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JAKARTA MARKETBEAT REPORTS

Arief Rahardjo • 27/02/2023

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 Q4 2022:

Rentals will remain under pressure as vacancies is expected to increase again with the completion of large office projects in Jakarta CBD area in 2023, which may not be followed by the same level of demand over the same time span.

JAKARTA RETAIL Q4 2022:

The occupancy rate during the last quarter of 2022 stood at 77.4%, increased by 0.7% (YoY). Visitor traffic within Jakarta retail centers have improved significantly along with the holiday season and are expected to return to the pre-pandemic level in 2023.

DEBOTABEK RETAIL Q4 2022:

Closing the year of 2022, the occupancy rate within Debotabek area stood at 76.1%, increased by 0.3% (HoH). Within Greater Jakarta area, leased malls performed better with occupancy rate of 79.5%, increased by 1.9% (YoY).

CONDOMINIUM Q4 2022:

The average sales price of Greater Jakarta condominium experience the highest increment in the last three years, by 6.4% YoY, standing at Rp46,500,000 per sqm. The highest price increment was recorded in the secondary area at 5.8% QoQ and 16.2% YoY, whilst the price increments in other areas were relatively stable.

RENTAL APARTMENT Q4 2022:

Improved demand inquiries for Serviced Apartment was observed during the review quarter, coming mainly from short-stay guests looking for accommodation during the holiday season, bringing the average occupancy rate of this sub-sector to 62.5%, an increase of 0.4% QoQ or 7.7% YoY.

INDUSTRIAL Q4 2022:

By sector, Chemical (21.8%) was recorded to give the highest contribution to the demand, followed by data center of 19.3%, manufacture (16.3%), and automotive (11.6%), with other sectors such as logistic and warehousing, plastic, food and beverage, and others absorb the remaining balance.

HOTEL H2 2022:

During 2022, the increasing FIT business travelers, corporate meetings and staycation activities were observed to contribute to the increase of average occupancy level of the market from 47.9% in 2021 to 61.4% in 2022.

LANDED RESIDENTIAL H2 2022:

While the Middle segment remains to have the largest proportion of demand at around 32.1%, the portion of demand from Upper segment remains high, sharing about 24.6% of the total sold units, making it the second highest demanded segment during the review period.

Jakarta MARKETBEATS

Office Buildings CBD
CBD OFFICE Q4 2022

Total proposed supply set to enter the market in 2023 is projected at approximately 155,000 sqm. All of which will be of Grade-A quality and located along Jalan Jendral Sudirman.

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Warehouse Internal Rack
INDUSTRIAL Q4 2022

The average industrial land price increased by 0.4% QoQ, and 2.2% YoY, standing at Rp 2,615,000 per sqm, whilst the average asking rental rate for warehouses in Greater Jakarta remained stable, at Rp 74,000 per sqm / month.

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Shopping Retail
JAKARTA RETAIL Q4 2022

The average rental rate experienced slight increment in 2022 by 0.1% (YoY) standing at Rp 808,500/sqm/month, due mainly to the increase of average base rent of Ground Floor retail space in the secondary area by 0.2 % (YoY) to Rp 682,900/sqm/mo.

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Warehouse Internal Rack
CONDOMINIUM Q4 2022

By the end of 2022, 18 projects, the highest quarterly record in 2022, were completed as many developers finished their long overdue project constructions because of the pandemic.

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Warehouse Internal Rack
RENTAL APARTMENT Q4 2022

In response to the competitive market, several Purposed Built Rental Apartment have lowered their rental rates, resulting in the decline of the average Rental Rate of the market by 0.9% QoQ or 8.0% YoY, to Rp. 214,596 per sqm per month.

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Warehouse Internal Rack
LANDED RESIDENTIAL H2 2022

In overall, Greater Jakarta recorded an average take up rate of 21.7 units per month per estate during H2 2022 (-16.8% YoY).

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