_Economy and Finance

Delhi-NCR Submarket Intelligence Report English Version 한국어 버전 1. Gurugram (Gurgaon) Character Global Business Heart Pros/Cons Top-tier infrastructure & connectivity / Highest rents & traffic congestion. Key Locations DLF Cyber City, Golf Course Road Key Tenants Fortune 500 IT, Global Finance, Consulting Market Dynamics 'Flight to Quality' drives massive demand. Vacancy tight at 10-12%. 2. Noida (& Greater Noida) Character Cost-effective Mega Tech Hub Pros/Cons Highly affordable for large campuses / High vacancy due to oversupply. Key Locations Noida Expressway, Sector 62 Key Tenants Large IT/BPOs, Manufacturing R&D (Samsung, TCS) Market Dynamics Continuous new supply keeps vacancy elevated at 20-23%. 3. Central Delhi & Aerocity Character Traditional Prime ...

English Report 한국어 보고서 Delhi-NCR Office Market Report: Q1 2026 I. Executive Market Overview Operating in a stable economy with 7.80% GDP growth and a 58.2 Services PMI, the Delhi-NCR office market exhibits strong fundamentals [cite: 1, 2] . The region recorded a gross leasing volume of 2.8 million sq. ft. in Q1 2026, a 36% q-o-q increase [cite: 2] . Net absorption hit 1.51 million sq. ft. [cite: 2] . Deals over 100,000 sq. ft. dominated, capturing 48% of the activity [cite: 1] . Demand was driven primarily by flexible workspace operators (27%), and importantly, all Q1 flex deals were fresh space take-ups, underscoring robust market confidence [cite: 1, 2] . II. Submarket Dynamics & Key Metrics Gurugram captured 60% of leasing, followed by Noida at 37% [cite: 2] . The stock-weighted average rent is INR 92 per sq. ft. per month (up 6-9% y-o-y) [cite: 2] . Submarket variations highlight significant concentration in key areas...

http://www.colliers.com/en-us/sanfrancisco/insights 2013 | Q3 San Francisco Office Report >> The San Francisco office market bounced back from a uneventful first half, and accelerated during the third quarter of 2013 with rent growth and release of several notable properties on the sale market. San Francisco remains ahead of the burgeoning global economy as job growth from its well-funded tech sector benefitted the office market. The third quarter registered the thirteenth consecutive quarter of positive net absorption and vacancy is now below the 10 percent “tipping point” citywide for the first time in consecutive quarters since 2001. Moreover, the rise of the city’s employment and leasing volume over the last 30 months have pushed forward the construction of 4.15 million square feet of new and rehabilitated office development with anticipation of additional projects breaking ground. http://www.colliers.com/en-us/sanfrancisco/insights

Global Office Property Clock http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Clock.aspx Global Office Rent Cycle MarketView and Charts - CBRE http://www.cbre.com/EN/research/2013-reports/Pages/Select-European-Markets-Show-Signs-of-Improvement.aspx Global Market Perspective - Charts http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Charts.aspx Global Market Perspective - Office Markets http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Offices.aspx Global Market Perspective - Retail Markets http://www.joneslanglasalle.com/GMP/en-gb/Pages/Global-Market-Perspective-Retail.aspx United States Office Property Clock - Jones Lang LaSalle http://www.us.am.joneslanglasalle.com/unitedstates/en-us/pages/office-property-clock.aspx United States Industrial Property Clock - Jones Lang LaSalle http://www.us.am.joneslanglasalle.com/unitedstates/en-us/pages/industrial-property-clock.aspx United States Retail Pr...

http://www.colliers.com/en-us/sanfrancisco/insights 2013 | Q2 San Francisco Office Report >> Shaking off a sluggish first quarter the San Francisco Bay Area finished off the first half of 2013 with healthy leasing and rent growth. San Francisco remains ahead of the burgeoning global economy as job growth and leading-edge productivity due to technology have benefitted the office market. The second quarter registered the twelfth consecutive quarter of positive net absorption ,and vacancy is now below the 10 percent "tipping point" citywide for the first time since 2007. Moreover, the rise of the city’s employment and leasing volume over the last 24 months have pushed forward the construction of 3.4 million square feet of new and rehabilitated office development, with anticipation of additional projects breaking ground. http://www.colliers.com/en-us/sanfrancisco/insights

