Upper grade malls managed to maintain higher and more stable occupancies with steady rentals despite shifting consumer preferences and economic challenges. A constrained supply pipeline may drive a stable vacancy.

In the second half of 2024, the Jakarta retail supply increased slightly by 2.7% (yoy) to 4,308,008 square meters with two new retail malls named Agora Mall and Puri Indah Mall 2 entering the market. The cumulative total stock of Leased Mall space showed an increase in supply by 3.7% (yoy) to 3,145,369 square meters while the cumulative total stock of Strata-title Mallremained unchanged at 1,162,639 square meters, respectively. The CBD and Prime Non-CBD areas accounted for the largest supply concentration of Premium Grade A and Grade A buildings which represented 41% of the total existing supply. By area, South Jakarta remained the largest supply concentration, accounting for approximately 39% of the leased retail supply, while 61% of supply was located in the Non-CBD area.