HIGHLIGHTS

RESEARCH

SYDNEY CBD OFFICE MARKET OVERVIEW MARCH 2015

Sales volumes have been tracking at record highs with substantial capital inflow directed at assets with change of use potential. Yield firming more pronounced for secondary assets in H2 2014.

CBD tenant demand outperforming other national markets. Despite the pending arrival of new supply completions, the vacancy rate is forecast to fluctuate between 6.5% and 8.0% over the next two years.

Approximately 94,366m² (1.9% of total stock) may be withdrawn between now until the end of 2016, however a further 245,430m² of projects have been identified as potential conversion opportunities.

2

KEY FINDINGS

CBD vacancy rate fell from 9.0% to 7.4% in the 12 months to January 2015. Net supply has resulted in a prime vacancy rate of 7.7% exceeding the secondary rate of 7.1%.

In the 12 months to January, prime rental growth was outpaced by the secondary market, with face growth measuring 2.9% and 4.2% respectively.

Commercial sales amounted to a record $4.64bn in 2014, with offshore buyers accounting for 63.4% of this total.

Vacancy expected to remain sub 8% over the next two years. B-grade demand and supply factors expected to sustain a relatively tighter secondary market.

NICK HOSKINS Director—NSW Research

SUPPLY & DEVELOPMENT The second half of 2014 saw 42,604m² of gross supply added to the CBD market with completions exclusively comprising refurbishments. Martin Place was a focal point for this supply with Macquarie Bank’s new owner occupied headquarters at 50 Martin Place (19,500m²) reaching completion as well as refurbished backfill space at the MLC Centre, 19 Martin Place where 16,639m² of ex Freehills space re-entered the market. St Hilliers’ development of the former Red Cross House at 155 Clarence St, known as Deco, has reached practical completion, however only the portion leased to Tyro Payments (3,792m²) was included in the 2014 supply with the residual NLA of 8,208m² to be added into the stock count in the H1 2015 data. Over the prior three calendar years (2012 to 2014), net supply has averaged an extremely low 10,938m² per annum, well down on the long run average of 55,712m². However, the supply cycle is set to increase over the next two calendar years with net supply of 176,677m² anticipated. During this period, completions of new buildings (ie. excluding refurbs) is forecast to measure 360,355m². Although new developments are 61.2% pre-committed, the pre-commitment rate falls to 42.7% when including the re-entry of refurbished stock to the market. Imminent projects set to complete include 5 Martin Place (DEXUS/Cbus 31,280m²) in the middle of 2015, followed closely by the first Barangaroo Tower, T2, which is anticipated to complete in Q3 (Lend Lease 88,200m²) and 20 Martin Place (Pembroke, 15,920m²). The second two Barangaroo towers are due to complete in 2016 (77,800m² & 101,050m²). Other major projects include 200 George St (Mirvac/AMP, 39,000m²)

and 333 George St (Charter Hall, 14,000m²). The following Supply Map details pre-commitment levels and major tenants for these projects. Despite the presence of several unleased backfill options to imminently hit the market in 2015 including, but not limited to, 11,000m² ex Government space at GMT, 12,896m² ex Minter Ellison space at 88 Phillip St and 10,000m² ex Ashurst space at Grosvenor Place, the largest impact is expected to be in the second half of 2016. The large pre-commitments at Barangaroo are the major source of such backfill, comprising KPMG (10 Shelley Street, 27,500m²), Lend Lease (30 The Bond, 16,000m²), Gilbert + Tobin (2 Park St, 9,280m²), Westpac (multiple tenancies, approximately 60,000m²), and HSBC (580 George St, 13,130m²). The other significant backfill option is from EY amounting to 28,800m² at 680 George St. Substantially strong demand, particularly from offshore buyers, for residential conversion opportunities (refer sales commentary) is offsetting the impact of new supply on stock and vacancy levels. However, factors such as planning lead times and lease tails have resulted in the timing for the majority of permanent withdrawals being anticipated for 2017 to 2019. It is estimated that approximately 94,366m² (1.9% of total stock) may be withdrawn during 2015 and 2016, however a further 245,430m² of projects have been identified for potential conversion opportunities from 2017 onwards. Some divergence in supply patterns amongst precincts will also become apparent with the majority of conversion projects being located south of Park St in either the Midtown or Southern precincts, as opposed to the bulk of new supply, which is located in the Core and Western Corridor precincts.

