European Office Markets

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1 European Office Markets Autumn 8 Yield changes Rental growth forecast (Basis points) 25 Q2 7 - Q4 7 Q4 7 - Q2 8 3 Q4 7-8 change London City London WE Stockholm Prague Luxembourg -2 London WE London/City Luxembour Luxemburg Hamburg Stockholm Longer decision-making processes, tighter negotiations and ultra conservative approaches are heavily weighting on both occupational and capital markets. In most European business centres, negative rental growth and further yield adjustment are expected. Lydia Brissy - European Research The credit crisis has dragged on longer than expected and recent turmoil in the financial sector does not bode well for the remain of the year. Eurozone economic growth for 8, which was first forecasted at 1. by the European Commission, was cut last week at 1.. Occupier market has been hit by lackluster business sentiment in most markets covered. Takeup is affected by longer decision-making process. Slowing down letting activity is likely to continue, notably in the big financial centers. Reduced take-up combined with significant amount of development undertaken in the past two years has led to increasing vacancies, but shortage of modern office space still persists in most soughtafter locations. Speculative schemes are meant to decrease. Whereas annual rental growth remains positive in most CBDs, quarterly figures reveal that prime rental levels came to a standstill during the 2nd quarter of the year. The gap between prime and secondary rents is widening. Shifted supply and demand balance will induce further easing in rents. Investment volumes dropped, particularly in the biggest financial centres where strong reprising has destabilised sales negotiations. Due to the harderning turbulence in the credit market, we anticipate that investment turnover could end up lower than first expected. Higher risk premium has caused further upward pressure on yields. On average prime office yields have moved out by 6 basis points over the 12 past months. The average prime CBD yield is 5..

2 Comparisons Prime total occupancy costs Prime rent /sqm/year London/WE London/City Stockholm Luxembourg Prague Hamburg Prime rental growth Non rental costs /sqm/year 5 1, 1,5 2, 2,5 Prime market and triple net yields Triple Net Yield (Inc Transfer Tax) Market yields Q2 8 London/City Prague Luxembourg London/WE Hamburg Stockholm Parking costs % ] London/City Luxembourg Stockholm Prague London/WE Hamburg Prime yoy Q2 7-8 rental growth % 9% London/WE Stockholm London/City Luxembourg Prague Parking /space/year 1, 2, 3, 4, 5, 6, European Office Markets - Autumn 8 2

3 ,, After two record years with take-up figures of 7,sqm, we now see a significantly lower level with,sqm in the first half of this year, mainly caused by a less positive economic outlook. Although lower, the take-up figures are very similar to the strong years 3-5. On prime locations take-up could have been higher, since there is a clear lack of A- quality offices. For the second part of 8 we expect demand to remain on the same level. The level of investment in offices is still high, totaling almost,sqm and over 5 million. Although lower than the record years 6 and 7, this figure is still above the levels of the years before that and shows that the office market remains attractive to investors, especially for prime property. Important difference with previous years is the lack of transactions over 1 million. Rent levels remain high and the yield has increased slightly to 5,7. A number of office occupiers are in the process of rationalisation or consolidation and this is creating enquiries for space above 1,sqm and up to 2,sqm. Nevertheless limited availability and high cost of land in the prime office areas remains an issue and vacancy rate in existing buildings is low. Development activity is focusing in the emerging submarkets north and west of the city, and significant part of it regards owner-occupier premises. Therefore, letting turnover is subdued and deals are taking longer to complete as occupiers are becoming more cautious. Rents have stabilised in all office submarkets. Local, cash rich investors are actively involved in the recent investment deals; however the market is drying out of product. Moreover, buyer and seller expectations do not match, as most of the stock belongs to companies that have not been affected severely by the credit crunch. Prime yields have moved out to slightly above 6.. Demand remained steady at levels similar to those of past years, reaching a take-up of approximately 195,sqm. Deals exceeding 1,sqm have gained prominence this semester accounting for nearly 7 of total take-up. As a result decision making process has increased considerably. However, the incipient economic downturn is starting to have an effect on the letting market causing a contraction on demand. Vacancy rate increased to 6. from 5. last semester. Completion levels are expected to be strong in 9, mainly from the second quarter onwards. Prime rent maintained stable at 28/sqm/month but we expect an downward pressure for the month to come due to increasing vacancies and lower demand. The investment market showed somehow a situation of lower strength with an accumulated yield shift during the past 18 months of around 15 basis points II 5 IV 6 II 6 IV 7 II 7 IV 8 II Demand decreasing II 5 IV 6 II 6 IV 7 II 7 IV 8 II II 5 IV 6 II 6 IV 7 II 7 IV 8 II European Office Markets - Autumn 8 3

