Disclaimer: This report should not be replied upon as a basis for entering into transactions without seeking specific

and professional advice. Whilst facts have been rigorously checked,

Leads Property can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part,
be published, reproduced, or referred to without prior approval.
 Stable at Increased by Increased by 0.12 pts to
7.13 million sqm 8,376 sqm 73.5%

Increased to Increased by Decreased by 0.16 pts to

4.12 million sqm 3,680 sqm 75.7%

Page 3
 Jakarta CBD office market saw no new supply added to the market in the first
2% 2%
quarter of 2022 due to some delay, hence, cumulative supply remained stable at
11% Kuningan Persada Senayan 7.13 million sqm. Despite so, three buildings in the final stage of construction are
7%
slated to begin their operation in Q3 2022, accounting for 255,121 sqm of new
8% MH Thamrin Mega Kuningan office space.

27% SCBD Gatot Subroto

12%

HR Rasuna Said Jendral Sudirman

16% Demand gradually took place for the past one year, indicating a positive sign for
Others
15% market recovery. Net take-up in the running quarter was recorded at 8,376 sqm
QoQ, due to transactions from essential industries such as mining, oil and gas,
information technology, and trading, actively seeking new office space. Cumulative
supply managed to arrive at 5.23 million sqm.

As social restrictions loosen up and business resumed, some companies began to

Cumulative Supply (Sqm) Cumulative Demand (Sqm) Occupancy Rate (%)
implement 75% of office capacity. Hybrid office model with open office layout had
7.50 100%
been the most preferable and commonly used during the new normal.
Sqm (In Million)

6.00 80%

4.50 60%
Occupancy-wise, there was a slight improvement of 0.12 percentage-points to
73.5% QoQ due to positive demand amidst the absence of new supply. However, it
3.00 40%
is worth noting that Jakarta CBD occupancy rate had undergone a mild correction
and fell by 1.20 percentage-points YoY during market softening as many occupiers
1.50 20% decided to reduce their space during working-from-home policy imposition for the
past one year. Occupancy rate is likely to move up slightly to 74% in the next quarter
0.00 0% as there is no new supply to take place expectedly.
Q1 2022
2016

2017

2018

2019

2020

2021

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 4
 Amidst market improvement, CBD rental rates remained under pressure and
IDR USD
500,000 50.00 experienced a decrease of 1.1% QoQ. As of Q1 2022, gross rental rate for Jakarta

USD psm pm
IDR psm pm

CBD market was registered at IDR 334,392 (USD 23.3) psm pm. Buildings with low
400,000 40.00
occupancy rate adjusted their rental rate in order to fill up their vacant spaces. In

300,000 30.00 some cases, several landlords still provided attractive discounts and some
incentives. In the meantime, to existing tenants, some landlords provided stable
200,000 20.00 rents to keep them in.

100,000 10.00 In the meantime, strata office market price in Jakarta CBD experienced a slight
growth of 0.1% QoQ compared to the previous quarter, registering figure of IDR
0 0.00
57,150,000 (USD 3,984) psm. There was no large demand for office space yet as
2019
2016

2017

2020

2021

Q1 2022 buyers only took small-size units. Many investors were still absent as there was no

*Exchange Rate of Q1 2022 = IDR 14,346

strong indication in the market to secure tenants in strata-title office market.

SGFA
PROJECT NAME GRADE CORRIDOR QUARTER
(sqm)

Jakarta Mori Tower P Sudirman 3 89,400

Rajawali Place A Rasuna Said 3 57,721

Autograph Tower A MH Thamrin 3 108,000

Future Completion by 2022 255,121

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 5
 There was a newly-completed office building in the running quarter, located in MT
3% Haryono corridor namely MTH 27 by Adhi Persada Properti, adding another 13,553
13% sqm to the overall cumulative supply. Cumulative supply managed to register figure
East North
of 4.12 million sqm, increased by 0.3% QoQ or 2.9% YoY. Apart from such new
supply, there would be another 24,901 sqm of new office supply slated to complete
45%
20% Central West in Q4 2022.

