Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w i

INDEKS SEWAAN PEJABAT BINAAN KHAS

LEMBAH KLANG, JOHOR BAHRU & GEORGE TOWN
PURPOSE-BUILT OFFICE RENTAL INDEX (PBO-RI)
KLANG VALLEY, JOHOR BAHRU & GEORGE TOWN

2019P

George Town

Kuala Lumpur
Shah Alam

Johor Bahru

JABATAN PENILAIAN DAN PERKHIDMATAN HARTA MALAYSIA

KEMENTERIAN KEWANGAN MALAYSIA
VALUATION AND PROPERTY SERVICES DEPARTMENT OF MALAYSIA
MINISTRY OF FINANCE, MALAYSIA
Diterbitkan oleh

Pusat Maklumat Harta Tanah Negara (NAPIC),

Jabatan Penilaian dan Perkhidmatan Harta Malaysia,
Kementerian Kewangan Malaysia,
Aras 7, Blok Perbendaharaan 2,
No.7, Persiaran Perdana,
Presint 2,
62592 PUTRAJAYA.

Published by

National Property Information Centre (NAPIC),

Valuation and Property Service Department of Malaysia,
Ministry of Finance Malaysia
Level 7, Perbendaharaan 2,
No 7, Persiaran Perdana,
Precint 2,
62592 PUTRAJAYA.

Tel : 03 - 88869000
Fax : 03 - 88869007

Hak Cipta Terpelihara 2020

Copyright Reserved 2020

Boleh dimuat turun dari www.jpph.gov.my

Downloadable from www.jpph.gov.my

Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w iii

Jadual Kandungan
Table of Content

Gambaran Keseluruhan
Overview..................................................................................................... 1

Indeks Sewaan Pejabat Binaan Khas Lembah Klang

(KV PBO-RI)
Klang Valley Purpose–Built Office Rental Index
(KV PBO-RI)................................................................................................ 1

Purata Keseluruhan Sewaan Pejabat Binaan Khas (RM p.s.m)
di Lembah Klang, Johor Bahru & George Town 2018 - 2019P
Overall Average Rental of Purpose-Built Office (RM p.s.m)
in Klang Valley, Johor Bahru & George Town in 2018-2019P........................... 3

Jadual: Indeks Sewaan Pejabat Binaan Khas

Lembah Klang, Johor Bahru & George Town
dan Sewa Purata mengikut Kawasan
Table: Klang Valley, Johor Bahru & George Town
Purpose-Built Office Rental Index
and Average Rents by Region. ................................................................. 4

Nota Teknikal
Technical Notes........................................................................................... 9
 INDEKS SEWAAN PEJABAT BINAAN KHAS
LEMBAH KLANG, JOHOR BAHRU & GEORGE TOWN
PURPOSE-BUILT OFFICE RENTAL INDEX (PBO-RI)
KLANG VALLEY, JOHOR BAHRU & GEORGE TOWN

2019P
 Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w 1

Gambaran Keseluruhan Overview

Indeks sewaan menyaksikan pertumbuhan kecil The rental index showed marginal growth in
di semua kawasan ini berikutan situasi lebihan all areas, reflecting the oversupply situation
penawaran di samping keyakinan perniagaan amidst dwindling business confidence.
yang semakin berkurangan.

Indeks Sewaan Lembah Klang, Johor Bahru dan The rental index for Klang Valley, Johor Bahru,
George Town menunjukkan pertumbuhan yang and George Town showed small growth
kecil berbanding 2018. Lembah Klang merekod compared to 2018. Klang Valley recorded a
pertumbuhan tertinggi pada 1.9% (sewa purata higher growth of 1.9% (average rent RM48.46
RM48.46 smp), diikuti dengan George Town p.sm), followed by George Town at 1.5%
pada 1.5% (sewa purata RM31.33 smp). Walau (average rent of RM31.33 p.sm). However,
bagaimanapun, Johor Bahru menyaksikan Johor Bahru saw a negative growth of 0.3%
pertumbuhan negatif pada 0.3% (sewa purata (average rent RM34.19 psm), the first decline
RM34.19 smp) iaitu penurunan pertama dalam in ten years.
tempoh sepuluh (10) tahun.

