M A R K E T B E AT

JAKARTA
Retail Q2 2023

SUPPLY: Opening of One New Lifestyle Retail Center in the 2nd Quarter of 2023
YoY 12-Mo.
Chg Forecast
One retail center entered the Jakarta retail market in the 2nd quarter of 2023. One District at Puri, a lifestyle retail center featuring the first
Road-side concept of Uniqlo commenced operation and added 5,000 sqm of retail space to the retail market in western part of Jakarta.
0.0% On YoY basis, cumulative supply increased by 0.8%, bringing the total supply to about 4,707,000 sqm. Lippo Mall East Side at Holland
Base Rent Growth Village and Retail Podium at Thamrin Nine Tower are anticipated to enter the market in the upcoming quarters and will add
approximately 67,000 sqm of retail space to the market. Should all the proposed new centers meet their completion schedules, the total
22.8% Jakarta retail supply will reach 4,774,000 sqm by the end of 2023.
Vacancy Rate
DEMAND: Stable Traffic and Footfall Monitored During 2nd Quarter of 2023
The overall occupancy rate during the second quarter of 2023 was stable and remained at 77.2% (0.0% QoQ). The vacancy rate of
5,000 sqm strata-title malls elevated to 38.7% which mainly caused by the closing of hypermarkets as anchor tenant in the last quarter. Retail
YTD New Completions
centers experienced a buoyant start to the year with picking-up traffic of visitors, notably during the holiday season, even though was still
below the pre-pandemic level.
The lifestyle centers are ascending to be a retail destination as visitors are seeking for experiences. Along with the opening of Uniqlo’s
ECONOMIC INDICATORS first road-side store which occupies approximately 2,000 sqm retail space, Foodmax Supermarket joined as big tenant in One District at
Q2 2023
Puri. Another entertainment spot, W Superclub, opened its door at Artha Gading Mall and Kinokuniya Bookstore is coming to Central
YoY 12-Mo. Market PIK. In fashion industry, The Children’s Place, an American kids’ fashion brand, set its footprint in Grand Indonesia and Herschel
Chg Forecast Supply & Co finally open its first outlet store in Gandaria City.
5.03% PRICING: No Price Movement
GDP Growth
The average rental rate is foreseen to remain stable for the rest of 2023, standing at Rp808,500/sqm/month (0.0% YoY) as no landlords
denoted to increase their rental rate in the short-term in anticipation of the upcoming political year of 2024. On the other hand, a slight
increment on service charge may occurred at the end of this year, from the current average service charge of Rp 190,400/sqm/month
3.52% (0.0% YoY).
Inflation Rate

RENT / VACANCY RATE AVAILABILITY BY PRODUCT TYPE

5.75%
$80 25% 43.1%
Rent (US$/sqm/mo)

Central Bank Rate Vacancy Rate (%)

20% 32.1%
$60
Source: Central Bank and Census Bureau
15% 24.8%
$40
10%
$20
5%

$0 0%
2018 2019 2020 2021 2022 Q2 2023
Overall Rent Vacancy Rate Strata/Long lease One-stop Supporting/Specialized
M A R K E T B E AT

JAKARTA
Retail Q2 2023

MARKET STATISTICS
PRIME RETAIL UNIT BASE RENT ARIEF RAHARDJO
INVENTORY VACANCY
SUBMARKET
(SQ.M.) RATE Director, Strategic Consulting
RP/SQM/MO US$/SF/MO EUR/SQM/MO
+62 21 2550 9500 / Arief.rahardjo@cushwake.com
Primary Location 1,352,300 22.3% Rp. 984,500 US$ 6.08 € 59.98
Secondary Location € 41.61
3,354,700 22.7% Rp. 682,900 US$ 4.22 VICTORINA ARIF
OVERALL JAKARTA RETAIL TOTAL 4,705,000 22.8% Rp. 808,500 US$ 5.00 € 49.26 Senior Analyst, Strategic Consulting
+62 21 2550 9500 / Victorina.arif@cushwake.com
DEFINITIONS:

The Primary retail location is defined as the major retail precinct that includes Kota, Pasar Baru, Blok M and the CBD area (capturing the areas of Sudirman, Thamrin, Rasuna Said and corridor of
Jl. KH. Mas Mansyur - Jl. Prof. Dr. Satrio). The Secondary retail location covers all other areas outside the above Primary retail areas of Jakarta.

Rental rates reflect gross rents

US$/Rp = 15,033; €/Rp = 16,413

KEY LEASE TRANSACTIONS 2Q 2023

PROPERTY DISTRICT TENANT SQM
One District at Puri West UNIQLO 2,000
Mall Artha Gading North W Superclub 1,300
Central Market North Kinokuniya 470
Grand Indonesia CBD The Children’s Place 170
Plaza Senayan CBD DKNY 125
Gandaria City South Herschel Supply & Co 40

*Renewals not included in leasing statistics

cushmanwakefield.com
KEY CONSTRUCTION COMPLETIONS DURING 2Q 2023
PROPERTY DISTRICT SIZE (SQM) OPENING DATE
One District at Puri West 5,000 June 2023 A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION
Cushman & Wakefield (NYSE: CWK) is a leading global real
estate services firm that delivers exceptional value for real
estate occupiers and owners. Cushman & Wakefield is among
SIGNIFICANT UNDER-CONSTRUCTION PROJECT the largest real estate services firms with approximately 52,000
PROPERTY DISTRICT APPROX SIZE (SQM) COMPLETION DATE employees in over 400 offices and approximately 60 countries.
Lippo Mall East Side @ Holland Village Central 40,000 2023 In 2022, the firm had revenue of $10.1 billion across core
services of property, facilities and project management,
Retail Podium @ Thamrin Nine Tower CBD 27,000 2023 leasing, capital markets, and valuation and other services.
Mall Menara Jakarta North 40,000 2024 To learn more, visit www.cushmanwakefield.com or follow
@CushWake on Twitter.

©2022 Cushman & Wakefield. All rights reserved. The information

contained within this report is gathered from multiple sources believed
to be reliable. The information may contain errors or omissions and is
presented without any warranty or representations as to its accuracy.