HCMC MARKET INSIGHTS - Q Presented by: Dung Duong

Transcription

1 HCMC MARKET INSIGHTS - Q Presented by: Dung Duong Thursday, April 2, 2015

2 IF IT S TOO GOOD TO BE TRUE, IT S TOO GOOD TO BE TRUE! 2 CBRE HCMC MARKET INSIGHTS Q1 2015

3 VIETNAM ECONOMIC OVERVIEW Vietnam GDP Growth Rate 7.8% 8.4% 8.2% 8.5% Quarterly 7.0% 6.1% 5.0% 5.3% 6.0% 6.3% 5.3% 6.8% 5.9% 5.0% 5.4% 6.0% Q1 14 Q2 14 Q3 14 Q4 14 Q Source: Vietnamese General Statistical Office. ANZ has revised its GDP growth forecast for Vietnam in 2015 and 2016 upwards, to 6.5% for both years from the previous 6.2% and 6.4%, respectively. 3 CBRE HCMC MARKET INSIGHTS Q1 2015

4 POSITIVE OUTLOOK FOR VIETNAM ECONOMY Vietnam among Top Fastest Growing Economies Breakdown of components of average annual real GDP growth ( ) Source: PwC Analysis, The World in 2050: Will the shift in global economic power continue, February CBRE HCMC MARKET INSIGHTS Q1 2015

5 P Q Turnover (Trillion dong) Growth Rate (%) No. of car Growth rate (%) Vietnam Car Sales 160, ,000 80,000 40,000 Import duty on cars from ASEAN countries will decrease from 50% to 0% by % 120% 70% 20% Annual Car Sales: Vietnam: 150,000 units Thailand: 850,000 units Indonesia: 1,250,000 units M 2015 Registration fee reduced from 10% - 20% to 10% - 15% in April. Vietnam Retail Sales No. of cars selling Source: Vietnam Automobile Manufacturer s Association, March % change YoY -30% Target credit growth 2015: 13-15% 2M: 0.68% 2014: 14% 3,500 3,000 2,500 2,000 1,500 1, % 35% 28% 21% 14% 7% 0% Retails and Services Turnover Source: Vietnamese General Statistical Office, Q Retails and Services Turnover Growth 5 CBRE HCMC MARKET INSIGHTS Q1 2015

6 US$ billion Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 FALLING OIL PRICE TRIGGERS TRADE DEFICIT? Dollar, Gold and Oil Chart - Last Ten Years Vietnam Interbank Exchange Rate 21,458 21,036 21,246 20,703 20, % y-o-y vs. EUR and Yen 18,932 US$1,186/oz -8% y-o-y Compares the movement in the dollar index (major trading partners) with gold and oil prices over the last ten years. The three series are compared using standard deviation. Source: Macrotrends, April 1, VN-Index US$47.4/barrel -47% y-o-y Vietnam Trade Balance Export M Import PMI 6 CBRE HCMC MARKET INSIGHTS Q1 2015

7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Local currency per USD VND AMONG TOP STRONGEST CURRENCIES IN APAC Exchange Rate Vietnam Government Bond Yield Movement JPY INR AUD MYR THB SGD-TWD PHP VND KRW-HKD NZD CNY Source: CBRE Research, Q CBRE HCMC MARKET INSIGHTS Q1 2015

8 Interest rate (%) BANK CUT RATES ON THE BACK OF LOW INFLATION Vietnam Interest Rates and Inflation Mortgage rate for the first 12 months: Jan. 15 Mar. 15 Max. loan terms/ Loan-to-value Techcombank 9.49% 7.99% 20 years/ 70% Vietcombank 7.99% 7.5% 15 years/ 70% ACB 8.90% 7.5% 20 years/ 75% Average CPI (y-o-y) Lending rate Deposit rate HSBC Bank has predicted that the central bank would mull another cut of the open market operations (OMO) rate to beef up domestic demand and growth thanks to low inflation this year. Lending rate: Average lending rate for enterprises. Source: Vietnamese General Statistical Office, State Bank of Vietnam. 8 CBRE HCMC MARKET INSIGHTS Q1 2015

