OFFICE SECTOR

RESEARCH & FORECAST REPORT

www.colliers.com
2Q 2013 I THE KNOWLEDGE
Asking base rental rates of CBD ofce buildings continue to increase. The average rent for
buildings charging rupiah jumped by 19.5% q-o-q (49.1% y-o-y) and was recorded at IDR214,319/
sq m/month. Meanwhile, buildings charging US dollar only saw a slight increase of 2% q-o-q
(29.6% y-o-y), bringing the average rent to USD34.46/sq m/month.
CBD
From 1982 to 2012, there was a total of 4.62 million sq m of ofce space within the CBD, meaning
that the annual new supply during the period was around 150,000 sq m. There will be 145,332 sq
m of new ofce space in all of 2013, of which 66% has been operating.
Last quarter saw no new ofce buildings but this quarter witnessed several new ofce towers
ofcially open. In terms of numbers of ofce towers, there are six ofce towers at four ofce
projects. Lot 18 SCBD is the project having small-scale multiple ofce towers comprising fve
towers, each around 5,000 sq m in size. The frst two towers have been in operation since 2012
and in this quarter, another three towers ofcially open.
Another two small ofce buildings that contributed new ofce space in the CBD are Tempo Pavilion
I and MD Entertainment. After having renovation on the facade, Bina Mulia II is now called Tempo
Pavillion I. Another small building ofcially opening this quarter is MD Entertainment building that
was previously known as Perkantoran Setiabudi and is located in the Kuningan area (non-prime
street). The only sizeable building ofcially ready for operation is the 64,000 sq m DBS Bank
Tower (part of the integrated Ciputra World Jakarta development). Thus far, DBS Tower is the
largest new ofce building during 2013.
No Ofce Building to Operate in Thamrin up to 2016
Supply
JAKARTA OFFICE CUMULATIVE SUPPLY
Colliers International Indonesia - Research
Jakarta Ofce Supply will reach 7 million by the end of 2013
Last quarter only saw 51,000 sq m of additional new ofce space, but in 2Q 2013, eight ofce
buildings ofcially open providing 132,873 sq m of new ofce space. Cumulatively, the amount of
ofce space in Jakarta reached 6.93 million sq m. For the last two quarters of 2013, it is projected
that there will be an additional 128,035 sq m of ofce space; this will bring the cumulative supply
in Jakarta to 7 million sq m by the end of 2013.
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
2
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6
F
s
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m
Existing Supply Annual Supply
CBD OFFICE CUMULATIVE SUPPLY
Colliers International Indonesia - Research
OUTSIDE CBD
Two ofce buildings located in TB Simatupang,
South Jakarta, contributed new ofce space
during 2Q 2013. These include Alamanda Tower
and Oleos 2 which added a total of 37,181 sq m
of new supply to bring the total cumulative
supply recorded at 2.22 million sq m.
Historically, South Jakarta is the main
contributor to the supply of ofce space in the
Outside CBD area. During 2012, 55% of the
total annual supply that entered the market is
located in South Jakarta. Meanwhile, both
operating and future ofce supply in 2013 will
be largely contributed by the South Jakarta
area (66%).
The fast-growing supply in South Jakarta is
contributed primarily by ofce buildings located
in TB Simatupang, which also includes the
Pondok Indah area. Since the cumulative supply
was still registered at 144,264 sq m in 2000,
this area has grown fast to record a cumulative
supply fgure of 428,830 sq m in 2012, growing
by about 9% annually. Up to 2Q 2013, two ofce
towers, i.e. Alamanda Tower and Oleos 2, have
been in operation and in the remainder of this
year, another 47,795 sq m is projected to be
completed, which will bring the cumulative
supply of ofce space in TB Simatupang by the
end of 2013 to 513,806 sq m. The addition of
ofce space in TB Simatupang area will
continue in 2014 when there will be a historically
high supply of 247,415 sq m in this corridor.
This will remain as the highest annual supply
until 2016.
As of 2Q 2013, the amount of total ofce space
in the TB Simatupang and Pondok Indah areas
represents around 21% of the total ofce in the
Outside CBD area.
TB Simatupang remains the main contributor in the Outside CBD
OUTSIDE CBD OFFICE CUMULATIVE SUPPLY
Colliers International Indonesia - Research
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2
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Existing Supply Annual Supply
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
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Existing Supply Annual Supply
By end of 2013, the ofce market is anticipating
additional ofce space from Menara Prima 2
located in Mega Kuningan. Another sizeable
tower, located in Jalan Gatot Subroto, plans to
fnish construction by the end of 2013 but
looking at the current construction progress in
the feld, the projected completion time is most
likely not achievable.
COLLIERS INTERNATIONAL | P. 2
JAKARTA | 2Q 2013 | OFFICE
The construction work of future ofce buildings
within the Central Business District is
progressing at a rapid pace with 71% of the
total 1.81 million sq m being planned during 3Q
2013 - 4Q 2016 have been in under construction
stage. In the meantime, the remaining 29% will
be on the market during the 3Q 2013 - 4Q 2016
period but have yet to start construction as of
now.
In Gatot Subroto, Telkom Landmark Tower,
which will comprise of two ofce towers, are
chasing its completion by early next year for the
frst tower. Similarly, St. Regis ofce and
Centennial Tower, which are also located in
Jalan Gatot Subroto, are in the construction
progress.

