Jakarta and Surabaya Office Markets Expected to Grow Moderately Until 2028

Limited Supply to Balance Market Dynamics

Colliers Indonesia forecasts that the office rental markets in Jakarta and Surabaya will experience moderate growth until 2028. According to Ferry Salanto, Head of Research at Colliers Indonesia, the supply of office spaces in Jakarta and Surabaya is expected to be very limited until the fourth quarter of 2025. This limited supply is considered positive as it will help regulate the balance between demand and supply in the office market going forward.

Moderate Demand Observed in Major Cities

"Demand is generally still moderate in both cities, but we see moderate growth, not too large. We view this as a positive sign," Ferry explained during Colliers Indonesia's online media briefing on Wednesday (7/1/2026). The moderate demand in Jakarta and Surabaya indicates a stable market condition, which is crucial for the overall health of the office rental sector.

Positive Outlook for Office Rental Market

The limited supply coupled with moderate demand is expected to maintain a balanced market. This balance is likely to support stable rental rates and occupancy levels in both Jakarta and Surabaya. As the market continues to grow moderately, it presents opportunities for investors and developers to capitalize on the demand for quality office spaces.