Quarter Time National Office Q4/2018

Transcription

1 Savills Research Australia Quarter Time National Office CBD Averages A Grade National Office N.F. Rent N.E. Rent Market Yield IRR Cap. Value Sydney CBD 1,090 (9.0%) 870 (8.1%) 4.75 (-20bps) 6.65 (-5bps) 20,300 (6.3%) Melbourne CBD 575 (-0.9%) 425 (1.2%) 5.00 (-20bps) 6.75 (-15bps) 10,000 (2.0%) Brisbane CBD 540 (-) 285 (-1.7%) 5.90 (-35bps) 6.75 (-50bps) 10,000 (11.1%) Perth CBD 565 (-) 290 (-) 6.90 (-35bps) 7.50 (-) 8,000 (1.3%) Adelaide CBD 370 (-) 210 (-19.2%) 7.25 (-25bps) 8.25 (-) 5,000 (-) Canberra Civic 370 (-) 290 (-) 6.25 (-15bps) 7.90 (-25bps) 7,300 (7.4%) Note: 12 month change shown in brackets Trends Detailed Sales Activity: $16.161bn 195 Sales ($10m+) Leasing Activity 950,707 sq m 272 Leases (1,000 sq m+) Employment 12.69m 2.4% growth savills.com.au/research

2 Report Contents National Indicator Summary 3 Office Economic Drivers 5 National Sales Activity 6 National Leasing Activity 7 State Indicators and Major Activity New South Wales 8 Victoria 11 Queensland 14 Western Australia 17 South Australia 20 Australian Capital Territory 23 Shrabastee Mallik smallik@savills.com.au Head of Research Research & Consultancy For our latest national reports, visit savills.com.au/research To join Savills Research mailing list, please research@savills.com.au Client Data & Information Portal 25 Key State Contacts 26 National CBD Average Yield and IRR vs 10yr Bond Rate 12% 10yr Bond Rate Average CBD Grade A Yield Average CBD Grade A IRR 10% 8% 6% 4% 2% % Source: RBA, Savills Research Source: RBA, Savills Research National CBD A Grade - Average Yield Spread over 10yr Bond Rate and IRR Multiple National CBD A Grade - Average Yield Spread over 10yr Bond Rate and IRR Multiple 500 Yield Premium over 10yr Bond Rate (bps) IRR Multiple of 10yr Bond Rate (RHS) 4.0-x x x x x x x Source: RBA, Savills Research Source: RBA, Savills Research savills.com.au/research 2

3 Fringe Market Averages A Grade National Office N.F. Rent N.E. Rent Market Yield IRR Cap. Value North Sydney 840 (7.0%) 650 (10.2%) 5.25 (-25bps) 6.80 (-45bps) 15,300 (15.0%) Macquarie Park 370 (2.8%) 270 (3.8%) 5.75 (-25bps) 7.00 (-40bps) 7,000 (-) Parramatta 545 (9.0%) 450 (8.4%) 5.50 (-25bps) 6.90 (-35bps) 10,300 (10.8%) St Kilda 435 (-3.3%) 355 (-) 5.90 (-15bps) 6.90 (-10bps) 6,800 (4.6%) Brisbane Fringe 470 (5.6%) 245 (2.1%) 6.15 (-35bps) 7.25 (-75bps) 8,800 (4.8%) Sunshine Coast 330 (-) 260 (-) 7.65 (-100bps) 9.75 (-) 4,000 (-7.0%) Gold Coast 350 (7.7%) 245 (4.3%) 8.15 (-35bps) 9.50 (-) 4,800 (11.6%) West Perth 325 (-) 180 (-12.2%) 7.50 (-50bps) 8.00 (-40bps) 4,500 (9.8%) Adelaide Fringe 345 (-) 260 (-) 7.50 (-25bps) 8.65 (-) 4,400 (-) Canberra Non-Civic 355 (-2.7%) 265 (-11.7%) 6.90 (-10bps) 8.25 (-25bps) 6,300 (-) Note: 12 month change shown in brackets National Face Rents, Effective Rents and Incentive Comparison A Grade Average Net Face ($/sq m) Net Effective Incentive (Net Basis % RHS) Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic North Sydney Macquarie Park Parramatta St Kilda Bris Fringe Sunshine Coast Gold Coast West Perth Adelaide Fringe Canberra non-civic 12 Month Net Effective Rental & Capital Growth A Grade Average 20% 15% 10% 5% % -5% -10% -15% -20% -25% Net Effective Rent Growth Capital Value Growth Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic North Sydney Macquarie Park Parramatta St Kilda Bris Fringe Sunshine Coast Gold Coast West Perth Adelaide Fringe Canberra non-civic savills.com.au/research 3

4 Yield and IRR Spread to Bond Rates A Grade Average 12% 10-yr Bond Market Yield IRR 10% 8% 6% 4% 2% % Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic North Sydney Macquarie Park Parramatta St Kilda Bris Fringe Sunshine Coast Gold Coast West Perth Adelaide Fringe Canberra non-civic Typical Capital Value Range ($/sq m) A Grade Average 25,000 20,000 15,000 10,000 5,000 0 Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic North Sydney Macquarie Park Parramatta St Kilda Bris Fringe Sunshine Coast Gold Coast West Perth Adelaide Fringe Canberra non-civic Capital Value CAGRs by Period A Grade Average (Historic) Effective Rental CAGRs by Period A Grade Average (Historic) 20% 1yr 3yr CAGR 5yr CAGR 10yr CAGR 30% 1yr 3yr CAGR 5yr CAGR 10yr CAGR 15% 20% 10% 10% 0% 5% -10% 0% -20% -5% Sydney Melbourne Brisbane Perth CBD CBD CBD CBD Note: CAGR CAGR = Compound = Compound Annual Growth Annual RateGrowth Rate Adelaide CBD Canberra Civic -30% Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Adelaide CBD Canberra Civic savills.com.au/research 4