In Sudirman, AIA Center, a new ofce building,
which was formerly known as Menara Selaras,
has also started breaking ground. Also, two
other new ofce buildings in the Chase Plaza
complex, i.e. the Icon Tower and Sinarmas
MSIG Tower, are already under construction. In
the District 8 complex, located at Jalan Senopati
(Sudirman CBD area), two ofce towers, i.e.
Prosperity and Treasury Towers are on the
construction progress to catch up its completion
in 2015.
In the Jalan Satrio corridor, after launching
DBS Bank Tower at Ciputra World Jakarta 1, the
Ciputra Group of developers is planning to
develop their next ofce tower at Ciputra World
Jakarta 2. Complementing the ofce population
along Jalan Satrio, two ofce towers are under
way, i.e. Satrio Square and Satrio Tower .
In Jalan Rasuna Said, after the construction of
Gran Rubina 1, Triyasa Propertindo, as the
developer, will launch Gran Rubina (Tower 2)
soon. In the same area, the name of the under-
construction Rasuna Tower was changed to
Cemindo Tower. Another new tower, Menara
Palma 2, which is located across Menara Palma
1 is progressing with ground breaking. Also
planned for construction in Jalan Rasuna Said
is the replacement for Graha Surya Internusa
building, which will be demolished and
redeveloped as a new, larger ofce tower of
around 100,000 sq m.