9 NEW REAL ESTATE FIRMS ON SHARP RISE 1. Newly registered Real Estate companies +49% y-o-y; 2. Newly registered Art, Entertainment and Recreation companies +49% y-o-y. 19,000 newly registered 4% y-o-y 2,055 firms were resolved 9% y-o-y 16,175 suspended operation 14% y-o-y 4,376 resumed operation 20% y-o-y Novaland to go public end of 2015 Source: Vietnamese 9 General Statistical Office. CBRE HCMC MARKET INSIGHTS Q * All the above articles were retrieved in March 2015.

10 SOUTH KOREA & JAPAN VIETNAM S BIGGEST FOREIGN DIRECT INVESTORS Vietnam Foreign Direct Investment, 3M % 6% Manufacturing 11% Real estate 76% Wholesale, retail sale and repair industries Others Pelosi, Bipartisan Delegation Conclude Two-Day Visit to Vietnam Source: Ministry of Planning and Investment. Vietnam overseas remittance hit US$12 billion in 2014, accounting for 8% of Vietnam s GDP, up 13% y-o-y. 10 CBRE HCMC MARKET INSIGHTS Q1 2015

11 INFRASTRUCTURE - HCMC Construction started on Ground breaking of Full opening of Long Estimated investment Metro Line No. 2 at Thu Thiem 2 Bridge Thanh - Dau Giay cost for Long Thanh Tham Luong depot Estimated completion: Highway. International Airport District April 2018 Length: 55 km project to reduce by 15% Estimated completion: Linked HCMC to South Q3/2016 East part 16 January February February February CBRE HCMC MARKET INSIGHTS Q1 2015

12 CONDOMINIUMS FOR SALE Q Snapshot CONDOMINIUMS FOR SALE LUXURY HIGH-END MID-END AFFORDABLE TOTAL Total launched supply (units) 1,278 40,006 33,656 49, ,503 New launch (units)* 0 3, ,610 5,150 Total completed supply (units) ,428 21,835 27,000 74,080 New completion (units)* ,315 Average Primary Prices (US$ psm) $4,374 $1,717 $978 $664 Q-o-q change (%) 3.9% 1.0% -3.7% -1.0% Y-o-y change (%) 3.6% 3.7% 2.3% -3.6% (*) Excluding soft launches and re-launches (**) Excluding delayed projects / units All prices are quoted exclusive of VAT and service charges. Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

13 CONDOMINIUM FOR SALE Recovery Continues and High-end Apartment Sales Come Back New launches tripled y-o-y New launches up 82% y-o-y HCMC 5,150 units Hanoi 4,880 units 873 units 16,200 units 2,600 units 16,200 units Q Q Sales doubled y-o-y 1,155 units 2,593 units Q Q Sales doubled y-o-y 1,500 units 3,080 units Q Q Q Q CBRE HCMC MARKET INSIGHTS Q1 2015

14 CONDOMINIUM FOR SALE 2015 Q1 New Launches The Expansion of High-end & Affordable 1% 2% 1% 37% 31% 32% 31% 31% 27% 31% 37% 40% 1 project 700 units HCMC 1 project 282 units ~5,150 units 2 projects 17 projects 424 units 1 project 2 projects 508 units 1 project 495 units 2 projects 678 units Luxury High-end Mid-end Affordable 6 projects 1360 units 2 projects 230 units 2 projects 473 units 2 project 223 units 198 units 1 project 50 units 3 projects 229 units 2 projects 270 units Cau Giay Dong Da Hoai Duc Tu Liem Ha Dong 2 projects 337 units 3% 2% 2% 15% 18% 15% 63% 63% 20% 17% 57% 26% Hoang Mai Hanoi 4,880 units 18 projects Luxury High-end Mid-end Affordable 2 projects 275 units 5 projects 3,297 units Before 2010 Mid-2010 After Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

