PHP/USD AVERAGE (2013) BUSINESSES ACTING STRONGER IN METRO CEBU S PROPERTY SECTOR

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1 Metro Cebu Marketview 2H 2013 Global Research and Consulting Q GDP 6.5 % yoy 2012 GRDP 9.3% (year) PHP/USD AVERAGE (2013) 91 T-BILL RATES (Dec 2013) 10-YEAR T-BOND 4.00 (Feb 2013) INFLATION 4.1% (Dec 2013) BUSINESSES ACTING STRONGER IN METRO CEBU S PROPERTY SECTOR demand growth is expected to come from the relocation of East Asian locators. Furthermore, partnerships between the government and global locators are being planned to aid in expanding manufacturing activity in the province. 1 In the second half of 2013, Metro Cebu s property sector maintained its robust growth on account of strong investment activities and favorable business sentiments in major segments. Dynamic opportunities in the office and industrial sectors, characterized by the influx of foreign locators widened business potential. Likewise, purchasing power from tourists and local populace prop up the residential, retail and hospitality sectors. Entry and expansion of locators yield accelerated growth patterns in the office and industrial segments of Metro Cebu. Occupier requirements showed no signs of slowdown, with foreign businesses widening their respective local scope. Aside from leasing, sale of office space slowly picked up (20) Philippine Business Confidence Index All Sectors The demand was supported by new buildings under construction and single-digit vacancy levels in the offices. In the coming quarters, expansion of traditional office is expected to increase, with more developers offering Small Office Home Office (SOHO) units. The office sector also matured into a solid venue for leasing more BPO firms. As external demand broadly improved, the country s export of goods continued to rebound in the remaining quarters of Manufacturing in Metro Cebu s economic zones elicited heavy demand in both heavy and light industries. Semiconductor production and shipbuilding activities were spurred by favorable exchange rates during the period. Potential industrial Real Estate (40) Source: Bangko Sentral ng Pilipinas In the residential front, new vertical residential developments are reshaping the local skyline. More investment prospects are set for residential buyers. Supply trends are seen to offer cluster and community type developments. With the continuous growth of the tourism industry, resortoriented condominium projects have become an emerging trend, and in turn Continued on page 7 Leasing and Sale of Office Space Stirring Metro Cebu Office Market Heightened demand by multinational and BPO locators in Metro Cebu stimulates both the sale and lease of office spaces. Upbeat Residential Market Spurs Cluster and Leisure-type Developments Dynamic opportunities in the province support emerging trends in the residential property sector. Heavy Industries Being Pushed in Cebu Manufacturing Sector Cebu is being marketed as an investment destination for heavy industries with the strong growth of the manufacturing sector. Firm Retail Demand in Food & Beverage, Fast Fashioned Brands and Supermarket Solid consumer activity bolsters the entry of national and local retail brands in Metro Cebu. Metro Cebu Emerging as an ASEAN Tourism Hub Influx of tourist from ASEAN region to Metro Cebu gains momentum with the spurring retail and hospitality developments within the area.