FUTURE SUPPLY
OPERATE AND FUTURE OFFICE SUPPLY WITHIN CBD
Colliers International Indonesia - Research
About 75% of the total 1.07 million sq m of the
total future supply in the Outside CBD from 3Q
2013 to 4Q 2016 is already under construction.
Jakarta Box Ofce Tower, abbreviated as JB
Tower, was launched during the quarter and is
part of an integrated development called
Holland Village, located in the Cempaka Putih
area.
Of the total projected supply of 1.07 million sq
m, 67% will be located in South Jakarta.
0 200,000 400,000 600,000 800,000 1,000,000
2013YTD
2013F
2014F
2015F
2016F
s q m
Thamrin Sudirman Rasuna Said Mega Kuningan Gatot Subroto Satrio
P. 3 | COLLIERS INTERNATIONAL
JAKARTA | 2Q 2013 | OFFICE
NEW SUPPLY PIPELINE
PROJECTED
COMPLETION
BUILDING NAME LOCATION
SGA
(SQ M)
MARKETING SCHEME
STATUS
DEVELOPMENT
YEAR QUARTER
CBD AREA
2013 3 Menara Prima 2 Mega Kuningan 40,000 For Lease Under Construction
2013 3 Tempo Paviliun 2 (ex Bina Mulia 1) Rasuna Said 9,640 For Lease Under Construction
2014 1 Lippo Kuningan Rasuna Said 30,500 For Lease Under Construction
2014 1 Telkom Landmark Tower II Gatot Subroto 65,000 For Lease Under Construction
2014 2 Gran Rubina Tower 1 Rasuna Said 31,438 Strata-title Under Construction
2014 2 Telkom Landmark Tower I Gatot Subroto 45,000 Owner Occupied Under Construction
2014 4 Sinarmas MSIG (Chase Tower) Sudirman 75,000 For Lease Under Construction
2014 4 Satrio Square Satrio 24,600 For Lease and Strata-title Under Construction
2014 4 The Noble House Ofce Tower Mega Kuningan 45,000 For Lease Under Construction
2015 1 Ofce Tower @St Regis Gatot Subroto 90,000 For Lease and Strata-title Under Construction
2015 2 Cemindo Tower (Rasuna Tower) Rasuna Said 60,995 For Lease Under Construction
2015 2 Ciputra World Jakarta 2 Satrio 70,000 For Lease and Strata-title Under Construction
2015 2 International Financial Center Sudirman 50,000 For Lease Under Construction
2015 4 AIA Center (Menara Selaras) Sudirman 36,596 For Lease Under Construction
2015 4 Bahana Ofce Tower Mega Kuningan 50,000 For Lease Under Construction
2015 4 Mangkuluhur Tower Gatot Subroto 39,356 For Lease In Planning
2015 4 Tower Two at The City Center KH Mas Mansyur 39,204 Strata-title In Planning
2016 1 Graha Surya Internusa Rasuna Said 100,000 For Lease In Planning
2016 1 Gran Rubina Tower 2 Rasuna Said 32,000 Strata-title In Planning
2016 1 Sahid Sudirman Center Sudirman 126,600 Strata-title Under Construction
2016 4 Centennial Tower Gatot Subroto 100,000 Strata-title Under Construction
2016 4 Icon Tower Sudirman 72,500 For Lease Under Construction
2016 4 Prosperity Tower @District 8 Sudirman 71,545 For Lease Under Construction
2016 4 Satrio Tower Satrio 100,000 For Lease In Planning
2016 4 Sequis Life Tower 2 Sudirman 80,000 For Lease In Planning
2016 4 Treasury Tower @District 8 Sudirman 139,000 Strata-title Under Construction
2016 4 World Capital Tower Mega Kuningan 72,000 Strata-title In Planning
2016 4 World Trade Center III Sudirman 70,000 For Lease In Planning
continued
OPERATE AND FUTURE OFFICE SUPPLY IN OUTSIDE CBD
Colliers International Indonesia - Research
0 150,000 300,000 450,000 600,000 750,000 900,000
2013F
2014F
2015F
2016F
s q m
Central Jakarta South Jakarta North Jakarta East Jakarta West Jakarta
COLLIERS INTERNATIONAL | P. 4
JAKARTA | 2Q 2013 | OFFICE
PROJECTED
COMPLETION
BUILDING NAME LOCATION
SGA
(SQ M)
MARKETING SCHEME
STATUS
DEVELOPMENT
YEAR QUARTER
continuation
OUTSIDE CBD
2013 3 The Vida Kebon Jeruk 11,000 For Lease Under Construction
2013 4 DIPO Business Park Slipi 19,600 For Lease and Strata-title Under Construction
2014 2 GP Plaza Slipi 12,204 Strata-title Under Construction
2014 2 Wisma 77 Tower 2 S. Parman 24,200 Strata-title Under Construction
2014 3 The Suites Pantai Indah Kapuk 13,200 Strata-title In Planning
2014 4 Altira Yos Sudarso 40,000 Strata-title Under Construction
2014 4 Kirana Two Yos Sudarso 17,563 For Lease and Strata-title Under Construction
2014 4 Menara Sentraya Blok M 52,072 For Lease and Strata-title Under Construction
2015 1 Gallery West Kebon Jeruk 29,000 Strata-title Under Construction
2015 1 Puri Indah Financial Tower Puri Indah 38,500 Strata-title Under Construction
2015 1 Sky 18 Tower Pasar Minggu 27,500 Strata-title Under Construction
2015 1 St Moritz Ofce Tower Puri Indah 19,500 Strata-title Under Construction
2015 2 MNC Tower II Kebon Sirih 20,000 For Lease Under Construction
2015 2 Soho Capital S. Parman 36,000 Strata-title Under Construction
2015 4 Holland Village Cempaka Putih 27,000 Strata-title Under Construction
2015 4 Jakarta Box Tower Kebon Sirih 36,000 For Lease Under Construction
2015 4 LVenue Pasar Minggu 41,597 Strata-title In Planning
2015 4 Maxima Tower Kelapa Gading 8,000 Strata-title Under Construction
2016 1 Soho Pancoran MT Haryono 48,911 Strata-title Under Construction
TB SIMATUPANG
2013 3 Gedung Aneka Tambang Tower 2 16,000 For Lease Under Construction
2013 3 Talavera Suite 17,172 For Lease Under Construction
2013 3 The CEO 5,023 For Lease Under Construction
2013 4 Beltway Ofce Park Tower 3 9,600 For Lease Under Construction
2014 1 Green Kosmo Mansion (GKM) Tower 23,000 For Strata-title Under Construction
2014 1 The Manhattan Square 39,375 For Lease and Strata-title Under Construction
2014 2 Palma Tower 20,484 For Lease Under Construction
2014 2 18 Ofce Park (Cityland Tower) 40,000 For Lease and Strata-title Under Construction
2014 3 Plaza Oleos 39,778 For Lease and Strata-title Under Construction
2014 4 Graha MRA 13,000 For Lease Under Construction
2014 4 Metropolitan Tower 44,000 For Lease and Strata-title Under Construction
2014 4 South Quarter Tower 1 40,778 For Strata-title Under Construction
2015 1 AD Premier 18,900 For Lease Under Construction
2015 4 Naras Tower 19,000 For Lease In Planning
2015 4 South Quarter Tower 2 40,778 For Lease In Planning
2015 4 South Quarter Tower 3 40,778 For Lease In Planning
2015 4 The Manhattan Square Tower 2 39,372 For Lease In Planning
2016 4 Beltway Ofce Park Tower 4 25,600 For Lease In Planning
2016 4 Signum North Tower 18,000 For Lease In Planning
2016 4 The Manhattan Square Tower 3 39,375 For Lease In Planning
Colliers International Indonesia - Research *) Under Construction: where construction activity is in progress, including either foundation or superstructure.
In Planning: no contruction activities on site but all permits have been approved by the Government.
P. 5 | COLLIERS INTERNATIONAL
JAKARTA | 2Q 2013 | OFFICE
Demand
OFFICE ABSORPTION DURING THE FIRST TWO QUARTER IN 2009 - 2013 PERIOD
Colliers International Indonesia - Research
Within the CBD, based on sub-market, the
average occupancy in Jalan Thamrin and Jalan
Satrio recorded an upward trend, albeit
modestly. In the Jalan Thamrin sub-market, the
average occupancy rate was higher by 1.2%
q-o-q which was similar to the occupancy level
in Jalan Satrio and Jalan Rasuna Said. The
performance of DBS Bank Tower also helped
the occupancy rates to rise slightly higher in
Jalan Satrio. The occupancy level in Jalan
Rasuna Said was also stable, even with the
addition of Tempo Pavilion I because the
building has secured tenants like Blue Chip and
ICC at the beginning of its re-operation after
renovating work.
Conversely, the average occupancy rates in the
Sudirman and Gatot Subroto sub-markets
recently experienced a moderate downward
trend. Despite a negligible drop of less than 1%
q-o-q, the decline has characterised the recent
slowdown in ofce absorption.
Bank Permata Tower has been renamed
Mayapada Tower 2 after releasing the last part
Permata Bank that moved to WTC 2. Despite
having two new major tenants (pharmaceutical
and insurance companies) as replacements, the
vacancy level of this building is still high.
Another space of around 500 sq m, which was
vacated by a chemical company, was in a
building located in Jalan Sudirman. Likewise,
an advertising company left around 400 sq m
in a building located in Jalan Gatot Subroto. In
Jalan Thamrin, a company specialising in
organising trade exhibitions moved out of a
building located close to the Hotel Indonesia
roundabout.
With dynamic tenant activity during the quarter
seeing tenants coming and going, the ofce
market reached a balance and the level of
occupancy in the CBD remains at 97%. Despite
recording an impressive occupancy level, the
amount of ofce space absorption during the
frst two quarters of this year indicates a
weakening trend when compared to the same
period in each of the last three years.
The overall occupancy in Jakarta in 2Q 2013 was relatively stable and stood at 95%.
CBD
0
50,000
100,000
150,000
200,000
250,000
1Q-2Q 2009 1Q-2Q 2010 1Q-2Q 2011 1Q-2Q 2012 1Q-2Q 2013
s
q

