Asia Pacific Market Snapshot - Q1 2021 Capital Markets & Investment Services | Asia Pacific - Colliers
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Capital Markets & Investment Services | Asia Pacific Asia Pacific Market Snapshot Q1 2021
Overview
Taiwan Hong Kong Across the Asia Pacific region, property markets started the year on a strong
Commercial transactions Industrial asset sales rise note, with office, industrial and logistics assets driving the ongoing recovery.
jump 241% YoY to 53% QoQ and 20% YoY to
TWD44 billion HKD5.4 billion
(USD1.5 billion) (USD694.8 million) In China, the busy first quarter saw end-users and investors, including foreign investors, closing major deals in key
cities. There was a resurgence in investor interest in Hong Kong and Singapore, while Japan witnessed the completion
of a number of commercial and residential transactions. In Korea, low interest rates and liquidity continued to fuel
demand for office space, a trend likely to persist as competition intensifies for a shrinking pool of assets, while Taiwan
saw demand spike for commercial properties. In Australia, a typically quiet quarter witnessed heightened activity in the
office segment, while New Zealand’s property market, buoyed by policy changes, low interest rates and expectations of
reopened borders, is gearing up for an active year.
Singapore Korea In the region’s emerging markets, India saw healthy demand for residential and commercial assets, and investors
remain bullish about the market’s medium to long-term prospects. Vietnam’s property sector is in the midst of a
Investment sales climb Major office transaction rebound supported by government reforms, while Indonesia’s property market is benefiting from a smooth rollout
26% QoQ to SGD3.8 billion volumes reach KRW2.4 trillion of vaccines and policy changes that should strengthen purchasing power, improve market confidence and encourage
(USD2.82 billion) (USD2.1 billion) investment. Thailand is also witnessing higher levels of market activity, especially in the logistics, warehousing and
industrial sectors, but a rebound in the hospitality sector will depend on the resumption of international travel. In the
Philippines, where the economy shrunk last year for the first time since 1998, the property market is likely to pick up
following the easing of quarantine restrictions and the deployment of vaccines. Meanwhile, in Myanmar, the ongoing
political turmoil will affect the near-term outlook, but the market is expected to retain its long-term growth potential,
especially in the infrastructure and industrial segments.
China Australia Terence Tang John Marasco
Managing Director Managing Director
Guangzhou sees record-high Leasing inquiries in Capital Markets & Investment Services Capital Markets & Investment Services
logistics investment worth the Sydney CBD hit Asia Australia and New Zealand
RMB7.23 billion five-year highs State Chief Executive
(USD1.1 billion) Victoria
Investors, end-users propel Chinese property market Liquidity-fueled office property boom continues in Korea
Several transactions were closed in Q1 by end-users as well as domestic Transaction volumes and unit prices rose in tandem in Korea’s commercial
and foreign investors, encouraged by China’s economic recovery. Beijing property market, which continues to be propped up by low interest rates and
saw more deals finalised in Q1 than in all of H2 2020, with more expected to ample liquidity. As border restrictions limit outbound investments, interest in
Please feel free to
close in the coming months. In Shanghai, where 11 deals were completed, domestic office space will remain high. Coupled with shrinking supply, this will
end-users were active in the office sector while investors were keen drive top-quality asset prices even higher and push down cap rates. Interest contact our relevant
on business parks. Chengdu and Xi’an performed well with eight deals from domestic as well as foreign investors is expected to spill over into capital market experts
finalised between them, and interest in office and retail properties is likely logistics, hiking prices and depressing yields in the segment.
for further insights and
to remain high. Industrial and logistics assets continue to stand out in
Shenzhen and Guangzhou. in-depth discussions
on key trends and
opportunities across this
An industrial-sized recovery in Hong Kong Industrial assets aid Singapore rebound
fast-changing region.
Hong Kong’s property market extended its rebound in Q1, led by investor Amid optimism about the resumption of normal business activities, investors
interest in industrial assets. Investors looking to capitalise on local demand and private funds continued to acquire industrial properties. The Boustead
will focus on defensive assets while those seeking long-term income will turn Industrial Fund launch underlined the segment’s importance to the city-state’s
to subsectors such as logistics, cold storage facilities and data centres. In the property market, which also saw deals close in the commercial segment while
residential segment, resilient prices and strong pent-up demand for small to activity in the residential sector accelerated further. With business sentiment
mid-sized units are prompting developers to consider acquiring sites for new steadily improving following vaccine rollouts, local and foreign investor
projects, as well as collective sales of old tenement blocks for redevelopment. interest in commercial and industrial properties is expected to grow, with
retail leading the way.
Japan property market sees sustained investor interest Office segment drives revival in Australia
Cross-border investors with a presence in Japan completed a number of deals The office segment led the revitalisation of key Australian property markets
across the logistics, residential and office sectors, despite a renewed state in Q1. Sydney CBD occupancy rates rose to their highest level in 12 months
of emergency in major metro areas that dampened demand, especially in as a growing number of workers returned to the office - a trend also seen in
the hospitality sector. With investments in Japanese real estate showing few Melbourne as the Victorian government lifted restrictions on staff coming
signs of slowing, fresh capital is expected to pursue logistics and residential in to work. In Brisbane, the CBD office market outperformed all others
opportunities in the coming months, as well as office assets at a more modest nationwide last year with the lowest percentage increase in vacancies. A
rate, particularly in major cities beyond the Greater Tokyo region. combination of factors, including a public sector-led return-to-office strategy,
improving market sentiment and limited asset supply, will pave the way for an
even more active Q2 and beyond in these markets.
Beijing
Korea
South China Japan
West China Shanghai
Taiwan
Hong Kong
Philippines
India
Myanmar
Brisbane
Thailand
Sydney
Singapore Melbourne
Indonesia New Zealand
Vietnam
Asia Pacific markets at a glance – An interactive map
Click through to view specific market snapshots to find out more
C apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps hot Q 1 2 0 2 1 | 5
Auckland Home
Investor sentiment is improving, buoyed by the start of New Zealand’s vaccine rollout and
Carlaw Park
Biggest deal | USD79M | Office
the prospect of a gradual reopening of the border. This, in concert with the low interest rate
environment, has further bolstered demand for commercial property assets.