South

19%
Demand in the Outside-CBD (OCBD) office market had experienced a slight growth for
the past one year. The overall cumulative demand in the running quarter was
registered at 3.12 million sqm, increased by 3,680 sqm from the previous quarter,
recording an insignificant growth of 0.1% QoQ or 0.3% YoY. Such positive demand
movement was mainly attributable to the demand taking place in the new supply,
Cumulative Supply (Sqm) Cumulative Demand (Sqm) Occupancy Rate (%) contributed by a construction company occupying large space. In the running quarter,
5.00 100% occupiers had been still requiring some time to decide to expand as their effective
Sqm (In Million)

office capacity was not in full yet. Enforcing to expand might have resulted another
4.00 80% costs and more vacant spaces in their premises.

3.00 60%

2.00 40%
The occupancy rate in the running quarter decreased by 0.16 percentage-points
1.00 20% QoQ to 75.7% due to the additional supply. There was no significant transactions
occurring in the quarter. Such occupancy rate figure indicated pressurized change
0.00 0%
since the pandemic took place back in 2020, when occupancy rate was still 78.8%.
Q1 2022
2016

2017

2018

2019

2020

2021

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 6
 IDR USD Some landlords had to adjust their rental despite that many occupiers had
400,000 40.00 resumed their business. The average rental rate underwent a pressurized change
of 0.3% QoQ to IDR 243,453 or USD 17.0 psm pm.
300,000 30.00
IDR psm pm

In the meantime, Jakarta OCBD Strata-title office price was stable, with no

USD psm
200,000 20.00 change from the previous quarter, registering price of IDR 31,542,000 psm or
equivalent to USD 2,199 psm.
100,000 10.00

0 0.00

Q1 2022
2016

2017

2018

2019

2020

2021
*Exchange Rate of Q1 2022 = IDR 14,346

Forecasted economic growth of 5% for 2022 by the government implies that

business activities amongst sectors would massively resume. As for the past two
PROJECT NAME GRADE CORRIDOR QUARTER SGFA (sqm)
years, the office sectors had seen delay in construction progress, yet, this year
MTH 27 B MT Haryono 1 13,553 should see more completions. Positive leasing sentiment demonstrates rebound.
New Completion by Q1 2022 13,553 Despite the less intense pandemic case, yet, occupiers are expected to review
their business space plan, shall work-from-home persist.

PROJECT NAME GRADE CORRIDOR QUARTER SGFA (sqm) In the meantime, rental movement would drive occupiers to assess their cost
strategy. They might take advantage from rental position that is at trough level.
Stature Tower B Kebon Sirih 4 15,000
Notably, apart from new supply, considering the increase of one percentage-point
Gedung Sanggala B TB Simatupang 4 9,901 in the value added tax to 11% by the government, rental is predicted to face
Future Completion by 2022 24,901 adjustment. A potential rental drop this year is expected to take place.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 7
Increased by 0.1% to Increased by 0.2% to Increased by 0.1 pts to
258,067 units. 212,157 units 82.2%

Page 8
 While many landlords were still focusing on absorbing their unsold units and

13% 12% postponing their new projects, however, after a long-wait on new project, this
CBD South West market finally saw another launch during the running quarter. There was a new
launch by Okura Residence in Gatot Subroto Jakarta CBD, filling up the luxury
16% segment in the condominium market. Such launch indicated that this market
21%
regained strong sentiment despite the on-going pandemic. As a result, the
cumulative supply in the running quarter increased by 0.1% to 258,067 units.
Central North East
18%
20%

Despite experiencing VAT-incentive that was partially cut, yet, bombarded with
marketing gimmicks as in price discount and some free-admin fees, this market
managed to register quarterly demand of nearly 500 units which is deemed quite
Cumulative Supply Cumulative Demand Sales Rate moderate during the pandemic. This resulted a slight growth of 0.2% from the
350,000 100% previous quarter, registering 212,157 units. Middle and Middle-up segments seem
90% to have driven condominium demand. Such segments remained attractive to
300,000
80%
buyers, either investors or end-users as developers kept offering various promotions
250,000 70%
to increase their sales.
Units

60%
200,000
50%
150,000
40%

100,000 30%
20%
50,000 Compared to the previous quarter, the sales rate in the running quarter hovered in
10%
- 0% the range of 82 – 83%. Apart from some demands in the running quarter, the new
2016