15 CONDOMINIUM FOR SALE Sales Momentum Remains Strong Despite A Long Tet Break Sold Units Luxury High-end Mid-end Affordable Q1 Luxury High-end Mid-end Low-end Q4 Q3 HCMC 138% y-o-y Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Ha Noi 103% y-o-y 8,000 6,000 4,000 2, ,000 4,000 6,000 8,000 Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

16 CONDOMINIUM FOR SALE Developers Are Increasing Prices, Do They? High-end primary prices, HCMC High-end primary prices, Hanoi $2,400 Asking Price (US$ psm) units/launch units/launch units/launch >500 units/launch $2,000 $2,000 $1,500 $1,600 $1,000 $1,200 $500 $ $ Primary prices for high-end and affordable projects witnessed a slight increase Seen in projects in good locations, reputable developers, showing good construction progress; not across the board! Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

17 HCMC CONDOMINIUM FOR SALE Buyers in the Affordable Segment Breakdown of Monthly Household Income 40% 63% long-term employees with stable income 28% 19% >3/4 from 25 to 45 years old Below US$500 US$500 - $1,000 US$1,000 - $1,500 6% 7% US$1,500 - $2,000 Above US$2,000 64% want to buy twobedroom units Key Factors to Choose a New House Price Living environment Surveyed from more than 2,000 Ehome customers Source: Nam Long, Q CBRE HCMC MARKET INSIGHTS Q1 2015

18 HCMC CONDOMINIUM FOR SALE Buyers in the Affordable Segment Bank Loan Support 81% want to apply bank loan for new home purchase 56% expect a stable interest rate 29% prefer a 20-year loan payment Expected Promotion in a New House Purchase 34% prefer a direct discount on the price Surveyed from more than 2,000 Ehome customers Source: Nam Long, Q % prefer a longer payment term 18 CBRE HCMC MARKET INSIGHTS Q1 2015

19 HCMC CONDOMINIUM FOR SALE Foreign Investors Come for JV. High-end Supply Launch event, December 2014 Premium Affordable Housing 3 months later, March CBRE HCMC MARKET INSIGHTS Q1 2015

20 NORTH 16% CONDOMINIUM FOR SALE Future Supply - Expected Strong Supply in 2015 HCMC ~22,000 units Hanoi ~13,000 units The West 43% South West 21% Midtown 8% The East/ South East 28% HCMC: The East and the South continue to accommodate most developments. Hanoi: The West still has the most supply in pipeline but the East and South East is becoming an attractive cluster Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

21 CONDOMINIUMS FOR SALE Outlook Sales momentum is expected to remain positive as the market has seen the return of not only end-users but also investors (and speculators). Prices are expected to gradually edge up. Even the reputable developers are cautious with pricing strategy, taking into account the affordability of the mass market. The resurgence of top-tier projects: Singaporean and Korean developers are preparing to kick-off huge projects while Japanese investors and Joint Ventures are looking for residential development sites. Should we be worried about an over-hyped market? 21 CBRE HCMC MARKET INSIGHTS Q1 2015

