April 2015 Global Oil and Gas Cities Falling oil prices capping office demand in energy capitals – an occupier view Contents Introduction3 Section 1 – Global drivers 6 Section 2 – Global hubs 8 Section 3 – Impact on Property 10 Asia Pacific 10 North America 12 EMEA14 Oil prices have halved over the last 12 months to around $60 a barrel at the time of writing – a six year low. Prices are unlikely to rebound soon. 2 Occupier Perspective | Global Oil and Gas Cities Introduction The global oil and gas industry appears to be at an inflection point. Oil consumption in the Organisation for Economic Co-operation and Development (OECD) countries is decreasing, but demand from emerging markets is driving an overall increase in global demand. This consumption shift is also occurring at a time when new sources of supply proliferate. The shale gas revolution in North America and an upsurge in output from the Organisation of the Petroleum Exporting Countries (OPEC) and other major producers has resulted in a global glut of supply with an obvious impact on price. Oil prices have halved over the last 12 months. Brent crude is $60 a barrel at the time of writing – a 6 year low and forecasts suggest prices are unlikely to rebound soon. Historical data tells us that when such a sudden fall occurs, those cities and countries with a large exposure to oil and gas revenues are impacted and this manifests itself in many ways including the real estate market. The energy industry is subject to powerful agglomeration forces such as proximity to geographic points of extraction, production and transportation, access to talent, and political and regulatory stability. These forces drive location decisions, which result in clusters of activity. In this report we identify and assess 18 global energy hubs. Emerging from this are ‘energy centric’ cities and ‘corporate hubs’ which are vital to trade and commerce. Energy centric cities are highly dependent on the oil and gas sector at both the macroeconomic and property level. We have identified 8 such cities including Aberdeen, Abu Dhabi, Calgary, Dallas, Houston, Lagos, Perth and Stavanger. Corporate hubs are important in the global supply and trade of oil and gas. These cities typically have a broad economic and occupier base, and as such are not overly dependent on the oil sector. However, they are favoured locations for company head quarters and other key office related activities. We have identified 10 corporate hubs including Beijing, Denver, Jakarta, Kuala Lumpur, London, Moscow, Mumbai, Pittsburgh, Riyadh and Singapore. In this report we assess these locations and what the impact of the current oil price may mean for the economies and real estate markets of these ‘energy cities’. ”As major energy players adapt to falling oil prices, deferred expansions and cost cutting measures will impact demand for office space.” Richard Yorke Global Head of Occupier Research Author Occupier Perspective | Global Oil and Gas Cities 3 In the US major oil and gas firms, especially those extracting from shale, are already initiating cost cutting measures. Job losses mean that near-term demand for office space is expected to soften in Calgary and Houston. Rents are likely to fall. 01 Location of energy centric cities, corporate hubs and oil and gas company headquarters In EMEA, Aberdeen and Stavanger are especially vulnerable to the decline in the oil price. The cities are eight and five times more dependent on energy employment than nationally, respectively. Expected job losses will impact demand for space and hit rents. In Asia Pacific, Perth and Kuala Lumpur are the most vulnerable to reduced oil related activity. Employment growth is slowing sharply and planned projects postponed. Perth rents will fall. Ironically, corporate hubs such as London and Mumbai, which have a greater diversity of occupiers, are likely to benefit from lower oil prices as other industries are buoyed by lower costs of production. This will indirectly lead to stronger overall demand for office space. Conversely, Moscow rents are falling rapidly because of the collapse in oil revenues and general economic weakness. In EMEA, Aberdeen and Stavanger are especially vulnerable to the decline in the oil price. The cities are eight and five times more dependent on energy employment than nationally, respectively. 