Jakarta CBD office supply hits 7.38m sqm in Q3

Outside the CBD, supply reached 3.83m sqm during the same quarter.

According to a Colliers report, while several existing constructions are progressing, the lack of newly completed projects means the cumulative supply in Jakarta remains unchanged as of Q3 2024. 

Developers are closely monitoring the economic situation and awaiting more favourable conditions to launch upcoming project plans. Before initiating any new developments, some developers are prioritising the optimization of currently operational projects. 

Here’s more from Colliers:

In the CBD, cumulative supply has remained steady at 7.38 million sq m as of Q3 2024. The Thamrin and Sudirman corridors continue to be main contributors to office building development. Some projects have already been introduced, including The Two Sudirman (within Oasis Central), which is set to commence immediately and has the potential to become one of the skyline icons in Jakarta. Nevertheless, these projects are expected to significantly increase CBD supply in the near term. 

Outside of the CBD, The Sima, located at TB Simatupang, has contributed to an increase in cumulative supply, reaching 3.83 million sq m as of Q3 2024. Other upcoming completions may face delays as developers address minor improvements prior to official completion. Additionally, future supply is expected to add approximately 240,000 sq m of office space by 2026 outside the CBD.