• Core industrial
• Bulk retail
Review Forecast
There is a growing view amongst investors that the worst of A continuation of the low interest rate environment over the
the market disruption caused by COVID-19 has now passed. year ahead will sustain interest in higher yielding commercial Major movers of the quarter
Locally, the situation continues to be well managed. With property assets. Demand is likely to be further enhanced by
• Industrial
global vaccine rollout gathering momentum, there is increased recent changes to legislation, which makes residential property
optimism and anticipation of a return to relatively normal investment less attractive. Syndicated property offerings
market conditions and investors are turning their attention to and assets with a value of up to NZD2 million, approximately
longer-term fundamentals. This has bolstered demand for safe
haven assets, particularly industrial and bulk retail properties,
80% of the NZ market, are likely to see the greatest lift in
demand as a result. The relaxation of border restrictions will
• Office
both of which are witnessing strong tenant demand. Recent result in a rebound in overseas investor activity, which has Sectors to watch
industrial vacancy surveys show market conditions have been hampered over the last year by the inability to inspect
remained extremely tight, bolstering the view that vacancy property. The prospect of increased competition emerging
is at, or close to, its cyclical peak. Confidence in the office over the year ahead will incentivise local investors to seriously
sector is recovering, buoyed by improving demand and supply consider opportunities that arise in the short term. Given the
dynamics with confirmed tenant demand for space within new high levels of competition that exist for a limited number of
projects underpinning development activity. assets, yield compression will remain a feature of the market
in this low interest rate environment. Chris Dibble
National Director |
Colliers Partnerships, Research and Communications
chris.dibble@colliers.com
Key market deals
Richard Kirke
CarLaw Park ANZ Centre 13 William Pickering Drive International Sales Director | Capital Markets
Location: 15 Nicholls Lane Location: 23 Albert Street Location: North Harbour, Auckland richard.kirke@colliers.com
Value in NZD: 110.0 million Value in NZD: 177.0 million Value in NZD: 17.3 million
Buyer: Local Onshore Buyer: Confidential Buyer: Confidential Peter Herdson
National Director | Capital Markets
Seller: Property For Industry (PFI) Seller: Precinct Properties Seller: Confidential
peter.herdson@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps hot Q 1 2 0 2 1 | 6
Beijing Home
Q1 recorded nine transactions, higher than the total number of deals in H2 2020.
9
En-bloc transactions
Total area transacted for the quarter reached 171,871 sqm, also higher than Q3 and
Q4 last year. However, the total value of RMB6.7 billion was down 22% QoQ, mainly
due buyers’ rising risk control and preference for strong liquidity.
USD1.03B
Combined value
Review Forecast
Domestic and foreign investors completed five transactions Domestic and foreign investor appetite will be rejuvenated
totaling RMB5.55 billion, accounting for 83% of the total, as the effect of COVID-19 is gradually decreasing and several Qidi Science and Technology
up 83% QoQ. Of the five transactions, two were completed delayed transactions are expected to close by next quarter.
by domestic investors totaling RMB 2.79billion. Offices and Office properties in Zhongguancun, Shangdi and CBD areas Complex Block D
business parks accounted for six deals worth RMB3.96 billion. will be the focus of the market. Biggest deal | USD408M | Office
An office with value-add potential in the Zhongguancun area
was sold to domestic investors for RMB2.65 billion. End-
users acquired four properties for a total of RMB1.17 billion.
• Office
Tishman Speyer closed the acquisition of Fraser Suites in • Business park
Beijing CBD for approximately RMB2.10 billion. The property Major movers of the quarter
has a apartment title and could be strata sold. A mini-storage
operator’s acquisition of a retail podium in Fengtai District for
RMB240 million. • Office
• Logistics
Sectors to watch
Key market deals
Qidi Science and Technology Complex Block D Fraser Suites CBD
Location: Haidian District Location: Chaoyang District
Value in USD: 408 million Value in USD: 315 million
GFA in sqm: 35,500 GFA in sqm: 37,923
Buyer: GoHigh Capital, China Jinmao, Beijing Capital Dev Hldgs Buyer: Tishman Speyer Charles Yan
Managing Director | Beijing
Seller: Yangguang Insurance Seller: Fraser charles.yan@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps hot Q 1 2 0 2 1 | 7
Brisbane Home
The Brisbane CBD office market outperformed all others nationwide last year with
Industrial
Major mover of the quarter
the lowest percentage increase in vacancy, and is forecast to see significant growth
in H2 2021. Leasing demand has improved with the ongoing flight to quality and
investment activity is forecast to increase markedly in the second half.
• Build to rent
Review
Despite challenging market conditions, the Brisbane CBD
Forecast
The outlook for the supply of new developments remains
• Multi-family
leasing market remained resilient in 2020, with total vacancy constrained. There was only 12,747 sqm of net supply added
Sectors to watch
increasing by only 15,940 sq m (0.7%), to reach 13.6%. The in 2020, with 44,134 sq m due for completion in 2021. While
latest figures from the Property Council of Australia show investment activity in the Brisbane CBD office market was
office occupancy levels in the Brisbane CBD, at 64% as of subdued in 2020 we expect a significant increase in the second
February 2021, remain well below pre-COVID-19 levels. half of this year.
However leasing demand has started to recover and is
Note: Market data is reflective of Brisbane Office sector only
expected to consolidate towards the second half of 2021 when
the national vaccination rollout program will be approaching
completion. As the flight to quality trend has intensified
amid the global health crisis there is a clear divergence in the
performance of prime and secondary assets, with vacancies
and incentives tending to grow faster for lower-quality assets.
