CBRE-WTW: Low occupancy rate for high-rise projects

KUALA LUMPUR: The overall property market is expected to grow this year but will continue to face challenges across all sectors.

CBRE-WTW Malaysia managing director Foo Gee Jen said high-rise projects in the residential sector are facing low occupancy while older buildings in the office sector face stiff competition from newer buildings.

The advancement of technology poses a challenge to the retail market and tenants are moving away from long-term tenancy in favour of month-to-month or turnover rentals.

“Industrial seems to be the bright spot, it was the darling in the down market. Last year, the top transactions were dominated by industrial properties,“ he told reporters at a briefing today.