commit to some 36 per cent of this space. These tenants will be moving out of lower grade buildings, with one (CBH) moving from West Perth into the CBD. Woodside s new headquarters at 98 Mounts Bay Road is complete and fitted-out and occupancy is expected in the next couple of months as fitout issues are ironed out. During the financial year, Colliers International received tenant requirement briefs for 136,600sqm of office space in the Perth CBD. This was three times the volume received in the financial year. The high vacancy in secondary assets is unlikely to moderate in the short-term. Of the requirement briefs received by Colliers International, more than three quarters was from tenants seeking space in prime-grade (Premium & A-grade) buildings. A New Supply Cycle In the first half of 2018, the most significant news for the Perth office market was the announcement of Chevron s commitment to relocate to their Elizabeth Quay site, which they purchased from the State Government in In June 2018, Chevron revealed it had selected Brookfield to build a new 29-storey 52,000sqm Asia Pacific headquarters near the Swan River s edge. CBD Office Research & Forecast Report Second Half

16 Chevron s announcement had been much anticipated, following two extensions of the development milestone requirements, agreed to under the terms-of-sale. The announcement means that Perth can expect to see Premium grade office stock increase again in 2023, when the project is expected to be completed, in-line with Chevron s lease expiry at the QV1 tower. This will also mean that the Perth office market will need to backfill some 30,000sqm of premium-grade space at this time. Perth CBD Average Net Face Rents $900 $800 $700 $600 $500 $400 Forecast In addition, Brookfield has also proposed the building of approximately 50,000sqm of office space on its own twin sites at Elizabeth Quay; adjacent to the Chevron site. On top of this, Fragrance Group received development approval for 10,000sqm of space at its Milligan Street site in July All up, that s a potential 112,000sqm of space additions to the Perth market between 2021 and Absorption, Vacancy, Rents and Incentives $300 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Premium A Grade B Grade Perth A Grade Yield Range 9.00% 8.50% 8.00% Jun-20 In the six months to July 2018, net absorption in the Perth CBD totalled 8,581sqm. This was significantly lower than the previous six months total of 22,178sqm. This meant vacancy remained elevated at 19.4 per cent. Again, most of the absorption emanated from Premium-grade, and some A-grade assets, as tenants continued to seek upgrades to higher quality space. Unfortunately for secondary assets, namely B-grade buildings, vacancy continued to increase. B-grade vacancy ended the financial year with a vacancy of 31.6 per cent; a new historical high for this asset class. Compared to Sydney and Melbourne 151,743sqm of vacant B-grade space in the Perth CBD. A-grade had the second highest vacancy with 128,573sqm of vacant space. The absorption of space in prime-grade assets resulted in more stable rents over the first half of On the other hand, B-grade rents contracted a marginal 0.65 per cent over the same period. We anticipate rents in secondary assets will further deteriorate 7.50% 7.00% 6.50% 6.00% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 over the remainder of 2018, as the flight to quality has the potential to further erode occupancy in this asset class. A-grade assets may also see further net face rental moderation. Should this economic recovery proceed at a sluggish pace, it could hinder further improvement in CBD white collar employment growth. The elevated vacancy over the short-term may also result in protracting the current high incentives environment. 10 Kings Park Road, West Perth Leased on behalf of Warrington Property Pty Ltd (Warrington 10 Kings Park Pty Ltd) 16

17 Research & Forecast Report ADELAIDE CBD Office Second Half 2018 MARKET HIGHLIGHTS Stamp duty abolishment to have positive impact on future transaction volumes Demand driven by roll out of 10 Gigabit City and lack of supply pipeline Vacancy declines with expectations for the market to tighten further Investment market Yield compression continues Yield compression was evident in Adelaide CBD over the first half of 2018 with these significant sales: 11 Waymouth Street purchased for $202.5m by Mapletree Investments at a passing initial yield of 5.39 per cent 80 Grenfell Street purchased for $184.6m by Centuria Capital Ltd at a passing initial yield of 6.43 per cent Average yields compressed across the A and B grade segments declining 25bps and 16 bps respectively, with premium remaining unchanged at 6.33 per cent. Colliers International also expects the abolishment of stamp duty for commercial transactions, which became effective 1 July, will have a positive impact on transaction volumes, due to the lower costs associated with trading non-residential assets. Average Market Yield Premium A Grade B Grade B Grade June % 6.88% 7.56% 4.2% Leasing market Strong demand continues Demand for office space has experienced a significant improvement over the first half of This is largely attributed to the significant ramp up in defence spending (over $90 billion) and the roll out of Adelaide s 10 Gigabit City (world first, business to business network) which is a partnership between TPG Telecom and the City of Adelaide. Gaming, Media, App Development, Defence and Cyber security organisations have expressed interest in this initiative with City of Adelaide estimating a creation of 2,500 jobs, translating into 30,000sqm of office space demand. This is in addition to stronger than average job growth forecasts from Deloitte Access Economics. Market tightens causing rental growth No new buildings are scheduled for completion over the next 12 months which will result in a reduction of vacancy across the board with new generation A grade buildings being impacted the most. Our analysis of new generation A grade space shows only 7.6 per cent of stock available for lease as at June However, there is very limited choice for larger users, with only two options for tenants over 2,000sqm looking for contiguous space. The availability of contiguous space options over 2,000sqm broadens to nine A grade buildings when we include those completed prior to This has fallen from 13 options over the last quarter, and with the current requirements in the market we expect this to narrow further through The Property Council of Australia reported Adelaide CBD vacancy at 14.7 per cent (as at July 2018), a reduction of 0.7 per cent from the January 2018 period. Net absorption remained positive at 10,115sqm, above historical averages. The GPO Exchange building (24,500sqm) which is being developed by Charter Hall is on track to be completed by October 2019 and is pre-committed by the Attorney General s Department and BHP. There are several developments that are seeking precommitments, including Pirie Street, 200 North Terrace CBD Office Research & Forecast Report Second Half