Key market deals
310 Ann Street, Brisbane City Jason Lynch
Location: Brisbane National Director | Capital Markets
Value in USD: 159 million jason.lynch@colliers.com
GFA in sqm: 18,362
Don Mackenzie
Buyer: Ashe Morgan
National Director | Capital Markets
Seller: Cornerstone Properties don.mackenzie@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps hot Q 1 2 0 2 1 | 8
Hong Kong Home
The investment market for industrial assets has witnessed a pick-up in sentiment
8
En-bloc transactions
since the start of 2021 with transaction volumes reaching HKD5.4 billion in Q1,
up 53% QoQ and 20% YoY.
Review Forecast
USD1.30B
Combined value
The government’s latest budget, announced in February, We believe investors will remain focused on defensive assets
included a pilot scheme to charge standard rates for land and properties with a view to capitalising on local demand.
premiums to encourage the redevelopment of industrial Meanwhile, investors looking to generate long-term income
buildings. We believe this policy will boost investor appetite for streams are increasingly interested in exploring industrial Kai Bo Group Centre
industrial assets, fast-track the planning application process, subsectors such as logistics, cold storage facilities and data
Biggest deal | USD192.8M | Industrial
streamline decision-making and improve market transparency. centres, which are supported by macro drivers, including
The removal of double stamp duty on non-residential property growing ecommerce and F&B demand, and expanding 5G
• Industrial
transactions, announced in November 2020, encouraged some and cloud computing networks. On the residential front,
institutional players to actively consider acquisitions in Q1, and developers encouraged by resilient prices and strong pent-
the quarter’s most significant transactions involved purchases up demand for small to medium-sized residential units are • Retail
by real estate funds or developers. Meanwhile, COVID-19 has looking for sites more actively. While some owners may hold
transformed the retail landscape and led the market to focus out for a better price, we expect to see more collective sales, • Office
on local consumption trends. As a result, some local investors especially given that some investors are keen to amalgamate Major movers of the quarter
are positioning themselves to catch the rebound by acquiring old tenement blocks.
retail properties in local neighborhoods.
• Industrial
• Neighborhood malls
Key market deals
• Residential development
Hang Fat Industrial Building Smile Centre Seapower Industrial Centre (G/F to 4/F) Sectors to watch
Location: Cheung Sha Wan Location: Fanling Location: Kwun Tong
Value in USD: 123.7 million Value in USD: 41.4 million Value in USD: 73.1 million
GFA in sqm: 14,506 GFA in sqm: 9,081 GFA in sqm: 10,909
Buyer: KaiLong Rei Buyer: SilkRoad Buyer: Goodman Nigel Smith
Managing Director | Hong Kong
Seller: Yuk Cheong Wai Company Limited Seller: Bright Sky Investments Seller: Samson Paper nigel.smith@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps hot Q 1 2 0 2 1 | 9
India Home
Residential sales maintained momentum given favourable conditions and strong inherent demand.
3
En-bloc transactions
Some large commercial acquisitions were completed and strata offices also witnessed stronger
demand as investors look beyond core to development/build to core models. On the industrial side,
appetite for in-city fulfillment centres, warehouses and data centres remains robust.
USD342M
Combined value
Review Forecast
Market activity picked up in the residential sector while the Large private equity and sovereign wealth funds remain bullish
industrial sector enjoyed further growth. Due to continued
work from home policies, residential sales remained strong
on commercial real estate over the medium to long term and
are looking to invest in graded commercial assets, as well as
Phoenix Aquilia &
and were further supported by low mortgage rates, state forward purchase greenfield assets at attractive valuations. Centaurus
government benefits and developers offering discounts to Due to balance sheet stress more land acquisitions/forward Biggest deal | USD266M | Commercial
clear unsold inventory. Leasing activity has started picking purchases are likely to be seen in markets like Bangalore,
• Residential
up and overall absorption for the year will likely be higher Hyderabad, Pune and Mumbai. The continued positive
than last year although we expect office occupiers are likely performance of residential means more liquidity is likely to
• Industrial
to remain indecisive on fresh offtakes due to uncertainties flow through the sector as credit funds, banks and global
around the return to work. The industrial and warehousing institutions look to deploy capital.
sector continues to attract investment and occupiers, with the
share of organised logistics increasing due to the advent of
Major movers of the quarter
e-commerce and India’s appeal as a global supply chain and
manufacturing hub.
• Industrial
Key market deals • Residential
Sectors to watch
Phoenix Aquilla & Centaurus Prius Platinum Multiple
Location: Gachibowli, Hyderabad Location: Saket, New Delhi Location: Kochi, Bangalore
Value in USD: 153 million Value in USD: 113 million Value in USD: 76 million
GFA in sqm: 278,709 GFA in sqm: 23,876 GFA in sqm: 418,064 Piyush Gupta
Buyer: Varde Partners Buyer: New Vernon Investor: International Finance Corp. Managing Director |
Seller: Phoenix Group Seller: IBC Developer: Puravankara Group Capital Markets & Investment Services
piyush.gupta@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 0
Indonesia Home
• Affordable landed
The government is aiming to carry out vaccinations for around 181.5 million
housing
Indonesians from January 2021 to March 2022. The hope is that this will create herd • Data centres
immunity and the economy will gradually recover, which should have a positive Major movers of the quarter
impact on the property market.
• Logistics
Review Forecast • Bank / Creditor-driven
The government has implemented several short-term
incentives to boost the property sector, including a waiver of
The implementation of the Omnibus Law is expected to
become a key driver that will strengthen purchasing power,
property sales
Sectors to watch
the 10% VAT on property sales under IDR2 billion, and a 50% increase market confidence and encourage investment in the
waiver on property sales above IDR2 billion to IDR5 billion, property sector. The retail sector is predicted to start moving
valid from March to August 2021. If successful, this could towards recovery in the second half, but this depends on the
be extended; however, it applies only to existing inventory. success of the vaccination programme. The new Minister of
In addition, Bank Indonesia has implemented loan to value Tourism and Creative Economy, Sandi Uno, is pushing several
financing of 100 percent from March 1 to December 31, 2021, initiatives including the conversion of USD10 billion per year
though underwriting guidelines remain challenging. The office typically spent by Indonesians on overseas tourism into
and apartment markets remain oversupplied and transaction domestic tourism revenues; a long-term visa policy that would
activity is weak. Many office tenants are downsizing and allow foreign tourists to stay in Indonesia for up to five years
renegotiating rentals and lease terms. Staycations are helping with a deposit of IDR2 billion or above, and possibly allow
prop up hotel occupancy rates. Shopping mall hours and investment in property; and opening international tourism in
occupancy rules have been relaxed amid lower COVID-19 Bali through a travel corridor planned in summer 2021.
infection rates. More property developers are defaulting
on loans or facing increased creditor claims, including
bankruptcy proceedings.
