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Kuala Lumpur Office March 2019 Marketbeats

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Kuala Lumpur Office March 2019 Marketbeats KUALA LUMPUR OFFICE MARCH 2019 MARKETBEATS 2.6% 26.1% 0.38 msf . RENT GROWTH VACANCY RATE NEW COMPLETIONS (YOY) (Q1 2019) (YTD) ECONOMIC INDICATORS 12-Month Q3 18 Q4 18 HIGHLIGHTS Forecast GDP Growth 4.4% 4.7% Malaysia: Steady Growth for 2019 CPI Growth 0.5% 0.4% The Malaysian economy grew 4.7% in Q4 2018, in line with Bloomberg's survey after some moderation in the previous two consecutive quarters. Unemployment 3.4% 3.3% Domestic demand will continue to be the main anchor to growth in 2019, due to Source: Department of Statistic, Malaysia continued expansion of the private sector. On the other hand, public sector ALL GRADE CBD OVERALL RENT expenditure is expected to weigh on growth amidst completion of large-scale & VACANCY RATE $10 projects by public corporations and continued re-prioritization of government 21.50 spending. ) $8 20.50 mo 19.50 $6 Southeast Asia Biggest Office Market 18.50 $4 17.50 16.50 $2 The office market in Greater KL is projected to become the largest office 15.50 market in Southeast Asia, with the completion of approximately 2.6 million Rent (MYR/sf/ $0 14.50 square feet (sf) last year and an incoming supply of nearly 11.5 million sf in the 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 next 24 months. Overall Rent Vacancy Rate (%) ALL GRADE CBD SUPPLY PIPELINE A Cushman & Wakefield The vacancy rate in KL CBD remains elevated, especially in secondary office 100,000 Research Publication 5-Year Historical Average = 89.2 msf buildings, as office occupiers continue to perpetuate a flight-to-quality trend. 90,000 Area Area ) Office spaces in the KL Fringe submarket are expected to remain stable due to sf 80,000 DATA demand from occupiers in the IT-related, shared service office operators as INTO (‘000 70,000 Lettable ACTION well as a limited supply of good quality and MSC-status buildings in these 60,000 Net Net regions. 2014 2015 2016 2017 2018 www.cushmanwakefield.com KUALA LUMPUR OFFICE MARCH 2019 MARKETBEAT. IVPS Real Estate Sdn Bhd (Alliance Member of Cushman & Wakefield) PLANNED & UNDER GRADE A FACE RENT INVENTORY VACANCY Lot 3-2, Level 3, Wisma WIM SUBMARKET CONSTRUCTION AVERAGE (SF) RATE US$/SF/MO EUR/SF/MO 7 Jalan Abang Haji Openg (SF) RENT Taman Tun Dr. Ismail KL CBD 51.53 million 19.5% 17.26 million MYR 7.10 US$1.74 € 1.55 60000 Kuala Lumpur, Malaysia KL Fringe 44.16 million 29.6% 2.06 million MYR 6.30 US$1.54 € 1.37 Tel: +603 7728 4117 (Hunting Line) Decentralized Area 28.78 million 26.5% 3.74 million MYR 4.42 US$1.08 € 0.96 Email: [email protected] Website: www.ivpsmalaysia.com TOTAL / AVERAGE 124.47 million 25.20% 23.06 million MYR 5.94 US$1.45 € 1.29 ^All- Grades US$/MYR$ = 4.08; €/MYR$ = 4.60 as at March 2019 a) All cumulative space for all sub-markets are based on total supply of office space (all grades) b) Office Space within KL Sentral/Pantai/Bangsar and those within Damansara Heights are taken into consideration as KL Fringe c) Office Space within Petaling Jaya territory, Damansara, Kelana Jaya, Sunway/Subang Jaya/USJ and Shah Alam are taken into consideration as Decentralised Area Source: IVPS Research KEY LEASING TRANSACTIONS Q1 2019 PROPERTY SUBMARKET TENANT SF LEASE TYPE JKG Tower KL CBD Sime Darby Lockton Insurance 14,000 Relocate Ilham Tower KL CBD Coway 40,800 Relocate Menara Mercu 2 KL Fringe RAM 22,500 Relocate Menara Mercu 2 KL Fringe Samsung 78,000 Expansion SIGNIFICANT PROJECTS COMPLETED, PLANNED & UNDER CONSTRUCTION PROPERTY SUBMARKET MAJOR TENANT (NLA) SF COMPLETION DATE Menara Hap Seng 3 KL CBD - 240,000 2019 The Exchange 106 @ TRX KL CBD - 2,650,000 2019 Menara Prudential @ TRX KL CBD Prudential 560,000 2018 HSBC Headquarter @ TRX KL CBD HSBC Bank 568,000 2020 DATA Equatorial Plaza KL CBD - 460,000 Q3 2018 INTO Affin Headquarter @ TRX KL CBD Affin Bank 823,439 2020 ACTION Menara Khuan Choo KL CBD - 60,455 2019 PNB 118 KL CBD - 1,000,000 2020 Permata Sapura KL CBD - 1,200,000 2020 TS Law Tower KL CBD - 500,000 2020 A Cushman & Wakefield Research Publication Menara TCM KL CBD - 370,000 2020 KL Eco City KL Fringe - 532,291 2020 The MET Corporate Towers KL Fringe - 600,000 2021 Cushman & Wakefield (NYSE: CWK) is a leading global real estate Menara Etiqa KL Fringe Etiqa Life Insurance Berhad 378,549 Q3 2018 services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate Menara Southpoint KL Fringe - 857,760 Q2 2018 services firms with approximately 51,000 employees in 400 offices Powerhouse @ Bandar Utama Decentralized Area - 584,265 2019 and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, Uptown 8 @ Damansara Utama Decentralized Area - 478,675 2020 capital markets, valuation and other services. To learn more, visit KYM Tower Decentralized Area KYM Holdings 230,000 2019 www.cushmanwakefield.com or follow @CushWake on Twitter. Block J @ Empire City, Damansara Decentralized Area - 463,840 2019 Menara Star 2 Decentralized Area Star 216,000 2018 www.cushmanwakefield.com Symphony Square Decentralized Area - 226,000 2018 Nucleus Tower Decentralized Area - 262,835 2018 Copyright © 2019 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy..
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