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Retail Sector Growth remains Measured, F&B Continues to Lead Occupancy
The Indonesian retail market is experiencing a period of moderate expansion, wiht projections for dwelling levels not significantly exceeding current figures. This measured approach is attributed to the country’s economic growth trajectory.In Jakarta and the surrounding Bodetabek region,retail supply saw an approximate 2 percent increase compared to 2024. Looking ahead to the end of 2025, no new malls are anticipated. Rather, developers are prioritizing the renovation and rejuvenation of existing retail spaces over the construction of new ones for the period of 2025-2028.
Food and Beverage Sector Dominates Retail Landscape
The food and beverage (F&B) sector continues to be the primary driver of retail activity. Mall owners are actively seeking out retailers and brands that can effectively draw in visitors. F&B establishments are instrumental in boosting mall occupancy rates, with many expressing enthusiasm for opening new branches. The synergy between F&B and lifestyle tenants is also seen as a key factor in enhancing occupancy levels.
Rental Rates Show Stability with Modest Increases Expected
Retail rental rates are currently stable and are projected to remain so through the end of 2025.In Jakarta, the base rental tariff stands at Rp 564,904 per square meter per month, while in the Bodetabek area, it is indeed Rp 389,589 per square meter per month.
Maintenance or service charges for retail spaces are recorded at Rp 159,444 per square meter per month in Jakarta and Rp 130,482 per square meter per month in Bodetabek.
Annual rental rate growth is anticipated to be between 1-2 percent.Mall operators are also expected to implement adjustments in line with increases in the provincial minimum wage (UMP), which coudl lead to a roughly 3 percent annual rise in operational costs.
Detailed Retail Rental Rates and Maintenance Costs by Region and Class:
Retail Rental basic Rates:
Jakarta:
Premium: Rp 1,133,062
Middle Class: IDR 807,267
Middle Class: IDR 388,511
Lower Middle Class: Rp 260,669
Bodetabek:
Middle Class: IDR 561,609
Middle Class: IDR 387,096
Lower Middle Class: Rp 293,408
Retail Maintenance Costs:
Jakarta:
Premium: Rp 240,939
Middle Class: IDR 182,714
Middle Class: IDR 145,600
Lower Middle Class: IDR 111,849
Bodetabek:
Upper Middle Class: IDR 162,215
Middle Class: IDR 136,716
Lower Middle Class: IDR 97,028