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Colliers Quarterly Q4 216 Taiwan Real Estate Report 台灣不動產市場報告 Commercial Real Estate Paul Lee Director Taiwan The sales values of commercial real estate and land market simultaneously appeared the

Over the whole of 216, the total sales value was NT$7.3 billion, which was the lowest one appearing in our records. The sales value of industrial office was NT$7.

Looking at the whole year s performance, transaction value of office properties ranked first. The next property types were other, Industrial office and retail.

The domestic nonfinancial institutions became major players In 4Q 216, investment from the other investors totalled NT$1.2 billion, which made up 61.6% of total sales.

Regarding the whole year s performance, the other investors recorded NT$29.24 billion worth of investment and accounted for 42% of total sales in 216.

1 Colliers Quarterly Q4 216 Taiwan Real Estate Report 台灣不動產市場報告 Commercial Real Estate Paul Lee Director Taiwan The sales values of commercial real estate and land market simultaneously appeared the lowest ones in our records The total sales value of commercial real estate reached NT$16.3 billion in 4Q 216, an increase of 52% QoQ but a decrease of 69% YoY. Over the whole of 216, the total sales value was NT$7.3 billion, which was the lowest one appearing in our records. The sales value of industrial office was NT$7.51 billion, accounting for 46% of total sales in 4Q 216. The sales values of office, retail space and other properties were NT$5.57 billion, NT$2.62 billion and NT$56 million, respectively. Looking at the whole year s performance, transaction value of office properties ranked first. The next property types were other, Industrial office and retail. The investment sales value of each property types were NT$24.95, NT$22.8, NT$19.8 and NT$3.47 billion, respectively, or 35%, 32%, 27% and 5% of the total 216 investment sales value. The domestic nonfinancial institutions became major players In 4Q 216, investment from the other investors totalled NT$1.2 billion, which made up 61.6% of total sales. This was followed by the finance and insurance industry with NT$3.6 billion, the manufacturing industry with NT$2.52 billion and individuals with NT$12 million. Regarding the whole year s performance, the other investors recorded NT$29.24 billion worth of investment and accounted for 42% of total sales in 216. The sales values achieved by the finance and insurance industry, the manufacturing industry, the construction and development industry and individuals totalled NT$27.11, NT$8.2, NT$5.29 billion and NT$65 million, respectively. 商用不動產李日寶董事台灣投資氣氛尚未好轉使成交金額創下歷史新低 216 年第四季商用不動產交易金額為新台幣 163 億元, 較上季增加 52% 但較去年同期減少 69% 總計全年商用不動產總成交金額為新台幣 73 億元, 係歷年最低值就資產類型來看, 本季廠辦類不動產總成交金額為新台幣 75.1 億元, 佔第四季商用不動產總成交金額之 46%, 其次, 辦公室類零售類與其它類不動產的成交金額分別為新台幣 55.7 億元 26.2 億元與 5.6 億元以 216 全年度的交易來看, 辦公室類不動產之成交金額最高, 其次依序為其它類廠辦類及零售類不動產, 交易金額分別為億元 228 億元 19.8 億元及 34.7 億元, 分別佔全年總交易金額之 35% 32% 27% 及 5% 本土的非金融業的投資公司係本年度商用不動產的主要投資人就投資者類型而言, 本季其它類投資者的購買總額為新台幣 1.2 億元, 佔交易總額的 61.6%, 其次依序為金融保險業製造業與自然人的 36 億元 25.2 億元與 1.2 億元 216 年全年其它類投資者交易金額為新台幣億元, 佔總成交金額 42% 其次依序為金融保險業製造業建築開發業與自然人, 交易金額分別為億元 8.2 億元 52.9 億元與 6.5 億元 1

