GLOBAL OFFICE REAL ESTATE REVIEW Accelerating success. Research Bulletin Tianjin Commercial Property Market Review 天津商用物业市场回顾1Q Tianjin’s prime ofce property market performed well into 1Q11. Vaulted by growing demand as well as absence of new supply, the overall vacancy rate continued to decrease during the quarter. Meanwhile, rentals witnessed resilient growth across the market, as a result of the persistently rising leasing activities and landlords’ optimistic sentiment. Moreover, the upgrade of property management and renovation of facilities by some landlords in Laochengxiang and Haihe precincts became another important impetus to rental growth in the locality. 第一季度天津优质写字楼市场继续表现良好。受到需求的增 长和季内无新增供应的影响，整体空置率在本季度继续下降。同 时，租赁交易活动的持续增加和业主普遍的乐观情绪作用下，租金 进一步上涨。此外，老城厢区域与海河区域内业主对物业管理的升 级和硬件设施的重装也成为了本地市场租金上涨的重要推动力 Total stock of Tianjin’s prime ofce market remained at 729,450 sqm as of end-1Q11, as there was no new completion in the quarter. Tianjin World Financial Centre (WFC), with a total ofce GFA of approximately 205,000 sqm, kicked of pre-leasing during the quarter. Located in Haihe area, WFC was partially strata-title sold and is scheduled for completion in 3Q11. 第一季度，市场无新项目竣工，天津优质写字楼市场总存量 保持在729,450平方米。写字楼总面积约为205,000平方米的天津环 球金融中心于本季度开始预租。天津环球金融中心项目坐落于海河 区域，目前已经有部分楼层散售，并计划于第三季度落成 The growth momentum of leasing market continued in 1Q11, with MNCs in the fnance (insurance) sector and private-owned domestic companies in the logistics, trading and investment sectors contributing most to the leasing transaction volume. The headline deals include: American International Group’s commitment to approximately 1,000 sqm at Tianjin Centre; ING-BOB Life Insurance Company Limited’s take-up of 780 sqm at Tianjin Centre; Huanyingli Investment Limited’s and Bondex Logistics Co., Ltd’s expansionary leases of 400 and 300 sqm at TEDA Building, respectively. Correspondingly, the net absorption in the quarter totalled 38,237 sqm, accounting for approximately 75.4% of the total net absorption in 1H10. The overall vacancy decreased to 13.47% by end- 1Q11, down 5.24 percentage points compared to 2H10. 写字楼租赁市场在第一季度保持增长态势，来自金融（保 险）行业的跨国公司和来自物流、贸易和投资等行业的民营内资企 业成为租赁交易量的主要贡献者。重要租赁成交包括：美国国际集 团在天津中心租赁1,000平方米；中荷人寿保险在天津中心租赁780 平方米；欢赢理投资有限公司和海城邦达物流有限公司在泰达大厦 分别扩租400平方米和300平方米。相应地，本季度净吸纳量达到 38,237平方米，相当于上半年净吸纳量的75.4%。截至 年第一季度末，市场整体空置率下降至13.47%，与下半年 相比下降5.24个百分点 Market Overview市场概述 Prime Ofce优质写字楼 Supply供应 Demand需求 On the back of satisfactory occupancy rates, optimistic sentiment among most landlords of prime ofce buildings was further enhanced. While many landlords held frm on the existing level of rents, some started to raise rents. For example, rentals of The Exchange Tower Block II and Regent International Plaza increased around 15% and 12%, respectively, compared to 2H10. Given these, the overall average net efective rent of Tianjin’s prime ofce property market grew to RMB95.1 psm per month in 1Q11, up 2.51% compared to 2H10. In submarkets, Nanjing Road area remained the most expensive at RMB116.1 psm per month, up 5.65% compared to 2H10, followed by Youyi Road area with rental growth of 3.80%. Meanwhile, net efective rent in Xiaobailou area was relatively stable, resting at RMB99.9 psm per month. 基于比较满意的出租率，优质写字楼业主的乐观情绪进一步加强 在许多业主维持原有的租金水平的同时，部分业主开始提高租金 例如，津汇广场2座和丽晶国际大厦的租金与下半年相比， 分别提高了15%和12%。因此，天津优质写字楼市场整体平均净有效 租金增长至每月每平方米95.1元，与下半年相比上涨2.51%。各 子市场中，南京路为最昂贵的办公区域，租金达到每月每平方米 116.1元，较下半年上涨5.65%。友谊路区域以3.80%的涨幅 紧随其后。小白楼区域的租金水平则较为稳定，维持在每月每平方 米99.9元 Rents租金 www.colliers Research Bulletin | 1Q| Tianjin One signifcant sales transaction was logged in Tianjin’s ofce property investment market in 1Q11. China Citic Bank purchased approximately 15,800 sqm in Tianjin WFC for owner-occupancy, with an undisclosed transaction price. It is of note that some overseas investors are planning to replace prime location assets with new investment vehicles in emerging submarkets, such as the Binhai New Area, in order to capture a greater growth potential. 第一季度，天津写字楼投资市场有一宗大型交易发生：中信 银行购买天津环球金融中心（津塔）约15,800平方米面积办公自 用，交易价格未予公布。值得注意的是，一些海外投资者计划将其 优质地段的资产与新兴的子市场，如滨海新区的资产进行置换，以 期获取更大的增值潜力 Most recently, the Tianjin government released new stimulus policies to accelerate the development of ofce property economy, providing a maximum subsidiary of RMB ten million to qualifed landlords for ofce building renovation and of 50% refund of sales tax and enterprises income tax to qualifed landlords for the usage of providing privileges to tenants in the buildings. While the local government’s initiatives will help to incubate an upgrade of ofce space in Tianjin, the improved ofce facilities and the strong economic fundamentals will entice more MNCs and domestic enterprises to set foot or enlarge presences in the city. Three prime ofce schemes, including Tianjin World Financial Centre in the Haihe area, Ningtai Plaza in Others submarket and the Joy City in the Laochengxiang area, are scheduled for completion in the rest of , bringing around 302,500 sqm of ofce space to the market. Considering the new completions, the vacancy of Tianjin’s prime ofce market will increase slightly over the short term. However, Colliers projects a stable rental trend, due mainly to the quality of aforementioned projects, as well as the solid growing demand for quality ofce space with prime locations. 天津市政府近期发布了加速商务楼宇经济发展的促进政策，向符合 要求的业主提供最高为人民币1,000万元的补贴用于写字楼的改造 升级；将楼宇营业税和企业所得税的50%返还给符合要求的业主， 用于为入驻企业提供各项优惠服务。地方政府的政策鼓励将有助于 天津写字楼的实现升级，而改进后的写字楼设施和强劲的经济基础 将会吸引更多的跨国公司和内资企业落户或扩大在本市的业务 未来三个季度，位于海河区域的天津环球金融中心，其 他区域的宁泰大厦和老城厢区域的大悦城项目将竣工，将为市 场新增302,500万平方米的写字楼面积。考虑到新竣工项目的大 量涌入，天津优质写字楼市场的整体空置率在短期内将有小幅 上升。但鉴于前述项目的质量和优质地段写字楼需求的稳步增 长，高力国际认为市场租金有望保持稳定 Investment投资 Outlook展望 www.colliers Research Bulletin | 1Q| Tianjin The Chinese New Year festival season and the strong retail sales brought about an active scene in Tianjin’s retail property market during the frst quarter of . More high-end and international retailers took more initiatives to get prime locations in the quarter. This, combined with the limited new supply, resulted in a historical low vacancy rate and increase in rents. Meanwhile, the capital values of prime retail property continued to rise on the back of the growing rental income and strong investment demand. With easier accessibility to burgeoning retail nodes and larger development scale of quality retail space, Tianjin’s prime retail property market will encounter a supply peak inand retail catchments will be re-delimited. 中国农历新年及