Knight Frank's 1st Half 2019 Highlights on Kota Kinabalu's Office Property Market
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The existing supply of purpose-built office (privately owned) in Kota Kinabalu at the end of year 2018 remained stagnant, recording at 5.08 million sq ft. During the review period, the average occupancy rate stands at 89%. As of the first half of 2019, there was no completion of purpose-built office in the market.
Rentals of prime CBD office space remained constant with asking gross rental ranging from RM4.00 per sq ft to RM6.00 per sq ft per month while nonprime CBD office space command gross rental of RM2.00 per sq ft to RM3.50 per sq ft per month.
The ITCC mixed-use commercial development has achieved a number of major milestones in the first half of 2019. Manhattan Suite, its 286-room SOVO development, received OC in May 2019 and circa 70% of the project has been sold. The 10-storey ITCC office block received OC in February 2019 and a long-term lease has been agreed with a single tenant. The new tenant has started an extensive renovation of the office block and will commence operations in September 2019.