Steve Atherton
Director | Capital Markets & Investment Services
steve.atherton@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 1
Japan Home
Despite ongoing border restrictions and a renewed state of emergency in major
18
En-bloc transactions
metropolitan areas, Q1 2021 saw large transactions across the logistics, residential
and office sectors, marked by robust activity from cross-border investors
with a Japan platform.
USD2.336B
Combined value
Review Forecast
Following a better-than-expected economic recovery in the With the “Go To” campaign to promote domestic travel
second half of 2020, a renewed state of emergency declaration
and “soft” lockdown for Japan’s major metropolitan areas has
suspended in late December and renewed lockdowns Kintetsu Group Kinki-Tokai
& Fukuoka Hotels
weighing heavily on demand once again, an increase in
once again weakened economic prospects and weighed on the distressed hotel assets is likely in the months to come. Even
office, retail and hospitality sectors. Despite border restrictions so, given the high pent-up demand for such assets, there may Biggest deal | USD563M | Hospitality
being a barrier to overseas capital, investment in Japanese real be fewer opportunities than investors would hope for. Over
estate has continued apace. Logistics and residential assets
remain the most sought after, the former given compelling
the course of 2020 and early 2021, opportunistic buyers have
anxiously awaited distressed opportunities in the hospitality
• Logistics
demand fundamentals and the latter their defensive qualities. sector – to little avail. Core-type capital will continue to pursue • Multifamily residential
• Hospitality
Interest in the high-grade office market appears to be picking logistics and residential assets, with an emphasis on portfolios
up, with domestic corporates to sell and overseas buyers that offer exposure to major cities outside Greater Tokyo.
remaining bullish on long-term office demand. Office investment to continue at a modest pace.
Major movers of the quarter
• Multifamily residential in
Osaka, Nagoya, Fukuoka
Key market deals
• Hospitality
Logistics & residential portfolio Recruit Ginza 8 Building Takara Leben Residential Portfolio Sectors to watch
Location: Tokyo and Osaka Location: Chuo, Tokyo Location: Tokyo and Yokohama
Value in USD: 321 million Value in USD: 191 million Value in USD: 120 million
GFA in sqm: Undisclosed GFA in sqm: 16,800 GFA in sqm: 11,800
Buyer: LaSalle Investment Management Buyer: Hulic Buyer: PGIM Hideki Ota
Head of Japan Capital Markets & Investment Services
Seller: Undisclosed Seller: Recruit Seller: Takara Leben hideki.ota@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 2
Korea Home
Although the size of office investment transactions in the first quarter decreased
7
En-bloc transactions
compared to the fourth quarter of last year, investors’ interest in the Korean real
estate market continues, supported by low interest rates and abundant liquidity.
With investors remaining focused on the office sector, opportunities to invest in
core assets with stable tenants are becoming more limited.
USD2.1B
Combined value
Review Forecast
Pine Avenue B
Despite the macroeconomic uncertainties due to COVID-19, Low interest rates and abundant liquidity are likely to drive the
total major office transaction volumes for Q1 reached prices of high-quality assets higher. As domestic investors still
KRW2.4 trillion (USD2.1 billion), as a number of deals favour the office sector, we expect increased competition for Biggest deal | USD548M | Office
were closed. As the market is full of liquidity and global office assets with stable tenants. There are fewer prime office
outbound real estate investment remains subdued, prices in assets available on the market in 2021, with competition for a
major submarkets are reaching a peak due to competition shrinking pool set to intensify. This is driving cap rate declines
among investors. as prices rise.
Domestic and foreign interest in logistics assets also continues
Office
Major mover of the quarter
to grow. We expect investors to aggressively pursue logistics
assets, depressing yields as prices rise.
• Office
Key market deals • Industrial
Sectors to watch
Pine Avenue B Doosan E&C Nonhyeon-dong Building Yeouido Finance Tower
Location: Eulji-ro, Jung-gu Location: Nonhyeon-dong, Gangnam-gu Location: Yeoui-dong, Yeongdeungpo-gu
Value in USD: 548 million Value in USD: 208 million Value in USD: 265 million
GFA in sqm: 64,225 GFA in sqm: 31,901 GFA in sqm: 42,344
Buyer: Samsung SRA Asset Buyer: IGIS Asset Management Buyer: KB Asset Management
Management Harold Lee
Seller: Hana Alternative Asset Seller: Keppel Investment Management Senior Director | Capital Markets & Investment Services
Seller: KORAMCO REITs & Trust Management harold.lee@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 3
Melbourne Home
• Industrial
Victoria’s state government officially lifted the cap on the return to work on March
29, allowing 100% of staff to return to offices and requiring public servants to work
• Retail
Major movers of the quarter
from the office for at least three days a week.
Review
Two on-market campaigns were active in Q1, one being
Forecast
We expect the second quarter to see more activity, both on
Build-to-rent
63 Exhibition Street - a B Grade office building with permit and off market. Underpinning this assumption is the fact that Sector to watch
approval for a residential and hotel development that exceeds as of March 28 the Commonwealth Government has removed
height restrictions under current planning regulations. The the JobKeeper wage subsidy programme, which at its peak
other is 469 La Trobe Street - a core plus office investment in supported 3.5 million workers. As this programme comes to
the legal district and one of five assets for sale as part of the an end, we are likely to see a small uptick in unemployment.
AMP/Swiss Re portfolio.
