Economic Uncertainty in Indonesia to Further Drive-down Jakarta’s Office Property Market

Property consulting company, Knight Frank Indonesia stated that Jakarta’s office property market is likely to decline further, on the back of economic uncertainty in Indonesia.

Data published by Knight Frank Indonesia, revealed that the occupancy rate for office buildings in Jakarta, which currently stands at 76.2 percent is expected to decline further, with office spaces in central business districts (CBD) still the preferred choice for companies.

According to Statistics Indonesia (BPS) data, Indonesia’s economy recorded its slowest quarterly growth in almost three years, during the fourth quarter of last year (GDP growth for 4Q 2019 was 4.92 percent).

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