m
In the premium class ofces, an ofce building
located in Jalan Thamrin announced vacant
space of around 1,200 sq m after a mineral
company relocated to another ofce building in
the Outside CBD area and an embassy from an
Asian country moved part of their ofce space
to their own building. Another premium grade
building in the Sudirman CBD saw additional
vacant space during the quarter but this was
counterbalanced by the increasing performance
of two other premium ofce buildings located in
Jalan Sudirman. Meanwhile, the Grade A
buildings experienced a moderate increase in
occupancy while other lower grade buildings
witnessed a modest drop in occupancy, by 1.8%
q-o-q. The Grade C category buildings seemed
to beneft from their lower rents, evidenced by
the modestly increasing occupancy level. The
lower grade ofce buildings enticed newly
established companies with a prime ofce
location but at an afordable rate. To further
maximise this segment, several lower grade
buildings did renovation work to rejuvenate
their buildings appearance.
COLLIERS INTERNATIONAL | P. 6
JAKARTA | 2Q 2013 | OFFICE
OCCUPANCY RATES IN DIFFERENT OFFICE GRADES
Colliers International Indonesia - Research
90%
91%
92%
93%
94%
95%
96%
97%
98%
99%
100%
Premium Grade A Grade B Grade C
2012 1Q 2013 2Q 2013
An equilibrium was also seen in the Outside
CBD ofce market. The average occupancy rate
in this area was 93.8%, which was stable
compared to the previous quarter.
A number of tenants moved into their new
premises during the quarter. Graha Kanaan,
Elnusa, Gandaria Eight and Wisma Pondok
Indah 3 are the buildings registering the infux
of new tenants during the quarter. New tenants
were mainly oil and gas, mining and construction
companies. On the contrary, the occupancy
level in several buildings decreased. A
telecommunications company, for example,
relocated part of their space from an ofce
building in Pondok Indah to a building in the
CBD. Other than that, we also note that some
tenants relocated to their own buildings.
The occurrence of global oil companies along
Jalan TB Simatupang will continue to entice
other associated business to search for ofce
locations in this corridor. Another growing
sector in this corridor is the mining industry;
one mining company from Japan and another
oil-related company will move to Menara 165.
The average occupancy rate in TB Simatupang
and surrounding area was still relatively stable
at 97%.
OUTSIDE CBD
OCCUPANCY RATES IN TB SIMATUPANG AND THE OUTSIDE CBD AREA
Colliers International Indonesia - Research
80%
82%
84%
86%
88%
90%
92%
94%
96%
98%
100%
2008 2009 2010 2011 2012 2013 YTD
Outside CBD TB Simatupang
P. 7 | COLLIERS INTERNATIONAL
JAKARTA | 2Q 2013 | OFFICE
PRE-COMMITTED DEMAND FOR FUTURE OFFICES FOR LEASE IN THE CBD
Colliers International Indonesia - Research
PRE-COMMITTED DEMAND FOR FUTURE OFFICES FOR LEASE IN THE OUTSIDE CBD
Colliers International Indonesia - Research
ANNUAL OFFICE SPACE ABSORPTION IN TB SIMATUPANG
Colliers International Indonesia - Research
0
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30,000
40,000
50,000
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70,000
80,000
90,000
100,000
2009 2010 2011 2012 2013 YTD
s
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m
The pre-committed demand level of the future
ofce buildings for lease was somewhat similar
to the previous quarter. As of 2Q 2013, we
were reported that one under construction
ofce building in Mega Kuningan was projected
to be completed later this year and still recorded
high vacancy. In the Outside CBD area, one
future building in TB Simatupang recorded
higher pre-committed occupancy than in the
previous quarter.
PRE-COMMITTED DEMAND OF OFFICE FOR LEASE
0 100,000 200,000 300,000 400,000 500,000
2013F
2014F
2015F
2016F
s q m
Space Absorbed Annual Supply
0 40,000 80,000 120,000 160,000 200,000
2013F
2014F
2015F
2016F
s q m
Space Absorbed Annual Supply
P. 8 | COLLIERS INTERNATIONAL
JAKARTA | 2Q 2013 | OFFICE
CBD
Asking Base Rental Rates and Service Charge
AVERAGE ASKING BASE RENTAL RATES IN THE CBD BASED ON GRADE
Colliers International Indonesia - Research
AVERAGE ASKING BASE RENTAL RATES IN THE CBD
Colliers International Indonesia - Research
The average asking base rental rates in this
report are based on available space in the
market. The average asking base rent of the
buildings charging US dollar rent in the Premium
and Grade A segments climbed by about 12%
q-o-q to reach US$42.72/sq m/month. In this
segment, the average asking base rent for
buildings quoting rupiah rent experienced a
substantial jump of 20% q-o-q to an average of
IDR241,940/sq m/month. During the quarter,
several Premium and Grade A ofce buildings
introduced new rental rates. Several buildings
with limited vacant space continued to charge
higher rents by around US$5.00/sq m, while
some even increased it by up to US$10.00/sq
m for their available space. In some cases
where ofce buildings are charging in rupiah,
new tenants were ofered rents that were
IDR50,000/sq m higher than the previous
quarter. Newly operating ofce buildings also
contributed to the overall increase when their
rental tarif is above average.
For all classes of buildings, the average asking
base rent for ofce buildings charging in rupiah
edged higher by 19.5% q-o-q to IDR214,319/sq
m/month. In the meantime, buildings charging
US dollar rent represent 30% of the total space
in the CBD. Meanwhile, the average asking base
rent for ofces charging in US dollars moved
slightly upward by around 2% q-o-q, bringing
the average asking base rent to US$34.46/sq
m/month in 2Q 2013.
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
IDR 0
IDR 48,500
IDR 97,000
IDR 145,500
IDR 194,000
IDR 242,500
IDR 291,000
IDR 339,500
IDR 388,000
1
9
9
5