Combined with the prevalent weakness in the leasing market,
Sentiment has improved markedly in 2021. While on-market we expect increased market activity across assets higher
activity has been limited, off-market interest for assets across up the risk curve. Value add assets - particularly those held
the spectrum has rebounded following an unsteady 2020. by undercapitalised owners who are not able to reposition
While investors are now more likely to consider development assets to compete in the current market - will likely trade.
or value add, leasing risk is still approached with increased Development opportunities will also trade, notably among
caution, given the government’s JobKeeper wage subsidy private owners, who will look to offload sites that were slated
scheme has been wound back and there remains a clear for office developments, given the difficulties in securing large
preference, at least for the time being, for a blended (home pre-commitments, particularly on the city’s fringes.
and office) approach to work.
Note: Market data is reflective of Melbourne Office sector only
John Marasco
Managing Director | Capital Markets & Investment
Services
State Chief Executive | Victoria
john.marasco@colliers.com
Anna Cavar
Associate Director | Capital Markets
anna.cavar@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 4
Myanmar Home
• Infrastructure
The military’s recent seizure of power and the resulting political and social
turbulence has caused major economic setbacks, and may dampen the investment
• Industrial
Sectors to watch
outlook in the immediate term unless political stakeholders soon come to
consensus. Despite this, we see Myanmar’s long-term growth potential remaining
largely intact, especially for big-ticket infrastructure and industrial developments.
Review Forecast
Political turmoil hampered market activity in Q1. The World Overall, although some project delays and deferrals
Bank expects the economy to contract by 10% this year, a are expected in the near term, developers may remain
downward revision following lengthening business disruptions. focused on long-term growth potential and wait until some
Market transactions have come to a near-standstill, with many certainty is restored.
investors shelving purchase decisions while adopting a wait-
Meanwhile, the fate of high-ticket infrastructure projects
and-see approach.
such as the Yangon Elevated Expressway and Thanlyin
However, for large-scale industrial projects including Amata and Dala bridges will hinge largely upon the continuity of
Smart Eco City, Sembcorp’s Singapore Myanmar Industrial development assistance from international partners such as
Park, and Korea Land & Housing Corporation’s Korea- Japan and Korea.
Myanmar Industrial Complex, there have been signals of long-
term commitment and the intention to resume construction
once the political situation stabilises. A similar approach has
been adopted for major commercial projects by Japanese
developers such as Kajima Corporation, Fujita Corporation,
Tokyo Tatemono Asia Pte. Ltd, and Aeon Co., Ltd.
Karlo Pobre
Managing Director | Myanmar
karlo.pobre@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 5
Philippines Home
• Residential
The Philippine economy contracted 9.5% in 2020, the worst performance since World War
II and the first annual decline since 1998. Despite this, projections are for a rebound of 5.9%
• Office
to 9.6% in 2021, supported by the easing of quarantine restrictions and the deployment of
vaccines. This recovery should have a positive impact on the property market.
• Hotel
Major movers of the quarter
Review
Office space absorption has continued to slide, with a net take-
Forecast
In the office sector, we have observed landlords becoming • Industrial and
up of −183,100 sq metres (−1.9 million sq feet) in 2020, down
120% from 2019 – the first ever negative take-up recorded
more flexible in accommodating tenants’ requests for lower
lease rates and other concessions. These may come in the logistics
• Residential
on an annual basis. New supply only reached 425,500 sq form of longer rent-free periods, fit-out allowances and
metres (4.6 million sq feet) in 2020, down 60% from our initial other customised incentives to secure occupancy despite
estimate, as COVID-19 hampered the completion of new the delivery of substantial new supply in 2021. The pace of
Sectors to watch
buildings. Office rents on average dropped by 17% in 2020. recovery in office leasing will likely hinge on the progress of
vaccine rollouts. Turning to residential, we expect a rebound in
Residential prices and rents dropped by 13.2% and 7.8%,
condominium completions in 2021 with the delivery of 10,600
respectively, in 2020. 3,370 condominium units were
units, which is expected to push vacancy rates up further. In
completed in 2020, down 70% from 2019. Given the effect of
2022, we expect prices and rents to gradually increase by 1.5%
COVID-19 on residential demand and subdued office leasing,
and 1.7%. The pace of growth will likely hinge on a rebound
vacancy for 2020 set a record high of 15.6%.
in office leasing and improved investor sentiment. This
should be supported by low interest rates and competitive
mortgage rates.
Key market deals
Commercial Land in Carmona Light Industrial Park
GFA in sqm: 1,035 Ieyo Deguzman
Consultant | Capital Markets & Investment Services
Seller: Phoenix Group ieyo.deguzman@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 6
Shanghai Home
Eleven transactions were completed during the quarter, totaling RMB16.9 billion.
11
En-bloc transactions
End-users remained active in the office sector while investors are increasingly
looking for business park opportunities. Foreign investor activity saw a more
pronounced rebound.
USD2.604B
Combined value
Review for RMB2.20 billion. Link REIT acquired 50% of Qibao Vanke
Offices and business parks together recorded eight deals Plaza, a stabled retail mall in a DBD area, from GIC for
totaling RMB11.75 billion. End-users accounted for four RMB2.77 billion.
transactions totaling RMB7.17 billion, representing 61% of
Forecast
Greenland Bund Center T4
office and business park transaction value, up 6.1% QoQ and Biggest deal | USD854M | Office
48.1% YoY. CCB Life acquired Greenland Bund Center T4 for End-users such as insurance companies, banks and securities
RMB5.55 billion. There were four business park deals worth firms will continue to seek properties for self-use in the CBD.
RMB4.66 billion, up 212% QoQ and equivalent to the total Income-producing business parks will see active interest
Business park
value for the last three quarters. Two high-end apartments from both foreign and domestic buyers, who will concentrate
with strata sold potential in the core area were purchased on investment opportunities in good locations and with
by domestic investors, with demand driven by rising housing value-add potential.
