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JAKARTA MARKETBEAT REPORTS

Arief Rahardjo • 23/04/2020
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: Overall CBD office occupancy (all grades) in Jakarta by the end of March 2020 decreased to 74.6%, largely from high vacancy levels remaining in the World Capital Tower project on its completion, as well as some delays in premises fit-outs in other buildings preventing physical occupation.

Retail: Near-term demand for retail market will be endured until COVID-19 contained. Retailers will be more discreet in terms of expansion and relocation and we may expect the overall vacancy rates to increase in the next few quarters.

Industrial: Most investors, particularly foreign investors, who initially had planned both new and expansions tend to postponed the transactions due to the lockdown or flight schedule restrictions in each of their areas.

Condominium: As a result of the outbreak, only 3,087 condominium units from 8 projects were completed in the first quarter of 2020, a decline of 68.8% (QoQ) and 74% (YoY) compared to the completed units in Q4 2019 and Q1 2019, respectively.

Rental Apartment: New lease contracts were also postponed due to travel restrictions applied by all countries affected by the pandemic.

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

CURRENT MARKETBEATS

Office Buildings CBD
Jakarta CBD Office MarketBeat

Net take-up of 12,600 sqm was however still recorded during the first quarter, mostly in January to mid-February, but this was still the lowest quarterly take-up recorded in the last four years.

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Shopping Retail
Jakarta Retail MarketBeat

Before the spread of COVID-19 in Jakarta, FLIX cinema has opened its third location in Mall of Indonesia, which is the biggest cinema with lifestyle and eco-friendly concept.

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Warehouse Internal Rack
Jakarta Industrial MarketBeat

Industrialist expect that the pandemic will be over soon by the second semester of 2020, thus the market recovery would follow accordingly.

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Warehouse Internal Rack
Jakarta Condominium MarketBeat

Some projects which were scheduled for completion in March 2020, have postponed their hand over as the construction was halted because of the outbreak.

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Warehouse Internal Rack
Jakarta Rental Apartment MarketBeat

Demand from long stay tenants also declined as some expatriates are advised to return to their home countries.

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