KAJANG (April 30): Shopping complexes recorded a drop in average occupancy rate in 2018 to 79.3%, down from 81.3% in 2017, according to the National Property Information Centre's (NAPIC) National Property Market Report 2018 which was launched today.
According to the report, the decline was due to negative take-ups in several states especially Selangor and Pahang, which saw 32,665 sq m and 10,831 sq m of space unoccupied respectively.
Meanwhile, average occupancy of purpose-built office space also dipped to 82.4% in 2018 from 83.3% in 2017. Kuala Lumpur recorded the highest negative take-up of 38,632 sq m. The rest of the states recorded more than 80% occupancy with Perlis maintaining its 100% rate.
However, the general commercial property sub-sector displayed an increase in market activity in 2018 with 23,936 transactions worth RM29.51 billion recorded – an increase of 8% and 16% in volume and value respectively from 2017.
The shop sub-sector made up the bulk of commercial property transactions at 54%, contributing 36.4% in total value. This was an increase of 5.1% in volume and 11.5% in value compared with the year before.
The shop overhang situation however, spiked 11.2% to 5,055 units worth some RM4.08 billion. Unsold under-construction units recorded a similar upward trend of 22.8% to 7,233 units year-on-year.
TOP PICKS BY EDGEPROP
Bandar Baru Sri Damansara
Bandar Sri Damansara, Selangor
Kundang Industrial Park (Kawasan Perindustrian Kundang)
Rawang, Selangor
Nadi Bangsar Service Residence
Bangsar, Kuala Lumpur
Taman Tanjung Minyak Perdana
Bukit Rambai, Melaka
Hampton Damansara
Country Heights Damansara, Kuala Lumpur
Hampton Damansara
Country Heights Damansara, Kuala Lumpur
Hampton Damansara
Country Heights Damansara, Kuala Lumpur