C O L L I E R S I N T E R N AT I O N A L. Global Office Real Estate Review

C O L L I E R S I N T E R N AT I O N A L Global Office Real Estate Review 2009 www.colliers.com

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2009 CONTENTS Table of Contents www.colliers.com Global Summary and Regional Synopses 1 5 GLOBAL OFFICE MARKETS EMEA* 6 7 North America 7 8 Asia Pacific and Latin America 8 CONSTRUCTION AND VACANCY EMEA 9 10 North America 10 11 Asia Pacific and Latin America 11 CENTRAL BUSINESS DISTRICT SURVEY EMEA Occupancy Costs 12 13 North America Occupancy Costs 13 14 Asia Pacific and Latin America Occupancy Costs 14 EMEA U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 15 16 North America U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 16 17 Asia Pacific and Latin America U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 17 SUBURBAN/OUT-OF-TOWN SURVEY EMEA Occupancy Costs 18 19 North America Occupancy Costs 19 20 Asia Pacific and Latin America Occupancy Costs 20 EMEA U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 21 22 North America U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 22 23 Asia Pacific and Latin America U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 23 Glossary 24 Colliers Office Locations 25 * EMEA Europe/Middle East/Africa REGIONAL RESEARCH CONTACTS North America Ross Moore ross.moore@colliers.com Europe/Middle East/Africa Kate Lawler kate.lawler@colliers.com Asia Pacific Simon Lo simon.lo@colliers.com Latin America Mario Rivera mario.rivera@colliers.com Australasia Felice Spark felice.spark@colliers.com Japan Yumiko Yasuda yumiko.yasuda@colliers.com For more detailed information, please go to http://www.colliers.com/ and view Colliers latest market reports. Colliers International 2009 Cover photo of Sydney, Australia

OFFICE REAL ESTATE REVIEW 2009 Global Office Market Fizzles OFFICE CONSTRUCTION TOP 50 CITIES UNDER CONSTRUCTION SF MILLION City (Ranked by Dec. 2008) Dec. 2008 June 2008 Dubai 40.9 42.0 Shanghai 35.4 41.6 Guangzhou 21.1 19.8 Paris 20.2 18.6 Beijing 15.3 12.3 Washington, DC - Metro 12.3 14.0 Bangalore 12.2 Seoul 11.6 13.4 São Paulo 11.2 15.6 Singapore 10.3 8.6 Saint Petersburg 10.0 12.2 Calgary 9.8 11.9 Mexico City 9.7 7.1 Sofia 9.7 7.9 Mumbai 9.6 Doha 8.8 9.1 Jakarta 8.5 8.6 Brussels 8.1 4.5 Chennai 7.9 Tokyo 7.8 7.8 Bogotá 7.7 6.3 Houston 6.3 9.7 Seattle 6.2 7.3 Munich 6.2 5.0 Toronto 6.1 5.4 Delhi 6.0 11.7 London City 5.9 7.2 Budapest 5.8 4.2 Lyon 5.3 Düsseldorf 5.3 0.6 Chicago 5.0 4.8 Santiago 4.8 4.9 New York - DT Manhattan 4.6 4.6 New York - MT Manhattan 4.5 4.7 Milan 4.3 5.4 Warsaw 4.3 5.4 Madrid 4.3 4.3 Atlanta 4.3 5.3 Abu Dhabi 4.0 5.0 Dallas/Ft.Worth 4.0 6.3 The Hague 3.9 1.2 Phoenix 3.6 6.9 Lima 3.6 1.2 Kyiv 3.5 12.2 Charlotte 3.4 4.5 Hamburg 3.4 2.3 Miami/Dade County 3.4 4.3 Boston 3.3 2.7 Amsterdam 3.2 3.7 Belgrade 3.2 4.4 In the face of a global economic downturn, office markets around the world posted decidedly weaker results at year-end compared with just six months prior. All regions of the world are now experiencing recession, or recessionary like conditions and as a result demand for office space is substantially reduced. In particular, the United States, Japan and much of Europe are key sources of weakness. At midyear, office markets in a limited number of key financial cities were the only markets reporting sluggish growth, however, weakness has now extended to almost all cities and all regions. All regions reported higher vacancies and most reported falling rents. In tandem with sluggish leasing conditions, office investment sales activity was limited with most regions reporting 2008 transaction activity less than half 2007 levels. The outlook for the balance of 2009 is for a further weakening in fundamentals and little prospect of recovery until early next year. All eyes will be on the United States, as the world s largest economy is the key to future growth and expansion. Europe, Middle East, Africa/EMEA Following the rise in the first half of 2008, the EMEA average vacancy rate jumped again in the second half, rising from 7.7% at mid-year to 8.9% by year-end. This trend was evident across most EMEA markets, as developments conceived during the boom were completed; it was even more pronounced in Eastern Europe and Middle East markets, where development pipelines were considerable, especially in the context of existing stock. Dramatic vacancy rate increases have taken place in Belgrade, Budapest, Kyiv, Moscow, Riga, Saint Petersburg, and Vilnius, all of which topped 10% vacancy at year-end 2008. More modest development pipelines over the past few years, have prevented these same substantial increases in some Western European markets, although Amsterdam, London, Rome, Frankfurt, and Dublin are also seeing vacancy rates above 10%. Speculative office space is difficult to lease and sub-leasing is an increasingly common trend. After hovering between 6.5% and 8.0% since the beginning of 2006, the amount of space under construction, expressed as a percent of total stock, has fallen to below 6.0% on a regional level as of year-end 2008. While many construction projects are so close to completion that it makes more financial sense to finish them, in some markets, projects less than 50% complete are either on hold or being shelved. In major Western European markets, the development pipelines (as a percentage of stock) are modest; however, this figure still exceeds 25.0% in Belgrade, Bucharest, Budapest, Dubai, Kyiv, Saint Petersburg, Sofia, Tallinn, and Tirana. Average Class A rents in the EMEA region declined by 6.0% in the second half of 2008, and further rental declines are forecast for 2009. Despite the overall downward trend in the latter half of last year, several major markets including Copenhagen, Frankfurt, Munich, Rome, and Abu Dhabi saw COLLIERS INTERNATIONAL 1

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2009 GLOBAL VACANCY RATES (%) Month/Year EMEA Asia Pacific U.S. Latin America June 03 9.5 14.7 15.1 18.5 Dec. 03 11.3 13.4 15.1 15.2 June 04 10.7 12.4 14.9 12.4 Dec. 04 11.7 14.0 14.2 12.2 June 05 9.7 8.6 14.2 11.5 Dec. 05 8.3 8.2 13.5 9.2 June 06 8.0 7.6 13.1 7.3 Dec. 06 7.4 7.1 12.6 7.6 June 07 6.8 7.7 12.4 5.2 Dec. 07 6.7 8.1 12.6 3.8 June 08 7.1 7.7 13.2 2.6 Dec. 08 8.4 8.9 14.2 3.7 EMEA VACANCY RATES (%) London Month/Year West End Paris Frankfurt Moscow June 03 11.7 5.8 12.0 6.7 Dec. 03 11.7 4.6 15.0 6.7 June 04 10.8 5.5 16.1 6.8 Dec. 04 10.7 5.7 17.7 6.6 June 05 10.9 5.5 16.7 6.3 Dec. 05 8.8 5.8 16.7 5.8 June 06 7.5 5.2 16.9 3.1 Dec. 06 6.4 5.2 15.6 2.4 June 07 5.2 5.0 15.3 2.6 Dec. 07 4.1 4.8 15.2 4.5 June 08 5.4 5.1 14.5 3.6 Dec. 08 6.1 5.4 14.7 9.5 NORTH AMERICA VACANCY RATES (%) Washington NY San Month/Year DC Midtown Toronto Francisco June 03 6.8 12.3 11.7 17.4 Dec. 03 7.2 11.8 11.7 16.9 June 04 7.4 11.4 10.9 17.0 Dec. 04 7.5 10.5 11.0 15.4 June 05 7.3 9.6 10.1 14.6 Dec. 05 7.2 8.0 9.8 13.2 June 06 7.2 7.4 9.4 12.4 Dec. 06 7.1 6.5 8.8 11.6 June 07 7.3 6.4 6.0 11.1 Dec. 07 7.4 6.8 5.6 9.9 June 08 7.6 8.2 5.2 10.4 Dec. 08 7.8 10.2 4.6 12.6 increasing rents. With the latest increases and decreases, the top three cities for office occupancy costs in the EMEA region are Moscow, London and Dubai. The trend for the first half of 2009 is more uniform across the region, with rental declines expected in the majority of the cities in this survey, including London, Moscow, Paris, Munich and Dubai. Rental increases are not expected in any major EMEA market in the first half of the year. In this environment, landlords are offering increased incentives and rent free periods in order to protect headline rents, and tenants are seeking move-in-ready office space in order to further cut costs. Asia Pacific The Asia Pacific region posted patchy results during the latter half of the year, with the regional vacancy rate increasing by 126 basis points to register 8.9%. This increase, however, was after the region s vacancy rate declined in the first half of 2008, and continues a rising trend which began at the beginning of 2007. The rise in vacancies during the second half of the year were largely the result of most Australian, Chinese and New Zealand markets reporting higher vacancies compared with that reported at midyear. Most major financial centers such as Hong Kong, Singapore, Tokyo, Shanghai and Sydney all showed more vacancy than six months ago, with Hong Kong and Shanghai reporting vacancies double from that recorded at midyear. Seoul posted the region s (and tied for the world s) lowest vacancy rate* of just 0.7%. Office rents within the region began to taper off in the final quarter, after managing a modest rise in the third. For the six month period, rents fell 2.0%. Despite the economic downturn, the Asia Pacific region remains characterized by high levels of office construction with Bangalore, Beijing, Guangzhou, Seoul, Shanghai and Singapore all with at least 10 million square feet of construction currently underway totaling 105.8 million square feet. On the demand side, the region is split with China and India in particular continuing to register positive growth rates, while Hong Kong, Japan, New Zealand, South Korea, Singapore and Taiwan are all expected to see their respective economies contract in 2009. In a ranking of highest occupancy costs (average Class A gross rents), Hong Kong took top spot, both within the region and the world at $178.00 USD per square foot with Tokyo second in the region (3rd spot worldwide) at $128.00 USD per square foot. * With city population of 1,000,000+ United States/Canada The U.S. office market turned decidedly more bearish in the second half of 2008 as companies gave back space and economic conditions worsened. Combined with relatively high levels of construction, the overall vacancy rate increased a full percentage point to average 14.2%. Rents began to reflect 2 COLLIERS INTERNATIONAL

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2009 weakness in the general economy, with downtown leasing rates down 8.5% while suburban lease rates fell a more modest 2.2%. Looking forward, office space fundamentals are sure to weaken as new supply is anticipated to stay relatively high for the next six to twelve months, and demand is expected to remain subdued the end of 2009 and into next year. Job losses continue to accelerate with businesses quick to dispose of excess space leaving leasing conditions exceptionally weak. Financial services and all sectors related to the housing industry will remain key sources of weakness in the coming months, but sectors outside these two large industry groups are also beginning to announce layoffs and consolidation. With signs the U.S. economy faces further contraction and a highly uncertain business environment, the office space market is unlikely to show any signs of expansion until well into 2010. Canadian markets, by comparison, continued to show growth, albeit modest by recent ASIA PACIFIC VACANCY RATES (%) Hong Month/Year Kong Shanghai Sydney Tokyo June 03 15.6 14.7 8.5 8.0 Dec. 03 13.8 11.0 9.5 8.0 June 04 10.0 10.0 10.3 7.5 Dec. 04 6.2 7.2 11.2 7.0 June 05 5.6 6.1 10.1 6.0 Dec. 05 5.0 5.0 9.6 5.0 June 06 4.2 5.4 9.4 4.0 Dec. 06 3.8 3.7 7.9 3.9 June 07 3.8 3.1 5.6 3.9 Dec. 07 1.7 2.5 3.7 2.5 June 08 1.5 4.7 4.3 3.5 Dec. 08 4.0 10.2 5.4 4.0 LATIN AMERICA VACANCY RATES (%) Mexico São Buenos Month/Year City Paulo Aires Bogotá June 03 19.0 13.4 18.7 6.8 Dec. 03 16.2 14.7 18.2 4.0 June 04 15.9 14.2 14.0 1.6 Dec. 04 15.4 15.5 9.9 2.1 June 05 16.5 14.8 7.6 2.1 Dec. 05 13.1 11.0 3.0 1.8 June 06 11.7 8.8 2.4 2.4 Dec. 06 10.4 7.6 1.8 1.6 June 07 8.0 5.9 2.9 1.3 Dec. 07 7.6 3.3 1.4 0.9 June 08 5.1 3.2 1.5 1.3 Dec. 08 5.1 1.2 2.9 3.2 GLOBAL OFFICE OCCUPANCY COSTS TOP 50 CITIES CLASS A/PRIME SPACE PSF USD City (Ranked by Dec. 2008) Dec. 2008 June 2008 Hong Kong 177.86 213.68 Moscow 139.41 167.29 Tokyo - (Central Wards) 128.40 129.01 London - West End 112.16 207.42 Dubai 104.95 96.12 Singapore 97.07 125.06 Mumbai 96.54 115.66 Abu Dhabi 91.80 75.89 Delhi 84.48 100.82 Doha 84.10 83.58 London - City 82.85 145.59 New York - MT Manhattan 82.11 96.95 Paris 80.56 88.04 Dublin 75.97 96.25 Saint Petersburg 71.28 90.99 London - Southbank 70.91 Kyiv 67.55 129.37 Rio de Janeiro 66.27 90.11 Boston 61.93 62.25 London - Docklands 61.51 109.69 Warsaw 59.45 58.1 NewYork - MTS Manhattan 59.33 62.08 Perth 57.74 80.34 Rome 57.64 56.49 Stockholm 57.44 74.63 New York - DT Manhattan 56.53 59.67 Geneva 56.32 58.37 Milan 55.02 61.63 Madrid 55.02 66.03 Birmingham 52.82 74.79 Shanghai 52.78 53.90 Sydney 52.60 68.74 Bristol 52.10 71.80 São Paulo 52.07 69.31 Munich 51.09 53.88 Edinburgh 50.65 71.80 Frankfurt 50.46 49.30 Washington, DC 50.18 51.07 Glasgow 49.20 67.81 Manchester 49.20 67.81 Beijing 48.63 47.12 Brisbane 47.79 66.95 Buenos Aires 47.40 49.52 Toronto 47.18 51.63 Istanbul 46.51 41.03 Calgary 45.34 57.86 Zurich 44.88 46.51 Miami/Dade County 44.10 43.02 San Francisco 43.09 54.02 Hamburg 42.44 46.66 COLLIERS INTERNATIONAL 3