160.0
PBO-RI KV, JB & GT: Index Points and Yearly Changes 7.0
P
Average Rental (RMsmp) 2010 Average Rental (RMsmp) 2019
KV: RM37.11 smp KV: RM48.46 smp
JB: RM26.29 smp JB: RM34.19 smp 6.0
GT: RM24.55 smp GT: RM31.33 smp

120.0 5.0

4.0
Index Point

Y-o-Y %
80.0 3.0

2.0

40.0 1.0

0.0

0.0 -1.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019P
KV 100.0 103.9 105.7 109.4 113.0 116.3 120.0 123.8 128.1 130.6
JB 100.0 104.2 107.0 108.4 114.6 117.4 122.5 125.7 130.5 130.0
GT 100.0 104.5 106.9 110.0 111.8 111.3 116.2 121.8 125.7 127.6
KV (Y-o-Y %) 2.2 3.9 1.8 3.5 3.3 2.9 3.2 3.1 3.5 1.9
JB (Y-o-Y %) 4.1 4.2 2.7 1.2 5.8 2.4 4.3 2.6 3.8 -0.3
GT (Y-o-Y %) 2.8 4.5 2.4 2.9 1.7 -0.5 4.4 4.8 3.2 1.5

Indeks Sewaan Pejabat Binaan Khas Lembah Klang Valley Purpose-Built Office Rental
Klang (KV PBO-RI) Index (KV PBO-RI)

PBO-RI Selangor merekod pertumbuhan yang Selangor PBO-RI recorded a better growth of
lebih baik iaitu 2.5% (sewa purata RM46.17 smp) 2.5% (average rent RM46.17 psm) compared
berbanding Kuala Lumpur, di mana berkembang to Kuala Lumpur, which grew by 1.1% (average
pada 1.1% (sewa purata RM53.20 smp). rent RM53.20 psm).
2 w Indeks Sewaan Bangunan Pejabat Binaan Khas Lembah Klang, Johor Bahru & George Town

PBO-RI KV: Index Points and Yearly Changes

200.0 P 7.0
Average Rental (RMsmp) 2010 Average Rental (RMsmp) 2019
KV: RM37.11 smp KV: RM48.46 smp
WPKL: RM38.60 smp WPKL: RM53.20 smp
6.0
SEL: RM36.83 smp SEL: RM46.17 smp
160.0

5.0

120.0
4.0
Index Point

Y-o-Y %
3.0
80.0

2.0

40.0

1.0

0.0 0.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019P
KV 100.0 103.9 105.7 109.4 113.0 116.3 120.0 123.8 128.1 130.6
WPKL 100.0 105.5 108.6 114.8 120.6 124.8 129.7 133.9 136.3 137.8
SEL 100.0 102.1 103.3 105.4 107.5 110.1 113.5 117.1 122.3 125.4
KV (Y-o-Y %) 2.2 3.9 1.8 3.5 3.3 2.9 3.2 3.1 3.5 1.9
WPKL (Y-o-Y %) 3.7 5.5 3.0 5.7 5.0 3.5 3.9 3.2 1.8 1.1
SEL (Y-o-Y %) 0.7 2.1 1.2 2.0 2.0 2.4 3.2 3.1 4.4 2.5

Bagi Kuala Lumpur, Luar Pusat bandar (OCC) For Kuala Lumpur, Outside City Centre (OCC)
dan Pusat Bandar (CC) merekod pertumbuhan and City Centre (CC) recorded modest growth
sederhana masing-masing pada 1.3% (sewa of 1.3% (average rent RM49.29 psm) and 1.1%
purata RM49.29 smp) dan 1.1% (sewa purata (average rent RM54.50 psm) respectively.
RM54.50 smp). Ini merupakan pertumbuhan It was the lowest growth in ten-year period.
terendah dalam tempoh sepuluh (10) tahun.

