Offices Rentals in KL Dropping
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Knight Frank, a global property consultancy, firm has just revealed that the monthly rental prices per square feet for Kuala Lumpur office spaces has dropped by 1.4% since Q1 2018. This is the second steepest drop amongst countries in the Asia-Pacific region, right behind Jakarta with a 16% sharp decrease in monthly rental prices.
The overall Asia-Pacific Prime Office Rental Index fell by 0.4% quarter-on-quarter in the first quarter of 2019. Researchers have concluded that the index decline was attributed to the heightened global tensions and uncertainties led by US-China trade war, Brexit and other various major elections across the region.
“The tenant-led office market continues to be under pressure with looming supply and weak absorption of space. Amid heightened competition and growing economic concerns, rents in Kuala Lumpur City Centre are likely to fall,” said Teh Young Khean, Executive Director of Corporate Services at Knight Frank Malaysia.
Asia-Pacific Prime Office Rents (ASEAN only)
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