Global Office Real Estate Review colliers.com

COLLIERS INTERNATIONAL Global Office Real Estate Review 2008 colliers.com

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2008 colliers.com CONTENTS TABLE OF CONTENTS Global Summary and Regional Synopses 1 3 GLOBAL OFFICE MARKETS EMEA* and Latin America 4 North America and Asia Pacific 5 CONSTRUCTION AND VACANCY EMEA and Latin America 6 North America and Asia Pacific 7 CENTRAL BUSINESS DISTRICT SURVEY EMEA and Latin America Occupancy Costs 8 North America and Asia Pacific Occupancy Costs 9 EMEA and Latin America US Dollars Occupancy Costs/Sales Prices/Cap Rates 10 North America and Asia Pacific US Dollars Occupancy Costs/Sales Prices/Cap Rates 11 SUBURBAN/OUT-OF-TOWN SURVEY EMEA and Latin America Occupancy Costs 12 North America and Asia Pacific Occupancy Costs 13 EMEA and Latin America US Dollars Occupancy Costs/Sales Prices/Cap Rates 14 North America and Asia Pacific US Dollars Occupancy Costs/Sales Prices/Cap Rates 15 Glossary 16 Colliers Office Locations 17 * EMEA Europe/Middle East/Africa REGIONAL RESEARCH CONTACTS North America Ross Moore ross.moore@colliers.com Asia Pacific Simon Lo simon.lo@colliers.com Australasia Felice Spark felice.spark@colliers.com Europe/Middle East/Africa Kate Lawler kate.lawler@colliers.com Latin America Mario Rivera mario.rivera@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 2008

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2008 DESPITE CREDIT CRUNCH, OFFICE MARKETS STILL ON UPWARD TREND For most regions of the world, office space is still in high demand highlighted by lower vacancies and higher rents. The velocity of both declining vacancies and higher rents, however, is down from six months ago as several key financial centers are beginning to feel the effects of the global credit crunch but the general up trend is still in place. Emerging economies remain unfazed and continue to show rapid growth and a voracious appetite for office space. Caution is warranted, however, as the global economy faces a slowdown but the broad trend is still up for many regions of the world. Europe, Middle East, Africa/EMEA Europe, Middle East and South African office markets continued to post reasonable growth in the second half of 2007, although at a more modest pace than in the previous six months. Because of the shortage or (in some cases) inadequacy of space in central business districts, many cities continued to witness a decentralization of business activity as developers created new pockets of office space in non-cbd locations. Although many European economies are expected to slow in 2008, Paris and much of Germany are expecting office demand to stay strong. The average EMEA vacancy rate declined again in the second half of 2007, down 20 basis points to 6.6%. In response to lower vacancy, construction continued to rise. Dubai leads the region (and the world), with 39.7 million square feet currently under construction. With vacancy rates hovering close to zero, Abu Dhabi, Bucharest, Kiev, and Vilnius also saw large increases in their development pipelines in the second half of 2007. With all of this construction and an uncertain business environment 2008 could see the first average increase in vacancy rates in over three years. EMEA office rental growth continued in the latter half of 2007, albeit at a much slower pace than in the first half of the year. Furthermore, the region was characterized by marked differences according to location. Several Eastern European markets experienced impressive rental growth, with Athens, Bratislava, Budapest, Bucharest, and Warsaw all seeing rents increase by over 10% since mid-year. Meanwhile, several of the markets boasting the highest office rents at mid-year London City and Docklands, Moscow, Saint Petersburg, and Kiev are down from previous highs. Nevertheless, the usual suspects top the rental chart again this period, as London s West End remains the most expensive EMEA location in which to lease office space. Asia Pacific The Asia Pacific region posted uneven results during the latter half of the year with the regional vacancy rate increasing by almost a full percentage point to register 8.6%. This was the second such increase with the regional vacancy rate now up 1.5 percentage points in the last 12 months. This marks a sharp reversal from the past several years when vacancies had trended down. The jump in vacancies during the first half of the year were largely the result of a number of Indian markets which reported a substantial higher vacancy rate compared with that reported at the beginning of the year. Beijing and Guangzhou also reported 50.00 OFFICE CONSTRUCTION TOP 25 CITIES DECEMBER 2007 Under Construction SF Million 40.00 39.7 30.9 30.00 20.00 10.00 0.00 Dubai, UAE Shanghai, China Guangzhou, China 30.6 20.8 Paris, France Beijing, China 18.1 15.7 Delhi, India Moscow, Russia 15.4 Washington, USA 15.0 11.7 10.6 9.0 7.8 Saint-Petersburg, Russia Calgary, Canada Doha, Qatar London City, UK 7.4 7.3 Jakarta, Indonesia Phoenix, USA 7.2 7.2 6.5 6.4 Tokyo Central Wards (6), Japan Kiev, Ukraine Bangalore, India Sofia, Bulgaria Chicago, USA 6.3 5.5 5.5 Seattle, USA Atlanta, USA Charlotte, USA Dallas/Ft. Worth, USA 5.5 5.4 5.4 5.4 Toronto, Canada Amsterdam, The Netherlands colliers.com 1

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2008 Vacancy Rate Percent 20 15 10 5 12.0 11.7 9.5 5.8 15.0 11.7 11.3 4.6 16.1 10.8 10.7 0 June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 5.5 17.7 11.7 10.7 5.7 EMEA 16.7 10.9 9.7 5.5 16.7 8.8 8.3 5.8 16.9 8.0 7.5 5.2 15.6 7.9 6.4 5.2 15.3 7.3 5.2 5.0 15.2 6.6 4.8 4.1 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 ASIA PACIFIC Region London- West End Paris Frankfurt significantly higher vacancy. Major financial centers such as Hong Kong, Singapore, Tokyo, Shanghai and Sydney, however, all showed less vacancy than six months ago. Perth again posted the region s (and world s) lowest vacancy rate of just 0.5%. The Asia Pacific region remains characterized by high levels of office construction with Bangalore, Beijing, Chennai, Delhi, Guangzhou, Jakarta, Melbourne, Shanghai and Tokyo home to over 126 million square feet of construction currently underway. On the demand side, most economies across the region are expected to continue posting very high growth rates keeping demand high and vacancies relatively stable. The most expensive office space in the region (and the world) could be found in Hong Kong at $306.00 USD per square foot followed by Tokyo at $204.00 USD per square foot. In USD terms occupancy costs in these two markets held steady during the latter half of the year. 20 Vacancy Rate Percent Vacancy Rate Percent Vacancy Rate Percent 15 10 5 15.6 14.7 14.7 8.5 13.8 13.4 11.0 9.5 12.4 10.3 10.0 10.0 14.0 11.2 0 June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 20 15.1 15 12.3 11.7 10 11.3 5 15.1 11.8 11.7 11.6 14.9 11.4 10.9 10.6 7.2 6.2 14.2 11.0 10.5 10.2 10.1 8.6 6.1 5.6 14.2 10.1 9.6 9.2 9.6 8.2 5.0 5.0 9.4 7.6 5.4 4.2 7.9 7.3 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 NORTH AMERICA 0 June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 20 19.0 18.7 18.2 18.5 16.2 15.9 15.5 16.5 15 15.2 14.2 15.4 14.8 14.7 14.0 13.1 13.4 12.4 11.5 12.2 11.0 11.7 10 10.4 9.9 7.6 8.8 8.0 9.2 7.6 7.6 7.3 5.2 5 5.6 4.0 4.2 3.0 2.4 2.9 3.8 1.8 0 1.4 June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 13.5 9.8 8.0 7.9 13.1 9.4 7.6 7.4 LATIN AMERICA 3.8 3.7 12.6 8.8 7.6 6.5 7.8 5.6 3.8 3.4 12.4 6.4 6.0 6.0 8.6 3.7 2.5 1.7 12.4 6.8 5.7 5.6 Region Hong Kong Shanghai Sydney United States Canada NY Midtown Toronto Region Mexico City Sao Paulo Buenos Aires COUNTRY GROWTH RATES (%) GROSS DOMESTIC PRODUCT (GDP) 2006 2007 2008P 2009F China................ 10.5...... 11.5....... 9.9....... 9.5 India.................. 8.3....... 7.9....... 7.5....... 7.2 Slovakia............... 9.0....... 9.0....... 7.0....... 5.7 Russia................. 6.7....... 7.2....... 6.7....... 5.7 Poland................ 5.5....... 6.5....... 6.3....... 3.7 Indonesia.............. 5.3....... 6.2....... 6.1....... 5.7 Saudi Arabia............ 4.2....... 4.7....... 6.0....... 5.6 Argentina.............. 7.9....... 8.3....... 5.5....... 4.5 Colombia.............. 5.1....... 6.6....... 5.5....... 4.5 Malaysia............... 5.5....... 6.0....... 5.5....... 5.7 Singapore.............. 7.7....... 7.7....... 4.9....... 4.7 Czech Republic......... 6.0....... 5.7....... 4.7....... 5.4 South Africa............ 4.3....... 5.0....... 4.7....... 5.4 South Korea............ 4.9....... 5.0....... 4.6....... 4.6 Brazil................. 3.0....... 4.7....... 4.5....... 4.1 Taiwan................ 4.1....... 4.5....... 4.5....... 4.0 Hong Kong............. 6.0....... 6.1....... 4.0....... 4.6 Chile................. 4.7....... 5.4....... 4.0....... 4.3 Israel................. 4.2....... 5.4....... 3.7....... 4.2 Turkey................ 5.2....... 4.9....... 3.7....... 5.4 Australia............... 2.5....... 4.2....... 3.5....... 3.3 Norway............... 2.5....... 3.1....... 2.9....... 2.6 Hungary............... 3.7....... 2.0....... 2.8....... 3.6 Sweden............... 4.6....... 3.2....... 2.6....... 2.6 Austria................ 3.1....... 3.1....... 2.5....... 2.5 Greece................ 4.1....... 3.8....... 2.4....... 2.5 Spain.................. 3.7....... 3.7....... 2.4....... 2.4 Netherlands............ 2.8....... 2.8....... 2.0....... 2.1 Switzerland............ 2.7....... 2.7....... 2.0....... 2.0 Mexico................ 4.4....... 3.0....... 1.9....... 3.0 Belgium............... 2.7....... 2.6....... 1.9....... 2.0 Germany............ 2.6...... 2.6...... 1.8...... 2.0 Britain.............. 2.7...... 3.1...... 1.7...... 2.1 Canada............. 2.8...... 2.5...... 1.7...... 2.4 France.............. 2.0...... 1.9...... 1.7...... 1.9 United States........ 3.4...... 2.1...... 1.6...... 2.5 Denmark.............. 3.5....... 1.5....... 1.6....... 1.8 Japan............... 2.1...... 1.9...... 1.3...... 1.8 Italy................ 1.8...... 1.7...... 1.2...... 1.5 P = Projected F = Forecast Source: Economist Consensus Forecast February 23, 2008 Bold: G7 Countries 2 colliers.com