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2009 GLOBAL CAPITALIZATION RATES/INITIALYIELDS 50 LOWEST CITIES CBD CAP RATE (%) City (Ranked by Dec. 2008) Dec. 2008 June 2008 Hong Kong 4.02 3.42 Tokyo 4.10 3.90 Taipei 4.35 4.80 Vienna 4.50 3.50 Geneva 4.50 4.50 Zurich 4.60 4.60 Munich 4.75 4.25 Los Angeles 5.00 5.00 Milan 5.00 4.75 Düsseldorf 5.12 5.25 Frankfurt 5.40 4.50 Stuttgart 5.40 5.20 Berlin 5.45 5.25 Hamburg 5.50 5.50 New York - MT Manhattan 5.50 5.00 Singapore 5.56 6.19 Belfast 5.75 5.25 Copenhagen 5.75 5.00 Vancouver 5.75 5.50 Stockholm 5.90 4.75 Toulouse 5.95 Bordeaux 6.00 5.85 Helsinki 6.00 5.20 Lisbon 6.00 London West End 6.00 6.00 Madrid 6.00 5.25 New York - MTS Manhattan 6.00 5.50 Paris 6.00 5.00 Rome 6.00 5.25 Brussels 6.25 5.70 San Francisco 6.25 6.00 Washington DC 6.30 5.75 Amsterdam 6.50 6.50 Antwerp 6.50 6.00 Budapest 6.50 Calgary 6.50 5.50 Edmonton 6.50 6.50 Lyon 6.50 5.90 Miami/Dade County 6.50 6.00 Oslo 6.50 5.90 Prague 6.50 Utrecht 6.50 Victoria 6.50 6.50 Warsaw 6.50 5.75 The Hague 6.60 Toronto 6.60 6.00 Ottawa 6.66 6.50 Athens 6.70 6.50 Beijing 6.70 6.23 Rotterdam 6.70 standards. With construction coming on line, vacancies, however, began to move higher while rents were more mixed. The Canadian market continues to demonstrate surprising strength, however, like the U.S., job losses are accelerating and there are increasing signs the economy is faltering after a long period of robust growth. Midtown Manhattan continued to hold the top spot for North American office occupancy costs with average Class A rents at $82.00 USD per square foot, although this represents a 15.5% decline from midyear. Latin America After a remarkable run, the Latin America region reversed course and registered higher vacancies across most markets. After a five year period of declining vacancy rates, the regional office vacancy rate increased by 116 basis points during the latter half of 2008 to average 3.7%, although Lima and Santiago still boasted vacancies below 1.0%. Rents were more mixed with both Brazilian markets (Rio de Janeiro and Sao Paulo) registering a slight increase, while the rest were flat or down. Office construction remained concentrated in Bogotá, Mexico City and Sao Paulo with 28.3 million square feet currently underway. For these three cities this represents a 2.4% decrease from construction underway at the end of 2007. Rio de Janeiro took top spot as the most expensive office market in the region with average Class A gross rents of $66.00 USD per square foot. Global Investment Sales Office investment sales continued to trend down in the last six months of 2008, with emerging markets showing similar declines as the developed world reversed a trend seen the first half of the year. Prices moved lower as capitalization rates/yields shifted higher in all regions of the world. The well-documented credit crunch, combined with a more sluggish global economy put a considerable damper on investment sales with investors pulling back and lenders tightening underwriting standards. De-leveraging across almost all asset classes, including real estate, put considerable downward pressure on prices as banks across the globe struggled to strengthen their respective balance sheets and prepare for a period of illiquidity. Office fundamentals worsened in all regions in the face of weakened demand, particularly from the financial services sector. While the global trend was down, regional differences were noticeable. For the year, global office transactions fell by 58%, falling from $1.2 trillion in 2007 to $504.1 billion during 2008. Only one region saw an increase in investment sales, with Middle East transactions totaling $5.0 billion, or a 72% increase over 2007 levels. All other regions saw office transactions decline, Australia-New Zealand was the hardest hit, falling 77.0% followed by the U.S. declining 75.0%. Of note, UK investment sales were down 58.0% and Western Europe with $133.2 billion was down 48.0%. 4 COLLIERS INTERNATIONAL

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2009 The most active office investment sales market in the world remained New York, however, sales volume dropped by 68% to $20.8 billion. Ranked number two and three were London ($16.4 billion) and Tokyo ($15.7 billion). With a slowdown in the global economy and the re-pricing of debt, an upward movement in capitalization rates/yields was witnessed in many markets. Key financial centers were particularly hard hit during the last six months of the year, with New York s Midtown submarket registering a dramatic outward movement in capitalization rates. At midyear Midtown Manhattan capitalization rates averaged 5.50% compared with 5.00% at midyear. Madrid and Frankfurt also saw capitalization rates increase rising by 75 and 90 basis points respectively. In Asia Pacific, capitalization rate movements were more mixed. In Tokyo, capitalization rates increased by 20 basis points, while Sydney yields were up by 125 basis points. By comparison, Singapore capitalization rates were down 63 basis points and Hong Kong up 40. In Canada, downtown Toronto capitalization rates increased by 60 basis points. As all financial assets get re-priced, capitalization rates are expected to drift higher as fundamentals weaken and credit markets remain brittle. Ross J. Moore Executive Vice President, Market and Economic Research Colliers International U.S.A., ross.moore@colliers.com COUNTRY GROWTH RATES (%) GLOBAL INVESTMENT TRANSACTIONS ALL PROPERTIES,TOP 20 CITIES Country (Ranked By 2008) 2008 2009F Peru 9.1 3.1 China 9.0 6.0 Slovakia 6.8 2.0 Indonesia 6.1 1.9 Argentina 6.0-2.7 Russia 6.0 1.0 Brazil 5.3 1.6 India 5.3 5.0 Malaysia 5.1-0.3 Poland 5.1 2.9 Philippines 4.3-0.5 Saudi Arabia 4.2 0.4 Israel 4.1 0.4 Czech Republic 4.0-1.4 Lithuania 3.7-4.8 Chile 3.5 1.0 Hong Kong 3.1-4.7 South Africa 3.0 1.0 Colombia 2.7-0.5 South Korea 2.6-5.9 Australia 2.2 0.3 Netherlands 1.8-1.6 Switzerland 1.8-1.0 Taiwan 1.8-3.5 GROSS DOMESTIC PRODUCT (GDP) Country (Ranked By 2008) 2008 2009F Finland 1.6-1.3 Mexico 1.5-1.8 Norway 1.5-1.0 Turkey 1.5-1.5 Austria 1.4-1.3 Belgium 1.3-1.3 Singapore 1.2-7.2 United States 1.2-2.0 Germany 1.1-2.5 Greece 1.1-1.8 Spain 1.1-2.3 Hungary 0.8-3.0 Britain 0.7-2.6 France 0.7-1.7 Sweden 0.6-1.0 Canada 0.5-0.7 Japan -0.2-3.2 Denmark -0.6-1.7 Italy -0.6-2.3 New Zealand -0.9-3.2 Latvia -1.8-8.0 Estonia -2.8-5.0 Ireland -2.9-4.0 City 2008 Volume 2007 Volume (Ranked By 2008) ($ Million) ($ Million) New York City - Metro 23.66 74.05 Tokyo 22.21 22.58 London 21.96 51.41 Los Angeles - Metro 10.24 40.57 Paris 10.04 26.37 Washington, DC - Metro 8.16 36.93 Hong Kong 7.96 10.25 Stockholm 7.38 8.21 Madrid 6.72 7.02 San Francisco - Metro 6.66 36.11 Singapore 6.65 13.38 Chicago 5.93 21.76 Atlanta 4.75 15.39 Dallas 4.65 13.37 South Florida 4.39 12.91 Houston 4.10 13.18 Seoul 4.08 7.96 Beijing 4.00 10.14 Moscow 3.80 5.44 Osaka 3.38 4.01 Source: RCA Analytics Bold = G7 Countries F = Forecast Source: Economist.com February 19, 2009 COLLIERS INTERNATIONAL 5

OFFICE MARKETS EXISTING INVENTORY DECEMBER 2008 GEOGRAPHIC CITY COUNTRY POPULATION SF SM AREA EUROPE, MIDDLE EAST, AFRICA (EMEA) Tirana Albania 343,000 588,572 54,700 CBD Vienna Austria 1,694,000 114,594,000 10,650,000 Metro Antwerp Belgium 469,000 21,520,000 2,000,000 CBD Brussels Belgium 1,040,000 139,880,000 13,000,000 Metro Sofia Bulgaria 1,126,000 9,404,240 874,000 Metro Zagreb Croatia 703,000 10,437,200 970,000 Metro Prague Czech Republic 1,181,000 27,021,459 2,511,288 Metro Copenhagen Denmark 1,083,000 119,436,000 11,100,000 Metro Tallinn Estonia 395,000 4,100,227 381,062 Metro Helsinki Finland 1,263,000 86,080,000 8,000,000 Metro Bordeaux France 230,000 21,928,880 2,038,000 Metro Lyon France 1,430,000 52,724,000 4,900,000 Metro Montpellier France 248,000 10,760,000 1,000,000 Metro Nantes France 281,800 Metro Paris France 11,819,000 538,000,000 50,000,000 Metro Toulouse France 374,000 35,508,000 3,300,000 Metro Berlin Germany 4,041,000 192,066,000 17,850,000 Metro Düsseldorf Germany 1,319,000 77,472,000 7,200,000 Metro Frankfurt Germany 3,134,000 124,816,000 11,600,000 Metro Hamburg Germany 3,267,000 136,974,800 12,730,000 Metro Munich Germany 2,312,000 233,922,400 21,740,000 Metro Stuttgart Germany 2,335,000 79,301,200 7,370,000 Metro Athens Greece 3,829,000 57,028,000 5,300,000 Metro Budapest Hungary 2,579,000 22,683,393 2,108,122 Metro Dublin Ireland 1,058,000 33,248,400 3,090,000 Metro Tel Aviv Israel 3,268,000 26,362,000 2,450,000 Metro Milan Italy 1,321,000 132,348,000 12,300,000 Metro Rome Italy 2,513,000 96,840,000 9,000,000 Metro Riga Latvia 808,000 3,077,360 286,000 Metro Kaunas Lithuania 358,000 393,816 36,600 Metro Klaipeda Lithuania 186,000 591,800 55,000 Metro Vilnius Lithuania 544,000 2,687,848 249,800 Metro Podgorica Montenegro 136,000 CBD Belfast N. Ireland 58000 7,500,000 697,026 CBD Amsterdam Netherlands 749,000 73,168,000 6,800,000 CBD Eindhoven Netherlands 242,000 15,171,600 1,410,000 CBD Rotterdam Netherlands 794,000 37,875,200 3,520,000 CBD The Hague Netherlands 720,000 49,496,000 4,600,000 CBD Utrecht Netherlands 266,000 26,900,000 2,500,000 CBD Oslo Norway 847,000 111,366,000 10,350,000 Metro Warsaw Poland 1,598,000 32,052,964 2,978,900 Metro Lisbon Portugal 564,657 45,964,331 4,271,778 Metro Doha Qatar 761,000 3,819,800 355,000 CBD Moscow Russia 9,430,000 101,466,800 9,430,000 Metro Saint Petersburg Russia 4,821,000 9,953,000 925,000 Metro Riyadh Saudi Arabia 4,087,152 CBD Belgrade Serbia 1,125,000 9,264,360 861,000 Metro Bratislava Slovakia 419,000 12,495,265 1,161,270 Metro Cape Town South Africa 4,715,000 8,102,495 753,020 CBD Durban South Africa 3,347,000 7,456,389 692,973 CBD Johannesburg South Africa 7,586,000 17,114,275 1,590,546 CBD Pretoria South Africa 2,253,000 5,079,376 472,061 CBD Sandton South Africa 126,000 13,679,973 1,271,373 CBD Madrid Spain 6,271,000 151,716,000 14,100,000 Metro Stockholm Sweden 1,738,000 17,861,600 1,660,000 CBD Geneva Switzerland 615,000 46,483,200 4,320,000 Metro Zurich Switzerland 1,025,000 108,891,200 10,120,000 Metro Istanbul Turkey 12,488,000 22,723,840 2,111,881 Metro Abu Dhabi United Arab Emerates 860,000 16,871,680 1,568,000 Metro 6 COLLIERS INTERNATIONAL CBD Central Business District Metro Metropolitan Area