Major mover of the quarter
prices and restricted purchase policies. Foreign institutions
closed two deals totaling RMB4.97 billion, accounting for 29%
of total transaction value and up 91% YoY. Allianz and NPS
purchased 90% of Innov Star, a business park in Zhangjiang, • Office in CBD
• Business park
Key market deals Sectors to watch
Greenland Bund Center T4 50% Equity of Qibao Vanke Plaza 90% Equity of Zhangjiang Innov Star
Location: Huangpu District Location: Minhang District Location: Pudong District
Value in USD: 854 million Value in USD: 427 million Value in USD: 339 million
GFA in sqm: 58,799 GFA in sqm: 148,853 GFA in sqm: 61,506
Buyer: CCB Life Buyer: Link REITs Buyer: Allianz, NPS Betty Wong
Managing Director | China
Seller: Greenland Group Seller: GIC Seller: D&J China betty.wong@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 7
Singapore Home
OUE Bayfront
Singapore investment sales transactions totaled SGD3.8 billion in Q1 2021, posting close to 26%
growth from the prior quarter (excluding transactions involving merger and government land
(50% stake)
Biggest deal | USD470.6M | Office
sales). The industrial sector was the highlight for the quarter, while a few notable transactions in
the commercial sector were announced after months of negotiations and due diligence.
Review Forecast Industrial
Major mover of the quarter
The industrial sector emerged as the major mover in Q1, Transaction activity is expected to pick up in Q2, as confidence
largely attributed to the injection of 14 industrial properties returns from local and foreign investors in commercial and
totaling SGD468.6 million into newly established Boustead industrial properties, given optimistic business conditions
Industrial Fund (BIF). Investors and private funds also
continued to acquire industrial properties as part of their
and Singapore’s pro-business environment. The retail sector
could see more transactions as suburban malls have become Commercial
investment strategies. Residential transaction activity for sought after given their resilience during COVID-19. With Sector to watch
private landed housing and good class bungalows (GCB) recent strong developer sales activity and limited land supply,
continued to pick up in Q1, while developers acquired private more developers are likely to source for redevelopment sites
residential sites through single-owner private land sales through collective sales. Collective sales transactions are
or collective sales. Although the commercial sector took a expected to pick up over the next few quarters, as sellers
backseat this quarter, notable transactions such as Yew Tee prepare their sites for sale. We expect total 2021 transaction
Point and a 50% stake in OUE Bayfront were completed. volumes to recover to pre-COVID-19 levels, rising 20% YOY to
SGD29.7 billion.
Key market deals
OUE Bayfront (50%) Yew Tee Point EDEN (20 units)
Location: 50 Collyer Quay Location: 21 Choa Chu Kang North 6 Location: 2 Draycott Park
Value in USD: 470.6 million Value in USD: 163.4 million Value in USD: 222.9 million
NLA in sqm: 49,237 NLA in sqm: 6,844 Strata Area in sqm: 5,639.2
Buyer: Allianz Real Estate Buyer: Unknown party Buyer: Want Want China Holdings Chairman
WeiLeng Tang
Seller: OUE C-Reit Seller: Frasers Centrepoint Trust Tsai Eng-Meng,& his son Shao Chung
Managing Director | Singapore
Seller: Swire Properties weileng.tang@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 8
South China Home
Shenzhen recorded three deals worth RMB923 million, with end-users remaining
5
En-bloc transactions
active in office and business parks and investors seeking industrial renewal
opportunities. Foreign investors closed a record high logistics investment in
Guangzhou at RMB7.23 billion, showing the appetite for opportunities of this kind
in the Greater Bay Area (GBA).
USD1.49B
Combined value
Review Forecast
In Shenzhen, Zhishang Technology purchased a business In Guangzhou, niche assets such as logistics, health care 70% Equity of Guangzhou
park in Guangming District for RMB326 million, while Asia
Citrus acquired a business park in Longgang District for
and data centres will be favored by investors. Meanwhile
in Shenzhen, investors are expected to continue
International Airport R&F
RMB57 million. A domestic developer closed an industrial looking for industrial renewal opportunities as well as Integrated Logistics Park
renewal investment in Shenzhen. self-use transactions. Biggest deal | USD1.1B | Logistics
In Guangzhou, Blackstone closed a deal for 70% equity in
Guangzhou International Airport R&F Integrated Logistics
Park, the largest logistics park in the GBA with a total GFA of
• Industrial renewal
approximately 1.2 million sqm, for RMB7.23 billion. • Business park
Major movers of the quarter
• Logistics
Key market deals • Industrial renewal
Sectors to watch
70% Equity of Guangzhou International Airport Shenzhen Industrial Renewal Project
R&F Integrated Logistics Park Location: Shenzhen
Location: Huadu District Value in USD: 83 million
Value in USD: 1.1 billion Land area in sqm: 98,980
GFA in sqm: 1.2 million Buyer: Domestic Developer
Alan Fung
Buyer: Blackstone Seller: Investment Fund Managing Director | South China
Seller: R&F Group alan.fung@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 1 9
Sydney Home
Office occupation in the Sydney CBD rose to its highest level in 12 months after
Office
Major mover of the quarter
multinational businesses followed the government’s lead in implementing a
return-to-office strategy. Leasing inquiries jumped to five-year highs as freshly
confident occupiers began planning future space requirements. • Office
Review Forecast • Industrial
The first quarter is typically a low volume one in Sydney, a In Q2, we expect transaction volumes to rise as a number of Sectors to watch
trend that persisted in Q1 2021 and limited the number of current and upcoming campaigns are finalised. Confidence
major transactions in the CBD. However, core grade assets will continue to return across investment grades with core
continued to attract investor interest with capital finding its plus and value add investors becoming more active in
way to properties in key locations. the Sydney CBD.
We saw confidence levels grow as the markets reopened, Note: Market data is reflective of Sydney Office sector only
which allowed vendors and investors to review acquisitions
following changes in the investment environment.