United States/Canada U.S. and Canadian office markets both recorded a modest slowdown in the latter half of 2007. During the second half of the year the U.S. office market saw average vacancies hold steady while Canadian vacancies fell 30 basis points to 5.7%. New York s midtown market softened marginally with an overall vacancy rate of 6.8% and a Class A vacancy rate of 5.8%. Toronto, home to Canada s largest office market, stayed relatively robust with an overall downtown vacancy rate of 4.6%. While down marginally, the most expensive office space in the U.S. remained Midtown Manhattan at $190.00 USD per square foot. Latin America The Latin America region continued its remarkable surge highlighted by substantially lower vacancies and higher rents across virtually all markets. The regional office vacancy rate fell by 140 basis points during the second half of 2007 to average 3.8% with Lima in particular posting a decidedly lower vacancy rate. Every market in the region with the exception of Buenos Aires reported higher rents. Office construction remains concentrated in Bogotá, Mexico City, Santiago and Sao Paulo with 17.7 million square feet currently underway. Sao Paulo took top spot as the most expensive office market in the region at $84.00 USD per square foot. Occupancy costs in Sao Paulo increased by 13.2% during the last six months of the year. Ross Moore Senior Vice President Market and Economic Research ross.moore@colliers.com GLOBAL CAPITALIZATION RATES/INITIAL YIELDS 25 LOWEST 6.00 5.00 4.8 4.8 4.8 4.8 4.8 5.0 5.0 5.0 5.0 5.0 5.0 5.2 5.3 5.3 5.3 5.3 Percent 4.00 3.6 3.6 3.8 4.0 4.0 4.0 4.0 4.5 4.5 3.00 Tokyo Central Wards (6), Japan Hong Kong, China Dublin, Ireland London West End, UK Madrid, Spain Paris, France Vienna, Austria London City, UK Stockholm, Sweden Geneva, Switzerland Rome, Italy Basel, Switzerland Copenhagen, Denmark Zurich, Switzerland Berlin, Germany Düsseldorf, Germany Frankfurt, Germany Hamburg, Germany London Docklands, UK New York - Midtown, USA Singapore Brussels, Belgium Budapest, Hungary Milan, Italy Oslo, Norway 240.00 GLOBAL OFFICE OCCUPANCY COSTS TOP 25 (CLASS A/PRIME SPACE) 208.82 200.00 181.73 Per Square Foot, USD 160.00 120.00 80.00 151.82 141.46 131.53 118.96 116.16 112.69 110.15 95.04 90.15 89.67 89.65 83.32 82.34 77.26 74.42 68.88 68.37 68.07 67.48 64.63 63.10 62.32 62.04 40.00 London West End, UK Hong Kong, China London City, UK Singapore Tokyo Central Wards (6), Japan Moscow, Russia Paris, France Mumbai (Bombay), India London Docklands, UK New York - Midtown, USA Delhi, India Kiev, Ukraine Dublin, Ireland Brisbane, Australia Rio de Janeiro, Brazil Doha, Qatar Birmingham, UK Stockholm, Sweden Perth, Australia Dubai, UAE Manchester, UK Boston, USA Saint-Petersburg, Russia Madrid, Spain Sydney, Australia colliers.com 3

GLOBAL OFFICE MARKETS Existing Inventory December 2007 Geographic Market Population SF SM Area EUROPE/MIDDLE EAST/AFRICA Abu Dhabi, UAE 860,000 15,064,000 1,400,000 Metro Amsterdam,The Netherlands 749,000 68,326,000 6,350,000 CBD Antwerp, Belgium 469,000 21,520,000 2,000,000 Metro Athens, Greece 3,829,000 53,800,000 5,000,000 Metro Basel, Switzerland 576,000 43,040,000 4,000,000 Metro Belgrade, Serbia 1,125,000 7,012,000 652,000 Metro Berlin, Germany 4,041,000 194,756,000 18,100,000 Metro Birmingham, UK 3,221,000 14,495,000 1,347,000 CBD Bratislava, Slovakia 419,000 7,532,000 700,000 CBD Brussels, Belgium 1,040,000 136,652,000 12,700,000 Metro Bucharest, Romania 1,874,000 6,338,000 589,000 Metro Budapest, Hungary 2,579,000 19,969,000 1,856,000 CBD Cape Town, South Africa 4,715,000 7,629,000 709,000 CBD Copenhagen, Denmark 1,083,000 119,436,000 11,100,000 Metro Doha, Qatar 761,000 4,671,000 434,000 Metro Dubai, UAE 2,262,000 24,591,000 2,285,000 CBD Dublin, Ireland 1,058,000 29,052,000 2,700,000 CBD Durban, South Africa 3,347,000 7,404,000 688,000 CBD Düsseldorf, Germany 1,319,000 76,396,000 7,100,000 Metro Eindhoven, Netherlands 775,000 19,045,000 1,770,000 CBD Frankfurt, Germany 3,134,000 124,816,000 11,600,000 Metro Geneva, Switzerland 615,000 44,945,000 4,177,000 Metro Hamburg, Germany 3,267,000 135,791,000 12,620,000 Metro Helsinki, Finland 1,263,000 75,320,000 7,000,000 Metro Istanbul,Turkey 12,488,000 19,916,000 1,851,000 Metro Johannesburg, South Africa 7,586,000 18,146,000 1,686,000 CBD Kiev, Ukraine 2,500,000 8,500,000 790,000 Metro London City, UK 12,577,000 90,850,000 8,443,000 CBD London Docklands, UK 12,577,000 17,898,000 1,663,000 CBD London West End, UK 12,577,000 75,712,000 7,036,000 CBD Madrid, Spain 6,271,000 111,581,000 10,370,000 Metro Manchester, UK 2,245,000 15,781,000 1,467,000 CBD Milan, Italy 1,321,000 122,664,000 11,400,000 Metro Moscow, Russia 10,556,000 78,978,000 7,340,000 Metro Munich, Germany 2,312,000 230,587,000 21,430,000 Metro Oslo, Norway 847,000 92,895,000 8,633,000 Metro Paris, France 11,819,000 542,304,000 50,400,000 Metro Prague, Czech Republic 1,181,000 23,481,000 2,182,000 Metro Pretoria, South Africa 2,253,000 5,079,000 472,000 CBD Riga, Latvia 808,000 2,152,000 200,000 Metro Rome, Italy 2,513,000 133,424,000 12,400,000 Metro Saint-Petersburg, Russia 4,821,000 6,348,000 590,000 Metro Sandton, South Africa 1,481,000 13,053,000 1,213,000 CBD Sofia, Bulgaria 1,126,000 7,582,000 705,000 Metro Stockholm, Sweden 1,738,000 17,431,000 1,620,000 CBD Stuttgart, Germany 2,335,000 78,010,000 7,250,000 Metro Tallinn, Estonia 395,000 3,551,000 330,000 Metro Tel Aviv, Israel 3,268,000 26,577,000 2,470,000 CBD Vienna, Austria 1,694,000 116,746,000 10,850,000 CBD Vilnius, Lithuania 544,000 1,948,000 181,000 Metro Warsaw, Poland 1,598,000 29,136,000 2,708,000 Metro Zagreb, Croatia 703,000 9,146,000 850,000 Metro Zurich, Switzerland 1,025,000 108,676,000 10,100,000 Metro LATIN AMERICA Bogotá, Colombia 6,261,000 20,386,000 1,895,000 Metro Buenos Aires, Argentina 11,900,000 40,661,000 3,779,000 Metro Lima, Peru 7,195,000 3,929,000 365,000 Metro Mexico City, Mexico 16,900,000 57,201,000 5,316,000 Metro Rio de Janeiro, Brazil 11,226,000 40,502,000 3,764,000 CBD Santiago, Chile 4,657,000 22,063,000 2,051,000 CBD São Paulo, Brazil 18,628,000 53,876,000 5,007,000 CBD 4 colliers.com

