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1 Czech Republic MARKET OVERVIEW Q1 2016

2 Contents Economy... 3 Summary Q Investment... 4 Summary Q Prognosis... 4 Office...5 Summary Q Prognosis... 6 Industrial... 7 Summary Q Prognosis Market Overview Q Prague, CZECH REPUBLIC

3 F 2017F 2018F 2019F 2020F Economy Summary Q > According to the Czech Statistical Office, the GDP growth rate in 2015 reached 4.3% and was the best economic performance over the last 8 years. > After years of the Czech economy driven mainly by manufacturing and exports from the automotive industry, growth in 2015 also benefitted hugely from increased household consumption. > Low inflation rate, despite the Czech National Bank s regulatory measures, which kept the Czech Koruna (CZK) exchange rate floating above the level of 27 CZK/ in combination with record low unemployment rates (4.1% in March 2016) supported growth in consumer confidence and consequently retail sales spend. > Another factor contributing to the positive consumer confidence was linked to interest rates. The Czech National Bank kept its rates at almost zero levels, which impacted both consumer credit and mortgages. Average interest mortgage rates have decreased below 2% and the overall volume of mortgages reached CZK875.2 billion, with a year on year (y-o-y) increase of 8.5%. > Despite this growth in mortgages and consumer credit, the household saving rate also kept growing and on y-oy comparison increased by 6.2% to CZK trillion. Household savings therefore still significantly exceeded household debt. > The average salary reached CZK 28,152 per month ( 1,035) in Q4 2015, up 3.8% y-o-y. > Record low unemployment rate is becoming a threat for future economic growth lack of skilled workers was apparent across all segments of the economy (manual workers to senior managers). The labour market is competitive and growth in labour costs are evident. > An example of this can be seen by looking at the salary negotiations between Skoda Auto and its workforce. The company recently agreed to a 11.2% increase in salaries over the next two years, despite already paying wages significantly above the national average. > Consensus forecasts for the economic development in 2016 estimate GDP growth to reach 2.6%. The biggest slowdown is expected in the construction industry, mainly due to a decrease in governmental spend on new infrastructure projects. > New Environmental Impact Assessment rules are expected to slow down the construction permitting process for some key road and railway projects by up to three years. > Demand from the automotive industry, food production and household consumption will continue being the biggest economic drivers. GDP Growth & Forecast, Unemployment rate Source: Focus Economics Economic Growth (GDP, annual var. in %) Unemployment (% of active population, aop) 3 Market Overview Q Prague, CZECH REPUBLIC

4 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Investment Summary Q > Q saw the total volume of real estate investment reach 490 million. This was an 85% increase in quarterly comparison and indicates strong investment appetite on the local market. > The total Q1 transactional volumes in reality were higher due to the fact that three to four hotel properties traded while the sales price remained confidential. > In terms of number of transactions, offices represented six transactions, followed by retail and hotels with five transactions each. > The largest transaction of the quarter was an acquisition of a retail portfolio by Palmer Capital (now Arcona Capital) from Atrium Europe Real Estate. This contributed to retail dominating the investment volumes with a 40% share on total investment volumes. In the retail segment, there was also the largest single asset deal of the quarter, Bondy Centrum Mlada Boleslav, which was purchased by CPI Group for 40 million. Prime Yields (%) in the Czech Republic 12 > Offices remained strong with a 29% market share, followed by Industrial with a 16% share. > Portfolio deals in Q accounted for a 62.6% share of the total investment volume. Portfolio deals appeared among most sectors: office, retail, industrial as well as mixed portfolios including residential properties. > Yields experienced a mild compression compared to 2015 year-end. For specific CBD office properties benefiting from long term lease contracts, investors were ready to pay sub 5% yields. Share on Investment per Sector 16% 15% Source: Colliers International Prognosis 40% 29% Office Retail Industrial Other (including hotels) > There are a number of significant transactions in the pipeline expected to close in Large assets such as The Park Chodov in Prague and the Olympia Shopping Centre in Brno will help boost the annual investment volumes. 4 Source: Colliers International Prime Office Yield Prime Industrial Yield Prime High Street Yield Prime Shopping Centre Yield > Recent yield compression is most likely to be further supported with the proposed sale of the Florentinum mixed use project (49,000 sq m office, 10,000 sq m retail) in the heart of the city which may also achieve a sub 5% yield. 4 Market Overview Q Prague, CZECH REPUBLIC