2017

2018

2019

2020

2021

Q1 2022

launch also took part in maintaining the sales rate.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 9
 For the past two years, average price in the condominium market had been
CBD Prime Area relatively stabilizing as landlords tended to maintain price movement to make their
products attractive to buyers, apart from gimmicks. Average sales price in prime
70,000,000
and CBD area was recorded at IDR 46.3 million and 55.2 million per sqm,
respectively or an insignificant growth of 0.2% and 1.1% QoQ. Notably, starting from
60,000,000 early 2022, the VAT incentive for ready-stock units was reduced by 50% (For unit
price up to IDR 2 billion) and 25% (IDR 2- 5 billion/ unit), respectively which is less
50,000,000
attractive as compared to 2021. Such incentive policy would be applicable until
IDR psm

40,000,000 September 2022. Additionally, there would be increase in VAT from 10% to 11%
starting from April 2022. However, this would imply that buyers should enjoy such
30,000,000 VAT incentive opportunity until September 2022.

20,000,000

10,000,000

Q1 2022
2016

2017

2018

2019

2020

2021

In parallel with more optimist figure of economic forecast by the government for
2022, buying power is expected to gradually improve as well, which is good
indication to the market. Some developers might consider to launch new projects in
Jakarta. Such condition is expected to come into realization as the pandemic case
significantly reduced, bringing buyers back to spend to buy property. Hence, selling
rate is predicted to hover in the range of 83% – 84% in 2022.

PROJECT NAME GRADE LOCATION TOTAL UNITS Until end of this year, landlords should persistently offer various promotions as part
of their gimmicks to keep their products attractive due to VAT increase to 11% as
The Okura Residence Luxury Gatot Subroto 353
well as the discontinuation of VAT incentive after September 2022. The price for
Total Newly Launched Project 353 condominium product in the next quarter is still predicted to crawl up slightly as
prices were relatively stable during this pandemic.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 10
 Stable at Increased by Increased by
3.47 million sqm 13,035 sqm 0.37 pts to 88.8%

Page 11
 Despite under the lockdown/ PPKM Level 2 which is slightly better than 2021,
Jakarta retail market had not showed significant sign of recovery yet, due to the fast
21% spread of Omicron variant. Shopping centers were once again enforced to limit their
26% capacity and operational hours. Some large tenants such as gym and cinema were
CBD Central East
still impacted with such limitation. Even restaurant also implemented quota
limitation during the running quarter. There was no new supply identified in Q1
2022, yet, there were some shopping centers renewing their concept and tenancy
19% 8%
North South West mix such as Sarinah and Gajah Mada Plaza, both in Central Jakarta. Cumulative
7% supply stood at 3.47 million sqm.

19%

Despite the Omicron case, some big-size tenants tended to resize their space into
more compact format to survive, leaving some vacant spaces to shopping malls.
Supply (sqm) Demand (sqm) Occupancy Rate (%) However, some F&B retailers were still proactive in absorbing space in shopping
centers, creating another hype in the running quarter. F&B retailers seem to have
4.00 100%
Sqm (In Million)

driven the market despite the on-going pandemic. Apart from that, another demand
also came from JD.ID occupying Aeon Mall Tanjung Barat. Hence, this market
3.00 75% managed to register demand of 13,035 sqm QoQ, bringing cumulative demand to
register figure of 3.08 million sqm.
2.00 50%

1.00 25%
Since there were tenant activities in the running quarter, occupancy rate managed
to experience a slight growth of 0.37 percentage-points to 88.8% QoQ, which is
0.00 0%
deemed relatively stable somehow. The absence of new supply also brought impact
Q1 2022
2019
2016

2017

2018

2020

2021

on stabilizing such rate.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 12
 As sales turnover was persistently a concern to retailers during the pandemic,
Overall Jakarta Jakarta CBD Jakarta Outside CBD (OCBD)
hence the needs for rental adjustment drove them to negotiate with landlords as
many retailers still underwent a drop in sales as compared to pre-pandemic,
bringing them to face difficulty to pay rental. Overall Jakarta base rent only
600 insignificantly grew by 0.3% from the previous quarter, registering IDR 434,100 psm
IDR psm pm (In Thousand)

pm in Q1 2022. Many landlords decided to maintain their rental to keep tenant in.
However, as in case-by-case basis, some landlords with high occupancy rate started
to increase their offering rental, despite not many of them. Even so, they were still
300 very much open for negotiation upon tenant’s request. Respectively, Jakarta CBD
and Outside-CBD registered rental of IDR 577,300 and 373,700 psm pm, a slight
growth of 0.2% and 0.4%, respectively.

