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.
