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Jakarta Property Market Review

Fourth Quarter 2015

1 JLL | Research Report Jakarta Property Market Review 2Q14

Jakarta Property Market Review Fourth Quarter of 2015

TABLE OF CONTENTS I. The Economy……………………………………………………………………….02 II. CBD Office Market …………………………………………………………………03 III. Retail Market……………………………………………………………………….. 05 IV. Residential Market…………………………………………………………………. 07

Copyright © JLL 2016. All rights reserved.

No part of this publication may be reproduced or copied without prior written permission from JLL. The information in this publication should be regarded solely as a general guide. Whilst care has been taken in its preparation, no representation is made or responsibility accepted for the accuracy of the whole or any part.


The Economy Economy expands at less than 5% in 2015

An available budget notwithstanding, government spending was relatively slow to take off in the first half of 2015. Spending picked up in 2H15 and in the final quarter, GDP growth came in at 5% from a year earlier while whole-year growth was recorded at 4.8%. Several major infrastructure projects are now at various stages of completion. The Jakarta MRT looks on track to complete in 2019 while the Jakarta light rail (LRT), earmarked for 2018, is likely to be delayed. Groundbreaking for Indonesia’s first high-speed rail project linking Jakarta with nearby Bandung was in January 2016.

Until the rupiah recovered somewhat in early October, the IDR had depreciated by around 15% since the end of 2014. The US Federal Reserve raised interest rates in December and fears that this would cause further rupiah depreciation proved unfounded – at least in the short-term. A relatively stable rupiah towards the back-end of 2015 was viewed favourably by onlookers.

Relatively high inflation levels throughout 2015 were caused, to a large extent, by the removal of fuel subsidies towards the back-end of 2014. However, with the fuel subsidy removed from y-o-y comparisons by end-2015, inflation dropped sharply from over 7% mid-year to 3.35% in December, leaving room for a cut in interest rates in January.

2015 was a challenging year for Indonesia economically but as the year drew to a close the mood for the year ahead was much more upbeat as infrastructure spending appeared to be gaining traction. Although oil prices are likely to remain low in the short-medium term, many forecasts now point to improvements in GDP growth for the year ahead. As such we are cautiously optimistic on all property sectors in Jakarta for 2016.

USD/IDR exchange rate

Source: Bank Indonesia

Inflation and Interest Rate


Quarterly GDP Growth (National)


13,795

7,000

9,000

11,000

13,000

15,000

17,000

Dec

-08

Mar

-09

Jun-

09S

ep-0

9D

ec-0

9M

ar-1

0Ju

n-10

Sep

-10

Dec

-10

Mar

-11

Jun-

11S

ep-1

1D

ec-1

1M

ar-1

2Ju

n-12

Sep

-12

Dec

-12

Mar

-13

Jun-

13S

ep-1

3D

ec-1

3M

ar-1

4Ju

n-14

Sep

-14

Dec

-14

Mar

-15

Jun-

15S

ep-1

5D

ec-1

5

IDR

per

US

D

3.56% 3.35%

7.50%

0%2%4%6%8%

10%

Dec

-10

Feb

-11

Apr

-11

Jun-

11A

ug-1

1O

ct-1

1D

ec-1

1F

eb-1

2A

pr-1

2Ju

n-12

Aug

-12

Oct

-12

Dec

-12

Feb

-13

Apr

-13

Jun-

13A

ug-1

3O

ct-1

3D

ec-1

3F

eb-1

4A

pr-1

4Ju

n-14

Aug

-14

Oct

-14

Dec

-14

Feb

-15

Apr

-15

Jun-

15A

ug-1

5O

ct-1

5D

ec-1

5

Inflation BI Rate

Q42013 Q12014 Q22014 Q32014 Q42014 Q12015 Q22015 Q32015 Q42015

4.2

4.4

4.6

4.8

5.0

5.2

5.4

5.6

5.8

%


CBD Office

Demand

Enquiry levels for office space were relatively thin

throughout 2015 and the final quarter was a continuation

of this trend. The market continued to be negatively

impacted by relatively sluggish economic growth, low

commodity prices, rupiah (IDR) depreciation against the

US dollar and uncertainty in the global economy.