OFFICE MARKETS EXISTING INVENTORY DECEMBER 2008 GEOGRAPHIC CITY COUNTRY POPULATION SF SM AREA EUROPE, MIDDLE EAST, AFRICA (EMEA) CONTINUED Dubai United Arab Emerates 2,262,000 37,660,000 3,500,000 Metro Kyiv Ukraine 2,500,000 10,598,600 985,000 Metro Birmingham United Kingdom 3,221,000 14,200,000 1,319,703 CBD Bristol United Kingdom 421,000 10,900,000 1,013,011 CBD Edinburgh United Kingdom 436,000 7,500,000 697,026 CBD Glasgow United Kingdom 631,000 13,500,000 1,254,647 CBD London City United Kingdom 12,577,000 92,200,000 8,568,773 CBD London Docklands United Kingdom 12,577,000 17,900,000 1,663,569 CBD London Southbank United Kingdom 12,577,000 19,000,000 1,765,799 CBD London West End United Kingdom 12,577,000 78,000,000 7,249,071 CBD Manchester United Kingdom 2,245,000 16,300,000 1,514,870 CBD NORTH AMERICA Calgary, AB Canada 994,000 55,644,492 5,171,421 Metro Edmonton, AB Canada 1,002,000 17,644,699 1,639,842 CBD Halifax, NS Canada 283,000 10,635,783 988,456 Metro Montreal, QC Canada 3,525,000 71,902,135 6,682,355 Metro Ottawa, ON Canada 1,064,000 34,424,818 3,199,333 Metro Regina, SK Canada 179,000 4,231,804 393,290 Metro Saskatoon, SK Canada 202,000 1,926,000 178,996 Metro Toronto, ON Canada 4,912,000 179,469,039 16,679,279 Metro Vancouver, BC Canada 2,126,000 52,193,332 4,850,681 Metro Victoria, BC Canada 305,000 7,990,371 742,600 Metro Atlanta, GA United States 4,112,000 232,521,561 21,609,811 Metro Bakersfield, CA United States 396,000 8,696,979 808,269 Metro Baltimore, MD United States 2,076,000 67,786,395 6,299,851 Metro Boise, ID United States 273,000 13,509,655 1,255,544 Metro Boston, MA United States 3,407,000 156,696,104 14,562,835 Metro Charleston, SC United States 183,000 9,966,571 926,261 Metro Charlotte, NC United States 759,000 74,567,711 6,930,085 Metro Chicago, IL United States 8,273,000 235,792,087 21,913,763 Metro Cincinnati, OH United States 1,503,000 32,139,992 2,986,988 Metro Cleveland, OH United States 2,246,000 98,938,217 9,195,002 Metro Columbia, SC United States 99,000 9,276,236 862,104 Metro Columbus, OH United States 50,000 26,225,517 2,437,316 Metro Dallas/Ft.Worth,TX United States 5,222,000 287,692,722 26,737,242 Metro Denver, CO United States 2,109,000 149,670,635 13,909,910 Metro Detroit, MI United States 4,472,000 130,198,567 12,100,239 Metro Fairfield, CA United States 112,000 3,571,598 331,933 Metro Fresno, CA United States 555,000 20,645,150 1,918,694 Metro Ft. Lauderdale/Broward County, FL United States 190,000 47,019,000 4,369,796 Metro Greenville, SC United States 84,000 7,471,442 694,372 Metro Hartford, CT United States 852,000 24,374,753 2,265,312 Metro Honolulu, HI United States 718,000 15,706,083 1,459,673 Metro Houston,TX United States 4,178,000 187,785,681 17,452,201 Metro Indianapolis, IN United States 1,219,000 31,392,000 2,917,472 Metro Jacksonville, FL United States 1,278,000 39,216,624 3,644,668 Metro Kansas City, MO-KS United States 1,967,000 46,509,000 4,322,398 Metro Las Vegas, NV United States 1,778,000 39,767,367 3,695,852 Metro Little Rock, AR United States 360,000 12,939,040 1,202,513 Metro Los Angeles - Inland Empire, CA United States 22,421,500 2,083,783 Metro Los Angeles, CA United States 9,519,000 193,136,900 17,949,526 Metro Louisville, KY United States 864,000 19,521,025 1,814,222 Metro Memphis,TN United States 1,275,000 38,577,489 3,585,268 Metro Miami/Dade County, FL United States 2,253,000 66,895,000 6,217,007 Metro Milwaukee,WI United States 1,309,000 28,454,598 2,644,479 Metro Minneapolis/St. Paul, MN United States 3,045,000 68,355,948 6,352,783 Metro Nashville,TN United States 750,000 32,238,730 2,996,164 Metro New Jersey - Central United States 103,955,076 9,661,252 Metro New Jersey - Northern United States 158,717,517 14,750,699 Metro CBD Central Business District Metro Metropolitan Area COLLIERS INTERNATIONAL 7

OFFICE MARKETS EXISTING INVENTORY DECEMBER 2008 GEOGRAPHIC CITY COUNTRY POPULATION SF SM AREA NORTH AMERICA CONTINUED New York - Fairfield County, CT United States 57,370,862 5,331,864 Metro New York - Westchester County, NY United States 44,228,655 4,110,470 Metro New York, NY - DT Manhattan United States 9,314,000 89,793,730 8,345,142 CBD New York, NY - MT Manhattan United States 9,314,000 254,882,555 23,687,970 CBD New York, NY - MTS Manhattan United States 9,314,000 98,339,499 9,139,359 CBD Oakland, CA United States 401,000 25,719,495 2,390,288 Metro Orange County, CA United States 3,029,000 75,616,500 7,027,556 Metro Orlando, FL United States 1,157,000 62,423,428 5,801,434 Metro Philadelphia, PA United States 5,101,000 149,668,544 13,909,716 Metro Phoenix, AZ United States 3,687,000 124,528,058 11,573,240 Metro Pleasanton/Walnut Creek, CA United States 130000 40,194,018 3,735,504 Metro Portland, OR United States 1,583,000 75,899,069 7,053,817 Metro Raleigh/Durham/Chapel Hill, NC United States 995,000 44,648,227 4,149,463 Metro Reno, NV United States 304,000 6,629,753 616,148 Metro Sacramento, CA United States 1,394,000 85,700,818 7,964,760 Metro San Diego County, CA United States 2,933,000 75,793,253 7,043,983 Metro San Francisco Pen./San Mateo County, CA United States 33,149,395 3,080,799 Metro San Francisco, CA United States 1,731,000 82,894,722 7,703,970 CBD San Jose/Silicon Valley, CA United States 1,683,000 59,066,693 5,489,470 Metro Santa Rosa/Sonoma County, CA United States 285,000 9,751,107 906,237 Metro Seattle,WA United States 2,415,000 92,088,900 8,558,448 Metro St. Louis, MO United States 2,647,000 49,784,000 4,626,766 Metro Stockton/San Joaquin County, CA United States 313,000 7,277,326 676,331 Metro Tampa, FL United States 2,062,000 78,878,353 7,330,702 Metro Washington, DC United States 4,923,000 113,523,044 10,550,469 Metro Washington, DC - N.Virginia United States 150,218,130 13,960,793 Metro Washington, DC - Suburban, MD United States 73,498,257 6,830,693 Metro West Palm Beach/Palm Beach County, FL United States 99,000 34,656,697 3,220,883 Metro ASIA PACIFIC Adelaide Australia 1,073,000 13,303,287 1,236,365 CBD Brisbane Australia 1,508,000 19,657,702 1,826,924 CBD Melbourne Australia 3,500,000 41,037,317 3,813,877 CBD Perth Australia 1,340,000 13,897,089 1,291,551 CBD Sydney Australia 4,232,000 51,122,880 4,751,197 CBD Beijing China 13,833,000 48,477,275 4,505,323 CBD Guangzhou China 6,560,000 55,544,756 5,162,152 CBD Hong Kong China 6,901,000 22,665,048 2,106,417 CBD Shanghai China 17,780,000 39,757,339 3,694,920 CBD Bangalore India 5,687,000 53,720,000 4,992,565 Metro Chennai India 6,425,000 38,000,000 3,531,599 Metro Delhi India 12,792,000 41,050,000 3,815,056 Metro Mumbai India 16,368,000 31,900,000 2,964,684 Metro Jakarta Indonesia 8,756,000 40,638,798 3,776,840 CBD Tokyo (Central Wards) Japan 12,290,000 666,313,000 61,925,000 CBD Auckland New Zealand 1,100,000 14,249,156 1,324,271 CBD Wellington New Zealand 400,000 15,510,540 1,441,500 CBD Singapore Singapore 4,164,000 46,952,132 4,363,581 CBD Seoul South Korea 11,000,000 79,204,984 7,361,058 CBD Taipei Taiwan 2,626,000 37,672,524 3,501,164 CBD LATIN AMERICA Buenos Aires Argentina 11,900,000 39,636,106 3,683,653 CBD Rio de Janeiro Brazil 11,226,000 31,749,145 2,950,664 CBD São Paulo Brazil 18,628,000 56,206,689 5,223,670 CBD Santiago Chile 4,657,000 21,835,548 2,029,326 CBD Bogotá Columbia 6,261,000 11,877,738 1,103,879 CBD San José Costa Rica 336,829 8,108,166 753,547 Metro Mexico City Mexico 16,900,000 58,232,496 5,411,942 Metro Lima Peru 7,195,000 4,352,485 404,506 Metro 8 COLLIERS INTERNATIONAL

OFFICE MARKETS UNDER CONSTRUCTION DECEMBER 2008 VACANCY RATE VACANCY RATE VACANCY RATE CITY COUNTRY SF SM DECEMBER 2007 (%) JUNE 2008 (%) DECEMBER 2008 (%) EUROPE, MIDDLE EAST, AFRICA (EMEA) Tirana Albania 400,272 37,200 2.0 4.0 Vienna Austria 1,614,000 150,000 5.2 5.5 5.6 Antwerp Belgium 645,600 60,000 5.5 6.0 7.5 Brussels Belgium 8,070,000 750,000 9.0 9.0 10.1 Sofia Bulgaria 9,737,800 905,000 3.7 5.1 9.1 Zagreb Croatia 613,320 57,000 15.0 20.0 4.0 Prague Czech Republic 5.0 5.5 9.0 Copenhagen Denmark 2,152,000 200,000 4.1 4.1 5.4 Tallinn Estonia 1,301,960 121,000 5.0 1.3 6.9 Helsinki Finland 2,152,000 200,000 8.2 8.0 7.8 Bordeaux France 5.3 6.1 Lyon France 5,326,200 495,000 6.5 5.0 Montpellier France 376,600 35,000 3.5 4.5 Paris France 20,228,800 1,880,000 4.8 5.0 5.4 Toulouse France 688,640 64,000 3.0 4.2 Berlin Germany 1,129,800 105,000 7.6 8.0 8.1 Düsseldorf Germany 5,278,361 490,554 9.2 10.4 8.4 Frankfurt Germany 2,087,440 194,000 15.2 15.3 14.7 Hamburg Germany 3,443,200 320,000 7.5 8.0 6.5 Munich Germany 6,187,000 575,000 7.1 7.1 7.1 Stuttgart Germany 261,468 24,300 6.4 6.2 6.2 Athens Greece 1,614,000 150,000 8.0 7.0 10.0 Budapest Hungary 5,773,816 536,600 12.2 11.5 16.8 Dublin Ireland 1,990,600 185,000 10.2 11.0 15.0 Tel Aviv Israel 1,076,000 100,000 2.7 2.4 5.5 Milan Italy 4,304,000 400,000 7.0 7.1 6.8 Rome Italy 1,076,000 100,000 4.5 4.3 10.0 Riga Latvia 1,269,680 118,000 6.6 4.8 15.0 Kaunas Lithuania 86,080 8,000 7.0 Klaipeda Lithuania 148,488 13,800 3.8 5.1 Vilnius Lithuania 1,100,748 102,300 1.3 1.6 11.0 Podgorica Montenegro 96,840 9,000 3.0 4.0 Belfast N. Ireland 500,000 500,000 15.0 15.0 Amsterdam Netherlands 3,228,000 300,000 9.8 10.0 17.5 Eindhoven Netherlands 376,600 35,000 14.0 15.3 13.0 Rotterdam Netherlands 2,161,684 200,900 15.0 13.0 The Hague Netherlands 3,895,120 362,000 13.0 14.0 Utrecht Netherlands 803,772 74,700 12.0 12.0 Oslo Norway 1,291,200 120,000 6.0 7.5 7.8 Warsaw Poland 4,304,000 400,000 3.1 4.0 2.9 Lisbon Portugal 1,317,024 122,400 7.1 Doha Qatar 8,807,060 818,500 5.0 5.0 5.0 Moscow Russia 0 1.6 1.0 9.5 Saint Petersburg Russia 9,985,280 928,000 4.5 2.6 13.8 Riyadh Saudi Arabia 5.5 3.0 Belgrade Serbia 3,228,000 300,000 11.1 10.9 12.0 Bratislava Slovakia 2,230,763 207,320 6.0 9.0 8.8 Cape Town South Africa 408,880 38,000 5.8 6.6 4.6 Durban South Africa 73,502 6,831 16.8 8.4 14.0 Johannesburg South Africa 147,498 13,708 15.1 16.0 8.2 Pretoria South Africa 161,400 15,000 3.4 1.4 2.5 Sandton South Africa 2,001,651 186,027 2.9 6.3 5.6 Madrid Spain 4,304,000 400,000 4.5 4.2 6.3 Stockholm Sweden 624,080 58,000 7.0 10.5 7.0 Geneva Switzerland 860,800 80,000 1.3 1.5 1.3 Zurich Switzerland 753,200 70,000 5.7 5.3 4.5 Istanbul Turkey 2,904,328 269,919 3.8 3.0 4.8 Abu Dhabi United Arab Emerates 3,981,200 370,000 1.0 2.0 2.0 COLLIERS INTERNATIONAL 9