Q1 2022
2016

2017

2018

2019

2020

2021

Note: Above chart reflects figure for specialty store on Typical Floor.

Recently, the market has perceived that the pandemic case has been deemed
insignificant, driving consumers to spend more. It is observed as well that many
restaurants and stores receive more visitors in large volume, despite under
limitation of capacity and operational hours. According to APPBI or the Association
of Indonesian Shopping Center Managers, the visitor rate to shopping center might
PROJECT NAME LOCATION SIZE (sqm) be up to 80% this year, higher than before. This would imply that retailers should
receive more purchase from visitors, which in turn, bringing sales turnover to be
Central more improved. Hence, retail market is expected to experience better uptick.
Lippo Mall @ Holland Village 50,000
Jakarta
Additionally, occupancy rate is expected to drop as there is another new mall for
Total Completion by End of 2022 50,000 2022, which is Lippo Mall @ Holland Village.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 13
Increased by 50 rooms Decreased by 10.26 pts Decreased by 4.5%
to 54,786 rooms to 50.8% to IDR 1,037,204

Page 14
 Following the end of the holiday period, foreign visitors dropped to 29,495 people
over the first two months of the running quarter, which is 10% lower than the figure
10% recorded over the same period by the fourth quarter of 2021. Despite the easing of
21% 4% travel restrictions since earlier this year, Jakarta had recorded a notable surge of
Covid-19 cases under the Omicron wave, driving potential travelers to hold back
North East Central their decisions to travel until the spread slowed down.

Driven mainly by business-related purposes, Chinese visitors continued to lead in

16% volume, contributing to a total of 4,632 visitors, or 15.7% of proportion from the
West South CBD total figure. South Korean visitors followed behind with a total contribution of 2,225
37%
people, about 7.5% from the total visitors figure.
12%

The hotel market welcomed the opening of a 3-star Hotel, namely Dafam Enkadeli
Thamrin over the running quarter. With a total of 50 rooms, this new supply brought
cumulative supply of hotel rooms in Jakarta to 54,786 rooms.
3 Star 4 Star 5 Star Weighted AOR

60,000 100.00%
Several other hotels that were initially scheduled to open in the first quarter had
been pushed back to mid-year, as operational progress saw a halt due to the recent
Omicron wave. Following the Idul Fitri and school holidays, hotel market is also
45,000 75.00%
expected to gain more traction by mid-year, boosting demand in all hotel segments.
Room Keys

30,000 50.00%

Following the peak in occupancy rate in the previous quarter, the hotel market saw
15,000 25.00%
adjustment in the average occupancy rate and as a result, dipped by 10.26
percentage-points QoQ in the running quarter to reach an average figure of 50.8%.
0 0.00% As the first quarter of each year commonly features a quieter period in the hotel
Q1 2022
2016

2017

2018

2019

2020

2021

market, the reinstatement of mobility and capacity restrictions due to the Omicron
wave had further exacerbated the market during this period.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 15
 3 Star 5 Star 4 Star Average Aligning to the drop in occupancy rate, Average Daily Rate for the running quarter
2,500,000 saw a decline of about 4.5% from the previous quarter, arriving at overall figure of
IDR 1,037,204. This figure is approximately 12.7% higher than the first quarter
2,000,000 last year, indicating that the market had notably improved for the better following
the roll-outs of vaccination and the city’s transition to endemicity.
1,500,000
IDR

1,000,000 Out of all hotel classes, the 5-star hotel class recorded the highest dip at 1.5%,
arriving at an average of IDR 1,705,704, followed by 4-star and 3-star hotel
500,000 classes, undergoing a dip of 1.2% and 0.8% reaching an average of IDR 540,137
and IDR 373,357, respectively.
0
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
2016
2017

Being on the brink of Idul Fitri and school holidays, the hotel market is expected to
record slight upturns in both occupancy rates and ADR for the next quarter as
demand from both staycations and domestic travel might increase. Nonetheless,
following the lifting of quarantine requirements for international travels and as the
TOTAL ROOM
PROJECT NAME STAR RATING LOCATION Covid-19 pandemic continues to wane, the hotel market in Jakarta will need to
(KEYS)
Hotel Dafam Enkadeli Thamrin 3-star CBD 50 gradually re-shift into its original demand drivers, capturing more business-driven
individual and group demand, instead on highly relying on the leisure market.

