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Office and Retail MarketBeat Reports | Laporan MarketBeat Perkantoran Dan Pusat Perbelanjaan

Arief Rahardjo • 23/07/2020

Bahasa follows English version

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


OFFICE Q2 2020

“Any consideration to reduce office space requirements will need to be balanced against the need for safe management protocols in the workplace. Corporate occupiers in Grade A CBD buildings will probably negotiate for rental reductions in the first instance before deciding on reducing footprint in light of social distancing measures at the workplace. But there is now a window of opportunity for some corporate occupiers to consider a Grade A office location given the continuing over supply situation and downwards pressure on rentals”, Nonny Subeno, Executive Director, Commercial.

Only the second new office project of the year, namely Lippo Thamrin of 22,500 sqm, entered the CBD office market during the second quarter of 2020. Total expected new supply due for completion within 2020 was adjusted downwards to 237,000 sqm (from the previous forecast of 320,000 sqm) as delays to several under construction projects continue due to the ongoing COVID-19 crisis. 

Office leasing activity virtually ‘flatlined’ during April to June 2020, with the worsening COVID-19 outbreak and the reduced office operations & travel restrictions imposed in Jakarta. Almost all buildings experienced zero new transactions in April and May, though some improvement started to be seen in June with more inquiries for small space (below 200 sqm) and an increase in building inspections, as some of the office operation restrictions were eased. New lease contracts remained very limited, save for one notable deal completion by a services company in excess of 10,000 sqm. For the first time since the Asian financial crisis in 1999, overall take-up of negative 44,300 sqm was recorded during the second quarter 2020, bringing the YTD net take up to a negative 12,700 sqm. Some downsizing, relocations and even office closures were seen in certain Grade B and C buildings, although positive net take-up was still recorded in the Grade-A sector. Overall the Jakarta CBD office occupancy (all grades) by the end of June 2020 decreased to 74.2%, with Grade B offices experiencing the sharpest drop in occupancy during the quarter of 5.3% to reach 70.7%.

Base rentals in Rupiah-terms decreased by 5.5% QoQ to IDR 198,900 per sqm per month, whilst in US Dollar equivalent, they showed an increase of 8.1% due to the significant strengthening of the Rupiah (by +14.4%) during the quarter. Many tenants sought rental discounts or abatements due to the slowdown in business activities and with continued high vacancy levels, some landlords were prepared to granted rent reductions ranging from 10% to 50% to their tenants hardest hit by the COVID-19 outbreak, especially to supporting F&B retailers within their buildings.

With the outlook for lower economic growth due to the impact of the pandemic, a trend towards lower office cost locations, premises downsizing and even some closures within the CBD office market is to be expected in the coming quarters. Similarly, gross rental rates are projected to further decrease with the weak demand. Landlords are likely to face more challenges as office occupiers struggle to pay occupancy costs and push for payment delays or service charge & rental suspensions or discounts. Major ‘pipeline’ relocations and expansion plans will also likely be put on hold.

RETAIL Q2 2020

“Limited retail pipeline supply will help landlords defend retail rents for the rest of the year. Some retail brands might take the opportunity to explore prime retail locations for post-COVID future expansion, but what is clear is that retailers should enhance their omni channel strategies, leveraging technology including virtual sales tools to engage customers, as this continues to accelerate as a major mode of transaction for consumers, particularly the technologically savvy, younger consumers,” Lini Djafar, Executive Director, Retail.

At the beginning of June, the government started to ease the large-scale social restrictions (“PSBB”) which had been implemented to limit the spread of COVID-19. Under this “Transitional PSBB” period retail centers in Jakarta were permitted to re-open gradually from June 15, with the application of strict health protocols, including limiting the overall number of visitors. Leisure-related retailers such as cinemas, fitness centres, karaoke bars, childrens’ playgrounds and other types of operators considered higher risk for COVID-19 transmission, remained under review for reopened in subsequent phases of the PSBB easing.

New supply from projects such as Green Sedayu Mall and Senayan Park (which were initially scheduled to open in the first quarter of 2020), are now only expected to enter the Jakarta market by the third quarter. No new supply was seen for the first six months of the year and some projects planned for opening in 2020, have already been postponed to 2021.

Perhaps not surprisingly, the 3-month temporary closure of malls had a profound impact on retailers, with those smaller retailers unable to survive having turned their temporary closures into permanent ones. This brought down the overall occupancy rate of the market by 79.5%, down 1.3% from the first quarter. Adding to this, with malls continuing to experience limited ‘footfall’, other retailers have sought to extend their fit-out period or postpone their fit-out indefinitely in the near-term, which put further pressure on occupancy levels during the review quarter.

Since the onset of the pandemic, enquiries for retail space have declined considerably, however some retailers continue to express optimism that business recovery will take place in 2021 and as such continue to seek new location for their business expansion for the year ahead. Looking to the future, it is expected that retailers will also be more focused on accelerating the integration of their online and offline sales to maintain and even grow their business during the ongoing pandemic.