GLOBAL OFFICE MARKETS (CONTINUED) Existing Inventory December 2007 Geographic Market Population SF SM Area NORTH AMERICA Atlanta, USA 4,112,000 227,697,000 21,161,000 Metro Baltimore, USA 2,076,000 60,850,000 5,655,000 Metro Boston, USA 3,407,000 180,948,000 16,817,000 Metro Calgary, Canada 994,000 51,993,000 4,832,000 Metro Charlotte, USA 759,000 70,856,000 6,585,000 Metro Chicago, USA 8,273,000 233,051,000 21,659,000 Metro Cleveland, USA 2,246,000 97,734,000 9,083,000 Metro Dallas/Ft. Worth, USA 5,222,000 275,582,000 25,612,000 Metro Denver, USA 2,109,000 115,159,000 10,702,000 Metro Detroit, USA 4,472,000 145,965,000 13,565,000 Metro Edmonton, Canada 1,002,000 17,162,000 1,595,000 Metro Ft. Lauderdale, USA 190,000 53,937,000 5,013,000 Metro Houston, USA 4,178,000 179,152,000 16,650,000 Metro Jacksonville, USA 1,278,000 38,845,000 3,610,000 Metro Kansas City, USA 1,967,000 45,210,000 4,202,000 Metro Las Vegas, USA 1,778,000 38,025,000 3,534,000 Metro Los Angeles, USA 9,519,000 180,413,000 16,767,000 Metro Memphis, USA 1,275,000 32,918,000 3,059,000 Metro Miami, USA 2,253,000 70,341,000 6,537,000 Metro Milwaukee, USA 1,309,000 57,253,000 5,321,000 Metro Minneapolis, USA 3,045,000 67,899,000 6,310,000 Metro Montreal, Canada 3,525,000 71,724,000 6,666,000 Metro New Jersey - Northern, USA 158,269,000 14,709,000 Suburban New York - Downtown, USA 9,314,000 89,744,000 8,340,000 CBD New York - Midtown, USA 9,314,000 253,887,000 23,595,000 CBD Orlando, USA 1,157,000 58,620,000 5,448,000 Metro Ottawa, Canada 1,064,000 34,145,000 3,173,000 Metro Philadelphia, USA 5,101,000 149,193,000 13,866,000 Metro Phoenix, USA 3,687,000 124,458,000 11,567,000 Metro Portland, USA 1,583,000 66,995,000 6,226,000 Metro Raleigh/Durham, USA 995,000 41,993,000 3,903,000 Metro Sacramento, USA 1,394,000 79,126,000 7,354,000 Metro San Diego, USA 2,933,000 73,500,000 6,831,000 Metro San Francisco, USA 1,731,000 81,087,000 7,536,000 CBD San Jose - Silicon Valley, USA 1,683,000 57,907,000 5,382,000 Metro Seattle, USA 2,415,000 65,197,000 6,059,000 Metro St. Louis, USA 2,647,000 49,043,000 4,558,000 Metro Tampa, USA 2,062,000 78,133,000 7,261,000 Metro Toronto, Canada 4,912,000 180,437,000 16,769,000 Metro Vancouver, Canada 2,126,000 51,701,000 4,805,000 Metro Washington, USA 4,923,000 331,035,000 30,765,000 Metro ASIA PACIFIC Adelaide, Australia 1,073,000 12,738,000 1,184,000 CBD Auckland, New Zealand 1,100,000 13,988,000 1,300,000 CBD Bangalore, India 5,687,000 45,000,000 4,182,000 Metro Beijing, China 13,833,000 51,961,000 4,829,000 CBD Brisbane, Australia 1,508,000 18,776,000 1,745,000 CBD Chennai, India 6,425,000 29,000,000 2,695,000 Metro Delhi, India 12,792,000 33,245,000 3,090,000 Metro Guangzhou, China 6,560,000 51,160,000 4,755,000 CBD Hong Kong, China 6,901,000 23,187,000 2,155,000 CBD Jakarta, Indonesia 8,756,000 38,660,000 3,593,000 CBD Manila, Philippines 10,492,000 28,481,000 2,647,000 CBD Melbourne, Australia 3,500,000 39,599,000 3,680,000 CBD Mumbai (Bombay), India 16,368,000 23,500,000 2,184,000 Metro Perth, Australia 1,340,000 13,826,000 1,285,000 CBD Seoul, South Korea 11,000,000 69,101,000 6,422,000 Metro Shanghai, China 17,780,000 38,378,000 3,567,000 CBD Singapore 4,164,000 46,080,000 4,283,000 CBD Sydney, Australia 4,232,000 49,867,000 4,634,000 CBD Taipei,Taiwan 2,626,000 49,732,000 4,622,000 CBD Tokyo Central Wards (6), Japan 12,290,000 660,998,000 61,431,000 CBD Wellington, New Zealand 400,000 15,494,000 1,440,000 CBD CBD Central Business District Metro Metropolitan Area colliers.com 5

GLOBAL OFFICE MARKETS (CONTINUED) Under Construction December 2007 Vacancy Rate Vacancy Rate Vacancy Rate Market SF SM Dec. 2006 (%) June 2007 (%) Dec. 2007 (%) EUROPE/MIDDLE EAST/AFRICA Abu Dhabi, UAE 4,465,000 415,000 2.0 2.0 1.0 Amsterdam,The Netherlands 5,380,000 500,000 10.4 10.0 9.8 Antwerp, Belgium 2,152,000 200,000 6.3 6.0 5.5 Athens, Greece 2,152,000 200,000 8.0 7.0 8.0 Basel, Switzerland 430,000 40,000 2.6 2.6 2.4 Belgrade, Serbia 1,883,000 175,000 11.7 10.9 11.1 Berlin, Germany 1,937,000 180,000 8.2 8.0 7.6 Birmingham, UK 1,167,000 108,000 14.3 15.9 13.0 Bratislava, Slovakia 3,228,000 300,000 9.0 9.0 6.0 Brussels, Belgium 4,950,000 460,000 10.4 9.0 9.0 Bucharest, Romania 4,627,000 430,000 7.8 1.0 1.6 Budapest, Hungary 3,429,000 319,000 12.8 11.5 12.2 Cape Town, South Africa 560,000 52,000 5.9 6.6 5.8 Copenhagen, Denmark 3,766,000 350,000 3.8 4.1 4.1 Doha, Qatar 8,954,000 832,000 5.0 5.0 5.0 Dubai, UAE 39,686,000 3,688,000 2.0 2.0 2.0 Dublin, Ireland 2,152,000 200,000 8.0 11.0 10.2 Durban, South Africa 74,000 7,000 8.1 8.4 16.8 Düsseldorf, Germany 2,044,000 190,000 10.6 10.4 9.2 Eindhoven, Netherlands 1,883,000 175,000 15.9 15.3 14.0 Frankfurt, Germany 2,076,000 193,000 15.6 15.3 15.2 Geneva, Switzerland 1,076,000 100,000 1.4 1.5 1.3 Hamburg, Germany 2,690,000 250,000 7.9 8.0 7.5 Helsinki, Finland 1,291,000 120,000 8.0 8.0 8.2 Istanbul,Turkey 2,195,000 204,000 4.0 3.0 3.8 Johannesburg, South Africa 0 0 16.1 16.0 15.1 Kiev, Ukraine 7,209,000 670,000 1.5 2.0 0.8 London City, UK 7,823,000 727,000 9.9 7.9 6.5 London Docklands, UK 1,556,000 145,000 7.5 5.1 4.3 London West End, UK 4,316,000 401,000 6.4 5.2 4.1 Madrid, Spain 4,573,000 425,000 4.4 4.2 4.5 Manchester, UK 1,204,000 112,000 10.2 10.7 12.7 Milan, Italy 3,228,000 300,000 7.0 7.1 7.0 Moscow, Russia 15,387,000 1,430,000 2.4 2.6 4.5 Munich, Germany 4,964,000 461,000 7.0 7.1 7.1 Oslo, Norway 2,753,000 256,000 8.0 7.5 6.0 Paris, France 20,767,000 1,930,000 5.2 5.0 4.8 Prague, Czech Republic 1,614,000 150,000 7.7 5.5 5.0 Pretoria, South Africa 0 0 1.6 1.4 3.4 Riga, Latvia 936,000 87,000 4.4 4.8 6.6 Rome, Italy 1,076,000 100,000 3.9 4.3 4.5 Saint-Petersburg, Russia 11,653,000 1,083,000 5.0 3.0 5.5 Sandton, South Africa 1,618,000 150,000 6.2 6.3 2.9 Sofia, Bulgaria 6,376,000 593,000 5.1 5.1 3.7 Stockholm, Sweden 834,000 78,000 12.0 10.5 7.0 Stuttgart, Germany 1,474,000 137,000 6.5 6.2 6.4 Tallinn, Estonia 1,829,000 170,000 1.5 1.3 5.0 Tel Aviv, Israel 753,000 70,000 2.8 2.4 2.7 Vienna, Austria 2,798,000 260,000 5.8 5.5 5.2 Vilnius, Lithuania 1,614,000 150,000 2.6 1.6 1.3 Warsaw, Poland 4,627,000 430,000 5.4 4.0 3.1 Zagreb, Croatia 915,000 85,000 30.0 20.0 15.0 Zurich, Switzerland 538,000 50,000 6.3 5.3 5.7 LATIN AMERICA BBogotá, Colombia 4,574,000 425,000 1.6 1.3 0.9 Buenos Aires, Argentina 880,000 82,000 1.8 2.9 1.4 Lima, Peru 3,412,000 317,000 9.2 6.7 3.5 Mexico City, Mexico 4,535,000 422,000 10.4 8.0 7.6 Rio de Janeiro, Brazil 1,786,000 166,000 5.5 2.4 1.8 Santiago, Chile 4,304,000 400,000 16.9 9.9 7.4 São Paulo, Brazil 4,259,000 396,000 7.6 5.2 4.2 6 colliers.com