5 Prague 1 Prague 2 Prague 3 Prague 4 Prague 5 Prague 6 Prague 7 Prague 8 Prague 9 Prague 10 Office Summary Q SUPPLY > By the end of Q1 2016, total office stock in Prague remained unchanged at 3.22 million sq m. Development activity continues but the first completions for the year are expected in the second quarter. VACANCY/AVAILABILITY > Due to zero completions in Q1, average vacancy rates in Prague continued decreasing. By the end of Q1, vacancy in Prague was 13.9%, which was a 70 basis points decrease quarter on quarter (q-o-q) and 260 basis points less y-o-y. > Total volume of available office space in Prague reached 447,300 sq m, which was a q-o-q decrease of around 23,400 sq m. > The largest amount of vacant offices was in the largest submarket, Prague 4. The vacancy rate for this district reached 13.7%, which is a minor q-o-q increase due to tenants relocating to other parts of Prague. Prague 4 offered 120,700 sq m of office space by the end of Q1, which was 27.0% of all vacant space in Prague. > The second highest amount of available office space was in Prague 1 with 74,960 sq m, which represented a district vacancy of 15.9%, followed by Prague 7 with 55,760 sq m of vacant space or 28.8%. PIPELINE > For 2016, market activity in terms of new office completions will be significantly limited with 40,000 sq m in seven new properties. > The largest completion of 2016 will be Futurama Business Park Phase III in Prague 8 with 9,147 sq m, followed by Palac Narodni in Prague 1 with 7,655 sq m and South Point with 7,450 sq m in Prague 4. > A further 124,000 sq m of office space is currently under construction with planned completions in A further 23,600 sq m is in locked up properties with valid permits; should construction of these properties continue, the target completion should also be in > At least 60,000 sq m of new office projects have valid permits and may be completed in 2017 if commenced within next few months. However, in most cases the developers require certain amount of pre-lease or first need to lease up their other projects before commencing new development. > The largest project under construction was Main Point Pankrac with 24,000 sq m of office space. Modern Office Stock in Prague Districts 1,200,000 1,000, , , , ,000 0 > Although Prague 7 comprised the highest vacancy rate in the whole city, there was a significant improvement q- o-q, with a vacancy decrease of 395 basis points. Another significant improvement was in Prague 5 with a vacancy decrease of 281 basis points to 9.1%. Prague 5 was the only district with a single digit vacancy rate at the end of Q1. Occupied Stock (sq m) Vacancy (sq m) Source: Colliers International, Prague Research Forum 5 Market Overview Q Prague, CZECH REPUBLIC

6 '000 sq m DEMAND > Total gross take-up in Q reached 92,209 sq m and on a q-o-q comparison represented a 43% decrease, however one must note that the previous quarter was historically the busiest on record. While on a y-o-y comparison, Q1 demonstrated a 30% increase in gross take-up. > Net take-up (excluding renegotiations, subleases and relocations) in Q1 reached 45,737 sq m, which is a significant increase both on a q-o-q (up 55%) and y-o-y comparison (up 146%). > Renegotiations in relation to net take-up were subdued with only a 29.6% market share. > 15.2% of gross take up or 10,559 sq m were relocations of companies within Prague s existing office stock. > The largest transaction of the quarter was the expansion of Ceska sporitelna at the Trianon in Prague 4 (5,600 sq m). Other significant transactions included renegotiation of Publicis at Jankovcova 23 in Prague 7 (3,500 sq m) and the renegotiation of L Oreal at Palac Krizik in Prague 5 (3,419 sq m). > The highest letting activity was recorded in Prague 4 with 21,624 sq m (23.5% of total take-up), followed by Prague 1 with 18,686 sq m (20.3%) and thereafter Prague 5 with 16,395 sq m (17.8%). > The most active business sector in Q was Professional services with an 18.9% market share. Manufacturing companies were the second most active with 15.2% and the traditionally strong IT ranked third with a 14.5% market share. RENTS > Prime office headline rents remained more or less stable in Q1 and ranged between and 19.50/sq m/month. > The downward pressure that prime rents experienced in recent years has slowly disappeared and is mainly due to the recent strong occupier demand levels. factors such as location, new office supply and the prevailing level of vacancy etc. Take-Up & Vacancy Q1 Renegotiations & Relocations 2016 Source: Colliers International, Prague Research Forum Prognosis Net Take-Up > The level of demand seen in Q1 indicates increased interest of new occupiers in the local office market. Vacancy will see a slight temporary increase with new completions and with relocation of larger tenants to their new premises. > The underlying trend of falling vacancy may tempt some developers to commence speculative construction, however the pipeline for 2017 is already at a healthy level and developers thus remain cautious. > New inner city or city centre large scale projects such as Penta s Masaryk railway station redevelopment are helping to improve parts of CBD that were previously under-developed as an office location. > Pressure on rental levels will be easing with decreasing vacancy over the medium term. The reluctance of landlords to compromise on headline rents will first lead to change in the level of incentives provided, however the overall level of incentives provided will continue to be property and tenant specific, depending largely on the bargaining strength of the tenant, the deal size and terms % > The range of inner city rents remained at /sq m/month, while the outer city range remained between /sq m/month. > The city wide average rent remained unchanged at 13.20/sq m/month. > Net effective rents were generally 12-15% lower than headline rents; the level of incentives provided however remains property specific and influenced by multiple 6 Market Overview Q Prague, CZECH REPUBLIC

