The latest market insight about all property market sectors, including office building, retail, and industrial space
Ongoing economic challenges and global geopolitical tensions continue to create uncertainty in the market. As a result, some companies are taking more cautious and strategic steps as in downsizing their office space or seizing the opportunity to expand or relocate to higher-quality offices to more favorable locations and favorable rental rates.
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Omnibus Law: What would be the significance towards Property Market?
Indonesia has been fed by flashy news recently, called Job Creation Law (Undang Undang Cipta Kerja) or well known as the “Omnibus Law”. It is, actually, aimed to improve the ease of doing business and stimulate investment climate, especially under the hit on our economy due to COVID-19 pandemic.
Further Restriction, Further “Delay” of Business Operational Improvement.
During the implementation of “New Normal” in the previous quarter, business activities contracted as operations resumed. However, surging case of Covid-19 in Q3 2020 urged Jakarta Governor to impose further restriction to 25% of capacity in September, bringing business to further decelerate.
Welcoming the New Normal :
The continuation of COVID-19 Pandemic situation has led Indonesia to adjust their lifestyle as well as how-to-do business in property market as they are urged to modify their strategy in order to adapt to the new normal situation.
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