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OFFICE SECTOR
Leased Office
CBD Office Cumulative Supply
Source: Colliers International Indonesia - Research
Supply in the CBD
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
2008
2009
2010
2011
2012
2013
2014Y
TD
2014F
2015F
2016F
2017F
2018F
sqm
Existing Supply Annua l Supply
Te cumulative supply of office buildings in Jakarta (CBD and
outside CBD area) will reach around 7.5 million sq m by the
end of 2014, bringing the growth rate of the Jakarta cumulative
supply to 6.5% in 2014, which is higher than in the previous year.Te office supply in Jakarta is projected to increase rapidly from
2015 to 2018 at an average of 10.2% per year.
Annual CBD Future Office DistributionBased on Sub Market
Source: Colliers International Indonesia - Research
0 150,000 300,000 450,000 600,000 750,000
2014F
2015F
2016F
2017F
2018F
sq m
Sudirman Thamrin Mega Kuningan
Rasuna Said Satrio Gatot Subroto
Research &Forecast Report
2Q 2014Accelerating success.
otal office space in DKI Jakarta increased modestly by only
87,063 sq m during the first half of the year with occupancy
stable at 96%. A major increase in supply, however, is expectedin the next four years with cumulative supply possibly increasing
by 51% from 7.1 million sq m to 10.7 million sq m. Te increase
assumes the completion of 74 buildings which are now under
construction or being planned and would result in a drop in
occupancy below 90%. Average asking base rental rates in IDR
denominated buildings in the CBD rose moderately by around
2% this quarter, reaching IDR252,114 psm / month. Likewise,
the average base rental rate for US dollar denominated buildings
moved slightly upward to USD36.32 psm / month.
- Ferry Salanto, Associate Director | Research
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2
Annual Outside CBD Future Office DistributionBased on Region
Source: Colliers International Indonesia - Research
0 100,000 200,000 300,000 400,000 500,000
2014F
2015F
2016F
2017F
2018F
sq m
Central Jakarta South Jakarta North Jakarta
East Jakarta West Jakarta
Up to the reviewed quarter, the CBD area continued to contribute
the most space, comprising 67.2% of the cumulative office
supply in Jakarta. Lippo Kuningan, which began operationin
2Q 2014, is the first new office building in the CBD in 2014 and
contributes 30,500 sq m. Tis office building, which is located
in Rasuna Said, brought the cumulative supply in the CBD to its
current 4.79 million sq m. After Lippo Kuningan, 187,805 sq m
of additional supply will enter the market in the CBD by the endof 2014.
Including office buildings that have been in operation, the total
annual supply during 2014 in the CBD will reach 218,305 sq m.
Future office buildings in the CBD are projected to provide a
huge amount of space at 2.27 million sq m from 2015 to 2018.
Next year alone, the CBD will see 619,199 sq m of additional
office space or almost 30% of the total projected additional
supply in 2015 - 2018.
Based on the status of development of 40 new office building
projects (totalling 2.46 million sq m) located in the CBD from
2014 - 2018, 30 office buildings (1.95 million sq m) are underconstruction. With almost 80% under construction as of 2Q
2014, it appears that all of this additional office space in the CBD
from 2014 to 2018 will seemingly be completed.
Te Sudirman area is still the largest contributor of supply in
the CBD, based on location. However, the Satrio and Mega
Kuningan areas are expected to see the most significant growth.
Sequentially, those areas will record growth of 137% and 100%
respectively from 2014 to 2018. In addition to Satrio and Mega
Kuningan, with large land availability, Gatot Subroto will
become the next corridor to grow, by 77% during the same
period. Sudirman will only contribute 47%, more than Rasuna
Said (32%) and Tamrin (11%).
Te total additional supply of office buildings in the outside
CBD in 2014 is projected to reach 245,604 sq m contributed by
10 office buildings. Once again, South Jakarta will become the
main contributor of office supply in 2014 as seven of the office
buildings or 78% of the total additional space in 2014 will be
located in South Jakarta.