5 Savills Research Quarter Time National Office Office Sector Economic Drivers Office Sector Economic Drivers Net Net Absorption vs. Growth in in Prof. Prof. Job Job Advertisements Net Absorption vs. Growth in Prof. Job Advertisements 500, , , , , , , , , , (100,000) (100,000) (200,000) (200,000) (300,000) (300,000) Sydney Sydney CBD CBD Melbourne Melbourne CBD CBD Brisbane Brisbane CBD CBD Perth Sydney CBD Adelaide CBD Canberra Perth CBD Melbourne Adelaide CBD CBD Brisbane CanberraCBD Prof. Perth Job Ads Prof. Job CBD Ads Adelaide CBD Canberra Prof. Job Ads Note: Net Net Absorption to Dec-17, to Dec-17, Job Adverts Job Adverts to Aug-18 to Nov-18 Note: Net Absorption to Dec-17, Job Adverts to Nov-18 Annual Growth in Employment Annual Growth in Employment F/T P/T F/T Employed P/T Employed 500,000 F/T Employed P/T Employed 500, , , , , , , , , (100,000) (100,000) (200,000) (200,000) Sources: ABS / PCA / DOE / Savills Research Note: Sources: CAGR ABS = Compound / PCA Annual / DOE Growth / Savills RateResearch 30% 30% 30% 20% 20% 20% 10% 10% 10% 0% 0% 0% (10%) (10%) (20%) (20%) (30%) (30%) (40%) (40%) (50%) (50%) Annual Growth in in Professional Job Job Advertisements - %- (to (to Nov-18) Nov-18) Annual Growth in Professional Job Advertisements - % (to Nov-18) WA WA WA TAS TAS TAS VIC VIC VIC AUS AUS AUS NSW NSW NSW ACT ACT ACT NT NT NT QLD QLD QLD SA SA SA 13.5% 13.5% 13.5% 12.7% 12.7% 12.7% 10.0% 10.0% 10.0% 6.1% 6.1% 6.1% 4.1% 4.1% 4.1% 4.0% 4.0% 4.0% 3.7% 3.7% 3.7% 3.5% 3.5% 3.5% (0.5%) (0.5%) (0.5%) Annual Growth in Employment by by State (%- % to(to Nov-18) Nov-18) Annual Growth in Employment by State (% to Nov-18) NSW NSW 3.2% 3.2% NSW 3.2% VIC VIC 3.2% 3.2% VIC 3.2% AUS AUS 2.4% 2.4% AUS 2.4% SA SA 1.6% 1.6% SA 1.6% WA WA 1.4% 1.4% WA 1.4% QLD QLD 1.1% 1.1% QLD 1.1% TAS TAS 0.6% 0.6% TAS 0.6% ACT ACT (1.0%) (1.0%) ACT (1.0%) NT NT (2.2%) (2.2%) NT (2.2%) Summary of State Economic Indicators Summary of State Economic Indicators Summary Key State of Indicators State Economic (%) Indicators Latest NSW VIC QLD WA SA ACT AUS Key State Indicators (%) SFD Key / State GDP Indicators Growth (%) Latest Latest Sep-18 NSW NSW3.5 (2.7) VIC QLD VIC 4.4 (3.0) QLD WA 3.2 (1.7) WA SA 0.3 (1.6) SA ACT 3.1 (1.9) ACT AUS 3.7 AUS (2.5) 2.8 (2.6) SFD / GDP Growth Sep (2.7) 4.4 (3.0) 3.2 (1.7) 0.3 (1.6) 3.1 (1.9) 3.7 (2.5) 2.8 (2.6) Population SFD / GDP Growth Sep-18 Jun (2.7) (1.4) (3.0) (2.1) (1.7) (1.6) (1.7) (1.9) (1.8) (2.5) (0.9) (2.6) (1.9) 1.6 (1.6) Population Growth Jun (1.4) 2.2 (2.1) 1.7 (1.7) 0.8 (1.8) 0.7 (0.9) 2.2 (1.9) 1.6 (1.6) Employment Population Growth Jun-18 Nov (1.4) (1.8) (2.1) (2.3) (1.7) (1.8) (1.2) (0.9) (1.3) (1.9) (0.7) (1.6) (1.3) 2.4 (1.6) Unemployment Employment Growth Nov (1.8) 3.2 (2.3) 1.1 (1.2) 1.4 (1.3) 1.6 (0.7) -1.0 (1.3) 2.4 (1.6) Employment Growth Rate Nov-18 Nov (1.8) (5.3) (2.3) (5.7) (1.2) (5.9) (1.3) (0.7) (5.2) (1.3) (6.1) (1.6) (3.9) 5.3 (5.6) CPI Unemployment (Inflation) Rate Nov-18 Sep (5.3) (2.2) (5.7) (2.1) (5.9) (5.2) (2.1) (6.1) (1.8) (3.9) (2.0) (5.6) (1.9) Unemployment Rate Nov (5.3) 5.0 (5.7) 6.2 (5.9) 6.2 (5.2) 5.7 (6.1) 3.7 (3.9) 5.3 (5.6) 1.9 (2.0) Job CPI Adverts (Inflation) (Total) Sep-18 Nov (2.2) (-3.1) (2.1) (-2.9) (2.1) (-7.1) (1.8) (-6.3) (2.0) (1.9) (-7.1) (2.0) (0.8) CPI (Inflation) Sep (2.2) 2.2 (2.1) 1.8 (2.1) 1.2 (1.8) 1.8 (2.0) 2.5 (1.9) 1.9 (2.0) 6.1 (-4.4) Job Adverts (Prof) (Total) Nov-18 Nov (-3.1) (-3.5)(-2.9) (-1.9) (-7.1) (-6.4) (-6.3) (-7.1) (0.8) (-4.8) (-4.4) (1.2) Job Adverts (Total) Nov (-3.1) 10.0 (-2.9) 3.5 (-7.1) 13.5 (-6.3) -0.5 (-7.1) 4.0 (0.8) 6.1 (-4.4) 10.0 (-3.9) Source: Job Adverts ABS / DOE (Prof) / Savills Note: Annual Nov-18 change shown, 9.0 (-3.5) 10yr compound 11.5 average (-1.9) in brackets; 8.2 (-6.4) Note: Economic 16.2 (-7.1) growth numbers 11.2 (-4.8) are on a rolling 3.4 (1.2) annual basis; 10.0 Employment (-3.9) growth is on Job Adverts (Prof) Nov (-3.5) 11.5 (-1.9) 8.2 (-6.4) 16.2 (-7.1) 11.2 (-4.8) 3.4 (1.2) 10.0 (-3.9) trend terms Source: ABS ABS / / Savills; Note: Note: Annual change shown, 10yr 10yr compound average in in brackets Source: ABS / Savills; Note: Annual change shown, 10yr compound average in brackets savills.com.au/research savills.com.au/research 5