Meanwhile, in terms of supply, 2022 would feature a notably high volume of new
openings following past postponement, with a large concentration coming from
TOTAL ROOM
PROJECT NAME STAR RATING LOCATION higher-end hotel class, coming from Park Hyatt Jakarta, Regent Jakarta and Ra-
(KEYS)
Suites Simatupang.
N/A

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 16
Increased by 17 units, Decreased by 42 units, to Decreased by
to 9,328 units 5,397 units 0.56 pts, to 57.9%

Page 17
 Entering the new year, the market saw minor changes in supply as Artotel Casa
Hang Tuah project added 17 new leased units for rental apartment category in
7% South Jakarta. This brought total supply of rental apartment market to reach 9,328
9% units throughout Jakarta. Such change did not significantly alter the distribution of
CBD South West
rental apartment market in Jakarta, with CBD and South Jakarta still predominantly
5%
accounting for 47%, and 32%, respectively.
47%

Central North East

32% As holiday season demand saw a significant spike in December last year, demand
level in running quarter showed sign of stabilizing relatively, dropping by 0.8% only,
to 5,397 occupied units. Encouraging sign came from longer-term leases in non-
serviced units, which saw an uptick in demand, with several lease contracts that
were put “on hold” during the height of uncertainty during pandemic restrictions,
Total Supply Total Demand Occupancy Rate (%)
seeing returning tenants. However, demand from short-term repatriation packages
winded down significantly, as quarantine restrictions begun easing into the latter
10,000 100%
half of the running quarter.

8,000 80%

6,000 60%
Units

With first quarter returns typically below holiday season occupancy rate, the figure
4,000 40%
remained relatively stable, at 57.9% overall or insignificantly dropped by 0.56
percentage points, below that of the prior quarter. Fairly stable demand in short
2,000 20%
term stays (less than 3 months) due to corporate event- related, somehow, helped
serviced apartment market from undergoing deep drop, as it was only down by 0.95
0 0%
percentage points QoQ to 61.2%. Likewise, non-serviced apartment showed a
Q1 2022
2016

2017

2018

2019

2020

2021

growth, increasing of 0.45 percentage points QoQ to 49.8%.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 18
 Non-Serviced Apartments Serviced Apartments Average
In anticipation of several new projects in the coming months, some rental
apartment landlords have been cautious pertaining to raising rental rates entering
USD psm pm

35.00
the running quarter. Rental rates of rental apartment market remained
30.00
considerably unchanged, undergoing insignificant drop of 0.3% to USD 21.28 psm
25.00 pm. For serviced apartment market, the quarter saw a drop of 0.1% only to USD
20.00 24.32 psm pm. Non-serviced apartment rates were slightly down by 0.7% to USD
13.99 psm pm.
15.00

10.00 Landlords would be cautious in raising their rental in the upcoming months,
5.00 regarding the revised Value Added Tax figure to 11%, coming into effect in the
second quarter this year. This would increase the total payable amounts to tenants.
0.00
Apart from that, inflationary pressure affecting the economy and several new

Q1 2022
2016

2017

2018

2019

2020

2021
upscale rental apartments in the pipeline for 2022 might contribute rental rate
changes.

RENTAL APARTMENT PROJECT APPROX.

CATEGORY LOCATION COMPLETION
NAME UNITS
Non-Serviced The short-term outlook for rental apartments is expected to be positive in terms of
Artotel Casa Hangtuah Gunawarman Q1 2022 17 demand figures. It is believed that with less strict approach towards travel policies,
Apartment
the number of tourist and expatriate in Jakarta should continue to see improving
returns. This bodes well for upscale serviced residences who should see long-term
RENTAL APARTMENT PROJECT APPROX. corporate stays, which were absent in 2021. The return to pre-pandemic level by
CATEGORY LOCATION COMPLETION
NAME UNITS
the end of this year is highly expected.
Serviced Pondok
Somerset Kencana Q2 2022 148
Apartment Indah
However, occupancy figures should not reflect an uptick, as recovering demand may
Serviced
Citadines Gatot Subroto CBD Q2 2022 102 not compensate for the abundance of projects set to open at once during the
Apartment
Serviced current year. Realistically, developers should see this as reasons to withhold some
Citadines Sudirman CBD Q2 2022 253
Apartment project launching until 2023. In this case, occupancy rate figure should be able to
Total Expected Completion by End of 2022 503 remain within the range of the last two quarters.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 19
 Increased to Decreased by 0.16 pts to Stable at
13.03 thousand Hectares 91.4% IDR 2.79 million psm