4 ,, Office take-up in the city decreased by 17. compared to the first half of 7, to around 288,1sqm. This downturn is to be related to the sharp slump in the owner-occupier demand, while performances in the letting market remained quite stable. Nevertheless, overall demand remains solid, still based on business growth, with up to 35. of net absoption (11,5sqm) By the end of the year around 131,1sqm will be added to the office stock, of which, 42,7sqm are set to be launched speculatively. However, the high level of net absorption should constrain vacancies relatively low. Upward trend on rent pursued. The average city rent rose by 1. to 11.5/sqm/month, compared to last year. The prime rent is currently at 22.2/sqm/month. Since the beginning of 8, prime yields increased by 2 basis points, a comparatively low compared to other German cities. The take-up market performed well this year with 285,sqm let- up 6. above the five-year average. Demand was mainly driven by the corporate sector (7). Vacancy rates remained unchanged, static at 9.. Prime rent has not moved ( 295/sqm/year), although with inflationary-friendly lease structures linked to indexation (above ), there is a strong probability that an upward pressure on rents will occur over H2 8. We forecast at least 55,sqm to be let this year due to the sizeable letting needs voiced by the European Institutions. In, the investment level reached 1,54 bn, down 2 compared to H1 7. Prime yield stands at around 5. for a 3/6/9 lease but could shift out 2 basis points by the end of the year. 9 year leases will remain at their current 5. level with investors seeking quality, long-term cash flows. Investment projection for the end of 8 should reach 3bn, representing a drop of 3 compared to 7. Transaction volume totalled 129,sqm, representing a strong performance against the backdrop of a sharp slowdown in the broader economy. The suburban markets of North, South and West accounted for almost half of the total take-up. A slowdown in demand is anticipated for the remaining of the year as occupiers adopt an increasingly cautious approach. We forecast the annual take-up to be between 175, -,sqm. Around 14. of modern office space is not occupied, up from 13. at the end of 7. During the first six months almost 95,sqm of new office space reached completion and a further 15,sqm will reach completion in the second half of the year, bringing the potential annual total of new office space to,sqm. Prime yields moved out by 5 basis points since the end of II 5 IV 6 II 6 IV 7 II 7 IV 8 II Demand decreasing II 5 IV 6 II 6 IV 7 II 7 IV 8 II II 5 IV 6 II 6 IV 7 II 7 IV 8 II Demand decreasing 9% European Office Markets - Autumn 8 4

5 , Hamburg, Occupier demand in remained robust during the first part of 8 driven by large companies. Takeup reached 272,sqm, a 3 increase compared to the same period last year, of which a third was concentrated in peripheral sub-markets such as Eschborn and Kaiserlei, offering large modern office spaces. Due to relatively minimal amount of completion and comparatively high level of take-up, vacancies on the office market have been significantly reduced over the past two years. The vacancy rate for the market as a whole currently stands at around 14.. Prime rents also rose by a sharp 1 in comparison to those recorded during the same period of last year, from 36./sqm/month to 39.6/sqm/month. In the face of the current robust demand situation, we anticipate the annual take-up to reach similar level to that of 7. Prime yield shifted from 4. to since the beginning of the year. Hamburg In spite of a very slow activity during the first quarter of the year, take-up totaled around 274,5sqm of office space during the whole semester, representing a 1. increasing compared to the same period last year. The revival during the 2nd quarter of 8 is mainly due several large transactions closed. The vacancy rate on the Hamburg office market was further reduced and presently stands at around 7.. There is continued high demand for top-quality office space in Hamburg's city centre. Bottlenecks for rental units of up to 5sqm already exist in the top-drawer locations. This situation contributed to an increase in the average rent to 13.28/sqm/month. Prime rents also rose sharply in comparison to those recorded during the same period of last year, climbing from /sqm/month to 23.2/sqm/month. Prime yield stands at II 5 IV 6 II 6 IV 7 II 7 IV 8 II Supply decreasing II 5 IV 6 II 6 IV 7 II 7 IV 8 II Supply decreasing In 8 the office occupier demand in has continued strongly. Growing take-up has led to developments of new projects that have almost reached 8,sqm GLA, of which, around 6 of will be realised out of the CBD. Rental figures continue to increase overall office submarkets. Levent Region is showing the highest rent figure with approximately 36/sqm/year, representing a 3 rise compared to the same period last year. Investors interest remained very strong but the lack of products has restrained the number of deals and therefore the investment turnover. However, the high level of development in the pipeline should provide investment opportunity in the future. Prime yields moved out by 25 basis points since the beginning of the year but stabilised over the second quarter of the year II 5 IV 6 II 6 IV 7 II 7 IV 8 II Source: Kuzeybati 9% European Office Markets - Autumn 8 5