TABLE 1

Sydney CBD Office Market Indicators as at January 2015

Grade Total Stock

(m²) Vacancy Rate (%)

Annual Net Absorption

(m²)

Annual Net Additions (m²)

Average Gross Face Rent ($/m²)

Average Incentive

(%)

Average Core Market Yield (%)

Prime 2,629,257 7.7 67,719 15,062 750 -1,075 30.0 - 32.0 5.50 - 6.75

Secondary 2,332,471 7.1 10,543 -12,040 610 - 705 28.0 - 30.0 7.00 - 8.00

Total 4,961,728 7.4 78,262 3,022

Source: Knight Frank/PCA

3

RESEARCH

MAJOR OFFICE

SYDNEY CBD OFFICE MARCH 2015

Under Construction/Complete

DA Approved / Confirmed / Site Works

Mooted / Early Feasibility

NB. Dates are Knight Frank Research estimatesIncludes select CBD major office supply (NLA quoted)Major tenant precommitment in [brackets] next to NLA

# Major refurbishment/backfill ‡ owner occupier

* in conjunction with co-capital partners CPPIB, APPF Commercial, First State Super, Telstra Super and APG

» Proposal involves amalgamation of 33 Alfred St, 50 Bridge St and various buildings in Young and Loftus Streets into one precinct. Permissable NLA to be transferred between sites with net NLA increasing circa 40,000m².

50 Martin Place# - 19,500m² [Macquarie‡]Macquarie Group - Sept 2014 - 100% committed

Deco, 155 Clarence St# - ~12,000m² [Tyro Payments/Havas]St Hilliers - Q4 2014 & Q1 2015 - 56% committed

1 Martin Place# (ex Macquarie) - ~40,000m² [DLA Piper/APRA]Charter Hall Office Trust - 2014 & 2015 - 83% committed

5 Martin Place - 31,280m² [Ashurst/Challenger]DEXUS/Cbus - Q2 2015 - 72% committed

GMT, 1 Farrer Pl# (ex GPNSW) - 20,500m² [Minter Ellison]DEXUS/GPT/APPF - Q2 & Q3 2015 - 46% committed

Barangaroo T2 - 88,200m² [Westpac/Gilbert + Tobin]Lend Lease* - Q3 2015 - 81% committed

