Jakarta retail supply to grow by 3% by end-2024

Thanks to three retail projects in the pipeline.

According to a Colliers report, as of Q2 2024, Jakarta has not seen any projects complete, keeping the cumulative supply steady at 4.89 million sq m. 

However, by the end of 2024, Lippo Mall East Side, Menara Jakarta shopping mall and Agora Lifestyle Center are expected to increase Jakarta’s total supply by approximately 3% compared to 2023. 

Here’s more from Colliers:

Conversely, there has been no new supply completed in the Greater Jakarta area during H2 2024. Pakuwon Mall Bekasi is scheduled for completion in 2025, and Summarecon Mall Bekasi Phase 2 is currently under construction with an expected completion in 2026.

There is significant interest among developers in exploring innovative retail concepts to meet the rising demand for lifestyle and open-space retail centres. However, landlords should approach these opportunities cautiously, carefully assessing the timing and feasibility of investments in these unique retail spaces.