Research

Jakarta Property Market Review 3Q 2023

Stable occupancy rates seen across office buildings, malls, and modern warehouses

November 09, 2023

Contributors:

Yunus Karim

Office occupancy rates remain stable in both CBD and non-CBD areas, driven by demand for newer, higher-quality buildings.

Food and beverage, fast fashion, beauty, and entertainment retailers dominate the retail sector, with foreign retailers entering the market.

Condominium sales reflect previous trends, with developers targeting affordable products, but ongoing construction projects generate buyer interest.

Modern warehouse demand in the Greater Jakarta region rises, particularly from the automotive, EV, manufacturing, FMCG, and pharmaceutical sectors.

Improved air connectivity drives international tourism, with China as the leading source market.

We hope you enjoy this quarter’s JPMR.

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