However, it was not all doom and gloom in the office

market in 4Q15. Enquiries from e-commerce firms

continued to come in and the performance of other

sectors was mixed. International and local law firms

remained active and we saw some activity from banks;

BTPN bank upgraded from their previous premises in a

relocation, consolidation and expansion deal and

entered the newly completed Menara BTPN.

Net absorption picked up in the grade A market,

although the bulk of this reflected pre-commitment in

new completions, while grade B and C net absorption

turned negative. Grade A occupancy continued to fall on

the back of new supply while all other grades continued

to report relatively low vacancy rates.

Net Absorption

Source: JLL Research

Supply

Menara BTPN (Rasuna Said) and Noble House (Mega

Kuningan) were the latest new completions in the CBD

following on from AIA Central (3Q15) and Sahid

Sudirman (2Q15).

These recently completed projects are the forerunners

of a packed supply schedule which is already putting

downward pressure on occupancy.

Supply, Demand and Occupancy


Rents

Several completions in 2015 coupled with relatively thin

demand, particularly from the oil & gas and mining

sectors caused vacancy rates to rise and both landlords

and tenants remained cautious amid relatively slow

economic growth and rupiah depreciation.

Rents came down by around 1.9% q-o-q in the Premium

market in 4Q15, following a 1.6% q-o-q decline in the

preceding quarter. However, the rupiah’s level against

the dollar improved from 3Q15 levels and, as such, rents

improved in USD terms.

-25,000

0

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000

1Q

08

3Q

08

1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

1Q

13

3Q

13

1Q

14

3Q

14

1Q

15

3Q

15

Sqm

Grade A Grade B Grade C

Pre-commited space in new completions

60%

65%

70%

75%

80%

85%

90%

95%

100%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Occ

upan

cy

Sqm

Net Take-up New Supply Occupancy

Contractual Occupancy

Enquiries remained relatively thin in 4Q15 as

macro headwinds continued to impact the CBD

office market. Grade A occupancy fell to 85% on

the back of new supply.

Rents fell for the second successive quarter as

relatively weak demand and falling occupancy

caused many landlords to remain flexible.

Completions in each of the last quarters of 2015

caused occupancy levels to fall.


New supply is likely to push occupancy levels lower in

2016 and we expect some landlords to remain flexible.

Further annual single digit rental compression is likely up

to end-2017 although we expect growth to return to

positive territory in subsequent years as demand

improves.

Net Achievable Rent


Outlook

Medium to long-term demand is dependent on a number

or factors. Oxford Economics is forecasting GDP growth

to pick-up to above 5% from 2016 onwards.

Conventional wisdom tells us that should this scenario

play out then, other things being equal, we would expect

demand to improve.

The factors mentioned above, while hugely important,

remain uncertain. Nevertheless, JLL believes Jakarta

has one resource that it will consistently be able to rely

on – a huge, growing population. We expect industries

that feed off this huge population base to drive demand

for office space in the medium to long-term.

E-commerce firms, which were active in 2H15, are likely

to continue to expand as infrastructure improves and the

local population catches up with other markets around

the region in terms of reliance on on-line selling

platforms.

Rents in the Grade A market fell in the final two quarters

of 2015 and we expect landlords to continue to offer

attractive terms in the face of rising vacancy and a large

volume of supply. With vacancy rates remaining in

double digit territory for the duration of the forecast

horizon, further rental declines are likely over the next

couple of years.

We expect to see Grade A rents start to pick up from

2018 onwards although given that 2019 is the next

election year, significant improvements are unlikely until

2020.

