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Office Snapshot Q4 2017

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Office Snapshot Q4 2017 MARKETBEAT Office Snapshot Q4 2017 Taipei Economy TAIPEI OFFICE Taiwan’s GDP increased 3.1% y-o-y to NT$4.4 trillion Economic Indicators (US$147,098 million) in Q3, with service sector growth of 2.6% y- Past 12-Month Q2 17 Q3 17 o-y on rising freight transport demand and wholesale trade Growth volume. CPI showed slight growth at 0.8% y-o-y. GDP is forecast GDP Growth 2.3% 3.1% to increase 2.6% for the full year. Service Sector GDP 1.5% 2.6% Growth Market Overview CPI Growth 0.6% 0.8% Source: Ministry of the Interior Taipei’s Grade A office rent held firm, averaging NT$2,480 per Note: Growth figure is y-o-y growth ping per month (US$82.5) at the end of Q4. Rental levels were stable across all office submarkets. Amid strong demand for Grade A Indicators office space and declining vacancy, rental flexibility and 12-Month Q3 17 Q4 17 Forecast concessions on offer are increasingly hard to come by in Xinyi Average Rent 2,480 2,480 District. (NT$/ping/mo) Vacancy Rate 9.7% 9.5% The citywide vacancy rate decreased 0.2 percentage points q-o- Source: Cushman & Wakefield Research q to 9.5%. Among submarkets, space tightened the most in Grade A Rent & Vacancy Rate Nanjing/Songjiang District at 8.9 percentage points q-o-q thanks 2,600 16 to take-up at a MRT joint development building. 2,550 14 2,500 12 Cumulative net absorption through the end of the year amounted 2,450 10 to 30,000 pings. Owner-occupied space at the Taiwan 2,400 8 Cooperative Bank Headquarters Bldg contributed 24,100 pings of 2,350 6 net absorption. Excluding owner-occupied space, Xinyi and Nanjing/Songjiang District recorded net absorption of 3,440 and 2,300 4 (%) Rate Vacancy Rent (NTD/ping/mo)Rent 3,240 pings, respectively, owing to robust absorption at new 2,250 2 office buildings. 2,200 0 A number of retailers opened supporting offices in Xinyi District, Rent Vacancy Rate which has traditionally been the city’s strongest submarket for Source: Cushman & Wakefield Research luxury boutique brands. On the heels of Hermes, LVMH (Watch and Jewellery)’s openings in months ago, in Q4 Porsche, Supply Pipeline BVLGARI, Louis Vuitton, Christian Dior Couture and Fendi all opened new offices in Xinyi. 60,000 50,000 Outlook Forecasted new office supply of 52,300 pings in 2018 will likely 40,000 fuel relocations. Renovations at some buildings in Dunbei/Minsheng may cause tenants there to move into newer 30,000 buildings like Cathy Minsheng Jianguo Building in 20,000 10-year Historical Average = 13,000 ping Dunbei/Minsheng District. The available land for commercial development increasingly Lettable Office(Ping) Area Lettable 10,000 becomes scarce in Xinyi Planned District. Despite the expected 0 launch of Nan Shan Plaza in the first quarter of 2018, the next 2017 2018 2019 2020 major new office project scheduled for completion is Fubon A25 in 2021. With a limited supply pipeline, the market’s average rent is forecast to be on the rise in the future. Source: Cushman & Wakefield Research cushmanwakefield.com MARKETBEAT Office Snapshot Q4 2017 Taipei NEW COMPLETIONS UNDER GRADE A RENT INVENTORY SUBMARKET VACANCY RATE YEAR-TO-DATE CONSTRUCTION (Ping) (Ping) (Ping) NTD/Ping/MO USD/SF/MO EUR/SF/MO Western 40,200 3.0% 0 0 2,100 US$1.97 € 1.67 Nanjing/Songjiang 36,600 17.8% 0 8,000 2,030 US$1.90 € 1.61 Dunbei/Minsheng 195,600 14.9% 29,600 28,500 2,270 US$2.12 € 1.81 Dunnan 103,700 5.0% 0 0 2,410 US$2.26 € 1.92 Xinyi 301,500 7.4% 0 51,700 2,950 US$2.76 € 2.35 Taipei City 677,600 9.5% 29,600 88,200 2,480 US$2.32 € 1.97 1USD= 30.02 TWD, 1EUR= 35.33 TWD as of 12th Dec 2017. Key Leasing Transactions Q4 2017 PROPERTY SUBMARKET TENANT PING LEASE TYPE Cathay Landmark Xinyi Porsche 440 Relocation Cathay Landmark Xinyi BVLGARI 180 Relocation Cathay Landmark Xinyi Louis Vuitton 160 Relocation Cathay Landmark Xinyi Christian Dior Couture 160 Relocation Cathay Landmark Xinyi Fendi 90 Relocation Farglory Financial Center Xinyi Kaiying online 160 Relocation Farglory Financial Center Xinyi K.S.Terminals 150 New Lease Farglory Financial Center Xinyi UNICO Business Centre 130 New Lease Farglory Finanical Center Xinyi Jingqun online 130 New Lease Union Jiajia Building Nanjing/Songjiang Versum Materials 560 Relocation Union Jiajia Building Nanjing/Songjiang Taishin International Bank 560 Relocation Union Jiajia Building Nanjing/Songjiang Chung-Lu Construction 560 Relocation Union Jiajia Building Nanjing/Songjiang ITOCHU Taiwan 560 Relocation Union Jiajia Building Nanjing/Songjiang Maxim Integrated 560 Relocation Fubon Nanjing Bldg. Nanjing/Songjiang Common Wealth 470 Relocation Wango Bldg. Dunbei/Minsheng Dow AgroSciences 180 Relocation Wango Bldg. Dunbei/Minsheng Fonterra Brands (Far East) 160 Relocation Significant Projects Under Construction PROPERTY SUBMARKET MAJOR TENANT PING COMPLETION DATE Deloitte & Touche, Executive Nan Shan Plaza Xinyi 29,400 2018 Centre Cathy Minsheng Jianguo Building Dunbei/Minsheng - 11,900 2018 UDN Zhongxiao Building Xinyi - 11,000 2018 Taipei Dome Xinyi - 11,400 2019 Yuanta Life New Headquarters Nanjing/Songjiang Yuanta Group 8,000 2020 China Life, China Development China Life Headquarters Dunbei/Minsheng 16,600 2020 Financial Source: Cushman & Wakefield Research Note: All figures are approximate. MARKETBEAT Office Snapshot Q4 2017 Taipei Contact Billy Yen James Shepherd Mei Chiang Managing Director Managing Director Associate Director Head of Taiwan Research, Greater China Head of Tenant Representation, Corporate Client, Taiwan Tel: +886 2 8788 3288 Tel: +86 21 2208 0769 Tel: +886 2 8788 3288 [email protected] [email protected] [email protected] Wendy Hsueh Charlie Yang Director Director Head of Consulting and Research Taiwan Head of Valuation & Advisory Services Taiwan Tel: +886 2 8788 3288 Tel: +886 2 8788 3288 [email protected] [email protected] About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. In Greater China, the firm has a co-branded presence under the name of Cushman & Wakefield and operates 20 offices in the region. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services, global occupier services, investment & asset management, project management, tenant representation and valuation & advisory. To learn more, please visit www.cushmanwakefield.com Disclaimer This report has been produced by Cushman & Wakefield for use by those with an interest in commercial property solely for information purposes. It is not intended to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources which Cushman & Wakefield believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information contained herein and Cushman & Wakefield shall not be liable to any reader of this report or any third party in any way whatsoever. Cushman & Wakefield shall not be held responsible for and shall be released and held harmless from any decision made together with any risks associated with such decision in reliance upon any expression of opinion in the report. Our prior written consent is required before this report can be reproduced in whole or in part. © 2017 Cushman & Wakefield All rights reserved. MARKETBEAT Industrial-Office Snapshot Q4 2017 Taipei Economy Taiwan’s GDP increased 3.1% y-o-y to NT$4.4 trillion TAIPEI INDUSTRIAL/OFFICE (US$147,098 million) in Q3, supported by industrial growth in the Economic Indicators production of mobile devices. The Secondary Sector posted Past 12-Month 4.1% y-o-y growth in Q3, while CPI heated up to 0.8%. GDP is Q2 17 Q3 17 Growth forecast to increase 2.6% for the full year. GDP Growth 2.3% 3.1% Secondary Sector Growth 2.9% 4.1% Market Overview No new supply of industrial/office buildings was added in Neihu CPI Growth 0.6% 0.8% Technology Park (NHTP) in Q4. Thanks to strong tenant demand, Source: Ministry of the Interior Note: Growth figure is y-o-y growth Chong Hong New Century Building in Xihu Section achieved an occupancy rate above 90%. This helped the section’s vacancy NHTP Industrial Market Statistics (Xihu Section) rate recover to Q1 levels at 1.8%. 12-Month Q3 17 Q4 17 Forecast In Wende Section, stable take-up stemmed from wine companies Rent (NT$/ping/mo) 1,280 1,280 and retailers. This helped to slightly drive down the vacancy rate Vacancy Rate 3.7% 1.8% in the section to 11.1% at quarter’s end. Source: Cushman & Wakefield Research Jiuzong Section recorded mostly small-scale leasing transactions. NHTP Industrial/Office Rent & Vacancy Rate (Xihu Section) After 900-ping of space was released by Co-Operative AMC at 1,300 16 Wei Mon Industry Building, Jiuzong Section finished Q4 with a vacancy rate of 25.0%, which is a one-year high. The vacancy 1,250 rate is highest in Jiuzhong among all three I/O sections. 12 1,200 In Q4, rent in NHTP stayed firm on the whole.
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