6 ,, London The depressed national economy poorly affected office market. Demand was sustained by Business re-organisations and real estate consolidations often triggered by office deliveries offering modern facilities. More than 51,sqm offices were transacted during the first six months of 8, a level far above the half-year average recorded over the past five years. Available stock remained on the decline and totalled 46,7sqm, however 51,7sqm of new developments will be completed before the end of the year. Rental values showed stability. Average rents were 128/sqm/year while prime assets leases were negotiated at 19/sqm/year. Investors injected above 24m on the office market. As a consequence of the financial crisis, pressure on yields relieved and they gained 5 to 1 basis points. Best assets were negotiated around 6.. In spite of the very slight economic growth, this 1st semester of 8 has been characterised by a strong market activity. Take-up reached almost 14,sqm, due to the performance of the 2nd quarter (7,sqm). Vacancy rate remains stable at 7., compared to the end of 7, and is likely to fall further, given the expected take-up until the end of year (again above.sqm) and the lack of speculative office space in the pipeline over the course of the next 12 months. Prime rents reached 258sqm/year, although there is a clear widening of the gap between prime and secondary rents. s office market continues to attract investor interest as a result of the strong rental growth prospects; although prime yields have slipped out to 6.2 and the secondary market is weak, as the local funds have all but withdrawn from the market. London West End Take-up in the West End over the first six months of 8 was down compared to last year, but at 167, sqm was in line with the long term average. Vacancy rate increased but remains low at 4.. The top rent achieved was 125/sqft/year (around 1,698/sqm/year), down on the record level reached last year, but still high in historic terms. We expect tenant demand to remain around average levels for the foreseeable future. However, the development pipeline is constrained and this will ensure that vacancy rates remain comparatively low. This will continue to support high rents in the core markets. The investment market has been quiet with only 2.27bn of transactions in the West End. Prime office yields continue to soften and currently lie in the range, however investor s definition of what a prime property is has narrowed sharply II 5 IV 6 II 6 IV 7 II 7 IV 8 II Supply decreasing II 5 IV 6 II 6 IV 7 II 7 IV 8 II Source: Abacus Property II 5 IV 6 II 6 IV 7 II 7 IV 8 II Demand decreasing Rents decreasing European Office Markets - Autumn 8 6

7 London, Luxembourg, London City The impact of the credit squeeze on demand for office space in the City of London has really started to be felt in the second quarter of 8. While take-up was fairly resilient in the first quarter, it was well below average in the second quarter. Total take-up for the first half of 8 was at around 185,sqm, well below the level seen in 7 but in line with the long term average. The rise in speculative development completions has impacted on the City vacancy rate, lifting it from 6. in January to 8. in July. This has impacted on rents with an average fall in prime rents of around. The outlook for the City of London office market will depend on how long the credit squeeze lasts, and how many job losses are made in the investment banking sector. In the investment market turnover was dramatically down at around 1.51bn. Yields have continued to move outwards are prime office investments in the City are now achieving yields of 6.2 to 6.5. Luxembourg After the record level of transactions achieved during 7, a stellar first half to 8 has been noted with 117,sqm let. This represents an increase of 4 compared to the same period last year with some sizeable transactions recorded. Demand was mostly concentrated in the Kirchberg district where take-up increased almost four times its H1 7 level. This was mostly attributed to the EIB s extension for ownoccupation. Due to strong demand, a clear supply and demand imbalance remains in Luxembourg. Only 55,sqm of availability remains, representing a vacancy rate of. A severe shortage of purchasable product has led to a sharp drop in investment levels. Only around 3 million were invested this half compared to 1.5bn during the same period in 7 representing a drop of five-fold. The prime yield margin in Luxembourg today stands at between 5.-5., unchanged since the end of 7. In spite of the loss in momentum noticed at the national level, office market remained on an upward trend. Occupiers demand is still strong and take-up totalled 115,sqm. The activity of Grand Est, Gerland and Vaise submarkets was fuelled by deliveries of modern buildings. At the same time, traditionally sough-after sectors of Confluence and Part-Dieu recorded a decline in their market shares. Many development schemes are under completion but available supply is not sufficient enough to meet users demand. Due to the proportion of second-hand products in take-up, the average rental values decreased by to reach 166/sqm/year. Prime rents stood stable at 235/sqm/year. The investment market gained further dynamism, investment volumes reached 32m. But squeezing financial conditions lessened pressure on yields that recorded a rise from 5 to 1 basis points II 5 IV 6 II 6 IV 7 II 7 IV 8 II Demand decreasing Rents decreasing II 5 IV 6 II 6 IV 7 II 7 IV 8 II II 5 IV 6 II 6 IV 7 II 7 IV 8 II Rents decreasing European Office Markets - Autumn 8 7

