Like Jakarta, Surabaya's Office Occupancy Rates Continue to Decline

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Adi Ahdiat 02/02/2023 16:10 WIB

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According to Colliers data, Surabaya's office occupancy rate has steadily declined over the past five years, reaching only 50.3% at the end of 2022.

Office Building Occupancy Rate in Surabaya (2018-2022)

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Like Jakarta, Surabaya's Office Occupancy Rates Continue to Decline

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Office Building Occupancy Rate in Surabaya (2018-2022)

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According to Colliers' data, office occupancy rates in Jakarta decreased in 2022, falling below pre-pandemic levels.

A similar trend occurred in Surabaya. In 2022, office building occupancy in the East Java provincial capital reached only 53%, significantly lower than in previous years, as shown in the graph.

"Office occupancy in Surabaya is very low, far from the ideal level for developers. Demand is still dominated by the need for small office spaces," said Ferry Salanto, Senior Associate Director of Colliers Indonesia, in a virtual press conference earlier this year (January 4, 2023).

Nevertheless, Ferry believes that office space absorption in Surabaya has the potential to strengthen in 2023.

He noted that businesses actively leasing office space in Surabaya currently include startups, particularly from the information technology and financial services sectors. There are also some from the tourism sector.

"There is a recovery in the travel and tourism sector; this is quite helpful, although their office space needs are not very large," said Ferry.

"Several local companies are also starting to consider having official office addresses. In Surabaya, many companies still occupy houses or shop houses," he continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Like Jakarta, Surabaya's Office Occupancy Rates Continue to Decline

Like Jakarta, Surabaya's Office Occupancy Rates Continue to Decline

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Like Jakarta, Surabaya's Office Occupancy Rates Continue to Decline

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