6 16,095 15,358 13,724 12,903 12,727 National Sales Activity Reported Transaction Activity Sales $10m+ $20bn NSW VIC QLD WA SA ACT $18bn $16bn $14bn $12bn $10bn $8bn $6bn $4bn $2bn $0bn 100% 80% 60% 40% 20% 0% Purchasers Fund Developer Government Foreign Investor Other Vendors Trust Owner Occupier Syndicate Private Investor Top Recent Sales by Value ($m) Margaret St, Sydney, NSW (50.0%) - Dec-18 - $21,234/sq 2 The Esplanade, Perth, WA (90.0%) - Dec-18 - $10,569/sq 61 Mary St, Brisbane, QLD - Nov-18 - $9,565/sq m 100 Skyring Tce, Newstead, QLD - Nov-18 - $10,136/sq m Clarence St, Sydney, NSW - Nov-18 - $18,492/sq m 825 Ann St, Fortitude Valley, QLD - Oct-18 - $8,849/sq m 465 Victoria Ave, Chatswood, NSW - Oct-18 - $11,504/sq m 509 St Kilda Rd, Melbourne, VIC - Nov-18 - $8,297/sq m 67 Albert Ave, Chatswood, NSW - Nov-18 - $10,700/sq m 72 Christie St, St Leonards, NSW - Dec-18 - $13,724/sq m 40 Mount St, North Sydney, NSW (25.0%) - Dec Grenfell St, Adelaide, SA - Dec-18 - $6,514/sq m 2 Chifley Sq, Sydney, NSW - Dec-18 - $1,426/sq m 100 Brookes St, Fortitude Valley, QLD - Oct Broadway, Chippendale, NSW - Dec-18 - $12,727/sq m Flinders St, Townsville, QLD - Dec-18 - $7,965/sq m 91 Phillip St, Parramatta, NSW - Oct-18 - $9,293/sq m 179 North Quay, Brisbane, QLD - Dec-18 - $6,170/sq m 293 Queen St, Brisbane, QLD - Dec-18 - $9,939/sq m 90 Crown St, Wollongong, NSW - Dec-18 - $5,451/sq m Top Recent Sales by $/sq m 21,234 18,492 11,562 11,504 10,700 10,569 10,566 10,168 10,136 9,939 9,565 9,293 9,009 8,931 8, Margaret St, Sydney, NSW (50.0%) - Dec-18 - $420.00m Clarence St, Sydney, NSW - Nov-18 - $180.30m 104 Exhibition St, Melbourne, VIC - Dec-18 - $37.10m 40 Mount St, North Sydney, NSW (25.0%) - Dec Christie St, St Leonards, NSW - Dec-18 - $154.52m 8 Cunningham St, Sydney, NSW - Oct-18 - $5.60m 100 Broadway, Chippendale, NSW - Dec-18 - $70.00m Albert St, Richmond, VIC - Oct-18 - $8.66m 465 Victoria Ave, Chatswood, NSW - Oct-18 - $166.40m 67 Albert Ave, Chatswood, NSW - Nov-18 - $158.00m 2 The Esplanade, Perth, WA (90.0%) - Dec-18 - $326.10m & Franklin Street, Melbourne, VIC - Nov Devonshire St, Surry Hills, NSW - Oct-18 - $21.20m 100 Skyring Tce, Newstead, QLD - Nov-18 - $250.00m 293 Queen St, Brisbane, QLD - Dec-18 - $52.25m 61 Mary St, Brisbane, QLD - Nov $275.00m 91 Phillip St, Parramatta, NSW - Oct-18 - $56.63m 100 Brookes St, Fortitude Valley, QLD - Oct-18 - $86.50m 546 Pacific Hwy, Chatswood, NSW - Oct-18 - $6.10m 825 Ann St, Fortitude Valley, QLD - Oct-18 - $169.50m savills.com.au/research 6

