Taipei Office Report - 1Q 2011

THE KNOWLEDGE REPORTTAIPEI

www.colliers.com/taiwan

1q 2011 | MARKET REPORT

1Q 2011 台北市內科TAIPEI CBD NEIHU

TECHNAOGY PARK

空置率VACANCY RATE

NET ABSORPTION淨去化量

NEW SUPPY新增供給

RENTAL RATE租金水準

ECONOMY

TTaiwan GDP growth rate in 1Q 2011 was 6.19% YoY higher than forecast value at 5.01% and the whole year GDP growth rate in 2011 is predicted at 5.04%. In terms of expenditure, composition of GDP includes private final consumption, government final consumption, capital formation, exports and imports. The corresponding YoY growth rate of each item in 1Q 2011 were 4.81%, 0.27%, -0.99%, 10.48% and 6.66% and respective contributions to GDP growth rate were 2.75%, 0.03%, -0.19%, 7.52% and 3.92%. The net value of exports of goods contributed 58% of GDP growth rate in 1Q 2011. We have to closely observe subsequent impact of tsunami damage and nuclear crisis to Taiwan GDP since Taiwan imports a lot of machinery and electronics equipments to produce final goods for domestic consumption or export.

經濟

2011年第一季台灣的GDP成長率概估值較去年同期成長6.19%，高於年初的預測值5.01%，預計2011年全年的GDP成長率為5.04%。以支出面來看，民間消費、政府消費、資本形成、輸出與輸入值分別較去年同期成長4.81%、0.27%、-0.99%、10.48%與6.66%，且個別項目對第一季GDP成長率的貢獻分別為2.75%、0.03%、-0.19%、7.52%與3.92%，國外淨需求貢獻58%的第一季GDP成長率。長久以來台灣自日本進口大量的機械及電機設備以生產最終產品供國內消費或出口，故必須密切觀察日本因地震引起的海嘯損害與核子災變對台灣未來數季GDP的影響程度。

Central Bank lifted the rediscount rate by 12.5 basis points to 1.75% effective on 1 April and average interest rate of one year time deposit determined by individual banks increased to 1.28% accordingly. Taiwan is encountering import arisen inflation owing to the price appreciation of crude oil and commodity. If economic keeps steady growth, the rediscount rate will be continuously raised by Central Bank within 2011 to guide market rate going up. It will prevent the yearly growth rate of consumer price index higher than estimated value at 2.18% and mitigate negative real interest rate.

中央銀行自4/1起調升重貼現率25個基本點到1.75%，致使由各銀行自行訂定的一年期定期存款利率平均值增加至1.28%。由於國際原油與商品的價格上漲，台灣面臨輸入性通貨膨脹的壓力升高。在經濟成長無虞的前提下，預期中央銀行於今年底前將持續提高重貼現率以引導市場利率上升，避免消費者物價指數年增率高於全年的預估值2.18%及減輕實質利率為負的現象。

INVESTMENT SALES

Total sales value of commercial real estate transactions was NT$ 13.98 billion in 1Q 2011, dropped 49.3% quarter-o-quarter (QoQ) and 27% year-on-year (YoY)respectively. Since 2007, the transaction value of this quarter was only higher than values in 1Q 2009, 1Q and 2Q 2008. Shortage of prime properties available for sale resulted in potential investors could not meet their investment budget and decreased transaction value.

投資市場

2 0 1 1 年第一季商用不動產投資交易金額為新台幣139.8億元，分別較2010年第四季及去年同期減少49.3%及27%，且此成交金額僅高於 2 0 0 9 年第一季與2008第一季、第二季，為2007年以來的單季新低。本季市場釋出的優質標的有限，導致潛在投資人未能完全去化可供投資的額度。並使投資交易金額下降。

Institutional and individual investors accounted for 76.41% and 23.59% respectively of total transaction value in 1Q 2011. Among transaction value done by institutional investors, the largest was financial institutions for NT$ 8.035 billion, represented 25% of total sales value. Taiwan’s largest life insurance company, Cathay Life Insurance Co. spent NT$ 3.242 billion to buy four storeys in Taipei Financial Center Building from International Bill Co. and Yuanta Financial Holding group. The transacted unit price was NT$ 1.32 million per ping based on traded area 2,848.69 pings (including 38 parking lot).