Adam Woodward
Head of Office Capital Markets
Key market deals adam.woodward@colliers.com
1 Bligh Street, Sydney (33%) 400 George Street, Sydney (25%) 68 Waterloo Road, Macquarie Park James Barber
Location: NSW Location: NSW Location: NSW National Director | Capital Markets
Value in USD: 284 million Value in USD: 219 million Value in USD: $80.6m james.barber@colliers.com
GFA in sqm: N/A GFA in sqm: 51,222 GFA in sqm: 13,486
Buyer: Dexus Buyer: M&G Buyer: Private Investor James Mitchell
Director | International Capital
Seller: CBUS property Seller: Investa Seller: AMP Capital james.mitchell@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 2 0
Taiwan Home
Overall market sentiment remained positive during the quarter, with the 2021 GDP growth forecast
3
En-bloc transactions
raised to 4.64%. Total transaction volumes for commercial property reached TWD44 billion
(USD1.5 billion) in Q1, representing 241% YoY growth and the highest first quarter level on record.
Review Forecast
USD963M
Combined value
Office and industrial sectors remained the major market drivers In March the government implemented a new round of
on the back of expansion needs from manufacturers. The most property market cooling measures, including selective credit
important industrial hubs, Hsinchu and Taoyuan, enjoyed the
growth momentum of key industries such as semiconductors
controls and higher real estate capital gains tax, directed
mainly against residential property speculation. The tax
Sogo Department Store
and telecommunications. Shin Kong Life Insurance spent revisions subject transactions with a holding period of less Dunnan Branch
TWD5.64billion (USD195million) on Riant Plaza - a mixed- than five years to combined property taxes of 35 to 45 Biggest deal | USD448M | Retail
use complex in Hsinchu. En-bloc assets in the Taipei CBD percent. The rate will fall to 20 percent after a property is held
• Office
remained the most desirable to investors, particularly those for longer than five years, meaning the impact of the change
with redevelopment potential. Huang Hsiang Construction – a on mid- to long-term investors will be relatively limited. Given
• Industrial
listed developer - reportedly acquired Sogo Department Store’s Taiwan’s solid fundamentals and robust economic outlook,
Dunnan branch building for TWD13billion (USD448million) commercial property market sentiment is expected to remain
through a share transfer, and Shin Kong Life Insurance purchased positive in the coming quarters. The office and industrial
the China Development Financial Building for TWD9.3billion sectors remain the segments to watch.
Major movers of the quarter
(USD320million) through public tender. Both buildings qualify for
the urban renewal scheme for potential bonus floor area.
• Office
Key market deals • Industrial
Sectors to watch
Riant Plaza China Development Financial Building Sogo Department Store Dunnan Branch
Location: Hsinchu Location: Taipei Location: Taipei
Value in USD: 195 million Value in USD: 320 million Value in USD: 448 million
GFA in sqm: 58,114.94 GFA in sqm: 26,376.40 GFA in sqm: 24,031.4 Derek Huang
Buyer: Shin Kong Life Insurance Buyer: Shin Kong Life Insurance Buyer: Huang Hsiang Construction Executive Director |
Seller: Riant Capital Seller: CDIB Capital Group Seller: Ren Ai Corp. Capital Markets and Investment Services
derek.huang@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 2 1
Thailand Home
• Hospitality
The year has started with a significantly higher level of activity. While the mantra for last
year was “wait and see,” 2021 has seen buyers establish acquisition strategies and prepare for
• Office
Major movers of the quarter
implementation, while some sellers have shown readiness to reduce pricing to attract investors.
Review
While luxury hotels Sindhorn Kempinksi, Four Seasons and
Forecast
In the hotel sector domestic demand cannot compensate to
Industrial
Capella have opened in Bangkok in the last few months, a significant extent in an industry that is hugely reliant on Sector to watch
Thailand’s large hotel sector remains under enormous strain. For international visitors. The road to recovery is expected to take
the luxury segment, occupancy rates are hovering under 30%, three to four years to get back to pre-COVID-19 levels, and we
while lower down the scale many hotels remain shut, particularly are seeing owners reconsider their positions, which we expect
in resort destinations Phuket and Koh Samui. Owners have to be reflected by moderate increases to cap rates.
continued to benefit from government-led stimulus measures
This is in contrast to Thailand’s well-established logistics,
and loan repayment holidays, easing immediate cash flow
warehousing and industrial sectors, especially around Bangkok
stress and helped limit ‘fire sales’ of hotel assets. It has also
and within the Eastern Economic Corridor. Demand has not
been a challenging start to the year for the office segment, with
dropped far below normal levels and some specialist sectors,
occupiers reassessing their needs for space and rationalising
such as data centres, have seen activity increase. Once
their usage, creating a net drop in demand. The residential
international travel becomes more practical, we expect activity
sector has seen healthy levels of domestic demand, especially
to generally rise. Cap rates should remain stable for the time
around transit routes and for landed housing, and the industrial
being with an outlook for potential declines later in the year.
sector has also shown strong resilience.
Key market deals
BBC Office Building CBD Land, Ratchada
Location: Ekamai Location: Bangkok
Value in USD: 46 million Value in USD: 35 million
GFA in sqm: 42,200 GFA in sqm: 14,400
Buyer: B-Work REIT Buyer: AIA Barny Swainson
Senior Director | Capital Markets
Seller: Principal Capital Plc Seller: Principal Capital Plc barny.swainson@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 2 2
Vietnam Home
Vietnam’s economy is recovering after growth hit its lowest in a decade in 2020. The government
3
En-bloc transactions
has set a challenging but feasible GDP growth target of about 6% for 2021. As the administration
implements recent legal improvements, the real estate market will continue to rebound
Review Forecast
USD183.3M
Combined value
Authorities have started to implement changes to the Due to the uncertainty around COVID-19, purchasing power in
Construction and Investment Law to ensure the consistency sectors such as tourism, agricultural products, commerce and
of legal processes for investment policy approval, investor real estate has been significantly reduced. Except for Ho Chi
approval, investor recognition of residential projects, as well as Minh City, where there is slightly higher demand for residential Lancaster Luminaire
to encourage FDI flows into social housing development. New units and land, other regions of the country, including Hanoi,
Biggest deal | USD92M | Mixed-use
updates to land segmentation, plot redistribution regulations, are facing surplus and pricing pressure. However with real
and amendments to a decree on the renovation and estate investment procedures likely to become more efficient
reconstruction of old apartment buildings were introduced. and less bureaucratic, the market is seen returning to normal
Local investors in Southern Vietnam are investing in new and even reaching new development peaks. The government • Residential
residential (second home) projects in Dong Nai, Phan Thiet and
Binh Duong, thanks to the commencement of construction of
is well aware of the challenges facing the property sector
and is striving to make changes to promote stable economic
• Industrial
Major movers of the quarter
Long Thanh Airport and surrounding infrastructure. development regardless of the environment post-COVID-19.
