Jakarta's property market exhibited strength in 2024, despite global macroeconomic and geopolitical uncertainties, demonstrating consistent growth and resilience across various sectors.

Yunus Karim, Head of Research at JLL Indonesia, says, "Jakarta’s CBD office market maintained a stable occupancy rate of 70%, with a significant 17% increase in Grade A space absorption. This reflects a "flight-to-quality" trend as businesses pivot towards newer, high-quality buildings. Complementing the strong performance, non-CBD areas also recorded a stable occupancy rate of 71% by year-end."

In the retail sector, market activities include the launch of Mal Puri Indah 2. Developers have been adjusting tenant compositions to align with evolving consumer preferences, based on their target markets.

Angela Wibawa, Head of Office Leasing Advisory, says, "Demand for office space increased in 2024, especially for higher quality spaces in the CBD. We observed companies seeking ready-to-use office spaces at affordable prices.

"Sectors that were particularly active in 2024 included technology, natural resources, and manufacturing. We also noticed some companies still implementing cost-saving strategies, while others began enforcing 100% return-to-office policies, leading to increased demand for office space.”

The residential market still showed resilience, with stability in the Jabodetabek landed housing sector, driven by a 100% tax exemption policy extended to December. Vivin Harsanto, Head of Advisory, JLL Indonesia, says, "New unit launches increased by 18% compared to H1 2024, predominantly affordable housing products. Additionally, the trend towards sustainability in property development gained momentum, supported by a surge in green-certified product launches.

"Key factors attracting potential buyers remain affordable prices, strategic locations, easy access to toll roads and public transportation, developer reputation, attractive payment programs and partnerships between developers and banking institutions, comprehensive area facilities such as education, health, and commercial amenities, and smart home technology.”

Modern warehousing performance remained healthy, with the sector achieving an 87% occupancy rate. Farazia Basarah, JLL Indonesia Country Head & Head of Logistics & Industrial, says, "Significant new supply totalling 125,000 square meters, with a growing presence of Chinese companies boosting interest in industrial properties. This sector's continued expansion is anticipated in 2025, especially in key areas such as Bekasi, Cikarang, and Karawang."

From a hotel investment perspective, Julien Naouri, Senior Vice President of Investment Sales at JLL Asia Pacific, says, "The tourism industry in Jakarta and Bali closed 2024 on a high note. This robust performance is likely to set the tone for 2025, underscoring the enduring allure of the Bali brand and its continued resonance with global travelers, as well as the importance of Jakarta in the subregion's corporate travel."  

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