PBO-RI WPKL: Index Points and Yearly Changes

200.0 10.0
Average Rental (RMsmp) 2010 Average Rental (RMsmp) 2019
P

WPKL: RM38.60 smp WPKL: RM53.20 smp

9.0
CC: RM39.68 smp CC: RM54.50 smp
OCC: RM35.37 smp OCC: RM49.29 smp
160.0 8.0

7.0

120.0 6.0
Y-o-Y %
Index Point

5.0

80.0 4.0

3.0

40.0 2.0

1.0

0.0 0.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019P
WPKL 100.0 105.5 108.6 114.8 120.6 124.8 129.7 133.9 136.3 137.8
CC 100.0 104.4 107.9 114.4 120.1 124.3 129.9 134.1 135.9 137.4
OCC 100.0 109.0 111.0 116.3 122.0 126.8 129.3 133.1 137.6 139.4
WPKL (Y-o-Y %) 3.7 5.5 3.0 5.7 5.0 3.5 3.9 3.2 1.8 1.1
CC (Y-o-Y %) 2.9 4.4 3.4 6.0 5.1 3.4 4.5 3.3 1.3 1.1
OCC (Y-o-Y %) 6.5 9.0 1.8 4.8 4.9 3.9 2.0 2.9 3.4 1.3
 Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w 3

Di Selangor pula, Shah Alam merekodkan In Selangor, Shah Alam recorded a better
pertumbuhan yang lebih baik (sewa purata growth at 3.2% (average rent RM45.69 psm),
RM45.69 smp), diikuti oleh Sri Kembangan followed by Sri Kembangan at 2.7% (average
pada 2.7% (sewa purata RM43.78 smp) dan rent RM43.78 psm) and Petaling Jaya/
Petaling Jaya/ Subang Jaya (PJ/SJ) pada Subang Jaya (PJ/SJ) at 1.7% (average rent
1.7% (sewa purata RM49.04 smp). RM49.04 psm).

PBO-RI SELANGOR: Index Points and Yearly Changes

200.0 9.0
Average Rental (RMsmp) 2010 Average Rental (RMsmp) 2019P
SEL: RM36.83 smp SEL: RM46.17 smp
PJ/SJ: RM37.73 smp PJ/SJ: RM49.04 smp
SA: RM37.52 smp SA: RM45.69 smp
160.0
SK: RM35.23 smp SK: RM43.78 smp

6.0

120.0
Index Point

Y-o-Y %
80.0

3.0

40.0

0.0 0.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019P
SEL 100.0 102.1 103.3 105.4 107.5 110.1 113.5 117.1 122.3 125.4
PJ/SJ 100.0 103.3 104.3 104.8 109.6 114.1 117.9 122.5 127.7 130.0
SA 100.0 100.9 101.0 103.1 103.6 106.2 110.5 115.2 118.0 121.8
SK 100.0 101.9 104.6 108.5 109.4 110.0 112.2 113.5 121.0 124.3
SEL (Y-o-Y %) 0.7 2.1 1.2 2.0 2.0 2.4 3.2 3.1 4.4 2.5
PJ/SJ (Y-o-Y %) 1.2 3.3 0.9 0.5 4.5 4.1 3.3 3.9 4.3 1.7
SA (Y-o-Y %) 0.3 0.9 0.1 2.1 0.5 2.5 4.1 4.2 2.5 3.2
SK (Y-o-Y %) 0.5 1.9 2.6 3.7 0.9 0.5 2.0 1.1 6.7 2.7

Overall Average Rental of Purpose-Built Office (RM p.s.m) in Klang Valley, Johor
Bahru & George Town in 2018-2019P

