Office: The implementation of the Movement Control Order (MCO) in early January, followed by the Conditional MCO (CMCO) in March, weighed on the nascent economic recovery, especially for the services sector. The effects of MCO and CMCO were particularly evident in retail, F&B and accommodation, transportation, and business services, as consumers took precautions in response to high daily case numbers of COVID-19 in Greater KL.
Office leasing is expected to continue to be slow for the first half of 2021. However, many businesses have started to explore and plan for their long-term office occupation strategy, including workplace strategies and space utilization reviews.
The industrial property sector has remained largely resilient despite the current COVID-19 outlook in Greater KL. The logistics and warehousing sectors experienced a spike of demand due to the e-commerce boom generated by the online shopping trend during the pandemic.