Jakarta CBD Office Marketbeats

0
349
Gigantic Skyscrapers

Steady growth at lower range

The GDP growth in second quarter of 2019 is expected to be within the lower range of Bank Indonesia’s growth projection of about 5.0% YoY. Rupiah was relatively stable over the second quarter, standing at Rp14,171 per 1 US$ as of June 2019, or slightly appreciated by 0.2% QoQ. While inflation for the first 6 months is forecasted at 3.26% YoY (compared to 3.12% in the same period last year), the stock market composite index decreased 6.3% during the quarter, closing at 6,315 on June 21st.

More projects entered the market

During the second quarter of 2019, 5 new projects were completed, with a total space of about 181,000 square meters (sq.m.). Meanwhile, the total net take-up over the reviewed quarter stood at 65,800 sq.m., and this dragged down the average occupancy rate to 73.13% at the end of June 2019, lower than that in the same period of 2018 of 75.47%.

Average rental unchanged

The average gross rental (all grades) in US dollar terms was relatively stable over the second quarter 2019 and stood at US$21.10 per sq.m. per month. Rentals are expected to decrease, as the overall vacancies are projected to rise further due to completions of new buildings in the upcoming quarters.

 Cushman & Wakefield Indonesia Research, June 2019 

Source: cushmanwakefield.com