22 RETAIL Q Snapshot Retail Department store* Shopping centre Retail podium** Bazaar Total Total supply (properties) Total supply (NLA, sm) 108, ,410 63,399 37, ,269 New supply (properties) New supply (NLA, sm) 0 16, ,635 19,351 Net absorption (NLA, sm) 3,047 Vacancy rate (%) 10.2% 9.6% 6.7% 14.2% 9.7% Q-o-q change (pp) -0.3 pp 3.8 pp -0.7 pp -1.8 pp Y-o-y change (pp) 1.1 pp -2.1 pp -4.7 pp -0.8 pp CBD Average asking rents $91.2 $102.2 $60.2 $119.5 Q-o-q change (%) 0% -4.1% 5.1% -0.9% Y-o-Y change (%) -6.3% 2.3% -0.5% 1.2% Non-CBD Average asking rents $44.7 $33.5 $15.3 $80.1 Q-o-q change (%) 1.9% -0.3% 2.2% 0% Y-o-Y change (%) -0.5% 9.0% 0.1% 5.2% (*) Stand-alone department store, excluding Robins department store, which is the anchor tenant of Crescent Mall. (**) A subcategory of Shopping/Retail Centre, normally retail space in the podium of office, hotel or residential towers All rents are asking rents of the ground and first floor (US$/sm/month), exclusive of VAT and service charge. Rent of bazaar format (e.g. Saigon Square, Lucky Plaza...) quoted for small size unit, usually from 3 5 sm, therefore, resulting in a high rate psm. Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

23 RETAIL NEW SUPPLY AND RE-OPENING IN Q HCMC 3 HANOI VINCOM THU DUC Thu Duc District GFA: 27,860 sm Opened Jan SAIGON SQUARE 3 District 3 GFA: 3,100 sm Opened: Jan SENTINEL PLACE Hoan Kiem District GFA: 700 sm Re-opened: Jan HOA BINH GREEN CITY Hoang Mai District NLA: 25,000 sm Opened: Jan LY THAI TO Hoan Kiem District NLA: 561 sm Re-opened: Feb CBRE HCMC MARKET INSIGHTS Q1 2015

24 RETAIL RENTS PASSED THE BOTTOM HCMC Hanoi NON-CBD CBD NON-CBD CBD 2015 Q1 Q4 Q Q2 Q1 Q4 Q Q2 Q1 Q4 Q Q2 Q1 Q4 Q Q2 Q Q1 Q4 Q Q2 Q1 Q4 Q Q2 Q1 Q4 Q Q2 Q1 Q4 Q Q2 Q * Average retail rents exclude VAT and Service charge. Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

25 Net Absorption (sm) Vacancy Rate (%) RETAIL - HEALTHY OCCUPANCY RATES HCMC Hanoi 180, ,000 20% 140, ,000 15% 100, ,000 10% 60, ,000 5% 20, ,000 0% -20, ,000-5% Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

26 DISTRICT 2 EMERGES AS A NEW RETAIL CLUSTER Pearl Plaza 20,579 GFA sm Open in 2015 Estella Heights 37,290 GFA sm Open in 2018 Vincom Megamall Thao Dien 120,000 GFA sm Open in 2016 Vinhomes Central Park 59,000 GFA sm Open in 2018 T The Sun Avenue Open in 2016 Lexington Residence Open in 2016 Thao Dien Pearl 20,400 GFA sm Open in CBRE HCMC MARKET INSIGHTS Q1 2015

27 INTERNATIONAL RETAILERS EXPANSION Asian retailers are expanding by cooperating with local retailers AEON Vietnam as a 2 nd most important market in SEA BJC BJC s B's Mart bought 94 Family marts in Vietnam aim to expand to 300 stores by CBRE HCMC MARKET INSIGHTS Q1 2015

28 APAC CONSUMER SURVEY VIETNAM Survey online 11,000 consumers in 11 major cities Include 1,000 consumers in Vietnam Separate the process of shopping into two phases Pre-purchase Purchase

29 HOW DO CUSTOMERS VALUE THE IMPROVEMENTS OF SHOPPING CENTRES? Ongoing improvements of shopping centres noticed by consumer Large mall 60% 62% 55% 62% 66% 58% 47% 32% 5% Small mall 54% 60% 43% 52% 64% 42% 45% 21% 9% High street 54% 51% 43% 38% 56% 46% 33% 24% 18% Total 57% 59% 50% 55% 63% 52% 44% 28% 9% More/better catering facilities Bigger in size with more shops open More/better loyalty program Introduction of free parking None of these Renovation of the centre Addition of new international brands More entertainment facilities More events Source: CBRE Asia Pacific Consumer Survey, CBRE HCMC MARKET INSIGHTS Q1 2015

