The latest market insight about all property market sectors, including office building, retail, and industrial space
Despite the positive demand in the office sector in 2023, yet the movement for Jakarta office market remains cautious, and we expect that such condition would remain unchanged. Careful assessment of space expansion amongst corporations amidst uncertainty or so-called wait-and-see, is the most likely scenario in the election year 2024.
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The lockdown (PPKM) entering the Q3 2021 seemed to lengthen the delay of tenant activities. However, the vaccination program and such lockdown had been successful in suppressing the pandemic spread.
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.
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