OFFICE MARKETS UNDER CONSTRUCTION DECEMBER 2008 VACANCY RATE VACANCY RATE VACANCY RATE CITY COUNTRY SF SM DECEMBER 2007 (%) JUNE 2008 (%) DECEMBER 2008 (%) EUROPE, MIDDLE EAST, AFRICA (EMEA) CONTINUED Dubai United Arab Emerates 17,216,000 1,600,000 2.0 2.0 3.0 Kyiv Ukraine 3,475,480 323,000 0.8 2.0 11.5 Birmingham United Kingdom 670,000 670,000 13.0 15.9 16.3 Bristol United Kingdom 703,191 703,191 11.2 11.9 Edinburgh United Kingdom 647,859 647,859 13.1 13.2 Glasgow United Kingdom 818,480 818,480 7.0 9.8 London City United Kingdom 5,904,607 5,904,607 6.5 7.9 9.7 London Docklands United Kingdom 1,516,666 1,516,666 4.3 5.1 5.2 London Southbank United Kingdom 473,739 473,739 4.1 5.2 3.7 London West End United Kingdom 3,108,054 3,108,054 12.7 10.7 6.1 Manchester United Kingdom 479,000 479,000 12.7 12.1 15.3 NORTH AMERICA Calgary, AB Canada 9,760,450 9,760,450 3.2 3.7 4.7 Edmonton, AB Canada 898,264 898,264 3.7 3.8 3.9 Halifax, NS Canada 495,000 495,000 9.4 9.0 9.4 Montreal, QC Canada 141,000 141,000 9.1 6.6 6.4 Ottawa, ON Canada 360,000 360,000 5.6 6.5 6.3 Regina, SK Canada 68,000 68,000 2.3 1.6 1.5 Saskatoon, SK Canada 126,580 126,580 4.8 5.0 4.8 Toronto, ON Canada 6,145,489 6,145,489 5.6 5.2 4.6 Vancouver, BC Canada 616,986 616,986 4.7 4.0 4.6 Victoria, BC Canada 356,300 356,300 3.7 2.5 Atlanta, GA United States 4,261,293 4,261,293 11.7 14.6 15.0 Bakersfield, CA United States 109,602 109,602 4.8 7.9 9.0 Baltimore, MD United States 2,018,175 2,018,175 15.2 15.9 16.8 Boise, ID United States 187,560 187,560 13.7 13.6 14.6 Boston, MA United States 3,345,968 3,345,968 13.5 13.1 14.7 Charleston, SC United States 0 0 13.8 11.5 18.3 Charlotte, NC United States 3,447,744 3,447,744 9.6 10.1 10.4 Chicago, IL United States 4,972,152 4,972,152 15.9 16.0 16.5 Cincinnati, OH United States 1,889,362 1,889,362 19.0 19.2 19.9 Cleveland, OH United States 265,640 265,640 13.8 13.4 12.1 Columbia, SC United States 305,000 305,000 14.3 13.7 15.3 Columbus, OH United States 1,289,974 1,289,974 15.5 15.0 13.7 Dallas/Ft.Worth,TX United States 3,962,397 3,962,397 16.9 17.7 16.5 Denver, CO United States 2,391,188 2,391,188 12.3 12.3 15.8 Detroit, MI United States 290,558 290,558 19.7 17.9 17.6 Fairfield, CA United States 0 0 25.5 24.4 Fresno, CA United States 103,361 103,361 11.5 12.6 12.5 Ft. Lauderdale/Broward County, FL United States 468,794 468,794 11.8 12.1 12.9 Greenville, SC United States 60,000 60,000 12.5 18.9 18.2 Hartford, CT United States 0 0 16.3 17.0 17.1 Honolulu, HI United States 45,000 45,000 7.3 5.5 8.6 Houston,TX United States 6,261,904 6,261,904 12.0 12.5 12.8 Indianapolis, IN United States 0 0 17.3 17.0 18.7 Jacksonville, FL United States 0 0 11.6 12.5 13.2 Kansas City, MO-KS United States 810,000 810,000 15.8 16.1 17.1 Las Vegas, NV United States 1,449,840 1,449,840 12.9 17.6 21.0 Little Rock, AR United States 113,000 113,000 10.3 12.3 12.8 Los Angeles - Inland Empire, CA United States 896,400 896,400 16.1 18.6 Los Angeles, CA United States 1,554,600 1,554,600 11.1 11.8 12.9 Louisville, KY United States 0 0 12.5 11.0 11.9 Memphis,TN United States 158,520 158,520 13.2 13.3 12.8 Miami/Dade County, FL United States 3,388,679 3,388,679 9.5 11.6 13.0 Milwaukee,WI United States 0 0 12.4 15.4 16.8 Minneapolis/St. Paul, MN United States 1,161,050 1,161,050 16.2 17.4 17.4 Nashville,TN United States 1,029,000 1,029,000 10.3 10.4 11.6 New Jersey - Central United States 1,100,680 1,100,680 14.4 15.6 15.5 New Jersey - Northern United States 444,608 444,608 11.2 11.3 11.3 10 COLLIERS INTERNATIONAL

OFFICE MARKETS UNDER CONSTRUCTION DECEMBER 2008 VACANCY RATE VACANCY RATE VACANCY RATE CITY COUNTRY SF SM DECEMBER 2007 (%) JUNE 2008 (%) DECEMBER 2008 (%) NORTH AMERICA CONTINUED New York - Fairfield County, CT United States 975,278 975,278 15.0 15.2 16.4 New York - Westchester County, NY United States 0 0 15.9 16.6 16.0 New York, NY - DT Manhattan United States 4,600,000 4,600,000 6.8 8.6 10.2 New York, NY - MT Manhattan United States 4,530,000 4,530,000 6.8 8.2 10.2 New York, NY - MTS Manhattan United States 0 0 9.3 10.0 11.4 Oakland, CA United States 772,000 772,000 15.3 18.1 17.5 Orange County, CA United States 80,500 80,500 15.3 18.1 18.6 Orlando, FL United States 1,710,811 1,710,811 8.0 12.2 13.6 Philadelphia, PA United States 240,825 240,825 12.9 12.9 13.3 Phoenix, AZ United States 3,600,752 3,600,752 13.9 16.2 19.1 Pleasanton/Walnut Creek, CA United States 185,702 185,702 13.0 13.2 15.9 Portland, OR United States 1,464,283 1,464,283 9.9 9.8 9.6 Raleigh/Durham/Chapel Hill, NC United States 1,261,366 1,261,366 15.0 15.7 16.3 Reno, NV United States 0 0 15.5 19.2 19.1 Sacramento, CA United States 2,126,112 2,126,112 13.4 12.9 13.7 San Diego County, CA United States 1,383,703 1,383,703 13.9 14.9 17.1 San Francisco Pen./San Mateo County, CA United States 0 0 11.3 13.6 16.1 San Francisco, CA United States 466,000 466,000 9.9 10.4 12.6 San Jose/Silicon Valley, CA United States 2,887,175 2,887,175 8.8 12.2 14.5 Santa Rosa/Sonoma County, CA United States 195,441 195,441 24.8 24.4 25.5 Seattle,WA United States 6,203,879 6,203,879 10.1 10.0 11.8 St. Louis, MO United States 562,000 562,000 12.0 11.8 11.7 Stockton/San Joaquin County, CA United States 0 0 16.5 18.4 18.6 Tampa, FL United States 430,680 430,680 11.0 12.4 13.8 Washington, DC United States 8,636,032 8,636,032 7.4 7.9 7.8 Washington, DC - N.Virginia United States 1,856,456 1,856,456 11.3 10.9 12.9 Washington, DC - Suburban, MD United States 1,786,938 1,786,938 9.3 10.8 11.0 W. Palm Beach/Palm Beach County, FL United States 466,637 466,637 14.5 16.9 18.6 ASIA PACIFIC Adelaide Australia 516,480 48,000 4.4 3.9 3.4 Brisbane Australia 1,556,219 144,630 0.7 1.2 4.2 Melbourne Australia 2,703,988 251,300 4.4 3.1 4.8 Perth Australia 3,045,080 283,000 0.5 0.3 1.3 Sydney Australia 1,443,927 134,194 3.7 4.3 5.4 Beijing China 15,285,871 1,420,620 16.7 14.8 15.4 Guangzhou China 21,051,434 1,956,453 22.9 14.1 23.0 Hong Kong China 31,220 31,220 1.7 1.5 4.0 Shanghai China 35,354,767 3,285,759 2.7 5.4 10.2 Bangalore India 12,200,000 12,200,000 8.5 16.0 Chennai India 7,900,000 7,900,000 8.0 Delhi India 5,950,000 5,950,000 23.0 Mumbai India 9,622,000 9,622,000 17.0 Jakarta Indonesia 8,520,500 791,868 10.8 11.2 9.8 Tokyo Japan 7,811,760 726,000 2.5 3.5 4.0 Auckland New Zealand 848,749 78,880 8.6 7.0 7.7 Wellington New Zealand 1,109,356 103,100 4.8 4.9 5.0 Singapore Singapore 10,322,580 10,322,580 6.1 7.5 8.9 Seoul South Korea 11,568,162 1,075,108 0.5 0.7 0.7 Taipei Taiwan 1,885,680 52,380 6.2 6.3 7.0 LATIN AMERICA Buenos Aires Argentina 575,972 53,529 1.4 1.5 2.9 Rio de Janeiro Brazil 3,186,090 296,105 1.0 0.8 1.2 São Paulo Brazil 11,193,413 1,040,280 3.3 2.7 4.0 Santiago Chile 4,783,358 444,550 0.7 0.5 0.7 Bogotá Columbia 7,652,512 711,200 0.9 1.3 3.2 San José Costa Rica 896,416 83,310 5.5 7.7 10.8 Mexico City Mexico 9,737,940 905,013 7.6 5.1 6.1 Lima Peru 3,592,355 333,862 3.5 1.1 1.0 COLLIERS INTERNATIONAL 11

OFFICE MARKETS LOCAL MEASURE/CURRENCY CBD RENTS DECEMBER 2008 MEASURE EXCHANGE CLASS A TOP TOP QUOTED TIME RATE (USD) CLASS A GROSS CLASS A CLASS A CITY COUNTRY CURRENCY PERIOD UNIT DEC. 31, 2008 NET RENT RENT NET RENT GROSS RENT EUROPE, MIDDLE EAST, AFRICA (EMEA) Tirana Albania EUR Month SM 0.71 17.70 19.20 21.50 23.50 Vienna Austria EUR Month SM 0.71 18.00 21.00 24.00 28.00 Antwerp Belgium EUR Year SM 0.71 125.00 160.00 145.00 185.00 Brussels Belgium EUR Year SM 0.71 200.00 275.00 275.00 350.00 Sofia Bulgaria EUR Month SM 0.71 17.00 20.00 26.00 29.00 Zagreb Croatia EUR Month SM 0.71 16.00 22.00 18.50 25.50 Prague Czech Republic EUR Month SM 0.71 20.00 23.00 23.00 26.50 Copenhagen Denmark DKK Year SM 5.28 1,600.00 1,900.00 2,000.00 2,300.00 Tallinn Estonia EUR Month SM 0.71 16.00 19.00 20.00 23.60 Helsinki Finland EUR Month SM 0.71 23.00 26.00 26.00 30.00 Bordeaux France EUR Year SM 0.71 150.00 170.00 176.00 210.00 Lyon France EUR Year SM 0.71 195.00 260.00 Montpellier France EUR Year SM 0.71 135.00 178.00 Nantes France EUR Year SM 0.71 165.00 170.00 Paris France EUR Year SM 0.71 555.00 615.00 820.00 920.00 Toulouse France EUR Year SM 0.71 220.00 250.00 Berlin Germany EUR Month SM 0.71 23.00 26.50 28.00 32.50 Düsseldorf Germany EUR Month SM 0.71 15.20 25.00 Frankfurt Germany EUR Month SM 0.71 27.00 32.10 41.00 48.80 Hamburg Germany EUR Month sm 0.71 24.00 27.00 28.00 31.00 Munich Germany EUR Month SM 0.71 29.00 32.50 40.00 43.50 Stuttgart Germany EUR Month SM 0.71 18.00 21.50 20.50 23.50 Athens Greece EUR Month SM 0.71 21.00 25.00 25.00 30.50 Budapest Hungary EUR Month SM 0.71 14.50 18.00 26.00 31.50 Dublin Ireland EUR Year SM 0.71 484.00 580.00 645.00 740.00 Tel Aviv Israel ILS Month SM 3.79 89.25 123.00 120.00 155.00 Milan Italy EUR Year SM 0.71 380.00 420.00 600.00 660.00 Rome Italy EUR Year SM 0.71 400.00 440.00 550.00 610.00 Riga Latvia EUR Month SM 0.71 18.00 24.00 20.00 26.60 Kaunas Lithuania EUR Month SM 0.71 13.00 16.00 13.00 16.00 Vilnius Lithuania EUR Month SM 0.71 14.50 17.50 21.72 24.70 Podgorica Montenegro EUR Month SM 0.71 22.00 25.00 38.00 40.00 Belfast N. Ireland GBP Year SF 0.69 14.00 23.00 15.00 24.00 Amsterdam Netherlands EUR Year SM 0.71 205.00 225.00 243.00 270.00 Eindhoven Netherlands EUR Year SM 0.71 135.00 150.00 158.00 175.00 Rotterdam Netherlands EUR Year SM 0.71 149.00 165.00 167.00 185.00 The Hague Netherlands EUR Year SM 0.71 144.00 160.00 203.00 225.00 Utrecht Netherlands EUR Year SM 0.71 153.00 170.00 212.00 235.00 Oslo Norway NOK Year SM 7.06 2,700.00 2,900.00 3,300.00 3,500.00 Warsaw Poland EUR Month SM 0.71 26.00 37.82 33.00 46.36 Lisbon Portugal EUR Month SM 0.71 17.00 19.00 21.50 24.50 Doha Qatar QAR Month SM 3.65 250.00 275.00 275.00 300.00 Moscow Russia USD Year SM 1.00 1,125.00 1,500.00 1,600.00 1,900.00 Saint Petersburg Russia USD Year SM 1.00 650.00 767.00 860.00 1,185.00 Riyadh Saudi Arabia SAR Year SM 3.76 1,473.00 1,550.00 2,500.00 2,675.00 Belgrade Serbia EUR Month SM 0.71 17.00 20.00 21.00 24.00 Bratislava Slovakia EUR Month SM 0.71 12.00 15.50 14.00 17.50 Cape Town South Africa ZAR Month SM 9.46 104.04 125.00 109.04 130.00 Durban South Africa ZAR Month SM 9.46 60.29 80.00 80.29 100.00 Johannesburg South Africa ZAR Month SM 9.46 48.59 68.33 65.26 85.00 Pretoria South Africa ZAR Month SM 9.46 55.31 75.80 60.31 80.00 Sandton South Africa ZAR Month SM 9.46 114.15 140.00 139.15 165.00 Madrid Spain EUR Month SM 0.71 33.50 35.00 40.50 43.00 Stockholm Sweden SEK Year SM 7.77 4,300.00 4,800.00 4,700.00 5,200.00 Geneva Switzerland CHF Year SM 1.06 600.00 640.00 1,000.00 1,100.00 Zurich Switzerland CHF Year SM 1.06 480.00 510.00 920.00 950.00 Istanbul Turkey USD Month SM 1.00 36.00 41.70 56.30 63.40 Abu Dhabi United Arab Emerates AED Year SM 3.67 3,300.00 3,630.00 4,780.00 5,280.00 12 COLLIERS INTERNATIONAL

