Surabaya Mall Occupancy Rates Hit Lowest Point Since 2018

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Adi Ahdiat 12/01/2023 12:10 WIB

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Similar to Jabodetabek, mall occupancy rates in Surabaya have continuously declined during the 2018-2022 period.

Mall Occupancy Rate in Surabaya (2018-2022)

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Mall Occupancy Rate in Surabaya (2018-2022)

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According to a report by property consultant Colliers, the occupancy rate of shopping malls in Jakarta, Bogor, Depok, Tangerang, and Bekasi (Jabodetabek) has been steadily declining over the past five years.

A similar trend is occurring in Surabaya. In 2018, approximately 78.5% of mall space in this city was occupied by tenants. However, occupancy has decreased in subsequent years, reaching 69% in 2022.

"Mall visitation rates are steadily improving and approaching normalcy. However, the influx of new supply has caused occupancy rates to fall below 70%," stated Colliers in their Q4 2022 Property Conditions and 2023 Projections report.

Colliers reported that several new mall development projects in Surabaya are projected to be completed between 2023 and 2025:

* Samanea Capital Square, 8,500 square meters (2023)
* Pakuwon City Mall-East Coast Centre 3, 36,920 square meters (2023)
* Lagoon Avenue Dharmahusada, 12,545 square meters (2024)
* Citraland CBD Mall, 36,000 square meters (2025)

According to Colliers, shopping mall developers in Surabaya have been trying to provide open spaces within malls, such as amphitheaters and outdoor dining areas.

Several malls have also undertaken renovations and reconstructions of tenant spaces. However, similar to Jabodetabek, Colliers predicts that mall rental prices in Surabaya will increase.

"Average rental rates and maintenance fees will begin to adjust or increase in 2023. The increase in rates is expected to at least keep pace with inflation," they said.

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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Surabaya Mall Occupancy Rates Hit Lowest Point Since 2018

Surabaya Mall Occupancy Rates Hit Lowest Point Since 2018

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Surabaya Mall Occupancy Rates Hit Lowest Point Since 2018

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