Stable office rentals in KL
KUALA LUMPUR: Rental rates
for purpose-built offices in Kuala Lumpur were generally stable in the last
three years, except for certain suburban and city centre areas which showed an
upward trend, according to the 2011 Purpose Built Office Rent Index (PBO-RI)
for Federal Territory of Kuala Lumpur.
“Looking at the data...
the market is still good,” National Property Information Centre (Napic)
director Dr Zailan Mohd Isa said at a pre-launch briefing of the 2011 PBO-RI
which will be launched today.
The rent index has four
regions, namely Kuala Lumpur City Centre-Golden Triangle (KLCC-GT), Centre
Business District (CBD), within city centre (WCC) and suburban.
According to the rent
index, average monthly rentals for purpose-built offices in the WCC region had
increased gradually from RM2.92 per sq ft in the first quarter of 2009 to
RM3.46 per sq ft in the fourth quarter of 2011.
This meant that average monthly
office rentals in the WCC region had increased 18.5% over a three-year period.
It was also noted that
average monthly office rentals in the suburban region had appreciated by 13.2%
over a three-year period, rising from RM3.10 per sq ft in the first quarter of
2009 to RM3.51 per sq ft in the fourth quarter of 2011.
The suburban region
includes Bangsar, Bukit Kiara, Damansara Heights, Jalan Pantai Baru, Jalan
Istana and Jalan Syed Putra.
“Companies may be relocating to the
suburban areas,” said Zailan.
Meanwhile,
although the KLCC-GT region is the most sought after location in the city,
average monthly office rentals were stable (a slight rise from RM4.60 per sq ft
in the first quarter of 2009 to RM4.66 per sq ft in the fourth quarter of
2011).
However, the CBD region suffered a
drop in average monthly office rentals, from RM3.46 per sq ft in the first
quarter of 2009 to RM3.27 per sq ft in the fourth quarter of 2011.
For the entire Kuala
Lumpur region under review, average monthly office rentals had increased
sightly over a three-year period, from RM3.91 per sq ft in the first quarter of
2009 to RM4.04 per sq ft in the fourth quarter of 2011.
The rent index, which will be
produced on a quarterly basis, is developed by Valuation and Property Services
Department (JPPH), with assistance from Universiti Teknologi Mara (UiTM) and
University of Malaya.
Zailan said it was the first rent
index of its kind in the Asean region.
“It is based on data from actual
rental agreements, and not asking rates.”
The rent index defines purpose-built
offices as buildings with office use of not less than 75% of net lettable area,
and has compiled rental data from 6,831 tenancy leases from 167 buildings.
Zailan said the rent index’s aim was
to provide a guide on current market rentals for investors, and a benchmark for
the financial stability of the country.
“We also want to attract
multinational corporations to set up regional headquarters in Kuala Lumpur,”
she said.
Zailan also said the PBO-RI would be
expanded eventually to cover all the major cities and towns in Selangor,
followed by Penang and Johor.
“Getting data is the most dificult
part. We urge all property managers and owners to co-operate with us in
providing data.”
Source : The Star
Date : 20 July 2012
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