2 Investor characteristic in commercial real estate market 1, , The 2total sales value of commercial 45 real estate reached NT$16.3 billion in 4Q149216, an increase of 52% QoQ212 but a decrease 213 of % YoY. 215 Over 216 the whole Foreigners of 216, the total sales Construction value was & development NT$7.3 Manufacturing Individuals billion, Otherswhich was the lowest Finance one appearing & Insurancein our records. Total In terms of investment area, the total investment amount in Taipei City was NT$12.18 billion, accounting for 75% of the total sales value of 4Q 216. Of this, office properties, industrial offices and retail property comprised NT$5.63, NT$4 and NT$2.55 billion, respectively, or 46%, 33% and 21% of the total investment amount in Taipei City. In 216, the total investment amount in Taipei City was NT$39.72 billion, accounting for 56% of the total sales value. Following that were Kaohsiung City with NT$17.67 billion, New Taipei City with NT$3.69 billion, Taichung City with NT$2.77 billion and Taoyuan City with NT$2.26 billion. The largest 1 commercial real estate transactions in 216 Buyer Building name Amount (billion) Taiwan Life New World Insurance Centre 16.5 WPG Holdings under construction 6.65 Yaoma Second Investment Pei Fang Building 5.2 Pescadores Development China Bill Building 4.9 Fubon Life Tokyo Enterprise Insurance Building 4.8 New CB Party office portion at the Empire 4 Garden Plaza TC Bank Yuanta Financial Building 2.93 Seasons Shen Jian Development Building 2.46 Green World Hotel Flowers 2.25 Edora Park Holiday KTV, Xining branch 2.2 商用不動產市場投資人屬性 1, , 年第四季商用不動產交易金額為新台幣億元, 較上季增加 52% 18 但較去年同期減少 % 總計全年商用不動產總成交金額為新台幣億元, 係歷 216 年最低值外國投資人建築開發業製造業自然人其它金融保險業合計以投資區域來看, 本季台北市交易金額為億元, 佔總交易金額之 75%, 其中辦公室類廠辦類與零售類資產之交易金額分別為 56.3 億元 4 億元與 25.5 億元, 分別佔台北市總交易金額之 46% 33% 及 21% 以全年度交易來看, 台北市成交比重為 56%, 總交易金額為億元, 其次依序為高雄市億元新北市 36.9 億元台中市 27.7 億元與桃園市 22.6 億元買方台灣人壽保險 ( 股 ) 公司大聯大投資控股 ( 股 ) 公司年十大商用不動產交易案例大樓名稱高雄市漢來新世界中心金額 ( 億元 ) 165 預售辦公大樓 66.5 躍馬貳號投資 ( 股 ) 公司佩芳大樓 52 百世多麗投資開發 ( 股 ) 公司中華票券總部大樓富邦人壽保險 ( 股 ) 公司東京企業總部 4.8 星聚點壹號文創 ( 股 ) 公司帝國花園廣場大廈之辦公室大眾商業銀行 ( 股 ) 公司元大金控大樓 29.3 季節開發有限公司神鑑大樓 24.6 洛碁 ( 股 ) 公司華華大飯店 22.5 瀚星百貨 ( 股 ) 公司好樂迪西寧大樓

3 Land Segment The total sales value of the land market in 4Q 216 was NT$36.5 billion, decreasing 17% QoQ and 36% YoY. In 216, the total sales value of the land market was NT$18.7 billion, the lowest one since 28. The sales value achieved through negotiation amounted to NT$61.8 billion or 57% of the total sales value. Transaction value achieved by tender and foreclosure was NT$46.9 billion or 43%. There were only nine superficies transactions in 216 and a recorded transaction value of NT$6.7 billion or 6% of the total sales value of the land market. Looking at investor types, the investment value of the construction and development industry reached NT$14.7 billion, which was 4% of the total land sales value in 4Q 216. The finance and insurance industry and the manufacturing industry were with the same investment amount at NT$8.6 billion. Following that were the other investors with NT$3.5 billion and individuals with NT$1.1 billion. In 216, the construction and development industry was the biggest investor in the land market, accounting for NT$37.9 billion or 35% of the total land sales value in 216. Following that were the manufacturing industry with NT$27.3 billion, the other investors with NT$2.7 billion and the finance and insurance industry with NT$16.8 billion. Of the largest 1 buyers in land market, there were five companies belonged to the construction and development industry (Highwealth, Runlong, Dayi, Zongtai and Huang Hsiang), three companies belonged to the finance and insurance industry (Hontai, Trans Globe and Cathay) and two companies belonged to the manufacturing industry (ASUS and Heng Fu). Highwealth Construction and its related parties, including Runlong Construction and Dali Development aggressively spent NT$14.4 billion buying land. Investor characteristic in land market 2,5 2,76 1, , , , , , Individuals Others Foreigners Manufacturing Finance & Insurance Construction & development Total 土地交易市場 216 年第四季土地交易金額為新台幣 365 億元, 分別較上季與去年同期減少 17% 與 36% 全年土地總成交金額為新台幣 1,87 億元, 係 28 年以來的最低值其中, 全年以議價方式成交之金額達 618 億元, 佔總成交金額之 57%; 以標售及法拍方式交易之金額為 469 億元, 佔總成交金額之 43% 216 年僅有 9 件設定地上權案例, 成交金額為新台幣 67 億元, 佔總成交金額之 6% 以投資者類型來看,216 年第四季建築開發業交易金額達新台幣 147 億元, 佔總交易金額之 4% 其次, 金融保險業與製造業同為新台幣 86 億元其它類投資者為新台幣 35 億元自然人為新台幣 11 億元以 216 年全年來看, 建築開發業為土地市場之最大投資者, 總投資金額為新台幣 379 億元, 佔全年土地市場總交易金額之 35% 其次依序為製造業新台幣 273 億元其它類投資者新台幣 27 億元與金融保險業新台幣 168 億元 216 年的十大購地者中, 有五家屬於建築開發業 ( 興富發潤隆大毅總太與皇翔 ) 三家屬於金融保險業( 宏泰人壽全球人壽與國泰人壽 ) 兩家屬於製造業( 華碩與亨福實業 ) 興富發建設 ( 股 ) 公司及其關係企業潤隆建設 ( 股 ) 公司達麗建設事業 ( 股 ) 公司等三家公司合計購買土地金額達新台幣 144 億元, 最為積極土地市場投資人屬性 2,5 2,76 1, , , , , , 建築開發業金融保險業製造業外國投資人其它自然人合計 3

