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JAKARTA MARKETBEAT REPORTS

Arief Rahardjo • 28/10/2022

ALL-SECTOR MARKETBEAT REPORTS

Cushman & Wakefield Marketbeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

CBD OFFICE Q3 2022:

The highest quarterly net take-up in the last 10 quarters was seen during the third quarter of 2022. Improving trends in both net take-up and occupancy are expected to slow down in the next few quarters as tenants will be in ‘vigilant mode’ and hold major decisions for their office relocations or expansions in anticipation of the predicted global economy recession in near terms.

JAKARTA RETAIL Q3 2022:

Two retail centers added the supply of Jakarta retail market during the third quarter of 2022. Average base rental and service charge levels remain relatively unchanged since last quarter, standing at Rp 808,500/sqm/month (0.1% YoY) and Rp 190,400/sqm/month (0.0% YoY) respectively. 

CONDOMINIUM Q3 2022:

Total cumulative supply of Jakarta condominiums as of September 2022 stood at 353,378 units, increased by 0.56% quarter-on-quarter and 5.4% year-on-year, following the completion of 5 projects during the review quarter. Total YTD new supply in Q3-22 was 48% lower than YTD completions in the corresponding period last year, of about 9,990 units.

RENTAL APARTMENT Q3 2022:

Despite the economic challenges such as the increase of inflation rate and central bank interest rate, the average rental rate of Rental Apartment was not much influenced as landlords focus more on balancing the supply and demand and improving the occupancy rate.

INDUSTRIAL Q3 2022:

Data center was recorded to give the highest contribution to the demand in this quarter of 53.2%, and textile sector contributed about 21.3% of the demand, whilst other sectors such as automotive, building material, medical and healthcare absorbed the balance of demand.

Jakarta MARKETBEATS

Office Buildings CBD
CBD OFFICE Q3 2022

Despite the continued positive trend of net take-up and improvement in overall occupancy, rental remained under pressure due to the tough competition in a relatively ‘thin market’.

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Warehouse Internal Rack
INDUSTRIAL Q3 2022

The new supply of industrial land during the third quarter of 2022 came from an industrial estate in Bekasi, added about 60 hectares to the land supply, bringing the industrial land inventory in Greater Jakarta area to 16,152 hectares.

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Shopping Retail
JAKARTA RETAIL Q3 2022

Visitor traffic continuously improved during the review quarter with some retail centers have gained back their normal foot traffic. Online retailers are also observed to start their offline footprint expansion.

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Warehouse Internal Rack
CONDOMINIUM Q3 2022

Sales rate of the Greater Jakarta condominium market during Q3-22 remained stable with existing condominiums recorded sales rate of 93.5%, a relatively similar rate to both last quarter’s figure and last year’s figure of 93.6%.

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Warehouse Internal Rack
RENTAL APARTMENT Q3 2022

With projects start to receiving inquiries for moving-in in the next quarter, the overall outlook of Rental Apartment Market is predicted to improve along with the gradual recovery of the economic activities. 

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