A declining office market trend continued in favor of tenants despite the economic rebound of 7.07% (yoy) in the second quarter of 2021. Rising cases since June caused by new Covid-19 variants will hinder the recovery, facing a risk of fast surging second wave.
As of the first half of 2021, the cumulative total office stock in the Jakarta CBD increased slightly by 1.4% compared to the previous period last year to 6,995,471 square meters with only one new completed project (RDTX Place) entering the market.
The rental office stock was posted at 4,857,169 square meters of which 25% was Premium Grade A, 61% was Grade A, 13% was Grade B and 1% was Grade C. Approximately 67.5% or 464,123 square meters of the total new office supply in the pipeline until 2022 are expected to enter the market in the second half of 2021 despite a slower construction progress.
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