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Jakarta

BOMA

Space Measurement Standard
SQMT
SQFT
Space Unit of Measure

IDR Convert

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Financial Data Currency[1]

No

Transfer Taxes

Office Occupier Market Condition

1,1,1,1

Ease of Doing Business – How conducive is the regulatory environment to starting and operating a business. Source: The World Bank, Doing Business – 2020

Labor Cost – Wages for skilled office workers. Source: Global Wage Index, Hickey & Associates 2020

Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2020

Tenant Favorable – Assessment of the real estate market condition for office space. Source: Colliers International

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Typical Loss Factor

10-20%

From rentable to useable square meters

Loss Factor Notes:

Common area factor

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-3mo.

Typical number of rent-free months.

Rent-Free Period Notes:

The rent free is given only for fit-out period, which is 1 -3 months prior to lease commencement date, depending on the size.

Payment of Fees/Commissions

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

3yrs.-5yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

Rp50000/sm-Rp125000/sm

Estimated range for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Service Charge Notes:

IDR 50,000 - 75,000 if AC and lighting are separately metered
IDR 90,000 - 125,000 if include AC during normal office hours

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

3 months gross rent (rent + service charge)

Negotiated Subletting/Assignment

The tenant's right to sublease or assign the space typically is NOT negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

Subject to negotiation.

Statutory Subletting/Assignment

This is NOT a statutory right.
Landlord Consent: The Landlord's consent is still required.

Blend & Extend Strategies

Typically, a tenant can not take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Blend & Extend Notes:

Subject to negotiation.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Workplace

Regional Office Space

8sm-12sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Regional HQ Office Space

8sm-12sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Jakarta market is behind.

Desk Sharing

Desk-sharing is not a common practice in the market.

Desk Sharing Average

1

Average headcount per workstation.

Desk Sharing Notes:

Some companies apply desk-sharing, depending on the division and business line.

Urbanization of the workforce is: Equal to several other considerations driving location decisions

Project Management

Section 1. Fit Cost Data

Value-Added Opportunities:

Workstation furniture system, chair & carpet tile for regional purchases such as banking HQ and multi-branch

Total Fit-Out Cost

Rp9500000/sm-Rp20000000/sm

Class A Office

Rp6500000/sm-Rp9000000/sm

Class B Office

Rp4500000/sm-Rp5500000/sm

Flex Office / Warehouse

Rp3500000/sm-Rp4500000/sm

Warehouse

Furniture Cost

Rp3800000/sm-Rp8000000/sm

Class A Office

Rp2600000/sm-Rp3600000/sm

Class B Office

Rp4500000/sm-Rp5500000/sm

Flex Office / Warehouse

Rp3500000/sm-Rp4500000/sm

Warehouse

Low Voltage Cabling Cost

Rp3325000/sm-Rp7000000/sm

Class A Office

Rp2275000/sm-Rp3150000/sm

Class B Office

Rp1575000/sm-Rp1925000/sm

Flex Office / Warehouse

Rp1225000/sm-Rp1575000/sm

Warehouse

Other (IT/etc) Cost

Rp2375000/sm-Rp5000000/sm

Class A Office

Rp1625000/sm-Rp2250000/sm

Class B Office

Rp1125000/sm-Rp1375000/sm

Flex Office / Warehouse

Rp875000/sm-Rp1125000/sm

Warehouse

Construction to Move-in Cycle Time

72wks-96wks

Class A Office

28wks-48wks

Class B Office

24wks-32wks

Flex Office / Warehouse

32wks-40wks

Flex Office / Warehouse

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Review the LOI and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project.
Typically included in "Project Management" scope of work.
Advise Colliers broker and client on project issues and their resolution as they occur.
Typically included in "Project Management" scope of work.
Participate in building tours, if requested, to evaluate building systems and other cost-related observations and prepare a building due diligence report
Not typically included at all, but available for an additional fee.
Develop high-level project estimate and timeline based on test fit and Client standards
Not typically included at all, but available for an additional fee.
Schedule and chair Schematic Drawings and Design Development Drawings review meetings/conference calls
Typically included in "Project Management" scope of work.

Phase 2: Service Before and During the Design Process

Develop preliminary project budget and schedule.
Typically included in “Design/Build” scope of work.
Not typically included at all, but available for an additional fee.
Develop the RFP for selection of a space planner/architect and any other consultants identified and required
Typically included in "Project Management" scope of work.
Analyze, compare and evaluate responses to the RFP.
Typically included in "Project Management" scope of work.
Orchestrate the space planner/architect interview process.
Typically included in "Project Management" scope of work.
Negotiate, on behalf of the client, professional services agreements with the space planner/architect and other consultants.
Typically included in "Project Management" scope of work.
Review architect’s final Program of Requirements.
Typically included in "Project Management" scope of work.
Monitor the design team’s schedule of deadlines and deliverables. Coordinate meetings with the design team and the client. Manage the design process on behalf of the client.
Typically included in "Project Management" scope of work.
Review and recommend payment of the invoices for services. Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget.
Typically included in "Project Management" scope of work.
Negotiate all client-vendor contractors (IT, AV, Security/Access Control, Signage, High Density Filing) on behalf of client.
Typically included in "Project Management" scope of work.
Coordinate with either Architect or General Contractor in permitting process
Typically included in "Project Management" scope of work.
Schedule and chair weekly design review meetings/conference calls
Typically included in "Project Management" scope of work.
Other Value-Add Services: Test fits (including Look & Feel) - Cost Estimates - Schedule/timing/phasing scenarios - Floor plan, core and circulation efficiency ratios(GIA vs NIA) (NOA vs NIA) - Technical due diligence/Assessments - We may pack everything into a Feasibility Study or proposed them separately depending on the situation.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Define interior guidelines for architect based on workplace strategy
Not typically included at all, but available for an additional fee.
Phase 2 Notes:
Prelim project budget is usually client initiation, but Colliers Indonesia have additional services of Quantity Surveying to calculate project cost/ budget if requested.

Invoice services: optional to work with 3rd party QS.

Other Value-Add services: apart from general Project Management services.

Phase 3: Services Before Construction

Liaise with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Prequalify a list of general contractors to be interviewed (consult lease to confirm any Landlord required GCs).
Typically included in "Project Management" scope of work.
Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor.
Typically included in "Project Management" scope of work.
Analyze, level, and evaluate the responses to RFP.
Typically included in "Project Management" scope of work.
Orchestrate general contractor interview process and prepare evaluation scorecard.
Typically included in "Project Management" scope of work.
Review all proposed subcontractors and monitor the general contractor’s subcontractor bid process to ensure integrity of the process and quality of the workmanship.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule of deadlines and deliverables. Coordinate meetings between the design team, general contractor, client and appropriate vendors.
Typically included in "Project Management" scope of work.
Negotiate, on client's behalf, the General Contractor agreement for Client approval
Typically included in "Project Management" scope of work.
Schedule and coordinate Architect's 90% Construction Drawings review
Typically included in "Project Management" scope of work.
Develop Project Cost Summary + Invoice Tracker and update weekly
Typically included in "Project Management" scope of work.
Phase 3 Notes:
Develop Project Cost Summary + Invoice Tracker and update weekly: Optional to work with third party QS.

Phase 4: Services During Construction

Coordinate with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Conduct weekly construction meetings to assess progress, quality and conformance with the Contract Documents and distribute minutes of meetings.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule.
Typically included in "Project Management" scope of work.
Monitor the construction budget.
Typically included in "Project Management" scope of work.
Review, and recommend for payment, the contractor’s Applications for Payment.
Typically included in "Project Management" scope of work.
Monitor all project documentation.
Typically included in "Project Management" scope of work.
Act at all times as client’s liaison to vendors contracted directly by Client (IT, AV, Security/Access Control, Signage).
Typically included in "Project Management" scope of work.
Oversee the punch list process to ensure acceptable completion of all items.
Typically included in "Project Management" scope of work.
Close out all consultant, contractor and vendor contracts.
Typically included in "Project Management" scope of work.
Submit General Contractor, vendor, and consultant invoices to Landlord for reimbursement per the Lease Workletter
Typically included in "Project Management" scope of work.
Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval
Typically included in "Project Management" scope of work.
Deliver close-out documents, as specified in the Lease, to Client
Typically included in "Project Management" scope of work.
Coordinate value/engineering process, if required.
Typically included in "Project Management" scope of work.
Phase 4 Notes:
Review, and recommend for payment, the contractor’s Applications for Payment: Optional to work with third party QS.

Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval: Optional to work with third party QS.

Deliver close-out documents, as specified in the Lease, to Client: Optional to work with third party QS.

Coordinate value/engineering process, if required: Optional to work with third party QS.

Additional Services: Services During Relocation

Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants.
Typically included in "Project Management" scope of work.
Represent Client in development of move strategy.
Typically included in "Project Management" scope of work.
Monitor development of move activity checklist.
Typically included in "Project Management" scope of work.
Represent client on site during move process.
Typically included in "Project Management" scope of work.

Additional Services: Project Management Services Related to Furniture/Workstation Procurement

Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client.
Typically included in "Project Management" scope of work.
Conduct bid process for refurbishment of existing furniture and/or workstations.
Not typically included at all, but available for an additional fee.
Evaluate bids and negotiate purchase order with manufacturer(s).
Typically included in "Project Management" scope of work.
Negotiate national buying contract with select furniture dealerships, using Colliers International purchasing power
Typically included in "Project Management" scope of work.
Additional Services Notes:
All have the option to work with a third party QS.

Operating Environment Data provided in partnership with Hickey & Associates. Rankings reported on a scale of 1 (least favorable) to 10 (most favorable).

Human Capital

4, 6 4/10

Labor Force Growth
Labor force growth rate (past 5 years)

3, 7 3/10

Wage Inflation
Rise in wages (past 5 years, local currency)

5, 5 5/10

Millenials
Proportion of population in the age 20-39 cohort


9, 1 9/10

High School Edu Equiv
Proportion of population attaining this level

2, 8 2/10

University Edu
Proportion of population attaining this level

6, 4 6/10

Overall Edu
Composite average of High School & University


5, 5 5/10

Human Capital Composite

Business Climate

1, 9 1/10

Innovation
Presence of innovative factors in economy

5, 5 5/10

Economic Risk
Resilience of economy to unexpected events

2, 8 2/10

Business Environment
Friendliness of business environment

7, 3 7/10

Incentives
Value potential, diversity/number of programs


4, 6 4/10

Business Climate Composite

Operating Environment Composite

5, 5 5/10

Combined average score of Human Capital and Business Climate factors

[1]Currency conversion works for estimate purposes only and may not reflect real-time values.

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s).

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