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JAKARTA MARKETBEAT REPORTS

Arief Rahardjo • 28/07/2021
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: Rupiah rental rates decreased further during the second quarter, in line with the weak demand and the decreasing occupancy level of the market. By the end of June, the average CBD gross rental stood at Rp.274,100 per sqm per month (a decrease of 4.7% YoY). In US dollar terms, the figure was US$18.91 per sqm per month, a decrease of 6.3% YoY.

Retail: Since the onset of the pandemic, no increment of the average rentals and service charges were seen within the Jakarta retail market. This situation is expected to continue over the balance of the year. Before the engulf of COVID-19 second wave, some tenants in major retail centers who are doing well had been back to their normal rent, with some receiving relatively lesser rental abatement or payment deferment. 

Debotabek Retail: The average base rental rate of Debotabek Retail space remained unchanged since the first PSBB restriction to contain the Covid-19 pandemic was imposed in Indonesia, standing at Rp 451,800/sqm/mo, for specialty retail space on the GF. 

Condominium: No price growth was observed on QoQ basis, staying at Rp. 43,300,000 per sqm, whilst the YoY price growth was recorded at only 0.5%. The nearly-completed projects have been offering fully furnished package or rental guarantee to attract potential buyers in addition to the VAT waiver incentives from the government. 

Rental Apartment: Despite the fluctuation of the Rupiah against US Dollar during the review quarter, average rental rate of Purpose-built Rental Apartments and Serviced Apartment sub-sectors remained relatively unchanged at Rp. 241,550 and Rp 356,576 per sqm per month.  

Landed Residential: Announcement of the second lockdown which started in July 2021 has alerted the market. The restriction of activities, which is initially planned for about 3 weeks and currently being extended, puts developers in wait-and-see approach since marketing activities are bound to be limited and prospective buyers are projected to be more careful in making investment decisions.  

Industrial Warehouse: The industrial land price remained relatively unchanged during the review quarter as impact of the pandemic on demand continued.  As of June 2021, the average land price in Greater Jakarta area was recorded at Rp 2,542,000 per sqm (-1.9% YoY), whilst the average asking rental rate for warehouses in the Greater Jakarta area was Rp.72,000 per sqm / month. 

Hotel: As room rate is a factor that relates closely to hotel occupancy, the improvement of occupancy in the last 3 months of the review period have made hoteliers start to readjust their room rates. Overall, Average Daily Rate (ADR) of hotels in Jakarta increased by 37.9% YoY. 5-star hotels made the most significant adjustment in order to revive from its biggest fall. Average Daily Rates as of June 2021 were: 3-star: Rp. 367,973 (25.0% YoY); 4-star: Rp. 556,477 (8.9% YoY); 5-star: Rp. 1,039,382 (44.1% YoY); and Luxury: Rp. 1,606,895 (5.7% YoY).  

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

CURRENT MARKETBEATS

Office Buildings CBD
Jakarta CBD Office MarketBeat

This year, a total of 206,000 sqm of proposed office supply is projected to enter the market and will add the total stock of Jakarta CBD office to about 7.2 million sqm.

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Shopping Retail
Jakarta Retail MarketBeat

The overall occupancy rate of Jakarta retail market continued its downward trend this quarter, standing at 76.6%, a decrease of 0.4% from that in the last quarter.

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Shopping Retail
Debotabek Retail MarketBeat

By the end of June 2021, the occupancy rate of Debotabek retail centers was recorded at 76.9%, dropped by 2.1% from that in the last year.

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Warehouse Internal Rack
Jakarta Condominium MarketBeat

A net take-up of 1,844 units was recorded in the second quarter of 2021, 44% lower than the 3,318 units absorbed in the second quarter of 2020 (YoY).

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Warehouse Internal Rack
Jakarta Rental Apartment MarketBeat

Occupancy of the Purpose-built Rental Apartment sub-sector was recorded at 58.3%, a 1.5% decrease compared to the last quarter’s figure.

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Warehouse Internal Rack
Landed Residential MarketBeat

Despite the pandemic, landed residential market continued to record healthy transaction rate The average number of units transacted were recorded at around 26 units per month per estate, growing by 11 compared to in the same period last year. 

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Warehouse Internal Rack
Jakarta Industrial MarketBeat

Demand for industrial land has shown progressive recovery during the review quarter, as reflected by a 33.5% increase YoY in the net absorption or 52.04 hectares in the Greater Jakarta area.

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Warehouse Internal Rack
Hotel MarketBeat

Despite the fluctuating condition due to the pandemic, hoteliers managed to maintain the performance of their hotels, partly from the occupancy driven by the quarantine requirement for travelers arriving from overseas during the pandemic.

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