OFFICE MARKETS LOCAL MEASURE/CURRENCY CBD RENTS DECEMBER 2008 MEASURE EXCHANGE CLASS A TOP TOP QUOTED TIME RATE (USD) CLASS A GROSS CLASS A CLASS A CITY COUNTRY CURRENCY PERIOD UNIT DEC. 31, 2008 NET RENT RENT NET RENT GROSS RENT EUROPE, MIDDLE EAST, AFRICA (EMEA) CONTINUED Dubai United Arab Emerates AED Year SM 3.67 3,770.00 4,150.00 4,520.00 4,970.00 Kyiv Ukraine USD Month SM 1.00 50.47 60.57 78.99 90.85 Birmingham United Kingdom GBP Year SF 0.69 24.00 36.50 32.00 47.00 Bristol United Kingdom GBP Year SF 0.69 24.00 36.00 27.50 39.50 Edinburgh United Kingdom GBP Year SF 0.69 23.00 35.00 28.50 40.00 Glasgow United Kingdom GBP Year SF 0.69 23.00 34.00 28.50 40.00 London City United Kingdom GBP Year SF 0.69 41.25 57.25 55.00 71.00 London Docklands United Kingdom GBP Year SF 0.69 26.50 42.50 35.00 51.00 London Southbank United Kingdom GBP Year SF 0.69 33.00 49.00 41.00 57.00 London West End United Kingdom GBP Year SF 0.69 61.50 77.50 85.00 101.00 Manchester United Kingdom GBP Year SF 0.69 22.00 34.00 28.50 42.50 NORTH AMERICA Calgary, AB Canada CAD Year SF 1.22 55.50 60.00 Edmonton, AB Canada CAD Year SF 1.22 32.50 45.53 39.64 52.67 Halifax, NS Canada CAD Year SF 1.22 15.87 30.58 19.58 34.29 Montreal, QC Canada CAD Year SF 1.22 8.93 27.57 34.84 53.48 Ottawa, ON Canada CAD Year SF 1.22 25.50 50.50 5.00 30.00 Regina, SK Canada CAD Year SF 1.22 21.00 33.00 24.60 36.60 Saskatoon, SK Canada CAD Year SF 1.22 19.36 30.11 19.36 30.11 Toronto, ON Canada CAD Year SF 1.22 30.00 57.75 42.64 70.39 Vancouver, BC Canada CAD Year SF 1.22 26.00 44.00 47.00 65.00 Victoria, BC Canada CAD Year SF 1.22 23.00 37.00 31.00 45.00 Atlanta, GA United States USD Year SF 1.00 10.60 22.95 27.65 40.00 Bakersfield, CA United States USD Year SF 1.00 9.44 17.40 13.04 21.00 Baltimore, MD United States USD Year SF 1.00 11.99 24.13 21.28 33.42 Boise, ID United States USD Year SF 1.00 13.92 19.92 16.50 22.50 Boston, MA United States USD Year SF 1.00 43.93 61.93 57.00 75.00 Charleston, SC United States USD Year SF 1.00 19.00 28.00 23.00 32.00 Charlotte, NC United States USD Year SF 1.00 23.16 32.16 29.00 38.00 Chicago, IL United States USD Year SF 1.00 19.50 39.00 35.50 55.00 Cincinnati, OH United States USD Year SF 1.00 13.87 23.55 20.32 30.00 Cleveland, OH United States USD Year SF 1.00 11.11 19.87 20.24 29.00 Columbia, SC United States USD Year SF 1.00 13.03 20.43 14.60 22.00 Columbus, OH United States USD Year SF 1.00 14.96 22.84 22.00 29.88 Dallas/Ft.Worth,TX United States USD Year SF 1.00 14.50 26.00 25.50 37.00 Denver, CO United States USD Year SF 1.00 21.90 34.00 28.90 41.00 Detroit, MI United States USD Year SF 1.00 22.34 26.05 Fairfield, CA United States USD Year SF 1.00 31.32 Fresno, CA United States USD Year SF 1.00 18.40 26.40 23.20 31.20 Ft. Lauderdale/Broward County, FL United States USD Year SF 1.00 18.40 32.60 32.80 47.00 Greenville, SC United States USD Year SF 1.00 12.92 21.92 16.00 25.00 Hartford, CT United States USD Year SF 1.00 11.79 23.79 13.00 25.00 Honolulu, HI United States USD Year SF 1.00 21.31 37.40 27.91 44.00 Houston,TX United States USD Year SF 1.00 22.71 38.41 30.53 46.23 Indianapolis, IN United States USD Year SF 1.00 10.98 20.56 15.92 25.50 Jacksonville, FL United States USD Year SF 1.00 11.80 21.00 15.80 25.00 Kansas City, MO-KS United States USD Year SF 1.00 11.63 20.00 18.13 26.50 Las Vegas, NV United States USD Year SF 1.00 39.27 42.00 Little Rock, AR United States USD Year SF 1.00 9.15 15.75 13.15 19.75 Los Angeles, CA United States USD Year SF 1.00 22.11 37.56 26.55 42.00 Louisville, KY United States USD Year SF 1.00 21.41 23.50 Memphis,TN United States USD Year SF 1.00 8.97 16.87 14.07 21.97 Miami/Dade County, FL United States USD Year SF 1.00 28.70 44.10 33.50 48.90 Milwaukee,WI United States USD Year SF 1.00 11.00 22.00 15.00 26.00 Minneapolis/St. Paul, MN United States USD Year SF 1.00 15.06 27.15 29.26 41.35 Nashville,TN United States USD Year SF 1.00 11.67 19.42 19.25 27.00 New York, NY - DT Manhattan United States USD Year SF 1.00 32.53 56.53 51.00 75.00 New York, NY - MT Manhattan United States USD Year SF 1.00 55.61 82.11 98.50 125.00 COLLIERS INTERNATIONAL 13

OFFICE MARKETS LOCAL MEASURE/CURRENCY CBD RENTS DECEMBER 2008 MEASURE EXCHANGE CLASS A TOP TOP QUOTED TIME RATE (USD) CLASS A GROSS CLASS A CLASS A CITY COUNTRY CURRENCY PERIOD UNIT DEC. 31, 2008 NET RENT RENT NET RENT GROSS RENT NORTH AMERICA CONTINUED New York, NY - MTS Manhattan United States USD Year SF 1.00 32.83 59.33 53.50 80.00 Oakland, CA United States USD Year SF 1.00 14.33 33.96 17.57 37.20 Orlando, FL United States USD Year SF 1.00 14.82 28.32 21.50 35.00 Philadelphia, PA United States USD Year SF 1.00 14.43 25.66 26.27 37.50 Phoenix, AZ United States USD Year SF 1.00 17.14 31.15 27.99 42.00 Pleasanton/Walnut Creek, CA United States USD Year SF 1.00 26.23 27.36 46.87 48.00 Portland, OR United States USD Year SF 1.00 12.38 25.38 20.33 33.33 Raleigh/Durham/Chapel Hill, NC United States USD Year SF 1.00 14.70 23.00 20.65 28.95 Reno, NV United States USD Year SF 1.00 12.42 22.92 15.30 25.80 Sacramento, CA United States USD Year SF 1.00 22.40 34.20 29.96 41.76 San Diego County, CA United States USD Year SF 1.00 34.44 47.04 San Francisco, CA United States USD Year SF 1.00 43.09 68.00 San Jose/Silicon Valley, CA United States USD Year SF 1.00 26.76 40.80 34.56 48.60 Santa Rosa/Sonoma County, CA United States USD Year SF 1.00 14.76 22.68 25.08 33.00 Seattle,WA United States USD Year SF 1.00 36.20 45.50 St. Louis, MO United States USD Year SF 1.00 10.96 20.58 12.38 22.00 Stockton/San Joaquin County, CA United States USD Year SF 1.00 14.92 20.64 26.08 31.80 Tampa, FL United States USD Year SF 1.00 11.51 22.51 16.70 27.70 Washington, DC United States USD Year SF 1.00 22.18 50.18 52.00 80.00 W. Palm Beach/Palm Beach County, FL United States USD Year SF 1.00 25.81 40.16 50.65 65.00 ASIA PACIFIC Adelaide Australia AUD Year SM 1.45 350.00 430.00 265.00 345.00 Brisbane Australia AUD Year SM 1.45 660.00 745.00 950.00 1,000.00 Melbourne Australia AUD Year SM 1.45 370.00 460.00 585.00 685.00 Perth Australia AUD Year SM 1.45 750.00 900.00 800.00 950.00 Sydney Australia AUD Year SM 1.45 697.00 820.00 1,030.00 1,150.00 Beijing China RMB Month SM 6.85 268.88 298.88 310.00 340.00 Guangzhou China RMB Month SM 6.85 90.00 108.00 106.00 128.00 Hong Kong China HKD Month SF 7.75 99.26 114.88 159.10 181.26 Bangalore India INR Month SF 49.72 65.00 75.00 85.00 100.00 Chennai India INR Month SF 49.72 64.00 75.00 72.00 85.00 Delhi India INR Month SF 49.72 297.00 350.00 348.00 410.00 Mumbai India INR Month SF 49.72 340.00 400.00 385.00 450.00 Jakarta Indonesia IDR Month SM 11,123.50 96,553.00 146,513.00 298,350.00 353,600.00 Tokyo Japan JPY Year SM 90.38 124,872.00 181,500.00 Auckland New Zealand NZD Year SM 1.73 356.00 456.00 620.00 720.00 Wellington New Zealand NZD Year SM 1.73 355.00 455.00 500.00 600.00 Singapore Singapore SGD Month SF 1.44 9.58 11.67 15.60 18.50 Seoul South Korea KRW Month SM 1,265.82 22,038.00 31,872.00 37,508.00 54,245.00 Taipei Taiwan NTD Month Ping 32.82 4,375.00 3,500.00 2,000.00 1,600.00 LATIN AMERICA Buenos Aires Argentina USD Month SM 1.00 36.70 42.50 43.30 49.80 Rio de Janeiro Brazil BRL Month SM 2.36 120.00 140.00 140.00 180.00 São Paulo Brazil BRL Month SM 2.36 90.00 110.00 130.00 155.00 Santiago Chile USD Month SM 1.00 18.95 21.95 21.80 24.80 Bogotá Columbia USD Month SM 1.00 24.00 27.00 32.50 35.50 San José Costa Rica USD Month SM 1.00 17.90 19.88 22.90 25.60 Mexico City Mexico USD Month SM 1.00 30.00 34.00 35.00 39.00 Lima Peru USD Month SM 1.00 16.00 18.50 17.50 20.00 14 COLLIERS INTERNATIONAL