4 In terms of investment area, the sales value in Taichung City was NT$8.26 billion in 4Q 216, accounting for 23% of the total land sales value during the quarter. The land sales value in Taipei City was NT$6.61 billion or 18% of the total land sales value in 4Q 216. The land sales values in New Taipei City, Taoyuan City and Kaohsiung City were at NT$5.67, NT$5.26 and NT$5.1 billion, respectively. In 216, the total sales value in Taipei City was NT$23.39 billion, accounting for 22% of the total land sales value in 216. New Taipei City ranked second at NT$22.9 billion. The next cities were Taichung City, Taoyuan City and Kaohsiung City, which accounted for NT$17.8, NT$16.7 and NT$12.5 billion, respectively. Transaction value will remain at low level The finance and insurance industry remained with a wait and see attitude to commercial real estate owing to high price levels and low yield. Fortunately, the domestic nonfinancial institutions with multiple investment purposes whilst without restrictions and owner occupied buyers became major players in the market. And their contribution made the investment value of commercial real estate in 216 not below NT$7 billion. The Central Bank stopped lowering interest rates since 3Q 216 owing to economic growth turning positive. It would be negative to commercial real estate investment when the Central Bank follows the Fed to raise the interest rate. The 1 largest land transactions in 216 Buyer Location Amount (billion) ASUSTeK Computer Taipei City 7.83 Hontai Life Insurance Taipei City 5.49 Trans Globe Life Insurance Taipei City 4.14 individuals Taoyuan City 2.88 Highwealth Construction Taipei City 2.47 Runlong Construction Taichung City 2.33 Zongtai Development Taichung City 2.3 Dayi Construction and Development Taichung City 2.24 Heng Fu Industrial Miaoli 1.87 Huang Hsiang Construction County New Taipei City 1.79 投資區域方面, 台中市本季土地交易金額為新台幣 82.6 億元, 佔總成交金額之 23%; 台北市的土地交易金額為新台幣 66.1 億元, 佔總成交金額之 18% 其次依序為新北市新台幣 56.7 億元桃園市新台幣 52.6 億元與高雄市新台幣 51 億元 216 年全年台北市土地交易金額為億元, 佔全年總交易金額之 22%, 其次依序為新北市台中市桃園市與高雄市, 交易金額分別為 229 億元 178 億元 167 億與 125 億元市場成交金額將維持低檔商用不動產售價仍然在高水準且報酬率偏低, 使金融保險業等主要投資人維持觀望態度幸好, 投資目標多元且無投資限制的非金融業本土投資人與自用型買家替補了空缺, 使商用不動產的成交金額不致跌破新台幣 7 億元隨著國內經濟成長表現好轉, 中央銀行 215 第三季停止調降利率在美國開始提高利率後, 中央銀行可能隨之跟進, 不利於商用不動產的投資 216 年十大土地交易買方區域金額 ( 億元 ) 華碩電腦 ( 股 ) 公司台北市 78.3 宏泰人壽保險 ( 股 ) 公司台北市 54.9 全球人壽保險 ( 股 ) 公司台北市 41.4 自然人桃園市 28.8 興富發建設 ( 股 ) 公司台北市 24.7 潤隆建設 ( 股 ) 公司台中市 23.3 總太地產開發 ( 股 ) 公司台中市 23 大毅建設 ( 股 ) 公司台中市 22.4 亨福實業 ( 股 ) 公司苗栗縣 18.7 皇翔建設 ( 股 ) 公司新北市