8 ,, The worsening economic indicators are beginning to impact on the office market. Take-up during the first half of the year totalled circa 3,sqm, a 4 decrease compared to the same period in 7 but a similar level to those of 3, 4. Availability has increased for the 4th consecutive quarter and is now reflecting a 6. vacancy rate compared to 5. in December 7. However the rate remains relatively low, due to the high level of pre-lettings and purposebuilt schemes. In addition, some projects and completions are being temporarily shelved or delayed. Prime CBD rent maintained stable, although punctual decreases were noted in certain secondary areas. The total volume of office investments during H1 was just over 9 m, a 4 decrease compared to 7. Deals are harder to close and investors adopted very selective investment strategy. Upward pressure on prime yields remains and is likely to continue. Half year take-up figures for 8 were 4,165sqm, which is 29% up on the same time last year. Around 5 of the 17,187sqm requirements circling the market are public sector driven. The larger end of the market is holding up well. The biggest change in the supply/demand dynamic in this year has been on the supply-side with the arrival of all the Q3 and Q4 speculative development completions into our availability figures. This has pushed the percentage of space that is Grade A from under 3, where it has been throughout 7, to 4 at the end of the second quarter 8. There has been a steady increase in the amount of investors and equity targeting commercial property assets. However, much of this money is unlikely to be spent until pricing shows stronger signs of stabilising and debt availability improves Yields have continued to move out. At present, equivalent yields in the City Centre are at 6.2. The occupational market in has not suffered the poor economic scenario. Demand is driven by rationalisation and consolidation trends which reflect today s business sentiment. These trends feed the popularity of new non-central development schemes, which focus on quality of location and space and allow existing or reduced space requirements to be combined with further economic benefits resulting from improved efficiency. In some semi-central areas we are beginning to see formerly residential office premises returning to their original residential use as they meet competition from new development schemes. Unit rental levels remain stable at worst and in some locations continue to move upwards, albeit somewhat cautiously. Today, the investment market is still, with relatively little transactional activity having occurred over recent months II 5 IV 6 II 6 IV 7 II 7 IV 8 II Demand decreasing II 5 IV 6 II 6 IV 7 II 7 IV 8 II II 5 IV 6 II 6 IV 7 II 7 IV 8 II Supply decreasing European Office Markets - Autumn 8 8

9 ,, During the first six months of the year 374,6sqm of office space was taken-up in the Bavarian state capital, which is a 1.2 increase compared to the same period last year. Inner city areas are still in high demand, nevertheless, the northern hinterland also attracted a high proportion of office users with almost 2 of total take-up. As a result, average rents in the overall market stablised to around 14.75/sqm/month. On the contrary prime rents showed a 2.1.rise, from 3./sqm/month to 3.65/sqm/month. The level of incentives is reducing in high-demand submarkets; the gap between nominal and effective rents has particularly lessened somewhat. Prime yield shifted by +3 basis points, from 4. to 4. since the beginning of the year. The Norwegian economy still remains strong, but future outlook is less favorable than 6 months ago due to the international credit situation and a nervous stock market. So far, the current credit squeeze has had little influence on the rental market. Strong occupational market pursued but rent increase that occurred during the past 3 years, is clearly fading. We expect prime CBD rents to drop by around 1 to 1 over the course of the 2-3 coming years. The current credit squeeze has lead to a drastic downturn in transaction volume. We anticipate the 8 annual investment turnover to drop by half compared to last year ( 6.6 billion). This is due to banks being increasingly reluctant to finance new transactions and buyers awaiting further decrease in values. Prime yield increased by 7 basis points during past 6 months from 5.6 to 6.3 Uncertainty of economy forecast has destabilised demand. Some property plans were postponed in the expectation of a possible lowering in rents, others were abandoned due to trammelled loan conditions or absence of suitable available property. Occupiers have used their recently recovered negotiating power with owners standing their ground while increasing the decision making process. As a result, take-up reached 1.18 million sqm, down 2 compared with the first half of the previous year. Supply increased by due to recent vacations and completions in the second suburban ring. However, under supply situation often worsened in the most sought after areas. Scrupulously selective, buyers showed a pronounced interest in the strength of the letting fundamental Sellers price expectations have often been higher than buyers offers, leaving some transactions deadlocked. In this strained context, investment volume has fallen off by a third to 7.81 billion II 5 IV 6 II 6 IV 7 II 7 IV 8 II II 5 IV 6 II 6 IV 7 II 7 IV 8 II Supply decreasing II 5 IV 6 II 6 IV 7 II 7 IV 8 II 9% European Office Markets - Autumn 8 9

