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公寓租赁特刊 · 2026-09 · 版式 V4
雅加达公寓夜窗——亮灯与熄灯之间，是 40% 的空置率
头图：公寓夜窗（供图）
本期判断

40% 的空置率不是市场的病，是租户的筹码。会算账的人，用别人的空置率省自己的成本

口径说明：雅加达租赁公寓是三个完全不同的生意拼在一起：机构持有、只租不售的长租房（Purpose-Built，PB）；酒店式运营的服务式公寓（Serviced Apartment，SA）；散户业主买来出租的普通公寓（Condo-for-Lease）。前两个按雅加达市口径统计，第三个按大雅加达口径，而它占了全市场的 95%。三个数字要连在一起读：全市场空置率 40.0%，全市租金横盘（均价 Rp262,333/㎡/月，约 ¥105，环比仅 +0.4%），在建 37,698 套排队入市。房东怕空置，不怕让价，筹码在租户手里。真正的大盘也不是服务式公寓，是散户型 Condo：外派高管住服务式，团队和本地员工住 Condo，成本差 2–4 倍。想买公寓收租的人，先算清一笔账：毛租金回报率约 4%，被 40% 空置率吃掉后约 2.4%，再扣 10% 租金税和持有成本，净回报不到 2%（估算）。自住加保值可以，纯收租算不过账。

三个数字
40.0%
所以呢：全市场空置率 40.0%，租金横盘，3.7 万套在建排队入市。现在签租约、谈续租、批量谈员工住宿，筹码都在租户手里。
来源：Cushman & Wakefield《Jakarta Rental Apartment Q2 2026 MarketBeat》
95%
所以呢：全市场 197,906 套存量里，散户型 Condo-for-Lease 占 188,507 套，95%。员工住房的正解在 Condo 批量谈，不在服务式公寓：同面积便宜一半以上，10 人团队一年省约 ¥65 万。
来源：Cushman & Wakefield Q2 2026 市场统计
≈4.0% → <2%
反方证据：毛租金回报率约 4%，比北京上海（约 1.5%，顾问经验值）高一倍还多，看着香。但按 40.3% 空置率修正后只剩约 2.4%，再扣 10% 租金税（按总额征收，成本一分不能抵）约 2.1%，扣完物业费、中介、维护，净回报不到 2%（估算）。买来自住兼保值，逻辑成立；纯为收租，算不过账。
来源：本期租金数据 ×《赤道观察·公寓销售篇》2026Q2 售价口径，顾问估算
市场大盘：三个子市场，三种生意

宏观背景：印尼 2026 年 GDP 增速 5.2%、通胀 3.34%、央行基准利率 5.75%（央行与统计局口径）。二季度净吸纳 837 套，上半年累计 1,506 套；空置率同比在改善（全市场约 -1.3 个百分点）。需求没坏，只是供给太多。三个细节值得记住：上半年交付的 3,601 套几乎全是散户型 Condo（3,547 套），这个市场的新增供给，看的是千家万户散户的买房决策；在建的 37,543 套 Condo 还会陆续入市，空置率短期下不来；美元口径租金：PB $12.2、SA $22.4、Condo $9.7、全市场 $14.8/㎡/月。

子市场存量（套）在建（套）空置率有效租金 Rp/㎡/月折人民币/㎡/月
机构长租房（PB）2,441035.0%219,399≈ ¥87
服务式公寓（SA）6,95815534.3%401,528≈ ¥159
散户型租赁公寓（Condo-for-Lease）188,50737,54340.3%173,940≈ ¥69
全市场197,90637,69840.0%264,955≈ ¥105
数据来源：Cushman & Wakefield《Jakarta Rental Apartment Q2 2026 MarketBeat》，数据基准 2026 年 Q2。汇率：Rp17,917/USD（原报告口径），Rp/CNY≈2,523 估算。PB/SA 为雅加达市口径，Condo-for-Lease 为大雅加达口径。
租金账本：给中国团队的住房预算表

对在雅加达落地团队的中国企业，这张表就是住房预算表。直接给结论：高管和短期外派用服务式公寓，省心、含服务、可短签；团队和中长期驻在一律用 Condo 批量谈，同面积便宜一半以上。一家 10 人团队，住房方案选对，一年省出约 ¥65 万，这不是小钱。表中租金是报告口径的有效租金（effective rent，已含空置与让价因素），实际签约要另加服务费、水电；长租通常还有谈判空间。