2 2H 2013 Metro Cebu MarketView OFFICE LEASING AND SALE OF OFFICE SPACE STIRRING METRO CEBU OFFICE MARKET Metro Cebu s office market exhibited stronger leasing activity by the end of While stable occupancy rates remained to be felt across the business districts of Metro Cebu, sustained expansion by outsourcing firms has caused an improvement in local office figures. Attractive local business sentiment also encouraged inbound locators to set shop in the province. More importantly, requirements of BPO companies continue to keep demand in Grade A office space at an optimum level. In addition, new office market trends veer in Metro Cebu. Office units are likewise up for sale. In Metro Cebu, delivery of new office supply, mostly of traditional and BPO, continues to be pursued by local and national developers. Primary Properties Corporation, Skyrise Realty and Development, Creativo Properties and Apple One Properties are among the players that provided office space in Office developments are mainly concentrated in the Cebu Business Park and Cebu IT Park with an average rental value of PhP420 to PhP750 respectively. This is more cost efficient in contrast with business districts in Metro Manila. Business District Cebu Business Park Cebu I.T. Park Metro Cebu Office Figures Vacancy Rate 2H 2013 Average Asking Lease Rate 2H 2013 Average Asking Lease Rate 1H % P P % P P Others 19.82% P P Sound business sentiment in Metro Cebu continues to pull in investment prospects in the procuring of marketable office space. Capital value for office space in the CBP is seen to hit an average of PhP130,000 per square meter. BPI Cebu Corporate Center is seen to market units at a typical size of 61 to 142 square meters. 2 Calyx Centre The Cebu Business Park recorded an uptick in vacancy of 9.71% from 6.04% of the previous half. Additional traditional and BPO office stock in the latter half of 2013 brought overall vacancy up by 3.67%. Chinabank building and 2Quad offered additional leasable space of 19,740 square meters in the business district. Average asking rents have also increased by 4.8% to PhP536 from PhP512 of the previous half. Speculative pricing was seen in some of the buildings within the business park with asking lease rates going as high as PhP750. In the Cebu IT Park (CITP), record low vacancy rate was registered at 0.45% from 1.03% of the earlier half due to the increase in office demand by outsourcing firms. Calyx Center and The Link were increasing its occupancy close to 100% while Skyrise 1 managed to be back in full occupancy despite the transfer of Aegis People Support to its own building. With the strengthened demand and high absorption posted by BPO expansions, rental values were pushed forward. Average asking rents slightly inched up by 0.45% to PhP507 from PhP505 of the previous half. This growth of the CITP office fundamentals is seen to be in line with the strong Asia Pacific economic growth. Solid office demand has also promoted the sale of office units in the CITP. Local developer, Cebu Landmasters, introduced Park Centrale, an office building offering small to mid-sized office units for sale. The target market for the said development are traditional office occupiers and start-up BPO companies. This development gives the opportunity for small office occupiers to operate in a PEZA regulated environment and avail of the benefits associated with it. Simultaneously, the presence of local and global inter-linked industries allows added support for these occupiers. Capital values in the CITP are in the range of PhP105,000 to PhP111,000 per sq.m. Continued on page 7 Skyrise Alpha

3 RESIDENTIAL UPBEAT RESIDENTIAL MARKET SPURS CLUSTER AND LEISURE-TYPE DEVELOPMENTS Demand for residential condominiums remains evident with more people expected to adopt the condo living lifestyle. The continuous growth of the BPO industry has made condo living popular especially among BPO employees. The need to have easy access from their homes to their place of work has been greatly emphasized by their constantly shifting working hours. Aside from the BPO sector, other local residents have taken to the condo living lifestyle either as end-user As an outcome of the residential market s attractiveness, a total of 20 condominiums were launched during 2013, five of which were launched on the second half of the year. These five condominiums equate to more than 1,100 additional units. On the other hand, at least 2,600 units were turned over during the same period. Cluster-type projects, despite being existent in Cebu for the past few years, seem to be an ongoing trend with more developers venturing into this type of project. Developers opt to maximize the land of their properties which are in close proximity to the built-up areas of Cebu. Notable developers are Cebu Landmasters and Tytan Properties & Development Inc. (TPDI) which both caters to the midmarket. Megaworld Properties, targeting the high-end market niche, launched their new three-tower, cluster-type project in Mactan Newtown, One Manchester Place. 