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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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Despite the vaccination, as the pandemic case tends to increase by end of this quarter, there is the possibility that government would impose another restriction, especially on the red zone like Jakarta. Shall such restriction take place, business activities would undergo further slowdown that could trigger the government to revise their economic growth target to below 4.0% for 2021
Pertaining to the ongoing vaccination program, the year 2021 is expected to be the period where occupiers should gain more confidence in having their operational back, despite not in full yet.
In order to reduce the spread of this pandemic, Indonesian government took initiative actions by urging societies to reduce their activities such as social distancing, wearing personal protective equipment, and also work from home (WFH), which have been applicable to all individuals, groups and institutions. Despite that one quarter has passed and there is no certainty when the pandemic would end, there are some measurement that expected to occur in office market.
Omnibus Law: What would be the significance towards Property Market?
Indonesia has been fed by flashy news recently, called Job Creation Law (Undang Undang Cipta Kerja) or well known as the “Omnibus Law”. It is, actually, aimed to improve the ease of doing business and stimulate investment climate, especially under the hit on our economy due to COVID-19 pandemic.
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