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: Another positive sign of demand recovery continued as indicated by the positive net take-up of 69,900 sqm, recorded during the second quarter of 2023, which is the highest quarterly net take-up ever recorded since Q3 2019.
Retail: The average rental rate is foreseen to remain stable for the rest of 2023, standing at Rp808,500/sqm/month (0.0% YoY) as no landlords denoted to increase their rental rate in the short-term in anticipation of the upcoming political year of 2024.
Condominium: The overall transactions during second quarter of 2023 were dominated by lower-middle class projects, at 70.2% of the total transactions. In the upcoming quarters, the lower-middle class is still anticipated to dominate the market.
Rental Apartment: Rental rates of Serviced Apartment and Condo-for-Lease sub-sectors experienced slight increase at +3.7% QoQ or +5.0% YoY and +3.1% QoQ or 3.8% YoY, respectively.
Industrial: The remaining industrial land supply in favorable area becomes limited, developers may face challenges in finding suitable locations to establish or expand their land bank.
Hotel: Long weekends also led to the increase of family staycations and the increase in YTD occupancy rates until May 2023 of 60.2%, 56.0%, 61.7%, 55.0% for 3, 4, 5 and luxury hotels respectively. This reflects a 2.7% annual occupancy increase from 2022.
Landed Residential: Although the Middle segment maintains its dominant position in terms of demand, accounting for approximately 26% of the total demand, the Upper segment continues to exhibit improving demand, representing around 23.9% of the total units sold.
Learn more by downloading our latest Jakarta MarketBeat reports below.
JAKARTA MARKETBEAT REPORTS
Arief Rahardjo • 26/07/2023
Jakarta MARKETBEATS
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