The Greater Kuala Lumpur office market is expected to remain weak for at least another two years, according to Savills Malaysia.
THE fundamentals of the Greater Kuala Lumpur (KL) office market, which is already in a fairly weak and challenging state, is expected to remain so for at least another two years, according to Savills Malaysia.
In its Kuala Lumpur Offices Second Half 2020 Report recently, Savills Malaysia said that the office market, which has been hit by oversupply issues and the effects of the Covid-19 pandemic, is expected to remain challenging over the medium term.
“The obvious impact derived from the pandemic is perhaps the acceleration of remote working trends and fast-tracked digital adoption in workspaces. As most companies have been forced to adapt their workforce’s remote working ability and juggle with physical distancing rules, it is anticipated that the office footprint is unlikely to change in the short to medium term.