Office Space Market Recovery Trend Amid Limited New Supply

The office space rental market is anticipated to regain momentum and approach pre-pandemic levels, largely driven by the absence of new supply entering the market.

Yanita Petriella

6 Mei 2024 - 15.18
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Office Space Market Recovery Trend Amid Limited New Supply

Office building in Jakarta. Bisnis/Arief Hermawan. P

Bisnis, JAKARTA – The office space rental market is steadily rebounding after facing challenges during the Covid-19 pandemic.

According to Hendra Hartono, CEO of PT Leads Property Services Indonesia, the market has shown signs of enthusiasm since the last Presidential Election in February. Increased employee traffic has prompted companies to expand or resume previously postponed plans to establish new offices, indicating a positive movement in the market.

He anticipates that office space rental volumes will approach pre-pandemic levels due to improving macroeconomic conditions. Additionally, the rise in office rents is attributed to building owners offering competitive rental packages to entice tenants. Moreover, the limited office supply is due to numerous vacant office spaces.

“Demand for office space rentals will surge, particularly in buildings that have adopted green building practices,” he told Bisnis, Sunday (5/5/2024).

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.