Asia Pacific Office Outlook 2024

KUALA LUMPUR

NEW SUPPLY

N EW S U P P LY ( M S F )

 Due to inflation and economic uncertainties, a large amount of new supply is being postponed to 2024, though approximately 3.3 msf is targeted to enter the Greater KL market by end 2023.  5 projects: MET Corporate Tower (636,174 sf), Pavilion Damansara Corporate Tower 1 (227,000 sf), Menara Sentral RAC (162,094 sf), Merdeka 118 (1.7 msf), and under construction and expected to complete by 2024. They have a combined pre-commitment level of 30%.  Beyond 2024, supply is more uncertain with several shovel-ready projects yet to begin construction. South Quay Corporate Tower 2 (553,629 sf) are currently

5

FORECAST

5

4

4

3

3

2

2

1

1

-

2021

2022

2023F

2024F

2025F

2026F

2027F

Source: Cushman & Wakefield