20 Martin Pl# - 15,920m²Pembroke Real Estate - Q4 2015

Aurora Pl, 88 Phillip St# (ex Minter Ellison) - 12,896m²NPS (Korea) - H2 2015

80 Pitt St# - 11,400m²Yorkban P/L - Q4 2015

Barangaroo T3 - 77,800m² [KPMG/Lend Lease]Lend Lease* - Q1 2016 - 75% committed

200 George St - 39,000m² [EY]Mirvac/AMP - H1 2016 - 74% committed

333 George St - ~14,000m²Charter Hall Core Plus Office Fund - Q2 2016

Barangaroo T1 - 101,500m² [PWC/HSBC]Lend Lease* - H2 2016 - 34% committed

Grosvenor Place, 225 George St# (ex Ashurst) - 10,000m²DEXUS/Investa/CSC - 2015

680 George St# (ex EY) - 28,800m² Brookfield/Arcadia - 2016

One Wharf Lane, 161 Sussex St - 6,400m²M&L Hospitality - Oct 2016

255 Pitt St# (ex Challenger, Apple) - 15,247m²ISPT Core Fund - H1 2017

SICEEP The Haymarket - 22,000m²Lend Lease - 2017+

10 Shelley St# (ex KPMG) - 27,500m²DEXUS/Brookfield - 2017

30 The Bond, 30 Hickson Rd# (ex Lend Lease) - 16,000m²DEXUS - 2017

55 Market St# (ex WBC) - 15,776m²Investa - 2017

The Ribbon, 1 Wheat Rd - 38,000m²Markham/Grocon/SHFA - 2017+

201 Sussex St, DPII# (ex PWC) - 33,000m² [IAG]GPT (GWOF)/AMP (ACPF)/Brookfield - 2018 - 100% comm.

151 Clarence St - 21,000m² [Arup]Investa - 2018 - 28% committed

60 Martin Place - 40,000m²Investa/Gwynvill Properties - 2019

33 Bligh St - 26,000m²Energy Aust./Investa - 2020

182 George & 33 Pitt Sts - 40,000m²+Lend Lease - 2017+

55 Pitt St - 30,000m²+Mirvac - 2017+

289-307 George St (10 Carrington) - 65,000m²Brookfield - 2018+

Quay Quarter Sydney» - ~40,000m²AMP - 2018+ - Concept Plan Approval

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leasing agents of stronger deal activity amongst B-grade assets. This is partly a function of bottom line costs underpinning premises decisions as well as typically higher retention in this grade of stock which results in less tenant movements. However it also reflects higher demand from smaller tenants, which has resulted in leasing downtimes tending to be smaller for part-floor, refurbished space compared to full-floor options. Demand for premium stock has remained positive, although drivers for this part of the market remain inconsistent. Lower interest rates and rising asset prices have supported parts of the finance industry with the finance and insurance performance index expanding for a second consecutive month in February (AI Group). Nevertheless, there remains some space rationalisation amongst international investment banks with groups such as RBS, CIMB and Credit Suisse reducing occupied space. Several other investment banking tenancy briefs in the market also imply a degree of contraction. Conversely, supporting demand has been the technology sector, where a number of firms have made leasing enquiries. Consistent with trends experienced in offshore markets, such tenants have demonstrated a preference for premium CBD space as part of an overall strategy

Despite broader headwinds facing the national economy, there have been a number of conditions in place that have started to support growth in NSW. Lower interest rates, currency depreciation, the strengthening US economy and modest improvement in Europe have started to benefit demand. As a result, Sydney CBD net absorption in the six months to January 2015 measured 54,279m², equivalent to 1.2% of total stock, in the strongest result since the second half of 2010. The result was also the strongest in the country and, indicative of the mixed nature of the Australian economy, national absorption excluding the Sydney CBD has been negative on both a 6 and 12 month basis.

Coupled with the very modest level of net supply, the vacancy rate declined to 7.4% as at January, a full percentage point drop since the 8.4% recorded in July 2014. The prime vacancy has now been higher than the secondary rate for two years, however the differential has narrowed to 60 bps (7.7% vs 7.1%, refer Figure 1). This was a result of net absorption being most prevalent amongst A-grade stock, which measured 47,822m² (2.9% stock) in the six months to January. B-grade net absorption was lower than anticipated, recording modest positive growth of 6,146m² (0.4% stock) during the same period. This contrasts somewhat with anecdotal feedback from

TENANT DEMAND & RENTS

to attract quality staff. However in some cases this has resulted in space requirements tracking ahead of headcount. Technological innovation continues to have an evolving influence on the financial services sector, which is presenting a number of growth opportunities. For instance, Stone and Chalk, a new independent fintech hub, has leased space at 45 Clarence St. The group, through subsidies from some of Australia’s largest financial institutions, provides subsidised office space for fintech startups. The Technology Media Telecommunications (TMT) sector only accounts for an estimated 6.0% of CBD white collar employment at present, however there is scope for this to grow substantially given around 150,000m² of tenant enquiry from the sector is currently in the market.

Anticipated Vacancy Levels

Organic demand over the next 18 months is forecast to track at around three quarters the rate of trend growth before rising to levels akin to the long term average from mid-2016. However, attractive incentives and large floor plate availability in the CBD continues to draw in a number of non-CBD tenants and this is expected to further supplement net absorption figures in 2015. Some inflow to occur in 2015 includes UXC, Unilever and Campaign Monitor. This growth, coupled with the temporary withdrawal of backfill space for refurbishment is expected to be sufficient for the vacancy rate to fluctuate between 6.5% and 8.0% over the next two years despite pending new supply completions.

Source: Knight Frank/PCA

FIGURE 3

CBD Net Absorption & Vacancy per six month period (000’s m², %)

Source: Knight Frank/PCA

FIGURE 1

Sydney CBD Vacancy Rate By Grade (%)

Source: Knight Frank/PCA

FIGURE 2

Sydney CBD Prime Vacancy Rate By Precinct (%)

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NET ABSORPTION 6 MTHS TO ...(M²) -LHS

