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亚马逊云账号(www.2km.me)_Office space supply to surge

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亚马逊云账号

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CLICK TO ENLARGEPHYSICAL office space literally took a step back over the last couple of years, as working from home (WFH) became the new norm amidst the pandemic.

However, as people around the world started getting used to life with Covid-19, the importance of having an office has become a hot debate.

Savills Malaysia, in its spotlight on Kuala Lumpur office space for the second half of 2021, says supply is expected to surge in the next two years.

“Expected new office completions in Greater Kuala Lumpur will amount to 9.9 million sq ft by 2023, representing a further supply growth of 7% from existing levels, of which Kuala Lumpur accounts for 84% or approximately 8.3 million sq ft.”

Savills Malaysia says the office market in Greater Kuala Lumpur reached a cumulative supply of over 136 million sq ft at the end of the third quarter of 2021, of which 67% is located in Kuala Lumpur (91.7 million sq ft).

“This represents a year-to-date growth of 2.1% and is expected to close the year at 4.4% growth, as more offices are completed by the end of 2021.”

According to Savills Malaysia, nine new office completions were recorded in the first nine months of 2021 in Greater Kuala Lumpur.

“Six of the buildings are in Kuala Lumpur, namely Menara Legasi, Menara Permata Sapura KLCC, TSLaw Tower, The Five @ Kompleks Pejabat Damansara, Plaza Conlay and Menara Great Eastern 2, amounting to 2.06 million sq ft.

“Outside of Kuala Lumpur city centre, there were three new office buildings, namely, Q Tower, Imazium @ Damansara Uptown and Quill 9 Annexe, accounting for 0.69 million sq ft.”

Additionally, Savills Malaysia says total vacancy for Grade A offices in Greater Kuala Lumpur averaged at 26.4% in the third quarter of 2021 and showed no changes from 2020.

“In comparison, the vacancy rate for Grade A offices in Kuala Lumpur increased slightly to 25.5% (2020: 25.1%) due to supply growth, equating to available space for rent of 10.5 million sq ft.

“Of the newly completed space of 2.75 million sq ft in Greater Kuala Lumpur, Menara Permata Sapura KLCC and Imazium @ Damansara Uptown were among the new buildings reported to be over 50% occupied.”

Savills Malaysia says the rise in vacancy is also attributed to the relocation and downsizing of companies reviewing their space use efficiency.

“For instance, British Telecom (BT) downsized their business operation from seven to only four levels at Menara BT, equivalent to a 40% reduction in the formerly occupied area of 67,000 sq ft.

“In view of the large impending new completions and the current low absorption rate, we expect vacancy in Greater Kuala Lumpur to continue to rise in the coming months.”

On the rental side, Savills Malaysia says prime office rents in Kuala Lumpur remained constant at RM8.50 per sq ft per month in the third quarter of 2021, as compared with 2020.

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