The latest market insight about all property market sectors, including office building, retail, and industrial space
Indonesia's resilient economic outlook, despite global geopolitical tensions and market uncertainties, is expected to underpin positive sentiment in the Jakarta office market for the coming years. As the nation's financial and commercial hub, Jakarta's strategic importance continues to fuel its growth trajectory.
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The economic recovery in 2023 has been a silver lining for Indonesia. Despite a noticeable uptick in demand for property, which indicated a positive trend, the movement in demand is predicted to remain cautious.
Apart from mortar-and-bricks mall, stand-alone retail concept has been eyed by some retail players due to its relatively competitive rental. Some landlords might consider revenue sharing with flexibility of proportion to attract tenants, especially to new players in this market. Due to the election year in 2024, both landlords and retailers are expected to become cautious in expanding their portfolio
Many corporations might anticipate slow down in business, despite not overall. However, this might imply that they would hold-off expansion and might not set aside much on capital outlay for relocation. With high vacancy rate in the Jakarta office market, rental is expected to be pressurized or at least stable relatively by end of this year.
Concluding the year, Jakarta office market has shown an improvement compared to its previous year. The government has officially lifted all stay-at-home regulations indicating that business can resume as usual as in the pre-Covid condition. Companies begin to offer option for employees to return to the office, but the flexibility of working-from-home is also set to stay.
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