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JAKARTA MARKETBEAT REPORTS

Arief Rahardjo • 06/05/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

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 Q1 2024

Transaction activities during the first 3 months of 2024 was relatively slower compared to in the previous quarters, due to the political activities for general elections as tenants were in “cautious mode” and tend to hold their decisions for major relocations and expansions.

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 Q1 2024

The trend of new supply from small lifestyle retail facilities has contributed to a cumulative supply of 4,719,500 sqm (+0.4% YoY and +0.2% QoQ), reflecting a subtle yet continuous expansion in the retail sector.

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 Q1 2024

DTP VAT incentive did not yield a substantial impact on the condominium market, as developers postponed adoption of such incentive and the announcement of the regulation's extension to February put no urgency for implementation of the incentive.

RENTAL APARTMENT Q1 2024

The average asking rent of the overall rental apartment market increased during Q1 2024. Condominium-for-lease units experiencing the highest rental increase among the other sub-sectors, at +7.8% and +1.0% YoY and QoQ increase respectively.

INDUSTRIAL Q1 2024

During the review quarter, there was addition of an estimated 95,000 sqm new warehouse space, bringing the total supply of warehouse for lease in the Greater Jakarta Area to 2,76 million sqm, with demand mainly comes from logistics sector.

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 Q1 2024

By the end of March 2024, the average base Rupiah rent stood at Rp.166,800 per sqm per month, representing an increase of 4.5% YoY.

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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 Q1 2024

The average occupancy rate stood at 79.1% (+2.5% YoY and +0.7% QoQ). F&B sector continues to be the most active, closely followed by lifestyle brands. The market also continuously welcomed several new international brands.

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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 Q1 2024

Anticipated to remain subdued until year-end, the condominium market is poised to witness limited new supply, while the implementation of the DTP VAT incentive is expected to sway consumers’ preference towards completed projects.

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Warehouse Internal Rack
RENTAL APARTMENT Q1 2024

The purpose built rental apartment sub-sector saw a slight increase in occupancy by 1.4% QoQ or 4.4% YoY during Q1 2024 with the increase of new inquiries for long term stays.

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Warehouse Internal Rack
INDUSTRIAL Q1 2024

The average industrial land price stood at Rp 2,749,000 per sqm over the review quarter, marking a modest quarterly increase of 2.35% and a year-on-year growth of 4.6%.

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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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