5 Office The Tong Chuang Long Teng Building completed in 4Q 216 and increased the office stock 3,453 ping (11,395 square metres) to 1,563,959 ping (5,161,65 square metres). Since the net takeup of the Taipei office market was negative 1,4 ping (3,432 square metres) this quarter, the vacancy rate climbed by 27 basis points QoQ to 9.7%. NKSC district performed best and recorded 2,8 ping (9,24 square metres) of net takeup. The major net takeup came from owner occupied at the newly completed Tong Chuang Long Teng Building with 2,1 ping (6,93 square metres) and the vacancy rate in this district was 12.37%. The net takeup in WEST district was 1,7 ping (5,61 square metres) and made the vacancy rate in this district to be 4.83%. This was due to Shin Kong Life Tower, Hua Nan Bank Chang An Building, Fubon Cheng Chung Building and Chia Hsin Building respectively recording over 25 ping (825 square metres) net takeup. One company early terminated its leasing contract in TUNS district and TC Bank moved out of HsinYi district and made net takeup in these districts to be negative 2,5 ping (8,25 square metres) respectively. The vacancy rates in these districts were 4.93% and 11.58%. Grade AB office space registered 1,645 ping (5,429 square metres) of net takeup and was the best performer with respect to office grades in 4Q 216. In addition, the net takeups for Premium Grade, Grade A and Grade B were 385, negative 4,364 and 1,294 ping (1,271, negative 14,41 and 4,27 square metres), respectively. New supply, Net takeup and Vacancy rate of Taipei office market (ping) 辦公室統創龍騰企業大樓在 216 年第四季完工, 使辦公室存量增加 3,453 坪 (11,395 平方公尺 ) 到 1,563,959 坪 (5,161,65 平方公尺 ) 又, 本季全體辦公室淨去化量為負 1,4 坪 (3,432 平方公尺 ), 全體市場空置率較上季增加.27% 為 9.7% 216 年第四季南京松江區的去化表現最佳, 為 2,8 坪 (9,24 square metres) 業主自用新落成的統創龍騰企業大樓 2,1 坪 (6,93 平方公尺 ) 係本區去化的主要來源, 使本區空置率成為 12.37% 另外, 括新光人壽保險摩天大樓華銀長安大樓富邦城中大樓與嘉新大樓等位於西區的大樓分別去化 25 坪 (825 平方公尺 ) 以上, 使本季西區的去化面積約 1,7 坪 (5,61 平方公尺 ), 空置率成為 4.83% 本季某企業退租敦南區 1,8 坪 (5,94 平方公尺 ) 與大眾銀行搬離信義區, 使這兩區分別負去化約 2,5 坪 (8,25 平方公尺 ), 空置率成為 4.93% 與 11.58% 以辦公室等級來看, 本季去化量最高的是 AB 級大樓為 1,645 坪 (5,429 平方公尺 ) 此外, 頂級 A 級與 B 級大樓分別淨去化 385 坪 (1,271 平方公尺 ) 負 4,364 坪 (14,41 平方公尺 ) 與 1,294 坪 (4,27 平方公尺 ) 台北市辦公室市場新增供給淨去化與空置率 ( 坪 ) 5, 12% 5, 12% 4, 1% 4, 1% 3, 2, 1, 8% 6% 4% 3, 2, 1, 8% 6% 4% (1,) 2% (1,) 2% (2,) % (2,) % New supply Net takeup Vacancy rate 新增供給淨去化空置率 5