4 Occupier Perspective | Global Oil and Gas Cities 10 Calgary 51 Pittsburgh Denver Dallas Houston Ironically, corporate hubs such as London and Mumbai, which have a greater diversity of occupiers, are likely to benefit from lower oil prices as other industries are buoyed by lower costs of production. North America EMEA Asia Pacific 7 Stavanger 2 Aberdeen Moscow London Beijing 5 Riyadh Abu Dhabi 4 Mumbai Lagos 2 Kuala Lumpur Singapore Jakarta 3 Perth Source: DTZ Research Corporate hubs Energy centric cities Number of ‘Top 100’ oil and gas companies Occupier Perspective | Global Oil and Gas Cities 5 Section 1 Global drivers Non-OECD countries driving demand for oil Economic growth has a strong impact on oil demand, particularly in non-OECD countries. Developing countries tend to be more economically driven by energy intensive manufacturing and agricultural industries, rather than service industries. Non-OECD oil consumption has increased by more than 50% since 2005, driven largely by demand in India and China. Looking ahead, world GDP growth is expected to grow steadily over the next few years, driven by the growth in non-OECD countries, which will underpin the demand for oil (Figure 2). This marks a structural demand shift from OECD to non-OECD countries. Energy consumption by OECD countries is falling, due to anaemic economic growth and tighter environmental regulation. OECD counties now consume less than non-OECD. Moreover, virtually all the net increase in oil consumption in the next 25 years is expected to come from non-OECD countries. Oil prices have collapsed to a six year low At the beginning of 2015, brent crude was priced at about $50 per barrel, 50% below where it was a year earlier and the lowest since 2008 (Figure 3). The sell-off has been triggered by geopolitical conflicts (Ukraine and Iraq), softer than expected demand by China, and increased supply from North America. Moreover, OPEC has thus far not reduced production. The immediate outlook for oil prices is uncertain, but a period of prices circa $60 to 80 a barrel looks probable. This is likely to have a positive impact on world GDP growth. Despite some oil producers like Russia suffering, big oil importers like India and Japan will benefit. Higher world GDP growth is forecast to underpin firmer demand and prices in the medium term. New sources of supply are transforming the energy landscape Technology continues to unlock new sources of energy, not least shale oil and gas fields in the USA and Canada. Over the past four years around 20,000 new shale oil wells have been dug. American oil production is now nearly 9m barrels a day, just 1m short of Saudi Arabia’s output. Over the past five years, the US and Canada have seen the biggest increase in world oil and gas production. The contest between ‘shalemen and sheikhs’ has tipped the energy scales from shortage to surplus, promoting price falls. However, a protracted period of low prices is expected to reduce world production (Figure 4). Although it is unclear if the US or OPEC will cut production first, most major producers will have to tackle oversupply. 02 Growth in world GDP and oil demand (millions of tonnes) Source: Oxford Economics 8% Natural Gas demand Oil demand World GDP 4% 0% 2008 2010 2011 2009 6 Occupier Perspective | Global Oil and Gas Cities 2012 2013 2014(f) 2015(f) 2016(f) 2017(f) 2018(f) 2019(f) 03 Brent crude oil price (USD per barrel) 2013 Source: Oxford Economics ($109.9) -50% Higher GDP growth is forecast to underpin firmer oil prices from 2016 2016 ($73.5) 2014 2008 ($55.0) ($39.9) Oil prices have collapsed to a six year low 04 Average annual % growth in oil and gas production by country – historical and forecasts 2010-2014 2015-2019 Source: Oxford Economics, Haver Analytics 8% 8% 6% 6% 4% Russia Saudi Arabia Canada 6% 4% 2% 0% 8% 6% 4% 2% 0% 8% 6% 4% 2% 0% 8% 4% 2% 0% US 2% 0% World Occupier Perspective | Global Oil and Gas Cities 7 Section 2 Global hubs Saudi Arabia and Russia challenged by US oil producers At the end of 2013, the largest oil producer in the world was Saudi Arabia, followed by Russia and the US (Figure 5). The oil-drilling boom in the US has pushed the country closer to energy independence, reflecting the shale drilling boom in states such as Texas and North Dakota. In fact, oil experts predict that the US will soon overtake Saudi Arabia as the top producer globally. Although the US consumes nearly double the amount of oil it produces, the collapse in oil prices may reduce production of shale oil. Several US companies have already initiated cost cutting measures because of weakening market demands. US home to half of the world’s 100 largest listed firms Our analysis of the 100 largest listed oil and gas companies in the world show that more than half are headquartered in the US (Figure 6). Houston