OFFICE MARKETS U.S. DOLLARS CBD MARKETS DECEMBER 2008 CLASS A CLASS A TOP CLASS A TOP CLASS A CBD SALES CBD CAP 10YEAR NET RENT GROSS RENT NET RENT GROSS RENT PRICE RATE/INITIAL GOV T CITY COUNTRY (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USD) YIELD (%) BONDS (%) EUROPE, MIDDLE EAST, AFRICA (EMEA) Tirana Albania 27.82 30.18 33.80 36.94 2.97 Vienna Austria 28.29 33.01 37.72 44.01 851.43 4.50 4.31 Antwerp Belgium 16.37 20.96 18.99 24.23 281.63 6.50 4.16 Brussels Belgium 26.20 36.02 36.02 45.85 523.96 6.25 4.16 Sofia Bulgaria 26.72 31.44 40.87 45.58 2.97 Zagreb Croatia 25.15 34.58 29.08 40.08 261.98 6.70 2.97 Prague Czech Republic 31.44 36.15 36.15 41.65 6.50 4.53 Copenhagen Denmark 28.17 33.45 35.21 40.49 607.36 5.75 3.66 Tallinn Estonia 25.15 29.87 31.44 37.10 261.98 8.50 2.97 Helsinki Finland 36.15 40.87 40.87 47.16 654.95 6.00 2.97 Bordeaux France 19.65 22.27 23.05 27.51 327.47 6.00 3.49 Lyon France 25.54 34.06 6.50 3.49 Montpellier France 17.68 23.32 275.08 7.50 3.49 Nantes France 21.61 22.27 6.85 3.49 Paris France 72.70 80.56 107.41 120.51 1,571.87 3.49 Toulouse France 28.82 32.75 360.22 5.95 3.49 Berlin Germany 36.15 41.65 44.01 51.09 615.65 5.45 2.97 Düsseldorf Germany 23.89 39.30 687.69 5.12 2.97 Frankfurt Germany 42.44 50.46 64.45 76.71 720.44 5.40 2.97 Hamburg Germany 37.72 42.44 44.01 48.73 589.45 5.50 2.97 Munich Germany 45.58 51.09 62.87 68.38 890.73 4.75 2.97 Stuttgart Germany 28.29 33.80 32.22 36.94 523.96 5.40 2.97 Athens Greece 33.01 39.30 39.30 47.94 654.95 6.70 5.96 Budapest Hungary 22.79 28.29 40.87 49.51 6.50 11.30 Dublin Ireland 63.40 75.97 84.49 96.93 1,395.03 6.75 2.97 Tel Aviv Israel 26.27 36.20 35.32 45.62 269.79 9.50 3.08 Milan Italy 49.78 55.02 78.59 86.45 1,047.91 5.00 4.32 Rome Italy 52.40 57.64 72.04 79.90 785.93 6.00 2.97 Riga Latvia 28.29 37.72 31.44 41.81 261.98 8.50 2.97 Kaunas Lithuania 20.43 25.15 20.43 25.15 2.97 Vilnius Lithuania 22.79 27.51 34.14 38.83 8.25 2.97 Podgorica Montenegro 34.58 39.30 59.73 62.87 379.87 9.00 2.97 Belfast N. Ireland 20.26 33.29 21.71 34.73 405.21 5.75 5.41 Amsterdam Netherlands 26.85 29.47 31.83 35.37 353.67 6.50 3.67 Eindhoven Netherlands 17.68 19.65 20.70 22.92 353.67 7.30 3.67 Rotterdam Netherlands 19.52 21.61 21.88 24.23 392.97 6.70 3.67 The Hague Netherlands 18.86 20.96 26.59 29.47 445.36 6.60 3.67 Utrecht Netherlands 20.04 22.27 27.77 30.78 392.97 6.50 3.67 Oslo Norway 35.55 38.18 43.45 46.08 638.04 6.50 3.70 Warsaw Poland 40.87 59.45 51.87 72.87 622.20 6.50 6.13 Lisbon Portugal 26.72 29.87 33.80 38.51 458.46 6.00 2.97 Doha Qatar 76.46 84.10 84.10 91.75 433.26 9.00 Moscow Russia 104.55 139.41 148.70 176.58 604.09 14.00 12.44 Saint Petersburg Russia 60.41 71.28 79.93 110.13 557.62 11.00 12.44 Riyadh Saudi Arabia 36.44 38.34 61.85 66.17 766.89 7.50 Belgrade Serbia 26.72 31.44 33.01 37.72 340.57 8.00 2.97 Bratislava Slovakia 18.86 24.36 22.01 27.51 7.75 2.97 Cape Town South Africa 12.26 14.73 12.85 15.32 147.29 9.50 8.55 Durban South Africa 7.10 9.43 9.46 11.78 98.19 9.00 8.55 Johannesburg South Africa 5.73 8.05 7.69 10.02 108.01 11.00 8.55 Pretoria South Africa 6.52 8.93 7.11 9.43 58.91 12.00 8.55 Sandton South Africa 13.45 16.50 16.40 19.44 196.38 10.00 8.55 Madrid Spain 52.66 55.02 63.66 67.59 943.12 6.00 4.00 Stockholm Sweden 51.45 57.44 56.24 62.22 897.47 5.90 2.86 Geneva Switzerland 52.80 56.32 88.00 96.80 1,496.00 4.50 1.83 Zurich Switzerland 42.24 44.88 80.96 83.60 922.24 4.60 1.83 Istanbul Turkey 40.15 46.51 62.79 70.71 9.50 7.98 COLLIERS INTERNATIONAL 15

OFFICE MARKETS U.S. DOLLARS CBD MARKETS DECEMBER 2008 CLASS A CLASS A TOP CLASS A TOP CLASS A CBD SALES CBD CAP 10YEAR NET RENT GROSS RENT NET RENT GROSS RENT PRICE RATE/INITIAL GOV T CITY COUNTRY (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USD) YIELD (%) BONDS (%) EUROPE, MIDDLE EAST, AFRICA (EMEA) CONTINUED Abu Dhabi United Arab Emerates 83.46 91.80 120.88 133.53 682.82 12.00 Dubai United Arab Emerates 95.34 104.95 114.31 125.69 1,062.16 9.00 Kyiv Ukraine 56.29 67.55 88.10 101.32 15.00 Birmingham United Kingdom 34.73 52.82 46.31 68.02 7.00 3.38 Bristol United Kingdom 34.73 52.10 39.80 57.16 7.00 3.38 Edinburgh United Kingdom 33.29 50.65 41.24 57.89 7.00 3.38 Glasgow United Kingdom 33.29 49.20 41.24 57.89 7.00 3.38 London City United Kingdom 59.70 82.85 79.59 102.75 6.75 3.38 London Docklands United Kingdom 38.35 61.51 50.65 73.81 7.00 3.38 London Southbank United Kingdom 47.76 70.91 59.33 82.49 7.00 3.38 London West End United Kingdom 89.00 112.16 123.01 146.16 6.00 3.38 Manchester United Kingdom 31.84 49.20 41.24 61.51 7.00 3.38 NORTH AMERICA Calgary, AB Canada 45.34 49.02 428.92 6.50 2.86 Edmonton, AB Canada 26.55 37.20 32.39 43.03 224.67 6.50 2.86 Halifax, NS Canada 12.97 24.98 16.00 28.01 2.86 Montreal, QC Canada 7.30 22.52 28.46 43.69 2.86 Ottawa, ON Canada 20.83 41.26 4.08 24.51 6.66 2.86 Regina, SK Canada 17.16 26.96 20.10 29.90 106.21 7.70 2.86 Saskatoon, SK Canada 15.82 24.60 15.82 24.60 142.97 8.00 2.86 Toronto, ON Canada 24.51 47.18 34.84 57.51 339.05 6.60 2.86 Vancouver, BC Canada 21.24 35.95 38.40 53.10 408.50 5.75 2.86 Victoria, BC Canada 18.79 30.23 25.33 36.76 265.52 6.50 2.86 Atlanta, GA United States 10.60 22.95 27.65 40.00 170.00 7.25 2.73 Bakersfield, CA United States 9.44 17.40 13.04 21.00 170.00 2.73 Baltimore, MD United States 11.99 24.13 21.28 33.42 210.00 8.00 2.73 Boise, ID United States 13.92 19.92 16.50 22.50 150.00 7.60 2.73 Boston, MA United States 43.93 61.93 57.00 75.00 245.00 7.00 2.73 Charleston, SC United States 19.00 28.00 23.00 32.00 300.00 7.50 2.73 Charlotte, NC United States 23.16 32.16 29.00 38.00 275.00 8.00 2.73 Chicago, IL United States 19.50 39.00 35.50 55.00 275.00 6.75 2.73 Cincinnati, OH United States 13.87 23.55 20.32 30.00 2.73 Cleveland, OH United States 11.11 19.87 20.24 29.00 115.00 10.00 2.73 Columbia, SC United States 13.03 20.43 14.60 22.00 2.73 Columbus, OH United States 14.96 22.84 22.00 29.88 65.00 2.73 Dallas/Ft.Worth,TX United States 14.50 26.00 25.50 37.00 2.73 Denver, CO United States 21.90 34.00 28.90 41.00 235.00 7.25 2.73 Detroit, MI United States 0.00 22.34 0.00 26.05 2.73 Fairfield, CA United States 0.00 31.32 2.73 Fresno, CA United States 18.40 26.40 23.20 31.20 185.00 8.50 2.73 Ft. Lauderdale/Broward County, FL United States 18.40 32.60 32.80 47.00 2.73 Greenville, SC United States 12.92 21.92 16.00 25.00 165.00 8.00 2.73 Hartford, CT United States 11.79 23.79 13.00 25.00 2.73 Honolulu, HI United States 21.31 37.40 27.91 44.00 2.73 Houston,TX United States 22.71 38.41 30.53 46.23 185.00 6.80 2.73 Indianapolis, IN United States 10.98 20.56 15.92 25.50 2.73 Jacksonville, FL United States 11.80 21.00 15.80 25.00 115.00 8.00 2.73 Kansas City, MO-KS United States 11.63 20.00 18.13 26.50 245.00 7.50 2.73 Las Vegas, NV United States 0.00 39.27 0.00 42.00 2.73 Little Rock, AR United States 9.15 15.75 13.15 19.75 80.00 8.75 2.73 Los Angeles, CA United States 22.11 37.56 26.55 42.00 285.00 5.00 2.73 Louisville, KY United States 0.00 21.41 0.00 23.50 2.73 Memphis,TN United States 8.97 16.87 14.07 21.97 2.73 Miami/Dade County, FL United States 28.70 44.10 33.50 48.90 345.00 6.50 2.73 Milwaukee,WI United States 11.00 22.00 15.00 26.00 225.00 8.00 2.73 Minneapolis/St. Paul, MN United States 15.06 27.15 29.26 41.35 175.00 8.00 2.73 Nashville,TN United States 11.67 19.42 19.25 27.00 175.00 8.25 2.73 16 COLLIERS INTERNATIONAL

OFFICE MARKETS U.S. DOLLARS CBD MARKETS DECEMBER 2008 CLASS A CLASS A TOP CLASS A TOP CLASS A CBD SALES CBD CAP 10YEAR NET RENT GROSS RENT NET RENT GROSS RENT PRICE RATE/INITIAL GOV T CITY COUNTRY (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USD) YIELD (%) BONDS (%) NORTH AMERICA CONTINUED New York, NY - DT Manhattan United States 32.53 56.53 51.00 75.00 2.73 New York, NY - MT Manhattan United States 55.61 82.11 98.50 125.00 500.00 5.50 2.73 New York, NY - MTS Manhattan United States 32.83 59.33 53.50 80.00 450.00 6.00 2.73 Oakland, CA United States 14.33 33.96 17.57 37.20 240.00 8.00 2.73 Orlando, FL United States 14.82 28.32 21.50 35.00 190.00 7.70 2.73 Philadelphia, PA United States 14.43 25.66 26.27 37.50 145.00 8.00 2.73 Phoenix, AZ United States 17.14 31.15 27.99 42.00 185.00 7.80 2.73 Pleasanton/Walnut Creek, CA United States 26.23 27.36 46.87 48.00 300.00 7.20 2.73 Portland, OR United States 12.38 25.38 20.33 33.33 260.00 7.00 2.73 Raleigh/Durham/Chapel Hill, NC United States 14.70 23.00 20.65 28.95 2.73 Reno, NV United States 12.42 22.92 15.30 25.80 150.00 8.00 2.73 Sacramento, CA United States 22.40 34.20 29.96 41.76 250.00 7.40 2.73 San Diego County, CA United States 0.00 34.44 0.00 47.04 2.73 San Francisco, CA United States 0.00 43.09 0.00 68.00 405.00 6.25 2.73 San Jose/Silicon Valley, CA United States 26.76 40.80 34.56 48.60 2.73 Santa Rosa/Sonoma County, CA United States 14.76 22.68 25.08 33.00 2.73 Seattle,WA United States 0.00 36.20 0.00 45.50 2.73 St. Louis, MO United States 10.96 20.58 12.38 22.00 100.00 9.75 2.73 Stockton/San Joaquin County, CA United States 14.92 20.64 26.08 31.80 160.00 8.75 2.73 Tampa, FL United States 11.51 22.51 16.70 27.70 160.00 8.00 2.73 Washington, DC United States 22.18 50.18 52.00 80.00 545.00 6.30 2.73 W. Palm Beach/Palm Beach County, FL United States 25.81 40.16 50.65 65.00 2.73 ASIA PACIFIC Adelaide Australia 22.45 27.59 17.00 22.13 352.84 8.50 4.08 Brisbane Australia 42.34 47.79 60.94 64.15 561.33 8.25 4.08 Melbourne Australia 23.74 29.51 37.53 43.94 384.91 7.25 4.08 Perth Australia 48.11 57.74 51.32 60.94 8.00 4.08 Sydney Australia 44.71 52.60 66.08 73.77 517.71 7.25 4.08 Beijing China 43.75 48.63 50.44 55.32 348.32 6.70 3.16 Guangzhou China 14.64 17.57 17.25 20.83 247.64 6.90 3.16 Hong Kong China 153.68 177.86 246.33 280.64 1,961.76 4.02 1.49 Shanghai China 5,107.33 7.60 3.16 Bangalore India 15.69 18.10 20.52 24.14 205.16 11.00 7.06 Chennai India 15.45 18.10 17.38 20.52 201.14 9.60 7.06 Delhi India 71.68 84.48 83.99 98.96 1,005.68 10.00 7.06 Mumbai India 82.06 96.54 92.92 108.61 905.11 12.50 7.06 Jakarta Indonesia 9.68 14.69 29.91 35.45 151.40 10.05 10.32 Tokyo Japan 128.40 186.63 2,887.72 4.10 1.25 Auckland New Zealand 19.14 24.52 33.33 38.71 247.32 7.75 4.55 Wellington New Zealand 19.09 24.46 26.88 32.26 246.24 7.75 4.55 Singapore Singapore 79.69 97.07 129.77 153.89 1,432.83 5.56 1.77 Seoul South Korea 19.42 28.08 33.05 47.79 342.16 7.00 5.41 Taipei Taiwan 44.44 35.55 20.31 16.25 584.65 4.35 1.49 LATIN AMERICA Buenos Aires Argentina 40.93 47.40 48.29 55.54 353.16 12.00 Rio de Janeiro Brazil 56.80 66.27 66.27 85.21 315.57 12.00 6.16 São Paulo Brazil 42.60 52.07 61.54 73.37 394.47 1.10 6.16 Santiago Chile 21.13 24.48 24.31 27.66 182.71 9.00 3.60 Bogotá Columbia 26.77 30.11 36.25 39.59 260.50 8.80 7.24 San José Costa Rica 19.96 22.17 25.54 28.55 265.43 8.70 Mexico City Mexico 33.46 37.92 39.03 43.49 371.75 8.50 8.17 Lima Peru 17.84 20.63 19.52 22.30 128.44 15.00 COLLIERS INTERNATIONAL 17

