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Demand for office space to rent in Jakarta is likely to keep rising for the foreseeable future, according to a number of experts on the local market.
A report from international analyst firm Cushman & Wakefield this week maintained that the prospects for landlords are positive and that they have been increasing the asking prices on their Jakarta’s offices.
Indeed, demand for office space in the Indonesian capital has been rising so strongly in recent months that base prices increased by between five and ten per cent in many cases during the final quarter of 2010.
The central business district is where much of the city’s office market activity is taking place, with finance and insurance sector operators among those reportedly looking to expand their office presence or move to another site nearby.
Reflecting on the report, Artadinata Djangkar, from the development firm Ciputra Property, told the Jakarta Globe: “Demand will continue growing. I see existing tenants moving to new buildings as they expand their business.”
Some concerns have been raised over the issue of rising inflation in Jakarta but these fears are being offset at present by an Indonesian economy growing at close to six per cent year on year.
According to Cushman & Wakefield’s report, the lion’s share of the new office occupancy deals in Jakarta in Q4 2010 related to newly constructed properties like Bakrie Tower and the UOB Plaza.
The same property analyst and consultancy has been opening up offices of its own in various parts of the world this month, with new sites in Rotterdam and Bahrain having opened for business in recent days.