Asia Pacific Office Outlook 2024

KUALA LUMPUR

DEMAND & VACANCY

N E T A B S O R P T I O N ( M S F ) A N D VAC A N C Y R AT E ( % )

FORECAST

29.5%

6.0

29.0%

5.0

28.5%

4.0

28.0%

27.5%

3.0

 Tenant demand is recovering where the trends of flight-to quality, decentralization and ESG requirements remain open-ended.  Net absorption is forecast to reach 5 msf in 2024, with green-certified buildings with good transport connections likely to receive preference.  Vacancy is expected remain stable at 26% as result of continuous demand.

27.0%

2.0

26.5%

26.0%

1.0

25.5%

0.0

25.0%

-1.0

24.5%

2021

2022

2023F

2024F

2025F

2026F

2027F

Net Absorption

Vacancy Rate

SOURCE: CUSHMAN & WAKEFIELD