Vacant malls and office spaces: Utilise them creatively, says NAPIC

KUALA LUMPUR (Oct 13): Purpose-built offices and shopping malls are seeing an all-time low occupancy rate for the first time in 20 years, hence, operators have to be more creative in utilising the vacant space in the new normal, said  National Property Information Centre (NAPIC) deputy director of inventory Ari Adam.

According to the Malaysia property data for the first half of 2021, which was released by NAPIC in September, the general occupancy rate for purpose-built office and shopping complex segments stood at 78.5% and 76.6%, respectively.

“The occupancy rates were at an all-time low for [the first time in] at least the last 20 years, and no one knows if they will be getting worse or better soon. We have to find a way to utilise the (spare) spaces that we have. There were ideas about making them into starter homes, small offices and data centres, or something that we have never thought about before. Perhaps we should be creative this time to tackle this issue,” said Ari in his presentation session in the 14th Malaysian Property Summit 2021 (14MPS) held virtually today.

The 14MPS titled “Eye on 2022” is organised by the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia (PEPS), with EdgeProp Malaysia as the media partner.