1
9
9
6

1
9
9
7

1
9
9
8

1
9
9
9

2
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2

2
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2
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4

2
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6

2
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7

2
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0

2
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1

2
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1
2

2
0
1
3
Y
T
D
IDR US$
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
IDR 0
IDR 98,000
IDR 196,000
IDR 294,000
IDR 392,000
IDR 490,000
IDR 588,000
Premium Grade A Grade B Grade C
IDR US$
P. 9 | COLLIERS INTERNATIONAL
JAKARTA | 2Q 2013 | OFFICE
AVERAGE ASKING BASE RENTAL RATES IN THE OUTSIDE CBD
Colliers International Indonesia - Research
AVERAGE ASKING BASE RENTAL RATES IN TB SIMATUPANG
Colliers International Indonesia - Research
TB SIMATUPANG
Ofce buildings located in the TB Simatupang
and Pondok Indah areas continued to be the
main trigger in boosting the average base rent
in the outside CBD area. The average base rent
charging rupiah moved upward to IDR136,896/
sq m/month refecting a moderate increase of
14.4% q-o-q. Three ofce buildings that started
operations in 2011 and 2012 introduced higher
rental rates ranging between IDR20,000 and
50,000/sq m/month. An ofce compound in
Pondok Indah also adjusted its base rent
upwards from IDR20,000 to 25,000/sq m/
month. For US dollar rents, the average rental
rates only moved slightly to US$17.85/sq m/
month.
$0.00
$3.00
$6.00
$9.00
$12.00
$15.00
$18.00
IDR 0
IDR 29,100
IDR 58,200
IDR 87,300
IDR 116,400
IDR 145,500
IDR 174,600
2005 2006 2007 2008 2009 2010 2011 2012 2013YTD
IDR US$
$0.00
$4.00
$8.00
$12.00
$16.00
$20.00
IDR 0
IDR 38,800
IDR 77,600
IDR 116,400
IDR 155,200
IDR 194,000
2005 2006 2007 2008 2009 2010 2011 2012 2013YTD
IDR US$
OUTSIDE CBD
In the Outside CBD area, both rental rates in
rupiah and US dollars edged higher during the
quarter. The average base rent in US dollars
was US$19.18/sq m/month climbing about
14.8% q-o-q. The average rent in rupiah rose
by 9.9% q-o-q and was IDR136,065/sq m/
month.
COLLIERS INTERNATIONAL | P. 10
JAKARTA | 2Q 2013 | OFFICE
Strata-Title Ofces
About 48% of the total future supply until 2016
in Jakarta will be ofered as ofces for sale.
In the CBD, the cumulative supply of strata-title
ofces was 816,829 sq m during 2Q 2013.
From 2013 - 2016, the total ofce supply for
sale is projected to reach 746,627 sq m in the
CBD.
Colliers International Indonesia - Research
PRE-COMMITTED TAKE-UP RATES OF STRATA-TITLE OFFICE IN THE CBD
The overall take-up rates of strata-title ofces
reached 99% in the CBD. Furthermore, some
ofce buildings projected be completed in 2016
have secured high pre-committed sales. Sahid
Sudirman and Centennial Tower have recorded
high sales rates while the construction is still
underway. Another under-construction projects
captured a 50% take-up rate, like two ofce
towers in the District 8 complex, i.e. Prosperity
and Treasury Tower. In a similar case, Gran
Rubina has recorded signifcant sales of 72%
within eight months since it was frst
marketed.
The good performance of ofces in the Outside
CBD has raised the take-up rates in the area to
94%. This area has becoming more attractive
for strata-title ofces with more being
introduced, like Kirana Two, Holland Village and
Altira.
TAKE-UP RATES; 48% of total space for sale up to 2016
0 100,000 200,000 300,000 400,000 500,000 600,000
2014F
2015F
2016F
s q m
CBD Space For Strata-title Take up
SERVICE CHARGE
The fuel price hike has yet to have an immediate
impact on the service charge cost, at least until
the end of 2Q 2013. The average service
charge, q-o-q, for ofce buildings charging in
rupiah was stable at IDR61,296/sq m/month.
The average rent in US dollars was US$6.54/
sq m/month.
In the Outside CBD area, the average service
charge was IDR42,703/sq m/month and
US$5.63/sq m/month.
P. 11 | COLLIERS INTERNATIONAL
JAKARTA | 2Q 2013 | OFFICE
COLLIERS INTERNATIONAL INDONESIA:
World Trade Centre 10th & 14th foors
Jalan Jenderal Sudirman Kav. 29 - 31
Jakarta 12920
Indonesia
TEL 62 21 521 1400
FAX 62 21 521 1411
482 ofces in
62 countries on
6 continents
United States: 140
Canada: 40
Latin America: 20
Asia Pacifc: 195
EMEA: 85

