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Jakarta mall footfall to return to pre-pandemic level this year
Retail centers in Jakarta saw their occupancy rates increase slightly over the course of last year to an average of 77.4 percent.
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Back to normal: People throng a shopping mall in Surabaya on Oct. 13, 2022, to watch a rock climbing competition. Since the government loosened COVID-19 restrictions, shopping malls and other public facilities have resumed normal activities. (AFP/Juni Kriswanto)
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ccupancy rates at retail centers in Jakarta stood at 77.4 percent at the end of last year, according to a report from real estate services firm Cushman & Wakefield released on Wednesday.
That marks an incremental improvement of 0.7 percentage points from a year earlier.
Jakarta did better than satellite cities, with mall occupancy in the wider area of Greater Jakarta standing at 76.1 percent at the end of 2022.
In the report, Cushman & Wakefield also forecast that visitor traffic at retail centers within the Greater Jakarta area would return to the pre-pandemic level this year.
Bank Indonesia’s (BI) nationwide monthly survey showed that the consumer confidence index strengthened to 123 points in January, the highest figure since August last year.
Cushman & Wakefield's report also predicts that Jakarta malls will benefit from higher rents and service charges this year and notes that landlords would try to attract new tenants through flexible terms of payment.
That differs from the outlook for retail centers in the areas surrounding Jakarta, which are likely to keep rents and service charges of their properties unchanged and focus instead on strategies to improve occupancy.
