Q2 2023 ColliersQuarterly Jakarta Office
Q2 2023 ColliersQuarterly Jakarta Office
2023–2025
Q2 2023 Full Year 2022 Annual Avg.
0% 1.92% 3.28%
Rental rates are expected to increase by about 3%
per year between 2023 and 2025. However, there
Rent is still a significant gap between the asking and IDR206,371 IDR210,795 IDR227,868
transacted rental prices, which is likely to persist,
at least throughout 2023.
1
Annual Avg Growth
QOQ/ YOY/ 2023–2025/
End Q2 End 2023 End 2025
2024E
2025E
2016
2017
2018
2019
2020
2021
2022
2
Cumulative supply Occupancy rate
6,400,000 90%
4,800,000 80%
3,200,000 70%
1,600,000 60%
0 2023E 50%
2024E
2025E
2016
2017
2018
2019
2020
2021
2022
2023E
2024E
2025E
2016
2017
2018
2019
2020
2021
2022
Source: Colliers Source: Colliers
2024E
2025E
2016
2017
2018
2019
2020
2021
2022
Source: Colliers
3
Outside the CBD, the average rent remained stable at The modest sales volume has influenced the average
IDR169,310. It is also anticipated to remain relatively selling prices in Q2 2023, which were recorded at
stable until the end of 2023, with a slight drop of IDR 56.1 million within the CBD and IDR 42.5 million
around 3% compared to 2022. outside the CBD.
Inquiries for office spaces are expected to improve,
Selling price
boosting landlord confidence. Nevertheless, most
developers continue to prioritise increasing the CBD Outside the CBD
occupancy rate, which has been impacted by the 75
prolonged pandemic. Additionally, several future
60
projects remain on schedule to add more vacant
in IDR mio
space, intensifying competition among landlords to 45
secure tenants. As the tenant market continues to
drive landlords to work harder at retaining tenants 30
and increasing occupancy rates, landlords are offering
competitive rental rates and attractive fit-out 15
incentives in terms of periods or payment methods.
0
2023E
2024E
2025E
2016
2017
2018
2019
2020
2021
2022
Challenging sales volume drives
continued pressure on cap rates Source: Colliers
Appendix
Under construction projects
SGA Marketing
Project Name Location Developer
(sq m) Scheme
CBD
2023
Thamrin Nine (Luminary
Thamrin Putragaya Wahana 51,000 For lease
Tower)
2025
continued
4
SGA Marketing
Project Name Location Developer
(sq m) Scheme
continuation
2023
TB Simatupang,
Sanggala Tower Sapta Tunggal Mulia 9,900 For Lease & Sale
South Jakarta
TB Simatupang,
The Sima Grage Trimitra Usaha 59,169 For Lease & Sale
South Jakarta
Fatmawati, South
One Belpark Office Harmas Jalesveva 17,800 For Lease
Jakarta
2024
Sun & Moon (The Owner Dharmawangsa,
Dharma Tatemono 35,678 For sale
Suite by Dharmawangsa) South Jakarta
Menara Jakarta Office Kemayoran, Central
Agung Sedayu 90,000 For lease & sale
Tower Jakarta
Pantai Indah Kapuk,
ADR Office Griya Inti Perkasa 48,000 For lease
North Jakarta
Source: Colliers
Performance
Occupancy Base rent*
Office Performance
2019 Q2 2023 2019 Q2 2023
CBD
By sub-market
Thamrin 91.5% 70.6% 270,557 227,756
By grade
Premium 81.6% 72.6% 346,634 331,920
5
Occupancy Base rent*
Office Performance
2019 Q2 2023 2019 Q2 2023
Outside CBD
By area
Central Jakarta 84.4% 67.1% 203,554 167,415
By grade
Grade A 67.1% 77.4% 241,146 225,396
*) IDR/sq m/month
Source: Colliers
6
For further information, please contact:
Ferry Salanto Eko Arfianto
Senior Associate Director | Senior Manager | Research |
Research | Jakarta Jakarta
62(21) 3043 6730 62(21) 3043 6726
[email protected] [email protected]
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