Jakarta CBD cumulative office supply now at 7.4m sqm

Supply is also expected to increase significantly outside the CBD.

No new office launches have occurred in Jakarta in Q4, and the forthcoming supply is from projects currently in the construction phase.

According to a Colliers report, construction of several projects is underway, with various rates of progress. Luminary Tower has been officially completed, contributing to the cumulative supply, which now stands at 7.40 million sq m in the CBD. 

The new office building within the Thamrin Nine complex offers tenants in the CBD an additional option for higher-quality space. Nevertheless, the number of newly completed office buildings is expected to be very limited in the coming years. 

“Outside the CBD, Jakarta International Tower in West Jakarta contributed to a cumulative supply increase of around 3.75 million sq m in 2023, a 2% growth compared to 2022. Despite being in the final stages of construction, several other projects require additional time before completion and official operation. The completion and transition of these projects are expected to significantly increase cumulative supply outside the CBD, especially in 2024,” the report added.