Demand for office space outstrips supply in prime areas

klccCommercial real estate will be the new theme in the real estate industry with office space becoming a very much sought after commodity, says an economist known for his contrarian views. Shan Saeed, Chief Economist and Investment Strategist of IQI Group Holdings said the cash-rich Chinese are now snapping up iconic buildings everywhere, just like what the Japanese did back in the 80s when they bought up a lot of famous buildings in the US. “More and more Chinese are taking positions in commercial property in Malaysia, Hong Kong and Singapore,” he told Asian Property Review during a break at the FIABCI 66 th World Real Estate Congress held in Kuala Lumpur recently. “In particular, Kuala Lumpur’s Grade A buildings are very much in demand due to the shortage in supply,” he said, adding that a multinational would be looking at only several prime locations when considering relocating to Kuala Lumpur. Among the hot areas are Kuala Lumpur City Centre (KLCC) area including GTower and The Intermark while Bangsar South is also attracting a lot of attention. “Bangsar South will boom soon,” the Pakistani-born national said. He further listed out three criteria that multinationals look at when considering whether to relocate to a particular country. They are: rising young and productive demographics; increasing employment opportunities and rising income.

 

 

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