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Supplies of office space to rent in Kuala Lumpur are set to soar over the course of this year as more and more developments reach completion across the city.
According to locally-based experts from the real estate consultancy firm DTZ, millions of square feet of office space is due to come onto the market in various parts of the Malaysian capital during 2011 and each year until at least 2015.
Dozens of multi-national companies have operating basis in Kuala Lumpur and demand for office space in the city is expected to increase over the next few years but not at a rate that will keep pace with the anticipated levels of new supply.
As a result, the Malaysian market could be tough for the owners of office space but could also offer some real opportunities for businesses aiming to expand their presence in the Asia-Pacific region.
Brian Koh, executive director of DTZ’s Malaysian office, told the Star newspaper in Kuala Lumpur that: “Demand will not grow as fast as supply and this will result in a vacancy rate of 12.5 per cent this year.
“With the increase in new office space, the rate of unoccupied space is expected to go up to 15 per cent by next year.”
Meanwhile, Sarkunan Subramaniam, from Knight Frank’s local branch suggested that the office space market in the Malaysian capital is likely to remain “tenant favoured” for the foreseeable future.
Kuala Lumpur is the largest and most populous city in Malaysia, with more than seven million people living there or in its surrounding areas across the Klang Valley. The most striking landmark in the city at present is the Petronas Towers, a pair of enormous office blocks that were the two tallest buildings in the world from 1998 to 2004.