2H2013 Metro Cebu MarketView Sanremo Oasis, Cittadi Mare Developers are also strategizing to attract end-users through their amenities. With Cebu being known as a tourist destination due to its history and natural wonders, resort and leisure-themed residential properties are on the rise. Providing easy access to the coastline, real estate players started investing in the island of Mactan. For the second half of the year, Megaworld launched their own resort-inspired or an investor. Property developers have become more aggressive in the sales and marketing of their units to make the most of the heightened demand in the market. As a result, two trends in the residential market emerged: cluster-type developments and resort & leisure-themed projects. The bullish sentiment on Cebu s market attracted capitalists to venture in residential developments. Several new entrants in the real estate industry also launched their flagship projects. RCAB Properties Inc. recently completed their 17-storey condominium project, Trillium Residences. Cebu Korona Development Corp., a player in the hospitality sector, is now venturing in the residential market through their Queensland Manor Condominiums. Also, a partnership between PJ Lhuillier Group and MSY Holdings Inc. resulted in the incorporation of Diamond Hiland Inc., whose flagship project will be 128 Nivel Hills in Cebu City. 128 Nivel Hills Upcoming Residential Condominium Units 0 2,000 4,000 6,000 project. Likewise, Tambuli, by TPDI and Arterra, by Sta. Lucia Realty & Development Corp., are now being constructed along the coastline of the island. Outlook on Cebu s residential market remains positive. Property developers persist to be hawkish as more condominiums are expected to be launched in Primary Homes Inc. plans to introduce three additional developments while construction of Taft Properties naturethemed, cluster-type project in Lapu-Lapu City is expected to begin as well. National real estate player, Rockwell Land Corp., will also start the development of their first project in the province, 32 Sanson. 3 Mandaue City Lapu-Lapu City Cebu City

4 2H 2013 Metro Cebu MarketView INDUSTRIAL HEAVY INDUSTRIES BEING PUSHED IN CEBU MANUFACTURING SECTOR Evidenced by the entry of several multinational companies in the country, manufacturing operations continue to boost as it derives positive externalities from its robust economic position. The number of companies registered in economic zones increased by 18% during the whole year of As such, growth of the country s industrial sector reached a stunning year-on-year growth for the fourth quarter of the year. Cebu is currently benefitting from this heightened manufacturing activity, given that Central Visayas is the third region with the highest land area allocated for industrial purposes. Top exports of the province range from electronics & semiconductors to furniture. Despite the catastrophic effects of the Visayas earthquake and typhoon Yolanda, higher exports were still registered as compared to the figures of the previous year. Light industries continue to expand in Cebu. Industrial firms are taking advantage of the local populace s adeptness in manufacturing. Loalde, a Cebuano apparel brand, plans to repatriate their manufacturing operations from China to Cebu in the coming year. NutsRVPhils., MEPZ 4 Regional Distribution of Manufacturing Zones 2% 14% 8% Source: PEZA 76% Central Luzon CALABARZON Central Visayas Others More investors are enticed to locate in the province due to the different strategic resources it commands. The presence of transport infrastructures such as the deep water and international airport; and the skilled labor force highly attracts foreign capitalists to set up shop in Cebu. Moreover, current locators in the region have publicly expressed their intention to expand their manufacturing capacity. Toyoflex, MEPZ Likewise, the American company, Teradyne Inc., a top test equipment manufacturer in the world, will be expanding its operation through the construction of their new building. Expected to occupy 1.7 hectares of Mactan Economic Zone 3, construction of the new facility is projected to be finished by the middle of Despite the domination of light industries, efforts to market Cebu as a destination for heavy industries such as shipbuilding and automotive parts manufacturing are now being pushed. Regional government agencies are partnering with foreign investors to set up new industries in Cebu. In fact, DOST Central Visayas signed an agreement with Korean firm, Taedong Prime Co. Ltd., to build a medical equipment manufacturing plant. Activity in the shipbuilding industry was also noticeable during the year. Hong Kong shipping lines were said to buy numerous ships made in Cebu. By January 2014, Tsuneishi Heavy Industries Cebu, Inc., a locator in West Cebu Industrial Park, will have completed the biggest class ship ever built in the country. The company also intends to develop another dry dock as it aims to be the top shipyard for Southeast Asian countries. Employing 8,000 to 20,000 individuals, the expansion of Tsuneishi and other similar companies would entail an acceleration growth effect in several sectors of Metro Cebu. With most of the industrial establishments in the province being almost fully occupied, developers are now seeing the opportunity to grow. For one, Cebu Light Industrial Park is looking for more lands to develop in Metro Cebu as they plan for the expansion of their economic zone. This is to accommodate the strong demand for industrial properties. The strategic location of the area bolsters the influx of investments as numerous electronics and food processing companies are considering to locate within Metro Cebu.