10 Prague,, Stockolm Prague Take-up increased to approximatly 13,sqm during the first half of 8. This is the highest ever first-sixmonths level achieved and demand is set to remain strong during the second part of the year. Relocations to high-quality properties and concentration of distributed units into one headquarter building make up for the lion share of take-up in 8. Vacancy rate decreased to below at the end of July 8. It is expected to remain low until at least the end of of the year due to strong demand and limited amount of speculative supply. Rents for Class A properties in prime locations are modestly rising whereas average rents stay unchanged. During the first half of 8, Prague has been following the overall trend in Europe/CEE with prime yields slightly rising due to negative sentiment as a consequence of the severe problems at the financial markets. The city has a relatively strong occupational sector, with demand frequently resulting form mergers, reorganisations and other types of business and, consequently, real estate consolidation. In addition to the active private-sector letting market, s public sector continues to play an important role as occupier of a large proportion of available office space, although this sector operates along criteria which differ from those of the private sector. With regards to new development schemes, the marketplace is active, albeit cautious, with developers aiming to seek pre-let agreements for new schemes. It offers a number of projects which will go some way to meeting the increased demand for quality, efficient property. Like its northern-italian counterpart, investment activity in the office market remains very limited in comparison with previous quarters. Stockolm The Stockholm office market has remained stable during the first half of 8, but with some signs of a slightly weaker market with less interest from prospective tenants and rent-free periods being offered in some cases. However, there is still a shortage of modern premises in the CBD area and most vacancies are located in less attractive properties. Coming development have few vacancies so there is little risk of oversupply due to new construction. Rental growth is unlikely to continue due to weaker economy. The turnover in the first eight months amounted to 12.6 bn (SEK12bn), but if the Vasakronan sale is excluded the turnover has dropped by approx 2 compared to 6 and 7. Swedish and international investors continue to be active, but there is less interest from Nordic investors. Yields have clearly softened, especially for secondary properties. Financing costs have continued to rise and has become major issue in many transactions. Prime Rent Other occupancy costs Prime Market Yield II 5 IV 6 II 6 IV 7 II 7 IV 8 II Source: CPB Immobilientreuhand II 5 IV 6 II 6 IV 7 II 7 IV 8 II II 5 IV 6 II 6 IV 7 II 7 IV 8 II European Office Markets - Autumn 8 1

