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Property Market Report | H1 2019 Surabaya Office

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Downtown Buildings 1536x1040

An anticipated huge supply in 2020-2021 will likely heighten competition. Surabaya’s office market remains generally challenging for landlords, as rental tariff continues to depress. Landlords will be more focused on maintaining and improving occupancy performance. The situation is even tougher for buildings in non-prime locations. On the other front, tenants would benefit from quite a few options because there are more rooms to negotiate occupancy costs.

 

Amidst the downturn in the office market, we suggest landlords to seek tenants to commit and so reach occupancy level above 50%, ideally before construction work begins. By achieving the required occupancy level, the operational costs of construction will be covered and subsequently could secure a bargaining power position.


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Property Market Report | H1 2019 Surabaya Office

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Related Experts

Ferry Salanto

Senior Associate Director

Research

Jakarta

As Head Research Department, Ferry is in charge in providing property market knowledge for internal purposes and for clients. The scope of sectors covered in the quarterly market report comprises office, apartment, retail, hotel and industrial estate.

In regional tasks, the Heads of Research of each country work together in providing regional market reports covering the Asia Pacific region and globally. Currently Research Department is not only operating as a cost-centre department, as he and his team have been assigned by the Central Bank to provide monthly market information.

On the consulting front, the task involves providing a wide range of advisory services to our clients. Working closely with Consulting Department, we help clientsby preparing feasibility studies to determine whether their property projectsare viable from both financial or marketing aspects. 

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Eko Arfianto

Senior Manager

Research

Jakarta

I started working at property business since 2005 when i worked as Site Supervisor at Construction Management company in Jakarta. My responsibilities covered architecture design supervision of high-rise buildings. As an acrhitect, I worked with thousands concepts and ideas and also did cost estimator / quantity surveyor. I also did advisory for interior design works. Then i continued my working experience by joining with Colliers in June 2007 at Research Department. I started from the beginning at this business as Database Administrator. After spending 10 years working at Colliers International Indonesia, my current posistion is Senior Manager at Research Department. 

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