$2.0 billion in annual revenue 2012

1.1 billion square feet under management

Over 13,500 professionals

Copyright 2012 Colliers International
The information contained herein has been obtained
from sources deemed reliable. While every reasonable
efort has bee made to ensure its accuracy, we cannot
guarantee it. No responsibility is assumed for any inac-
curacies. Readers are encouraged to consult their pro-
fessional advisors prior to acting on any of the material
contained in this report.
www.colliers.com
Accelerating success.
Michael Broomell
Managing Director
World Trade Centre 10th & 14th foors
Jalan Jenderal Sudirman Kav. 29 - 31
Jakarta 12920
Indonesia
TEL 62 21 521 1400 ext 131
FAX 62 21 521 1411
Ferry Salanto
Associate Director, Research
World Trade Centre 10th & 14th foors
Jalan Jenderal Sudirman Kav. 29 - 31
Jakarta 12920
Indonesia
TEL 62 21 521 1400 ext 134
FAX 62 21 521 1411
Email: [email protected]
ASKING PRICE
Asking prices of future strata-title ofces within
the CBD continue to soar with some future
strata-title ofces setting initial prices of above
IDR40 million/sq m in 2Q 2013. Four strata-
title ofces changed the average market price
when they introduced a price adjustment of
between IDR5 and 20 million/sq m.

In the Outside CBD, most of the future buildings
ofer asking prices of between IDR25 and 35
million/sq m for buildings located in the
commercial district. In other areas where there
are not many ofce buildings, prices range from
IDR16 to I20 million/sq m.
Colliers International Indonesia - Research
PRE-COMMITTED TAKE-UP RATES OF STRATA-TITLE OFFICE IN THE OUTSIDE CBD
0 100,000 200,000 300,000 400,000 500,000 600,000
2014F
2015F
2016F
sq m
CBD Space For Strata-title Take up
Outlook
Construction activities show rapid progress,
not only for the under-construction ofce
projects but also for some in-planning ofce
projects. This suggests that many future ofce
projects will be delivered as scheduled.
Amid the continuing upward rent trend, leasing
activities have subsided with some tenants
indicating that they would consolidate further
before making a new leasing decision. The
signifcantly increasing prices have caused
existing tenants to put of their plans for
expansion. In addition, the escalation in fuel
prices has also become a factor in their delaying
expansion of their ofce space.
JAKARTA | 2Q 2013 | OFFICE