Despite this fall in demand, average rental and service charge levels remained unchanged within the Jakarta retail market on a QoQ basis, at Rp. 807,700 per sqm per month (sqm/mo) for specialty retail space on ground floor and Rp. 190,400/sqm/mo respectively. Some mall landlords were prepared to review individual tenant’s pandemic-circumstances on a case-by-case basis, with those ‘essential’ retailers (whose business has remained robust during the pandemic) still expected to pay rents in accordance with their agreed contracts, whilst those tenants hit hardest, being granted rental abatement or an agreed payment deferment. This situation of expected to remain the same over the remainder of 2020 whilst the pandemic conditions continue.

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Laporan MarketBeat Perkantoran Dan Pusat Perbelanjaan


Laporan MarketBeat Cushman & Wakefield menyajikan analisa aktivitas ekonomi dan real estat komersial pada setiap kuartal yang mencakup jumlah pasokan, permintaan, dan tren harga di tingkat pasar dan sub-pasar.

“Pertimbangan untuk mengurangi kebutuhan ruang kantor perlu diseimbangkan dengan kebutuhan protokol manajemen yang aman di lingkungan kerja. Perusahaan yang menempati gedung perkantoran Grade A di CBD kemungkinan akan menegosiasikan penurunan harga sewa di awal, sebelum menentukan untuk mengurangi footprint kantor sebagai upaya pembatasan sosial di lingkungan kerja. Saat ini, merupakan kesempatan yang baik bagi beberapa perusahaan untuk mempertimbangkan berkantor di gedung perkantoran Grade A, dikarenakan situasi pasokan berlebih dan tekanan penurunan harga sewa yang masih terus berlanjut,” tutur Nonny Subeno, Executive Director, Commercial.

Dalam kuartal 2 2020 hanya Lippo Thamrin (22.500m2), sebagai proyek perkantoran baru kedua di tahun ini, yang masuk sebagai pasokan baru pasar perkantoran CBD. Jumlah total pasokan baru yang diperkirakan akan selesai di tahun 2020 terkoreksi di 237.000m2 (dari proyeksi sebelumnya 320.000m2). Hal ini disebabkan oleh konstruksi yang mengalami penundaan lebih lanjut akibat pandemi COVID-19 yang masih berlangsung.

Aktivitas penyewaan perkantoran tersendat dengan pertumbuhan yang tidak mengalami peningkatan selama April hingga Juni 2020 dengan kondisi pandemi COVID-19 yang memburuk dan pengurangan operasional kantor serta pembatasan perjalanan yang diterapkan di Jakarta. Tidak ada transaksi baru yang terjadi pada hampir seluruh bangunan antara April dan Mei, walaupun beberapa peningkatan aktivitas mulai terlihat di bulan Juni dengan kenaikan permintaan untuk ruang kerja dengan luasan kecil (di bawah 200m2) dan lebih giatnya aktivitas inspeksi bangunan mengingat beberapa pembatasan operasional kantor mulai diringankan. Selain penyewaan ruang lebih dari 10.000m2 yang dilakukan oleh suatu perusahaan di bidang jasa, kontrak sewa baru masih tetap terbatas. Untuk pertama kalinya sejak krisis finansial Asia di 1999, tingkat serapan secara umum di kuartal 2 2020 tercatat negatif 44.300m2, menurunkan angka tingkat serapan bersih di tahun 2020 hingga saat ini mencapai negatif 12.700m2. Pengurangan area kerja, relokasi, hingga penutupan kantor terlihat pada beberapa bangunan Grade B dan C, walaupun tingkat serapan bersih pada sektor Grade A masih tercatat positif. Hinga akhir Juni 2020, tingkat hunian perkantoran CBD Jakarta secara umum untuk seluruh grade mengalami penurunan ke 74.2%, dengan perkantoran Grade B mengalami penurunan paling tajam untuk tingkat hunian pada kuartal ini sebesar 5.3%, menjadi 70.7%.

Harga sewa dasar dalam Rupiah mengalami penurunan sebesar 5.5% dari kuartal sebelumnya menjadi Rp198.900,00 per meter persegi per bulan. Sementara itu, harga sewa yang sama dalam Dolar AS menunjukkan peningkatan sebesar 8.1% yang disebabkan oleh penguatan Rupiah yang signifikan (sebesar +14.4%) pada kuartal ini. Banyak penyewa yang mencari potongan atau pengurangan harga sewa terkait aktivitas bisnis mereka yang sedang melambat. Dengan berlanjutnya tingkat hunian yang rendah, beberapa pemilik bangunan telah bersiap untuk memberikan pengurangan harga sewa sebesar 10% hingga 50% untuk para penyewa bangunan yang terdampak sangat besar oleh pandemi COVID-19, terutama pada penyewa ritel F&B pendukung yang terletak pada bangunan mereka.