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Projection

5

RESEARCH SYDNEY CBD OFFICE MARCH 2015

was predominantly driven by A-grade face rents in the Western Corridor and Midtown precincts. This partly reflects the tighter prime vacancy rates in these areas, in particular the Western Corridor at 2.6% (refer Figure 2), but also some stagnation in premium rental growth where average premium rents of $1,280/m² have held steady. The growth in Western Corridor rents also likely reflects some uplift resulting from the improved amenity the precinct will enjoy from the Barangaroo development. Rental increases in the secondary market have been tracking above the prime rate with annual gross face growth of 4.2% as at January, with effective growth measuring 5.8%. Average secondary gross face rents as at January measure $647/m² ($517/m² net) with gross incentives moderating to between 28% and 30%. With net absorption in the CBD expected to outperform other capital city markets in 2015, face rental growth is forecast to measure 3.5% for both prime and secondary grade assets. New supply in 2016 and 2017 is expected to constrain prime growth to CPI during those years, although secondary rents are anticipated to show some relative outperformance. Incentives of around 30% have persisted over the past two years, however with the

It is anticipated that the rate of permanent withdrawals for change of use will start to gather momentum in 2017. Notwithstanding some timing uncertainty, this has the potential to underpin a potential vacancy rate of close to 6% be the end of 2017. Nonetheless, it is noted that some downside risk exists, notably in the form of partial government decentralisation where there is a mooted 100,000m² of occupied stock that may potentially be relocated to suburban markets. Again, timing remains uncertain, however it is likely to occur within three to five years. It is also noted that the lower vacancy rate in the secondary market will persist in the medium term. This outlook is supported by demand from small and mid-sized tenants underpinning leasing activity of B-grade stock as well as permanent withdrawals encompassing older, secondary assets at the end of their economic lives.

Rental Levels

As at January, annual growth in Prime face rents had increased 2.9% to $945/m² gross ($785/m² net). Prime incentives have generally stabilised at an average of 30% to 32%, although are increasingly becoming asset specific depending upon asset vacancy issues. Prime face growth

Source: Knight Frank TMT refers Technology Media & Telecommunications U/D refers undisclosed

market progressing through the early stages of a mild recovery in demand, a gradual fall in average incentives to 27.5% and 26.0% for prime and secondary grade respectively is anticipated over the next two years. These levels would still be above the 10 year average, although the dynamic between face growth and incentives means a unified effort from landlords will be required for incentives to normalise. Buildings with stabilised short term tenancy profiles will be the first to benefit.

TABLE 2

Recent Leasing Activity Sydney CBD

Address Precinct NLA (m²)

Term (yrs)

Lease Type Tenant Sector Start Date

201 Sussex St Western 33,000 12 New IAG Finance & Insurance 2018

201 Sussex St Western 9,060 10 Renewal Rabobank Finance & Insurance Mar-16

9 Hunter St Core 608 3 New Aspen Group Finance & Insurance Mar-16

1 Bligh St Core 1,050 7 New HFW Legal Jul-15

5 Martin Place Core 9,127 U/D Precomm Challenger Real Estate Mid-2015

201 Elizabeth St Core 3,456 5 New Campaign Monitor TMT May-15

45 Clarence St Western 1,230 U/D New Stone and Chalk TMT May-15

2 Park St Midtown 603 7 New Economos Business Services Apr-15

343 George St Core 2,784 U/D Exp Space Atlassian TMT Feb-15

1 York St Western 860 5.2 Sub-lease Honan Insurance Finance & Insurance Mar-15

9 Hunter St Core 944 5 New Empired Ltd TMT Feb-15

125 York St Western 1,040 5 New BlueChilli TMT Jan-15

115 Pitt St Core 556 5 New Tramada Systems TMT Dec-14

59 Goulburn St Southern 650 5 New Iron FX Global Finance & Insurance Oct-14

151 Castlereagh St Midtown 720 5 New Pearson Australia Education Sep-14

Source: Knight Frank

FIGURE 4

Average Gross Effective Rents Sydney CBD ($/m²)

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Projection

6

While local investors have competed for the bulk of assets to have sold, they have enjoyed relatively more success with more traditional office plays. The most recent example was the Challenger Life acquisition of 35 Clarence St for $137.1 million with the A-grade, western corridor asset purchased on a core yield of 6.85%. EG Funds Management also had success with the purchase of a value add opportunity at 92 Pitt St for $30.65 million. It is understood the building will be redeveloped and upgraded. However, portfolio rebalancing and capital management initiatives, particularly in H1 2014, resulted in local buyer groups being net sellers again in 2014 (refer Figure 6). AREITs have been the largest net seller of assets since the beginning of 2014 with net sales of $697.25 million. Not since July 2014, when GDI purchased 66 Goulburn St, has an AREIT made a CBD acquisition in Sydney. Although some large, core assets traded in the first half of 2014, more recent evidence has stemmed from the 25% share in 161 Castlereagh St that traded in December for $240 million. Sold with a 10

