Rising oversupply of commercial properties yet to be resolved

WHILE the recently-tabled budget has tackled various challenges facing the residential property sector, it was silent on measures dealing with the rising oversupply and overhang situation in the commercial sub-segment.

According to Jones Lang Wootton’s in-house research, a total of 13.332 million sq ft of office space, in the form of 33 office buildings, is scheduled to be completed in the Klang Valley over the next 30 months, and almost half of this, 6.586 million sq ft is scheduled for completion in the second half of 2018.