Asia Pacific Office Outlook 2024

JAKARTA

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

FORECAST

300,000

35.0%

30.0%

250,000

 Demand continued to rebound in 2023, driven by corporate consolidation and a flight to quality. Net absorption of Grade A office space is forecast to reach 180,000 sqm in 2023.  Net absorption is expected to slow down in 2024 as tenants adopt a “wait and see” attitude and delay major decisions, in anticipation of the general election result.  Vacancy is expected to slightly improve with the absence of new office supply in 2024.

25.0%

200,000

20.0%

150,000

15.0%

100,000

10.0%

50,000

5.0%

0

0.0%

2021

2022

2023

2024F 2025F 2026F 2027F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield