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
Author
Jakarta MARKETBEATS
CBD OFFICE Q2 2023
By the end of June 2023, the average base rent in Rupiah remained relatively stable and stood at Rp.159,100 per sqm per month, representing a change of only -0.3% QoQ.
INDUSTRIAL Q2 2023
The average land price in the Greater Jakarta area was recorded at Rp 2,637,000 per sqm, increased slightly by 0.3% QoQ and by 2.0% YoY.
RETAIL Q2 2023
The lifestyle centers are ascending to be a retail destination as visitors are seeking for experiences.
CONDOMINIUM Q2 2023
Most improvement in occupancy rates occurred in the Jakarta CBD area and the secondary area adjacent to the university.
RENTAL APARTMENT Q2 2023
With the anticipation of remained competitive market, rental rate discounts will still be applied to maintain occupancy.
LANDED RESIDENTIAL H1 2023
As of June 2023, the average land price in Greater Jakarta was reported at approximately Rp 12,428,000 per sqm, signifying a 1.9% growth since the last semester.
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