以投資者屬性來看，機構法人與自然人分別佔投資交易金額的76.41%與23.59%。機構法人中，金融保險業交易金額為新台幣80.35億元，佔總交易金額的25%為最高。最受市場矚目的交易係台灣最大的人壽保險公司 - - 國泰人壽保險公司以新台幣 3 2 . 4 2 億元標購取得國際票券金融公司與元大金控集團所持有的台北金融中心大樓。以國泰人壽保險公司取得之面積為 2 , 8 4 8 . 6 9 坪（含 3 8 個停車位）計算，每坪單價約新台幣132萬元。

INDICATOR 指標 MEASURE 單位 1Q2010 2Q2010 3Q2010 4Q2010 2010 1Q2011 2011

Economic Growth Rate經濟成長率

YoY % Change 13.59 12.86 10.69 6.92 10.82 6.19 5.04

Consumer Price Index消費者物價指數年增率

Rate(%) 1.28 1.10 0.37 1.11 0.96 1.28 2.18

Unemployment Rate失業率

Rate(%) 5.70 5.23 5.14 4.77 5.21 4.48 -

Newly Made Housing Loan Rate新承做購屋貸款利率

Rate(%) 1.640 1.649 1.745 1.739 - 1.767 -

Issuing Interest Rate of 10-yearGovernment Bond十年期政府公債發行利率

Rate(%) 1.40 1.46 1.23 1.47 - 1.38 -

ECONOMIC INDICATORS 經濟指標

Source：Colliers International Taiwan Branch 資料來源：高力國際台灣分公司

Source: Colliers International Taiwan Branch 資料來源：高力國際台灣分公司

2007

Q1

Q2

Q3

Q4

2008

Q1

Q2

Q3

Q4

2009

Q1

Q2

Q3

Q4

2010

Q1

Q2

Q3

Q4

2011

Q1

243.0 215.0

236.7

411.1

128.4 132.7

258.8

186.2

94.8

243.7 269.9

346.6

191.7

352.5

274.9 275.9

139.8

Unit：100millions單位：億元

INVESTMENT SALES VALUE IN 1Q 2011 投資市場交易金額

The value of investment sales in 1Q2011 was the fourth lowest in the past 17 quarters.

1Q 2011投資市場交易金額為過去十七季以來之第四低

1 = 3.3 = 35.5 ping sq.m sq.ft

P. 2 | CollIErs InTErnATIonAl

THE KNOWLEDGE REPORT | 1q 2011 | TAIPEI

For other institutional investors, Wan Hai Lines Ltd. Cost NT$ 362.5 million, or 900 thousand per ping to buy 391.9 pings in tenth floor of China Life Insurance Headquarter Building from Invesco Securities Investment Trust Co.. Besides, T-Join Transportation Co. spent NT$ 454 million, or 520 thousand per ping to buy 903.51 pings (including 6 parking lot) in thirteenth and fourteenth floor of World Trade Building from Jardines Co. .

其它行業中，萬海航運公司以新台幣3.625億元向景順證券投資信託購買中國人壽總部大樓10樓，交易面積391.9坪（含停車位），拆算後每坪單價約90萬。大榮汽車貨運公司以新台幣4.54億元向英商怡和有限公司台北分公司購買世界貿易大樓13樓與14樓，交易面積903.51坪（含6個停車位），拆算後每坪單價約52萬元。

In terms of asset type, transactions concluded in 1Q 2011 mainly involved office, retail and industrial office, which accounted for 57%, 20% and 15% respectively of all transactions. The correspondent sales values for each asset type were 8.035 billion, 2.772 billion and 2.03 billion. Gobo Service Co. and Mr. Wu spent NT$ 1.795 billion and 700 million respectively to buy strata properties in Pan Asia Department Store Building and drove increasing proportion of retail properties sales value to total transaction value.