KLANG VALLEY 47.54 48.46 KLANG VALLEY

W.P. KUALA LUMPUR 52.60 53.20 W.P. KUALA LUMPUR

- City Centre 53.91 54.50 - City Centre

- Outside City Centre 48.65 49.29 - Outside City Centre

SELANGOR 45.04 46.17 SELANGOR

- Petaling Jaya / Subang Jaya 48.20 49.04 - Petaling Jaya / Subang Jaya

- Shah Alam 44.28 45.69 - Shah Alam

- Seri Kembangan 42.63 43.78 - Seri Kembangan

JOHOR BAHRU 34.31 34.19 JOHOR BAHRU

GEORGE TOWN 30.87 2018 2019P 31.33 GEORGE TOWN

20.00 30.00 40.00 50.00 60.00 60.00 50.00 40.00 30.00 20.00
GEORGE
2017 TOWN
Q32017
RM psm RM psm Q3
4 w Indeks Sewaan Bangunan Pejabat Binaan Khas Lembah Klang, Johor Bahru & George Town

APPENDICES

Tables: Klang Valley, Johor Bahru & George Town: Rental Index Points and
Average Rents by Region/Sub Region
 Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w 5

1.0 Lembah Klang: Mata Indeks Sewaan, Perubahan dan Purata Sewaan 2009 - Q4 2019P
Klang Valley: Rental Index Points, Changes and Average Rental 2009 – Q4 2019P
KLANG VALLEY (KV) W.P. KUALA LUMPUR (WPKL) SELANGOR (SEL)
Index Average Quarterly Yearly Index Average Quarterly Yearly Index Average Quarterly Yearly
Rental Change Change Rental Change Change Rental Change Change
(RM (%) (%) (RM (%) (%) (RM (%) (%)
psm) psm) psm)
Annually 2010=100
2009 97.8 36.31 96.5 37.23 99.3 36.58
2010 100.0 37.11 2.2 100.0 38.60 3.7 100.0 36.83 0.7
2011 103.9 38.55 3.9 105.5 40.70 5.5 102.1 37.59 2.1
2012 105.7 39.24 1.8 108.6 41.92 3.0 103.3 38.04 1.2
2013 109.4 40.60 3.5 114.8 44.32 5.7 105.4 38.82 2.0
2014 113.0 41.92 3.3 120.6 46.54 5.0 107.5 39.60 2.0
2015 116.3 43.15 2.9 124.8 48.19 3.5 110.1 40.54 2.4
2016 120.0 44.55 3.2 129.7 50.08 3.9 113.5 41.82 3.2
2017 123.8 45.94 3.1 133.9 51.68 3.2 117.1 43.13 3.1
2018 128.1 47.54 3.5 136.3 52.60 1.8 122.3 45.04 4.4
2019P 130.6 48.46 1.9 137.8 53.20 1.1 125.4 46.17 2.5
Quarterly 2010=100
2009 Q1 09 98.5 36.54 97.0 37.45 99.6 36.70
Q2 09 97.8 36.30 -0.7 96.3 37.19 -0.7 99.5 36.63 -0.2
Q3 09 97.7 36.26 -0.1 97.0 37.43 0.6 99.0 36.45 -0.5
Q4 09 97.7 36.25 0.0 96.2 37.11 -0.8 99.2 36.55 0.3
2010 Q1 10 99.9 37.06 2.2 1.4 99.6 38.43 3.5 2.6 100.4 36.96 1.1 0.7
Q2 10 100.2 37.17 0.3 2.4 100.0 38.59 0.4 3.8 100.4 36.99 0.1 1.0
Q3 10 99.8 37.05 -0.3 2.2 100.4 38.75 0.4 3.5 99.6 36.67 -0.9 0.6
Q4 10 100.3 37.21 0.4 2.6 100.1 38.62 -0.3 4.1 100.0 36.82 0.4 0.7
2011 Q1 11 103.5 38.42 3.3 3.7 104.9 40.48 4.8 5.3 102.0 37.55 2.0 1.6