18 and One Festival Plaza, all of which would be due for completion in late 2021 through to 2022 subject to securing necessary levels of pre-commitment. Other projects of varying sizes are mooted and have the potential to advance with varying levels of precommitment, however as a result, Colliers International believes that vacancy will fall over the next three years, prior to any new supply being completed. Adelaide CBD Average Initial Yields 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% 7.00% Jun-17 Dec-17 Jun-18 Dec-16 Jun-15 Jun-16 Dec-15 Dec-14 Jun-13 Jun-14 Dec-13 Dec-12 Jun-11 Dec-11 Jun-12 Jun-10 Dec-10 Jun-09 A Grade Dec-09 Dec-08 Dec-07 Jun-07 Premium Jun-08 Dec-06 Jun-05 Jun-06 Dec-05 Dec-04 Jun-03 Jun-04 Dec-03 Dec-02 Jun-01 Dec-01 Jun-02 Jun % Dec-00 Annual gross face rental growth has started to improve with premium increasing by 2.7 per cent, A grade by 1.8 per cent and B grade by 3.0 per cent. We have also started to see incentives fall. A grade incentives are between per cent, down from a high of 40 per cent and B grade have fallen slightly to range between per cent. B Grade Adelaide CBD Average Rents $600 $500 June 2018 Premium A Grade B Grade Total Average Annual Gross Face Rental Growth 2.7% 1.8% 3.0% 2.5% $400 $300 $ % 1.0% 3.0% 3.0% $100 $0 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Annual Gross Effective Rental Growth Average Gross Face Rents 11 Waymouth Street, Adelaide Sold on behalf of Dexus 18 Average Gross Effective Rents

19 Research & Forecast Report CANBERRA CBD Office Second Half 2018 MARKET HIGHLIGHTS Tightening A Grade market creating environment for rental growth CBD Vacancy is forecast to decline for the next 18 months Yields will continue to compress to catch up with Sydney and Melbourne metrics Investment market Investment sales volume over the first half of 2018 have been steady with total sales to-date at $188 million. A notable transaction was 6 National Circuit in Barton, sold to ISPT located in the Parliamentary triangle. The property sold for $37.5 million for an initial yield of 7.03 per cent on a WALE of 3.86 years. Another sale in early 2018, also located in Barton, was AMA House at 42 Macquarie Street for $15.6 million purchased by EG Funds Management from the Australian Medical Association on a 2.6-year WALE. Its tenants included notable occupants such as the Australian Medical Association, AI Group and the Australian Institute of Petroleum within the 4,054sqm building. Last year the market witnessed significant sales volumes of approximately $780 million with both domestic and foreign investors pursuing the secure income afforded by Canberra s longterm leases and attractive yield spreads. Whilst sales volumes are down from this time last year, we re expecting the second half of the year to pick up with a number of major assets positioned to come to market and several assets currently in due diligence to settle shortly. Off-market activity has been strong, with a number of transactions occurring off the back of unprecedented buy side demand from A-REITs, Privates and syndicators. We expect yields to continue to compress influenced by current Sydney and Melbourne metrics. Yields for A-grade buildings in Canberra have been averaging per cent and B-grade averaging per cent and there has been a spike in interest for assets in this space from value add groups looking to capitalise on attractive yields. Coupled with strong covenants, Canberra s modern asset profile and predictions for continued rental growth we expect yields to continue compressing throughout 2018 and into 2019 based on the weight of capital pursing Canberra assets. We are forecasting that A-grade yields are likely to dip below 6 per cent for the remainder of 2018 and B grade to continue compressing closer to 7.5 per cent. Leasing market Over the first half of 2018, the office market experienced reasonable levels of demand and enquiry however the conversion into deals has been quiet. Many of these enquiries are expected to translate into deals over the second half of the year with stronger leasing activity anticipated to close out the 2018 calendar year. We are anticipating that landlords will experience a steady effective rental growth in the near term before the next wave of new supply comes online in early In notable transactions for H1 2018, the Commonwealth Government were active in taking on a ten-year lease occupying 870sqm at 1 Dairy Road, Fyshwick at a gross rental of $340/sqm. Another notable lease deal in the first half of the year was to MXA Consultants taking on a sevenyear lease at 40 Marcus Clarke Street occupying 740sqm on a semi gross rental of $415/sqm. Incentives are expected to remain steady having passed their peak, currently sitting at ~22 per cent for A grade stock and ~25 per cent for B grade stock, a by-product of the still relatively high amount of stock available in the lower grade office markets. CBD Office Research & Forecast Report Second Half

20 Supply of A-grade space tightening quickly In Canberra, there is limited new supply on the horizon with two premium grade office assets currently being developed (Civic Quarter and Constitution Place) which will add a further 47,500sqm of stock in early 2020 and will command gross effective rents in the range of $545-$600/sqm. From 2019, the Commonwealth Government will be moving to the Brindabella Business Park to take up occupation of circa 35,000sqm, which will create a large amount of backfill space opening up in the city. This space is expected to trickle onto the market over the next 2-3 years rather than in one large tranche. Deloitte Access Economics forecasts that the CBD has seen employment levels trough, the economy in Canberra has recorded the fastest growth of any state or territory last financial year. This strong economic growth translating to strong jobs growth particularly in full time jobs. Deloitte white collar employment forecasts an additional 1,700 employed persons over the next 12 months to June 2019 which equates to approximately 9,520sqm of additional space required. Civic vacancy is forecast to decline for the next 18 months currently sitting at 10.5 per cent to June 2018 and notably 2.6 per cent in the A-grade market. July 2018 Total Market A Grade B Grade Vacancy 10.5% 2.6% 12.3% Canberra CBD Vacancy Rate vs Net Absorption 140, % Forecast 120, % 100, % 80, % 60, % 40, % 20, % - -20, % -40, % Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 /Property Council 6 Month Net Absorption 10 year Vacancy Average Vacancy Rate (%) 17 Moore Street, Canberra Leased on behalf of CorVal 20

21 Research & Forecast Report AUCKLAND CBD Office Second Half 2018 MARKET HIGHLIGHTS Auckland CBD office vacancy remains low in our latest survey, with a shift down in prime vacancy to 3.5%. Conversely, secondary vacancy climbed to 8.1%. Auckland Office Vacancy Rate 25.0% 20.0% 15.0% 10.0% Leasing good quality office space is a top priority, but availability is still an issue for many. Rents will rise correspondingly until more new supply becomes available. 5.0% 0.0% Jun-95 Jun-96 Jun-97 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Offshore investors move in on New Zealand prime assets, making significant investment in Auckland. Investment market Unprecedented amount of interest from offshore Aligned economic and property fundamentals continue to garner the attention of offshore buyers with activity ramping up in the past 12 months. Provisional sales data in the year to July 2018 shows an aggregate of $2.7 billion of office property sold, eclipsing $1.6 billion in Auckland comprised 87 per cent of total office sales in New Zealand over the past year. Some recent examples include: Precinct Properties sold a 50 per cent stake (pending Overseas Investment Office approval) of ANZ Centre in central Auckland for $181 million to Invesco, capturing strong interest during the bidding process. Blackstone purchased the VXV office portfolio in Auckland for $635 million at a yield of 6.6 per cent. The portfolio was owned by a joint venture between Goodman and GIC. The transaction remains subject to Overseas Investment Office approval and expected to settle in late SCORE+, a Pan Asian fund managed by Singapore based SC Capital Pte Ltd has purchased a building in the Spark complex at the Corner of Victoria Street West and Dock Street for $77 million in July Source: Colliers International Research Leasing market Subtle, but pivotal vacancy change Auckland CBD s office market has reached a pivotal moment, according to our latest survey. The focus on quality and the completion of new and refurbished stock pulled down the prime vacancy rate for the first time in almost three years. Prime vacancy fell 0.3 percentage points from a year ago reaching 3.5 per cent in June Conversely, after a significant period of decline, secondary vacancy climbed 1.2 percentage points to 8.1 per cent over the same period. As the corresponding chart shows, this is the first time in a long time that the two grades have clearly shifted in the opposite direction. Our forecasts indicate that vacancy rates will remain broadly in line with current rates until 2020 when a few key projects complete, the most notable being Precinct Properties Commercial Bay office tower. The development provides 39,000sqm of prime space with approximately two-thirds pre-committed two years from completion. Rents will rise Total Market Prime Secondary More demand for fewer pockets of prime space available over the next 12 to 24 months means rents will continue to rise until more supply becomes available in This will assist some as tenants cascade out of various existing tenancies and into new ones. However, the jump in rents expected, due to the significant rise in the quality of space being brought to market, will see average rental rates continue to increase, likely by 3 per cent to 5 per cent per annum over the next few years. We project secondary quality rents will also experience further rises. Despite the increase in vacancy, it is still one of the lowest vacancy rate results recorded in the past two decades. CBD Office Research & Forecast Report Second Half

22 OUR EXPERIENCE CBD OFFICE SOLD 447 Collins Street Melbourne, VIC Santos Place, 32 Turbot Street, Brisbane, QLD 231 Elizabeth Street Sydney, NSW $414 million (50%) $370 million $342 million On behalf of Mirvac Group On behalf of Permodalan Nasional Berhad On behalf of Bright Ruby 380 La Trobe Street Melbourne, VIC 77 Grenfell Street Adelaide, SA 21,648m² 16,484m² On behalf of City of Sydney On Behalf of Wharf Street Family Investments Pty LTd On behalf of IP Generation Two Melbourne Quarter Melbourne, VIC 383 George Street Sydney, NSW Levels 16-19, 275 George Street Brisbane, QLD 21,157m² 5,211m² 5,205m² On behalf of Lendlease On behalf of Fife Capital On behalf of Charter Hall Prime Office Fund and Keppel REIT 50 Lonsdale Street Melbourne, VIC Southern Cross Towers, 121 Exhibition Street & 111 Bourke Street Melbourne, VIC Wynyard Place 10 Carrington Street Sydney, NSW 84,477m² On behalf of AMP (AWOF) MANAGED City of Sydney Portfolio Sydney, NSW Over 40,000m² LEASED VALUED 67,011m² On behalf of ISPT On behalf of 151 Property and Blackstone Group 74,850m² DESIGNED AND/OR PROJECT MANAGED Grant Thornton Tower 5, 727 Collins Street Melbourne, VIC Amcor 60 City Road Southbank, VIC CGI 40 City Road Southbank, VIC 3,500m² 1,300m² 1,300m² On behalf of Grant Thornton On behalf of Amcor On behalf of CGI How else can we help you? Accelerating success. Speak to one of our property experts today.

23 AUSTRALIA AND NEW ZEALAND IN THE LAST 12 MONTHS 73 CBD office assets totalling $2.4 billion 179 Elizabeth Street Sydney, NSW $265 million On behalf of Markham Group 11 Waymouth Street Adelaide, SA $202.5 million On behalf of Dexus 187 Thomas Street Sydney, NSW $145.8 million On behalf of United Voice Union 158 CBD office assets totalling over 1.2 million square meters of CBD office space 40 Market Street Melbourne, VIC 12,000m² On behalf of MTAA Superannuation Fund 33 Queen Street & 199 George Street Brisbane, QLD 6,082m² On behalf of Abacus Property Thai Airways Building 75 Pitt Street Sydney, NSW 2,422m² On behalf of Wiltshire International Pty Ltd 549 deals for 459,819 square metres of CBD office space 63 Pirie Street Adelaide, SA 2,120m² On behalf of Raptis Investments Pty Ltd 10 Kings Park Road West Perth, WA 1,179m² On behalf of Warrington Property Pty Ltd (Warrington 10 Kings Park Pty Ltd) 17 Moore Street Canberra, ACT 800m² On behalf of CorVal 505 million square metres totalling over $81 billion worth in value Liberty Place 161 Castlereagh Street Sydney, NSW 60,122m² On behalf of Ivanhoe Cambridge Australian Government Global Valuation Portfolio 415,946m² On behalf of DFAT AM60, Albert Street Brisbane, QLD 21,196m² On behalf of Dexus Projects delivered by our award winning team ABN AMRO 580 George Street Sydney, NSW 1,190m² On behalf of ABN AMRO ViaSat 6 Riverside Quay Southbank, VIC 800m² On behalf of ViaSat Commonwealth Fair Work Commission 14 Moore Street Canberra, ACT 600m² On behalf of Commonwealth Fair Work Commission For more information about Colliers International and working with us visit: