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JAKARTA MARKETBEAT REPORTS

Arief Rahardjo • 29/01/2024

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 2023

Despite the slower transaction activities compared to in the previous quarters, a positive net take-up of 66,300 sqm was recorded in overall CBD office market during the fourth quarter of 2023, bringing the average occupancy rate of Jakarta CBD Office market by the end of December 2023 to 73.0%.

NON-CBD OFFICE H2 2023

Despite the slower transaction activities compared to in the previous semester, a positive net take-up of 10,700 sqm was still seen in overall Non-CBD office market during the second semester of 2023, bringing the total absorption for the full year 2023 to 41,600.

JAKARTA RETAIL Q4 2023

The stable rental rates and increase in service charge, may indicate a balanced strategy by landlords to retain tenants and at the same time, maintain revenue streams in response to the operation cost inflation.

DEBOTABEK RETAIL H2 2023

Occupancy rate of the retail market is expected to face continued pressure due to the influx of upcoming supply in the next quarters while exhibited modest growth of base rent and service charge signaling a significant shift after nearly four years of stagnant growth.

CONDOMINIUM Q4 2023

Supply levels are expected to stay subdue until the second semester of 2024 due to the upcoming Presidential Election and Idul Fitri in the first semester, during which buyers typically defer their purchasing decisions.

RENTAL APARTMENT Q4 2023

No new supplies from Purposed Built and Serviced Apartment projects were recorded during the fourth quarter of 2023 as multiple projects that were scheduled to open in the fourth quarter of 2023 were postponed to 2024.

INDUSTRIAL Q4 2023

In anticipation of the ongoing market competition, average rental rate of leased warehouses in the Greater Jakarta area will remain relatively stable, at around Rp 77,000 per square meter per month.

HOTEL H2 2023

It is estimated that the target total passenger arrivals in 2023 of 23 million passengers in Soekarno-Hatta International Airport will be achieved, surpassing that in year 2019 and this will impact on the improvement of room occupancy in 2024.

LANDED RESIDENTIAL H2 2023

Inflation that affects construction costs and the continuous infrastructure advancements in Greater Jakarta, including projects such as MRT, LRT, and toll road expansions which lead to land price increment, is anticipated to further increase the average selling prices of houses in 2024.

Jakarta MARKETBEATS

Office Buildings CBD
CBD OFFICE Q4 2023

Gross rental rates are projected to slightly increase, mostly as a result of the increment of service charge component.

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Office Buildings CBD
NON-CBD OFFICE Q4 2023

By the end of December 2023, the average occupancy rate increased by 0.7% YoY to 80.2%.

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Shopping Retail
RETAIL Q4 2023

Entertainment tenants, which includes arcade and playground for children and adults, also expand extensively with the opening of new outlets.

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Shopping Retail
DEBOTABEK RETAIL H2 2023

On YoY basis, cumulative supply increased by 5.2% and the total supply of retail space stood at 2,819,900 sqm.

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Warehouse Internal Rack
CONDOMINIUM Q4 2023

Leasing of condominium in the Greater Jakarta remains notably active, as shown by a steady uptrend in occupancy rates to 59.2%.

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Warehouse Internal Rack
RENTAL APARTMENT Q4 2023

Price adjustments are projected to commence in 2024, in response to the improved demand and inflation rate.

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Warehouse Internal Rack
INDUSTRIAL Q4 2023

Future supplies in the coming quarters are expected to come from the industrial estates in the eastern part of Jakarta.

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Warehouse Internal Rack
HOTEL H2 2023

The positive growth in the number of visitors to Jakarta was also led by the more active MICE activities in Jakarta.

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Warehouse Internal Rack
LANDED RESIDENTIAL H2 2023

In late November 2023, the government provided incentives for full VAT exemption for the purchase of new homes under IDR 5 billion, which is applicable until June 2024.

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