Jakarta office occupancy slightly increases to 74% in 2024

Thanks to the strong demand for Grade A office buildings.

According to Colliers, office demand in Jakarta in 2024 highlighted a slight improvement compared to 2023. With increasing confidence from the arrival of various tenants, both local and multinational companies, and given a limited future supply, the upward trend in occupancy is underway.

Nevertheless, it is not yet time for the market to experience a significant immediate increase in occupancy.

Here’s more from Colliers:

In the CBD, occupancy was maintained at around 74% in 2024, experiencing a slight increase compared to 2023. Premium and grade A office buildings continue to attract steady interest from high-value occupiers seeking prime locations, benefiting from competitive offerings. Additionally, proximity to public transport hubs remains a notable consideration for tenants.

Outside the CBD, compared to 2023, occupancy showed a slight increase to be steady at around 72% in 2024. Office buildings outside the CBD, particularly grade A, remain competitive for drawing interest from cost-conscious tenants. TB Simatupang, a notable and popular area for lively business activity with modern office offerings, stabilized at 75.5% in 2024.

Occupancy growth indicates improved demand as businesses across key sectors strengthen their leasing commitments. Tenant confidence will reflect a market recovery, suggesting a more optimistic outlook imminently for the office sector.