CBD Office: With the negative impact of COVID-19 affecting all business sectors, some downsizings, relocations and even office closures were seen in many buildings within the CBD, especially in Grade B and C offices.
Retail:Despite the various strategies and initiatives to maintain foot traffic and generate sales turnover within the malls, an overall drop in the occupancy rate was inevitable and average occupancies in the market decreased by 1.7% from the previous quarter, to reach 77.8% by the end of September.
Rental Apartment: No demand from expatriate tenants was recorded during the review quarter, given the continuing inbound travel restrictions to Indonesia. This also applied to expiring lease contracts were not renewed, as some expatriates returned to their home countries and due to some companies putting operations on hold during the pandemic.
Condominium: By the end of the quarter, the average vacancy in the market increased to 50.7% compared to the previous quarter, with some projects being more selective in accepting new tenants and with additional occupancy requirements of COVID-19-free medical letters.
Industrial Warehouse: Land sales transactions during this review quarter were recorded at 26 hectares, some 23% below the previous quarter, with the impact of COVID-19 also clearly affecting industrial land demand. These deals were mainly in the eastern corridor as well as one smaller deal in Serang.
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