账项金额备注
60㎡ Condo 两房（团队/本地员工）≈ ¥4,100/月Rp173,940×60㎡；大雅加达口径
60㎡ 机构长租房（PB）≈ ¥5,200/月Rp219,399×60㎡
100㎡ 服务式公寓（外派高管）≈ ¥16,000/月Rp401,528×100㎡，含服务
10 人团队住房：全住 Condo≈ ¥4.1万/月10套60㎡
10 人团队住房：全住服务式≈ ¥9.5万/月10套60㎡ SA——差 2.3 倍
对比北京同档次服务式公寓¥2–3万/月顾问经验值，非统计数据——雅加达约为六折
一年省约 ¥65 万 =（¥9.5万 − ¥4.1万）× 12，按本报告租金口径估算。
投资视角：买公寓收租的账

把本期租金数据和《赤道观察·公寓销售篇》（2026Q2，Condo 均价 Rp5,200万/㎡，≈ ¥20,600/㎡）拼在一起，这笔账就算明白了。毛回报 4% 看着比国内一线香，但那是「满租、不纳税、不维护」的理想数。雅加达的现实是：四成空置，租金税按总额征收，成本一分不能抵，物业费照付。

账项数值备注
Condo 售价（2026Q2，销售篇口径）Rp5,200万/㎡≈ ¥20,600/㎡；见《赤道观察·公寓销售篇》
年租金毛收入Rp208.7万/㎡/年Rp173,940×12 ≈ ¥827
毛租金回报率≈ 4.0%比北京上海（约1.5%，顾问经验值）高一倍还多
按空置率40.3%修正≈ 2.4%估算值
再扣10%租金税（PPh Final）≈ 2.1%按租金总额征收，无成本抵扣（PP 34/2017）
再扣物业费/中介/维护净回报 < 2%顾问估算——结论：纯收租算不过账
租金税核实：印尼对土地/房屋租金收入按总额征收 10% 终局所得税（PPh Final Pasal 4(2)，PP 34/2017；非居民纳税人 20% PPh 26，可凭税收协定减免），2026 年现行有效，核实日期 2026-09-21。
本判断失效条件

① 本报告为 Cushman & Wakefield 单一机构口径，PB/SA 为雅加达市口径、Condo-for-Lease 为大雅加达口径，三类数据不可直接相加比较；数据核实截止 2026 年 9 月 21 日，交易前须按最新季度数据复核；② 若 37,543 套在建 Condo 集中提前交付、或宏观利率大幅下行刺激散户购楼收租，「空置率短期下不来」的判断需要重估；③ 租金收入税（PPh Final 10% / PPh 26 20%）依据 PP 34/2017 及 UU HPP，2026 年现行有效，税率或协定减免以税务局当期口径为准；④ 报告首页全市租金（Rp262,333）与市场统计表全市加权值（Rp264,955）存在微小口径差异，本文正文采用首页口径、表格采用分档口径；统计表「同比租金涨幅」列与正文叙述不一致处，采用正文口径（全市场同比+0.0%、环比+0.4%；Condo-for-Lease 同比+1.9%）；⑤ 空置率同比变动按正文入住率口径折算（服务式公寓 +2.6pp、机构长租房 +0.6pp、全市场约 +1.3pp）；⑥ 文中标注「顾问判断/经验值」的内容非统计数据。定位为商业决策参考，不构成法律或投资意见。

证据与行动

供给侧：运营权洗牌的三个信号

二季度供给端最值得看的不是数字，是三个信号。

信号一：供给出清立竿见影。Sultan Residences 的 272 套服务式公寓，随 Hotel Sultan 被政府收地一并退出市场（事件脉络见《赤道观察·酒店篇》）。服务式公寓入住率当季 +2.8 个百分点，是全市场唯一明显走强的子板块。

信号二：国际品牌的管理费，业主们开始重新算账了。Ascott 在同一条街丢了两单：La Maison Suites（原 Oakwood La Maison）脱离 Ascott 改为业主自管，Rasamala & Cendana 脱离 Ascott 后交给本地平台型运营商 Kozystay 托管。