以成交標的的資產類型來看，辦公室成交金額為80.35億元，佔2011年第一季總成交金額的57%。其次，零售類不動產的成交金額為27.72億元，佔總成交金額的20%，廠辦類不動產成交金額為20.3億元，佔總成交金額的15%。國寶服務公司與自然人吳先生分別以新台幣17.95億元與7億元購買大亞百貨的部分樓層，係2011年第一季零售類不動產成交金額佔比上升的主要因素。



其它51.88

金融保險業35.44

自然人23.59

製造業17.30

建築開發業11.64

COMPOSITION OF INVESTORS BY VALUE IN 1Q 2011 投資者屬性

Manufacturing

Finance and Insurance

Individual

Others

Construction and Development

25%

37%8%

12%

17%

Unit：100 millions單位：億元

辦公室80.35

零售27.72

廠辦20.30

其它11.47

COMPOSITION OF INVESTMENT ASSET TYPE BY VALUE IN 1Q 2011 投資資產類型

Industrial OfficeOffice

Retail

Others

57%

8%15%

20%


The largest deal in 1Q2011 was Cathay Life Insurance Co. spent NT$ 3.242 billion to buy four storeys in Taipei Financial Center Building.

國泰人壽以新台幣32.42億元購買台北金融中心，係本季最大筆交易

The transaction value of Pan Asia Department Store Building amounted to NT$2.495 billions has driven up the proportion of retail properties sales value.

大亞百貨本季成交金額達24.95億元，促使零售類不動產晉升為第二名


CollIErs InTErnATIonAl | P. 3

The transaction value in Taipei was NT$ 11.047 billion in 1Q 2011, higher than other regions. The sales values for office, retail and industrial office properties are NT$ 5.959 billion, 2.628 billion and 1.745 billion respectively. Hsinchu City won the second rank of largest transaction value since Standard Chartered Bank sold ex Hsinchu Commercial Bank headquarter building in Hsinchu City for NT$ 1.47 billion.

The opportunity cost of real estate investment will increase as continuously interest rate rising in the market and investors may raise the required rate of return to invest this kind of asset. Thus it is rare possibility to see rental yield going downward sharply within 2011. Three real estate asset trusts will begin to sell properties from 2Q 2011 due to expiry and it is helpful to measure total investment transaction value in 2011.

2 0 1 1 年第一季成交金額最高的區域是台北市，金額達新台幣110.47億元。其中，辦公室、零售與廠辦的成交金額分別為59.59億元、26.28億元與17.45億元。渣打銀行以新台幣14.7億元出售新竹國際商業銀行之總部大樓，使新竹市於本季的成交金額排名竄升至第二名。

在持續升息的大環境下，投資不動產的機會成本隨之增加，可能促使投資人提高其要求報酬率。是以，今年內商用不動產的租金報酬率不易再大幅下降。預計2011年第二季開始將有三檔不動產資產信託因即將到期而處分資產的案例出現，有助於增加2011年投資市場的交易金額。


0

5

10

15

20

25

30

-

20.00

40.00

60.00

80.00

100.00

120.00

台北市新竹市台中市新北市高雄市

Office 辦公室 Retail 零售 Industrial Office 廠辦 others 其它 Number 件數

Number / 件數Investment Amount / 交易金額Unit：100 millions / 單位：億元

COMPOSITION OF INVESTMENT AREA BY VALUE IN 1Q 2011 投資區域

Taipei City Kaohsiung CityNew Taipei CityTaichung CityHisn-Chu City

Outlook of investment sales

投資市場展望

The transaction value of Taipei City in 1Q2011 remained at the top 1.

台北市本季成交金額蟬聯第一名



Development industry was the main investors for land transaction in 1Q 2011 and contributed NT$ 25.757 billion, represented 52% of total sales value of land transaction. The largest investor was Farglory Group. Farglory Land Development Co. and Farglory Life Insurance Co. spent NT$ 6.165 billion and 6.116 billion to buy 6,902 pings land in Xinzhuang New Town.

建築開發業係2011年第一季的主要投資者，成交金額為新台幣257.57億元，佔總成交額的52%。最大投資人為遠雄企業集團，所屬之遠雄建設公司與遠雄人壽保險公司分別以新台幣61.65億元與61.16億元標購取得位處新莊副都心合計6,902坪的土地。

Total sales value of land transactions was 49.698 billion in 1Q 2011, dropped 17.31% QoQ and upped 32.18% YoY. Contrary to investment sales for completed properties, the land sales value in this quarter was the fourth rank since 2007. Under circumstance of numerous measures adopted by Central Bank, Financial Supervisory Commission and Ministry of Finance to stabilize real estate market, there are 25 investors to join the Xinzhuang New Town land auction held by New Taipei City Government and reflected strong liquidity of investors.

