Jakarta Mall Occupancy Plummets Over the Past Five Years

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Adi Ahdiat 11/01/2023 11:20 WIB

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According to Colliers International, the occupancy rate of shopping malls in Jakarta has generally been declining since 2018, reaching its lowest point at the end of 2022.

Mall Occupancy Rate in Jakarta (2018-2022)

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Jakarta Mall Occupancy Plummets Over the Past Five Years

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Mall Occupancy Rate in Jakarta (2018-2022)

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The occupancy rate of shopping malls in Jakarta has generally been declining over the past five years.

According to a report by property consultant Colliers, in 2018, approximately 83.6% of mall space in Jakarta was occupied by tenants.

However, occupancy decreased in subsequent years, reaching its lowest point in 2022, as shown in the graph.

"The average occupancy rate of malls in Jakarta reached 68.9% in Q4 2022. This is relatively stable compared to Q3 2022, but down 2% compared to 2021," said Colliers in its *Quarterly Property Market Report Q4 2022 Jakarta Retail*.

Occupancy also seems unlikely to recover in 2023. Colliers International predicts that mall land rental prices will increase.

"According to the Indonesian Shopping Center Management Association (APPBI), after three years of deficit since the start of the pandemic, most malls will increase rental prices starting in 2023," said Colliers.

Colliers anticipates that rental prices will increase due to rising mall operating costs, influenced by electricity price hikes, minimum wage increases, and inflation.

"Generally, Indonesia's economic outlook for 2023 is quite positive. However, rising inflation expectations could limit consumer spending, and rental growth will be a tug-of-war between mall owners' demands and retailers," they said.

"The inflation rate is likely to be used as a reference in determining the price agreement for lease renewals between mall owners and existing tenants. However, for new tenants, rental price increases could be around 10%, higher than inflation," they 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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Jakarta Mall Occupancy Plummets Over the Past Five Years

Jakarta Mall Occupancy Plummets Over the Past Five Years

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Jakarta Mall Occupancy Plummets Over the Past Five Years

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