Colliers Quarterly Q1 2023
April 2023
We are pleased to present Colliers Quarterly Report Q1 2023. The report presents an overview of Jakarta's Office, Apartment, Retail and Hotel markets, as well as Bali's Hotel market.
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| Colliers Quarterly Report Q1 2023 |
Highlights of the market report include the following:
Jakarta - Office Sector
Despite the prevailing trends that show extensive efficiency, most businesses remain cautious and indecisive, with many even contemplating minor reductions in labour and workspace.
Whilst some tenants have implemented regulations to return to full-time office work, others have adopted a hybrid working model.
Nevertheless, there is a positive outlook on the horizon with the anticipation that the economy will continue to strengthen, serving as a catalyst to overcome the prolonged uncertainty brought on by the pandemic.
Jakarta - Apartment Sector
There was no significant upsurge in the demand for apartments in Q1 2023. Our analysis suggests that the market is currently being driven primarily by end-users as opposed to investors.
Jakarta - Apartment Sector
There was no significant upsurge in the demand for apartments in Q1 2023. Our analysis suggests that the market is currently being driven primarily by end-users as opposed to investors.
In the face of mounting competition, developers are expected to focus on showcasing their ongoing projects and deploying effective sales strategies.
Jakarta - Retail Sector
The lifting of activity restrictions has enabled shopping malls to resume their normal operating hours. However, the pandemic has resulted in a significant decline in revenue for several large tenants.
Jakarta - Retail Sector
The lifting of activity restrictions has enabled shopping malls to resume their normal operating hours. However, the pandemic has resulted in a significant decline in revenue for several large tenants.
Despite this, numerous other retailers are eager to take advantage of the present favourable situation and have begun reopening their outlets.
The business climate is expected to improve and, consequently, some landlords may contemplate raising occupancy costs.
Jakarta - Hotel Sector
Business activities in the capital rapidly increased at the start of 2023, particularly because the middle of March, the fasting month, is when the pace of activities slows slightly, and April is the Eid holiday.
Jakarta - Hotel Sector
Business activities in the capital rapidly increased at the start of 2023, particularly because the middle of March, the fasting month, is when the pace of activities slows slightly, and April is the Eid holiday.
Having said that, some government institutions do push their activities earlier in the year in anticipation of a slowdown when Ramadhan and Eid al-Fitr arrive.
Bali - Hotel Sector
Tourism in Bali has been active in the first three months of this year, with both foreign and domestic travellers coming in.
Bali - Hotel Sector
Tourism in Bali has been active in the first three months of this year, with both foreign and domestic travellers coming in.
The successful hosting of the G20 is likely to restore the confidence of international tourists to return to Bali for a holiday, and this is reflected in the rising number of tourist arrivals since the G20 activities and occupancy rate, which is also trending upwards.
Jakarta Office
Q1 2023
The upcoming periods pose to be another year filled with challenges
Jakarta Apartment
Q1 2023
The market is expected to exhibit a tepid state
Jakarta Retail
Q1 2023
Resurgence expected in retail business following lifting of activity restrictions
Jakarta Hotel
Q1 2023
MICE-related activities that were planned ahead of the fasting holiday contributed to a strong Q1 performance
Bali Hotel
Q1 2023
Border opening led to a surge in tourism with a significant increase in the number of tourists and offline events
Jakarta Office
Q1 2023
The upcoming periods pose to be another year filled with challenges
Jakarta Apartment
Q1 2023
The market is expected to exhibit a tepid state
Jakarta Retail
Q1 2023
Resurgence expected in retail business following lifting of activity restrictions
Jakarta Hotel
Q1 2023
MICE-related activities that were planned ahead of the fasting holiday contributed to a strong Q1 performance
Bali Hotel
Q1 2023
Border opening led to a surge in tourism with a significant increase in the number of tourists and offline events