信号三：新供应还在来。洗牌不是退潮，是换打法：Elevee Penthouse & Residence 南塔 1、2 期加 Creativo Bintaro，约 1,606 套 Condo 租赁盘在建；重点项目还有 Oakwood Slipi（西区，155 套，2027 年交付）。Kozystay 接盘与 Oakwood 新建同框出现。

赤道判断：对中国人的四个含义

  1. 租约谈判：别浪费别人的空置率★★★

    空置 40%、租金横盘（环比仅 +0.4%）、3.7 万套在建排队入市。房东怕空置，不怕让价。签长约、谈免租期、要装修补贴，都趁现在。（顾问判断）

  2. 员工住房的正确姿势：高管 SA、团队 Condo、批量谈★★★

    95% 的存量在散户型 Condo，选择多、房东分散、议价空间最大。同面积比服务式便宜一半以上，10 人团队一年省约 ¥65 万（按本报告租金口径估算）。

  3. 买公寓收租：自住保值的可以买，纯投资的请放下★★

    毛回报 4%，空置修正后 2.4%，税后约 2.1%，扣完持有成本不到 2%（估算）。这还没算流动性和外国人持有门槛。把钱当消费（自住）可以，当投资（收租）不成立。（顾问判断）

  4. 运营权洗牌是切口：轻资产托管在换血★★

    Ascott 丢单、Kozystay 上位、272 套出清，雅加达高端租赁运营正在从「国际品牌收管理费」转向「平台化运营赚效率钱」。懂中国客源、会做线上运营的团队，在托管和包租赛道有真实切口。（顾问判断，非统计数据）

红线清单（六条操作边界）
01
公司租房给员工住，记得代扣 10% 租金税公司租户是法定扣缴义务人，从房租里扣 10% 缴给税务局，并开 Bukti Potong 给房东。漏扣被查，补税加罚款算扣缴义务人的。服务费（service charge）打包进租约也计入税基（PP 34/2017，核实日期 2026-09-21）
02
非居民业主税负是 20%（PPh 26）而非 10%税收协定减免要凭 DGT-1 居住证明。人在国内、房在雅加达的业主，签约前先把税务身份算清楚（核实日期 2026-09-21）
03
外国人买房收租先看门槛雅加达公寓外国人最低购房门槛 Rp30–50 亿口径不一（Kepmen ATR/BPN 1241/2022，签约前经 PPAT 核实），仅限 Hak Pakai 产权，代持（nominee）协议无效。详见《赤道观察·公寓销售篇》
04
租约条款三件事计价货币（美元还是盾）、涨幅上限（锁死年涨幅）、服务费单列（别打包，打包即税基）
05
投资测算的空置假设别低于 30%全市场空置率 40%，你的房子不会天然比市场好
06
包租/二房东模式先查授权链条和税务结构转租收入同样按总额 10% 征收，付出租金不能抵扣。层数越多，税越重（顾问判断）

约两小时诊断

2-Hour Diagnosis

住房方案、购房路径、收租测算——带着你的问题和预算来，两小时把账算清楚。第一杯咖啡我们请。

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数据说明：主数据来源 Cushman & Wakefield《Jakarta Rental Apartment Q2 2026 MarketBeat》，数据基准 2026 年第二季度（经济指标为央行与统计局口径：GDP +5.2%、通胀 3.34%、基准利率 5.75%）。法规核实：租金收入税 PPh Final 10%（居民）/ PPh 26 20%（非居民），依据 PP 34/2017 及 UU HPP，经多家税务专业来源交叉核实，核实日期 2026-09-21；外国人购房门槛见第二期核实记录。汇率：Rp17,917/USD（原报告口径），1 USD≈7.1 CNY 估算（Rp/CNY≈2,523）。人民币金额与回报率均为估算值。局限：①单一机构口径；②PB/SA 为雅加达市口径、Condo 为大雅加达口径；③空置率同比变动按正文入住率口径折算；④「缩量保价」「谈判窗口」等顾问判断非本报告统计数据。原始数据版权归 Cushman & Wakefield 所有。定位为商业决策参考，不构成法律或投资意见。

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EQUATOR OBSERVATORYEquator Creative Consulting
Apartment Rental Special · Sep 2026 · Layout V4
Jakarta apartment windows at night — between the lit and the dark sits a 40% vacancy rate
Photo: apartment windows at night (provided)
This Month's Verdict