Demand and Occupancy Outlook


Rental Outlook


CBD rental clock


0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

1Q06

3Q06

1Q07

3Q07

1Q08

3Q08

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

IDR

per

sqm

per

mon

th

Grade A Grade B Grade C Premium

60%

65%

70%

75%

80%

85%

90%

95%

100%

050,000

100,000150,000200,000250,000300,000350,000400,000450,000500,000550,000600,000650,000700,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Occ

upan

cy R

ate

sqm


0

100,000

200,000

300,000

400,000

500,000

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020IDR

per

sq

m p

er m

on

th

Grade A Grade B Grade C Premium

Growth

Slowing

Rents

Falling

Rents

Rising

Decline

Slowing

Jakarta

2020

Jakarta

2015


Non-CBD Office

Demand

Our coverage of the Non-CBD market encapsulates

North, South, East, West and Central Jakarta as well as

TB Simatupang - which is captured in the South Jakarta

dataset. It is important to make this distinction, as the

demand profile in these different geographies varies. In

North, East, West and Central Jakarta the demand

profile is one of smaller, local companies which do not

necessarily need to occupy space in prime buildings in

the best locations. Many buildings in these areas are

strata-title sold. South Jakarta/TB Simatupang, on the

other hand, shares a more similar demand profile to the

CBD due to proximity to core Jakarta and the presence

of some high quality buildings.

Demand from the oil & gas and mining sectors remained

relatively weak while we saw some leasing activity from

banks. With occupancy falling in the CBD and rents

coming down, tenants which may otherwise have

explored non-CBD options are now viewing some

cheaper CBD buildings as viable alternatives and we are

seeing direct competition between some projects in the

CBD and South Jakarta.

Mirroring the situation in the CBD, a large volume of new

supply was completed throughout 2015 and occupancy

levels continued to fall in the final quarter. Hardest hit

was South Jakarta and TB Simatupang where two new

completions entered the market in the final quarter.

Occupancy remained healthier in other non-CBD

geographies where supply was more limited and the

demand profile more niche.

Net Absorption


Supply

Two new completions entered the non-CBD market in

4Q15. Developed by Intiland, two towers of the South

Quarter project in TB Simatupang boosted total stock by

more than 80,000 sqm and in South Jakarta’s Blok M,

Menara Sentraya (70,000 sqm) was completed.

As the most high-profile non-CBD location, most recent

supply has been delivered in South Jakarta and vacancy

has been on a downward trajectory since mid-2015.

However, we believe that the quality and affordability of

buildings in this area are such that demand will remain

robust for South Jakarta projects despite competition

from the CBD.

Supply, Demand and Occupancy


-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

1Q08

3Q08

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

Sqm

Grade B Grade C

Pre-committedspace in new completions

60%

65%

70%

75%

80%

85%

90%

95%

100%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Occ

upan

cy

Sqm


Contractual Occupancy

Occupancy continued to fall in the non-CBD on

the back of a large volume of new supply. Hardest

hit in the final quarter of 2015 were South Jakarta

and TB Simatupang.

Completions in each of the last quarters of 2015

caused occupancy levels to fall.


Rents

As with the situation in the CBD, macro headwinds have

also been impacting the non-CBD office market and

several new completions in recent quarters have caused

vacancy rates to rise; particularly in TB Simatupang and

South Jakarta. As such, landlords in these areas

became flexible on rents in order to boost occupancy.

In other non-CBD locations, where new supply was more

limited and where occupancy remained healthier,

landlords were able to either keep rents stable or

increase them marginally. West Jakarta experienced

quarterly growth of around 3% while rents in North,

Central and East Jakarta held steady q-o-q.

Cost saving and consolidation remains the general

mood amongst tenants while landlords continued to

focus on occupancy.

Net Achievable Rent


Outlook

As with the situation in the CBD, a huge volume of new

supply is expected over the forecast horizon with more

than 850,000 sqm expected to be delivered in non-CBD

locations up to 2020. South Jakarta is expected to see

more than 350,000 sqm with the bulk of the South

Jakarta supply (230,000 sqm) set to be completed in TB

Simatupang.

As new CBD supply comes online and occupancy falls,

we expect to see sustained competition between some

CBD and non-CBD projects. Some tenants may relocate

depending on their cost and space requirements.

Illustrating this trend, a big-name international bank will

relocate its back office staff to a non-CBD location in

2016 whilst moving its front office operations to a grade

A CBD project.

In the short-term, we may see further minor rental

compression in South Jakarta and TB Simatupang as

new supply comes on line and puts downward pressure

on occupancy. However, medium-to long term, we feel

that there is room for some rental growth as we expect

sustained demand from smaller local firms, back office

operations and companies that do not necessarily need

prime office buildings in the best locations.

0

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000

225,000

250,000

1Q08

3Q08

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

IDR

per

sqm

per

mon

th

Central Jakarta South Jakarta North Jakarta

Rents compressed q-o-q in South Jakarta as

new supply pushed occupancy levels lower.


Retail Market Demand

The supply-constrained nature of Jakarta’s prime retail

market and the low vacancy environment which has

been pervasive for a number of years is such that spikes

in net absorption in recent quarters have been driven by

new completions. While no new projects were completed

in 4Q15, net absorption was driven by take-up in St.

Moritz Phase II, completed in the preceding quarter.

Anecdotal evidence suggested a challenging retail

market in 4Q15 with some retailers reporting shortfalls in

their revenue targets and smaller consumer basket

sizes. The strongest demand came from the F&B

segment while the performance of fashion and luxury

was mixed.

Notable recent leasing activity included Timhowan,

Pepper Lunch, and Bakmi GM taking up space at Grand

Indonesia; Marco Padang Restaurant, Carls’Jr, and

Grohe moving into Pacific Place; and Alfons Salon,

Samsonite, and Pizza Express entering Lotte Shopping

Avenue.

Retail Net Absorption


Supply

An unofficial moratorium on stand-alone retail

development has been in place in Jakarta’s CBD since

2011. The city governor is extremely selective about

signing off on new projects and, as such, supply in

recent quarters has been limited. As yet, there is no

indication as to when or if the moratorium will be lifted.

The completion of St. Moritz Phase II (3Q15) in West

Jakarta was the only prime new completion in 2015 and

this 80,000 sqm project, developed by Lippo, was part of

a mixed-use retail and residential development.

Supply, demand and occupancy


Rents

Landlords are benefitting from a thin supply schedule

and low vacancy rates but a depreciating rupiah and

relatively sluggish economic growth have negatively

affected the retail market.

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

1Q08

3Q08

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

Sqm

60%

65%

70%

75%

80%

85%

90%

95%

100%

0

50,000

100,000

150,000

200,000

250,000

300,000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Occ

upan

cy

Sqm


The moratorium on stand-alone retail

development in the CBD has been such that net

absorption has been supply driven in recent

quarters.

With no end to the moratorium in sight, new

completions of prime retail space are likely to

be few and far between in the CBD over the

coming years.


In such an economic environment many landlords are

wary of raising rents significantly. However, with little

new supply in the pipeline, landlords of top-performing

malls are expected to continue to experience low single-

digit vacancy rates and some have waiting lists for

available space.

Rents were largely flat in 4Q15 although whole-year

growth clocked in at around 6%.

Retail rents


Outlook

Improving GDP growth, a growing population, increasing

employment and an expanding middle-class are

expected over the forecast horizon. We expect that

retailers with no exposure to the Indonesian market are

likely to attempt tap into these demographics and

Jakarta is the obvious entry point for such brands. As

such, we expect to continue to see organic demand

growth from all retail segments over a five year forecast

horizon. F&B is likely to remain the most active segment

in 2016.

With no end to the moratorium on stand-alone retail

development in Jakarta’s CBD in sight, supply is

expected to be thin over the next five years.

With healthy occupancy levels and limited supply

landlords are likely to continue to be able to raise rents

slowly and steadily. Going forward, we expect a

continuation of the historical trend with achievable rents

likely to increase by around 5% per year over the next

five years.

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

550,000

600,000

1Q08

3Q08

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

IDR

per

sqm

per

mon

th

Upper Middle Middle Low

The retail market has experienced high

occupancy levels and slow but steady rental

growth in recent years. Rents were flat in 4Q15

but increased by around 6% in the whole year.

Limited supply and healthy occupancy are likely

to mean a continuation of the historical trend in

the retail market with slow but steady rental

growth.


Residential Market

Condominium demand & supply

In mid-2015, the price and size threshold for the super-

luxury tax were reduced. In the final quarter, the

government also implemented changes to luxury (as

opposed to super-luxury) taxes whereby a size threshold

was replaced by an IDR 10 billion price threshold. While

this should go some way to having the desired effect of

boosting demand, the fact that the luxury price threshold

is higher than its super-luxury (IDR 5 billion) counterpart

seems somewhat counter-intuitive.

Tax issues continued to impact the market in 4Q15 but

other factors were also at play. Potential buyers

remained cautious amidst relatively slow economic

growth and continued depreciation of the rupiah (IDR)

against the US dollar (USD).

Luxury sales were weak while demand remained steady

for middle and middle-low end products where

affordability was greater and the tax burden lower. In line

with the demand profile, most new launches were in the

middle segment.

Condominium sales


Condominium Launches


Condominium prices

Prices at the top end of the market are plateauing; a

trend we expect to continue over the next few quarters

as developers compete to attract buyers in a softer

market.

In the middle and lower-middle markets, prices either

edged up or flat lined in 4Q15. However, it should be

noted that most growth was driven by new launches

which were able to command higher prices than the

market.

Even with relatively thin demand, particularly for luxury

projects, it is unlikely that we will see any price

decreases. Developers prefer to push prices up over

time to appease early-bird buyers and if demand should

remain thin, developers are more likely to delay project

launches until such a time that demand improves.

0

1,000

2,000

3,000

4,000

5,000

6,000

1Q08

3Q08

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

Uni

ts

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

Units

Upper Middle Lower Middle

Sustained demand for middle and middle-low

end condominiums while luxury sales remained

weak.

Luxury and high-end prices flattened out

towards the back-end of 2015. Other segments

either saw prices creep up marginally or remain

flat.


Condominium prices


Outlook

The Indonesian rupiah (IDR) depreciated by around 13%

against the US dollar in 2015. In 1998, the USD/IDR rate

hit IDR 16,650 and the current situation is such that

some buyers look back to that time and fear similar

economic woes to the Asian Financial Crisis. Whilst the

situation today is completely different and an economic

meltdown is highly unlikely, currency stabilization is an

important factor in terms of restoring market confidence.

A stable or improving rupiah would go some way

towards boosting sentiment in the Jakarta

condominium market.

Uncertainty and speculation surrounding potential

changes to taxes also affected demand in 2015. In order

to maintain market confidence, buyers need to be well

informed of potential adjustments to taxes meaning that

clear, consistent communication from the government

would go a long way towards promoting market stability.

Jakarta’s population and middle-class are likely to

continue to grow and infrastructural improvements are

likely to be fuelled by a pick-up in government spending.

Demographic and structural changes in Indonesia are

the cornerstones underlying fundamental demand for

vertical accommodation and in the medium to long-term,

we are confident of steady demand for condominiums.

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

IDR

per

sqm

Lower middle Middle Upper High-end Luxury


Glossary

Office Glossary

The CBD sub-market is the commercial area bounded by Jl Sudirman-Thamrin, Jl Gatot Subroto and Jl HR Rasuna Said (Kuningan).

The Non-CBD sub-market covers the commercial areas outside the CBD, which are classified by municipality, i.e. Central Jakarta, South Jakarta, East Jakarta, West Jakarta and North Jakarta.

The net absorption (take-up) rate refers to the net cumulative increase in space occupied in a particular period.

Prime refers to a property that is rated most highly in terms of quality, location, facilities, etc.

Vacancy rate refers to the ratio of vacant space to the total stock (leasable area) available.

Gross rent refers to the total rental payable by tenants. This is equivalent to the sum of net rental plus outgoings.

Base rental is the minimum rental payable for an office space without taking into account any add-ons, such as service charge and after-hours utility costs that make up the total lease package.

