Need for review of commercial projects to space out supply

THE high number of ongoing commercial projects in the Klang Valley is causing some jitters in the market, leading property consultants to call for a review of project plans including the need to phase out projects to avoid a glut and high vacancy rate.

VPC Alliance Malaysia Sdn Bhd managing director James Wong says there is already an oversupply of office space in the Klang Valley, as demand is not keeping pace with supply, and with another additional 18.61 million sq ft office space expected to be completed by 2016, the supply situation “has indeed reached a critical stage”.