Q2 11 103.8 38.53 0.3 3.7 105.4 40.67 0.4 5.4 102.1 37.60 0.1 1.6
Q3 11 104.1 38.61 0.2 4.2 106.0 40.91 0.6 5.6 101.8 37.48 -0.3 2.2
Q4 11 104.0 38.59 -0.1 3.7 105.7 40.79 -0.3 5.6 102.1 37.60 0.3 2.1
2012 Q1 12 106.4 39.46 2.3 2.7 109.1 42.12 3.3 4.0 103.8 38.24 1.7 1.8
Q2 12 105.8 39.27 -0.5 1.9 108.7 41.95 -0.4 3.2 103.4 38.10 -0.4 1.3
Q3 12 105.5 39.15 -0.3 1.4 107.9 41.64 -0.7 1.8 103.4 38.07 -0.1 1.6
Q4 12 105.5 39.16 0.0 1.5 108.3 41.81 0.4 2.5 103.3 38.05 -0.1 1.2
2013 Q1 13 109.3 40.55 3.6 2.7 116.3 44.87 7.3 6.5 104.3 38.42 1.0 0.5
Q2 13 109.8 40.75 0.5 3.8 114.9 44.34 -1.2 5.7 105.9 39.01 1.6 2.4
Q3 13 109.8 40.74 0.0 4.1 115.3 44.52 0.4 6.9 105.8 38.96 -0.2 2.3
Q4 13 109.9 40.77 0.1 4.2 115.8 44.70 0.4 6.9 105.7 38.93 -0.1 2.3
2014 Q1 14 112.3 41.66 2.2 2.7 119.3 46.04 3.0 2.6 107.1 39.44 1.3 2.7
Q2 14 113.1 41.96 0.7 3.0 119.5 46.14 0.2 4.0 108.4 39.93 1.2 2.4
Q3 14 114.1 42.35 0.9 3.9 121.5 46.91 1.7 5.4 108.4 39.91 0.0 2.5
Q4 14 115.3 42.80 1.1 4.9 122.3 47.21 0.7 5.6 109.9 40.46 1.4 4.0
2015 Q1 15 116.2 43.12 0.8 3.5 123.5 47.67 1.0 3.5 110.7 40.77 0.7 3.4
Q2 15 116.9 43.38 0.6 3.4 123.7 47.75 0.2 3.5 111.9 41.21 1.1 3.2
Q3 15 118.3 43.90 1.2 3.7 125.8 48.57 1.7 3.5 112.9 41.58 0.9 4.2
Q4 15 118.6 44.01 0.3 2.9 126.2 48.72 0.3 3.2 113.3 41.73 0.4 3.1
2016 Q1 16 120.5 44.73 1.6 3.7 128.0 49.40 1.4 3.6 115.3 42.47 1.8 4.2
Q2 16 121.2 44.98 0.6 3.7 128.7 49.69 0.5 4.0 115.9 42.67 0.5 3.6
Q3 16 121.5 45.08 0.2 2.7 129.4 49.95 0.5 2.9 116.0 42.71 0.1 2.7
Q4 16 122.4 45.42 0.7 3.2 130.1 50.24 0.5 3.1 117.1 43.12 0.9 3.4
2017 Q1 17 124.6 46.22 1.8 3.4 131.9 50.93 1.4 3.0 119.3 43.95 1.9 3.5
Q2 17 125.6 46.60 0.8 3.6 133.5 51.52 1.2 3.7 120.3 44.31 0.8 3.8
Q3 17 125.7 46.64 0.1 3.5 133.5 51.52 0.0 3.2 120.5 44.38 0.2 3.9
Q4 17 126.2 46.84 0.4 3.1 133.6 51.57 0.1 2.7 121.4 44.73 0.7 3.7
2018 Q1 18 126.7 47.01 0.4 1.7 134.3 51.85 0.5 1.8 121.7 44.82 0.2 2.0
Q2 18 127.0 47.12 0.2 1.1 134.7 52.00 0.3 0.9 121.9 44.91 0.2 1.3
Q3 18 127.7 47.38 0.6 1.6 135.7 52.39 0.7 1.6 122.5 45.12 0.5 1.7
Q4 18 128.3 47.61 0.5 1.7 136.1 52.54 0.3 1.9 123.3 45.43 0.7 1.6
2019 Q1 19 130.1 48.29 1.4 2.7 137.8 53.19 1.2 2.6 124.9 45.99 1.3 2.6
Q2 19 130.6 48.48 0.4 2.8 139.0 53.64 0.9 3.2 125.2 46.11 0.2 2.7
Q3 19 130.9 48.58 0.2 2.5 139.7 53.93 0.5 2.9 125.3 46.13 0.1 2.3
Q4 19P 131.1 48.65 0.2 2.2 140.4 54.19 0.5 3.2 125.3 46.15 0.0 1.6
P = Preliminary