Service charge is the collective name for the cost of air-conditioning, other services and management charges passed on to tenants.

Retail Glossary

Rental shopping malls are shopping centres that are offered for lease by the landlord on a monthly basis. The typical lease term for a specialty store is between one and three years.

Strata-title trade centres are shopping centres that are offered for sale by the developer. A trade centre mostly consists of small kiosks that typically range from 4-20 sqm.

The net absorption (take-up) rate refers to the net cumulative increase in space occupied in a particular period.

Prime retail space refers to space in a mall that is located in prime areas (i.e. lobby level up to the first three floors).

Vacancy rate is the ratio of vacant space to the total stock (leasable area) available.

Gross rental refers to the total rental payable by tenants. This is equivalent to the sum of net rental plus outgoings.

Base rental is the minimum rental for a retail space without taking into account any add-ons, such as service charges and after-hours utility costs that make up the total lease package.

Service charge is the collective name for the cost of air-conditioning and other services, and management charges passed on to the tenant.

Residential Glossary

Condominiums are a form of multi-stories dwelling comprising units that are offered for sale by the developer. Each unit is owned by a different person and the common areas are owned jointly by all such individual owners.

Apartments are a type of accommodation (in Jakarta, they are typically in a high-rise residential building) that is built purposely for rent.

Net absorption (take-up) rate for apartments refers to the net cumulative increase in the number of occupied units over a particular period; for condominiums, it refers to the net sales in the quarter.

Vacancy rates for apartments refers to the ratio of vacant units to the total stock (leasable units) available; for condominiums, it refers to the ratio of total unsold units to the total stock over a particular period.

Base rental for apartments refers to the minimum rental for an apartment unit without taking into account any add-ons, such as service charges, that make up the total lease package.

Service charges for apartments refers to the collective name for the cost of public utilities and maintenance, including management charges passed on to the tenant.


About JLL Research

JLL Research is a multi-disciplinary professional group with core competencies in economics, real estate market analysis and forecasting, locational analysis and investment strategy. The group is able to draw on an extensive range and depth of experience from the Firm’s network of offices, operating across more than 100 key markets worldwide. Our aim is to provide high-level analytical research services to assist practical decision-making in all aspects of real estate.

The Asia Pacific Research Group monitors rentals, capital values, demand and supply factors, vacancy rates, investment yields, leasing and investment activity, and other significant trends and government policies relating to all sectors of the property market including office, retail, residential, industrial and hotels. We deliver a range of global, regional and local publications as well as research-based consultancy services.

For Research enquiries, contact

James Taylor Head of Research Indonesia +62 21 2922 3888 [email protected]

More than ever before, your success depends on the quality of your decisions. As the global leader in real estate

services and money management, JLL is positioned to partner with you to provide the quality advice needed for

making quality decisions. The world’s best real estate intelligence and knowledge base puts our clients in the

best position to make the right decisions.

www.jll.com/research

Copyright © Jones Lang LaSalle 2016. All rights reserved.

mailto:[email protected]

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Jakarta

Indonesia Stock Exchange Building

Tower 2, 19th Floor

Jl. Jend.Sudirman Kav.52-53

Jakarta 12190

tel +62 21 2922 3888

fax +62 21 515 3232

Jones Lang LaSalle Worldwide

Jones Lang LaSalle Indonesia offices

www.jll.co.id | www.jll.com/asiapacific

COPYRIGHT © JONES LANG LASALLE 2016. All rights reserved. For further details or to unsubscribe, please email [email protected]. The items in this publication have been

compiled from the various sources acknowledged. The information is from sources we deem reliable; however, no representation or warranty is made to the accuracy thereof.

Surabaya

Intiland Tower Surabaya

6th Floor

Jl. Panglima Sudirman 101 – 103

Surabaya 60271

tel +62 31 546 3777

fax +62 31 546 9777

Bali

Nakula Square

Jl. Nakula 99X

Legian Kaja, Kuta

Bali 80361

tel +62 361 4727 292

fax +62 361 894 7036

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Jones Lang LaSalle worldwide

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