5 RETAIL FIRM RETAIL DEMAND IN FOOD & BEVERAGE, FAST FASHIONED BRANDS AND SUPERMARKET Retail market in Metro Cebu posted strong demand coming from international and regional brands. Inbound foreign locator brands made further entry into newly completed prime retail space. National developers have also seen retail prospects partnering with local players. With the consolidation of the retail arm, added leasable space for upcoming global brands would eventually reach provincial shores. Job opportunities abound which may be attributed to outsourcing activities while the labor pool s solid purchasing power further establishes the province as a captive retail market. communities. SM Savemore has recently opened a supermarket in Maribago, Lapu-Lapu City, while Robinsons Supermarket is expected to open along Quezon National Highway in Lapu-Lapu City. Likewise, Metro Gaisano of the Vicsal Group actively offers stand-alone supermarket and department store chains. Super Metro has been observed to offer additional retail stock in Colon, Cebu City. In addition, acquisition of local retail chains by national players contributes to the supermarket activity in the province. The Metro Gaisano group has situated itself along 2H2013 Metro Cebu MarketView As retail supply maintains to be driven by the expansion of national developers, entry of foreign brands continues to encourage Metro Cebu s position as a shopping district in the ASEAN region. Fast fashioned brands and F&B locators spur in added retail activity in the province s Grade A malls. With the completion of Ayala Center Cebu Extension, its new wing now offers premium brands such as Gucci, Superdry, Fred Perry, Onitsuka Tiger, Yves Rocher, Sledgers, Shiseido, Zara, Muji, Asics and Gap. SM City Cebu also experienced the addition of global brands such as Wenger, Hedgren and Yosi Samara. These global retailers are drawn in by local affluent buyers and the expatriate population. Simultaneously, supermarket operations pick up its scope with store expansion among national retailers. Stronger grocery sales are expected with the captive family market of the province, with rising consumer market growth figures estimated at 2.69%, 1.32% and 6.21% in Cebu City, Mandaue City and Lapu-Lapu City respectively. J.Co., SM City Cebu neighborhood centers to strengthen its local reach. The group s coalition with local retail player, F3 Properties, has offshoot into additional retail supply in populated communities. Tita Gwapa Metro Supertinda are now catering locations in Basak, Lapu-Lapu City; Minglanilla town; Tabunok in Talisay City; Umapad and Tabok in Mandaue City; and Punta Princesa in Cebu City. While current overall vacancy in Metro Cebu remains below the 5% level, retail potential is still expected underneath an encouraging consumer environment. Retail supply is seen to cut tight with upcoming malls opening within the latter part of the year. SM City Seaside will offer an estimated 469,000 square meters of leasable space while Robinsons Land will fill in 56,000 square meters of retail space in the North Reclamation Area. 5 SM Seaside City Supermarket operations register buoyant expansion with the broadening scope of local and national store chains. In response to a dynamic consumer market, neighborhood retail chains likewise surge in dense local These upcoming retail supply space will be absorbed mostly by global brands. For instance, SM City Cebu is expecting the opening of Indonesian doughnut chain, J.CO, by early The expanded wing of Ayala Center Cebu also anticipates the entry of Zara, WSI, Aeropostale, Armani Exchange, Mango, Mac Store, and Frederique Constant. Retail activity across Metro Cebu will also be sustained by supermarket operations. 5

6 2H 2013 Metro Cebu MarketView HOSPITALITY METRO CEBU EMERGING AS AN ASEAN TOURISM HUB Metro Cebu is constantly developing itself into a prime tourist destination in the ASEAN region. Increased tourism activity has been observed over the past several months, prompting players in the hospitality industry to step up their game. The sharp demand, coupled with effective tourism marketing, entailed higher occupancy rates for hotels throughout the province. Public and private stakeholders are gearing towards maximizing the province s tourism potential. As such, the supply of branded hotels expanded its scope across Metro Cebu. Foreign arrivals in Cebu posted a double-digit growth for the year. Tourists coming from East Asia and South East Asia flocked the province. Visitors from Myanmar, Taiwan and Laos registered three-digit growth rates of 412%, 327% and 100% respectively. Efforts to market Cebu as a tourism hub has been paying off as hotels experience solid occupancy levels. Moreover, a number of hotels in the city have been recognized by renowned global institutions during the year. Mövenpick Hotel in Mactan Island was tagged by CNN as the 2nd most googled destination in the country for The inflow of retirement tourists and backpackers further reinforced Cebu s image as a top tourist destination. Foreigners from Taiwan and Japan are considering the idea of retiring in Cebu, given the concurrent expansion of its tourism and retail sectors. The completion of mixed-use developments like Mactan Newtown and SM Seaside will further attract the foreign retiree populace. 