RENTS租金 The average ground floor fixed rent for Dalian’s mid- to high-end shopping centres decreased by 2.9% h-o-h to RMB647.1 psm per month. By catchment, Qingniwaqiao remained the most expensive area, with rent growing by 7.1% h-o-h to RMB1,038.7 psm per month. Xi’an Road ranked second by rent, with an average of RMB956.9 psm per month and a growth rate of 2.8% h-o-h. Renmin Road had the highest rental growth of 7.2% h-o-h, with rents increasing to RMB446.1 psm per month. In contrast, the “Other” catchment (which includes Capital Mall Peace Plaza, Parkson Shopping Centre, Ansheng Mall, iMall and Wanda Plaza) saw a rental decrease of 3.2% h-o-h to RMB477 psm per month. 大连中高端购物中心首层平均固定租金半年环比下降2.9%，至647.1元 每月每平方米。按商圈看，青泥洼桥仍是租金最高的区域，其租金环比 增长7.1%，至1,038.7元每月每平方米。西安路租金紧随其后，平均 956.9元每月每平方米，环比增长2.8%。人民路租金涨幅最高，环比增 长7.2%，至446.1每月每平方米。相反，其他商圈（包括凯德和平广 场、百盛购物中心、安盛购物广场、万和汇购物广场和万达广场）租金 环比下跌3.2%，至477元每月每平方米。 Chart 2: Rents of the Dalian Prime Retail Market 图2： 大连优质商铺市场物业租金 Chart 1: New Supply and Net Absorption of the Dalian Prime Retail Market 图1： 大连优质商铺市场新增供应量和净吸纳量 Source: Research, Colliers International, Beijing数据来源：北京高力国际调研部Source: Research, Colliers International, Beijing数据来源：北京高力国际调研部 RMB psm per month | 人民币每月每平方米 6% 8% 4% 2% 0% -2% -4% -6% -8% -10% 500 400 300 200 100 600 700 800Rental | 租金Growth Rate | 增长率 (Y-o-Y) 2H091H102H101H112H111H122H121H13 sqm | 平方米 14% 12% 8% 10% 6% 4% 2% 0% 100,000 50,000150,000 200,000 250,000 New Supply | 新增供应Net Absorption| 净吸纳量Vacancy Rate | 空置率 2H091H102H101H112H111H122H121H13 of end-1H13. The quick absorption of the new supply showed that the demand for Dalian’s retail property market remained stable in 1H13. No new luxury or international designer brands entered or expanded in Dalian during 1H13. Furthermore, some tenants surrendered their positions at certain high-end shopping centre, and led to a rose in average vacancy rate at high-end shopping centres. However, leasing activity was active from domestic brands, especially in the fashion, accessories, education, home & lifestyle, and F&B sectors. Notable leasing transactions included: Show Yoga leasing 300 sqm at The Galleria; Make Up & Cosmetics taking up 80 sqm at Parkland; Giorgio Armani and Koreano each committing to 100 sqm at Mykal Department Store; Honourable Sir Royal Wedding Photo leasing 120 sqm at Tianxing Roosevelt Centre; Feilage Wedding Photo taking up 200 sqm at Kaisa Plaza; and Le’Teen committing to 100 sqm at New World Department Store. 2013年上半年期间，无新奢侈品或国际设计师品牌进入或在大连市场扩张。 此外，一些租户放弃在高端购物中心的铺面，导致高端购物中心空置率上 升。然而，国内品牌租赁行为活跃，特别是在时装业、配饰、教育、家居及 生活方式和餐饮业。值得关注的租赁交易包括：Show Yoga在名店坊新租300 平方米；Make Up & Cosmetics在百年商城新租80平方米；Giorgio Armani和 Koreano各自在麦凯乐百货新租100平方米；Honourable Sir Royal Wedding Photo在天星罗斯福国际中心新租120平方米；Feilage Wedding Photo在大连 佳兆业广场新租200平方米；Le’Teen在新世界百货新租100平方米。 The investment market for retail properties was quiet in 1H13, with no en bloc sales transactions disclosed or concluded. Strata-title sales dominated the investment market. Given a limited number of targets, some investors chose to invest in less-established assets with value- added potential or locations in non-core catchments. 2013年上半年，商铺物业投资市场平静，无整售交易公布或签订。投资 市场为散售交易活动所主导。由于投资目标有限，一些投资者选择购买 未尽成熟却颇具增值潜力的商铺物业，或位于非核心商圈的资产。 INVESTMENTS投资 RESEARCH & FORECAST REPORT| 1H 2013 |RETAIL |DALIAN P. 2| COLLIERS INTERNATIONAL No new supply is scheduled to debut during the last six months of this year, though three new developments with a total combined GFA of approximately 300,000 sqm are scheduled for completion in 2014. Given the signifcant boost in total stock in 1H13 and the scheduled completions in 2014, landlords will face pressure of leasing for the next couple of years. 今年下半年无新供应计划入市，但三个建筑面 积总计约300,000平方米的新发展项目计划于 2014年完工。鉴于2013年上半年总存量显著 提升，且2014年有新项目计划完工，未来两年 内业主将面临租赁压力。 The overall vacancy rate is forecast to increase given the large amount of new supply planned for 2014. Two of the new developments will be located in traditional core catchments and positioned as high-end shopping centres. The third will be located in the Dalian Development Area and positioned as the most attractive shopping centre in that area. Meanwhile, rents are projected to remain stable throughout the rest of 2013 and decrease moderately in 2014, given the growth of the overall vacancy rate. 鉴于2014年的大量新供应，整体空置率预计将 上升。两个新项目将落成于传统核心商圈并定 位为高端购物中心。第三个新项目位于大连经 济技术开发区，定位为该区域最具吸引力的购 物中心。同时，2013年剩余时间内，租金预计 将保持稳定。由于整体空置率的上升，2014年 租金预计将小幅下降。 In the investment market, the performance of retail property assets is expected to remain positive for the next six months and the following 12 months. Certain catchments, particularly traditional core areas, should continue to see yield compression due to limited investment targets and improved quality at new completions. 在投资市场，商铺物业资产的表现预计未来6 到12个月内将保持乐观态势。在某些商圈，特 别是传统核心区域，由于投资目标有限且新落 成项目质量的提高，回报率应将继续萎缩。 OUTLOOK展望 Accelerating success. 482 ofces in 62 countries on 6 continents USA140 Canada42 Latin America20 Asia Pacifc195 EMEA85 $2 billion in annual revenue 104 million sqm under management over 13,500 professionals worldwide CHINA: Beijing Suite 502, Tower W3, Oriental Plaza, No.1, East Chang An Avenue, Dongcheng District, Beijing, 100738, P. R. China George Yeung Managing Director North China TEL+86 10 85181633 FAX+86 10 85181638 george.yeung@colliers Carlby Xie Director Research, China TEL+86 21 61413590 FAX+86 21 61413699 carlby.xie@colliers This report and other research materials may be found on our website at .Questions related to information herein should be directed to the Research Department at the number indicated above.This document has been prepared by Colliers International for advertising and general information only.Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability.Any interested party should undertake their own inquiries as to the accuracy of the information.Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.Colliers International is a worldwide affiliation of independently owned and operated companies. RESEARCH & FORECAST REPORT| 1H 2013 |RETAIL |DALIAN