Asia Pacific Office Outlook 2024

JAKARTA

K E Y M E S S AG E S

SUPPLY

DEMAND

RENTS

KEY OUTLOOK

 No new supply is expected to enter the Jakarta CBD office market in 2024.  The absence of new supply in 2024 is due mostly to projects currently in advanced stages of construction which remain on hold.

 Net absorption is expected to slow down in 2024 as tenants adopt a “wait and see” attitude in anticipation of the general election result, which is expected to delay major decision making.  Vacancy is expected to slightly improve with the absence of new office supply in 2024.

 Gross rental rates are projected to slightly

 The robust economy of Indonesia and a successful general election result in

increase, mostly as a result of incremental increases in the service charge component.  Despite ongoing improvements in occupancy, landlords will remain very cautious in increasing their base rental.

2024, which is widely expected, will maintain office demand within positive territory.