Jakarta CBD’s office supply to hit 7.1m sqm by year-end

And supply will be at 3.8m sqm outside the CBD.

There were no new office buildings completed in Jakarta in the last six months. As a result, Colliers data reveal that total cumulative supply remains at 7.04 million sqm in the CBD and 3.69 million sqm outside the CBD, as at Q3 2022. 

“Completion delays are still very likely to occur, particularly as some office buildings are in the final stages of construction. The pandemic has brought a significant downturn in the business climate, including the office industry and across almost all sectors,” the report said.

Here’s more from Colliers:

In addition, the committed tenant rate will be one of the crucial factors for developers to determine the right time for their building to officially start to operate. In Jakarta, total office space inventory will potentially inflate with the addition of about 180,000 sqm in Q4 2022, contributed by six office buildings. 

These future projects will bring the cumulative supply to 7.1 million sqm and 3.8 million sqm, respectively, in the CBD and outside the CBD, by the end of 2022. Projects postponed from last year will add total office space of around 400,000 sqm and cumulative supply will stay at 11 million sq m in 2023.