http://www.colliers.com/en-us/sanfrancisco/insights 2013 | Q1 San Francisco Office Report >> After a record setting 2012, San Francisco started 2013 with a strong first quarter. The global economy continued to bounce back and San Francisco remains ahead of the pack as job growth and increased productivity due to technology enhancements have benefitted the office market. The first quarter marked the eleventh consecutive quarter of positive net absorption and vacancy is hovering at 10 percent citywide. Even more encouraging is the 1.2 million square feet of ground up office development currently under construction, driven by the city’s increased employment and leasing volume over the last 24 months. http://www.colliers.com/en-us/sanfrancisco/insights

Office Vacancy Declines In Major Markets In Q1 2013 Biggest Drops in Denver and San Francisco Office Markets. Moderate Decline in Industrial Availability. Los Angeles, March 21, 2013 – Office vacancy rates declined or held steady in most major U.S. markets during Q1 2013, according to preliminary data from CBRE Group, Inc. Six of the 12 largest markets showed declines in office vacancy, led by Denver and San Francisco, while two markets remained stable. Industrial availability* continued to decrease moderately in major U.S. markets, according to CBRE. (Read More: Office Vacancy Declines In Major Markets In Q1 2013 )

Global Office Rent Cycle MarketView and Charts (Q4 2012) Prime Rent Performance Divergent in Q4 2012 Executive Summary (Read More: Global Office Rent Cycle MarketView and Charts (Q4 2012) ) ▶ Occupier demand remains circumspect and still broadly focused on prime space.

London regains crown as most expensive market for office space -report By Ilaina Jonas NEW YORK | Tue Feb 19, 2013 9:19 pm GMT (Reuters) - London elbowed its way past Hong Kong to regain the title as the world's most expensive market in which to rent office space, while Rio de Janeiro jumped to the No. 3 spot from No. 8, according to a report by global real estate services firm Cushman & Wakefield. http://uk.reuters.com/article/2013/02/19/uk-globalproperty-officerents-idUKBRE91I17N20130219

http://www.colliers.com/en-us/sanfrancisco/insights 2012 | Year-End San Francisco Office Report >> San Francisco remains a bright spot in an otherwise cautious national office market. http://www.colliers.com/en-us/sanfrancisco/insights

Market Trend: New York City's Office Vacancy Decreases to 7.4% Net Absorption Positive 990,481 SF in the Quarter By Justin Sumner January 31, 2013 The New York City Office market ended the fourth quarter 2012 with a vacancy rate of 7.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 990,481 square feet in the fourth quarter. That compares to negative 575,819 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 4,944,077 square feet. http://www.costar.com/News/Article/Market-Trend-New-York-Citys-Office-Vacancy-Decreases-to-74/145256

http://www.socketsite.com/archives/2012/03/140_new_montgomery_the_more_things_change.html 140 New Montgomery: The More Things Change... Five years ago Wilson Meany Sullivan purchased the 26-story Pacific Telephone Building at 140 New Montgomery for $345 a square foot with plans to spend an additional $500 a square foot converting it from an office building to a five-star hotel and condominium tower, with a spa, restaurant and bar.

Hard Times in Office Space Conversation over lunch at Nocello with William E. Hartman, Executive Vice President, Cushman & Wakefield BY ALEXEI BAYER September 1, 2009 Who: William E. Hartman, Executive Vice President, Cushman & Wakefield Where: Nocello, 257 West 55th Street, New York City, July 27, 2009 On the Menu: Gnocchi, salmon and real estate travails Nocello, a midtown Italian restaurant I reserved for a lunch interview with Cushman & Wakefield's William Hartman, happens to face a long blue construction fence stretching the entire length of a city block. Behind the fence, the foundation of another huge Manhattan skyscraper looks nearly complete. http://www.advisorone.com/2009/09/01/hard-times-in-office-space

Deutsche Bank slashes price tag for two Macklowe buildings December 09, 2008 05:12 PM By David Jones As pressure mounts to close the books on the Harry Macklowe foreclosure saga, Deutsche Bank has lowered the price tag for 1540 Broadway and Worldwide Plaza to $800 million, according to financial and legal sources familiar with the discussions. http://therealdeal.com/blog/2008/12/09/deutsche-slashes-price-tag-for-two-macklowe-buildings-2/