土地交易市場

2 0 1 1 年第一季土地交易金額達 4 9 6 . 9 8億，雖然較2010年第四季減少17.31%，但比去年同期成長32.18%。與投資市場相反的是，本季土地交易金額係2007年以來的單季第四高。在中央銀行、行政院金融監督管理委員會與財政部分別提出各項穩定不動產市場的措施下，新北市政府於 2 0 1 1 年 3 月 2 5 日舉辦的新莊副都心土地標售案仍有 2 5 個投資人參與競標，顯現業者的資金仍然充裕。

LAND SEGMENT



2007

Q1

Q2

Q3

Q4

2008

Q1

Q2

Q3

Q4

2009

Q1

Q2

Q3

Q4

2010

Q1

Q2

Q3

Q4

2011

Q1

95.09 177.79

190.12

50.17

151.40 68.36

262.43

20.52 128.91

147.75 248.53

618.76

376.00 462.00

785.00

601.00

496.98


TRANSACTION VALUE OF LAND MARKET IN 1Q 2011 土地市場交易金額

建築開發業

257.57

外國投資人77.67

製造業73.60

金融保險業70.63

自然人12.12

其它5.38


COMPOSITION OF LAND MARKET INVESTORS BY VALUE IN 1Q 2011 土地市場投資者屬性

Manufacturing

Finance and Insurance

Individual Others

Construction and DevelopmentForeign Investors

16%

52%

2%14%

15%

1%

The value of land transaction in 1Q2011 was the fourth highest in the past 17 quarters.

1Q 2011土地交易金額係過去十七季以來第四高



The average vacancy rate of overall office market was 11% in 1Q 2011 and the vacant area amounted to 160,470 pings. In terms of sub market, the top 3 highest vacancy rates were HSIN-YI 15.42%, MS-TN 11.34% and TUN-S 10.29%. Correspondent vacant area were 56,424 pings, 33,409 pings and 26,623. The total vacant area in these three districts accounted for 72.57% of overall market. This was due to office stock in these three districts is 63.01% of overall office stock and most vacancy rates in these districts were higher than average level.

辦公室

2 0 1 1 年第一季台北市整體辦公室市場之空置率為11%、空置面積為160,470坪。以辦公室分區來看，空置率與空置面積最高的前三名分別為信義區15.42%、56,424坪，民生敦北區11.34%、33,409坪與敦南區10.29%、26,623坪。這三個分區的空置面積合計數高達全體市場空置面積的 7 2 . 5 7 % ，其主要原因在於信義區、民生敦北區與敦南區的辦公室存量佔全體市場存量的 6 3 . 0 1 % 且各自的空置率多高於整體市場的平均值。

OFFICE

The land transaction value in Taipei was NT$ 19.842 billion in 1Q 2011 and regained the number one rank. Among these, Chihon Co., Highwealth Construction Co. and Delpha Construction Co. bought three sites respectively in Dunhua S. Rd., Wanhua District and Neihu District exceeding NT$ 15 billion. The transaction value in New Taipei City was 16.077 billion and centered on Xinzhuang District, Danshui District and Linkou District.

以成交區域來看，2011年第一季台北市土地成交金額為新台幣198.42億元，使台北市重回土地成交金額最高的區域。其中，香港商紀鴻有限公司購買台北市敦化南路土地、興富發建設公司購買萬華區土地及大華建設公司購買內湖區土地等三筆交易，交易金額便超過新台幣150億元。新北市本季成交金額為新台幣160.77億，成交區域則集中在新莊、淡水與林口等區域。