30 WHAT MAKES A SHOPPING CENTRE/HIGH STREET ATTRACTIVE? Important Factors in a Non-Food Shopping Trip Overall Low household income (<VND 4,000,000/month) Mid household income (VND 4,000,000 20,000,000/month) High household income (>VND20,000,000/month) 30 CBRE HCMC MARKET INSIGHTS Q Source: CBRE Asia Pacific Consumer Survey, 2014.

31 HOW DO SHOPPERS REACH THEIR DESTINATION? How do You Travel to Your Preferred Shopping Destination? Private (Car + Motorcycle) Public (Bus, MRT, BTS) Walk/Bicycle Source: CBRE Asia Pacific Consumer Survey, CBRE HCMC MARKET INSIGHTS Q1 2015

32 HOW DO SHOPPERS REACH THEIR DESTINATION? How Long does Your Journey to the Mall Take on Average? 1 to 5 mins 6 to 15 mins 16 to 30 mins Over 30 mins Source: CBRE Asia Pacific Consumer Survey, CBRE HCMC MARKET INSIGHTS Q1 2015

33 INTERACTION BETWEEN ONLINE AND IN-STORE Over the next two years: 25% of respondents expect to shop less often in a store; 45% - 50% of respondents said that they would shop online more often; Even greater proportion of consumers (69%) aged from 55 to 64 actually think that they would use their smartphone/tablet more frequently to shop. Do less often No change Do more often Adapt strategies to boost both e-commerce and offline business activities by 1. Leverage big data 2. Implement Online to Offline (O2O) strategies 3. Create simple and useful apps 33 CBRE HCMC MARKET INSIGHTS Q1 2015

34 RETAIL Outlook Rent of inline stores starts to increase. Shopping centres with weak performance will need to re-merchandise while adding more anchor tenants. Turnover share scheme become more popular. District 2 and Binh Thanh District emerged as new retail cluster. Large-scale projects will dominate the market. 34 CBRE HCMC MARKET INSIGHTS Q1 2015

35 OFFICE Q Snapshot OFFICE GRADE A GRADE B TOTAL Number of properties Total supply (GFA, sm) 329, ,891 1,258,822 Total supply (NLA, sm) 254, , ,012 New supply (properties) New supply (GFA, sm) Net absorption (NLA, sm) ,196 16,003 Q-o-q change (%) -31.7% -20.7% -21.4% Y-o-y change (%) 28.3% 37.1% 36.6% Vacancy rate (%) 7.9% 6.2% 6.6% Q-o-q change (pp) Y-o-y change (pp) Average asking rents (US$ psm per month) Q-o-q change (%) -3.4% 0.4% -1.6% Y-o-y change (%) -2.1% -0.4% -1.7% All rents are the average rent quoted on the NLA basis, exclusive of VAT and service charge Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

36 CBD OFFICE Asking Rent 2015 Q1 AVERAGE ASKING RENT (US$/sm/month) GRADE B GRADE A $19.1 $34.2 Q1 15 Q-o-Q GRADE A GRADE B 3.4% 0.4% Q4 Q3 Y-o-Y 2.1% 0.4% 2014 Q2 Q1 Grade A: -0.9% q-o-q Q4 Grade B: +0.1% q-o-q 2013 Q3 $35 Q2 Q1 $30 $25 $20 $15 $10 $5 $0 $0 $5 $10 $15 $20 $25 $30 $35 $40 Non-CBD Grade A: -3.6%q-o-q Grade B: -0.4%q-o-q Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

