Asia Pacific Office Outlook 2024

JAKARTA

RENT GROWTH

R E N T ( I D R / S QM / M O ) A N D R E N T G R OWT H ( % P E R A N N U M )

FORECAST

400,000

10.0% 12.0%

350,000

0.0% 2.0% 4.0% 6.0% 8.0%

 Despite ongoing positive net absorption and improvement in occupancy, landlords will still likely be very cautious in increasing their base rental.  Gross rental rates are projected to slightly increase, mostly as a result of incremental increases in the service charge component.  Rental growth is expected to increase further in 2025 following the general election and period of expected political stability, against the backdrop of an improved economic forecast.

300,000

250,000

200,000

150,000

-10.0% -8.0% -6.0% -4.0% -2.0%

100,000

50,000

0

2021

2022

2023

2024F 2025F 2026F 2027F

RP/SQM/MO

Rent growth (%)

Source: Cushman & Wakefield