198.42 160.77

44.54 40.25 28.69 024681012141618

-

50.00

100.00

150.00

200.00

台北市新北市高雄市台南市台中市

Number / 件數Investment Amount / 交易金額Unit：100 millions / 單位：億元

COMPOSITION OF INVESTMENT AREA BY VALUE IN

1Q 2011 土地市場投資區域

Taipei City Kaohsiung City

New Taipei City

Taichung CityTainan City

11.35%10.30%

15.42%

9.24% 9.26%7.51%

6.43%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

MS-TN TUN-S HSIN-YI NK-SC NK-4/5 WEST JA-HS

Grade B Grade AB Grade A Grade Premium Vacancy Rate

Stock / 存量Unit: Ping / 單位：坪

Vacancy Rate / 空置率

西區仁愛新生民生敦北南京東路四/五段

南京松江敦南信義

STOCK AND VACANCY RATE OF OVERALL OFFICE

MARKET IN 1Q 2011 整體辦公室市場存量與空置率

B級 AB級 A級頂級空置率

The vacancy rate has declined by 33 basis points to 11%

1Q2011台北市整體辦公室市場之空置率下降33個基本點，達11%

The value of land transaction of Taipei City came back to the top 1.

1Q2011台北市土地交易金額重回第一名

Among all the districts, both the stock and vacancy rate of Hsin Yi district were the highest.

信義區辦公室存量與空置率皆為區域中最高者



We observed some big enterprises chose to move from CBD to Nankang Economic and Trade Park, such as Asia Pacific Telecom Co. left Kuohua Hsinyi Building for over 2,500 pings and resulted in the vacancy rate of Grade AB office in HSIN-YI to climb up by 4.70% from 13.80% in 4Q 2010 to 18.50% in 1Q 2011.

2011年第一季仍出現大型企業搬遷台北市中心的辦公室到南港經貿園區的案例。如亞太電信公司退租原位於信義區的國華人壽信義大樓超過2,500坪，致使信義區的AB級辦公室空置率由2010年第四季的13.80%上升到本季的18.50%，增加了4.70%。

In effective rent front, the average rental of overall office market was NT$ 1,762 per ping per month, slightly upped 21 basis points QoQ. Except WEST decreased by NT$ 7 or 45 basis points QoQ to NT$ 1,568 per ping per month, effective rent of all other districts were flat or slightly increased. The effective rent of TUN-S upped 41 basis points QoQ to NT$ 1,816 per ping per month and was the best performer. The highest average effective rent was HSIN-YI, climbed 15 basis points QoQ to NT$ 2,047.

以有效租金來看，2011年第一季台北市整體辦公室市場的平均值為每坪每月1,762元，較去年第四季微幅增加0.21%。在所有辦公室分區中，只有西區的租金下降7元，成為每坪每月1,568元，較2010年第四季降低0.45%，其它分區的有效租金則呈持平或微幅上升狀態。敦南區的表現優於所有分區，有效租金較2010年第四季增加0.41%，達到每坪每月1,816元。平均有效租金最高的區域則由信義區掄元，為每坪每月2,047元，較去年第四季上漲0.15%。

4Q 2010 1Q 2011 4Q 2010 1Q 2011

AVERAGE 台北市全區 1,758 1,762 0.10% 0.21%

MS-TN 民生敦北區 1,873 1,877 -0.82% 0.25%

TUN-S 敦南區 1,809 1,816 -0.73% 0.41%

HSIN-YI 信義區 2,044 2,047 3.22% 0.15%

NK-SC 南京松江 1,678 1,678 -0.45% 0.00%

NK-4/5 南京東路四/五段 1,434 1,479 -0.22% 3.14%

WEST 西區 1,575 1,568 -0.64% -0.45%

JA-HS 仁愛新生區 1,633 1,633 -0.41% 0.00%

EFFECTIVE RENT OF TAIPEI OVERALL OFFICE MARKET台北市辦公室市場各分區有效租金

DISTRICT分區

EFFECTIVE RENT 有效租金(NT$/ping/month) (新台幣元/坪/月)

QUARTER-ON-QUARTER CHANGE 季度變動 (%)


The supply side will be tightening since there is no completion of office area in 2011. Besides, demand of Taipei office has obviously reverted to increasing trend and the estimated net take-up of Taipei office in 2011 will be amounted to 24,000 pings. Thus the vacancy rate may be below 9% by end of 2011.

預計 2 0 1 1 年辦公室之新增供給為零，導致供給面較為緊縮。此外，台北市辦公室的需求回復成長的趨勢且預計2011年的淨去化量將達到24,000坪。因此，2011年年底之空置率有機會低於9%。

Outlook of overall office market

整體辦公室市場展望



Net take-up in Taipei Grade Premium and Grade A office market amounted to 2,623 pings during 1Q 2011 and the vacant area of Grade Premium and Grade A office reduced to 76,159 pings. With total Grade Premium and Grade A office stock remaining at 538,295 pings, the vacancy rate declined by 49 basis points to 14.15% in 1Q 2011. On the effective rent front, the price of Grade Premium and Grade A office slightly increased by NT$12 per ping per month to NT$ 2,458 per ping per month in 1Q 2011.

頂級與A級辦公室市場

2011年第一季台北市頂級與A級辦公室市場的淨去化量為2,623坪，使得整體頂級與A級辦公室的空置面積降為76,159坪。由於本季市場沒有新增供給，整體頂級與A級辦公室市場的供給量維持538,295坪，故空置率在2011年第一季下降49個基本點，成為14.15%。就有效租金來說，2011年第一季每坪每月微幅增加12元，使頂級與A級辦公室的每坪每月租金成為2,458元。

GRADE PREMIUM AND A OFFICE

4Q 2010 1Q 2011 4Q 2010 1Q 2011

MS-TN 民生敦北區 2,275 2,292 0.75% -1.07%

TUN-S 敦南區 2,572 2,624 2.02% 0.00%

HSIN-YI 信義區 2,828 2,837 0.33% -0.03%

NK-SC 南京松江 1,883 1,883 0.00% -2.59%

NK-4/5 南京東路四/五段

1,750 1,900 8.57% 0.00%

WEST 西區 2,025 2,025 0.00% 0.00%

JA-HS 仁愛新生區 2,000 2,000 0.00% 0.00%

MS-TN 民生敦北區 2,325 2,275 -2.15% -3.13%

TUN-S 敦南區 2,800 2,900 3.57% 0.00%

HSIN-YI 信義區 3,086 3,100 0.46% 0.19%

MS-TN 民生敦北區 2,250 2,300 2.22% 0.00%

TUN-S 敦南區 2,325 2,325 0.00% 0.00%

HSIN-YI 信義區 2,363 2,363 0.00% -0.53%

NK-SC 南京松江 1,883 1,883 0.00% -2.59%

NK-4/5 南京東路四/五段

1,750 1,900 8.57% 0.00%

WEST 西區 2,025 2,025 0.00% 0.00%

JA-HS 仁愛新生區 2,000 2,000 0.00% 0.00%

EFFECTIVE RENT OF GRADE PREMIUM AND A OFFICE IN 1Q 2011台北市辦公室市場各分區有效租金

DISTRICT分區

EFFECTIVE RENT 有效租金(NT$/ping/month) (新台幣元/坪/月)

QUARTER-ON-QUARTERCHANGE 季度變動 (%)

AVERAGE

GRADE PREMIUM

GREAT A


The vacancy rate of Grade Premium and Grade A remained at 14.15%

頂級與A級辦公室市場空置率為14.15%



Although the vacancy rate of Grade A office in Hsin Yi district remained at 16.24%, almost all the suitable operation space for financial institution has already been occupied. The effective rental of ground floor in Hsin Yi district is expected to go upward.

儘管信義區頂級與 A 級辦公室市場空置率仍達 1 6 . 2 4 % ，惟適合金融機構營業之空間幾乎全數去化，預期該區的一樓租金水準可望率先上漲。

In terms of net take-up, the performance of Grade Premium and Grade A office in HSIN-YI was better than other sub markets. The vacancy rate of Grade Premium and Grade A office in HSIN-YI declined by 1.14% to 16.24% during 1Q 2011 due to net take-up in this area is 2,893 pings. The demand for Grade Premium and Grade A office mainly came from newly set up and expansion with financial institutions including Bank of China and HSBC. Nevertheless, the effective rent of Grade Premium and Grade A office in HSIN-YI only increased 33 basis points QoQ to NT$ 2,837 per ping per month during 1Q 2011 since the vacancy rate in this area is still higher than average level. Even so, the average effective rent of Grade Premium and Grade A office in HSIN-YI is the highest one among the Taipei office market.