Page 20
 The market welcomed an additional supply of 60 Ha industrial land the running
1% 5%
quarter. Such additional supply resulted in an increase of cumulative supply
6%
Bogor reaching 13,035 Ha, experiencing a growth of 0.5% QoQ. Such new supply was
6%
Jakarta contributed by Serang area, as landlords decided to expand their land provision. In

Cilegon
the meantime, Bekasi, Karawang and Purwakarta still held the biggest proportion of
45% 8%
industrial land distribution in Greater Jakarta of around 74%, which is stable from
Tangerang
the previous quarter.
Serang

Karawang & Purwakarta

Bekasi
29%

There were 34.1 Ha of land absorption, bringing the total cumulative demand to
11,913 Ha, a growth of 0.3% QoQ. Those demand came from various sectors,
mainly driven by data centre, contributing over half of the total land absorption
Cumulative Supply Land Absorption Sales Rate (%)
during such quarter. Other demands came from manufacturing, logistics, building
14,000 100%
material, chemical, IT, food & beverage, and packaging.
Hectare

12,000
75% Out of such quarterly demand, around 67% of land absorption was contributed by
10,000
Karawang and Bekasi, persistently being as the most preferable location for
8,000 industrial development, while the remaining came from Tangerang area of 24%,
50%
6,000 whereas the rest was scattered in some other areas.

4,000
25%
2,000

0 0%
As the absorption did not outperform quarterly supply, hence, sales rate dropped to
Q1 2022
2015

2016

2017

2018

2019

2020

2021

91.4%, undergoing a decrease of 0.16 percentage-points QoQ.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 21
 6.00
Land price tended to stagnate during the running quarter. No major changes since
early 2021. Therefore, industrial land price was registered at IDR 2,798,000 psm
IDR psm (In Million)

with an insignificant change of 1.30% QoQ. Average land price had hovered in the
4.00 range of IDR 2.7 – 2.8 million since 2020. Tenant market still persisted in the
running quarter.

2.00

0.00

Q1 2022
2021
2015

2016

2017

2018

2019

2020
Bekasi Bogor
Cilegon Jakarta
Karawang & Purwakarta Serang
Tangerang
Despite the on-going pandemic, Indonesian government increased the target of
investment realization to IDR 1,200 trillion for 2022. Such figure indicates more
AVERAGE INDUSTRIAL LAND PRICE
LOCATION optimist business climate. More foreign investment inflow is expected to take place
IDR psm USD psm in Indonesia and notably, Greater Jakarta industrial estates might receive more
Bekasi 3,000,000 209.12
enquiries. Characterized with huge e-commerce and data center activities, the IT
Bogor 2,500,000 174.26 sectors would drive industrial land market, followed by some other manufacturing
Cilegon 2,500,000 174.26 activities that would eye on Greater Jakarta as industrial activities in such
Jakarta 5,725,000 399.07 agglomeration area is deemed representative of national scale production hub that
Karawang & Purwakarta 2,367,000 165.03 is supported with good infrastructure. Industrialists would be more confident to
Serang 1,800,000 125.47 expand their business. On the other hand, Indonesia’s government is expected to
Tangerang 2,467,000 171.94 continue in supporting the industrial sector activities, as one of the most significant
Average 2,798,000 195.04 contributor to the country’s Gross Domestic Product.

*Exchange Rate of Q1 2022 = IDR 14,346

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2022 Page 22
 Corporate Occupier Portfolio Services

Office Services Industrial Services

Residential Services Project Management

Retail Services Property Management

Investment Services Research & Consultancy

Hendra Hartono
CEO
hendra.hartono@leads-property.com
PT Leads Property Services Indonesia
Indonesia Stock Exchange Building, Tower I, 26th Floor
Jalan Jenderal Sudirman Kav 52-53, SCBD Darsono Tan
Jakarta 12190, Indonesia
Senior Director
Ph. (+62) 21 2903 5111
darsono.tan@leads-property.com
Fx. (+62) 21 2903 5115

Website: www.leads-property.com
IGAM Savitri
info@leads-property.com
Senior Director
in PT Leads Property Services Indonesia
. igam.savitri@leads-property.com
@leadsproperty