11 ,, The Viennese office market has remained healthy during the first half of 8. Take-up reached 17,sqm, exceeding 7 s record by more than 1 (15,sqm). The 1st quarter has been particularly strong with 1,sqm. For the full year, we expect take-up to reach 36,sqm, which would be an all-time high for the Viennese market. Immediate supply is increasing; we anticipate a 1 rise of vacancies at the end of the year. However due to strong demand there is no risk of over supply. As most lettings are relocations from older buildings into new properties, the vacancy rate will only slightly shrink to approx. 5.. Market pressure on old office buildings is tightening significantly. Rents are slightly increasing with prime rents in the city centre reaching 23/sqm/month and average rents in good locations ranging from 14-16/sqm/month. In spite of turmoil on the financial market, prime yield in remained unchanged at 5.. Demand for modern offices remained strong and is expected to reach the level of 5,sqm at the end of the year. More than 8 of letting deals took place outside the CBD, resulting from the limited supply of modern offices within the CBD. Shortage of modern office floor space also led to increased pre-let deals. The average vacancy rate stands at 2., but the annual level of completions expected in 8-21 is to exceed 3,sqm. However, part of the take-up being made of relocations, minor temporary fluctuations in vacancy rate are possible. Prime office rents range between 32-36/sqm/month within the CBD and between 15-16/sqm/month in non-central locations. Rental growth is expected to continue, especially in the CBD. Office yields bottomed out in 7 and are now at We expect yields to ease further for rented properties. Good economic situation is reflected positively in the property market where demand in the CBD is still growing. Main demand comes from financial services, expansion of companies, companies restructuring and rationalising. There is space available in the central area of, but most of it is in relatively small areas and is generally not class A. Class A space in floor plate areas of over 1,5sqm is very difficult, if not impossible, to find. Rents have moved upwards, particularly for Grade A space, supply is still decreasing. The vacancy rate in the CBD is down to about, higher in the secondary areas. There may be a further increase in rentals in the CBD in 8/9, but a leveling out is likely. To date the impact on market rentals and yields of the present debt crisis in Switzerland has been very small. However, bank lending has tightened. Interest rates have moved up and down, but are still low historically II 5 IV 6 II 6 IV 7 II 7 IV 8 II Source: CPB Immobilientreuhand II 5 IV 6 II 6 IV 7 II 7 IV 8 II Supply decreasing II 5 IV 6 II 6 IV 7 II 7 IV 8 II Supply decreasing European Office Markets - Autumn 8 11

12 Economy, office costs and yields Sharp GDP and employement drops are forcasted in the EU 27 Strong inflation will hit private demand (EU 27; yoy change) GDP FTE Employment (EU 27; yoy change) Private consumption Inflation Source: European Commission / Experian Source: European Commission / Experian Prime occupancy costs and yields City Prime Service Local Other Total Parking Rental Prime rent charge taxes charges (per space) growth (yoy) Yield , (Gross) , (Net) , % 5.7 (Gross) , (Gross) , (Gross) , (Net) , (Gross) Hamburg (Gross) , (Gross) , (Gross) , (Gross) London, City 1, ,257 4, (Net) London, West End 1, ,333 5, (Net) Luxembourg , (Net) , (Gross) , (Gross) , (Net) , (Gross) , (Gross) , (Net) , (Gross) Prague , (Gross) , (Gross) Stockholm , (Net) , (Gross) , (Gross) , (Net) Note 1: All costs are in /sqm/year Note 2: Prime rents and yields refer to modern, minimum 1,sqm, fully let, long lease building Note3: Rental growth is calculated in local currencies European Office Markets - Autumn 8 12

13 Survey map and office market cycle Survey Map European office market cycle Prague Stockholm Hamburg Luxembourg London Late downswing Early upswing Late upswing Early downswing European Office Markets - Autumn 8 13

14 Contacts For further information please contact Eri Mitsostergiou European Research Lydia Brissy European Research Austria 1 Alexandra Ehrenberger +43 () Belux Sheelam Chadha France Lydia Brissy +33 () Germany Christian Radloff +49 (89) Greece Eri Mitsostergiou Ireland Joan Henry +353 (1) Italy Susan Trevor Briscoe Netherlands Jeroen Jansen +31 () Norway 2 Leif-Erik Halleen Poland Malgorzata Nowotn +48 () Portugal 3 Jorge Marreiros +351 (21) Spain Gema de la Fuente +34 (91) Sweden Peter Wiman +46 (8) Turkey 4 Nesil Akman +(9) United Kingdom Mat Oakley +44 (2) In association with: 1. CPB Immobilientreuhand 2. Heilo Eindom AS 3. Abacus Property Ltd 4. Kuzey Bati Our thanks to the following consultants for their contribution to the publication: Czech Republic CPB Immobilientreuhand Michael Ehlmaier +43 () Switzerland Michel Racheter & As. Don Mackenzie +41 (22) Savills Savills is a leading global real estate service provider listed on the London Stock Exchange. The company established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows, and now has over 18 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East. A unique combination of sector knowledge and entrepreneurial flair give clients access to real estate expertise of the highest calibre. We are regarded as an innovative-thinking organisation backed up with excellent negotiating skills. Savills chooses to focus on a defined set of clients, therefore offering a premium service to organisations with whom we share a common goal. Savills takes a long-term view to real estate and works hard to invest in long term and strategic relationships and is synonymous with a high quality service offering and a premium brand. This bulletin is for general informative purposes only. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The bulletin is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research. (c) Savills Ltd Septembre 8

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