Key market deals
• Residential
(social housing and
Lancaster Luminaire Industrial land and factory at Yen Phong Dong Nai Waterfront City
Location: Dong Da District, Ha Noi, Location: Yen Phong, Bac Ninh Province, Project second home)
Vietnam
Value in USD: 92 million (Trung Thuy
Vietnam
Value in USD: 6.877 million (49% stake)
Location: Long Thanh, Dong
Nai Province, Vietnam • Office
Group - residential) Value in USD: 84.49 million Sectors to watch
GFA in sqm: 96,000
GFA in sqm: 252 residential units, 26,839 (Last 30% stake)
Buyer: Boustead Projects (Boustead
(Office), 6,630 (Commercial) Singapore) GFA in sqm: 1,700.000
Buyers: JV - Trung Thuy Group and Seller: Bui Duc Manh (KTG Industrial Bac Buyer: Nam Long Dev Corp
David Jackson
Takashiyama subsidiary Toshin Ninh Development Joint Stock Company) Seller: Portsville Pte. Ltd. Chief Executive Officer | Vietnam
Development (Keppel Land) david.jackson@colliers.comC apit al Mar k et s & I nves t m ent Ser vic es | A s ia P ac if ic Mar k et Snaps ho t Q 1 2 0 2 1 | 2 3
West China Home
The two provincial capitals performed outstandingly in Q1. In Chengdu, domestic investors and
8
En-bloc transactions
local end-users remain active acquirers of office and other properties, which contributed four
deals worth RMB1.39 billion. In Xi’an, there were four deals totaling RMB3.26 billion including
CapitaLand Commercial Trust (CLCT)’s acquisition of a majority share of two business parks.
USD716M
Combined value
Review Forecast
Deals in Chengdu were all completed by local companies. In Chengdu end-users will remain active while investors will
The biggest was the acquisition of a retail property with a
GFA of 246,000 sqm in Qingbaijiang District by a local SOE for
focus on office, retail and mixed-use opportunities. In Xi’an,
institutional investors will prioritise income-producing office
Changan Metropolitan
RMB1 billion. Another local SOE acquired 8,000 sqm in a Grade assets in central areas. Center Block A, B, C, D & E
A office in the High-tech Zone for self-use at RMB120 million. Biggest deal | USD263M | Office
A local investor purchased an office and apartment projects
in Jinniu District at a total price of RMB235 million through
the foreclosure process. In Xi’an, CLCT acquired a majority
share of two business parks from its affiliates for a total of Office
RMB750 million. Jianyin Investment established a Cayman Major movers of the quarter
fund in a joint venture with OCT Asia, which acquired Changan
Metropolitan Center Block 2 and Block 3 for RMB1.71 billion.
Office
Beijing Wangfujing Group also completed an acquisition of an
outlet in Xi’an for RMB800 million.
Sector to watch
Key market deals
Changan Metropolitan Center Blocks Dagang Ceramic Building Material City Ronghua Outlets Project
A, B, C, D & E Location: Qingbaijiang District Location: Xixian New District Keng Geng
Location: Beilin District Value in USD: 160 million Value in USD: 123 million Managing Director | Southwest China
Value in USD: 263 million keng.geng@colliers.com
GFA in sqm: 246,397 GFA in sqm: 87,573
GFA in sqm: 88,364 Buyer: Local SOE Buyer: Wangfujing Group Lily Li
Buyer: Jianyin Investment, OCT Asia Seller: Qingbaijiang District People’s Court Seller: Xi’an Ronghua Group Managing Director | Northwest China
Seller: OCT Asia yuki.li@colliers.comView our other recent
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(US$) Countries (square feet)
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Note: All stats are for 2020, are in U.S. dollars and include affiliatesFor further information, please contact: Terence Tang Jimmy Gu Hideki Ota Ieyo De Guzman Asia East China Japan Philippines terence.tang@colliers.com jimmy.gu@colliers.com hideki.ota@colliers.com ieyo.deguzman@colliers.com John Marasco John Lin Bayan Kuatova Tang Wei Leng Australia and New Zealand South China Kazakhstan Singapore john.marasco@colliers.com john.lin@colliers.com bayan.kuatova@colliers.com weileng.tang@colliers.com Adam Woodward Jeff Cui Harold Lee Derek Huang Australia – Sydney West China Korea Taiwan adam.woodward@colliers.com jeff.cui@colliers.com harold.lee@colliers.com derek.huang@colliers.com James Mitchell Nigel Smith Karlo Pobre Barny Swainson Australia – Sydney Hong Kong Myanmar Thailand james.mitchell@colliers.com nigel.smith@colliers.com karlo.pobre@colliers.com barny.swainson@colliers.com Betty Wong Piyush Gupta Richard Kirke David Jackson China India New Zealand – Auckland Vietnam betty.wong@colliers.com piyush.gupta@colliers.com richard.kirke@colliers.com david.jackson@colliers.com Winter Yan Steve Atherton Hammad Rana North China Indonesia Pakistan winter.yan@colliers.com steve.atherton@colliers.com hammad.rana@colliers.com About Colliers International Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter or LinkedIn Copyright © 2021 Colliers International This document has been prepared by Colliers for advertising and general information only. Colliers makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers and /or its licensor(s). © 2021. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement.
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