Research & Forecast Report · Source: Colliers International Indonesia - Research Thamrin Nine is projected to be the tallest office building in Jakarta in the future and will have

Research & Forecast Report

3Q 2014Accelerating success.

“This quarter is a challenging period for the office market. The number of office space inquiries weakened and the downswing is highlighted by the declining occupancy rate in the CBD of 1% to 95.4% YoY. The average asking base rental rate for Grade A and Premium class US dollar denominated buildings also dropped modestly by 1.7% QoQ to USD42.84/sq m/month.”

- Ferry Salanto, Associate Director | Research

OFFICE SECTORLeased OfficeSupply in the CBD

The CBD is anticipating a huge additional supply in the five years ahead looking at the construction progress of future office buildings. It appears that at least three office buildings will be completed as scheduled and bring 187,805 sq m of additional supply at the end of 2014.

As of 3Q 2014, the cumulative supply of office space in the CBD was 4.78 million sq m. Despite no new supply during the quarter, demolition of the Graha Surya Internusa office building for redevelopment has been started and this reduces the cumulative supply. Later, there will be a new office building of around 100,000 sq m on this site.

CBD Office Cumulative Supply

Source: Colliers International Indonesia - Research

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

2008

2009

2010

2011

2012

2013

2014

YTD

2014

F

2015

F

2016

F

2017

F

2018

F

sq m

Existing Supply Annual Supply

There will also be a redevelopment project in Jalan MH Thamrin. An existing shopping center will be demolished beginning in late 2014. With an approved high plot ratio for this site, a new landlord will develop a high-rise office building cum apartment towers with a planned completion in 2019.

The new plot ratio policy for certain business areas set out by the DKI Jakarta Government has urged developers to consider replacing old buildings with taller and more modern buildings to maximize the allowable building size. In the years ahead, the CBD will see several more high-rise office buildings.

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2

Annual CBD Future Office Distribution Based on Sub Market


Thamrin Nine is projected to be the tallest office building in Jakarta in the future and will have an area of around 100,000 sq m on 70 floors, and will be taller than the tallest existing office buildings in Jakarta, i.e. Menara BCA (52 floors) and Wisma 46 (50 floors). Other high-rise office buildings are expected in Jakarta, namely Pertamina Tower and Signature Tower, which are currently in planning stages.

Although construction activity keeps progressing, several future office buildings have confirmed that they will reschedule their completions as of 3Q 2014. However, in addition, by the end of 2014, the construction work on future office buildings due for completion in 2015 - 2018 is still showing progress. Based on numbers, 29 of 37 future office buildings or 83.2% of the 2.36 million sq m additional supply expected from 2015 to 2018 are under construction.

Sudirman still leads as the major contributor of new office buildings in the CBD. The total future supply in the CBD until 2018 will be 2.51 million sq m, and 41.1% will be in Sudirman. Gatot Subroto and Mega Kuningan will also grow by contributing 21.1 and 13.1%, respectively, of the total future supply in 2015 - 2018.

0 300,000 600,000 900,000 1,200,000

Thamrin

Sudirman

Rasuna Said

Mega Kuningan

Gatot Subroto

Satrio

sq m2014F 2015F 2016F 2017F 2018F

Supply in the Outside CBD and

TB Simatupang

The amount of future office space will also increase in the outside CBD area. Ciputra Group will soon develop a superblock called Ciputra International on 7.4 hectares of land near the Outer Ring Road in West Jakarta. This group will also develop an office park in Kemayoran, Central Jakarta that will sit on 1.8 ha of their land bank and consist of two office towers connected by a retail arcade.

Besides Ciputra, Pondok Indah, Agung Podomoro Land (APL) and Lippo Group are among the big developers with office projects under construction in West Jakarta. Pondok Indah is developing Puri Financial Tower and APL is developing their latest office building project within the Podomoro City complex, SOHO Capital. Lippo is also developing an office building within the St. Moritz complex in Puri Indah. In addition to Puri, Lippo will also add to their portfolio by developing an office tower within Lippo Holland Village in Cempaka Putih, Central Jakarta. Additionally, an office building located within the Gallery West complex in Kebun Jeruk, West Jakarta will also be integrated with apartments and a hotel. All of the office buildings mentioned above are projected be completed in 2015 and 2016.

South Jakarta, especially TB Simatupang remains the most desirable area. Three new office towers by Intiland Group at a mixed-use development called South Quarter are projected to begin operations in 2015 in TB Simatupang. Then, after Tower 1 is in operation, Sumber Mesin Raya, the owner, will also launch The Manhattan Square Tower 2. This office building is projected to begin operations in 2017. The other projected office building in TB Simatupang is The Sima, located within a residential development called Izzara. With 60,000 sq m of floor space, this office building is scheduled to be completed in 2017. Another two office buildings, Cibis Tower and Arkadia Tower G, were also launched recently as additional new supply in TB Simatupang. These two office buildings will commence construction in late 2014. With the projects mentioned above, the total future supply in the outside CBD is expected to reach 1.27 million sq m from 2014 to 2018.

Based on construction progress, 58.1% of the total space projected to begin operations in 2015 - 2018 is now under construction.

As mentioned above, South and West Jakarta will contribute 51.8 and 26.6%, respectively, more than the other areas. TB Simatupang will contribute 48.1% of the total future supply in the outside CBD during 2014 - 2018. The 631,221 sq m of new supply in TB Simatupang by 2018 will represent 92.9% of the total future supply in South Jakarta.

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3

Annual Outside CBD Future Office Distribution Based on Region


Outside CBD Office Cumulative Supply


0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

2008

2009

2010

2011

2012

2013

2014

YTD

2014

F

2015

F

2016

F

2017

F

2018

F

sq m


In 3Q 2014, The Manhattan Square and Palma Tower, both of which are located in TB Simatupang in the outside CBD, were ready for tenant occupation. These office buildings brought 59,859 sq m of additional supply and brought the cumulative supply in the outside CBD to 2.39 million sq m.

With the additional office space, the cumulative supply in TB Simatupang was 536,806 sq m as of 3Q 2014. In the remaining quarter of 2014, the outside CBD will see another 131,826 sq m of office space, of which 70.4% will be in TB Simatupang.

0 150,000 300,000 450,000 600,000 750,000

Central Jakarta

South Jakarta

North Jakarta

East Jakarta

West Jakarta

sq m

2014F 2015F 2016F 2017F 2018F

Annual Future Office Distribution in TB Simatupang and Outside CBD exclude TB Simatupang


TB Simatupang Office Cumulative Supply


0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

2008

2009

2010

2011

2012

2013

2014

YTD

2014

F

2015

F

2016

F

2017

F

2018

F

sq m


0 150,000 300,000 450,000 600,000 750,000

TB Simatupang

Outside CBD exclude TB Simatupang

sq m

2014F 2015F 2016F 2017F 2018F

Research & Forecast Report | 3Q 2014 | Office | Colliers International




4 Research & Forecast Report | 3Q 2014 | Office | Colliers International


Source: several sources

Some Construction Progress of Future Office Buildings in 2014 - 2018

Office Tower at District 8 Sequis Tower 2 Office Tower at St Moritz

Future Large Office Buildings of More Than 90,000 sq m

Sahid Sudirman Capital Palace Centennial Tower Treasury Tower

138,500 sq m 90,511 sq m 100,000 sq m 139,000 sq m52 storeys 46 storeys 48 storeys 55 storeys

2015 2016 2016 2017

Thamrin Nine Astra Tower PCPD Tower SSI Tower

97,500 sq m 100,000 sq m 96,000 sq m 100,000 sq m70 storeys 50 storeys 40 storeys 40 storeys

2017 2017 2017 2018





New Supply Pipeline

projected completion office building projects name location sga marketing scheme status development

cbd

2014 Sinarmas MSIG Sudirman 75,000 For Lease Under construction

2014 The Noble House Office Tower Mega Kuningan 45,000 For Lease Under construction

2014 Gran Rubina Tower 1 Rasuna Said 31,438 For Sale Under construction

2015 Ciputra World Jakarta 2 Satrio 70,000 For Lease & Sale Under construction

2015 International Financial Center 2 Sudirman 50,000 For Lease Under construction

2015 AIA Center (Menara Selaras) Sudirman 47,000 For Lease Under construction

2015 Cemindo Tower Rasuna Said 60,995 For Lease Under construction

2015 Sahid Sudirman Center Sudirman 138,500 For Lease & Sale Under construction

2015 Telkom Landmark Tower II Gatot Subroto 65,000 For Lease Under construction

2015 Bank Muamalat Tower (Satrio Square) Satrio 24,600 For Lease Under construction

2015 BTPN Tower (Bahana Office Tower) Mega Kuningan 50,000 For Lease Under construction

2015 Wisma Mulia 2 Gatot Subroto 65,000 For Lease Under construction

2015 Convergence Rasuna Said 36,367 For Lease & Sale Under construction

2016 Menara Pertiwi Mega Kuningan 41,456 For Sale Under construction

2016 Mangkuluhur Tower Gatot Subroto 53,000 For Lease & Sale Under construction

2016 Capital Palace (Office Tower @ St. Regis) Gatot Subroto 90,511 For Lease Under construction

2016 Menara Palma 2 Rasuna Said 50,000 For Lease Under construction

2016 Centennial Tower Gatot Subroto 100,000 For Sale Under construction

2016 Satrio Tower Satrio 31,604 For Lease Under construction

2016 The Tower Gatot Subroto 56,492 For Sale Under construction

2016 Lippo Thamrin Office Tower Thamrin 16,500 For Sale Under construction

2016 T Tower (BJB Tower) Gatot Subroto 24,000 For Sale Under construction

2017 Prosperity Tower @ District 8 Sudirman 71,545 For Sale Under construction

2017 Gran Rubina Tower 2 Rasuna Said 32,000 For Sale Under construction

2017 World Capital Tower Mega Kuningan 72,000 For Sale In planning

2017 Sequis Life Tower 2 Sudirman 80,000 For Lease Under construction

2017 Treasury Tower @ District 8 Sudirman 139,000 For Sale Under construction

2017 Gayanti City Gatot Subroto 25,000 For Lease In planning

2017 Thamrin Nine Thamrin 97,500 For Lease Under construction

2017 Sopo Del Tower A Mega Kuningan 80,000 For Lease & Sale Under construction

2017 Sopo Del Tower B Mega Kuningan 40,000 For Lease Under construction

2017 Sudirman 7.8 (ex Nugra Santana) Sudirman 52,000 For Sale Under construction

2018 SSI Tower (Graha Surya Intenusa) Rasuna Said 100,000 For Lease Under construction

2018 Mangkuluhur Tower II Gatot Subroto 50,000 For Lease In planning

2018 Tower Two at The City Center Sudirman 39,204 For Lease Under construction

2018 World Trade Center III Sudirman 70,000 For Lease Under construction

2018 Icon Tower Sudirman 72,500 For Lease Under construction

2018 Tower 2 @ Ciputra World Jakarta 1 Satrio 70,000 For Lease & Sale Under construction

2018 Astra Tower Sudirman 100,000 For Lease In planning

2018 PCPD Tower Sudirman 96,000 For Lease Under construction

continued






projected completion office building projects name location sga marketing scheme status development

continuation

outside cbd exclude tb simatupang

2014 GP Plaza Slipi 12,204 For Sale Under construction

2014 Wisma 77 Tower 2 Slipi 24,200 For Lease Under construction

2014 Emerald Tower Kelapa Gading 2,644 For Lease Under construction

2015 Menara Sentraya Blok M 52,072 For Sale Under construction

2015 The St. Moritz Office Tower Puri Indah 19,500 For Sale Under construction

2015 The Suites Pantai Indah Kapuk 13,200 For Sale Under construction

2015 MNC Tower II Kebon Sirih 20,000 For Lease Under construction

2015 Soho Capital Slipi 36,000 For Sale Under construction

2015 Altira Sunter 40,000 For Sale Under construction

2015 Maxima Tower Kelapa Gading 8,000 For Lease Under construction

2015 Nariba Office Suites Mampang 4,200 For Lease Under construction

2016 Puri Indah Financial Tower Puri Indah 38,500 For Sale In planning

2016 Gallery West Kebun Jeruk 29,000 For Sale Under construction

2016 Sky 18 Tower Pasar Minggu 27,500 For Sale Under construction

2016 Soho Pancoran Pancoran 30,000 For Sale Under construction

2016 Jakarta Box Tower Kebon Sirih 36,000 For Lease Under construction

2016 Lippo Tower Holland Village Cempaka Putih 27,000 For Sale In planning

2016 One Tower Kemayoran 21,400 For Sale In planning

2016 BKP Office Tower Sunter 16,000 For Lease In planning

2016 Tamansari Parama Wahid Hasyim 10,800 For Sale In planning

2017 L'Venue Pasar Minggu 41,597 For Sale In planning

2017 Ciputra Business District Kemayoran Tower 1 Kemayoran 40,000 For Sale In planning

2017 Ciputra Business District Kemayoran Tower 2 Kemayoran 40,000 For Lease In planning

2017 Ciputra International Puri 1 Phase 1 Puri 15,000 For Lease In planning



2018 Kota Kasablanka Office Tower 2 Casablanca 90,000 For Lease In planning

2018 Ciputra International Puri Phase 2 Puri 15,000 For Lease In planning


2018 Ciputra Internatinal Puri 2 Phase 3 Puri 15,000 For Lease In planning

2018 Summarecon Tower Slipi 70,000 For Lease In planning

tb simatupang

2014 Plaza Oleos 39,778 For Lease & Sale Under construction

2014 18 Office Park (Cityland Tower) 40,000 For Sale Under construction

2015 AD Premier 18,900 For Lease Under construction

2015 Metropolitan Tower 44,000 For Lease & Sale Under construction

2015 South Quarter Tower 1 40,778 For Sale Under construction

2015 South Quarter Tower 2 40,778 For Lease Under construction

2015 South Quarter Tower 3 40,778 For Lease Under construction

2016 Zuria 6,584 For Lease Under construction

2017 Beltway Office Park Tower 4 25,600 For Lease Under construction

2017 The Sima 60,000 For Lease Under construction

2017 The Manhattan Square Tower 2 39,375 For Lease & Sale In planning





Occupancy Rates in the CBD, Outside the CBD exclude TB Simatupang and TB Simatupang


Occupancy

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

2008 2009 2010 2011 2012 2013 2014YTD

CBD Outside CBD exclude TB Simatupang TB Simatupang

The occupancy rate for office buildings in the CBD showed a downward trend throughout 2014 YTD. The occupancy rate was recorded at 96.5% in 2013. New additional supply in the previous quarter caused the occupancy rate to drop by nearly 1% QoQ. As of 3Q 2014, occupancy was 95.4%, again showing a decrease QoQ, albeit moderate.

Almost all sub-markets showed decreasing occupancy. After acquiring an office building in Gatot Subroto, the new landlord is planning to sell the whole building and will not extend the lease contracts of the existing tenants. In a similar case, due to the change in management, BRI 2, located in Sudirman, has a sizeable vacant space for owner-occupation (around mid-2015) and therefore decided not to extend the lease contracts of some tenants. The new management has made plans for major renovations of the M & E systems, like A/C and back-up generator.

Vacancy Rates in The CBD Based on Sub Markets


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2008 2009 2010 2011 2012 2013 2014YTD

Thamrin Sudirman Rasuna SaidMega Kuningan Gatot Subroto SatrioOverall

Aside from the office buildings above, at least 10 other office buildings continued to experience increasing vacant space of more than 2,000 sq m as of 3Q 2014. One office building in Jalan Sudirman has more than 20,000 sq m of vacant space. As of 3Q 2014, there are also large vacant spaces at an office building in Mega Kuningan that has been operating since 2013. However, this office building has secured two major tenants who will occupy around 10,000 sq m in 2015. These pre-committed tenants come from financial institution and coal mining companies.

Performance of Premium and Grade A office buildings also showed a decrease by 1.4% QoQ and recorded occupancy of 95.2% as of 3Q 2014. Previously, Premium and Grade A office buildings in the CBD maintained high occupancy rates of 97% throughout 2013 and up to 1Q 2014. A decline in occupancy for this grade of office building is generally because of high base rents. The occupancy of several office buildings of these grades was down QoQ.

Recording the same trend, outside the CBD area saw the occupancy rate go down by 1.7% QoQ to 93.9% as of 3Q 2014 due to the influx of newly operating office buildings. Central, West and South Jakarta still have large vacant spaces. With limited new additional supply in Central Jakarta, vacant spaces are only found in old office buildings. Conversely, West Jakarta is quite active in terms of providing additional new supply. Office buildings that began operations from 2010 to 2014 YTD contributed around 46% of the total stock in West Jakarta. Unfortunately, almost 80% of unoccupied space in West Jakarta is contributed by office buildings that began operations during those periods. The second biggest office building in Slipi, West Jakarta still has large vacant spaces on offer because the concept was changed from SOHO to a standard office building.

In South Jakarta, new office space also caused occupancy to go down 2.5% to 89.9% as of 3Q 2014. Office buildings located in Jalan Casablanca currently have large vacant spaces. In addition, decreasing performance in TB Simatupang also caused the occupancy to drop. Continual additional supply in each quarter of 2014 YTD has caused the occupancy rate in TB Simatupang to continuously drop. After slumping by 3.6% in the previous quarter, the occupancy rate in TB Simatupang went down drastically by 7.1% to 86.1% as of 3Q 2014.

Abundant supply in 2014 and 2015 will pose a big challenge for occupancy in the CBD and areas outside of it. As of 3Q 2014, the committed absorption for office buildings that are expected to be completed in 2014 and 2015 in the CBD reached 40 and 44%, respectively. The committed absorption outside the CBD has also reached 40% for office buildings in 2014 and 2015. Although TB Simatupang is experiencing decreasing occupancy, the committed absorption for office buildings in 2014 has reached 77%. Furthermore, as of 3Q 2014, TB Simatupang has attained 43% of committed absorption for office buildings in 2015.

Some tenants have committed to occupy large spaces and receive naming rights to replace the previous building name. At least two office buildings in Mega Kuningan will be renamed with the occupation of a new major tenant.





Pre-Committed Absorption of Annual Future Offices Supply in the CBD


0 150,000 300,000 450,000 600,000 750,000

2014F

2015F

2016F

2017F

2018F

sq mSpace Absorbed Space Unabsorbed

Pre-Committed Absorption of Annual Future Offices Supply in the Outside CBD exclude TB Simatupang


0 150,000 300,000 450,000 600,000 750,000

2014F

2015F

2016F

2017F

2018F


Pre-Committed Absorption of Annual Future Offices Supply in TB Simatupang


0 150,000 300,000 450,000 600,000 750,000

2014F

2015F

2016F

2017F


Asking Base RentAverage Asking Base Rent in the CBD


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

IDR 0

IDR 59,000

IDR 118,000

IDR 177,000

IDR 236,000

IDR 295,000

IDR 354,000

IDR 413,000

IDR 472,00020

08

2009

2010

2011

2012

2013

2014

YTD

IDR US$

Although still on a rising trend, the QoQ growth of rental rates of office buildings charging in rupiah slowed in the CBD. Even in 2014 YTD, rent growth saw continuous weakening. As of 3Q 2014, the average asking base rental rate of office buildings charging in rupiah in the CBD was IDR253,513/sq m/month, exhibiting growth of less than 1% QoQ. This rent growth was far lower than that in previous quarters.





Average Asking Base Rent (Based on Available Space) in the CBD by Grade


Outside the CBD, the average rental rate of office buildings charging in rupiah was IDR166,748/sq m/month, whereas it was USD22.66/sq m/month for office buildings charging in US dollars as of 3Q 2014. These rental rates grew slowly QoQ. Based on area, we divided areas outside the CBD into TB Simatupang and areas outside the CBD, excluding TB Simatupang. As of 3Q 2014, the rental rate for office buildings outside the CBD (excluding TB Simatupang) was IDR155,402/sq m/month and USD18.23/sq m/month for those charging in US dollars.

Meanwhile, growth in the TB Simatupang rental rate was moderate as of 3Q 2014 for both currencies. Office buildings charging in rupiah are currently at IDR157,381/sq m/month and USD21.31/sq m/month for those charging in US dollars.

A slightly different trend was seen at office buildings charging in US dollars. The rent growth showed a similar weakening trend during the two early quarters in 2014. However, the overall rental rate still grew by 2% QoQ which brought them to USD37.03/sq m/month as of 3Q 2014 after some office buildings in the Mulia Group made an upward adjustment. Several office buildings charging in US dollars have lowered the rental rates as of 3Q 2014. Most of these office buildings are included in the Premium and Grade A category. As of 3Q 2014, the rental rates for Premium and Grade A office buildings dropped by 1.7% QoQ to USD42.84/sq m/month.

