Business Strategy Formulation to Improve the Performance of Office Space Provider Companies: A Case Study of PT Telkom Landmark Tower
DOI:
https://doi.org/10.61978/commercium.v4i3.1723Keywords:
business strategy, corporate real estate management, proptech 4.0, scenario-based strategic planning, VUCA environmentAbstract
Jakarta's commercial office market faces structural stagnation, exacerbated by hybrid working trends and an impending supply shock of 1.3 million square meters of ex-government assets following the delayed National Capital (IKN) relocation. This unprecedented regulatory driven oversupply demands a highly structured strategic response. PT Telkom Landmark Tower (TLT), a corporate real estate provider, struggles to attract external tenants due to a 90.9% captive market dependence, rigid state-owned enterprise (SOE) floor-price regulations, and multinational tenant demands for Environmental, Social, and Governance (ESG) compliance. Therefore, the core research question is: What robust business strategies can effectively navigate these disruptions? The novelty of this study lies in systematically operationalizing the Scenario-Based Strategic Planning (SBSP) framework within the Corporate Real Estate Management (CREM) sector, bridging the gap between foresight exploration and robust corporate strategy formulation. This qualitative study collected primary data through in-depth interviews with eight expert stakeholders. Data were thematically coded using NVivo and analyzed utilizing the Trend Lifecycle S-Curve, PESTEL, Porter’s Five Forces, and the SBSP framework. The analysis identified two critical uncertainties the supply shock timeline and ESG strictness generating four future scenarios. The study established that the most robust strategies integrate AI-driven PropTech 4.0 and asset repositioning towards a Premium Integrated Business Ecosystem. PropTech 4.0 acts as an effective non-price compensation strategy to lower total occupancy costs for tenants without violating rigid financial audit rules. Scientifically, this study enriches SBSP literature in real estate. Practically, it provides strategic guidelines for building operators to maintain business resilience amidst extreme market turbulence.
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