Office Space Market Remains Depressed and Unrecovered in 2024

The year 2024, coinciding with the election, prompts many companies to meticulously evaluate their decisions regarding office space expansion, whether within the Central Business District (CBD) or outside of it.

Yanita Petriella

5 Feb 2024 - 15.15
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Office Space Market Remains Depressed and Unrecovered in 2024

Office space illustration. Source: Canva

Bisnis, JAKARTA – It is anticipated that office space will continue to face challenges and may not fully recover from the aftermath of the Covid-19 pandemic. Presently, the office space sector is grappling with oversupply.

With the 2024 election approaching, many companies are expected to be more cautious in their decisions regarding the expansion of office space, whether within the Central Business District (CBD) or outside of it.

Associate Director of Research & Consultancy Services at Leads Property Martin Samuel Hutapea highlighted the introduction of new additional supply, specifically in the MH Thamrin area, totaling 51,000 square meters with the Luminary Tower in the Thamrin Nine complex. This fresh supply, classified under grade A category, signifies that despite existing oversupply, developers remain optimistic about market recovery.

This situation has led to a cumulative increase in office supply in the Jakarta CBD to reach 7.45 million square meters in the Q4 2023. The influx of new building supply has consequently caused a decline in the office sector occupancy rate in the Jakarta CBD to 71.4%, marking a decrease of 0.4 percentage points from the Q3 2023.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.