GLOBAL OFFICE MARKETS (CONTINUED) Under Construction December 2007 Vacancy Rate Vacancy Rate Vacancy Rate Market SF SM Dec. 2006 (%) June 2007 (%) Dec. 2007 (%) NORTH AMERICA Atlanta, USA 5,479,000 509,000 13.8 14.3 14.1 Baltimore, USA 2,649,000 246,000 14.4 15.1 15.2 Boston, USA 2,570,000 239,000 11.6 11.2 10.7 Calgary, Canada 10,640,000 989,000 1.2 2.1 3.2 Charlotte, USA 5,456,000 507,000 12.1 10.1 9.5 Chicago, USA 6,251,000 581,000 16.9 16.2 16.0 Cleveland, USA 255,000 24,000 14.7 14.4 13.1 Dallas/Ft. Worth, USA 5,425,000 504,000 17.2 17.9 17.2 Denver, USA 2,643,000 246,000 13.0 12.3 12.3 Detroit, USA 89,000 8,000 17.3 18.4 17.2 Edmonton, Canada 411,000 38,000 8.0 3.0 3.7 Ft. Lauderdale, USA 0 0 8.1 8.1 10.4 Houston, USA 2,648,000 246,000 13.3 13.4 11.8 Jacksonville, USA 372,000 35,000 12.1 12.0 11.6 Kansas City, USA 1,200,000 112,000 19.5 17.1 15.7 Las Vegas, USA 1,520,000 141,000 9.7 11.5 12.8 Los Angeles, USA 3,268,000 304,000 10.6 10.8 11.2 Memphis, USA 359,000 33,000 15.7 14.9 13.5 Miami, USA 59,000 5,000 8.0 7.2 8.9 Milwaukee, USA 0 0 12.6 11.8 12.3 Minneapolis, USA 2,235,000 208,000 16.9 14.8 16.3 Montreal, Canada 836,000 78,000 11.5 10.0 9.1 New Jersey - Northern, USA 498,000 46,000 11.8 11.3 11.2 New York - Downtown, USA 4,600,000 428,000 8.9 8.2 6.8 New York - Midtown, USA 3,530,000 328,000 6.5 6.4 6.8 Orlando, USA 2,372,000 220,000 7.7 9.3 9.7 Ottawa, Canada 1,020,000 95,000 7.0 7.0 5.6 Philadelphia, USA 717,000 67,000 13.5 14.0 12.8 Phoenix, USA 7,271,000 676,000 12.5 12.9 14.3 Portland, USA 1,459,000 136,000 11.7 10.4 10.2 Raleigh/Durham, USA 2,427,000 226,000 15.4 14.3 15.0 Sacramento, USA 3,104,000 288,000 13.7 13.1 12.9 San Diego, USA 2,837,000 264,000 11.5 12.3 13.9 San Francisco, USA 2,617,000 243,000 11.6 11.1 9.9 San Jose - Silicon Valley, USA 42,000 4,000 8.6 8.1 8.8 Seattle, USA 5,546,000 515,000 9.7 9.1 8.2 St. Louis, USA 1,449,000 135,000 13.5 12.3 11.8 Tampa, USA 1,585,000 147,000 10.1 10.0 10.5 Toronto, Canada 5,382,000 500,000 8.8 6.0 5.6 Vancouver, Canada 837,000 78,000 5.8 4.9 4.7 Washington, USA 15,018,000 1,396,000 9.0 7.1 7.4 ASIA PACIFIC Adelaide, Australia 550,000 51,000 7.7 6.8 7.5 Auckland, New Zealand 968,000 90,000 11.2 10.8 8.6 Bangalore, India 6,500,000 604,000 6.0 8.0 8.5 Beijing, China 18,059,000 1,678,000 20.6 22.4 26.4 Brisbane, Australia 992,000 92,000 3.5 1.2 7.0 Chennai, India 5,000,000 465,000 6.0 6.0 8.0 Delhi, India 15,705,000 1,460,000 7.0 20.0 23.0 Guangzhou, China 30,624,000 2,846,000 10.7 10.1 23.0 Hong Kong, China 31,000 3,000 3.3 3.3 1.7 Jakarta, Indonesia 7,416,000 689,000 10.5 10.0 10.8 Manila, Philippines 799,000 74,000 3.9 3.4 2.3 Melbourne, Australia 4,855,000 451,000 8.0 5.9 4.4 Mumbai (Bombay), India 2,120,000 197,000 5.0 15.0 17.0 Perth, Australia 1,909,000 177,000 0.9 0.7 0.5 Seoul, South Korea 2,241,000 208,000 3.0 3.0 2.3 Shanghai, China 30,946,000 2,876,000 3.8 3.2 2.5 Singapore 4,219,000 392,000 10.3 8.0 7.3 Sydney, Australia 1,742,000 162,000 7.9 5.6 3.7 Taipei,Taiwan 2,295,000 213,000 8.4 7.0 6.2 Tokyo Central Wards (6), Japan 7,209,000 670,000 3.9 3.9 2.5 Wellington, New Zealand 484,000 45,000 8.0 7.1 6.9 colliers.com 7

LOCAL MEASURE/CURRENCY CBD RENTS Measure Class A Class A Top Class A Top Class A Quoted Time Net Rent Gross Rent Net Rent Gross Rent Market Currency Period Unit Dec. 2007 Dec. 2007 Dec. 2007 Dec. 2007 EUROPE/MIDDLE EAST/AFRICA Abu Dhabi, UAE AED Year SM 1,540.00 1,700.00 2,500.00 2,700.00 Amsterdam,The Netherlands EUR Year SM 200.00 260.00 295.00 365.00 Antwerp, Belgium EUR Year SM 125.00 160.00 140.00 180.00 Athens, Greece EUR Month SM 25.00 29.00 30.00 34.50 Basel, Switzerland CHF Year SM 330.00 360.00 370.00 400.00 Belgrade, Serbia EUR Month SM 20.00 28.30 24.00 34.80 Berlin, Germany EUR Month SM 22.55 31.53 34.00 45.22 Birmingham, UK GBP Year SF 22.50 37.50 30.00 45.00 Bratislava, Slovakia EUR Month SM 11.00 13.00 20.00 23.00 Brussels, Belgium EUR Year SM 200.00 275.00 285.00 360.00 Bucharest, Romania EUR Month SM 20.00 24.00 25.00 30.00 Budapest, Hungary EUR Month SM 15.00 19.00 23.00 27.00 Cape Town, South Africa ZAR Month SM 71.14 86.50 94.64 110.00 Copenhagen, Denmark DKK Year SM 1,450.00 1,750.00 1,900.00 2,300.00 Doha, Qatar QAR Month SM 220.00 250.00 250.00 280.00 Dubai, UAE AED Year SF 230.00 250.00 320.00 350.00 Dublin, Ireland EUR Year SM 538.00 656.00 700.00 854.00 Durban, South Africa ZAR Month SM 33.80 55.00 38.80 60.00 Düsseldorf, Germany EUR Month SM 15.40 22.00 Eindhoven, Netherlands EUR Year SM 150.00 165.00 200.00 220.00 Frankfurt, Germany EUR Month SM 17.00 37.00 Geneva, Switzerland CHF Year SM 580.00 620.00 1,000.00 1,200.00 Hamburg, Germany EUR Month SM 23.50 26.50 25.50 28.50 Helsinki, Finland EUR Month SM 23.00 26.00 26.00 30.00 Istanbul,Turkey USD Month SM 20.00 38.00 Johannesburg, South Africa ZAR Month SM 32.77 47.00 35.00 55.00 Kiev, Ukraine USD Month SM 62.00 80.40 70.00 90.00 London City, UK GBP Year SF 51.50 76.50 67.50 92.50 London Docklands, UK GBP Year SF 37.50 55.50 47.50 61.00 London West End, UK GBP Year SF 75.22 105.22 120.00 145.00 Madrid, Spain EUR Month SM 35.00 38.00 45.00 48.00 Manchester, UK GBP Year SF 22.00 34.00 28.50 42.50 Milan, Italy EUR Year SM 300.00 330.00 500.00 550.00 Moscow, Russia USD Year SM 1,000.00 1,280.00 2,500.00 3,245.00 Munich, Germany EUR Month SM 25.80 29.30 31.00 34.50 Oslo, Norway NOK Year SM 4,700.00 5,300.00 Paris, France EUR Year SM 750.00 850.00 820.00 920.00 Prague, Czech Republic EUR Month SM 18.00 21.00 21.00 24.00 Pretoria, South Africa ZAR Month SM 24.92 41.19 28.73 45.00 Riga, Latvia EUR Month SM 17.00 22.42 20.00 26.00 Rome, Italy EUR Year SM 290.00 370.00 420.00 550.00 Saint-Petersburg, Russia USD Year SM 607.00 679.00 910.00 1,071.00 Sandton, South Africa ZAR Month SM 86.67 110.00 106.67 130.00 Sofia, Bulgaria EUR Month SM 16.44 17.50 Stockholm, Sweden SEK Year SM 4,100.00 4,600.00 4,500.00 5,000.00 Stuttgart, Germany EUR Month SM 17.50 21.00 19.00 22.50 Tallinn, Estonia EUR Month SM 18.50 24.60 22.50 29.50 Tel Aviv, Israel USD Month SM 18.00 28.00 32.00 42.00 Vienna, Austria EUR Month SM 18.00 21.00 22.00 26.00 Vilnius, Lithuania EUR Month SM 17.40 20.80 20.20 24.30 Warsaw, Poland EUR Month SM 25.00 30.00 30.00 35.00 Zagreb, Croatia EUR Month SM 16.00 22.00 19.00 26.00 Zurich, Switzerland CHF Year SM 480.00 510.00 900.00 930.00 LATIN AMERICA Bogotá, Colombia USD Month SM 20.70 23.40 27.30 30.80 Buenos Aires, Argentina USD Month SM 35.90 39.70 37.10 41.40 Lima, Peru USD Month SM 15.30 17.60 17.50 19.80 Mexico City, Mexico USD Month SM 28.50 32.50 35.00 39.00 Rio de Janeiro, Brazil BRL Month SM 118.00 128.00 Santiago, Chile CLP Year SM 11,774.00 15,698.00 13,736.00 16,679.00 São Paulo, Brazil BRL Month SM 75.00 95.00 95.00 130.00 8 colliers.com

LOCAL MEASURE/CURRENCY CBD RENTS (CONTINUED) Measure Class A Class A Top Class A Top Class A Quoted Time Net Rent Gross Rent Net Rent Gross Rent Market Currency Period Unit Dec. 2007 Dec. 2007 Dec. 2007 Dec. 2007 NORTH AMERICA Atlanta, USA USD Year SF 10.00 20.50 24.50 35.00 Baltimore, USA USD Year SF 12.19 24.14 22.55 34.50 Boston, USA USD Year SF 64.63 85.00 Calgary, Canada USD Year SF 44.00 60.00 55.91 71.91 Charlotte, USA USD Year SF 20.97 28.97 25.00 33.00 Chicago, USA USD Year SF 20.50 40.00 39.50 59.00 Cleveland, USA USD Year SF 11.36 19.99 20.37 29.00 Dallas/Ft. Worth, USA USD Year SF 13.40 25.00 22.90 34.50 Denver, USA USD Year SF 18.35 30.00 29.35 41.00 Detroit, USA USD Year SF 23.74 25.04 Edmonton, Canada USD Year SF 23.00 36.00 32.00 45.00 Ft. Lauderdale, USA USD Year SF 19.90 32.40 20.19 32.69 Houston, USA USD Year SF 21.92 36.42 27.91 42.41 Jacksonville, USA USD Year SF 10.80 20.00 15.80 25.00 Kansas City, USA USD Year SF 12.26 20.37 18.39 26.50 Las Vegas, USA USD Year SF 39.00 39.00 Los Angeles, USA USD Year SF 21.63 37.08 64.55 80.00 Memphis, USA USD Year SF 9.25 17.00 14.80 22.55 Miami, USA USD Year SF 22.79 36.90 24.60 38.71 Milwaukee, USA USD Year SF 11.00 22.00 15.00 26.00 Minneapolis, USA USD Year SF 14.64 26.43 28.69 40.48 Montreal, Canada USD Year SF 13.25 29.71 34.00 50.46 New York - Downtown, USA USD Year SF 30.52 54.52 56.00 80.00 New York - Midtown, USA USD Year SF 68.54 95.04 163.50 190.00 Orlando, USA USD Year SF 20.42 27.92 31.50 39.00 Ottawa, Canada USD Year SF 24.95 44.85 30.71 50.61 Philadelphia, USA USD Year SF 15.27 25.48 27.29 37.50 Phoenix, USA USD Year SF 15.12 28.12 28.00 41.00 Portland, USA USD Year SF 23.58 35.00 Raleigh/Durham, USA USD Year SF 14.50 21.00 18.00 24.50 Sacramento, USA USD Year SF 25.88 35.88 30.20 40.20 San Diego, USA USD Year SF 35.40 48.60 San Francisco, USA USD Year SF 39.48 55.84 83.64 100.00 San Jose - Silicon Valley, USA USD Year SF 21.72 35.76 30.96 45.00 Seattle, USA USD Year SF 32.28 38.35 St. Louis, USA USD Year SF 11.08 20.58 12.50 22.00 Tampa, USA USD Year SF 11.06 21.81 17.59 28.34 Toronto, Canada USD Year SF 25.33 51.14 43.64 69.45 Vancouver, Canada USD Year SF 28.25 46.00 49.25 67.00 Washington, USA USD Year SF 32.96 50.96 52.00 70.00 ASIA PACIFIC Adelaide, Australia AUD Year SM 305.00 390.00 355.00 440.00 Auckland, New Zealand NZD Year SM 330.00 430.00 560.00 660.00 Bangalore, India INR Month SF 85.00 105.00 140.00 160.00 Beijing, China USD Year SF 34.75 38.65 39.49 43.39 Brisbane, Australia AUD Year SM 865.00 975.00 1,000.00 1,100.00 Chennai, India INR Month SF 65.00 75.00 80.00 90.00 Delhi, India INR Month SF 260.00 300.00 380.00 425.00 Guangzhou, China USD Month SM 17.37 14.33 31.70 26.15 Hong Kong, China HKD Month SF 102.03 118.14 175.55 198.65 Jakarta, Indonesia IDR Month SM 85,834.00 134,615.00 167,400.00 232,500.00 Manila, Philippines PHP Year SM 13,530.00 16,019.00 15,840.00 18,518.00 Melbourne, Australia AUD Year SM 320.00 410.00 535.00 635.00 Mumbai (Bombay), India INR Month SF 360.00 375.00 485.00 500.00 Perth, Australia AUD Year SM 675.00 800.00 750.00 875.00 Seoul, South Korea KRW Month SM 25,700.00 35,600.00 34,200.00 45,300.00 Shanghai, China USD Month SM 34.70 37.70 57.20 62.40 Singapore SGD Month SF 13.93 16.64 15.32 18.00 Sydney, Australia AUD Year SM 600.00 726.00 1,190.00 1,350.00 Taipei,Taiwan NTD Month Ping 2,418.00 2,618.00 3,000.00 3,200.00 Tokyo Central Wards (6), Japan JPY Year SM 152,460.00 235,950.00 Wellington, New Zealand NZD Year SM 330.00 440.00 460.00 560.00 colliers.com 9

US DOLLARS CBD MARKETS Class A Net Class A Gross Top Class A Net Top Class A Gross CBD Sales CBD Cap Short Term Rent Dec. 2007 Rent Dec. 2007 Rent Dec. 2007 Rent Dec. 2007 Price Rate/Initial Interest Market (PSF/USD/Year) (PSF/USD/Year) (PSF/USD/Year) (PSF/USD/Year) (PSF/USD) Yield (%) Rates (%) EUROPE/MIDDLE EAST/AFRICA Abu Dhabi, UAE 38.97 43.02 63.26 68.32 15,000.00 10.00 Amsterdam,The Netherlands 27.33 35.53 40.31 49.88 5.25 4.37 Antwerp, Belgium 17.08 21.87 19.13 24.60 2,500.00 5.70 4.43 Athens, Greece 41.00 47.56 49.20 56.58 4,500.00 6.50 4.37 Basel, Switzerland 28.52 31.11 31.98 34.57 7,170.00 4.60 4.37 Belgrade, Serbia 32.80 46.41 39.36 57.07 2,200.00 8.50 Berlin, Germany 36.98 51.71 55.76 74.16 5,000.00 4.85 4.37 Birmingham, UK 44.65 74.42 59.54 89.31 5.25 5.63 Bratislava, Slovakia 18.04 21.32 32.80 37.72 2,300.00 6.00 4.17 Brussels, Belgium 27.33 37.58 38.95 49.20 5.25 4.37 Bucharest, Romania 32.80 39.36 41.00 49.20 6.00 Budapest, Hungary 24.60 31.16 37.72 44.28 2,455.00 6.85 7.87 Cape Town, South Africa 10.55 12.82 14.03 16.31 8.70 11.30 Copenhagen, Denmark 27.09 32.70 35.50 42.97 40,000.00 4.75 4.70 Doha, Qatar 67.99 77.26 77.26 86.53 Dubai, UAE 62.63 68.07 87.13 95.30 2,000.00 7.50 Dublin, Ireland 73.52 89.65 95.66 116.70 16,000.00 3.50 4.37 Durban, South Africa 5.01 8.15 5.75 8.90 10.70 11.30 Düsseldorf, Germany 25.25 36.08 6,500.00 4.10 4.37 Eindhoven, Netherlands 20.50 22.55 27.33 30.06 6.00 4.37 Frankfurt, Germany 27.88 60.68 4.17 4.37 Geneva, Switzerland 50.12 53.58 86.42 103.70 15,000.00 4.75 2.78 Hamburg, Germany 38.54 43.46 41.82 46.74 4.75 4.37 Helsinki, Finland 37.72 42.64 42.64 49.20 5.00 4.28 Istanbul,Turkey 22.30 42.38 2,300.00 8.50 16.48 Johannesburg, South Africa 4.86 6.97 5.19 8.15 11.30 11.30 Kiev, Ukraine 69.14 89.67 78.07 100.37 8,100.00 9.25 London City, UK 102.21 151.82 133.96 183.58 1,135.00 5.25 5.63 London Docklands, UK 74.42 110.15 94.27 121.06 900.00 5.50 5.63 London West End, UK 149.28 208.82 238.15 287.77 2,250.00 4.75 5.63 Madrid, Spain 57.40 62.32 73.79 78.71 9,000.00 4.25 4.37 Manchester, UK 43.66 67.48 56.56 84.35 5.25 5.63 Milan, Italy 41.00 45.10 68.33 75.16 6,400.00 5.25 4.37 Moscow, Russia 92.94 118.96 232.34 301.58 13,500.00 8.50 10.25 Munich, Germany 42.31 48.05 50.84 56.58 7,000.00 4.25 4.37 Oslo, Norway 83.37 94.01 5.25 5.95 Paris, France 102.49 116.16 112.06 125.72 15,000.00 4.00 4.37 Prague, Czech Republic 29.52 34.44 34.44 39.36 4,400.00 5.50 3.94 Pretoria, South Africa 3.69 6.11 4.26 6.67 11.50 11.30 Riga, Latvia 27.88 36.77 32.80 42.64 3,690.00 6.50 6.94 Rome, Italy 39.63 50.56 57.40 75.16 6,200.00 5.00 4.37 Saint-Petersburg, Russia 56.41 63.10 84.57 99.54 8,000.00 8.60 10.25 Sandton, South Africa 12.85 16.31 15.81 19.27 8.80 11.30 Sofia, Bulgaria 26.96 28.70 Stockholm, Sweden 61.39 68.88 67.38 74.87 85,000.00 4.50 4.22 Stuttgart, Germany 28.70 34.44 31.16 36.90 4,900.00 4.70 4.37 Tallinn, Estonia 30.34 40.34 36.90 48.38 3,500.00 6.50 6.60 Tel Aviv, Israel 20.07 31.23 35.69 46.84 3,200.00 7.50 4.15 Vienna, Austria 29.52 34.44 36.08 42.64 6,000.00 3.50 4.37 Vilnius, Lithuania 28.53 34.11 33.13 39.85 7.00 4.83 Warsaw, Poland 41.00 49.20 49.20 57.40 4,500.00 6.00 5.80 Zagreb, Croatia 26.24 36.08 31.16 42.64 2,100.00 7.00 Zurich, Switzerland 41.48 44.07 77.78 80.37 10,450.00 4.60 2.78 LATIN AMERICA Bogotá, Colombia 23.09 26.10 30.45 34.35 2,452.00 11.10 9.28 Buenos Aires, Argentina 40.04 44.28 41.38 46.17 3,696.00 12.00 10.13 Lima, Peru 17.06 19.63 19.52 22.08 1,352.00 15.00 4.95 Mexico City, Mexico 31.78 36.25 39.03 43.49 3,500.00 8.50 7.43 Rio de Janeiro, Brazil 75.90 82.34 9,000.00 12.00 11.18 Santiago, Chile 26.35 35.14 30.74 37.33 1,020,378.00 10.00 6.24 São Paulo, Brazil 48.24 61.11 61.11 83.62 10,000.00 12.00 11.18 10 colliers.com

US DOLLARS CBD MARKETS (CONTINUED) Class A Net Class A Gross Top Class A Net Top Class A Gross CBD Sales CBD Cap Short Term Rent Dec. 2007 Rent Dec. 2007 Rent Dec. 2007 Rent Dec. 2007 Price Rate/Initial Interest Market (PSF/USD/Year) (PSF/USD/Year) (PSF/USD/Year) (PSF/USD/Year) (PSF/USD) Yield (%) Rates (%) NORTH AMERICA Atlanta, USA 10.00 20.50 24.50 35.00 165.00 7.40 2.73 Baltimore, USA 12.19 24.14 22.55 34.50 225.00 7.25 2.73 Boston, USA 0.00 64.63 85.00 405.00 5.60 2.73 Calgary, Canada 44.81 61.10 56.93 73.23 520.00 5.75 3.25 Charlotte, USA 20.97 28.97 25.00 33.00 240.00 6.25 2.73 Chicago, USA 20.50 40.00 39.50 59.00 435.00 5.50 2.73 Cleveland, USA 11.36 19.99 20.37 29.00 115.00 9.00 2.73 Dallas/Ft. Worth, USA 13.40 25.00 22.90 34.50 194.00 7.40 2.73 Denver, USA 18.35 30.00 29.35 41.00 250.00 6.20 2.73 Detroit, USA 0.00 23.74 25.04 70.00 10.00 2.73 Edmonton, Canada 23.42 36.66 32.59 45.82 250.00 6.25 3.25 Ft. Lauderdale, USA 19.90 32.40 20.19 32.69 235.00 7.10 2.73 Houston, USA 21.92 36.42 27.91 42.41 143.00 6.00 2.73 Jacksonville, USA 10.80 20.00 15.80 25.00 115.00 8.00 2.73 Kansas City, USA 12.26 20.37 18.39 26.50 201.00 7.00 2.73 Las Vegas, USA 0.00 39.00 39.00 6.70 2.73 Los Angeles, USA 21.63 37.08 64.55 80.00 390.00 5.00 2.73 Memphis, USA 9.25 17.00 14.80 22.55 143.00 7.50 2.73 Miami, USA 22.79 36.90 24.60 38.71 251.57 5.18 2.73 Milwaukee, USA 11.00 22.00 15.00 26.00 225.00 8.00 2.73 Minneapolis, USA 14.64 26.43 28.69 40.48 183.00 7.50 2.73 Montreal, Canada 13.49 30.25 34.62 51.38 275.00 6.50 3.25 New York - Downtown, USA 30.52 54.52 56.00 80.00 475.00 5.30 2.73 New York - Midtown, USA 68.54 95.04 163.50 190.00 1,000.00 4.00 2.73 Orlando, USA 20.42 27.92 31.50 39.00 237.50 6.50 2.73 Ottawa, Canada 25.41 45.67 31.27 51.54 300.00 6.50 3.25 Philadelphia, USA 15.27 25.48 27.29 37.50 155.00 7.50 2.73 Phoenix, USA 15.12 28.12 28.00 41.00 270.55 2.73 Portland, USA 0.00 23.58 35.00 253.55 6.20 2.73 Raleigh/Durham, USA 14.50 21.00 18.00 24.50 180.00 7.50 2.73 Sacramento, USA 25.88 35.88 30.20 40.20 340.00 6.50 2.73 San Diego, USA 0.00 35.40 48.60 357.00 5.10 2.73 San Francisco, USA 39.48 55.84 83.64 100.00 387.00 5.80 2.73 San Jose - Silicon Valley, USA 21.72 35.76 30.96 45.00 275.00 5.00 2.73 Seattle, USA 0.00 32.28 38.35 347.00 5.80 2.73 St. Louis, USA 11.08 20.58 12.50 22.00 100.00 9.00 2.73 Tampa, USA 11.06 21.81 17.59 28.34 240.00 7.25 2.73 Toronto, Canada 25.79 52.08 44.44 70.72 264.00 5.70 3.25 Vancouver, Canada 28.77 46.84 50.15 68.23 320.00 5.50 3.25 Washington, USA 32.96 50.96 52.00 70.00 500.00 5.96 2.73 ASIA PACIFIC Adelaide, Australia 26.06 33.33 30.34 37.60 4,500.00 6.50 7.81 Auckland, New Zealand 24.45 31.87 41.50 48.91 4,750.00 7.00 7.30 Bangalore, India 25.54 31.55 42.07 48.08 9,500.00 12.50 7.25 Beijing, China 34.75 38.65 39.49 43.39 330.00 8.36 4.50 Brisbane, Australia 73.92 83.32 85.46 94.00 10,500.00 6.00 7.81 Chennai, India 19.53 22.54 24.04 27.05 10,000.00 9.50 7.25 Delhi, India 78.13 90.15 114.19 127.71 45,000.00 9.00 7.25 Guangzhou, China 19.37 15.98 35.35 29.16 2,669.00 6.44 4.50 Hong Kong, China 156.95 181.73 270.04 305.57 19,355.00 3.25 2.30 Jakarta, Indonesia 10.45 16.39 20.39 28.32 15,770,000.00 10.06 8.07 Manila, Philippines 31.02 36.72 36.31 42.45 117,500.00 11.40 6.75 Melbourne, Australia 27.35 35.04 45.72 54.27 6,200.00 6.50 7.81 Mumbai (Bombay), India 108.18 112.69 145.74 150.25 39,000.00 11.00 7.25 Perth, Australia 57.68 68.37 64.09 74.78 7,000.00 6.00 7.81 Seoul, South Korea 30.37 42.06 40.41 53.53 6,050,000.00 5.60 5.26 Shanghai, China 38.70 42.04 63.79 69.59 5,945.00 7.00 4.50 Singapore 118.42 141.46 130.24 153.02 2,725.00 6.14 1.50 Sydney, Australia 51.28 62.04 101.70 115.37 9,750.00 4.90 7.81 Taipei,Taiwan 23.63 25.59 29.32 31.27 4.80 2.60 Tokyo Central Wards (6), Japan 131.53 203.56 3,297,250.00 3.50 0.74 Wellington, New Zealand 24.45 32.61 34.09 41.50 4,030.00 7.40 7.30 colliers.com 11

LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS Measure Class A Class A Top Class A Top Class A Quoted Time Net Rent Gross Rent Net Rent Gross Rent Market Currency Period Unit Dec. 2007 Dec. 2007 Dec. 2007 Dec. 2007 EUROPE/MIDDLE EAST/AFRICA Abu Dhabi, UAE AED Year SM 1,000.00 1,200.00 1,500.00 1,650.00 Amsterdam,The Netherlands EUR Year SM 165.00 215.00 195.00 245.00 Antwerp, Belgium EUR Year SM 120.00 155.00 130.00 170.00 Athens, Greece EUR Month SM 17.00 19.00 20.00 22.40 Basel, Switzerland CHF Year SM 190.00 210.00 300.00 330.00 Belgrade, Serbia EUR Month SM 10.50 14.80 14.60 19.70 Berlin, Germany EUR Month SM 7.80 10.00 10.00 16.66 Bratislava, Slovakia EUR Month SM 10.00 13.00 15.00 18.00 Brussels, Belgium EUR Year SM 120.00 165.00 165.00 210.00 Budapest, Hungary EUR Month SM 10.00 13.50 12.50 16.00 Cape Town, South Africa ZAR Month SM 87.93 106.68 115.00 96.25 Copenhagen, Denmark DKK Year SM 950.00 1,100.00 1,350.00 1,650.00 Dubai, UAE AED Year SF 168.00 194.00 240.00 264.00 Dublin, Ireland EUR Year SM 220.00 268.00 377.00 460.00 Durban, South Africa ZAR Month SM 55.00 80.00 70.00 95.00 Düsseldorf, Germany EUR Month SM 10.20 12.00 Eindhoven, Netherlands EUR Year SM 120.00 135.00 170.00 190.00 Frankfurt, Germany EUR Month SM 23.20 50.00 Geneva, Switzerland CHF Year SM 390.00 430.00 600.00 650.00 Helsinki, Finland EUR Month SM 10.00 13.00 15.00 18.00 Johannesburg, South Africa ZAR Month SM 47.57 61.80 52.27 66.50 Madrid, Spain EUR Month SM 18.00 19.00 27.00 28.60 Milan, Italy EUR Year SM 135.00 150.00 225.00 250.00 Munich, Germany EUR Month SM 12.30 14.80 15.50 18.00 Oslo, Norway NOK Year SM 2,100.00 3,000.00 Paris, France EUR Year SM 325.00 385.00 490.00 590.00 Prague, Czech Republic EUR Month SM 14.00 17.00 16.00 19.00 Pretoria, South Africa ZAR Month SM 69.97 81.25 73.72 85.00 Riga, Latvia EUR Month SM 12.00 16.00 15.00 19.50 Rome, Italy EUR Year SM 160.00 210.00 200.00 250.00 Saint-Petersburg, Russia USD Year SM 344.00 386.00 585.00 665.00 Sandton, South Africa ZAR Month SM 76.75 93.75 98.00 115.00 Sofia, Bulgaria EUR Month SM 11.50 17.00 Stockholm, Sweden SEK Year SM 2,000.00 2,300.00 2,300.00 2,600.00 Stuttgart, Germany EUR Month SM 11.50 14.00 13.50 16.50 Tallinn, Estonia EUR Month SM 12.50 17.60 14.10 19.50 Tel Aviv, Israel USD Month SM 14.00 22.00 20.00 28.00 Vienna, Austria EUR Month SM 11.00 15.00 13.00 17.00 Vilnius, Lithuania EUR Month SM 12.50 14.90 13.60 16.30 Warsaw, Poland EUR Month SM 15.00 19.00 17.00 21.00 Zagreb, Croatia EUR Month SM 12.00 16.50 15.00 20.00 Zurich, Switzerland CHF Year SM 220.00 240.00 650.00 680.00 LATIN AMERICA Buenos Aires, Argentina USD Month SM 22.00 24.70 23.00 25.70 Lima, Peru USD Month SM 15.50 17.80 15.50 17.80 Mexico City, Mexico USD Month SM 25.00 29.00 30.00 34.00 Rio de Janeiro, Brazil BRL Month SM 118.00 128.00 São Paulo, Brazil BRL Month SM 75.00 95.00 95.00 130.00 12 colliers.com

LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS (CONTINUED) Measure Class A Class A Top Class A Top Class A Quoted Time Net Rent Gross Rent Net Rent Gross Rent Market Currency Period Unit Dec. 2007 Dec. 2007 Dec. 2007 Dec. 2007 NORTH AMERICA Atlanta, USA USD Year SF 14.30 23.55 23.75 33.00 Baltimore, USA USD Year SF 15.65 25.92 25.60 35.87 Boston, USA USD Year SF 36.65 36.65 45.00 45.00 Calgary, Canada USD Year SF 30.00 42.00 18.00 30.00 Charlotte, USA USD Year SF 13.97 19.97 24.00 30.00 Chicago, USA USD Year SF 2.80 27.80 10.00 35.00 Cleveland, USA USD Year SF 14.05 20.55 18.50 25.00 Dallas/Ft. Worth, USA USD Year SF 15.70 26.50 26.20 37.00 Denver, USA USD Year SF 12.50 23.50 20.00 31.00 Detroit, USA USD Year SF 23.46 23.51 Edmonton, Canada USD Year SF 16.00 28.00 36.28 48.28 Ft. Lauderdale, USA USD Year SF 17.44 28.60 18.10 29.26 Houston, USA USD Year SF 13.81 26.61 22.62 35.42 Jacksonville, USA USD Year SF 11.30 20.50 16.30 25.50 Kansas City, USA USD Year SF 13.13 22.39 24.49 33.75 Los Angeles, USA USD Year SF 26.50 40.20 81.30 95.00 Memphis, USA USD Year SF 12.97 20.97 22.00 30.00 Miami, USA USD Year SF 20.33 33.22 21.90 34.79 Milwaukee, USA USD Year SF 13.00 21.00 14.00 22.00 Minneapolis, USA USD Year SF 15.35 26.61 26.41 37.67 Montreal, Canada USD Year SF 9.78 24.20 14.74 29.16 New Jersey - Northern, USA USD Year SF 19.61 28.87 40.74 50.00 Orlando, USA USD Year SF 16.10 25.10 19.00 28.00 Ottawa, Canada USD Year SF 12.54 26.54 22.00 36.00 Philadelphia, USA USD Year SF 17.45 24.68 28.77 36.00 Phoenix, USA USD Year SF 15.20 28.20 27.00 40.00 Portland, USA USD Year SF 23.87 32.00 Raleigh/Durham, USA USD Year SF 15.30 21.60 23.20 29.50 Sacramento, USA USD Year SF 17.99 27.24 23.75 33.00 San Diego, USA USD Year SF 38.16 52.80 San Jose - Silicon Valley, USA USD Year SF 28.20 41.04 92.76 105.60 Seattle, USA USD Year SF 33.14 37.24 St. Louis, USA USD Year SF 13.50 23.00 21.50 31.00 Tampa, USA USD Year SF 13.56 24.36 22.20 33.00 Toronto, Canada USD Year SF 15.68 30.31 26.63 41.26 Vancouver, Canada USD Year SF 17.50 30.00 26.50 39.00 Washington, USA USD Year SF 16.10 30.60 37.88 52.38 ASIA PACIFIC Adelaide, Australia AUD Year SM 260.00 330.00 300.00 350.00 Bangalore, India INR Month SF 40.00 60.00 60.00 80.00 Beijing, China USD Year SF 30.99 34.89 35.42 39.32 Brisbane, Australia AUD Year SM 370.00 450.00 400.00 525.00 Chennai, India INR Month SF 44.00 50.00 53.00 60.00 Delhi, India INR Month SF 150.00 175.00 200.00 225.00 Hong Kong, China HKD Month SF 28.54 37.05 34.08 44.15 Jakarta, Indonesia IDR Month SM 91,150.00 138,180.00 111,600.00 147,219.00 Manila, Philippines PHP Year SM 6,600.00 7,647.00 7,920.00 9,079.00 Melbourne, Australia AUD Year SM 260.00 340.00 320.00 400.00 Mumbai (Bombay), India INR Month SF 235.00 250.00 385.00 400.00 Seoul, South Korea KRW Month SM 18,900.00 27,300.00 20,800.00 29,400.00 Shanghai, China USD Month SM 13.00 17.80 28.10 38.40 Singapore SGD Month SF 7.55 9.39 9.93 12.00 Sydney, Australia AUD Year SM 365.00 440.00 515.00 620.00 colliers.com 13

