Arief Rahardjo • 03/11/2020
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

CBD Office: With the negative impact of COVID-19 affecting all business sectors, some downsizings, relocations and even office closures were seen in many buildings within the CBD, especially in Grade B and C offices.

Retail:Despite the various strategies and initiatives to maintain foot traffic and generate sales turnover within the malls, an overall drop in the occupancy rate was inevitable and average occupancies in the market decreased by 1.7% from the previous quarter, to reach 77.8% by the end of September.

Rental Apartment: No demand from expatriate tenants was recorded during the review quarter, given the continuing inbound travel restrictions to Indonesia. This also applied to expiring lease contracts were not renewed, as some expatriates returned to their home countries and due to some companies putting operations on hold during the pandemic.

Condominium: By the end of the quarter, the average vacancy in the market increased to 50.7% compared to the previous quarter, with some projects being more selective in accepting new tenants and with additional occupancy requirements of COVID-19-free medical letters.

Industrial Warehouse: Land sales transactions during this review quarter were recorded at 26 hectares, some 23% below the previous quarter, with the impact of COVID-19 also clearly affecting industrial land demand. These deals were mainly in the eastern corridor as well as one smaller deal in Serang.

Learn more by clicking our most recent Jakarta MarketBeat reports below.


Office Buildings CBD
Jakarta CBD Office MarketBeat

There had been some signs of improvement in July and August (with more inquiries and an increasing number of building inspections), as office operation restrictions were eased by the Government.

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Shopping Retail
Jakarta Retail MarketBeat

Mall landlords remained willing to review individual tenant’s pandemic-circumstances on a case-by-case basis with most being granted some form of rental abatement or an agreed payment deferment.

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Warehouse Internal Rack
Jakarta Industrial MarketBeat

Other industry sectors such as F&B and automotive also contributed to the healthy level of warehouse occupancy.

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Warehouse Internal Rack
Jakarta Condominium MarketBeat

Within projects, limitations on visitors and guest-numbers continued, but on-site communal facilities gradually re-opened with restrictions.


Warehouse Internal Rack
Jakarta Rental Apartment MarketBeat

Rentals are expected to continue to remain under downwards pressure over the balance of the year.

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recovery readiness webinar (image)
Research • Workplace

Recovery Readiness: A How-to Guide for Reopening your Workplace

As some countries stabilize from the COVID-19 pandemic and stay-at-home restrictions are lifted, organizations will begin to bring workers back into the physical workplace. It has already begun in some parts of the world. In fact, as of April 2020, we have helped move our own employees, and those of our clients, back into more than 800 million square feet of properties globally.
The Rise and Rise of ASEAN
Research • Investment

The Rise and Rise of ASEAN

In this report we look at some of the fundamental drivers changing the face of ASEAN, with a focus on the growing number of companies adopting a modified China+ manufacturing strategy and its knock-on impact on commercial real estate.
Dominic Brown • 08/07/2020