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Colliers Quarterly Property Market Report Q4 2021 Jakarta All Sector

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Office

Some companies are more optimistic about facing the effects of the pandemic, even though uncertainty persists. Enquiries for office space began to increase at the end of 2021. This is seen as a positive sign that businesses needing office space are gradually starting to recover. However, the market is not expected to fully recover in the short term, as there is still remains a lot of unabsorbed space, plus a huge additional supply in the coming years.

Apartment

The recovery process continued this quarter. More units were completed this quarter, and the number has exceeded our predictions for the year 2020. Sales performance has been going better too, and has succeeded in rising above the lowest point of the year. Asking prices have started to increase, although just slightly. We hope that the pandemic remains controllable, and this recovery process continues into next year. However, buyers may have to spend more to afford a unit next year, due to the VAT rate increase to 11% and some developers have decided to increase their asking price too.

Retail

Some malls have replaced major tenants, such as supermarkets and department stores, which closed due to the impacts of the pandemic. Other than that, the number of visitors to malls after they reopened has sparked the confidence of landlords. Population size is a factor in the survival of retail business. With that in mind, some foreign retailers still see Indonesia as a potential market for expansion.

Hotel

2021 has been a roller coaster year for the hotel industry in Jakarta. Conditions at the beginning of the year looked promising but, due to an increase in Covid cases, government finally had to implement a strict PPKM (public activity restrictions) in July. As a result, the performance of hotels declined drastically. As conditions improved, government began to loosen the PPKM and activities resumed but, at the end of the year, a new variant emerged which might be another stumbling block for the hotel industry.


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Colliers Quarterly Property Market Report Q4 2021 Jakarta All Sector

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Related Experts

Ferry Salanto

Senior Associate Director

Research

Jakarta

As Head Research Department, Ferry is in charge in providing property market knowledge for internal purposes and for clients. The scope of sectors covered in the quarterly market report comprises office, apartment, retail, hotel and industrial estate.

In regional tasks, the Heads of Research of each country work together in providing regional market reports covering the Asia Pacific region and globally. Currently Research Department is not only operating as a cost-centre department, as he and his team have been assigned by the Central Bank to provide monthly market information.

On the consulting front, the task involves providing a wide range of advisory services to our clients. Working closely with Consulting Department, we help clientsby preparing feasibility studies to determine whether their property projectsare viable from both financial or marketing aspects. 

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Eko Arfianto

Senior Manager

Research

Jakarta

I started working at property business since 2005 when i worked as Site Supervisor at Construction Management company in Jakarta. My responsibilities covered architecture design supervision of high-rise buildings. As an acrhitect, I worked with thousands concepts and ideas and also did cost estimator / quantity surveyor. I also did advisory for interior design works. Then i continued my working experience by joining with Colliers in June 2007 at Research Department. I started from the beginning at this business as Database Administrator. After spending 10 years working at Colliers International Indonesia, my current posistion is Senior Manager at Research Department. 

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Rizal Gobi

Senior Manager

Research

Jakarta

Rizal Gobi serves as the Research Manager, focusing on residential market. Gobi tracks economic, demographic, property related issues, new policies related to property market and apartment and housing data and utilize the information to produce insightful reports on a recurring basis.

He is proficient in aggregating intelligence from a variety of third party resources and also collects tabulates, and distributes primary research. In this role, Gobi works closely with Advisory Services team, Residential Tenant Representation team, and Capital Market & Investment Services team.

He is familiar with Greater Jakarta area (Bekasi, South Tangerang, Depok, Bogor), Surabaya and East Timor property market.

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Nurul Yonasari

Senior Research Executive

Research

Jakarta

Nurul joined in the property industry since 2013. Experienced as property research for five years. Have a special interest in hospitality and tourism industry.

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