6 In 4Q 216, the average rent of the Taipei office market decreased 1 basis points QoQ to NT$1,83 per ping per month. Except for MSTN, HsinYi and NKSC district, the average rent of other districts remained flat or increased slightly in 4Q 216. The average rents of Premium Grade, Grade A, Grade AB and Grade B offices were NT$3,17, NT$2,283, NT$1,91 and NT$1,55 per ping per month, respectively. In 216, the net takeup of the Taipei office market was 9,251 ping (3,528 square metres) and the stock decreased by 12,668 ping (41,84 square metres). As a result, the vacancy rate decreased by 1.32% from 1.39% in 4Q 215 to 9.7%. Among all districts in the Taipei area, HsinYi district performed best with 14,256 ping (47,45 square metres) of net takeup whilst net takeups in MSTN, TUNS and WEST district were negative over ping respectively. In terms of rent, the average rent of the Taipei office market increased by 1.29% or NT$23 per ping per month YoY to NT$1,83 per ping per month. The average rent in MSTN (NT$1,99), TUNS (NT$1,878), HsinYi (NT$2,186), NKSC (NT$1,763), NK4/5 (NT$1,535), WEST (NT$1,586) and JAHS (NT$1,657) districts, all increased in 216. New supply, Net takeup and Vacancy rate of Taipei office market (ping) 216 年第四季台北市辦公室市場之平均租金為每坪每月 1,83 元, 較前季下跌 1 個基本點除民生敦北區信義區與南京松江區外, 其餘各區的平均租金皆呈持平或微幅上漲現象以辦公室等級來看, 本季頂級 A 級 AB 級與 B 級大樓的每坪每月平均租金分別為 3,17 元 2,283 元 1,91 元與 1,55 元 216 年全年台北市辦公室淨去化面積為 9,251 坪 (3,528 平方公尺 ) 存量減少 12,668 坪 (41,84 平方公尺 ), 使空置率由 215 年第四季的 1.39%, 下降 1.32% 成為 9.7% 其中, 信義區淨去化面積為 14,256 坪 (47,45 平方公尺 ), 表現最佳 ; 民生敦北區敦南區與西區則分別負去化坪以上從租金角度來看,216 年全年台北市辦公室的每坪每月平均租金較去年同期增加 1.29% 或 23 元至每坪每月 1,83 元, 各區皆呈上漲現象, 民生敦北區 (1,99 元 ) 敦南區 (1,878 元 ) 信義區 (2,186 元 ) 南京松江區 (1,763 元 ) 南京東路四 / 五段 (1,535 元 ) 西區 (1,586 元 ) 與仁愛新生區 (1,657 元 ) 台北市辦公室市場新增供給淨去化與空置率 ( 坪 ) 2,5 2,5 1,5 1,5 5 5 MSTN TUNS HSINYI NKSC NK4/5 WEST JAHS 6

The vacancy rate would be increase since the new supply is higher than net takeup The new supply in 217 would be 38,4 ping (126,72 square metres) and the Nanshan Plaza belonging to Premium Grade

With the demand increasing stable, the net takeup of office space would be 2 ping (72,6 square metres) in 217. The vacancy rate would be increase to 9.

7 The vacancy rate would be increase since the new supply is higher than net takeup The new supply in 217 would be 38,4 ping (126,72 square metres) and the Nanshan Plaza belonging to Premium Grade comprised the majority with 31,8 ping (14,94 square metres). The building will face direct competition with existing Premium Grade buildings in Taipei City which could lift average office rent. With the demand increasing stable, the net takeup of office space would be 2 ping (72,6 square metres) in 217. The vacancy rate would be increase to 9.88% by the end of 217 since the new supply is higher than net takeup. In addition, we expect the average office rent will increase by 1.8% YoY to NT$1,863 per ping per month. 市場新增供給高於淨去化量, 使空置率提高 217 年新增供給約 38,4 坪 (126,72 平方公尺 ), 其中屬於頂級大樓的南山廣場就佔了 31,8 坪 (14,94 平方公尺 ), 與台北市現有的頂級大樓形成直接的競爭, 但也有助於提高整體市場平均租金在市場需求穩定成長下, 預計 217 年辦公室淨去化面積為 2 坪 (72,6 平方公尺 ), 因供給量高於淨去化量, 使年底的空置率上升到 9.88% 每坪每月平均租可望成長 1.8% 到 1,863 元 For more information: Andrew Liu Managing Director Taiwan andrew.liu@colliers.com Paul Lee Director Taiwan paul.lee@colliers.com Copyright 216 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 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. 19 January 217 Taiwan Colliers International

Investment Sales Two large transactions brought the sales value of commercial real estate to NT$13 billion in 1Q 16, a decrease of 75% QoQ and an incr

Investment Sales Two large transactions brought the sales value of commercial real estate to NT$13 billion in 1Q 16, a decrease of 75% QoQ and an incr Research & Forecast Report TAIWAN REAL ESTATE Quarter 1 16 Economy 經濟 Taiwan s GDP decreased.84% to NT$3,758 billion in 1Q 16, which was.% lower than predicted. The negative GDP growth rate was mainly