Indonesia: Surabaya

Overview

Surabaya City is the second largest city in Indonesia and is one of the cleanest and greenest cities in Indonesia. The city is home to multiple businesses and modern shopping malls, as well as many historic landmarks that showcase the history of this city.

Facts and figures

Population	2,944,403
Total office stock in sq m / sq f	278,598 sq m (2014)
Total retail stock in sq m / sq f	957,088 sq m (2014)
Total industrial stock in sq m / sq f	n/a

Economy

Surabaya City has an important role in trading. Its primary exports include coffee, sugar and tobacco. The city is also an important financial hub and is still one of the busiest seaports in the country. Surabaya serves as a gateway between oceans, continents and culture. It is a thriving commercial, industrial and business centre for eastern Indonesia. Main industries in the city include: wholesale and retail trade, auto sales and repair, accommodation, food and beverage, construction, information and communications technology, financial services, and transportation and warehousing.

Growth

According to Surabaya’s Central Bureau of Statistics, the gross regional domestic product of the area was Rp 451.5trn ($34b usd) in 2016. Surabaya is transitioning to higher consumption levels and a growing middle class. A key driver for growth continues to be the port of Surabaya, Tanjung Perak.

Unique aspects

Surabaya City is one the most populous in the country. Currently the population is continuing to grow at a rate of 1.2%. It is a city with a heroes monument similar to the Washington monument to commemorate the heroes who fought in Surabaya. Indonesia’s largest bridge, Suramadu bridge, is located in Surabaya which links Java and Madura.

Office overview in Surabaya

Surabaya, Indonesia - office space for rent, lease or sale

The high growth of rental offices in Surabaya had not been directly proportional to the level of occupancy. Surabaya has the largest rental office growth in terms of supply and demand compared to other big cities of Indonesia. Although the growth of supply and demand for rental offices in Surabaya is the highest among other cities - the occupancy rate decreases. According to a survey conducted by Jones Lang LaSalle back in 2017, the decline was dominated by class B and C rental offices, while grade A did not decrease.

Surabaya offers many options on office buildings for lease, including the following

Retail overview in Surabaya

Surabaya, Indonesia - retail space for rent, lease or sale

There are many malls in Surabaya each with its own distinct features and specialties. As Surabayans continue to visit shopping centres, many landlords rejuvenate their shopping malls. Landlords generally upgrade the physical appearance of the malls, remix their tenants' composition in order to meet the demands of the challenging and dynamic retail market. The retail sector in Surabaya is increasingly driven by the transformation of the mall concept as it impacts and changes one’s lifestyle.

Surabaya offers many options on retail buildings for lease, including the following

Industrial overview in Surabaya

Surabaya, Indonesia - industrial space for rent, lease or sale

Surabaya is considered the gateway to the east, mainly because it is the hub for all shipments sent to or from regions east of Java. Surabaya is served by Juanda International Airport and Tanjung Perak Port - one of Asia’s largest and busiest seaports. The two international junctions serve as important gateways. Tanjung Perak Port handles 13 international shipping lines to serve dozens of destinations including Singapore, Hong Kong and Manila.