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Friday, July 20, 2012

Office rentals in KL suburbs seen rising

KUALA LUMPUR: Rentals for purpose-built offices in suburban areas outside Kuala Lumpur are expected to rise with vibrant business activities, good information and communications technology (ICT) and government projects there, said the valuation and property services Department (JPPH) of the Finance Ministry.

“Domestic and foreign investors in the region will also make it attractive,” said Dr Zailan Mohd Isa, director of the National Property Information Centre (NAPIC), a unit under JPPH.

She was speaking to reporters after the launch of the Purpose-Built Office Rent Index (PBO-RI) for Federal Territory of Kuala Lumpur for the first to fourth quarters 2011 by Deputy Finance Minister Datuk Dr Awang Adek Hussin.

The first rent index of its kind in South-East Asia was developed by NAPIC to provide a guide on current office rentals in Kuala Lumpur besides being a benchmark of the country's financial stability.

It comprises sub-indexes for four main regions - the KLCC-Golden Triangle (KLCC-GT), central business District (CBD), within city centre (WCC), and selected suburban areas.

According to the index, the KLCC-GT region was the most sought after location in the city in 2010, with the highest average rentals among the four regions.

In the fourth quarter of 2011, average office building rental per sq ft was RM4.66 in KLCC-GT, RM3.27 in CBD, RM3.36 in WCC and RM3.51 in the suburbs.

JPPH director-general Datuk Abdullah Thalith Md Thani said the department intends to produce the index every half-year for the country's main cities including George Town and Johor Baharu.

By Bernama

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