Vacancies up, rents down, in the crowded office market

Note: *KL and Selangor have a combined 144.81 mil sq ft, or 64.65% of the country’s total office spaceThe situation facing the Klang Valley office market is best encapsulated when taking a drive from Jalan Sungai Besi heading towards Jalan Tun Razak and on to the shopping district of Bukit Bintang.On the 70-acre Tun Razak Exchange, or TRX for short, is the city’s financial district, a legacy of former prime minister Najib Razak.

Affin Bank and HSBC headquarters are expected to be completed by the end of this year. Menara Prudential is close to full occupancy. As one heads towards the shopping district of Bukit Bintang, office owners on 20-acre mixed integrated development Bukit Bintang City Centre on the former Pudu Prison site, are also seeking tenants.

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