is home to 25 of these companies, including Schlumberger, Halliburton, Baker Hughes and ConocoPhillips. Similarly, ten of the world’s 100 largest companies are based in Calgary. Outside of North America; Beijing, Mumbai, Moscow and Perth are global centres for oil headquarters. Outside of this list of public companies, there are numerous major state-owned enterprises including Saudi Aramco (headquartered in Dhahran), Gazprom and Rosneft (Moscow) and PetroChina (Beijing). Oil industry is dependent on 18 global energy hubs In this report we have identified 18 global energy hubs. The selection of cities is based on our analysis of energy employment using location quotients (LQs) and presence of headquarters of both listed and state-owned companies. The hubs can be divided into two subgroups; energy centric cities and corporate hubs. Energy centric cities have an LQ greater than 1.25 (i.e. they are at least 25% more dependent on energy for employment than average). These cities are overly dependent on the oil and gas sector at both the macro-economic and property level. These include Aberdeen, Abu Dhabi, Calgary, Dallas, Houston, Lagos, Perth and Stavanger. Corporate hubs, with a location quotient of 1 or less, are markedly less dependent on the oil sector than energy centric cities (see Figure 7). Nevertheless, they are favoured locations for company HQ’s and other key office related activities. These include Beijing, Denver, Jakarta, Kuala Lumpur, London, Moscow, Mumbai, Pittsburgh, Riyadh and Singapore. 05 Top oil producers by country, 2013 (million barrels per day) Source: British Petroleum US 18.9 Top 3 oil producers China 10.8 Russia 3.3 Top 3 oil consumers US 10 Russia 10.8 Saudi Arabia 11.5 8 Occupier Perspective | Global Oil and Gas Cities The US consumes nearly double the amount of oil it produces 06 Headquarters for the top 100 listed energy companies, 2014 Source: Bloomberg 51/100 top listed energy companies are head quartered in the US ExxonMobil Chevron Schlumberger ConocoPhillips Enterprise Products Partners Occidental Petroleum Eog Resources Anadarko Petroleum Kinder Morgan Energy Phillips 66 Halliburton Williams Cos Kinder Morgan Energy Transfer Equity National Oilwell Varco Apache Baker Hughes Devon Energy Energy Transfer Partners Marathon Petroleum Spectra Energy Valero Energy Pioneer Natural Resources Hess Williams Partners Marathon Oil Continental Resources Noble Energy Magellan Midstream Partners Plains All Amer Pipeline Cheniere Energy Spectra Energy Partners Plains Gp Holdings Chesapeake Energy Markwest Energy Partners EQT Cabot Oil & Gas Western Gas Equity Partners Antero Resources Kinder Morgan Management Concho Resources Access Midstream Partners Fmc Technologies Enbridge Energy Partners Oneok Partners Range Resources Regency Energy Partners Southwestern Energy Oneok Cameron International Sunoco Logistics Partners Royal Dutch Shell Total Eni Statoil Petrobras Ecopetrol Sasol Repsol Formosa Petrochemical Corp Tenaris Ypf Inpex Empresas Copec Weatherford International Ultrapar Participacoes Galp Energia Suncor Energy Imperial Oil Canadian Natural Resources Enbridge Transcanada Husky Energy Cenovus Energy Crescent Point Energy Encana Pembina Pipeline 7 Gazprom Rosneft Lukoil Novatek Surgutneftegas Gazprom Neft Tatneft China 5 Petrochina China Petroleum & Chemical Cnooc China Shenhua Energy China Oilfield Services India 4 Oil & Natural Gas Corp Reliance Industries Coal India Indian Oil Corp Australia 3 Woodside Petroleum Origin Energy Oil Search UK 2 BP Bg Group Thailand 2 Ptt Ptt Explor & Prod US 51 Other 16 Canada 10 Russia 07 Energy employment location quotient – major hubs* Source: DTZ Research, Oxford Economics Energy centric cities 10 Corporate hubs 5 0 Riyadh Jakarta London Moscow Mumbai Kuala Lumpur Singapore Beijing Pittsburgh North America Denver Lagos Dallas EMEA Abu Dhabi Houston Perth Stavanger Calgary Aberdeen Asia Pacific * Energy includes Mining, Quarrying and Utilities *The location quotient compares energy employment in a city to national norms, according to the formula: (Energy city employment/total city employment)/(Energy country employment/total country employment) Occupier Perspective | Global Oil and Gas Cities 9 Section 3 Impact on property Asia Pacific Energy employment set to slow after rapid gains Beijing and Mumbai are estimated to have the largest number of energy workers (around 250,000), although this reflects their absolute size and status as corporate hubs (Figure 8). Perth is the largest ‘energy centric city’ in the region with 85,000 workers. Employment has grown rapidly in recent years due to the development of the Australian North West Shelf by the likes of BP, Chevron and ConocoPhillips. Similarly, Kuala Lumpur has seen rapid employment gains. Besides state oil company Petronas, Malaysia is home to more than 4,400 oil and gas companies. Likewise, Singapore is the world’s third largest oil trading hub. This has contributed to the demand for office space in these cities in recent years. However, energy employment is set to slow sharply in most cities over the next few years. Employment growth in Perth is likely to halve and several US firms have located away from Kuala Lumpur. This slowdown will inevitably impact demand for space. Perth new supply smallest amongst regional hubs Mumbai and Beijing are expected to see substantial increases in new office space (Figure 9). This is not surprising given their absolute size, but the expected increases as a percentage of stock is dramatic. The Beijing office stock is expected to swell by nearly 50% over the next few years. Similarly, the stock of office space in Mumbai is set to grow by over 30%. The other regional energy cities, which have a greater economic dependence on energy, will probably see much more modest increases in supply. Perth is expected to see the smallest increase in supply, reflecting the slowdown in oil related activity which is likely to delay planned investments. Perth and Kuala Lumpur rents likely to fall Perth and Kuala Lumpur are expected to see falling rents and occupier costs over the next few years, reflecting weaker oil related activity (Figure 10). Perth is one of the most expensive office markets in the region due to the importance of the oil sector. However, prime office rents declined by about 5% during 2014, and a similar fall is forecast for 2015. Rents, however, are expected to stabilise in 2016 and increase in 2017, acknowledging the anticipated recovery in the oil price. Likewise, Kuala Lumpur office rents are likely to soften this year and be unchanged in 2016. Similarly, workstation costs in Mumbai and Beijing are forecast to fall. The big increases in supply, noted above, will lead to weaker rents. Jakarta and Singapore, being economically broad based corporate hubs, will continue to see relatively rapid cost increases. Levels and changes in energy employment by city 08 Source: Oxford Economics, US Energy Information Administration, DTZ Research % Annual Average Change in Employment, 2015 - 2019 6 Perth Beijing Singapore 3 Kuala Lumpur Jakarta -2 0 Mumbai 4 8 12 % Annual Average Change in Energy Employment, 2010 - 2014 10 Occupier Perspective | Global Oil and Gas Cities 16 The economic slowdown will coincide with significant increases in supply in a number of major cities, especially in Mumbai and Beijing. This will support occupiers seeking good quality affordable space. The long term outlook for the region remains robust. David Jones Oil and Gas Team, Asia Pacific 09 Future office supply, 000’s sq m and % of stock Source: DTZ Research % of Stock 952 Mumbai 10 Kuala Lumpur Beijing 9.4 9.1 2,600 15.7 2,888 14.2 31.8 46.4 2015-17 new supply 731 Jakarta 565 Singapore 151 Perth Occupancy costs per workstation Source: DTZ Research Corporate hub Energy centric city USD 2014: 3,600 Kuala Lumpur 2014-2017: 4,200 Jakarta -0.5 3.8 % growth rate 5,100 6,000 10,700 11,100 11,900 Mumbai Asia Pacific (Average) Singapore Perth Beijing -3.0 1.5 2.5 -2.0 -1.1 Occupier Perspective | Global Oil and Gas Cities 11 Section 3 Impact on property North America Importance of energy sector exposes Huston and Calgary Houston employs the most number of energy workers, in our North America analysis, with around a quarter of a million (Figure 11). Moreover, the Greater Houston Partnership estimates that nearly 40% of Houston’s local economic activity comes from the energy sector. Similarly, around 200,000 energy workers are employed in Dallas. Likewise, Calgary is Canada’s oil and gas hub, and is the most dependent North American city according to our location quotient analysis. Around 80,000 workers are directly employed in the energy sector, which accounts for about a fifth of the national total. The city has seen rapid employment growth, averaging 5% per annum over recent years. However, given the recent oil price collapse and its implications for activity, employment levels in Calgary and Dallas are vulnerable to falls over the next few years. Employment in Denver, however, is set to rebound thanks to the broader improvement in US economic growth. Most US cities will benefit from lower oil prices. Oil occupiers