Outlook 2023 Indonesia

NEW SUPPLY (SQM) JAKARTA

NEW SUPPLY

200,000

 About 136,000 sqm of new office space from two projects is expected to enter the Jakarta CBD market in 2023.  Those two projects, Mori Tower and Luminary Tower, expect to complete in the first quarter of 2023. Currently, they have a combined pre-commitment level of below 50%.  Beyond 2023, supply is more uncertain with several shovel-ready projects yet to begin construction.

FORECAST

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

2020

2021

2022F

2023F

2024F

2025F

2026F

Source: Cushman & Wakefield