As of 2Q 2014, two office buildings officially began operations
and brought the cumulative supply to 2.34 million sq m in
outside CBD. One office building, Green Kosmo Mansion (GKM)
ower, is in South Jakarta, and another, Kirana wo, is in North
Jakarta. Tree office buildings are located outside of South
Jakarta, including Kirana wo, GP Plaza and Wisma 77 ower 2.
South Jakarta will continue leading in future supply in outside
CBD from 2015 to 2018. Additional supply of 0.9 million sq m is
projected to enter the market by 2018. Of this additional space,
59% will be in South Jakarta. Central and West Jakarta will follow
with 16 and 13%, respectively.
South Jakarta will see an additional 150,000 sq m per year from
2014 to 2018. Te total 747,215 sq m provided during 2014 - 2018
in South Jakarta is still more than the total additional supply of
the other regions during that period.
Based on development status, 62.5% of the total projected futuresupply (36 buildings) from 2014 to 2018 in the outside CBD have
begun construction as of 2Q 2014. Tis is at 24 office buildings
under construction. Tis current development status also
signifies that at future office buildings in the outside CBD, almost
all projected supply will meet the completion date.
Supply in the Outside CBD
Outside 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
2014Y
TD
2014F
2015F
2016F
2017F
2018F
sq
m
Existing Supply Annual Supply
Research & Forecast Report | 2Q 2014 | Office | Colliers International
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PROJECTED
COMPLETIONOFFICE BUILDING PROJECTS NAME LOCATION SGA MARKETING SCHEME STATUS DEVELOPMENT
continuation
2016 Office Tower @ ST Regis Gatot Subroto 90,511 For Lease Under construction
2016 T Tower (BJB Tower) Gatot Subroto 24,000 For Sale Under construction
2016 The Tower Gatot Subroto 56,492 For Sale Under construction
2017 Gayanti City Gatot Subroto 25,000 For Lease In planning
2017 Prosperity Tower @ Distict 8 Sudirman 71,545 For Sale Under construction
2017 Sequis Life Tower 2 Sudirman 80,000 For Lease Under construction
2017 Sudirman 7.8 Sudirman 52,000 For Sale In planning
2017 Sopo Del Tower A Mega Kuningan 80,000 For Lease & Sale In planning
2017 Sopo Del Tower B Mega Kuningan 40,000 For Lease In planning
2017 Treasury Tower @ District 8 Sudirman 139,000 For Sale Under construction
2017 Thamrin Nine Thamrin 45,000 For Lease Under construction
2017 World Capital Tower Mega Kuningan 72,000 For Sale Under construction
2018 Astra Tower Sudirman 100,000 For Lease In planning
2018 Icon Tower Sudirman 72,500 For Lease In planning
2018 Mangkuluhur Tower II Gatot Subroto 50,000 For Lease In planning
2018 PCPD Tower Sudirman 96,000 For Lease Under construction
2017 SSI Tower (Graha Surya Intenusa) Rasuna Said 100,000 For Lease In planning
2018 Tower Two at The City Center Sudirman 39,204 For Lease In planning
2018 Tower 2 @ Ciputra World Jakarta 1 Satrio 70,000 For Lease & Sale In planning
2018 World Trade Center III Sudirman 70,000 For Lease Under construction
OUTSIDE CBD AREA (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
2015 Altira Sunter 40,000 For Sale Under construction
2015 Jakarta Box Tower Kebon Sirih 36,000 For Lease Under construction2015 Maxima Tower Kelapa Gading 8,000 For Lease Under construction
2015 Menara Sentraya Blok M 52,072 For Lease & Sale Under construction
2015 MNC Tower II Kebon Sirih 20,000 For Lease Under construction
2015 Nariba Office Suites Mampang 4,200 For Lease Under construction
2015 One Tower Kemayoran 21,400 For Lease In planning
2015 Puri Indah Financial Tower Puri Indah 38,500 For Sale Under construction
2015 Soho Capital Slipi 36,000 For Sale Under construction
2015 St Moritz Office Tower Puri Indah 19,500 For Sale Under construction
2015 The Suites Pantai Indah Kapuk 13,200 For Sale Under construction
2016 BKP Office Tower Sunter 16,000 For Lease In planning
2016 Gallery West Kebun Jeruk 29,000 For Lease & Sale Under construction2016 Lippo Tower Holland Village Cempaka Putih 27,000 For Sale In planning
2016 L'Venue Pasar Minggu 41,597 For Sale In planning
2016 Sky 18 Tower Pasar Minggu 27,500 For Sale In planning
2016 Soho Pancoran Pancoran 30,000 For Sale Under construction
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
2018 Kota Kasablanka Office Tower 2 Casablanca 90,000 For Lease In planning
continued
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5 Research & Forecast Report | 2Q 2014 | Office | Colliers International
Source: Colliers International Indonesia - Research
Occupancy Rates in the CBD and Outside the CBD
Source: Colliers International Indonesia - Research
Occupancy
70%
75%
80%
85%
90%
95%
100%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014Y
TD
CBD Outside CBD (excl. TB Simatupang) TB Simatupang
CBD
Annual Office Supply and Demand in the CBD
Source: Colliers International Indonesia - Research
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
2008
2009
2010
2011
2012
2013
2014Y
TD
sqm
Annual Supply Annual Demand
Despite a slight decline QoQ, the occupancy rate for officebuildings in the CBD remained steady as of 2Q 2014, at 96%,
where it has been for the past year.
Nearly 65% of office buildings in the CBD recorded relatively
stable occupancy rates in 2Q 2014. Most office buildings that
recorded growing occupancy were in Mega Kuningan. Despite
the majority remaining relatively stable, office buildings in Gatot
Subroto and Rasuna Said also saw improving performance.
PROJECTED
COMPLETIONOFFICE BUILDING PROJECTS NAME LOCATION SGA MARKETING SCHEME STATUS DEVELOPMENT
continuation
TB SIMATUPANG
2014 Graha MRA 13,000 For Lease Under construction
2014 Plaza Oleos 39,778 For Lease & Sale Under construction2014 Palma Tower 20,484 For Lease Under construction
2014 The Manhattan Square 39,375 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
2016 Beltway Office Park Tower 4 25,600 For Lease In planning
2017 The Sima 60,000 For Lease Under construction
2017 South Quarter Tower 3 40,778 For Lease In planning
2017 The Manhattan Square Tower 2 39,375 For Lease & Sale In planning
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6 Research & Forecast Report | 2Q 2014 | Office | Colliers International
Good location, easy access, good building quality and
management, and integration into commercial areas, such as
shopping centres and apartments, have become the key elements
for office buildings maintaining their occupancy performance.
Based on grade, a decreasing occupancy rate of 1.1% was
recorded at Premium office buildings, while Grade A office
buildings weakened 2.6% QoQ. Grade C office buildings only
saw a slight drop in the occupancy rate QoQ. Only Grade B office
buildings saw growth of 0.5% in the same period.
Annual Office Supply and Demand inthe Outside CBD
Source: Colliers International Indonesia - Research
Outside CBD
0
50,000
100,000
150,000
200,000
250,000
300,000
2008
2009
2010
2011
2012
2013
2014Y
TD
sqm
Annual Supply Annual Demand
New additional supply caused the occupancy rate for office
buildings in the outside CBD to weaken, although less than 1%.
Currently, the average occupancy rate is 93.2%.
Te occupancy rates for office buildings in North Jakarta showed
the most significant drop, slumping 6.5% QoQ.
Annual Office Supply and Demand inTB Simatupang
Source: Colliers International Indonesia - Research
0
20,000
40,000
60,000
80,000
100,000
2008
2009
2010
2011
2012
2013
2014Y
TD
sqm
Annual Supply Annual Demand
Demand for Future Offices
B Simatupang
Despite falling by 2.9%, B Simatupang is still a major driver ofthe occupancy rate in the outside CBD. Te average occupancy
rate in B Simatupang was 93.2% as of 2Q 2014.
Historically, since it was recorded at 70% in early 2000, the
occupancy rate in B Simatupang reached 90% in 2003. Ten
the occupancy rate remained above 90%, with an average of 96%
from 2003 to 2014. oday, there are quite limited large spaces
available at office buildings in B Simatupang. Even newly
operating office buildings have achieved healthy occupancy. A
new office building in B Simatupang has reached above 50% of
committed occupancy in the first year of operation.