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

IDR 0

IDR 118,000

IDR 236,000

IDR 354,000

IDR 472,000

IDR 590,000

IDR 708,000

Premium Grade A Grade B Grade C

IDR US$

Average Asking Base Rent in the Outside CBD


IDR 0

IDR 50,000

IDR 100,000

IDR 150,000

IDR 200,000

IDR 250,000

2008

2009

2010

2011

2012

2013

2014

YTD

Outside CBD (combine) TB Simatupang (combine)

Service ChargeAverage Service Charge Cost


IDR 0

IDR 10,000

IDR 20,000

IDR 30,000

IDR 40,000

IDR 50,000

IDR 60,000

IDR 70,000

IDR 80,000

2008

2009

2010

2011

2012

2013

2014

YTD

CBD Outside CBD

After a rise in the electricity tariff, the fuel hike that is expected at the end of 2014 will likely raise service charges in 2015. As of 2014 YTD, the service charge of office buildings charging in US dollars and rupiah showed different trends. The service charge of office buildings charging in rupiah was IDR65,764/sq m/month as of 3Q 2014 reflecting growth of 8.3% QoQ; however, this still suggests that about 45% of office buildings have yet to adjust their service charges.

On the contrary, office buildings charging in US dollars demonstrated a declining trend QoQ. After experiencing relative stability in the previous quarters, service charges dropped by 8.2% to USD6.21/sq m/month as of 3Q 2014. Service charges at a complex office building in Sudirman have decreased QoQ.





In outside the CBD, the service charge was IDR46,152/sq m/month for office buildings charging in rupiah and showed positive growth of 4% in 2014 YTD. The service charge for office buildings charging in US dollars was down 3.7% in the same period and at USD5.24/sq m/month as of 3Q 2014.

The service charge for office buildings charging in rupiah in TB Simatupang was the highest at IDR55,577/sq m/month. Several office buildings charging in US dollars still maintained their service charge at USD3.00 - 5.00/sq m/month. Therefore, the service charge for buildings charging in US dollars was relatively flat at USD4.89/sq m/month as of 3Q 2014.

Strata-title OfficeAverage Strata-Title Office Price in Jakarta


The take-up level of offices for sale outside the CBD also showed positive performance. The take-up rate was above 90% of the 466,126 sq m of existing cumulative supply of offices for sale as of 3Q 2014. Outside the CBD, 566,351 sq m of additional space will be for sale until 2018. However, the market will respond optimistically because 40% of the projected supply has been absorbed as of 3Q 2014.

Office buildings for sale in TB Simatupang continue to show improving performance. As of 3Q 2014, the only remaining spaces are at office buildings that began operating in the previous quarter. Meanwhile, 72% of the total future supply of offices recorded for sale in TB Simatupang from 2014 to 2018 has been absorbed.

Based on available space, the asking price for strata-title offices in the CBD was IDR51.5 million psm, exhibiting growth of 22% YTD. Outside the CBD, excluding TB Simatupang, the asking price was IDR26.5 million/sq m, whereas in TB Simatupang, it was IDR31.1 million/sq m.

IDR 0

IDR 10,000,000

IDR 20,000,000

IDR 30,000,000

IDR 40,000,000

IDR 50,000,000

IDR 60,000,000

2008

2009

2010

2011

2012

2013

2014

YTD

CBD Outside CBD exclude TB Simatupang TB Simatupang

The sales of strata-title offices in the CBD will seemingly focus more on future supply due to very limited vacant space at existing buildings. As of 3Q 2014, with the take-up rate at 99%, only less than 5,000 sq m of space remains available for strata-title offices in the CBD.

For the rest of 2014 until 2018, it is expected that 1.13 million sq m of additional office supply will be up for sale in the CBD. Gran Rubina seems to be right on schedule in meeting its completion date of late 2014. On the demand side, absorption of strata-title offices is forecast to be strong. Office buildings that will begin operations in 2014 and 2015 have achieved high commitment levels at 92 and 82%, respectively. Overall, 40% of the total future supply up to 2018 has been absorbed.

Pre-Committed Absorption of Annual Supply of Strata-Title Office


0 250,000 500,000 750,000 1,000,000

2008

2009

2010

2011

2012

2013

2014YTD





11 Research & Forecast Report | 3Q 2014 | Colliers International




Copyright © 2013 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.

About Colliers International

Colliers International is a global leader in commercial real estate services, with over 15,800 professionals operating out of more than 485 offices in 63 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.

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Primary Authors:Ferry SalantoAssociate Director | Jakarta62 21 521 1400 ext [email protected]

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Research & Forecast Report · Source: Colliers International Indonesia - Research Thamrin Nine is projected to be the tallest office building in Jakarta in the future and will have