US DOLLAR SUBURBAN/OUT-OF-TOWN Class A Net Class A Gross Top Class A Net Top Class A Gross Suburban Suburban Cap Short Term Rent Dec. 2007 Rent Dec. 2007 Rent Dec. 2007 Rent Dec. 2007 Sales Price Rate/Initial Interest Market (PSF/USD/Year) (PSF/USD/Year) (PSF/USD/Year) (PSF/USD/Year) (PSF/USD) Yield (%) Rates (%) EUROPE/MIDDLE EAST/AFRICA Abu Dhabi, UAE 25.31 30.37 37.96 41.75 Amsterdam,The Netherlands 22.55 29.38 26.65 33.48 6.00 4.37 Antwerp, Belgium 16.40 21.18 17.77 23.23 286.98 6.50 4.43 Athens, Greece 27.88 31.16 32.80 36.73 450.97 6.75 4.37 Basel, Switzerland 16.42 18.15 25.93 28.52 288.64 5.70 4.37 Belgrade, Serbia 17.22 24.27 23.94 32.31 170.82 9.00 Berlin, Germany 12.79 16.40 16.40 27.32 273.31 6.25 4.37 Bratislava, Slovakia 16.40 21.32 24.60 29.52 273.31 6.50 4.17 Brussels, Belgium 16.40 22.55 22.55 28.70 6.00 4.37 Budapest, Hungary 16.40 22.14 20.50 26.24 295.86 7.00 7.87 Cape Town, South Africa 13.04 15.82 17.05 14.27 8.80 11.30 Copenhagen, Denmark 17.75 20.55 25.22 30.83 504.44 5.00 4.70 Dubai, UAE 45.74 52.82 65.35 71.88 35.43 10.00 Dublin, Ireland 30.06 36.62 51.52 62.86 956.60 5.00 4.37 Durban, South Africa 8.15 11.86 10.38 14.08 9.20 11.30 Düsseldorf, Germany 16.73 19.68 478.30 5.50 4.37 Eindhoven, Netherlands 16.40 18.45 23.23 25.96 7.00 4.37 Frankfurt, Germany 38.05 81.99 4.37 Geneva, Switzerland 33.70 37.16 51.85 56.17 691.35 6.00 2.78 Hamburg, Germany 6.50 4.37 Helsinki, Finland 16.40 21.32 24.60 29.52 6.50 4.28 Johannesburg, South Africa 7.05 9.16 7.75 9.86 11.30 11.30 Madrid, Spain 29.52 31.16 44.28 46.90 546.63 5.35 4.37 Milan, Italy 18.45 20.50 30.75 34.16 273.31 6.50 4.37 Moscow, Russia 511.15 8.50 10.25 Munich, Germany 20.17 24.27 25.42 29.52 437.30 6.25 4.37 Oslo, Norway 37.25 53.21 7.00 5.95 Paris, France 44.41 52.61 66.96 80.63 1,024.92 5.25 4.37 Prague, Czech Republic 22.96 27.88 26.24 31.16 409.97 6.50 3.94 Pretoria, South Africa 10.37 12.05 10.93 12.60 9.40 11.30 Riga, Latvia 19.68 26.24 24.60 31.98 273.31 7.00 6.94 Rome, Italy 21.87 28.70 27.33 34.16 409.97 6.00 4.37 Saint-Petersburg, Russia 31.97 35.87 54.37 61.80 278.81 9.25 10.25 Sandton, South Africa 11.38 13.90 14.53 17.05 9.40 11.30 Sofia, Bulgaria 18.86 27.88 Stockholm, Sweden 29.95 34.44 34.44 38.93 554.01 5.25 4.22 Stuttgart, Germany 18.86 22.96 22.14 27.06 341.64 6.00 4.37 Tallinn, Estonia 20.50 28.86 23.12 31.98 273.31 6.60 Tel Aviv, Israel 15.61 24.54 22.30 31.23 232.34 8.00 4.15 Vienna, Austria 18.04 24.60 21.32 27.88 341.64 5.50 4.37 Vilnius, Lithuania 20.50 24.43 22.30 26.73 7.25 4.83 Warsaw, Poland 24.60 31.16 27.88 34.44 409.97 6.30 5.80 Zagreb, Croatia 19.68 27.06 24.60 32.80 225.48 6.50 Zurich, Switzerland 19.01 20.74 56.17 58.76 333.58 5.70 2.78 LATIN AMERICA Buenos Aires, Argentina 24.54 27.55 25.65 28.66 185.87 12.00 10.13 Lima, Peru 17.29 19.85 17.29 19.85 110.59 15.00 4.95 Mexico City, Mexico 27.88 32.34 33.46 37.92 260.22 9.50 7.43 Rio de Janeiro, Brazil 75.90 82.34 268.02 11.00 11.18 São Paulo, Brazil 48.24 61.11 61.11 83.62 428.84 11.00 11.18 14 colliers.com

US DOLLAR SUBURBAN/OUT-OF-TOWN (CONTINUED) Class A Net Class A Gross Top Class A Net Top Class A Gross Suburban Suburban Cap Short Term Rent Dec. 2007 Rent Dec. 2007 Rent Dec. 2007 Rent Dec. 2007 Sales Price Rate/Initial Interest Market (PSF/USD/Year) (PSF/USD/Year) (PSF/USD/Year) (PSF/USD/Year) (PSF/USD) Yield (%) Rates (%) NORTH AMERICA Atlanta, USA 14.30 23.55 23.75 33.00 161.00 6.50 2.73 Baltimore, USA 15.65 25.92 25.60 35.87 242.50 6.63 2.73 Boston, USA 36.65 36.65 45.00 45.00 185.00 6.40 2.73 Calgary, Canada 30.55 42.77 18.33 30.55 356.42 6.25 3.25 Charlotte, USA 13.97 19.97 24.00 30.00 160.00 7.00 2.73 Chicago, USA 2.80 27.80 10.00 35.00 195.00 7.25 2.73 Cleveland, USA 14.05 20.55 18.50 25.00 130.00 8.50 2.73 Dallas/Ft. Worth, USA 15.70 26.50 26.20 37.00 115.00 6.90 2.73 Denver, USA 12.50 23.50 20.00 31.00 190.00 6.20 2.73 Detroit, USA 0.00 23.46 0.00 23.51 155.00 9.00 2.73 Edmonton, Canada 16.29 28.51 36.95 49.16 193.48 6.50 3.25 Ft. Lauderdale, USA 17.44 28.60 18.10 29.26 140.00 6.80 2.73 Houston, USA 13.81 26.61 22.62 35.42 123.00 7.10 2.73 Jacksonville, USA 11.30 20.50 16.30 25.50 135.00 7.50 2.73 Kansas City, USA 13.13 22.39 24.49 33.75 139.00 7.00 2.73 Las Vegas, USA 0.00 38.15 0.00 0.00 188.26 6.30 2.73 Los Angeles, USA 26.50 40.20 81.30 95.00 368.00 5.10 2.73 Memphis, USA 12.97 20.97 22.00 30.00 190.00 7.00 2.73 Miami, USA 20.33 33.22 21.90 34.79 225.00 6.30 2.73 Milwaukee, USA 13.00 21.00 14.00 22.00 180.00 8.00 2.73 Minneapolis, USA 15.35 26.61 26.41 37.67 200.00 7.75 2.73 Montreal, Canada 9.96 24.64 15.01 29.69 178.21 7.50 3.25 New Jersey - Northern, USA 19.61 28.87 40.74 50.00 230.00 7.00 2.73 Orlando, USA 16.10 25.10 19.00 28.00 187.50 6.50 2.73 Ottawa, Canada 12.77 27.03 22.40 36.66 168.02 8.00 3.25 Philadelphia, USA 17.45 24.68 28.77 36.00 157.00 7.50 2.73 Phoenix, USA 15.20 28.20 27.00 40.00 175.66 6.20 2.73 Portland, USA 0.00 23.87 0.00 32.00 130.36 6.50 2.73 Raleigh/Durham, USA 15.30 21.60 23.20 29.50 140.00 7.00 2.73 Sacramento, USA 17.99 27.24 23.75 33.00 250.00 6.80 2.73 San Diego, USA 0.00 38.16 0.00 52.80 299.20 6.75 2.73 San Jose - Silicon Valley, USA 28.20 41.04 92.76 105.60 460.00 5.70 2.73 Seattle, USA 0.00 33.14 0.00 37.24 256.00 5.26 2.73 St. Louis, USA 13.50 23.00 21.50 31.00 150.00 7.50 2.73 Tampa, USA 13.56 24.36 22.20 33.00 170.00 7.25 2.73 Toronto, Canada 15.97 30.87 27.12 42.02 185.34 6.90 3.25 Vancouver, Canada 17.82 30.55 26.99 39.71 305.50 6.50 3.25 Washington, USA 16.10 30.60 37.88 52.38 349.00 5.70 2.73 ASIA PACIFIC Adelaide, Australia 22.22 28.20 25.64 29.91 299.10 6.80 7.81 Auckland, New Zealand 244.55 8.25 7.30 Bangalore, India 12.02 18.03 18.03 24.04 112.69 11.50 7.25 Beijing, China 30.99 34.89 35.42 39.32 305.00 8.25 4.50 Brisbane, Australia 31.62 38.46 34.18 44.87 358.93 7.25 7.81 Chennai, India 13.22 15.03 15.93 18.03 175.29 9.00 7.25 Delhi, India 45.08 52.59 60.10 67.61 525.88 9.50 7.25 Hong Kong, China 43.90 56.99 52.42 67.91 2.30 Jakarta, Indonesia 11.10 16.83 13.59 17.93 114.18 9.70 8.07 Manila, Philippines 15.13 17.53 18.16 20.81 138.69 10.80 6.75 Melbourne, Australia 22.22 29.06 27.35 34.18 350.38 6.75 7.81 Mumbai (Bombay), India 70.62 75.13 115.69 120.20 638.57 11.00 7.25 Seoul, South Korea 22.33 32.26 24.58 34.74 447.03 7.20 5.26 Shanghai, China 14.50 19.85 31.34 42.83 203.72 8.10 4.50 Singapore 64.18 79.82 84.41 102.01 1.50 Sydney, Australia 31.19 37.60 44.01 52.98 433.70 6.80 7.81 Wellington, New Zealand 172.67 8.30 7.30 colliers.com 15

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2008 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. 16 colliers.com

COLLIERS INTERNATIONAL l GLOBAL OFFICE REAL ESTATE REVIEW 2008 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. US $1.6 Billion ( 1.2 Billion) in Revenue 673 Million SF (63 Million SM) Under Management 10,092 Professionals 57 Countries 6 Continents 267 OFFICES WORLDWIDE 57 COUNTRIES ON 6 CONTINENTS 129 Americas 95 United States 17 Canada 17 Latin America 85 Europe, Middle East & Africa 53 Asia Pacific Argentina Australia Austria 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 Mexico Netherlands New Zealand Norway Pakistan Peru Philippines Poland Portugal Romania Russia Saudi Arabia Serbia Singapore Slovak Republic South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey Ukraine United Arab Emirates United Kingdom United States Vietnam colliers.com 17