Experts: Commercial property sector needs reinvention to survive impending recession from Covid-19
Tuesday, 02 Jun 2020 05:43 AM MYTPatrons throng the Mid Valley Megamall in Kuala Lumpur May 28, 2020. — Picture by Yusof Mat Isa
“If the knock-on effects of the MCO and the pandemic are anywhere close to the Asian Financial Crisis in 1997/8, historically, prime office rents in the Golden Triangle declined by about 15 per cent post-AFC as tracked by the National Property Information Centre ,” he said. “The negative impact of the pandemic on business operations may prompt companies to consider downsizing, closing down non-profitable branches or exercising their contraction rights to reduce occupational costs, if available.
Knight Frank Malaysia’s associate director of Retail Consultancy and Leasing Ben Ooi said that landlords of shopping malls have been supportive during these tough times, with some 38 malls reportedly giving rent relief to their tenants for phases one and two of the MCO. At a recent webinar by the Mall Association President and Knight Frank, a poll among the audience from the retail industry found that 93 per cent want an online presence to complement their brick and mortar businesses.
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