{
    "success": true,
    "data": {
        "id": 1425196,
        "msgid": "dim-forecast-for-retail-space-market-1447893297",
        "date": "1999-02-15 00:00:00",
        "title": "Dim forecast for retail-space market",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Dim forecast for retail-space market JAKARTA (JP): Jakarta's retail-space market faces a dim outlook with demand and occupancy projected to continue to decline in 1999, property consultants have said. PT Procon Indah\/Jones Lang Wootton predicts in the latest edition of its biweekly property report there would be a further 8,000 square meters decline in cumulative demand by the end of 1999, which would cause the average vacancies to increase to 22 percent from 20 percent at the end of 1998.",
        "content": "<p>Dim forecast for retail-space market<\/p>\n<p>JAKARTA (JP): Jakarta's retail-space market faces a dim<br>\noutlook with demand and occupancy projected to continue to<br>\ndecline in 1999, property consultants have said.<\/p>\n<p>PT Procon Indah\/Jones Lang Wootton predicts in the latest<br>\nedition of its biweekly property report there would be a further<br>\n8,000 square meters decline in cumulative demand by the end of<br>\n1999, which would cause the average vacancies to increase to 22<br>\npercent from 20 percent at the end of 1998.<\/p>\n<p>\"Higher vacancy will put greater pressure on landlords to<br>\nreduce rents further in order to maintain occupancy,\" the report<br>\nsaid.<\/p>\n<p>The report, which reviewed conditions in the retail-space<br>\nmarket in the last quarter of 1998, said that average rents in<br>\nthe primary and secondary suburban shopping areas during the<br>\nperiod remained stable at US$48.8 and $35 per square meters per<br>\nmonth, respectively.<\/p>\n<p>Construction of retail projects would also continue to slow<br>\ndown, the report estimated, saying that projects are unlikely to<br>\nrecommence in the next two to three years, given the continued<br>\ndeterioration in the economy.<\/p>\n<p>New retail space being completed continues to decrease in<br>\nsquare meters from 219,000 in 1996, 152,000 in 1997 to only<br>\n77,200 in 1998.<\/p>\n<p>Total cumulative supply of retail-space in Jakarta was<br>\nrecorded at 1.07 million square meters by the end of 1998,<br>\naccording to the report.<\/p>\n<p>Shopping center visitors increased last Christmas, New Year<br>\nand Ramadhan, but retailers recorded a significant decline in<br>\nsales turnover - about 30 percent compared to previous years, it<br>\nsaid.<\/p>\n<p>Several retail center managers changed tenant mix, the report<br>\nsaid, citing the opening of the audio center on the ground floor<br>\nof Plaza Indonesia and the extension of the food court area in<br>\nMal Pondok Indah. \"(In addition) more restaurants and food<br>\noutlets (are planned) for several centers in coming months,\" the<br>\nreport said. (02)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/dim-forecast-for-retail-space-market-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}