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PETALING JAYA (April 29): The shopping complex or retail property sector's performance was stable last year, recording an overall occupancy rate of 79.2%, a slight decrease from 79.3% in 2018.
According to the Valuation and Property Services Department (JPPH), Kuala Lumpur's retail sector or shopping complexes secured more than 83% occupancy whereas Selangor saw a slight drop to 82%.
Johor and Penang managed to secure an average occupancy of 75.3% and 73.8% respectively.
Meanwhile, the overall performance of the office sub-sector was less encouraging as the overall occupancy rate declined to 80.6% in 2019, down from 82.4% in 2018.
Private office buildings recorded an average occupancy of 74.8% with Kuala Lumpur and Penang securing higher occupancy at 76.9% and 76.5% respectively whereas Selangor and Johor office space occupancy rates were lower than the national rate l at 70.0% and 65.7% respectively. Purpose-built office buildings in Putrajaya recorded the lowest occupancy rate at 37.6%.
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