3.08% 11.93% 3.10% 3.41% 9.07% Source: DOT Distribution of International Tourists Central Visayas 19.19% 50.23% KOREA JAPAN USA AUSTRALIA TAIWAN CHINA OTHERS Backpacking activities by South East Asian guests were seen picking up. The low travel and touring costs, accompanied by the presence of vast natural and manmade attractions, are enticing visitors to include Cebu in their backpacking chain. Through these activities, occupancy rates of affordable lodging continue to peak. The highest domestic arrivals for the year were recorded in Cebu City, which is being regarded as an optimal M.I.C.E (Meetings, Incentives, Conferences and Exhibits) destination. Firms and investors eye the city when conducting M.I.C.E. activities due to the numerous business investments and resort developments in the area. Pharmaceutical and banking & finance companies are also inclined to set their business trips in Cebu due to its laid back environment. Apart from hosting the World Eco-Tourism Conference last November, Cebu is well-poised for the upcoming APEC summit in Bay Front Hotel The said hotel development is now awaiting its Green Globe Certification. Similarly, St. Mark Hotel was acclaimed by Expedia as a Rising Star in the hospitality industry. Heightened tourist arrivals have been observed from countries without direct flights to Cebu. Currently, chartered flights are catering to the travel needs of tourists coming from Papua New Guinea and Taiwan. The number of tourists from both countries grew at a significant rate. Cebu Pacific, however, is planning to do direct flights to Taiwan and Japan to bolster the province s accessibility. The expansion of lowcost carriers would also help boost Cebu s tourism sector. The public and private sectors are gearing up to compete against ASEAN neighbors in offering tourist attractions. Several infrastructures have been proposed for development in order to strengthen the tourism sector of the region. Plans for road widening in Lapu-Lapu City is in the offing to provide easier access to the pristine coastlines of Mactan Island. Likewise, DOTC is expected to award the PPP contract for the redevelopment of Mactan International Airport in the following year. The expansion of the airport would include the construction of a new passenger terminal. This is expected to provide a more efficient airport, which will ultimately lead to a significant number of tourist arrivals. The continuous growth of Cebu s hospitality sector is expected in the coming quarters. Commencement of PPP projects continues to consolidate its posture in the province, leading to a favorable tourism climate. Occupancy rates in hotels will remain on an upward trajectory as festivals and activities are lined up to entice more visitors. Sophistication in the hospitality sector pushes in approximately 1,300 wellappointed rooms for the province due to rise in the number of expatriates and tourists settling in Metro Cebu. Recognizing Cebu s potential, major hospitality industry players, such as Savoy Hotel and Lotte, are seen to offer their brands in the area.

7 COVER STORY has redefined the residential landscape. Developers such as Filinvest, Contempo Property Holdings, Cebu Landmasters, Rockwell Land and Taft Properties have ventured into resort or community type residential developments in the island of Mactan. Residential demand pick up is attributed to the heavy purchasing power of the local population. Expatriate population is still growing, as there has been no let up in the entry and expansion of outsourcing companies. Mid-market and affordable developments also credit rising revenue to increasing OFW remittances. Strong outlook on the hospitality and retail sectors fueled the development of mixed-use projects. Demand from foreign retirees is expected to propel growth in both sectors. To meet this demand, developers are seen to provide mixed-use developments catering to an integrated lifestyle community. Hospitality and retail ventures appeal to local and national players, leading to mixed-use developments in areas such as the South Road Properties, North Road Properties, Banilad district, Lahug district and Mactan Island. New Grade A mall facilities have also enticed entry of foreign brands. The resort and retail environments of Metro Cebu will further boost its image as an optimal retirement destination. Occupancy among hotels plays at