Persistent Oversupply Keeps Office Vacancy Rates High in Klang Valley As of the fourth quarter of 2024, Klang Valley’s office market continues to struggle with persistently high vacancy rates, a reflection of ongoing oversupply amid evolving workplace trends. According to Bank Negara Malaysia (BNM), the total stock of office space rose to 121.7 million square feet, up from 121 million sq ft in the...
Strategic Sale of Menara Citibank: A New Chapter for CITI Malaysia CITI Malaysia, the Malaysian branch of the global financial services giant Citigroup, is advancing the sale of its share in Menara Citibank, a distinguished office building located along Jalan Ampang, Kuala Lumpur. This move is part of a broader strategy to reassess its global real estate holdings. Knight Frank and Savills have been...
The Kuala Lumpur and Selangor office markets are currently experiencing a significant evolution, highlighted by the completion of major projects like the Merdeka 118 tower. According to Teh Young Khean, Knight Frank Malaysia’s executive director for office strategy and solution, these developments are setting the stage for future supply pressures and opportunities. Recent Developments and Supply...
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