Pre-Committed Absorption of Future Officein the CBD
Source: Colliers International Indonesia - Research
0 150,000 300,000 450,000 600,000 750,000
2014F
2015F
2016F
2017F
2018F
sq m
Annual Supply Space Absorbed
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Pre-Committed Absorption for Future Officein the Outside CBD
Source: Colliers International Indonesia - Research
Pre-Committed Absorption for Future Officein TB Simatupang
Source: Colliers International Indonesia - Research
Asking Base Rent
Average Asking Base Rent (Based on AvailableSpace) in the CBD by Grade
Source: Colliers International Indonesia - Research
0 150,000 300,000 450,000 600,000 750,000
2014F
2015F
2016F
2017F
2018F
sq m
Annual Supply Space Absorbed
0 150,000 300,000 450,000 600,000 750,000
2014F
2015F
2016F
2017F
2018F
sq m
Annual Supply Space Absorbed
Abundant supply from 2014 to 2018 will present a challenge for
the office market, particularly in the CBD. As of 2Q 2014, future
office buildings projected to be completed in 2014 have achieved
40% commitment occupancy. Overall, with projected additionalsupply of 2.46 million sq m by 2018 and the commitment
occupancy at 25%, the CBD office market will find it difficult to
maintain occupancy above 90%.
A similar trend seemingly will be seen in the outside CBD.
Excluding B Simatupang, commitment occupancy for
projected future office buildings in 2014 was 10%. On the other
hand, future office buildings in B Simatupang are performing
well at 54.7% as of 2Q 2014. By reaching above 50% commitment
in only two quarters, the big challenge for office buildings in B
Simatupang will be in 2015 due to the large supply projected to
enter the market.
Average Asking Base Rent in the CBD
Source: Colliers International Indonesia - Research
Low vacancy is still the main reason for landlords to adjust base
rents, and coupled with limited supply, the asking base rent is
currently IDR252,114 psm / month. Te asking base rent grew
by 1.9% QoQ and 17.6% YoY. Some office buildings noted a verysignificant adjustment. However, this increase was followed by
the strong performance of several buildings, which have had an
average occupancy close to 100% since last year.
Te average rental rates of office buildings charging in US dollars
only grew by 1.1% QoQ, as of 2Q 2014. Asking base rent for offices
charging in US dollars was USD36.32 psm /month, growing 5.4%
YoY.
Currently, based on available spaces, nine office buildings
offered a base rent of USD50.00 psm / month and more. In
addition to performance, building quality and location are key
factors in those office buildings becoming the most expensive inthe CBD, and in all of Jakarta.
USD 0.00
USD 5.00
USD 10.00
USD 15.00
USD 20.00
USD 25.00
USD 30.00
USD 35.00
USD 40.00
USD 45.00USD 50.00
USD 55.00
USD 60.00
IDR 0
IDR 59,000
IDR 118,000
IDR 177,000
IDR 236,000
IDR 295,000
IDR 354,000
IDR 413,000
IDR 472,000
IDR 531,000IDR 590,000
IDR 649,000
IDR 708,000
Premium Grade A Grade B Grade C
USD 0.00
USD 5.00
USD 10.00
USD 15.00
USD 20.00
USD 25.00
USD 30.00
USD 35.00
USD 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 472,000
2008
2009
2010
2011
2012
2013
2014Y
TD
IDR USD
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USD 0.00
USD 5.00
USD 10.00
USD 15.00
USD 20.00
USD 25.00
USD 30.00
IDR 0
IDR 59,000
IDR 118,000
IDR 177,000
IDR 236,000
IDR 295,000
IDR 354,000
2008
2009
2010
2011
2012
2013
2014Y
TD
IDR USD
Te average base rent in the outside CBD was steady QoQ. Tis
growth has put the average base rent currently at IDR164,727
psm / month. Office buildings charging in USD were at USD22.54
psm / month.
Growth at office buildings in West Jakarta was the highest
at 15.2% QoQ. Office buildings in Slipi were still the main
contributor, bringing the average base rent to IDR180,144 psm
/ month in West Jakarta. South Jakarta achieved the highest
base rent at IDR188,069 psm / month, but only recorded growth
below 1% QoQ.
High base rent in South Jakarta was still influenced by the
performance of office buildings in B Simatupang, including
Pondok Indah. Currently, base rent in B Simatupang was
IDR157,368 psm / month. Office buildings charging in USD
were at USD21.7 psm / month, growing 3.9% QoQ. Tis growth
was similar to office buildings charging in IDR during the same
period.
Average Asking Base Rental in TB Simatupang
Source: Colliers International Indonesia - Research
Strata-title Office
Asking Price (Combining Office Buildings Chargingin IDR and USD)
Source: Colliers International Indonesia - Research
Service ChargesIncreasing electricity tariffs effective by mid-2014 for industrial
sectors will bring about a significant correction in service
charges in the remainder of 2014 and early 2015. Currently,
service charges for all classes of office buildings in the CBD were
IDR65,208 psm / month as of 2Q 2014, an increase of nearly 10%
YoY. Office buildings charging in USD recorded a slight increase
of 3.1% in the same period, bringing the average service charges
to USD6.76 psm / month.
Office buildings in the outside CBD charging in rupiah also
showed significant growth of 7.1% YoY. Currently, service
charges were IDR46,155 psm / month as of 2Q 2014. Office
buildings in South Jakarta charged more at IDR48,389 psm /
month. Populated by mostly good quality buildings, the average
service charge in B Simatupang was even higher at IDR74,418
psm / month as of 2Q 2014.
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
2
008
2
009
2
010
2011
2
012
2013
2014
YTD
CBD TB Simatupang Outside CBD exclude TB Simatupang
Tere was no change in performance at strata-title office
buildings in the CBD with the current total supply at 816,829 sq
m. Te lack of new supply kept take-up rates at 99.4% as of 2Q
2014 and there was no growth QoQ. Tis level of take-up rate
indicates that almost all existing space has been sold out in the
CBD.
Increasing demand for strata-title office buildings had an impacton the performance of future supply. At least from 2014 to 2017,
the committed take-up rate has achieved 46.3% of the 952,931 sq
m of future office space for sale. Strata-title offices for sale, which
will be operational in 2014 alone, have been at 57%.
Te high take-up rate performance at strata-title offices for sale,
especially future supply, has caused the selling price to rise.
Currently, selling prices for strata-title offices in the CBD are
in the range of IDR40 to 80 million psm. Location has allowed
Sudirman to have the highest asking prices ranging from IDR60
to 80 million psm.
ake-up rates for offices for sale in the outside CBD have beenslightly adjusted at Green Kosmo Mansion. Despite still being
high, currently, the take-up rate of offices for sale in the outside
CBD is 94.2%, down 1.3% QoQ. Te asking price currently is
IDR32.5 million psm. Te office buildings for sale in the outside
CBD have asking prices in the range of IDR25 to 45 million psm.
wo office buildings located in Blok M (South Jakarta) and
Slipi (West Jakarta) had higher selling prices than other office
buildings in the outside CBD area.
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Concluding ToughtsA substantial supply projection in the CBD will inevitably have
a big impact on the weakening figure of asking base rental
and occupancy rates. Demand for office space will still be
resilient, however, the growth of office supply will seemingly
reduce the occupancy level over the three next years. Te office
market is predicted to experience contraction in the asking
base rental rates amidst increasingly high competition among
new buildings. Well-performing office buildings with limited
available space mainly underpin the current high asking rental
rates. Rental rates will be adjusted once the market witnesses
sizeable available office space.
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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 professionalsoperating out of more than 485 offices in 63 countries. A subsidiary of FirstService Corporation, ColliersInternational delivers a full range of services to real estate users, owners and investors worldwide,including global corporate solutions, brokerage, property and asset management, hotel investmentsales and consulting, valuation, consulting and appraisal services, mortgage banking and insightfulresearch. Te 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]
Colliers International Indonesia
World Trade Centre 10th & 14th floorJalan Jenderal Sudirman Kav. 29 - 31Jakarta 12920Indonesia
TEL 62 21 521 1400
Accelerating success.
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