A 40% vacancy rate isn't the market's disease. It's the tenant's bargaining chip. People who do the math use other people's vacancy to cut their own costs

Scope note: Greater Jakarta rental apartments are three completely different businesses stitched together: Purpose-Built rentals (PB), held by institutions and never sold; Serviced Apartments (SA), run hotel-style; and Condo-for-Lease, ordinary condos bought by retail landlords to rent out. The first two are Jakarta-city caliber, the third is Greater Jakarta caliber, and it accounts for 95% of the entire market. Read three numbers together: 40.0% market-wide vacancy, flat rents (citywide average Rp262,333/sqm/month, ~RMB 105, only +0.4% QoQ), and 37,698 units under construction queued to enter. Landlords fear vacancy, not price cuts; the chips sit with tenants. The real market isn't serviced apartments but retail condos: expat executives live serviced, teams and local staff live in condos, at a 2–4x cost gap. Anyone buying an apartment purely for rental yield should run one ledger first: gross yield ~4%, eaten by 40% vacancy to ~2.4%, then minus the 10% final rent tax and holding costs, net below 2% (estimate). Buy for owner-occupation plus value preservation, fine; pure yield-chasing does not compute.

Three Numbers
40.0%
So what: market-wide vacancy is 40.0%, rents are flat, and 37k units under construction are queued to enter. Signing leases, negotiating renewals, bargaining batch housing for staff: the leverage sits with tenants.
Source: Cushman & Wakefield, Jakarta Rental Apartment Q2 2026 MarketBeat
95%
So what: of 197,906 units of total stock, Condo-for-Lease accounts for 188,507, or 95%. The right answer for staff housing is negotiating condos in bulk, not serviced apartments: over 50% cheaper for the same floor area, saving ~RMB 650k a year for a 10-person team.
Source: Cushman & Wakefield Q2 2026 market statistics
~4.0% → <2%
Counter-evidence: gross rental yield is ~4%, more than double Beijing/Shanghai (~1.5%, advisor's experience, non-statistical). Looks tasty. Corrected for the 40.3% vacancy rate, though, it's ~2.4%; minus the 10% final rent tax (levied on gross receipts, not one rupiah of cost deductible), ~2.1%; after management fees, agency and maintenance, net yield is under 2% (estimate). Buy to live in plus preserve value, the logic holds; buy purely for rent, the math fails.
Source: this issue's rent data × Equator Observatory · Apartment Sales Issue Q2 2026 pricing; advisor's estimate
The market: three submarkets, three businesses

Macro backdrop: Indonesia 2026 GDP growth 5.2%, inflation 3.34%, central bank policy rate 5.75% (Bank Indonesia / BPS caliber). Net absorption was 837 units in Q2 and 1,506 cumulative in H1; vacancy is improving YoY (market-wide about -1.3 percentage points). Demand is not broken; there is simply too much supply. Three details worth remembering: of the 3,601 units delivered in H1, almost all were retail condos (3,547), so new supply in this market follows the buy-to-rent decisions of thousands of households, not institutions; 37,543 condos under construction will keep entering, and vacancy will not fall soon; USD-caliber rents: PB $12.2, SA $22.4, Condo $9.7, market-wide $14.8/sqm/month.

SubmarketStock (units)Under constr.VacancyEffective rent Rp/sqm/moRMB/sqm/mo
Purpose-Built (PB)2,441035.0%219,399≈ RMB 87
Serviced Apartment (SA)6,95815534.3%401,528≈ RMB 159
Condo-for-Lease188,50737,54340.3%173,940≈ RMB 69
Market total197,90637,69840.0%264,955≈ RMB 105
Source: Cushman & Wakefield, Jakarta Rental Apartment Q2 2026 MarketBeat, Q2 2026 data basis. FX: Rp17,917/USD (source report), Rp/CNY≈2,523 estimated. PB/SA are Jakarta-city caliber; Condo-for-Lease is Greater Jakarta caliber.
The rent ledger: a housing budget table for Chinese teams

For Chinese companies landing teams in Jakarta, this table is the housing budget. The direct conclusion: executives and short-term expats use serviced apartments (worry-free, service included, short leases possible); teams and long-term staff negotiate condos in bulk, over 50% cheaper for the same floor area. A 10-person team choosing right saves roughly RMB 650k a year. That is not small money. Rents here are effective rents (vacancy and concessions already factored in); actual contracts add service charges and utilities, and long leases usually have room to negotiate.

