The oversupply in office spaces in Malaysia’s capital and satellite cities is expected to worsen this year amid weak demand for commercial properties, according to international property consultancy Knight Frank.
The firm’s data showed 7.6 million square feet of new office space will be added to existing stock this year alone, even as the overall take-up rate has been on the decline since 2015.
“The problem is never about the supply,” Knight Frank Malaysia managing director Sarkunan Subramaniam told the 2018 Malaysian Property Summit here today.
“The problem is demand… what to do to improve demand,” he added during his presentation on the Klang Valley office market performance and 2018 outlook.
“The tenant’s market is here to stay,” Sarkunan said.
MediaTitle Malay Mail
Date 24 Jan 2018