Jakarta Property Market Review

Fourth Quarter 2015

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.

JLL | Research Report

Jakarta Property Market Review 2Q14

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 backend 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 backend 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.

17,000
15,000
13,000
11,000
9,000
7,000

13,795

Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15

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 Indonesias first high-speed rail
project linking Jakarta with nearby Bandung was in January 2016.

IDR per USD

Economy expands at less than 5% in 2015

USD/IDR exchange rate

Source: Bank Indonesia

Inflation and Interest Rate

10%
8%
6%
4%
2%
0%

7.50%
3.35%

3.56%

Dec-10
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15

The Economy

Inflation

BI Rate

Source: Bank Indonesia

Quarterly GDP Growth (National)

5.8
5.6

5.4

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.

5.2

% 5.0
4.8
4.6

4.4
4.2
Q42013 Q12014 Q22014 Q32014 Q42014 Q12015 Q22015 Q32015 Q42015

Source: Bank Indonesia

JLL | Research Report

Jakarta Property Market Review 4Q15

Supply

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.

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.

Supply, Demand and Occupancy

500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0

65%

2015

2014

New Supply

2013

Sqm

70%

2012

JLL | Research Report

75%

2011

80%

2010

Source: JLL Research

85%

2009

Grade C

90%

2008

3Q15

1Q15

3Q14

1Q14

3Q13

1Q13

3Q12

Grade B

1Q12

3Q11

1Q11

3Q10

1Q10

3Q09

1Q09

3Q08

1Q08

Grade A

100%
95%

2007

Pre-commited space
in new completions

Contractual Occupancy

Net Take-up

60%

Occupancy

Source: JLL Research

Rents

Net Absorption
200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0
-25,000

These recently completed projects are the forerunners

of a packed supply schedule which is already putting
downward pressure on occupancy.

2006

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.

Completions in each of the last quarters of 2015

caused occupancy levels to fall.

Sqm

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).

Occupancy

CBD Office

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 fell for the second successive quarter as

relatively weak demand and falling occupancy
caused many landlords to remain flexible.

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 rupiahs level against
the dollar improved from 3Q15 levels and, as such, rents
improved in USD terms.

Jakarta Property Market Review 4Q15

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.

Demand and Occupancy Outlook

sqm

IDR per sqm per month

Net Achievable Rent

700,000
650,000
600,000
550,000
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0

100%
95%
90%
85%
80%
75%
70%
65%

2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001

500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0

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.

Net Take-up

3Q15
1Q15
3Q14
1Q14
3Q13
1Q13
3Q12
1Q12
3Q11
1Q11
3Q10
1Q10
3Q09
1Q09
3Q08
1Q08
3Q07
1Q07
3Q06
1Q06
Grade A

Grade B

Grade C

Premium

Occupancy Rate

New Supply

60%

Occupancy

Source: JLL Research

Rental Outlook
500,000
400,000

Outlook

2020

2019

2018

Grade C

2017

2016

2015

2014

2013

Grade B

2012

2011

JLL | Research Report

Grade A

2010

2009

100,000

2008

200,000

2007

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.

300,000

2006

IDR per sqm per month

Source: JLL Research

Premium

Source: JLL Research

CBD rental clock

Jakarta
2015

Growth
Slowing

Rents
Falling

Rents
Rising

Decline
Slowing

Jakarta
2020

Source: JLL Research

Jakarta Property Market Review 4Q15

Non-CBD Office

Net Absorption
70,000

Pre-committed
space in new
completions

60,000
50,000

20,000
10,000
0
-10,000

3Q15

1Q15

3Q14

1Q14

3Q13

1Q13

3Q12

1Q12

3Q11

1Q11

3Q10

1Q10

3Q09

1Q09

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 Jakartas Blok M,
Menara Sentraya (70,000 sqm) was completed.

Completions in each of the last quarters of 2015

caused occupancy levels to fall.
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

500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0

Contractual Occupancy

100%
95%
90%
85%

Sqm

Grade C

Supply

80%
75%
70%
65%

2015

2014

New Supply

2013

2012

2011

Net Take-up

2010

2009

2008

2007

2006

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.

Grade B

Source: JLL Research

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.

3Q08

1Q08

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.

30,000

Occupancy

Sqm

40,000

Demand

60%

Occupancy

Source: JLL Research

JLL | Research Report

Jakarta Property Market Review 4Q15

Rents

Outlook
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.

Rents compressed q-o-q in South Jakarta as

new supply pushed occupancy levels lower.

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.

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.

Net Achievable Rent

250,000

IDR per sqm per month

225,000
200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000

3Q15

1Q15

3Q14

1Q14

3Q13

South Jakarta

1Q13

3Q12

1Q12

3Q11

1Q11

Central Jakarta

3Q10

1Q10

3Q09

1Q09

3Q08

1Q08

North Jakarta

Source: JLL Research

JLL | Research Report

Jakarta Property Market Review 4Q15

Retail Market

Supply

An unofficial moratorium on stand-alone retail

development has been in place in Jakartas 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.

Demand

The supply-constrained nature of Jakartas 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.

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.

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

300,000
250,000

Occupancy

200,000
150,000
100,000
50,000

2015

2014

2013

2012

New Supply

2011

2010

2009

2008

2007

Net Take-up

2006

2005

2004

2003

2002

Notable recent leasing activity included Timhowan,

Pepper Lunch, and Bakmi GM taking up space at Grand
Indonesia; Marco Padang Restaurant, CarlsJr, and
Grohe moving into Pacific Place; and Alfons Salon,
Samsonite, and Pizza Express entering Lotte Shopping
Avenue.

Sqm

100%
95%
90%
85%
80%
75%
70%
65%
60%

Occupancy

Source: JLL Research

Retail Net Absorption

Rents

120,000
100,000

Sqm

80,000
60,000
40,000
20,000

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.

0
-20,000

3Q15

1Q15

3Q14

1Q14

3Q13

1Q13

3Q12

1Q12

3Q11

1Q11

3Q10

1Q10

3Q09

1Q09

3Q08

1Q08

Source: JLL Research

JLL | Research Report

Jakarta Property Market Review 4Q15

Outlook

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.

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 singledigit 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%.

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.

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.

IDR per sqm per month

Retail rents

3Q15

1Q15

3Q14

1Q14

3Q13

1Q13

Middle

3Q12

1Q12

3Q11

1Q11

Upper

3Q10

1Q10

3Q09

1Q09

3Q08

1Q08

600,000
550,000
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000

Middle Low

With no end to the moratorium on stand-alone retail

development in Jakartas 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.

Source: JLL Research

JLL | Research Report

Jakarta Property Market Review 4Q15

Residential Market

Condominium Launches

4Q15

3Q15

2Q15

1Q15

4Q14

3Q14

Middle

2Q14

1Q14

4Q13

Upper

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

In mid-2015, the price and size threshold for the superluxury 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.

Units

Condominium demand & supply

5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0

Lower Middle

Source: JLL Research

Condominium prices
Sustained demand for middle and middle-low
end condominiums while luxury sales remained
weak.

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.

6,000
5,000
4,000

Units

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 sales

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.

3,000
2,000
1,000

3Q15

1Q15

3Q14

1Q14

3Q13

1Q13

3Q12

1Q12

3Q11

1Q11

3Q10

1Q10

3Q09

1Q09

3Q08

1Q08

Source: JLL Research

JLL | Research Report

Jakarta Property Market Review 4Q15

Condominium prices
70,000,000
60,000,000

IDR per sqm

50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0

3Q15

1Q15

High-end

3Q14

1Q14

3Q13

1Q13

Upper

3Q12

1Q12

3Q11

Middle

1Q11

3Q10

1Q10

3Q09

1Q09
Lower middle

Luxury

Source: JLL Research

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.

10

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.
Jakartas 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.

JLL | Research Report

Jakarta Property Market Review 4Q15

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 afterhours 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

11

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.

JLL | Research Report

Jakarta Property Market Review 4Q15

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 Firms 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
james.taylor@ap.jll.com

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 worlds 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.

12

JLL | Research Report

Jakarta Property Market Review 4Q15

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