Line itemAmountNote
60sqm condo 2BR (team / local staff)≈ RMB 4,100/moRp173,940 × 60sqm; Greater Jakarta caliber
60sqm Purpose-Built (PB)≈ RMB 5,200/moRp219,399 × 60sqm
100sqm Serviced Apartment (expat exec)≈ RMB 16,000/moRp401,528 × 100sqm, service included
10-person team, all in condos≈ RMB 41k/mo10 × 60sqm units
10-person team, all in serviced≈ RMB 95k/mo10 × 60sqm SA — a 2.3x difference
Comparable serviced apt in BeijingRMB 20–30k/moAdvisor's experience, non-statistical — Jakarta is about 60% of that
The ~RMB 650k annual saving = (95k − 41k) × 12, estimated on this report's rent caliber.
Investment view: the ledger of buying for rent

Put this issue's rent data together with the Equator Observatory · Apartment Sales Issue (Q2 2026, condo average price Rp52.0m/sqm, ≈ RMB 20,600/sqm), and the ledger closes. The 4% gross looks tastier than China's tier-one cities, but that is the ideal number under “full occupancy, no tax, no maintenance”. Jakarta's reality: 40% vacancy, rent tax levied on gross receipts with not one rupiah of cost deductible, management fees due regardless.

Line itemValueNote
Condo price (Q2 2026, Sales Issue caliber)Rp52.0m/sqm≈ RMB 20,600/sqm; see Equator Observatory · Apartment Sales Issue
Gross annual rentRp2.087m/sqm/yrRp173,940 × 12 ≈ RMB 827
Gross rental yield≈ 4.0%More than double Beijing/Shanghai (~1.5%, advisor's experience)
Corrected for 40.3% vacancy≈ 2.4%Estimated
Minus 10% final rent tax (PPh Final)≈ 2.1%Levied on gross receipts, no cost deduction (PP 34/2017)
Minus mgmt fees / agency / maintenanceNet yield < 2%Advisor's estimate — conclusion: pure rent-chasing doesn't compute
Rent tax verified: Indonesia levies a 10% final income tax on land/building rental income (PPh Final Pasal 4(2), PP 34/2017; 20% PPh 26 for non-resident taxpayers, reducible under tax treaties), current as of 2026, verified Sep 21, 2026.
When This Verdict Breaks

① This report relies on a single agency dataset (Cushman & Wakefield); PB/SA are Jakarta-city caliber and Condo-for-Lease is Greater Jakarta caliber — the three are not directly comparable; data verified as of Sep 21, 2026 — re-verify against the latest quarter before transacting. ② If the 37,543 condos under construction are delivered ahead of schedule en masse, or a major rate decline spurs retail buy-to-rent, the “vacancy won't fall soon” verdict must be revisited. ③ Rental income tax (PPh Final 10% / PPh 26 20%) follows PP 34/2017 and UU HPP, current as of 2026; rates and treaty relief follow the tax office's current caliber. ④ The report's front-page citywide rent (Rp262,333) and the statistical table's weighted citywide value (Rp264,955) differ slightly by caliber; the body text uses the front-page caliber, tables use the tiered caliber; where the table's “YoY rent change” column conflicts with the body narrative, the body caliber is used (market-wide YoY +0.0%, QoQ +0.4%; Condo-for-Lease YoY +1.9%). ⑤ Vacancy YoY changes are converted from the body occupancy caliber (SA +2.6pp, PB +0.6pp, market-wide about +1.3pp). ⑥ Items marked “advisor's judgment / experience” are non-statistical. This is a business reference, not legal or investment advice.

Evidence & Action

Supply side: three signals of an operating-rights reshuffle

What's worth watching on the supply side in Q2 isn't the numbers. It's three signals.

Signal one: supply exit works immediately. The 272 serviced-apartment units of Sultan Residences withdrew with Hotel Sultan when the government repossessed the land (chain of events in Equator Observatory · Hotel Issue). Serviced-apartment occupancy rose 2.8 percentage points that quarter, the only submarket to visibly strengthen.

Signal two: owners are re-doing the math on international brand management fees. Ascott lost two deals on the same street: La Maison Suites (formerly Oakwood La Maison) left Ascott for owner self-management, and Rasamala & Cendana left Ascott for local platform operator Kozystay.

