Given the signal that the economy is expected to improve, office space enquiries started to increase, despite the level of growth still being modest. However, remaining large vacant spaces on the current market, due to a reduction in occupied space, kept landlords competitive in 2022. We will also see large additional supply completed in 2022.
The multi-family residential market is expected to be flattish over the year given the mixed sentiment in the market. Rising commodity prices due to the recent Russia-Ukraine conflict should bring a positive impact to the Indonesian economy and property market.
2022 is set to be an interesting year for retail as the sector looks to shake off the challenges of the last two years and is likely to be a year of fast-moving innovation defining future shopping experiences.
The hospitality industry has witnessed a healthy growth in the occupancy rate of hotels since December 2021. The base line of improving conditions has been the government's easing of restrictions and an acceleration in economic activity. In addition, the government has also loosened rules on domestic and foreign travel.