Note:
• Quarterly change (Q-o-Q) refers to the relative change in the index of the quarter compared with the index of the previous quarter.
• Annual change (Y-o-Y) is the relative change of the index in comparison with the corresponding time period one year ago.
 6 w Indeks Sewaan Bangunan Pejabat Binaan Khas Lembah Klang, Johor Bahru & George Town

2.0 WPKL: Mata Indeks Sewaan, Perubahan dan Purata Sewaan 2009-Q4 2019P
WPKL: Rental Index Points, Changes and Average Rental 2009 – Q4 2019P

CITY CENTRE (CC) OUTSIDE CITY CENTRE (OCC)

Index Average Quarterly Yearly Index Average Quarterly Yearly
Rental Change Change Rental Change Change
(RM psm) (%) (%) (RM psm) (%) (%)
Annually 2010=100
2009 97.2 38.57 93.9 33.23
2010 100.0 39.68 2.9 100.0 35.37 6.5
2011 104.4 41.42 4.4 109.0 38.57 9.0
2012 107.9 42.81 3.4 111.0 39.25 1.8
2013 114.4 45.38 6.0 116.3 41.14 4.8
2014 120.1 47.67 5.1 122.0 43.15 4.9
2015 124.3 49.30 3.4 126.8 44.85 3.9
2016 129.9 51.53 4.5 129.3 45.74 2.0
2017 134.1 53.22 3.3 133.1 47.08 2.9
2018 135.9 53.91 1.3 137.6 48.65 3.4
2019P 137.4 54.50 1.1 139.4 49.29 1.3
Quarterly 2010=100
2009 Q1 09 97.3 38.60 96.2 34.02
Q2 09 97.2 38.58 -0.1 93.4 33.03 -2.9
Q3 09 98.0 38.88 0.8 93.5 33.07 0.1
Q4 09 96.9 38.43 -1.2 93.8 33.17 0.3
2010 Q1 10 99.9 39.65 3.2 2.7 98.3 34.79 4.9 2.3
Q2 10 100.2 39.76 0.3 3.1 99.3 35.11 0.9 6.3
Q3 10 100.5 39.87 0.3 2.6 100.0 35.38 0.8 7.0
Q4 10 99.4 39.45 -1.1 2.7 102.2 36.14 2.1 8.9
2011 Q1 11 103.9 41.24 4.5 4.0 108.1 38.23 5.8 9.9
Q2 11 104.4 41.41 0.4 4.2 108.6 38.43 0.5 9.5
Q3 11 104.6 41.52 0.3 4.1 110.5 39.10 1.7 10.5
Q4 11 104.6 41.50 0.0 5.2 109.2 38.63 -1.2 6.9
2012 Q1 12 108.2 42.93 3.4 4.1 112.2 39.68 2.7 3.8
Q2 12 108.0 42.86 -0.2 3.5 110.9 39.22 -1.1 2.1
Q3 12 107.2 42.53 -0.8 2.4 110.2 38.99 -0.6 -0.3
Q4 12 107.9 42.81 0.7 3.1 109.8 38.83 -0.4 0.5
2013 Q1 13 115.9 46.00 7.5 7.1 117.3 41.50 6.9 4.6
Q2 13 114.2 45.32 -1.5 5.8 117.0 41.38 -0.3 5.5
Q3 13 115.0 45.63 0.7 7.3 116.5 41.22 -0.4 5.7
Q4 13 115.6 45.86 0.5 7.1 116.5 41.20 0.0 6.1
2014 Q1 14 118.7 47.10 2.7 2.4 121.1 42.85 3.9 3.2
Q2 14 119.1 47.26 0.3 4.3 120.9 42.76 -0.2 3.3
Q3 14 120.6 47.83 1.3 4.9 124.8 44.16 3.2 7.1
Q4 14 121.2 48.10 0.5 4.8 125.9 44.53 0.9 8.1
2015 Q1 15 122.7 48.68 1.2 3.4 126.2 44.63 0.2 4.2
Q2 15 123.1 48.85 0.3 3.4 125.7 44.44 -0.4 4.0
Q3 15 125.4 49.75 1.9 4.0 127.3 45.04 1.3 2.0
Q4 15 126.0 50.00 0.5 4.0 126.8 44.85 -0.4 0.7
2016 Q1 16 127.8 50.69 1.4 4.2 128.8 45.54 1.6 2.1
Q2 16 128.4 50.95 0.5 4.3 129.8 45.91 0.8 3.3
Q3 16 129.2 51.26 0.6 3.0 130.1 46.01 0.2 2.2
Q4 16 130.1 51.61 0.7 3.3 130.4 46.11 0.2 2.8
2017 Q1 17 131.7 52.25 1.2 3.1 132.8 46.98 1.8 3.1
Q2 17 133.6 53.00 1.4 4.0 133.1 47.07 0.2 2.5
Q3 17 133.6 53.01 0.0 3.4 133.0 47.06 -0.1 2.2
Q4 17 133.9 53.11 0.2 2.9 132.7 46.92 -0.2 1.8
2018 Q1 18 134.6 53.39 0.5 2.2 133.5 47.23 0.6 0.5
Q2 18 135.0 53.57 0.3 1.0 133.7 47.29 0.1 0.5
Q3 18 136.2 54.02 0.9 1.9 134.3 47.50 0.4 1.0
Q4 18 136.6 54.19 0.3 2.0 134.6 47.60 0.2 1.4
2019 Q1 19 137.8 54.66 0.9 2.4 137.9 48.79 2.5 3.3
Q2 19 139.3 55.25 1.1 3.2 138.0 48.82 0.1 3.2
Q3 19 140.1 55.59 0.6 2.9 138.4 48.95 0.3 3.1
Q4 19P 141.1 55.98 0.7 3.3 138.1 48.83 -0.2 2.6
P = Preliminary

Note:
• Quarterly change (Q-o-Q) refers to the relative change in the index of the quarter compared with the index of the previous quarter.
• Annual change (Y-o-Y) is the relative change of the index in comparison with the corresponding time period one year ago.
 Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w 7

