{"id":40335,"date":"2018-03-21T01:43:54","date_gmt":"2018-03-20T17:43:54","guid":{"rendered":"https:\/\/investpenang.gov.my\/co-working-spaces-to-help-reposition-market-demand\/"},"modified":"2025-11-28T17:14:24","modified_gmt":"2025-11-28T09:14:24","slug":"co-working-spaces-to-help-reposition-market-demand","status":"publish","type":"post","link":"https:\/\/investpenang.gov.my\/zh-hans\/co-working-spaces-to-help-reposition-market-demand\/","title":{"rendered":"Co-working spaces to help reposition market demand"},"content":{"rendered":"

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” el_class=”sec-inner-banner” css=”.vc_custom_1703741584745{background-image: url(https:\/\/investpenang.gov.my\/wp-content\/uploads\/2023\/12\/contact-banner-bg.jpg?id=20253) !important;}” z_index=””][vc_column][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”inner-banner-row”][vc_column_inner][vc_column_text]<\/p>\n

Co-working spaces to help reposition market demand<\/h1>\n

[\/vc_column_text][vc_separator type=”normal” el_class=”red-separator” color=”#ee4023″ transparency=”1″ thickness=”2″ up=”15″ down=”15″][vc_column_text css=”” el_class=”white-text”]<\/p>\n

21 March 2018<\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1703764846254{background-color: #f3f5f8 !important;}” z_index=””][vc_column el_class=”fade-in animate”][vc_empty_space height=”120px” el_class=”height-x120″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=””][vc_column_inner][vc_single_image image=”29132″ img_size=”full” qode_css_animation=”” el_class=”single-featured-image”][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”60px” el_class=”height-x60″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”content-row”][vc_column_inner][vc_column_text]KUALA LUMPUR: The co-working trend in Malaysia may help reposition demand for the oversupplied office property segment instead of reducing it, says real estate advisory firm Savills (M) Sdn Bhd.<\/p>\n

Savills executive chairman Datuk Christopher Boyd said this is because traditional workspaces \u2014 which meet tenants\u2019 demand for modern facilities \u2014 can be easily turned into shared office spaces.<\/p>\n

\u201cIt is also not aimed at just the Golden Triangle, but [also office spaces] in the suburbs and other cities such as Penang, Kuantan, Johor Baru,\u201d Boyd told a Savills Malaysia Breakfast Forum here yesterday.<\/p>\n

Deputy executive chairman Allan Soo concurred, saying it has helped alleviate the oversupply of office property.<\/p>\n

\u201cNowadays, you have medium-sized co-working [tenants] taking up spaces from 20,000 sq ft to as much as 60,000 sq ft. And that\u2019s very good. It helps with the filling up of office buildings,\u201d he said.<\/p>\n

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He said property owners and co-working operators are not competing against each other in the growing adoption of communal workspaces. Instead, it helps nurture new tenants for the buildings, as start-ups familiar with the building may consider moving in for the longer term eventually.<\/strong><\/em><\/h4>\n<\/blockquote>\n

However, it may do little to help rental growth as tenants typically shift from the traditional to newer office buildings if rentals are not significantly higher, and as the market supply remains challenging, Soo added.<\/p>\n

Notable players in Malaysia\u2019s co-working scene include Common Ground, Regus and Colony.<\/p>\n

Meanwhile, Boyd expects a slight rise in vacancy rate for office buildings in the Klang Valley this year, but reminded that such vacancy is temporary and not \u201clife-threatening\u201d, given the cyclical property market.<\/p>\n

\u201cI think it (vacancy rate) will hover around 25% or so this year. We have about 120 million sq ft of office space, which is bigger than Singapore\u2019s, and it is still going through a growth phase,\u201d said Boyd.<\/p>\n

Generally, annual absorption of office spaces stands at about three million sq ft in a good year, and one million sq ft to two million sq ft in a relatively quiet year, he said.<\/p>\n

\u201cCome 2022 there may be very little new space coming on stream for the next few years. So developers build office buildings for the long term, for 50 years or 100 years,\u201d he added.<\/p>\n

Boyd believes that before the surplus base is absorbed by 2022, rentals will be faced with more downward pressure.<\/p>\n

\u201cRental rates have been surprisingly stable and resilient, but they are under pressure. So tenants who are moving now are taking advantage of better specified building by getting a great deal,\u201d he said.<\/p>\n

Source:\u00a0The Edge Markets<\/a><\/p>\n

Photo source: investPenang<\/p>\n

Location: Settlement, Livingston Tower, George Town, Penang[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”120px” el_class=”height-x120″][\/vc_column][\/vc_row]<\/p>\n

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