Jakarta Retail Market Report - Colliers International

ental rates and Service Charge
rental rates
rental rates in jakarta and bodetabek area
rp450,000
rp400,000
rp350,000
rp300,000
rp250,000
rp200,000
rp150,000
rp100,000
rp50,000
rp0
after having operated from 2009 to 2011, some
malls which are targeted at the middle- to
upper-class segment increased their rental
rates during 2Q 2012. the increase is in line
with the performance of the mall, i.e. those with
less vacant space will ask for higher rents.
Some newly-opened malls located in Gandaria,
jalan Satrio and jalan S. Parman have reported
that they will adjust the rental rates due to
increasing occupancy. a shopping centre
located in West jakarta which has done some
renovation work has adjusted the asking rents
upward. traffic flow to the mall will be one of
criteria for the landlord to increase or maintain
the current rents.
an increase in the average asking rent was also
seen at the middle-class malls. a shopping
centre located in kramat jati, East jakarta
repositioned itself by having a facelift, redesign,
new interior works and improvement of the
public facilities like tiles, toilets and elevators.
With this additional capital expenditure, the
shopping centre could attract branded retailers
as their new tenants and increase the rental
rates. Still in East jakarta, a long-operating
jakarta | 2q 2012 | retail
2005 2006 2007 2008 2009 2010 2011 1Q 2012 2Q 2012
jakarta BoDetaBek
Colliers International Indonesia - research
mall in jalan Pemuda has succeeded in raising
the asking rental rates after maintaining high
occupancy.
Other ways to increase income in local currency
(rupiah) is to adjust the pegged rate. the
pegged rate is the nominal exchange rate of
local currency against the US Dollar set by the
shopping centre management and it is generally
below market value. this pegged rate is used
by quite a few malls. a mall located in Senen,
Central jakarta adjusted their pegged rate by
IDr500 compared to the previous quarter
which increased the occupancy cost in rupiah
become higher.
Driven by increasing rental rates, the overall
average asking rental rate in jakarta was
IDr413,382/sq m/month. the rental rates are
projected to go higher over the next period
particularly due to the influx of new malls which
come with higher offering rental rates above
the average market. according to our records,
the upcoming malls will have asking rental rates
of between IDr400,000 and 500,000/sq m/
month when they are launched.
colliers international | p. 9