Dengan proyeksi pertumbuhan ekonomi yang masih melambat sebagai dampak dari pandemi, perkantoran dengan lokasi dan biaya terjangkau, perampingan ruang, bahkan penutupan kantor diperkirakan akan menjadi tren pada pasar perkantoran CBD di kuartal ke depan. Demikian pula dengan harga sewa kantor yang diproyeksikan untuk tetap menurun sejalan dengan permintaan yang melemah. Pemilik bangunan akan dihadapkan pada tantangan lebih besar selagi para penghuni kesulitan untuk membayar sewa hunian dan mengajukan penundaan pembayaran maupun pemotongan biaya sewa dan service charge. Rencana relokasi ‘pipeline’ dan ekspansi secara besar kemungkinan akan mengalami penundaan.


“Pasokan pusat perbelanjaan yang terbatas dapat membantu pemilik bangunan untuk menjaga kestabilan harga sewa ritel hingga akhir tahun. Beberapa merek ritel kemungkinan akan dapat mengambil kesempatan ini untuk mencari lokasi yang unggul untuk rencana ekspansi ritel pasca-pandemi. Satu hal yang jelas adalah para peritel perlu meningkatkan strategi penjualan omni channel mereka dengan memberdayakan teknologi termasuk penjualan virtual untuk menarik konsumen, mengingat sarana ini terus berkembang sebagai mode transaksi utama untuk konsumen, terutama para konsumen muda yang lebih terbiasa dengan teknologi,” tutur Lini Djafar, Executive Director, Retail.


Di awal Juni, pemerintah mulai melonggarkan pembatasan sosial berskala besar (PSBB) yang diterapkan untuk mencegah penyebaran COVID-19. Dalam masa “PSBB Transisi” ini, pusat perbelanjaan di Jakarta diizinkan untuk mulai beroperasi secara bertahap mulai 15 Juni dengan tetap menjalankan protokol kesehatan yang ketat, termasuk membatasi jumlah pengunjung secara umum. Ritel sektor rekreasi seperti bioskop, pusat kebugaran, karaoke, tempat bermain anak, dan tipe operator lain yang dianggap berisiko tinggi dalam penyebaran COVID-19, masih dalam tahap peninjauan untuk pembukaan kembali di fase relaksasi PSBB selanjutnya.

Pasokan baru dari beberapa proyek seperti Green Sedayu Mall dan Senayan Park (yang awalnya dijadwalkan buka pada kuartal 1 2020) kini diproyeksikan untuk masuk ke pasar pusat perbelanjaan Jakarta pada kuartal ketiga. Tidak ada pasokan baru yang tercatat di 6 bulan pertama 2020 dan beberapa proyek yang direncanakan dibuka di 2020 telah ditunda hingga 2021.

Seperti perkiraan, penutupan sementara mal selama 3 bulan telah menimbulkan dampak pada para penyewa, dengan beberapa peritel kecil yang tidak dapat bertahan memutuskan untuk tutup secara permanen. Hal ini menyebabkan penurunan tingkat hunian pusat perbelanjaan secara umum sebesar 1.3% dari kuartal sebelumnya, menjadi 79.5%. Keadaan ini dipersulit dengan kondisi jumlah pengunjung yang terbatas di mal, sehingga beberapa peritel memutuskan untuk memperpanjang masa fit-out atau menunda aktivitas fit-out hingga waktu yang tidak ditetapkan dalam waktu dekat, yang menambah tantangan pada tingkat hunian di kuartal 2 2020.

Sejak awal masa pandemi, permintaan untuk ruang ritel telah menurun secara signifikan. Walau demikian, beberapa penyewa tetap optimis bahwa bisnis mereka akan pulih pada 2021 dan terus mencari lokasi baru untuk ekspansi bisnis di tahun depan. Penyewa diproyeksikan akan lebih berfokus untuk mengakselerasikan integrasi penjualan online dan offline mereka untuk menjaga dan meningkatkan bisnis selama kondisi pandemi ini.

Rata-rata biaya sewa dan service charge tidak mengalami perubahan pada pasar pusat perbelanjaan Jakarta jika dibandingkan dengan kuartal sebelumnya, walau terjadi pengurangan pada jumlah permintaan. Harga sewa rata-rata berada di Rp807.700,00 per meter persegi per bulan untuk toko khusus (specialty store) di lantai dasar, sementara service charge rata-rata berada di Rp190.400,00 per meter persegi per bulan. Beberapa pemilik mal bersiap untuk meninjau kondisi bisnis penyewa secara individu terkait pandemi dalam basis case-by-case, dengan peritel ‘esensial’ (peritel dengan bisnis yang tetap kuat di saat pandemi) diharapkan untuk tetap membayar sewa sesuai dengan kontrak yang telah disetujui, sementara penyewa yang terkena dampak terbesar dapat diberikan keringanan biaya sewa atau penundaan pembayaran yang disepakati. Kondisi ini diproyeksikan untuk tetap bertahan hingga akhir tahun 2020 selagi pandemi tetap berjalan.

Kunjungi laman global Cushman & Wakefield untuk mengunduh laporan. 




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