Jakarta Property Market Review 2Q 2022
Retailers' activities increase as restrictions have been eased
- Yunus Karim
The office occupancy rate remained relatively stable, considering that demand was still limited while no new supply was completed in the second quarter.
The easing of the COVID-19-related restrictions has allowed shopping centers to operate at full capacity, which has increased activities in the retail sector, especially in prime shopping malls. On the other hand, the sales levels in the condominium market were still weak.
Whilst domestic guests were the main driver for Jakarta hotels in the first half of 2022, we anticipate a pick-up in foreign demand amid a rise in international visitation.
We hope you enjoy this quarter’s JPMR.