Signal three: new supply keeps coming. The reshuffle isn't an ebb, it's a change of play: Elevee Penthouse & Residence south towers phases 1–2 plus Creativo Bintaro put roughly 1,606 condo rental units under construction; a key project is Oakwood Slipi (West Jakarta, 155 units, delivering 2027). Kozystay taking over and Oakwood building new appear in the same frame.

Equator's take: four implications for Chinese readers

  1. Lease negotiation: don't waste other people's vacancy★★★

    Vacancy 40%, rents flat (QoQ only +0.4%), 37k units under construction queued to enter. Landlords fear vacancy, not price cuts. Long leases, rent-free periods, renovation subsidies: negotiate now. (Advisory judgment)

  2. Staff housing done right: executives in SA, teams in condos, negotiate in bulk★★★

    95% of stock sits in retail condos: more choice, fragmented landlords, the largest negotiating room. Over 50% cheaper than serviced for the same floor area; a 10-person team saves ~RMB 650k a year (estimated on this report's rent caliber).

  3. Buying to rent: buy it if you'll live in it; put it down if it's pure investment★★

    Gross 4%, vacancy-corrected 2.4%, after tax ~2.1%, under 2% after holding costs (estimate). That excludes liquidity and the foreign-ownership threshold. Treat the money as consumption (own use), fine; as investment (rent), it fails. (Advisory judgment)

  4. The operating-rights reshuffle is the entry point: light-asset management is changing hands★★

    Ascott loses, Kozystay rises, 272 units exit. Jakarta's high-end rental operation is shifting from “international brands collecting management fees” to “platform operators earning efficiency money”. Teams who understand Chinese clientele and can run online operations have a real entry in the management and master-lease tracks. (Advisory judgment, non-statistical)

Red Lines (six operating boundaries)
01
Companies renting housing for staff must withhold the 10% final rent taxThe corporate tenant is the statutory withholding agent: deduct 10% from the rent, remit to the tax office, and issue a Bukti Potong to the landlord. Under-withholding means back taxes plus penalties on the agent. Service charges bundled into the lease also enter the tax base (PP 34/2017, verified Sep 21, 2026)
02
Non-resident landlords pay 20% (PPh 26), not 10%Treaty relief requires a DGT-1 certificate of residence. Owners living in China with an apartment in Jakarta: settle your tax identity before signing (verified Sep 21, 2026)
03
Foreigners buying to rent: check the threshold firstJakarta's minimum apartment purchase threshold for foreigners is Rp3–5bn with differing calibers (Kepmen ATR/BPN 1241/2022 — verify with a PPAT notary before signing), Hak Pakai title only, and nominee holding agreements are void. See Equator Observatory · Apartment Sales Issue
04
Three things in the leaseDenomination currency (USD or rupiah), a capped annual escalation clause, and service charges itemized separately (don't bundle — bundling makes it tax base)
05
Don't model investment vacancy below 30%Market-wide vacancy is 40% — your unit is not naturally better than the market
06
Master-lease / sublet models: verify the authorization chain and tax structure firstSublease income is also taxed at 10% on gross receipts, and rent paid out is not deductible — the more layers, the heavier the tax (advisory judgment)

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Data note: primary source Cushman & Wakefield, Jakarta Rental Apartment Q2 2026 MarketBeat, Q2 2026 data basis (macro indicators in Bank Indonesia / BPS caliber: GDP +5.2%, inflation 3.34%, policy rate 5.75%). Regulation verified: rental income tax PPh Final 10% (residents) / PPh 26 20% (non-residents), per PP 34/2017 and UU HPP, cross-checked against multiple tax professional sources, verified Sep 21, 2026; foreign purchase thresholds per Issue 2 verification record. FX: Rp17,917/USD (source report), 1 USD ≈ 7.1 CNY estimated (Rp/CNY ≈ 2,523). RMB amounts and yields are estimates. Limitations: ① single-agency dataset; ② PB/SA are Jakarta-city caliber, Condo is Greater Jakarta caliber; ③ vacancy YoY converted from body occupancy caliber; ④ advisory judgments such as “supply contraction” and “negotiation window” are not report statistics. Underlying data copyright belongs to Cushman & Wakefield. This is a business reference, not legal or investment advice.

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