Knight Frank Executive Director, Teh Young Khean, shares that coworking spaces are among the beneficiaries of the new working norm in this post-pandemic era as lease flexibility is now an important deciding factor for office space occupiers.
Big companies are really getting into hybrid work models because it’s cheaper, productive, and better work-life balance for employees. Coworking spaces are the perfect fit. Companies can grow or trim their space without a fuss, and these places are the best when you want to be in a community to network and connect.
Knight Frank Malaysia recently presented their findings on the Klang Valley office sector for the second quarter of 2023:
- The Klang Valley office sector totals 114.73 million sq ft in the supply of office space, with an additional 6.06 million sq ft expected to be available in the next two years.
- The average occupancy rates for KL City offices decreased slightly to 67.5% due to the completion of Sunway Velocity Two’s office tower.
- Big firms are moving to hybrid work, which benefits coworking spaces due to their lease flexibility.
- There’s more demand for green-certified buildings due to increased ESG awareness.
At WORQ, we’re proud to be at the forefront of these positive coworking trends. This year, we’ve witnessed significant growth by supporting our clients’ expansion in Malaysia in collaboration with Knight Frank. Together, we aim to redefine the future of workspaces and contribute to the evolving business landscape.