7 Industrial Summary Q SUPPLY > By the end of Q1 2016, total industrial warehouse stock in the Czech Republic reached 5.78 million sq m. > During Q1, 84,277 sq m of new space was completed in some 10 buildings in five Czech regions. > Upon completion, only 5.8% of this newly delivered space was vacant, which comprised space in one speculative warehouse and one partially pre-let building. The remaining eight properties were fully let. > The largest share of Q1 completions was in Prague with 33,518 sq m (39.8% of Q1 completions), followed by South Moravia with 23,158 sq m (27.5%). South Moravia had the highest number of completed buildings with 4 new warehouses. > The largest property completed in Q1 was the 27,700 sq m warehouse extension for Globus in Prologis Park Prague Jirny, the second largest was the 10,500 sq m production plant for Megatech Industries Hlinsko in CTPark Modrice. > Prague remains the largest warehousing region in the country with 2.3 million sq m of warehouse space. VACANCY/AVAILABILITY > The vacancy level continued decreasing in Q1 and by the quarter end was 4.2%, 90 basis points down q-o-q and pushing the five-year vacancy rates further down. > Translated into absolute terms, vacancy represented 240,900 sq m of warehouse space across the country. > Larger space availability (i.e.>5,000 sq m) decreased and was limited to only 14 warehouses/industrial buildings in the whole country. > The highest amount of available space was in Prague (or so called Greater Prague Area), with 71,600 sq m available. The vacant space thus represented vacancy of only 3.1%. > The second highest amount of available space was in the South Moravia region, where 50,700 sq m of industrial premises are ready for immediate occupation. The vacancy rate in South Moravia was 5.9%. > The second highest amount of total stock was in the Plzen region with 885,275 sq m. The available stock of 35,300 sq m represented a vacancy of 4.0% Industrial Take-Up & Vacancy 500, , , , ,000 0 Q Q Q Q Net Take-up (sq m) Q Q Renegotiations & Renewals (sq m) Vacancy (%) Source: Colliers International, Prague Research Forum Q PIPELINE > By quarter end, around 271,200 sq m of new warehouse was under construction. 55.9% of the space under construction was pre-let, and therefore available space under construction was limited to 119,550 sq m. 10% 8% 6% 4% 2% 0% 7 Market Overview Q Prague, CZECH REPUBLIC

8 > The largest portion of the space under construction was in Prague and represented 43.7% of the development pipeline. > The Plzen region had some 46,300 sq m under construction, which was the second highest in the country, with the majority of this space yet to be leased. > The Karlovy Vary region is due to see its first commercial warehouses during Construction was under way in two warehouses of 28,600 sq m for two tenants in Panattoni Park Cheb. > Incentive packages vary depending on the level of competition within the particular regional submarket which has impact on the final effective rental level. Gross Take-Up in Czech Regions in Q % 3% 7% 8% 4% 2% 42% DEMAND > Gross take-up in Q was 313,600 sq m. Net takeup accounted for almost 211,000 sq m of this figure. > Prague dominated take-up figures with 131,900 sq m during the first quarter, which was 42.1% of total gross take-up. 30% 1% > The second most active region in Q1 was Karlovy Vary; previously this region together with South Bohemia was the least developed region in the country. > As of late some pre-lease deals were agreed (Q4 2015) that resulted in new development commencing in the Karlovy Vary region. During Q1 2016, 95,500 sq m was pre-leased in the region, which was 30.5% of gross take-up. The largest agent led deal ever recorded in the Czech Republic was concluded in Panattoni Park Cheb (73,000 sq m) and handled by the Colliers Industrial Agency team. > The region also saw another undisclosed tenant leasing 22,400 sq m at the new CTPark in As. > Pre-lease activity on the market was particularly strong in Q1, accounting for 32.1% of gross take-up. Another 30.7% were lease renewals, followed by new leases with a 19.6% and expansion on existing leases with a 15.5% share. RENTS > Headline rents in the regions, for a five-year lease term, ranged between /sq m/month in Prague; /sq m/month in Pilsen; /sq m/month in Ostrava and /sq m/month in Brno. > Office space (within the industrial buildings) leased at /sq m/month. > Service charges within modern industrial parks are typically around /sq m/month. Greater Prague Karlovy Vary region Moravia-Silesia region Plzeň region Vysočina region Source: Colliers International, Industrial Research Forum Prognosis Hradec Králové region Liberec region Pardubice region South Moravia region > Based on the pre-leases secured in Q1 2016, developers are due to shortly commence construction on the projects dedicated to those tenants in order to ensure timely delivery. > Low vacancy rates in most regions are likely to support some further growth in speculative development activity. > As mentioned in our Q report, some locations are facing a problem with a shortage of available labour. This trend is becoming more acute due to decreasing unemployment rates. This issue could eventually put off companies looking to expand existing operations or new entrants seeking to establish a base in the Czech Republic. > New manufacturing and logistics regions may also emerge in some of the under-developed regions, which on one hand do not always provide the best transport links however do offer a larger available labour pool. > Growth in e-commerce sales will continue to drive demand for new logistic space in order to maintain next day (or even same day) delivery. Smaller urban distribution centres are therefore likely to emerge over the coming year. 8 Market Overview Q Prague, CZECH REPUBLIC