The weight of capital moving into commercial property has maintained its momentum with high levels of capital inflow continuing to result in heightened transaction volumes and firming yields. Transaction activity in the Sydney CBD during 2014 amounted to $4.64 billion in commercial office sales, which was the highest result on record, eclipsing the previous high set in 2013 of $2.96 billion. Substantially boosting activity has been strong capital inflow from offshore groups who accounted for 63.4% of 2014 sales, or $2.94 billion. Although offshore buyers have been materially active since 2011, the 2014 result broadly matched the three previous years combined. A significant driver of the increase has been a number of the largest sales consisting of assets with re-development/change of use potential, with these types of assets amounting to $1.50 billion of offshore acquisitions. Notable examples include 1 Alfred St ($425m), 175 Liverpool St ($391.03m), 338 Pitt St ($102.25m) and 233 Castlereagh St ($156.0m). It has been reported that the latter two examples could be consolidated in the event of some intervening sites being acquired.

year WALE, the transaction reflected a core yield of 5.62%. However, we understand the 25% share was bought indirectly via the acquisition of 50% of the units in a JV with ISPT, which was considered to have contributed to a modest discount on the yield.

Source: Knight Frank

FIGURE 5

Sydney CBD Sales $10 million+ By Purchaser Type ($m)

INVESTMENT ACTIVITY & YIELDS

TABLE 3

Recent Sales Activity Sydney CBD

Address Price ($ mil)

Core Mkt Yield (%) NLA (m²)

$/m² NLA

WALE (yrs)

Vendor Purchaser Sale Date

130 Elizabeth St‡ ~121.00 N/A 10,308 ~11,641 0.9 Cbus Property Ecove/Aoyuan Feb-15

175 Phillip St‡ ~45.00 N/A 8,630 ~5,214 U/D Sydney University Galileo/ISPT Feb-15

35 Clarence St 137.10 6.85 13,970 9,015 4.0 AMP (obo SunSuper) Challenger Life Jan-15

19-31 Pitt St‡ 73.00 N/A 5,518 13,229 Conf. AXF Group Dalian Wanda Group Jan-15

92 Pitt St 30.65 7.40 4,621 6,633 2.2 LaSalle Invest. Mgmt EG Funds Mgmt† Jan-15

1 Alfred St‡ 425.00 4.90 24,241 17,532 Conf. Blackstone (Valad) Dalian Wanda Group Dec-14

175 Liverpool St‡ 391.03 7.00 48,890 8,018 3.7 Sicard Pty Ltd (GIC) Shimao Property Dec-14

161 Castlereagh St# 240.00# 5.62 59,262 16,199 10.0 LaSalle Invest. Mgmt Confidential Dec-14

338 Pitt St‡ 102.25 7.25 18,579 5,503 1.7 AMP Capital Wholesale Visionary Invest. Grp Dec-14

233 Castlereagh St‡ 156.00 N/A 19,943 7,822 c.2.1 GDI Property Group Visionary Invest. Grp Nov-14

695-699 George St‡ 41.00 4.26^ 3,374 12,152 2.2 Enijoy Pty Ltd Chinese born private Nov-14

50 Pitt St 93.40 7.00 9,873 9,459 2.6 Hawaiian Property CIMB-TCA Australia Oct-14

75 Elizabeth St 67.00 6.50 6,234 10,748 2.5 Uniting Church Kingold Group Oct-14

85 Harrington St‡ 50.00 6.80 7.832 6,384 2.5 Arena Investment Golden AgeGroup Sep-14

Source: Knight Frank ‡ bought for potential residential redevelopment † on behalf of local private # 25% share ^ passing initial yield Conf. refers confidential U/D refers undisclosed