have boosted rents over recent years The local real estate markets in US energy hubs are highly correlated to the health of the energy sector. The impact is particularly noticeable in Houston, where energy companies have become increasingly active, accounting for 24% of total take-up. The increased activity is reflected by rising rents. Houston recorded an increase of 9% in prime rents over 2014, reaching $43.8 per sq ft per year. In fact, rents have grown at higher rates in energy hubs compared to established business and TMT cities (Figure 12). Houston’s rental growth in 2014 was on par with top national performer San Francisco. However, falling oil prices could reverse the trend and negatively impact occupier activity. For example, Houston-based energy giant ConocoPhillips have announced they will cut their capital spending budget by 20% in 2015. Houston and Calgary rents likely to fall this year and next Amongst energy hubs, the cities with the highest location quotient, i.e. the largest energy dependence, also have the highest occupancy costs on a per workstation basis. This reflects the importance of energy occupiers over recent years. Out of the five North American hubs, Calgary is the least affordable global market (Figure 13). Similarly, Houston is the most expensive US energy hub. However, occupancy costs are well below the levels in New York and San Francisco, mainly due to a consistent stream of new inventory. The collapse in oil prices is likely to limit future cost increases, especially in energy centric cities such as Houston and Calgary. Here absorption rates and rents are likely to turn negative over the next couple of years. Levels and changes in energy employment by city 11 Source: Oxford Economics, DTZ Research % Annual Average Change in Employment, 2015 - 2019 1.5 Dallas Denver Pittsburgh 0.7 Houston -2.0 0 -2.0 Calgary -4.0 % Annual Average Change in Energy Employment, 2010 - 2014 12 Occupier Perspective | Global Oil and Gas Cities -6.0 The falling oil price will create significant challenges for some specific cities such as Houston, but the outlook for many office markets in US cities remains bright given the positive economic outlook. Martin Woodrow Oil and Gas Team, Americas Rental growth in 2014 – energy hubs versus non-energy dependent cities Source: Oxford Economics Energy hubs 13 Los Angeles New York San Francisco Dallas 3.8% 0.7% 1.0% Toronto 6.9% 6.8% Washington DC 9.1% Denver Calgary 7.3% Energy average 8.4% 7.8% Pittsburgh Houston 9.4% 4.2% 3.4% Non-energy average 12 Non-energy hubs Occupancy costs per workstation Source: DTZ Research Corporate hub Energy centric city USD 2014: 4,100 5,200 5,900 6,300 7,600 9,500 10,500 10,500 11,800 Los Angeles Denver US (average) Washington DC Houston Toronto New York San Francisco Calgary 2.4 7,500 Pittsburgh Dallas 20142017: 7,100 2.2 2.4 4.9 1.5 2.4 -2.0 2.3 3.2 5.1 -2.0 % growth rate Occupier Perspective | Global Oil and Gas Cities 13 Section 3 Impact on property EMEA Oil centric cities vulnerable to employment falls Energy employment has been falling across many EMEA cities, and this is expected to accelerate (Figure 14). Moscow and Abu Dhabi employ the largest number of energy workers, with 90,000 and 60,000 respectively. Aberdeen and Stavanger, however, are much more dependent on the energy sector and therefore vulnerable to the fall in oil prices. For example, Aberdeen is home to 38,000 energy workers and consequently is eight times more dependent on the sector than the national average (see page 4). Likewise, Stavanger – employing 10,000 workers - is five times more dependent on the energy sector than Norway as a whole. Recent falls in oil prices are likely to lead to job losses in both cities. For example, BP and Sinopec-Talisman have announced several hundred job losses at their Aberdeen operations. Demand for office space is likely to soften as a result. The big corporate hubs - Abu Dhabi and Moscow – are also expected to see job attrition. London, however, is unlikely to suffer much. London rents rising, but Moscow and Riyadh see falls Central London is an important corporate hub and the location for headquarters such as BP. Moreover, demand from oil and gas companies has increased despite the collapsing oil price. London has seen several significant lease deals in 2014 by the energy sector, including GDF Suez Energy committing to more than 60,000 sq ft in the Docklands. Moreover, oil companies such as Trafigura are setting record rents. Conversely, Moscow office rents fell by a third in 2014 due to the weakness of the Russian economy, brought