9 Key Definitions PRIME NET INITIAL YIELD: The yield an investor is prepared to pay to buy a Grade A building, fully-let to high quality tenants at an open market rental value in a prime location. Lease terms should be commensurate with the market. As a calculation Net initial yield = First years net income/purchase price (prior to deducting fees and taxes). PRIME HEADLINE RENT: Represents the top open-market tier of rent that could be expected for a unit of standard size commensurate with demand, of the highest quality and specification in the best location in the market at the survey date. This should reflect the level at which relevant transactions are being completed at the time but need not be exactly identical to any of them, particularly if deal flow is very limited or made up of unusual one-off deals. If there are no relevant transactions during the survey period, the quoted figure will be more hypothetical, based on expert opinion of market conditions. The figure excludes service charges, taxes, and tenant incentives. TOTAL OCCUPATIONAL MARKET ACTIVITY (GROSS TAKE-UP): Total Occupational Market Activity is the total floor space known to have been let or sold as one of the following activity types during the survey period: Pre-let, New Occupation / Lease, Renewal / Renegotiation, Expansion, Sub-lease and Sale & Leaseback. NET TAKE-UP: Office Market: Net Take-up represents the sum of all Total Occupational Market Activity categories which represent a net increase in demand for space, i.e. excluding renegotiations & renewals and relocations within existing office stock. Industrial Market: Net Take-up represents the sum of all Total Occupational Market Activity categories which represent a net increase in demand for space, i.e. excluding renegotiations & renewals. TOTAL COMPETITIVE STOCK: Office Market: Includes the gross leasable floor space in all Grade A and Grade B buildings, including owner-occupied buildings and government owned properties. Ancillary office space is only included if it can be reasonably used independently of the primary use of the building in which it is located. Industrial Market: Includes the gross leasable floor space in all Grade A buildings, including speculative and built to let stock, however, excluding owner occupied buildings. Other reference points include that the building must be heated and have a clear usable height minimum of 6 metres. SPACE UNDER ACTIVE CONSTRUCTION: Represents the total amount of gross leasable floor space of properties where construction has commenced on a new development or where a major refurbishment / renovation is ongoing at the survey date. VACANT SPACE: Office Market: The total gross leasable floor space in existing properties that meet the Competitive Stock definition, which is physically vacant and being actively marketed at the survey date. Space should be available for immediate occupation. Industrial Market: The total net leasable floor space in existing properties that meet the Competitive Stock definition, which is physically vacant at the survey date. Any office/mezzanine, sanitary and technical areas as well as custom-built corridors/tunnels and canopies are included in the final figures (as of Q1 2015). FOR MORE INFORMATION: Ondřej Vlk Head of Research Czech Republic Omar Sattar Managing Director Czech Republic CONTRIBUTORS: Jana Vlková Head of Office Agency Andrew Thompson Head of Capital Markets Czech Republic & Slovakia Petr Zaoral Head of Industrial Agency Marcel Kolesár Head of Valuations Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No 9 Market Overview Q Prague, CZECH REPUBLIC responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

10 w 10 Market Overview Q Prague, CZECH REPUBLIC

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