37 Net absorption (sm) Net absorption (sm) OFFICE Positive Net Absorption and Decreasing Vacancy Rate HCMC Hanoi 35,000 15% 60,000 42% 30,000 13% 50,000 36% 25,000 11% 40,000 30% 20,000 15,000 9% 7% 30,000 24% 10,000 5% 20,000 18% 5,000 3% 10,000 12% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 6% , % Note: Hanoi s asking rents include service charge and exclude VAT, HCMC asking rent exclude service charge and VAT. Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

38 OFFICE Tenants Breakdown (based on CBRE s enquiries in Q1 2015) Tenant Preference, HCMC Tenants Origin, HCMC 15Q1 33% 56% 11% 0% 33% 67% 14Q4 27% 33% 27% 13% 11% 89% 14Q1 11% 33% 44% 11% 20% 80% < >1000 Tenant Preference, Hanoi Local Tenants Origin, Hanoi Foreign 15Q1 36% 34% 20% 9% 52% 48% 14Q4 32% 45% 18% 5% 43% 57% 14Q1 32% 39% 26% 3% 60% 40% < >1000 Local Foreign Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

39 OFFICE Future Supply Coming soon in 2015 VIETCOMBANK TOWER 5 Me Linh Square, D1 GFA: 55,000 sm Estimated completion: Q2/2015 LIM 2 TOWER 158 Vo Van Tan, D3 GFA: 20,467 sm Estimated completion: Q3/2015 PEARL PLAZA 561A Dien Bien Phu St, Ward 25, Binh Thanh. GFA: 37,434 sm Estimated completion: Q3/2015 VIETTEL OFFICE & TRADE CENTER 285 Cach Mang Thang Tam, D10 GFA: 65,971 sm Estimated completion: Q1/2016 DEUTSCHES HAUS Le Duan - Le Van Huu, D1 GFA: 40,000 sm Estimated completion: Q3/ CBRE HCMC MARKET INSIGHTS Q1 2015

40 OFFICE Outlook Office market in Q1 is cautious as investors are scanning, preparing and inspecting the market. Economic recovery and expansion of international companies will positively raise office market in all key indicators. Rent is a deciding factor rather than location. Green office buildings save energy, enhance workforce health and improve quality of tenants. 40 CBRE HCMC MARKET INSIGHTS Q1 2015

41 INVESTMENT ACTIVITIES IN Q CBRE HCMC MARKET INSIGHTS Q1 2015

42 INVESTMENT Buyers Origin in terms of Number of Deals 4% 4% 2% Domestic 6% Korea 8% Singapore 14% 63% Japan Offshore Thailand Investment Sectors in terms of Number of Deals 13% 17% 10% 3% Development Site 20% 37% Taiwan Office Hotel Apartment Retail Industrial Sellers Origin in terms of Number of Deals 5% 3% 3% Domestic Hong Kong 8% Korea 13% Offshore 54% Netherlands Investment Sectors in terms of Transaction Value 28% 15% 7% 4% 1% Retail 30% 32% Japan Malaysia Hotel Office Dev Site Apartment Industrial Data recorded during the period of YTD Source: RCA, retrieved Mar CBRE HCMC MARKET INSIGHTS Q1 2015

43 Still four remaining questions Track Record 43 CBRE HCMC MARKET INSIGHTS Q1 2015

44 CONCLUSION OUTLOOK SECTOR OFFICE RETAIL CONDOMINIUM HOTELS SEGMENT New buildings Mature buildings CBD Non-CBD High-end Mid-end Affordable Inner-city hotels Beach hotels/resorts HCMC/ SOUTH HANOI/ NORTH RENT/PRICE ABSORPTION RENT/PRICE ABSORPTION SERVICED APT. Grade A INDUSTRIAL Land Factory/ warehouse Source: CBRE Vietnam, Q CBRE HCMC MARKET INSIGHTS Q1 2015

45 For more information regarding this presentation please contact: CBRE Vietnam Co., Ltd. Research & Consulting T F research.vietnam@cbre.com All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only, exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorised publication or redistribution of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication.