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Jakarta Marketbeat Reports

Arief Rahardjo • 24/07/2024
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 Q2 2024

Leasing inquiries remained active during the second quarter 2024, coming mostly from tenants who are planning and seeking options for relocation next year. 

JAKARTA RETAIL Q2 2024

No new supply was added during this quarter; however, ongoing shopping mall renovations are currently underway with a primary focus of improving the interior and adjusting the tenancy mix to enhance the shopping experience for customers.

GREATER JAKARTA RETAIL Q2 2024

Debotabek area expect to see addition of eight shopping mall developments by the end of 2024 and early 2025. If all these upcoming centers adhere to their development schedules, the cumulative retail space supply is projected to increase by 10.2% by the end of 2025.

CONDOMINIUM Q2 2024

Demand is expected to stabilize throughout the remaining of the year with no significant growth anticipated following the reduction of VAT incentive on completed units to 50% starting July to December 2024.

RENTAL APARTMENT Q2 2024

With the popularity of short-term condominium rental platforms, along with the start of the new school term for university that generated tenants from out-of-town students, the occupancy level of condominium-for-lease sub-sector saw a growth of +1.6% QoQ or +2.8% YoY.

INDUSTRIAL Q2 2024

A total of 182.90 hectares of land sales transactions were recorded during the second quarter of 2024, marking a significant growth of +184.0% QoQ or 450.9% YoY on land sales.

HOTEL H1 2024

The 4-star hotels offer more affordable pricing compared to their 5-star counterparts whilst provide comparable comprehensive facilities, making them an attractive option to both business and leisure travelers.

LANDED RESIDENTIAL H1 2024

The end of the government’s full VAT exemption incentives contributed to the decrease in new supply, as developers are focusing on selling their ready-stock units or launching units that can be handed over before June 2024. From July to December 2024, the incentive will be reduced to a 50% VAT discount.

Jakarta MARKETBEATS

Office Buildings CBD
CBD OFFICE Q2 2024

The overall CBD occupancy rate continued to rise during the reviewed quarter by 0.5% to reach 74.0% as at the end of June 2024.

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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
JAKARTA RETAIL Q2 2024

Average base rent in Jakarta retail market has experienced a slight increase (0.9% QoQ), alongside stable service charge.

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Shopping Retail
DEBOTABEK RETAIL H1 2024

The Debotabek retail market continued to experience modest growth in base rent and service charge, with a 2.4% increase in base rent and 2.9% increase in service charge, respectively.

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Warehouse Internal Rack
CONDOMINIUM Q2 2024

The market saw a relatively stable price trend over the review quarter, with a year-on-year increase of 2.3%

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Warehouse Internal Rack
RENTAL APARTMENT Q2 2024

For the remainder of 2024, the rental apartment supply will continue to mainly come from completion of condominium projects and new serviced apartment units in Sommerset Kencana.

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Warehouse Internal Rack
INDUSTRIAL Q2 2024

Future expansion of industrial land supply is expected to come from estates along the eastern corridor of Bekasi, Karawang, and Subang.

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Warehouse Internal Rack
HOTEL H1 2024

After approximately a year behind the original schedule, a total of 725 rooms commences operations in the first half of 2024, of the following star rating distribution: 32% of 3-Star, 46% of 4-Star, and 22% of 5-Star respectively.

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Warehouse Internal Rack
LANDED RESIDENTIAL H1 2024

Upper segment units continued to represent the majority of new supply this semester, accounting for 38.3% of the total, while the Middle segment followed closely with a 24.3% share.

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