OFFICE MARKETS LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS DECEMBER 2008 MEASURE EXCHANGE CLASS A TOP TOP QUOTED TIME RATE (USD) CLASS A GROSS CLASS A CLASS A CITY COUNTRY CURRENCY PERIOD UNIT DEC. 31, 2008 NET RENT RENT NET RENT GROSS RENT EUROPE, MIDDLE EAST, AFRICA (EMEA) Vienna Austria EUR Month SM 0.71 11.00 15.00 15.00 20.00 Antwerp Belgium EUR Year SM 0.71 120.00 155.00 130.00 170.00 Brussels Belgium EUR Year SM 0.71 120.00 165.00 165.00 210.00 Sofia Bulgaria EUR Month SM 0.71 13.80 16.50 16.00 17.50 Zagreb Croatia EUR Month SM 0.71 12.00 16.00 14.50 19.50 Prague Czech Republic EUR Month SM 5.28 15.00 18.00 17.00 20.50 Copenhagen Denmark DKK Year SM 0.71 950.00 1,100.00 1,350.00 1,650.00 Tallinn Estonia EUR Month SM 0.71 10.00 11.80 12.00 14.00 Helsinki Finland EUR Month SM 0.71 11.00 13.00 15.00 18.00 Bordeaux France EUR Year SM 0.71 130.00 160.00 150.00 175.00 Lyon France EUR Year SM 0.71 140.00 160.00 Nantes France EUR Year SM 0.71 135.00 139.00 Paris France EUR Year SM 0.71 480.00 550.00 550.00 610.00 Toulouse France EUR Year SM 0.71 150.00 170.00 Berlin Germany EUR Month SM 0.71 10.00 12.50 13.00 15.50 Düsseldorf Germany EUR Month SM 0.71 9.90 11.50 Frankfurt Germany EUR Month SM 0.71 16.00 19.00 25.00 29.75 Hamburg Germany EUR Month sm 0.71 14.00 17.00 16.00 19.00 Munich Germany EUR Month SM 0.71 11.60 14.10 25.90 28.40 Stuttgart Germany EUR Month SM 0.71 12.50 15.20 15.90 18.60 Athens Greece EUR Month SM 0.71 19.00 23.00 22.00 27.50 Budapest Hungary EUR Month SM 0.71 13.50 17.00 16.00 19.90 Dublin Ireland EUR Year SM 0.71 269.00 350.00 323.00 395.00 Tel Aviv Israel ILS Month SM 3.79 58.00 88.00 80.00 110.00 Milan Italy EUR Year SM 0.71 150.00 180.00 210.00 230.00 Rome Italy EUR Year SM 0.71 200.00 220.00 250.00 275.00 Riga Latvia EUR Month SM 0.71 12.00 16.00 15.00 19.00 Kaunas Lithuania EUR Month SM 0.71 13.00 16.00 13.00 16.00 Klaipeda Lithuania EUR Month SM 0.71 17.40 18.40 Vilnius Lithuania EUR Month SM 0.71 11.60 14.60 13.00 16.00 Podgorica Montenegro EUR Month SM 0.71 10.00 12.00 12.00 14.00 Belfast N. Ireland GBP Year SF 0.69 11.00 19.00 12.00 20.00 Amsterdam Netherlands EUR Year SM 0.71 180.00 200.00 347.00 385.00 Eindhoven Netherlands EUR Year SM 0.71 104.00 115.00 135.00 150.00 Rotterdam Netherlands EUR Year SM 0.71 104.00 115.00 153.00 170.00 The Hague Netherlands EUR Year SM 0.71 85.00 95.00 158.00 175.00 Utrecht Netherlands EUR Year SM 0.71 99.00 110.00 162.00 180.00 Oslo Norway NOK Year SM 7.06 1,650.00 1,850.00 2,100.00 2,300.00 Warsaw Poland EUR Month SM 0.71 15.00 23.18 18.00 26.84 Lisbon Portugal EUR Month SM 0.71 12.00 14.00 15.00 18.00 Moscow Russia USD Year SM 1.00 550.00 700.00 900.00 1,200.00 Saint Petersburg Russia USD Year SM 1.00 376.00 505.00 540.00 800.00 Riyadh Saudi Arabia SAR Year SM 3.76 1,260.00 1,608.00 2,500.00 2,675.00 Belgrade Serbia EUR Month SM 0.71 11.00 14.00 12.00 15.00 Bratislava Slovakia EUR Month SM 0.71 10.00 13.50 11.50 15.00 Cape Town South Africa ZAR Month SM 9.46 108.00 125.00 138.00 155.00 Durban South Africa ZAR Month SM 9.46 71.00 95.00 96.00 120.00 Johannesburg South Africa ZAR Month SM 9.46 45.26 65.00 58.26 78.00 Pretoria South Africa ZAR Month SM 9.46 80.00 95.00 95.00 110.00 Sandton South Africa ZAR Month SM 9.46 89.70 110.00 114.70 135.00 Madrid Spain EUR Month SM 0.71 19.50 21.00 25.00 26.00 Stockholm Sweden SEK Year SM 7.77 2,100.00 2,400.00 2,300.00 2,600.00 Geneva Switzerland CHF Year SM 1.06 400.00 430.00 600.00 650.00 Zurich Switzerland CHF Year SM 1.06 220.00 240.00 650.00 680.00 Istanbul Turkey USD Month SM 1.00 19.20 22.10 40.00 42.90 Abu Dhabi United Arab Emerates AED Year SM 3.67 2,500.00 2,750.00 2,850.00 3,100.00 Dubai United Arab Emerates AED Year SM 3.67 2,400.00 2,650.00 2,700.00 3,000.00 Birmingham United Kingdom GBP Year SF 0.69 17.50 30.50 22.00 35.00 18 COLLIERS INTERNATIONAL

OFFICE MARKETS LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS DECEMBER 2008 MEASURE EXCHANGE CLASS A TOP TOP QUOTED TIME RATE (USD) CLASS A GROSS CLASS A CLASS A CITY COUNTRY CURRENCY PERIOD UNIT DEC. 31, 2008 NET RENT RENT NET RENT GROSS RENT EUROPE, MIDDLE EAST, AFRICA (EMEA) CONTINUED Edinburgh United Kingdom GBP Year SF 0.69 16.50 28.50 19.00 31.00 Glasgow United Kingdom GBP Year SF 0.69 16.00 24.50 17.00 26.00 NORTH AMERICA Calgary, AB Canada CAD Year SF 1.22 25.00 37.50 28.50 41.00 Edmonton, AB Canada CAD Year SF 1.22 20.96 31.96 37.26 48.26 Halifax, NS Canada CAD Year SF 1.22 13.71 26.47 17.34 30.10 Montreal, QC Canada CAD Year SF 1.22 12.99 27.56 14.43 29.00 Ottawa, ON Canada CAD Year SF 1.22 14.49 32.49 15.00 Regina, SK Canada CAD Year SF 1.22 17.00 28.00 19.00 30.00 Toronto, ON Canada CAD Year SF 1.22 16.11 30.02 29.49 43.40 Vancouver, BC Canada CAD Year SF 1.22 18.00 31.00 25.00 38.00 Victoria, BC Canada CAD Year SF 1.22 20.00 33.00 32.00 45.00 Atlanta, GA United States USD Year SF 1.00 12.83 23.13 24.70 35.00 Bakersfield, CA United States USD Year SF 1.00 15.60 24.00 18.00 26.4 Baltimore, MD United States USD Year SF 1.00 14.90 26.05 23.85 35.00 Boise, ID United States USD Year SF 1.00 13.44 18.94 19.00 24.50 Boston, MA United States USD Year SF 1.00 15.08 32.08 35.00 52.00 Charleston, SC United States USD Year SF 1.00 18.50 26.00 21.50 29.00 Charlotte, NC United States USD Year SF 1.00 12.79 20.04 20.75 28.00 Chicago, IL United States USD Year SF 1.00 13.75 24.00 24.75 35.00 Cincinnati, OH United States USD Year SF 1.00 12.00 20.50 19.50 28.00 Cleveland, OH United States USD Year SF 1.00 14.18 21.08 18.10 25.00 Columbia, SC United States USD Year SF 1.00 10.59 17.69 12.90 20.00 Columbus, OH United States USD Year SF 1.00 12.37 19.37 16.57 23.57 Dallas/Ft.Worth,TX United States USD Year SF 1.00 15.20 26.00 33.20 44.00 Denver, CO United States USD Year SF 1.00 14.00 25.00 21.00 32.00 Detroit, MI United States USD Year SF 1.00 23.77 26.12 Fairfield, CA United States USD Year SF 1.00 25.44 31.32 Fresno, CA United States USD Year SF 1.00 19.00 27.00 25.00 33.00 Ft. Lauderdale/Broward County, FL United States USD Year SF 1.00 18.38 31.38 24.00 37.00 Greenville, SC United States USD Year SF 1.00 12.13 18.63 17.00 23.50 Hartford, CT United States USD Year SF 1.00 11.08 21.08 16.00 26.00 Houston,TX United States USD Year SF 1.00 14.13 27.88 26.75 40.50 Indianapolis, IN United States USD Year SF 1.00 10.42 19.26 15.16 24.00 Jacksonville, FL United States USD Year SF 1.00 11.80 21.00 16.30 25.50 Kansas City, MO-KS United States USD Year SF 1.00 12.90 22.67 23.98 33.75 Las Vegas, NV United States USD Year SF 1.00 36.77 48.00 Little Rock, AR United States USD Year SF 1.00 11.80 18.25 13.55 20.00 Los Angeles - Inland Empire, CA United States USD Year SF 1.00 28.56 34.20 Los Angeles, CA United States USD Year SF 1.00 24.34 38.04 69.10 82.80 Louisville, KY United States USD Year SF 1.00 19.46 23.00 Memphis,TN United States USD Year SF 1.00 13.27 21.42 21.85 30.00 Miami/Dade County, FL United States USD Year SF 1.00 21.20 34.70 35.30 48.80 Milwaukee,WI United States USD Year SF 1.00 13.00 21.00 14.00 22.00 Minneapolis/St. Paul, MN United States USD Year SF 1.00 15.93 27.93 25.90 37.90 Nashville,TN United States USD Year SF 1.00 15.39 22.42 21.47 28.50 New Jersey - Central United States USD Year SF 1.00 16.84 27.14 27.20 37.50 New Jersey - Northern United States USD Year SF 1.00 19.85 29.05 38.80 48.00 New York - Fairfield County, CT United States USD Year SF 1.00 18.42 31.42 92.00 105.00 New York - Westchester County, NY United States USD Year SF 1.00 15.42 28.42 34.78 47.78 Oakland, CA United States USD Year SF 1.00 31.90 42.00 Orange County, CA United States USD Year SF 1.00 22.31 35.40 52.69 65.78 Orlando, FL United States USD Year SF 1.00 17.11 24.11 23.00 30.00 Philadelphia, PA United States USD Year SF 1.00 16.50 25.07 27.25 35.82 Phoenix, AZ United States USD Year SF 1.00 20.32 29.63 32.69 42.00 Pleasanton/Walnut Creek, CA United States USD Year SF 1.00 23.25 24.24 45.21 46.20 Portland, OR United States USD Year SF 1.00 12.10 24.60 22.61 35.11 Raleigh/Durham/Chapel Hill, NC United States USD Year SF 1.00 15.16 22.36 23.80 31.00 COLLIERS INTERNATIONAL 19

