Jakarta Property Market Review 2Q 2023
Indonesia's Modern Warehouse Market: New Entrant Completed First Project
- Yunus Karim
The second quarter of 2023 saw a continuation of a positive net absorption trend for the Grade A office sector. There has also been noticeable activity among family-friendly entertainment and F&B tenants in shopping malls in the city.
Condominium sales shared similar figures to previous quarters. Meanwhile, the completion of several new modern logistics warehouse projects in the eastern corridor of Jakarta led to a slight decrease in occupancy rates but remained healthy.
As tourism demand ramps up, international visitation in Jakarta has exceeded the pre-pandemic level in May 2023. The gradual recovery supports an increasing trading performance as luxury hotels in Jakarta were able to hold high-rate levels.
We are excited to see how 2023 will turn out in a brighter way.