the double-digit mark with increasing foreign visitors from East Asia. Number of tourists from other ASEAN nations will most likely keep on increasing as the upcoming regional integration draws close. The continuous proliferation of global locators into the province is seen to push the global competitiveness of Metro Cebu s local economy. With this, property sectors will receive positive growth trends with the buoyant business sentiment on the province. For one, residential and tourism growth houses in more businessmen and investors. Likewise, the job outlook will provide a stable working environment in the office and industrial sectors. The commercial activity across property segments is expected to remain. OFFICE Fringe areas posted favorable half-on-half office sector fundamentals. The entry and expansion of outsourcing companies bolstered office space demand dropping vacancy to 19.82% from 38.15% of the 1H Heightened occupier demand was seen for offices such as One World Square in Mactan Newtown, Gagfa IT Center, Qimonda IT Center and Synergis IT Center. Consequently, average asking rent continued to drop posting a rate of PhP410 from the PhP414 in accordance with the implementation of cost-reduction measures Upcoming Office Supply in Metro Cebu Old Supply New Supply - 200, , ,000 among inbound locators. Slash in rental values was deemed a more reasonable compromise among outsourcing firms expecting higher earnings. Office developments in the fringe areas have likewise ventured into selling office units. Small cut office space is expected to serve local end-user businesses. King Properties currently launched its 255-unit Small Office Home Office (SOHO) development called Avenir. Capital values for typical SOHO units play at a range of PhP 94,000 to PhP 101,000 per square meter. Law firms, medical firms and other traditional industries are seen to be end-users of this recent office market development. 2H2013 Metro Cebu MarketView 7 Ayala Life-FGU Chinabank Building Outlook for the office sector is buoyant, underpinning the province s sound economic status. Office demand picks up through the expansion of outsourcing and traditional firms. Tholon s list of top outsourcing sites continues to set the province at a heightened interest among inbound office locators. Office fundamentals are seen to favorably extend forward as Metro Cebu notches higher global interest. To sustain the demand, supply continues to rise with approximately 99,537 square meters of office stock to enter by Grade A office space is seen to reach across the CBP with the completion of FLB Corporate Center, Cebu IT Tower 2 and Skyrise Alpha. In the CITP, ebloc3 and Park Centrale will add up to the office stock for Fringe office developments also anticipate the opening of Filinvest Cebu Cyberzone (Tower 1), Two World Square and NorkisCyberpark Tower 1. 7

8 2H 2013 Metro Cebu MarketView CONTACTS For more information, please contact: Manila Office 10 th Floor, Ayala Tower One & Exchange Plaza Ayala Avenue, Makati City 1226 t:(632) / f: (632) e: w: Cebu Office Unit 1505, Ayala Life-FGU Center Mindanao Avenue corner Biliran Road, Cebu Business Park Cebu City 6000 t:(6332) / BEST INTERNATIONAL LETTINGS AGENCY (WORLD, ASIA PACIFIC, PHILIPPINES) BEST REAL ESTATE AGENCY MARKETING BEST PROPERTY CONSULTANCY MARKETING BEST REAL ESTATE AGENCY NO. 1 REAL ESTATE ADVISOR BEST INTERNATIONAL LETTINGS AGENCY (ASIA PACIFIC, PHILIPPINES) BEST PROPERTY CONSULTANCY MARKETING (ASIA PACIFIC, PHILIPPINES) BEST REAL ESTATE AGENCY MARKETING BEST PROPERTY CONSULTANCY MARKETING BEST PROPERTY CONSULTANCY HIGHLY COMMENDED REAL ESTATE AGENCY Rick Santos Chairman Rick.Santos@cbre.com.ph Calvin Javiniar Senior Director Investments and Capital Markets Carlo.Javiniar@cbre.com.ph Nelson Del Mundo Vice President Facilities Management Nelson.Delmundo@cbre.com.ph Joey Radovan Vice Chairman Global Corporate Services Joey.Radovan@cbre.com.ph Mabel Luna Director Valuation and Advisory Services Mabel.Luna@cbre.com.ph Allan Napoles Executive Director Project Management Allan.Napoles@cbre.com.ph Jan Custodio/ Alvin Fernandez Senior Director/ Director Global Research and Consultancy Jan.Custodio@cbre.com.ph Alvin.Fernandez@cbre.com.ph Edwin Samarista Executive Director Property Management Edwin.Samarista@cbre.com.ph Yvette Acebedo Director Residential Services Yvette.Acebedo@cbre.com.ph + FOLLOW US GOOGLE+ CBREPhilippines FACEBOOK CBREPhilippines TWITTER CBREPhilippines LINKEDIN CBREPhilippines Global Research and Consulting This report was prepared by the CBRE Philippines Research Team which forms part of CBRE Global Research and Consulting a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe. 8 Disclaimer 2014 CBRE Philippines. Part of the CBRE Affiliate Network. CBRE Philippines confirms that information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.