All Sector MarketBeat Reports
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 Q4 2024
Supply: No New Supply
The absence of new supply continued over the full year of 2024, and the total stock of Jakarta CBD office remained at about 7.4 million sqm by the end of December 2024. No new project is expected to enter the market in year 2025 and the total supply will remain at the current level.
Demand: Occupancy Continued to Improve
Leasing transactions remained active, but slowing down during the fourth quarter 2024. Inquiries remained to come mostly from tenants who are planning and seeking options for relocation next year. Net take-up of 37,700 sqm was recorded during the fourth quarter 2024, with total absorption for the whole 2024 stood at 161,600 sqm. Grade A offices contributed about 116,900 sqm or about 74% to the total absorption.
The overall CBD occupancy rate continued to rise during the reviewed quarter by 0.5% to reach 75.2% as at the end of December 2024. Grade A and Grade B buildings recorded annual occupancy increment of 2.3%, while Grade C buildings saw a lower annual occupancy increment of 1.7%.
Pricing: Highest Annual Rental Increment
Base rental rate in Rupiah increase by 1.0% in the fourth quarter of 2024, whilst service charge remained relatively stable. By the end of December 2024, the average gross rental in Rupiah term stood at Rp 264,300 per sqm per month or an increase of 4.6% compared to that in same quarter last year.
This rental increment is notably the highest annual increment post pandemic. Over 2024, however, average CBD Jakarta office rental rates in US Dollar term slightly decreased by 0.6% due mostly to the weakening of Rupiah currency against US dollar (+5.0 YoY)
Jakarta Retail Q4 2024
Supply: New Supply From New Developments and Renovations
In the last quarter of 2024, Puri lndah Mall 2 opened with an NLA of 50,000 sqm, bringing the total cumulative supply to 4,805,900 sqm, which represents a 2.0% YoY and 1.1% QoQ increase. The ongoing renovations at Plaza Semanggi and Epicentrum Walk are expected to be completed in 2025.
Looking ahead, the supply will continue to grow in 2025 with the completion of several new shopping malls, including Lippo Mall East Side at Holland Village, Menara Jakarta Mall, Cornerstone at Antasari Place, and Annajon at The Sima Retail, adding a combined 92,600 sqm to the market.