Jakarta – Unoccupied office space in Jakarta remains plentiful, with 23.8 percent of office space in the Sudirman Central Business District (SCBD) empty and 23.9 percent empty outside the district, a situation one property consultant does not believe is likely to change.
"The market is still in recess. There has been no change in occupancy rates since the end of last year," said Savills Indonesia research head Anton Sitorus in Jakarta on Wednesday as quoted by kompas.com.
A total of 2.18 million square meters, or 218 hectares, of office space is unoccupied in Jakarta.
Anton said the tenants in SCBD were mostly co-working operators, who would lease the spaces to other tenants.
He estimated that an additional 1.4 million square m of office space would be built in SCBD by 2023, 47 percent of which would be Grade A office space, 42 percent Grade Premium and 11 percent Grade B.
Meanwhile, he predicted an additional 580,000 square m of office space would be built in other areas of the capital by 2021, 69 percent of which would be Grade B office space, 28 percent Grade A and only 3 percent Grade C. (bbn)