CBD Office: Following four consecutive years of declining occupation, the overall occupancy rate of Jakarta’s CBD office market started to show improvement by the year end, driven by some tenant expansions and lower additional supply delivery during the year.
Non-CBD Office: South Jakarta still leads the market with 31% of the total net take-up rate of non-CBD office, followed by West and Central Jakarta, whilst offices in East Jakarta absorbed the least demand.
Condominium: In response to the market slow down, declining launching of new projects was observed during 2019.
Retail:
Jakarta Retail: In the last quarter of 2019, 3 new retail centers were completed in Jakarta, adding approximately 21,100 sq m of retail space to the market.
Debotabek Retail: To close out the year, the Debotabek area saw the addition of three new retail centers, that brought the total supply of retail center space in the Debotabek area to 2,450,400 sq m.
Industrial: No new supply entered the market during the forth quarter 2019. Only a small expansion added 14,684 hectares of industrial land to the total supply in Greater Jakarta area.
Landed residential: In the overall Greater Jakarta market, the middle segment houses remained to contribute to the highest proportion of housing transactions in the second half of 2019.
Rental Apartment: New proposed Serviced Apartment projects are expected to operate in 2020 and will contribute about 326 units to the future supply of Jakarta Serviced Apartment, and will bring the total to 5,239 units.
Hotel: Additional supply of 689 hotel rooms, compromising 201 rooms of 3-star and 488 rooms of 5-star, was recorded in this review quarter, cumulating the total supply of hotel rooms in Jakarta to around 40,900 rooms.
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