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Like Jakarta, Mall Occupancy in Bodetabek Also Declined

Adi Ahdiat 12/01/2023 11:20 WIB

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Similar to Jakarta, mall occupancy rates in Bogor, Depok, Tangerang, and Bekasi (Bodetabek) have generally been declining over the past five years.

Mall Occupancy Rate in Bodetabek (2018-2022)

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Mall Occupancy Rate in Bodetabek (2018-2022)

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Similar to Jakarta, the occupancy rate of shopping malls in Bogor, Depok, Tangerang, and Bekasi (Bodetabek) has generally been declining over the past five years.

According to a report by property consultant Colliers, in 2018, approximately 82.5% of mall space in Bodetabek was occupied by tenants.

However, in subsequent years, occupancy decreased, reaching 68.9% in 2022, the lowest level since 2018.

Occupancy also seems unlikely to rebound in 2023. Currently, several new mall construction projects in Bodetabek are nearing completion.

"The additional supply will put pressure on occupancy rates," Colliers stated in its Q4 2022 Property Conditions and 2023 Projections report.

The following is a list of new mall construction projects in Bodetabek scheduled for completion between 2023 and 2025:

Bogor

* Cibinong City Mall 2, area 32,500 square meters (2024)

Depok

* Metrosaster Depok, area 30,000 square meters (2025)

Tangerang

* Omotesando Lifestyle Mall, area 7,605 square meters (2023)
* Bintaro Xchange 2, area 51,000 square meters (2023)

Bekasi

* Pakuwon Mall Bekasi, area 40,000 square meters (2023)
* Aeon Mall Deltamas, area 90,000 square meters (2024)
* Living World at Kota Wisata, area 80,000 square meters (2025)

Despite the declining occupancy trend and increasing mall supply, Colliers predicts that mall rental prices in Jakarta and Bodetabek will generally increase.

"Total rental costs will increase in 2023. This adjustment is due to the deficit condition of shopping centers during the pandemic, and considering the improving atmosphere, accompanied by gradually increasing sales from outlets and the rise in minimum wages," said Colliers.

"Tariff adjustments cannot be standardized, but are expected to be implemented by malls with stable and high occupancy and visitation rates," it 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, Mall Occupancy in Bodetabek Also Declined

Like Jakarta, Mall Occupancy in Bodetabek Also Declined

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Like Jakarta, Mall Occupancy in Bodetabek Also Declined

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