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7

RESEARCH

Nevertheless, the sale indicated demand for premium assets in the mid-5 yield range and implied further tightening compared to major core assets to sell earlier in 2014 including 275 Kent St (5.96%, April 2014) and 52 Martin Place (5.9% normalised yield, June 2014). Further evidence is anticipated from the current offering by Morgan Stanley of Investa Property Group’s balance sheet portfolio, which includes part shares in major assets such as 126 Phillip St, 225 George St and 400 George St. Indicative of the size of unsatisfied capital in the market, it is understood that a broad range of local funds and offshore groups are pursuing the portfolio. In conjunction with the quantum of capital pursuing assets, asset pricing and yield compression continues to reflect the reduction in capital costs. Over the past year there has been a 150bp reduction in 10 year Government bonds, while spreads on corporate bonds are at their lowest levels since 2007. As at January 2015, average prime core market yields are estimated to range from 5.50% to 6.75% and 7.00% to 8.00% for secondary. While these ranges represent 40bps of firming for prime assets over the past 12 months, firming of secondary has been more pronounced at 60bps. This reflects, firstly, some cyclical catch up, but also the outperformance of the secondary leasing market compared to prime. Although both grades are now trading below their 10-year average (prime 43bps tighter, secondary 24bps tighter), this needs to be placed in the context of bond yields, which have fallen to record lows. Over the past 10 years, prime yields have averaged a 427bp spread to inflation indexed bonds. However this spread currently measures 526bps, which indicates that despite approximately 110bps of prime firming through the cycle thus far, relative pricing measures substantiate the degree of compression recorded. Coupled with offshore buyers continuing to look at higher yielding markets such as Sydney CBD (by global comparison), it is likely that further compression will occur in 2015 despite the absence of a materially strong improvement in the leasing market as yet.

Source: Knight Frank

FIGURE 6

Sydney CBD Purchaser/Vendor $10 million+ sales - 2014 and YTD 2015

The steady improvement in CBD leasing conditions is anticipated to continue over the next two years. At a macro level, Australia’s shifting growth drivers away from mining investment will benefit NSW, while lower interest rates and an improving US economy have traditionally supported CBD leasing demand.

The demand from smaller tenants that is underpinning some outperformance amongst upper B-grade assets is expected to continue. In conjunction with net supply to be more pronounced in the prime market, the secondary vacancy rate will likely remain below the prime vacancy rate over the next two years.

These dynamics are forecast to see some secondary rental growth outperformance over 2015 and 2016 with face growth forecast to average 2.75% for prime and 3.25% for secondary. Positive leasing absorption and the vacancy rate remaining sub 8% is also expected to facilitate

the early stages of reducing incentives.

In the investment market, the depth of buyers seeking opportunities is expected to sustain high levels of capital inflow and transaction activity. Low interest rates are expected to continue to be a positive for asset prices with bond spreads suggesting further yield compression in 2015. The depreciation of the Australian dollar (-18.3% vs USD and -11.1% vs TWI since mid-2014) will also provide a boost to offshore buying power.

Nevertheless, the anticipated pick-up in rental growth remains a key variable in the extent to which cap rate compression translates into asset values. It is also worth noting that a potential lifting of US interest rates earlier than expected may place some upward pressure on long term bond yields in 2015, which would provide a headwind to the extent of further compression.

Outlook

Source: Knight Frank

FIGURE 7

Sydney CBD Yields Core Market Yields - Prime vs Secondary

SYDNEY CBD OFFICE MARCH 2015

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PRIME 10 YR AVE SEC 10 YR AVE

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RESEARCH Nick Hoskins Director – NSW Research +61 2 9036 6766 Nick.hoskins@au.knightfrank.com

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Dominic Ong Senior Director - Asian Markets +61 2 9036 6747 Dominic.ong@au.knightfrank.com OFFICE LEASING John Preece Head of Office Agency, Australia +61 2 9036 6705 John.preece@au.knightfrank.com

Scott Berriman Director, Office Leasing +61 2 9036 6745 Scott.berriman@au.knightfrank.com

Jonathan Laverty Director, Office Leasing +61 2 9036 6799 Jonathan.laverty@au.knightfrank.com

Kymbal Dunne Director - Major Projects +61 2 9036 6801 Kymbal.dunne@au.knightfrank.com VALUATIONS David Castles National Director +61 2 9036 6648 David.castles@au.knightfrank.com

http://research.knightfrank.com.au/auamo1503.pdfhttp://research.knightfrank.com.au/canoff1503.pdfhttp://www.knightfrank.com.au/research/sydney-suburban-office-market-overview-march-2015-2725.aspxhttp://www.knightfrank.com.au/research/global-capital-markets-report-q1-2015-2609.aspx

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