about by lower oil prices, trade sanctions and increases to new supply (Figure 15). Completions hit a five year high in 2014 and the supply of vacant prime office space stands at 26%, the highest since 2008. Similarly, prime rents Riyadh have softened due to significant new supply and relocations out of the CBD. Aberdeen and Stavanger rents likely to decline sharply Stavanger and Aberdeen, where headline rents and other occupancy costs were at record levels in 2014, are likely to weaken over the next few years (Figure 16). This is due to the decline in oil related occupier demand and delivery of new supply. In Aberdeen, over 800,000 sq ft of office space is due to be delivered in 2015. Similarly, rents in Moscow will fall due to lack of demand and further increases in supply. Around 1m sq m of office space is exacted to come to market in 2015. Conversely, London rents will rise further and the West End submarket will continue to be the most expensive office market in the world. Similarly, Lagos occupancy costs will continue to rise rapidly. In contrast, occupancy costs in Abu Dhabi and Riyadh are likely to slow as oil companies and other associated occupiers reduce head counts and costs. 14 Levels and changes in energy employment by city % Annual Average Change in Employment, 2015 - 2019 Source: Oxford Economics, DTZ Research 4.0 Riyahd -15.0 -10.0 -5.0 Lagos 0 Aberdeen 5.0 London Stavenger -4.0 Moscow Abu Dhabi -8.0 % Annual Average Change in Energy Employment, 2010 - 2014 14 Occupier Perspective | Global Oil and Gas Cities 10.0 Energy centric cities such as Aberdeen and Stavanger are likely to see much less activity in the short term. Moscow is a special case given the impact of sanctions. But the fall in oil prices should provide a much needed economic boost and help support occupier demand across other European cities. James Taylor Oil and Gas Team, EMEA % Change in prime office rents 2014 15 2% 7% 1% 0% London (West End) Aberdeen Abu Dhabi Stavanger Riyadh Moscow -34% -1% Corporate hub London West End London City Moscow Riyadh 16 Energy centric city Lagos Abu Dhabi Aberdeen Stavanger Occupancy costs per workstation Source: DTZ Research Corporate hub Energy centric city USD 2014: 29,7000 London (West End) 4.1 2014-2017: 19,100 Lagos 6.0 10,800 10,500 9,200 8,800 7,900 7,200 Abu Dhabi Moscow Riyadh Aberdeen Stavenger EMEA (average) -3.0 -3.0 1.6 2.0 -11.0 2.0 % growth rate Occupier Perspective | Global Oil and Gas Cities 15 Definitions Total occupancy cost Total occupancy cost is defined as the average cost of leasing prime net usable space. Total occupancy costs include rents and outgoings. Outgoings refer to costs controlled and charged by the landlord in a multi tenant building. Outgoings normally consist of service charge and property tax. Our occupancy costs exclude easing incentives, such as rent-free periods and fit-out costs, as well as facilities costs specific to the tenant, such as cleaning or IT. We also exclude amortisation of capital and related expenditure. Prime rent The highest rent that could be achieved for a typical building/ unit of the highest quality and specification in the best location to a tenant with a good (i.e. secure) covenant. This is a net rent, excluding service charge and tax, and is based on a standard lease, excluding exceptional deals for that particular market. Location quotient The location quotient compares energy employment in a city to national norms, according to the formula below: Energy city employment/total city employment) Energy country employment/total country employment 16 Occupier Perspective | Global Oil and Gas Cities Notes Occupier Perspective | Global Oil and Gas Cities 17 Contacts DTZ’s Oil and Gas Team Contacts DTZ’s Oil and Gas Team services the needs of this sector’s clients and contacts around the world. A core group of specialists operating from regional hubs deliver a diverse range of services and real estate applied thought leadership to the sector. RESEARCH Global Head of Occupier Research Richard Yorke +44 (0)20 3296 2319 [email protected] BUSINESS EMEA James Taylor Phone: +44 (0)20 3296 3353 Email: [email protected] EMEA Liliana Stoianova Phone: +44 (0)20 3296 2079 Email: [email protected] Americas Martin Woodrow Phone: +1 303 729 2356 Email: [email protected] Asia Pacific David Jones Phone: +65 6876 6160 Email: [email protected] 18 Occupier Perspective | Global Oil and Gas Cities Occupier Perspective | Global Oil and Gas Cities 19 This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. 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