OFFICE MARKETS U.S. DOLLARS SUBURBAN/OUT-OF-TOWN DECEMBER 2008 CLASS A CLASS A TOP CLASS A TOP CLASS A SUBURBAN SUBURBAN CAP 10YEAR NET RENT GROSS RENT NET RENT GROSS RENT SALES PRICE RATE/INITIAL GOV T CITY COUNTRY (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USD) YIELD (%) BONDS (%) EUROPE, MIDDLE EAST, AFRICA (EMEA) Vienna Austria 17.29 23.58 23.58 31.44 327.47 5.50 4.31 Antwerp Belgium 15.72 20.30 17.03 22.27 252.15 6.50 4.16 Brussels Belgium 15.72 21.61 21.61 27.51 327.47 7.30 4.16 Sofia Bulgaria 21.69 25.94 25.15 27.51 8.75 2.97 Zagreb Croatia 18.86 25.15 22.79 30.65 196.48 6.00 2.97 Prague Czech Republic 23.58 28.29 26.72 32.22 7.50 4.53 Copenhagen Denmark 16.72 19.37 23.77 29.05 352.09 6.75 3.66 Tallinn Estonia 15.72 18.55 18.86 22.01 209.58 10.00 2.97 Helsinki Finland 17.29 20.43 23.58 28.29 458.46 6.90 2.97 Bordeaux France 17.03 20.96 19.65 22.92 209.58 7.00 3.49 Lyon France 18.34 20.96 8.00 3.49 Nantes France 17.68 18.21 7.60 3.49 Paris France 62.87 72.04 72.04 79.90 916.92 3.49 Toulouse France 19.65 22.27 248.88 6.80 3.49 Berlin Germany 15.72 19.65 20.43 24.36 222.68 7.25 2.97 Düsseldorf Germany 15.56 18.08 491.21 6.50 2.97 Frankfurt Germany 25.15 29.87 39.30 46.76 242.33 6.90 2.97 Hamburg Germany 22.01 26.72 25.15 29.87 432.26 7.50 2.97 Munich Germany 18.23 22.16 40.71 44.64 340.57 6.80 2.97 Stuttgart Germany 19.65 23.89 24.99 29.24 248.88 6.90 2.97 Athens Greece 29.87 36.15 34.58 43.23 392.97 7.20 5.96 Budapest Hungary 21.22 26.72 25.15 31.28 11.30 Dublin Ireland 35.24 45.85 42.31 51.74 699.48 7.00 2.97 Tel Aviv Israel 17.07 25.90 23.55 32.38 176.59 10.00 3.08 Milan Italy 19.65 23.58 27.51 30.13 301.28 6.80 4.32 Rome Italy 26.20 28.82 32.75 36.02 458.46 7.50 2.97 Riga Latvia 18.86 25.15 23.58 29.87 170.29 9.00 2.97 Kaunas Lithuania 20.43 25.15 20.43 25.15 2.97 Klaipeda Lithuania 27.35 28.92 2.97 Vilnius Lithuania 18.23 22.95 20.43 25.15 9.00 2.97 Podgorica Montenegro 15.72 18.86 18.86 22.01 261.98 6.00 2.97 Belfast N. Ireland 15.92 27.50 17.37 28.94 311.14 6.00 5.41 Amsterdam Netherlands 23.58 26.20 45.45 50.43 471.56 6.50 3.67 Eindhoven Netherlands 13.62 15.06 17.68 19.65 261.98 8.30 3.67 Rotterdam Netherlands 13.62 15.06 20.04 22.27 261.98 8.10 3.67 The Hague Netherlands 11.13 12.44 20.70 22.92 294.73 7.90 3.67 Utrecht Netherlands 12.97 14.41 21.22 23.58 261.98 7.90 3.67 Oslo Norway 21.72 24.36 27.65 30.28 363.37 7.50 3.70 Warsaw Poland 23.58 36.44 28.29 42.19 412.62 6.50 6.13 Lisbon Portugal 18.86 22.01 23.58 28.29 248.88 7.00 2.97 Moscow Russia 51.12 65.06 83.64 111.52 418.22 14.00 12.44 Saint Petersburg Russia 34.94 46.93 50.19 74.35 167.29 13.00 12.44 Riyadh Saudi Arabia 31.17 39.78 61.85 66.17 Belgrade Serbia 17.29 22.01 18.86 23.58 248.88 9.00 2.97 Bratislava Slovakia 15.72 21.22 18.08 23.58 8.75 2.97 Cape Town South Africa 12.73 14.73 16.26 18.26 157.11 9.00 8.55 Durban South Africa 8.37 11.19 11.31 14.14 112.92 10.00 8.55 Johannesburg South Africa 5.33 7.66 6.86 9.19 11.00 8.55 Pretoria South Africa 9.43 11.19 11.19 12.96 88.37 12.00 8.55 Sandton South Africa 10.57 12.96 13.52 15.91 157.11 10.00 8.55 Madrid Spain 30.65 33.01 39.30 40.87 419.17 7.25 4.00 Stockholm Sweden 25.13 28.72 27.52 31.11 358.99 6.90 2.86 Geneva Switzerland 35.20 37.84 52.80 57.20 704.00 6.00 1.83 Zurich Switzerland 19.36 21.12 57.20 59.84 308.00 6.00 1.83 Istanbul Turkey 21.41 24.65 44.61 47.84 11.00 7.98 Abu Dhabi United Arab Emerates 63.22 69.55 72.08 78.40 531.08 12.00 Dubai United Arab Emerates 60.70 67.02 68.28 75.87 581.66 10.00 COLLIERS INTERNATIONAL 21

OFFICE MARKETS U.S. DOLLARS SUBURBAN/OUT-OF-TOWN DECEMBER 2008 CLASS A CLASS A TOP CLASS A TOP CLASS A SUBURBAN SUBURBAN CAP 10YEAR NET RENT GROSS RENT NET RENT GROSS RENT SALES PRICE RATE/INITIAL GOV T CITY COUNTRY (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USDYR.) (PSF USD) YIELD (%) BONDS (%) EUROPE, MIDDLE EAST, AFRICA (EMEA) CONTINUED Birmingham United Kingdom 25.33 44.14 31.84 50.65 0.00 3.38 Edinburgh United Kingdom 23.88 41.24 27.50 44.86 3.38 Glasgow United Kingdom 23.15 35.46 24.60 37.63 3.38 NORTH AMERICA Calgary, AB Canada 20.42 30.64 23.28 33.50 306.37 7.00 2.86 Edmonton, AB Canada 17.12 26.11 30.44 39.43 163.40 6.75 2.86 Halifax, NS Canada 11.20 21.63 14.17 24.59 53.10 7.75 2.86 Montreal, QC Canada 10.61 22.52 11.79 23.69 2.86 Ottawa, ON Canada 11.84 26.54 0.00 12.25 7.75 2.86 Regina, SK Canada 13.89 22.88 15.52 24.51 2.86 Toronto, ON Canada 13.16 24.53 24.09 35.46 2.86 Vancouver, BC Canada 14.71 25.33 20.42 31.05 265.52 7.00 2.86 Victoria, BC Canada 16.34 26.96 26.14 36.76 236.93 6.75 2.86 Atlanta, GA United States 12.83 23.13 24.70 35.00 173.00 8.00 2.73 Bakersfield, CA United States 15.60 24.00 18.00 26.40 2.73 Baltimore, MD United States 14.90 26.05 23.85 35.00 175.00 8.50 2.73 Boise, ID United States 13.44 18.94 19.00 24.50 150.00 7.60 2.73 Boston, MA United States 15.08 32.08 35.00 52.00 180.00 2.73 Charleston, SC United States 18.50 26.00 21.50 29.00 170.00 9.00 2.73 Charlotte, NC United States 12.79 20.04 20.75 28.00 185.00 8.50 2.73 Chicago, IL United States 13.75 24.00 24.75 35.00 150.00 8.00 2.73 Cincinnati, OH United States 12.00 20.50 19.50 28.00 2.73 Cleveland, OH United States 14.18 21.08 18.10 25.00 115.00 9.50 2.73 Columbia, SC United States 10.59 17.69 12.90 20.00 2.73 Columbus, OH United States 12.37 19.37 16.57 23.57 50.00 2.73 Dallas/Ft.Worth,TX United States 15.20 26.00 33.20 44.00 115.00 7.80 2.73 Denver, CO United States 14.00 25.00 21.00 32.00 170.00 7.25 2.73 Detroit, MI United States 0.00 23.77 0.00 26.12 2.73 Fairfield, CA United States 0.00 25.44 0.00 31.32 2.73 Fresno, CA United States 19.00 27.00 25.00 33.00 210.00 8.00 2.73 Ft. Lauderdale/Broward County, FL United States 18.38 31.38 24.00 37.00 195.00 8.25 2.73 Greenville, SC United States 12.13 18.63 17.00 23.50 140.00 8.50 2.73 Hartford, CT United States 11.08 21.08 16.00 26.00 2.73 Houston,TX United States 14.13 27.88 26.75 40.50 155.00 7.80 2.73 Indianapolis, IN United States 10.42 19.26 15.16 24.00 2.73 Jacksonville, FL United States 11.80 21.00 16.30 25.50 135.00 8.00 2.73 Kansas City, MO-KS United States 12.90 22.67 23.98 33.75 140.00 7.50 2.73 Las Vegas, NV United States 0.00 36.77 0.00 48.00 270.00 8.00 2.73 Little Rock, AR United States 11.80 18.25 13.55 20.00 130.00 9.00 2.73 Los Angeles - Inland Empire, CA United States 0.00 28.56 0.00 34.20 195.00 5.90 2.73 Los Angeles, CA United States 24.34 38.04 69.10 82.80 330.00 5.20 2.73 Louisville, KY United States 0.00 19.46 0.00 23.00 2.73 Memphis,TN United States 13.27 21.42 21.85 30.00 2.73 Miami/Dade County, FL United States 21.20 34.70 35.30 48.80 260.00 6.10 2.73 Milwaukee,WI United States 13.00 21.00 14.00 22.00 180.00 8.00 2.73 Minneapolis/St. Paul, MN United States 15.93 27.93 25.90 37.90 175.00 8.00 2.73 Nashville,TN United States 15.39 22.42 21.47 28.50 235.00 7.25 2.73 New Jersey - Central United States 16.84 27.14 27.20 37.50 160.00 7.50 2.73 New Jersey - Northern United States 19.85 29.05 38.80 48.00 200.00 7.50 2.73 New York - Fairfield County, CT United States 18.42 31.42 92.00 105.00 330.00 6.00 2.73 NewYork - Westchester County, NY United States 15.42 28.42 34.78 47.78 230.00 7.00 2.73 Oakland, CA United States 0.00 31.90 0.00 42.00 215.00 8.00 2.73 Orange County, CA United States 22.31 35.40 52.69 65.78 300.00 6.20 2.73 Orlando, FL United States 17.11 24.11 23.00 30.00 170.00 7.80 2.73 Philadelphia, PA United States 16.50 25.07 27.25 35.82 170.00 8.00 2.73 Phoenix, AZ United States 20.32 29.63 32.69 42.00 175.00 7.60 2.73 Pleasanton/Walnut Creek, CA United States 23.25 24.24 45.21 46.20 265.00 6.80 2.73 22 COLLIERS INTERNATIONAL

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2009 Glossary Class A Gross Rent The average rent quoted per square foot per annum for a class A office building within the CBD plus additional costs such as property taxes, service charges or operating expenses. Class A Net Rent The average rent quoted per square foot per annum for a class A office building within the CBD. Class A (Prime) Buildings Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. Characterized by: Prime central location; 1st class tenant improvements; on-site parking; state of the art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance; ability to command a premium rent within the relevant market. Implicit in the Class A building definition is that the size of the building is significant in accordance with the market. Population The latest population statistics for the metropolitan region. Quoted Currency The currency quoted locally in all lease transactions, not necessarily national currency. (Note: Chile utilizes Unidad de Fomento, which equals USD 24.30) Sales Price The average sales price paid for a class A office building within the CBD. Time Period The standard way in which leases are quoted. Usually on a per month or per year basis. Top Class A Gross Rent The top/ highest rent quoted per square foot per annum for office floor space within the CBD plus additional costs such as property taxes, service charges or operating expenses. Top Class A Net Rent The top/highest rent quoted per square foot per annum for office floor space within the CBD. Total Inventory Existing office floor space (classes A, B and C) within each city s CBD (central business district). Under Construction The total office floor space (classes A, B and C) within each city s CBD (central business district) which is under construction but not yet completed, giving an indication of the development pipeline for each market. This includes both available and pre-let floor space. Unit The normal convention locally in which area is measured. Usually on a per square foot or per square meter basis. Vacancy Rate (%) The percentage of the inventory (total completed office floor space, classes A, B and C, within the CBD) which is unoccupied. Yield (%) The average prime yield (or capitalization rate), expressed as a percentage, for a Class A office building within the CBD. Note: SF = Square Feet SM = Square Meter PSF = Per Square Feet PSM = Per Square Meter CBD = Central Business District The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Colliers International is a worldwide affiliation of independently owned and operated companies. 24 COLLIERS INTERNATIONAL

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2009 Colliers Office Locations Colliers International is a corporation of leading real estate firms committed to delivering consistently superior commercial real estate services, wherever, and whenever needed. Global $2.0 Billion ( 1.4 Billion) in Revenue 868 Million SF (80 Million SM) Under Management 11,000 Employees 62 Countries 6 Continents 278 OFFICES WORLDWIDE 62 COUNTRIES ON 6 CONTINENTS 127 Americas 94 United States 17 Canada 16 Latin America 90 Europe, Middle East & Africa 61 Asia Pacific Albania Argentina Australia Austria Belarus Belgium Brazil Bulgaria Canada Chile China Colombia Costa Rica Croatia Czech Republic Denmark Estonia Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan Latvia Lithuania Macau Mexico Montenegro Netherlands New Zealand Norway Pakistan Perú Philippines Poland Portugal Qatar Romania Russia Saudi Arabia Serbia Singapore Slovak Republic South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey UAE Ukraine United Kingdom U.S.A. Vietnam COLLIERS INTERNATIONAL 25