7 National Leasing Activity Reported Leasing Activity by CBD Leases 1,000sq m+ 1,600,000 Sydney - CBD Melbourne - CBD Brisbane - CBD Perth - CBD 1,400,000 Adelaide - CBD Canberra 1,200,000 1,000, , , , ,000 Retail & W'Sale 47,833sqm - 5.1% IT & Comm 75,573sqm - 8.0% Mining & Util. 127,764sqm % Govt. 208,672sqm % Fin & Ins 223,091sqm % Business Serv. 236,487sqm % Leasing Composition by Type Leases 1,000sq m+ Leasing Composition by Grade Leases 1,000sq m+ Direct - 580,060sqm % Precommit - 274,001sqm % Renewal - 96,318sqm - 9.9% Sublease - 17,814sqm - 1.8% Assignment - sqm - 0.0% Premium - 145,421sqm % Grade A - 530,199sqm % Grade B - 128,724sqm % Grade C - 16,406sqm - 2.0% Grade D - 7,440sqm - 0.9% Top Recent Leases 1,000sq m+ 13,577 Precom Direct & Other 10,884 7,600 6,388 6,128 5,319 5,231 5,100 5,000 4,301 4,100 3,676 3,496 3,432 2,281 2,194 2,138 2,100 1,740 1,527 QBE, NSW AECOM, QLD Australian Financial Complaints Authority (AFCA), VIC CUB, VIC Havas, NSW State Gov, QLD State Gov, QLD QLD Ballet, QLD Lander & Rogers, VIC Macquarie Bank, QLD WeWork, NSW Urbis, NSW MYOB, NSW Victorian Government, VIC The NSW Land Registry Services, NSW Workspace 365, QLD Sonic Healthcare, QLD Lawrence and Hanson, VIC NETO, QLD Department of Veteran Affairs, QLD savills.com.au/research 7

8 New South Wales PCA OMR Statistics (Jun-18) Sydney CBD North Sydney Parramatta Macquarie Park AUS CBD Total Stock 5,036, , , ,034 17,907,541 Total Vacancy 232,151 50,993 22,872 47,334 1,539,867 Vacancy (%) 4.6 (7.3) 6.3 (8.7) 3.2 (7.3) 5.4 (8.9) 9.2 (9.2) Net Absorption (12m) 9,489 (27,754) -10,325 (2,851) 20,442 (9,736) 21,379 (19,635) 149,309 (170,353) Net Absorption (%) 0.2 (0.6) -1.3 (0.4) 3.0 (1.5) 2.7 (2.8) 0.9 (1.1) Stock Additions 82,627 2,148 26,136 8, ,072 Stock Withdrawals 144,817 14,214 12,849 13, ,875 Net Additions -62,190 (30,823) -12,066 (1,094) 13,287 (7,299) -4,659 (18,385) -91,750 (282,957) Net Additions (%) -1.2 (0.6) -1.5 (0.1) 1.9 (1.1) -0.5 (2.4) -0.5 (1.7) Source: PCA / Savills Research Note: 10yr Average shown in brackets Sydney CBD Key Indicators Sydney CBD Premium A Grade B Grade Low High Low High Low High Rental - Gross Face ($/sq m) 1,265 1,715 1,160 1,380 1,000 1,200 Rental - Net Face ($/sq m) 1,050 1, , ,050 Incentive Level Gross (%) Rental - Net Effective ($/sq m) 800 1, Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) 990 1, , Office Capital Values ($/sq m) 22,500 30,000 18,500 22,000 13,500 20,000 savills.com.au/research 8

9 North Shore Key Indicators North Shore North Sydney A Grade North Sydney B Grade Macquarie Park A Grade Low High Low High Low High Rental - Gross Face ($/sq m) 915 1, Rental - Net Face ($/sq m) Incentive Level Net (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) n/a n/a Office Capital Values ($/sq m) 13,000 17,500 11,000 12,500 6,500 7,500 Parramatta Key Indicators Parramatta A Grade B Grade Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Net (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) Office Capital Values ($/sq m) 9,500 11,000 7,000 9,000 savills.com.au/research 9

10 Top Recent Notable Sales Property Price ($m) Date NLA (sq m) Yield Type $/sq m 275 Kent St, Sydney (50.0%) Jun-18 77, e 18, Margaret St, Sydney (50.0%) Dec-18 40,735 n.a n.a 20, Station St, Parramatta Aug-18 25, e 10, Elizabeth St, Sydney May-18 15, e 16, Clarence St, Sydney Apr-18 14, e 17,110 1 Sussex St, Sydney Jul-18 10,000 n.a n.a 25, George St, Sydney Aug-18 7, e 32, Miller St, North Sydney (50.0%) Jul-18 35, e 12, Clarence St, Sydney Nov-18 9, r 18, Victoria Ave, Chatswood Oct-18 14, r 11, Albert Ave, Chatswood Nov-18 14, r 10, Christie St, St Leonards Dec-18 11, r 13, Clarence St, Sydney Jun-18 12, e 12,171 6 Darling Island Rd & Pirrama Rd, Pyrmont Jun-18 16,319 n.a n.a 9, Harris St, Pyrmont Oct-18 12, e 11,378 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development Top Recent Notable Leases Property Tenant Date NLA (sq m) Type Rent Term 32 Smith St, Parramatta QBE Dec-18 13,577 Precommit 650 (N) Christie St, St Leonards Mastercard May-18 12,000 Direct n.a Carrington St, Sydney Allianz Jul-18 10,820 Precommit n.a 10 1 Sussex St, Sydney WeWork Jul-18 10,000 Precommit n.a n.a. 60 Martin Pl, Sydney HDY/NRF Aug-18 9,527 Precommit 1,250 (G) Phillip St, Sydney Deutsche Bank Sep-18 8,664 Renewal n.a Harrington St, Sydney Havas Oct-18 6,128 Direct 920 (N) Miller St, North Sydney US Consulate General Sydney May-18 6,000 Direct n.a 12 1 Denison St, North Sydney SAP Jun-18 5,706 Precommit 750 (N) Martin Pl, Sydney Regus Aug-18 4,200 Precommit 1,250 (G) Miller St, North Sydney WeWork Nov-18 4,100 Direct n.a Pitt St, Sydney Urbis Nov-18 3,676 Direct 985 (N) Clarence St, Sydney Built Sep-18 3,500 Precommit 1,115 (G) n.a. 309 Kent St, Sydney MYOB Oct-18 3,496 Direct 795 (G) 10 8 Chifley Sq, Sydney Quantium Pty Ltd Sep-18 2,594 Renewal 1,057 (N) 6 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 10

