Research

Jakarta Property Market Review 3Q 2022

Grade A office net demand returned to positive territory

November 17, 2022

Contributors:

Yunus Karim

Positive net demand was recorded at around 11,000 sqm for the Grade A office. In general, enquiries have improved since the beginning of the year. A total of two new office buildings were completed in Jakarta this quarter – each in CBD and Non-CBD areas, which remain to put occupancy and rents under pressure.

Net absorption in the shopping malls mainly came from F&B and fashion retailers opening their stores within the recent new supply. The condominium market in both Jakarta and Greater Jakarta continues to experience weak sales levels. Meanwhile, demand remained healthy amid limited new supply for modern logistics warehouses.

With more foreign visitors expected to travel to Jakarta towards the end of the year, hotels are expected to see a continued recovery in trading performance, especially in the luxury segment.

We hope you enjoy this quarter’s JPMR.

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