以淨去化量而言，信義區的頂級與A級辦公室市場表現優於其它區域。在2011年第一季，信義區的頂級與 A 級辦公室淨去化量為2,893坪，使該區的空置率下降1.14%，成為16.24%，信義區的頂級與A級辦公室需求主要來自於金融機構的新設立或擴張，如大陸中國銀行與香港上海匯豐銀行。然而，目前信義區的空置率仍高於台北市整體頂級與A級辦公室的平均空置率，故該區的有效租金僅較2010年第四季增加33個基本點，達到每坪每月2,837元。即便如此，信義區頂級與A級辦公室的平均有效租金是台北市最高的區域。


13.56%

11.51%

16.24%

7.76%

17.12%

14.18%

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MS-TN TUN-S HSIN-YINK-SC NK-4/5 WEST JA-HS

Grade Premium Grade A Vacancy Rate

STOCK AND VACANCY RATE OF GRADE PREMIUM

AND A OFFICE IN 1Q 2011 優質辦公室市場存量與空置率

Stock / 存量

Unit: Ping / 單位：坪


民生敦北仁愛新生西區南京東路

四/五段南京松江敦南信義

頂級 A級空置率



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英屬維爾京群島商高力國際股份有限公司台灣分公司110台北市信義區信義路五段7號台北101大樓49樓49F TAIPEI 101 TOWER No 7 Xin Yi Road Sec 5 Taipei 110 Taiwan ROC

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With limited new high-specs space added to NeiHu Technology Park, the overall stock of 1Q 2011 remains at 791,738 pings. On the demand front, the net take-up of 1Q 2011 amounted to 9,898ping, which lowered the vacancy rate from 15.77% in 4Q 2010 to 14.52% in 1Q 2011. In addition, as a main leasing deal, China American Petrochemical Co., Ltd. moved from Taipei CBD to this area and took up 313 pings at Lite-On Technology Building.

內湖科技園區

內湖科技園區本季由於未有新供給的釋出，故整體存量維持在791,738坪；在需求方面，本季淨去化面積為9,898坪，儘管去化面積僅是2010第四季淨去化面積的三分之一，仍使得本季的空置率由2010第四季的15.77%，下降至14.52%。其中，中美和石油化學股份有限公司自台北市敦化北路搬遷至內湖科技園區，並承租光寶科技大樓313坪，屬本季較重大之租賃個案。

NEIHU TECHNOLOGY PARK

The rental mildly increased 13 basis points from NT$ 1,113 per ping per month in 4Q 2010 to NT$ 1,114 per ping per month in 1Q 2011, which has reached its peak since 2009. On the transaction front, there was not much deal in this quarter which included an unknown individual used NT$0.988 billion to buy 2,166.33 pings at HuaKu V5.

租金方面，則是僅較 2 0 1 0 第四季微幅上漲 1 3 個基本點，達到每坪每月1 , 1 1 4 元，是 2 0 0 9 年以來的最高點。買賣市場方面，本季的交易量並不多，其中包含自然人以 9 . 8 8 億購買華固 V 5 的部分樓層，約 2 , 1 6 6 . 3 3 坪。

Looking forward, owing to the limited supply and stably growing demand, the vacancy rate of high-specs space in Neihu Technology Park is expected to decline and possibly reduce below 12% by end of this year. In the completed properties segment, Neihu Technology Park will still be the potential area for investment if the rental yield can remain at stable level.

展望未來，受限於有限的供給以及穩定成長的需求，預期未來內湖科技園區內的空置率將會下降，並且在2011年底時，有機會低於12%。另外，就已完工的廠辦而言，若租金報酬率維持在穩定的水準之下，內湖科技園區仍然是具有潛力的投資區域。


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Rental 租金 Vacancy Rate 空置率

RENTAL AND VACANCY RATE OF NEIHU

TECHNOLOGY PARK 內湖科技園區租金與空置率Rental / 租金Unit: NT$/Ping/Month 單位：元/坪/月



Taipei Office Report - 1Q 2011

Real Estate

Transcript of Taipei Office Report - 1Q 2011