11 Victoria PCA OMR Statistics (Jun-18) Melbourne CBD St Kilda Rd Southbank East Melbourne AUS CBD Total Stock 4,541, , , ,461 17,907,541 Total Vacancy 162,652 48,723 25,890 5,463 1,539,867 Vacancy (%) 3.6 (6.6) 7.4 (10.6) 6.1 (6.9) 3.1 (2.9) 9.2 (9.2) Net Absorption (12m) 122,144 (72,407) 13,869 (-9,958) 4,687 (2,896) 400 (-109) 149,309 (170,353) Net Absorption (%) 2.9 (1.8) 2.3 (-1.5) 1.2 (0.8) 0.2 (-0.1) 0.9 (1.1) Stock Additions 81,755 9,346 42, ,072 Stock Withdrawals 64,498 21,979 25, ,875 Net Additions 17,257 (77,351) -12,633 (-10,135) 17,188 (4,675) (-82) -91,750 (282,957) Net Additions (%) 0.4 (1.9) -1.9 (-1.4) 4.2 (1.2) 0.0 (0.0) -0.5 (1.7) Source: PCA / Savills Research Note: 10yr Average shown in brackets Melbourne CBD Key Indicators Melbourne CBD (City Core) Premium A Grade B Grade Low High Low High Low High Rental - G Face ($/sq m) 720 1, Rental - Net Face ($/sq m) Incentive Level Net (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) Office Capital Values ($/sq m) 10,000 18,000 9,000 13,000 7,000 10,000 savills.com.au/research 11

12 Melbourne St Kilda Rd Key Indicators Melbourne St Kilda Rd A Grade B Grade Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Net (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Office Capital Values ($/sq m) 5,500 8,000 5,000 6,000 Melbourne Suburban Key Indicators Melbourne Suburban A Grade B Grade Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Net (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Office Capital Values ($/sq m) 6,250 8,250 4,500 5,500 savills.com.au/research 12

13 Top Recent Notable Sales Property Price ($m) Date NLA (sq m) Yield Type $/sq m 818 Bourke St, Docklands Oct-18 23, e 9, St Kilda Rd, Melbourne Nov-18 19, r 8, Collins St, Melbourne Sep-18 13,817 n.a n.a 11, Collins St, Melbourne Oct-18 22,743 n.a n.a 6, La Trobe St, Melbourne Sep-18 10, i 11, Harcourt Pde, Cremorne Sep-18 9, e 10, Harbour Esplanade, Docklands Jun-18 7, r 12, William St, Melbourne Jul-18 12, i 7, Bourke St, Melbourne May-18 8, r 8, Collins St, Melbourne Sep-18 3,454 n.a n.a 20, Queens Rd, Melbourne Jun-18 9, r 6, Church St, Cremorne Jun-18 5,667 n.a n.a 8, York St, South Melbourne Sep-18 5, e 9, Ryrie St, Geelong Jul-18 8, r 4, & 50 Grosvenor St, Abbotsford Oct-18 8, r 4,579 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development Top Recent Notable Leases Property Tenant Date NLA (sq m) Type Rent Term 130 Lonsdale St, Melbourne Cbus Super Sep-18 9,600 Precommit n.a Southgate Ave, Southbank JB Hi-Fi Group Sep-18 9,500 Direct n.a n.a Balmain St, Cremorne Reece Group Sep-18 7,800 Precommit n.a n.a. 130 Lonsdale St, Melbourne Australian Financial Complaints Authority Dec-18 7,600 Precommit n.a Church St, Cremorne Starbucks, 7-Eleven & Withers Group Jul-18 7,400 Direct n.a n.a. 2 Southbank Blvd, Southbank CUB Nov-18 6,388 Direct 563 (N) n.a. 161 Collins St, Melbourne Treasury Wine Estates Jul-18 6,000 Direct n.a n.a. 600 St Kilda Rd, Melbourne Newcrest Mining Jul-18 5,405 Renewal 355 (N) Exhibition St, Melbourne WeWork Aug-18 5,250 Direct 520 (N) Collins St, Melbourne Lander & Rogers Nov-18 5,000 Precommit n.a n.a. 414 La Trobe St, Melbourne Fair Work Ombudsman Jul-18 4,304 Renewal 460 (G) Lonsdale St, Melbourne Telstra Super Sep-18 3,600 Precommit n.a Collins St, Melbourne Hub Australia Jul-18 3,500 Direct 525 (G) Maroondah Hwy, Ringwood Victorian Government Dec-18 3,432 Precommit 437 (N) Collins St, Melbourne Urbis Jun-18 3,400 Direct 610 (N) 12 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 13

14 Queensland PCA OMR Statistics (Jun-18) Brisbane CBD Brisbane Fringe Gold Coast Sunshine Coast AUS CBD Total Stock 2,243,323 1,188, , ,383 17,907,541 Total Vacancy 328, ,436 56,520 25,686 1,539,867 Vacancy (%) 14.6 (12.3) 14.5 (11.5) 12.0 (17.5) 15.0 (12.5) 9.2 (9.2) Net Absorption (12m) -6,124 (13,231) -30,197 (14,623) -2,623 (5,075) 7,139 (4,654) 149,309 (170,353) Net Absorption (%) -0.3 (0.7) -2.9 (1.6) -0.6 (1.3) 5.2 (3.9) 0.9 (1.1) Stock Additions 18,303 24,815 3,713 22, ,072 Stock Withdrawals 54,705 55,891 2, ,875 Net Additions -36,402 (43,783) -31,076 (29,049) 913 (7,554) 22,542 (6,486) -91,750 (282,957) Net Additions (%) -1.6 (2.2) -2.5 (2.8) 0.2 (1.8) 15.1 (4.9) -0.5 (1.7) Source: PCA / Savills Research Note: 10yr Average shown in brackets Brisbane Key Indicators Brisbane CBD Premium A Grade B Grade Low High Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level - Gross (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) Office Capital Values ($/sq m) 12,250 14,500 8,500 11,500 5,500 8,000 savills.com.au/research 14

15 Brisbane Fringe Key Indicators Brisbane Fringe A Grade B Grade Low High Low High Rental Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Gross (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) n.a n.a Office Capital Values ($/sq m) 6,500 11,000 3,500 7,000 Gold Coast/Sunshine Coast Key Indicators Gold Coast/Sunshine Coast Gold Coast Sunshine Coast Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Gross (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) n.a n.a Office Capital Values ($/sq m) 3,500 6,000 3,000 5,000 savills.com.au/research 15

16 Top Recent Notable Sales Property Price ($m) Date NLA (sq m) Yield Type $/sq m 80 Ann St, Brisbane (50.0%) Jul-18 60, i 13, Mary St, Brisbane Nov-18 28, i 9, Albert St, Brisbane Jun-18 19, e 13, Skyring Tce, Newstead Nov-18 24, e 10,136 2 King St, Bowen Hills (K1) Sep-18 16, e 10, Ann St, Fortitude Valley Oct-18 19, e 8, Creek St, Brisbane May-18 18, e 7, Albert St / 143 Turbot St, Brisbane Jul-18 19, e 5, Queen St, Brisbane Aug-18 12, e 7, Tank St, Brisbane Aug-18 6, e 14, Brookes St, Fortitude Valley Oct-18 9, e 9, Musk Ave, Kelvin Grove Mar-18 14, e 5, Edward St, Brisbane Jul-18 7, e 8, George St, Brisbane Oct-18 10,550 n.a n.a 5,687 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development Top Recent Notable Leases Property Tenant Date NLA (sq m) Type Rent Term 80 Ann St, Brisbane Suncorp Jul-18 39,600 Precommit 850 (G) Wickham St, Fortitude Valley AECOM Oct-18 10,884 Renewal 560 (G) Coronation Dr, Milton Downer EDI Aug-18 7,160 Direct 588 (G) Brookes St, Fortitude Valley DXC Technologies Aug-18 4,156 Direct 600 (G) Queen St, Brisbane Department of Veterans Affairs Jul-18 6,414 Direct 825 (G) Turbot St, Brisbane Bupa Jul-18 6,336 Renewal 659 (G) Ann St, Brisbane WSP Oct-18 5,685 Sublease 523 (G) George St, Brisbane State Government Nov-18 5,319 Direct 660 (G) Victoria St, Brisbane QLD Ballet Nov-18 5,100 Direct 59 (G) Ann St, Brisbane Macquarie Bank Nov-18 4,301 Renewal 600 (G) Ann St, Brisbane Senex Energy Jul-18 3,000 Direct 696 (G) St Pauls Tce, Fortitude Valley SunWater Jul-18 3,000 Direct 570 (G) Brunswick St, Brisbane Department of Housing & Public Works Oct-18 2,580 Direct 525 (G) Ann St, Brisbane Workspace 365 Nov-18 2,194 Direct 485 (G) Queen St, Brisbane Sonic Healthcare Nov-18 2,138 Direct 600 (G) 10 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 16

17 Western Australia PCA OMR Statistics (Jun-18) Perth CBD West Perth AUS CBD Total Stock 1,769, ,920 17,907,541 Total Vacancy 342,346 67,149 1,539,867 Vacancy (%) 19.4 (12.1) 15.8 (9.2) 9.2 (9.2) Net Absorption (12m) 30,759 (14,196) -3,559 (-1,459) 149,309 (170,353) Net Absorption (%) 2.2 (1.1) -1.0 (-0.4) 0.9 (1.1) Stock Additions 1,408 4, ,072 Stock Withdrawals 1,300 4, ,875 Net Additions 108 (48,056) -141 (5,256) -91,750 (282,957) Net Additions (%) 0.0 (3.2) 0.0 (1.3) -0.5 (1.7) Source: PCA / Savills Research Note: 10yr Average shown in brackets Perth CBD Key Indicators Perth CBD Premium A Grade B Grade Low High Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Net (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) Office Capital Values ($/sq m) 9,000 12,500 7,000 9,000 4,750 6,500 savills.com.au/research 17

18 West Perth Key Indicators West Perth A Grade B Grade Low High Low High Rental Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Net (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) Office Capital Values ($/sq m) 3,000 6,000 2,400 3,300 savills.com.au/research 18

19 Top Recent Notable Sales Property Price ($m) Date NLA (sq m) Yield Type $/sq m 2 The Esplanade, Perth (90.0%) Dec-18 34, r 10, Pier St, Perth Jun-18 15, e 8, Hasler Rd, Herdsman Oct-18 16, e 7, Wellington St, West Perth Jun-18 11, e 7, St Georges Tce, Perth Feb-18 8, e 5, Bennett St, Perth Jan-18 10, e 4,260 1 Havelock St, West Perth Sep-18 5, e 6, Murray St, Perth Apr-18 5, e 3, St Georges Tce, Perth Feb-18 5, e 3, Frobisher St, Osborne Park Oct-18 3, e 4, Frame Crt, Leederville Dec-18 3, r 3,930 1 Essex St, Fremantle Jul-18 3,872 n.a n.a 3,099 8 Georges Tce, Perth 9.25 Dec-18 4,586 n.a n.a 2, Brown St, East Perth 7.10 Aug-18 1,145 n.a n.a 6,201 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development Top Recent Notable Leases Property Tenant Date NLA (sq m) Type Rent Term 500 Hay St, Subiaco Mineral Resources Aug-18 10,317 Direct n.a n.a 240 St Georges Tce, Perth Wood Group Aug-18 9,198 Direct n.a n.a 556 Wellington St, Perth Dept of Human Services Oct-18 8,495 Direct n.a Adelaide Tce, Perth Dept of Human Services Aug-18 4,542 Direct 425 (N) Hay St, Subiaco iin Sep-18 4,000 Renewal n.a St Georges Tce, Perth CBH Group Apr-18 3,790 Direct n.a n.a 77 St Georges Tce, Perth Minter Ellison Jun-18 3,440 Renewal 565 (N) St Georges Tce, Perth Macquarie Bank Sep-18 3,311 Direct n.a n.a 556 Wellington St, Perth P&N Bank Jul-18 3,249 Direct 525 (N) St Georges Tce, Perth Iluka Resources May-18 3,238 Direct n.a n.a Hay St, West Perth MSP Engineering Sep-18 2,568 Renewal n.a n.a. 556 Wellington St, Perth BG&E Jul-18 2,448 Direct 565 (N) St Georges Tce, Perth Exxon Mobil May-18 2,316 Renewal n.a n.a 450 Roberts Rd, Subiaco Southern Cross Austereo Oct-18 2,198 Renewal n.a William St, Perth Virtual Gaming Worlds Feb-18 2,129 Direct n.a 7 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 19

20 South Australia PCA OMR Statistics (Jun-18) Adelaide CBD Adelaide Fringe AUS CBD Total Stock 1,424, ,212 17,907,541 Total Vacancy 210,004 23,934 1,539,867 Vacancy (%) 14.7 (11.1) 11.0 (7.8) 9.2 (9.2) Net Absorption (12m) 19,811 (5,370) -783 (184) 149,309 (170,353) Net Absorption (%) 1.7 (0.5) -0.4 (0.1) 0.9 (1.1) Stock Additions 3,505 2, ,072 Stock Withdrawals 3, ,875 Net Additions 20 (21,627) 1,362 (2,108) -91,750 (282,957) Net Additions (%) 0.0 (1.7) 0.6 (1.0) -0.5 (1.7) Source: PCA / Savills Research Note: 10yr Average shown in brackets Adelaide CBD Key Indicators Adelaide CBD Premium A Grade B Grade Low High Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Gross (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) Office Capital Values ($/sq m) 5,250 7,750 4,125 5,850 2,500 4,000 savills.com.au/research 20

21 Adelaide Fringe Key Indicators Adelaide Fringe A Grade B Grade Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Net (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Cars Permanent ($/pcm) Office Capital Values ($/sq m) 4,125 4,725 3,000 3,750 savills.com.au/research 21

22 Top Recent Notable Sales Property Price ($m) Date NLA (sq m) Yield Type $/sq m 80 Grenfell St, Adelaide May-18 22, e 8, Franklin St, Adelaide (50.0%) Aug-18 37, r 7, Grenfell St, Adelaide Dec-18 15, i 6, Flinders St, Adelaide Aug-18 15, i 6, King William St, Adelaide Dec-18 11, r 3, O G Road, Felixstow Mar-18 6, e 5, Light Sq, Adelaide May-18 6, e 5, Currie St, Adelaide Jun-18 14, r 1, Conyngham St, Glenside Jul-18 3,200 n.a n.a 5, Pirie St, Adelaide Jul-18 4,252 n.a n.a 3, Fullarton Rd, Kent Town Jul-18 2,563 n.a n.a 4,292 98A-100 Woodville Rd, Woodville 5.10 Jun-18 3,340 n.a n.a 1,527 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * part of a portfolio sale Top Recent Notable Leases Property Tenant Date NLA (sq m) Type Rent Term 141 King William St, Adelaide BHP Apr-18 10,056 Precommit n.a 10 1 King William St, Adelaide Suncorp May-18 4,660 Direct n.a Sherriff St, Underdale Downer EDI Works Apr-18 3,103 Renewal n.a 5 63 Pirie St, Adelaide Cowell Clarke Jun-18 2,260 Direct n.a n.a. 25 Grenfell St, Adelaide Heathgate Resources Mar-18 1,700 Renewal n.a n.a. 118 Franklin St, Adelaide Datacom Mar-18 1,531 Direct n.a Frome St, Adelaide Tonkin Consulting Oct-18 1,500 Direct 400 (N) n.a Waymouth St, Adelaide Undisclosed Sep-18 1,452 Direct n.a n.a Greenhill Rd, Parkside Metricon Sep-18 1,400 Direct n.a n.a Franklin St, Adelaide Babcock International Apr-18 1,211 Direct n.a 9 91 King William St, Adelaide Attorney-General's Department of SA Jan-18 1,118 Direct 550 (G) Flinders St, Adelaide Inabox Group Jan-18 1,072 Direct 532 (G) Frome St, Adelaide AllScripts Mar-18 1,000 Direct n.a 7 Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal savills.com.au/research 22

23 Australian Capital Territory PCA OMR Statistics (Jun-18) Canberra AUS CBD Total Stock 2,321,402 17,907,541 Total Vacancy 289,221 1,539,867 Vacancy (%) 12.5 (12.1) 9.2 (9.2) Net Absorption (12m) -29,107 (21,124) 149,309 (170,353) Net Absorption (%) -1.4 (1.1) 0.9 (1.1) Stock Additions 66, ,072 Stock Withdrawals 77, ,875 Net Additions -11,162 (38,204) -91,750 (282,957) Net Additions (%) -0.5 (1.8) -0.5 (1.7) Source: PCA / Savills Research Note: 10yr Average shown in brackets Canberra Civic Key Indicators Canberra Civic A Grade B Grade Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Gross (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Office Capital Values ($/sq m) 6,000 8,500 4,000 6,000 savills.com.au/research 23

24 Canberra Non-Civic Key Indicators Canberra Non-Civic A Grade B Grade Low High Low High Rental - Gross Face ($/sq m) Rental - Net Face ($/sq m) Incentive Level Gross (%) Rental - Net Effective ($/sq m) Outgoings - Operating ($/sq m) Outgoings - Statutory ($/sq m) Outgoings - Total ($/sq m) Typical Lease Term (yrs) Yield - Market (% Net Face Rental) IRR (%) Cars Permanent Reserved ($/pcm) Office Capital Values ($/sq m) 4,775 7,725 3,100 5,000 Top Recent Notable Sales Property Price Date NLA Yield Type $/sq m 16 Mort Street, Canberra Dec-18 14, I r I 7, Bradley Street, Phillip 8.15 I Nov-18 I 1, I e I 4, Macquarie St, Barton Oct-18 5, r 5, Mildura Street, Fyshwick Aug-18 3,277 n.a n.a 3, Cameron Ave, Belconnen Jul-18 14,900 n.a n.a 1, Mort St, Canberra Jun-18 9, e 5,435 6 National Cct, Barton Feb-18 6, e 6,077 Queen Victoria Ter, Parkes Jan-18 4,958 n.a n.a 3, Canberra Avenue, Fyshwick Jun-18 3, e 3,509 Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development savills.com.au/research 24

25 savills.com.au/research 25

26 Savills Australian Capital Territory Valuations Phil Harding +61 (0) pharding@savills.com.au Savills New South Wales Valuations Andrew Pannifex +61 (0) apannifex@savills.com.au Metro & Regional Sales Tom Tuxworth +61 (0) ttuxworth@savills.com.au Capital Transactions Andrew Stewart +61 (0) astewart@savills.com.au Capital Transactions Ian Hetherington +61 (0) ihetherington@savills.com.au Occupier Services Javan Matheson +61 (0) matheson@savills.com.au Office Leasing Pip Doogan +61 (0) pdoogan@savills.com.au Office Leasing Tom Mott +61 (0) tmott@savills.com.au Asset Management Howard Chapman +61 (0) hchapman@savills.com.au Project Management Gavin Boswarva +61 (0) gboswarva@savills.com.au Savills Queensland Valuations Brett Schultz +61 (0) bschultz@savills.com.au Capital Transactions Anthony Ott +61 (0) aott@savills.com.au Office Leasing John McDonald +61 (0) jmcdonald@savills.com.au Project Management Ken Ng +61 (0) kng@savills.com.au Sunshine Coast Scott Gardiner +61 (0) sgardiner@savills.com.au Gold Coast Kevin Carmody +61 (0) kevin@savillsgc.com.au Asset Management Phillip Dunn +61 (0) pdunn@savills.com.au Savills South Australia Valuations Heath Dowling +61 (0) hdowling@savills.com.au Capital Transactions Peter Isaksson +61 (0) pisaksson@savills.com.au Office Leasing Adam Hartley +61 (0) ahartley@savills.com.au Project Management Steve Christodoulou +61 (0) schristodoulou@savills.com.au Asset Management Jeffrey Klaebe +61 (0) jklaebe@savills.com.au City & Metropolitan Sales Steve Bobridge +61 (0) sbobridge@savills.com.au Occupier Services Mark Smith +61 (0) msmith@savills.com.au Savills Victoria Valuations Ben Koops +61 (0) bkoops@savills.com.au Capital Transactions James Girvan +61 (0) jgirvan@savills.com.au Office Leasing Mark Rasmussen +61 (0) mrasmussen@savills.com.au Project Management David Hayden +61 (0) dhayden@savills.com.au Asset Management Sarah Hendry +61 (0) shendry@savills.com.au CBD & Metropolitan Sales Clinton Baxter +61 (0) cbaxter@savills.com.au Occupier Services Marcus Tanti +61 (0) mtanti@savills.com.au Savills Western Australia Valuations Mark Foster-Key +61 (0) mfosterkey@savills.com.au Asset Management Jason Ridge +61 (0) jridge@savills.com.au Capital Transactions Graham Postma +61 (0) gpostma@savills.com.au City & Metropolitan Sales Chas Moore +61 (0) cmoore@savills.com.au Office Leasing Shelley Ritter +61 (0) sritter@savills.com.au Occupier Services Mark Smith +61 (0) msmith@savills.com.au Project Management Graham Nash +61 (0) gnash@savills.com.au savills.com.au/research 26