Elliott Hawkins is an experienced expatriate. As a child, this British citizen has lived in Zimbabwe, most recently worked in Prague and Qatar before moving to Indonesia in 2012 to join Cushman & Wakefield Indonesia. As Associate Director of the company, Elliott shares his thoughts on what he sees in store for the industry of commercial real estate 2016.
Elliott, you spent a part of your childhood living in Zimbabwe. What was it and how African memories compare to life in Indonesia?
When I was 14, my parents moved to Zimbabwe and we ended up staying for six years, where I studied at an international school. It was the most amazing place to grow up, be surrounded by natural wonders like Victoria Falls and Kariba - and be able to go on safari weekend. The ability to go to amazing places on the weekend is actually what makes it very similar to live in Indonesia.
What other markets do you worked and how long have you worked in real estate?
I work in the real estate industry for over 10 years, from London as a graduate with DTZ then moving to Prague, where I spent three years in the team 'investment. I moved client side and worked for a fund in Qatar for a year before returning to London with the same company.
there Three years, you have made the trip from London to Jakarta. Was it only to join Cushman and Wakefield Indonesia, or was it also other reasons?
I knew I wanted to be based in Asia. I really like it here and I think Asia is the best place to be business wise for at least the next ten to fifteen years. I think Asia has the greatest potential for growth and opportunities, and it has an energy that you just do not be in Europe.
I interviewed in different markets in Asia, including China, but I wanted to go to an emerging market and Cushman & Wakefield Indonesia offered me the most interesting role as Deputy Director the Office team.
What were your first impressions of Jakarta? Did you experience culture shock?
Jakarta was interesting and I was amazed by the energy and potential growth. We had 100 staff in the Cushman & Wakefield office when I arrived, and now we have 150. Having lived in the Middle East and Africa, I think I am very well prepared, so no culture shock.
Tell us about your role as Associate Director in Jakarta.
My duties are to advise occupants / local and international tenants on their real estate strategies. A client example from 2015 is Lazada, a huge e-commerce company. I moved their headquarters at Menara Bidakara Rasuna Said Kuningan, which was about 4,000 square meters. We helped with everything from the search for office space, viewings, negotiations, through the deal.
What major commercial properties is Cushman and Wakefield Indonesia manage now?
Cushman & Wakefield Indonesia is one of the largest managers of commercial buildings in Jakarta, with over 1 million square meters under management. Cushman & Wakefield Indonesia manages buildings such as the Indonesia Stock Exchange Building, Tower Equity, the building of energy, and Artha Graha -. In the only FBS
Almost everywhere we look in the center of Jakarta, office buildings are under construction. According to Outlook 2016 Property of Cushman & Wakefield Indonesia, the Jakarta CBD and non-CBD office we will see a lower occupancy and lowering rents / sale prices. What this market
Yes, we expect nearly 600,000 square meters of new office supply in 2016 only - another record year for Jakarta. With this comes the increase in vacancy rates and ultimately the owners offer lower effective office rents. We, however, expect to see more demand activity as occupiers / tenants looking to meet their real estate needs.
We are witnessing a change in what was a "landlord's market" in the past to a "tenant's market" as the level of occupancy in Jakarta moves below 85 percent ( what is normally considered a trigger point). Therefore, we expect more opportunities for tenants to be able to move while achieving lower effective rents.
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What should be looking for tenants to do in this kind of situation ?
tenants will have many opportunities to move to more modern buildings for grade-A may be less than what they pay for older buildings, and in some cases make substantial savings on their base rent. We also expect that the owners will be more next to offer greater incentives for incoming tenants. If your company has a lease expires in three to 12 months, so it is worth contacting us to discuss how we can help.
How would you advise companies seeking to establish an office in Jakarta?
People may be uncertain of the real estate process and market practice in Jakarta, so Cushman & Wakefield Indonesia have put together a leasing office space guidelines booklet detailing the distribution the market practice. The process is simpler than you might think and we are happy to advise and help clients step by step.
Besides a love for the property, what else tickles your fancy?
One of my passions in life is travel. In Indonesia alone I traveled to Flores, Sumatra, Aceh, Belitung, Bali, Lombok, Kalimantan and Java throughout. I did most of the places, but I'm not yet in Papua, Sulawesi and Ambon. I like going to the gym, play golf and racquet sports, such as tennis, squash and badminton, and I love watching rugby and football.
Are you a member of any affiliation?
I am a member of the Royal Institution of Chartered Surveyors (MRICS) and have been since 2008.
If you could own property anywhere in the world where would it be and why?
I own a property in London. I think London is a great place for someone to buy because it is considered a safe haven. A lot of money from around the world, including Southeast Asia pours into London chasing a limited supply of assets.
Thank you, Elliott. If you wish to contact Elliott to discover more information or would like a copy of Office Space Leasing Guidelines of Cushman & Wakefield Indonesia, can be reached by email: @ Elliott.Hawkins cushwake.com