VIVAnews - Property consulting agency Cushman and Wakefield has predicted that office space demand in 2009 will drastically decrease. However, there is still growth in office property industry.
Managing Director of Cushman and Wakefield Indonesia David Cheadle stated that it is projected that office property demand will be decreased by 50 percent to 145 thousand square meters. Yet, compared to other Asian countries, office demand growth in Indonesia is still sound.
"There will still be contractor expansion. But it will be more cautious," said Cheadle during a discussion "2008 Property Market Review and Outlook 2009" at the Indonesia Stock Exchange (IDX), Thursday, Dec 18.
The supply in 2009 will be delayed and there will be tenants shifting to new office buildings. "In third and fourth quarters, most tenants will adapt longer to new offices," he said.
The supply in 2009 is estimated to reach 324.8 thousand square meters, exceeding demands. "The disparity between supply and demand will reach an equilibrium in the next two to three years," he said.
Translated by: Bonardo Maulana Wahono
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