3.0 Selangor: Mata Indeks Sewaan, Perubahan dan Purata Sewaan 2009-Q4 2019P
Selangor: Rental Index Points, Changes and Average Rental 2009 – Q4 2019P
PETALING JAYA/SUBANG JAYA (PJ/SJ) SHAH ALAM (SA) SERI KEMBANGAN (SK)
Index Average Quarterly Yearly Index Average Quarterly Yearly Index Average Quarterly Yearly
Rental Change Change Rental Change Change Rental Change Change
(RM (%) (%) (RM (%) (%) (RM (%) (%)
psm) psm) psm)
Annually 2010=100
2009 98.8 37.28 99.7 37.41 99.5 35.06
2010 100.0 37.73 1.2 100.0 37.52 0.3 100.0 35.23 0.5
2011 103.3 38.99 3.3 100.9 37.85 0.9 101.9 35.91 1.9
2012 104.3 39.36 0.9 101.0 37.91 0.1 104.6 36.87 2.6
2013 104.8 39.56 0.5 103.1 38.69 2.1 108.5 38.22 3.7
2014 109.6 41.36 4.5 103.6 38.87 0.5 109.4 38.56 0.9
2015 114.1 43.04 4.1 106.2 39.83 2.5 110.0 38.74 0.5
2016 117.9 44.47 3.3 110.5 41.46 4.1 112.2 39.52 2.0
2017 122.5 46.22 3.9 115.2 43.21 4.2 113.5 39.97 1.1
2018 127.7 48.20 4.3 118.0 44.28 2.5 121.0 42.63 6.7
2019P 130.0 49.04 1.7 121.8 45.69 3.2 124.3 43.78 2.7
Quarterly 2010=100
2009 Q1 09 99.3 37.48 99.5 37.32 100.2 35.30
Q2 09 98.9 37.33 -0.4 99.5 37.32 0.0 100.0 35.25 -0.2
Q3 09 98.5 37.16 -0.4 99.5 37.32 0.0 98.9 34.86 -1.1
Q4 09 98.7 37.26 0.3 100.0 37.52 0.5 98.9 34.86 0.0
2010 Q1 10 100.5 37.94 1.8 1.2 100.1 37.56 0.1 0.6 100.4 35.39 1.5 0.2
Q2 10 100.2 37.80 -0.4 1.3 100.4 37.69 0.3 1.0 100.7 35.48 0.3 0.7
Q3 10 99.7 37.61 -0.5 1.2 99.6 37.38 -0.8 0.2 99.3 35.00 -1.4 0.4
Q4 10 99.6 37.59 -0.1 0.9 99.9 37.48 0.3 -0.1 100.5 35.39 1.1 1.5
2011 Q1 11 103.4 39.02 3.8 2.8 100.0 37.53 0.1 -0.1 102.5 36.10 2.0 2.0
Q2 11 103.4 39.00 0.0 3.2 100.8 37.83 0.8 0.4 102.1 35.96 -0.4 1.3
Q3 11 103.1 38.92 -0.2 3.5 100.8 37.80 -0.1 1.1 101.4 35.72 -0.7 2.0
Q4 11 103.4 39.00 0.2 3.8 101.3 38.03 0.6 1.5 101.5 35.76 0.1 1.1
2012 Q1 12 105.1 39.67 1.7 1.7 101.8 38.19 0.4 1.7 104.6 36.85 3.0 2.1
Q2 12 104.3 39.35 -0.8 0.9 100.7 37.79 -1.0 -0.1 105.4 37.14 0.8 3.3
Q3 12 104.0 39.25 -0.3 0.9 100.8 37.83 0.1 0.1 105.4 37.14 0.0 4.0
Q4 12 103.8 39.15 -0.3 0.4 100.9 37.85 0.0 -0.5 105.4 37.14 0.0 3.8
2013 Q1 13 105.4 39.78 1.6 0.3 101.8 38.18 0.9 0.0 105.8 37.29 0.4 1.2
Q2 13 105.0 39.62 -0.4 0.7 103.2 38.73 1.4 2.5 109.8 38.70 3.8 4.2
Q3 13 104.6 39.48 -0.4 0.6 103.7 38.91 0.5 2.8 109.2 38.48 -0.6 3.6
Q4 13 104.1 39.29 -0.5 0.3 103.7 38.89 0.0 2.8 109.5 38.59 0.3 3.9
2014 Q1 14 109.1 41.17 4.8 3.5 103.2 38.71 -0.5 1.4 109.1 38.45 -0.4 3.1
Q2 14 110.7 41.79 1.5 5.4 103.6 38.86 0.4 0.4 111.1 39.15 1.8 1.2
Q3 14 111.4 42.04 0.6 6.5 103.5 38.85 -0.1 -0.2 110.3 38.86 -0.7 1.0
Q4 14 111.7 42.13 0.3 7.3 106.1 39.80 2.5 2.3 112.0 39.45 1.5 2.3
2015 Q1 15 113.5 42.83 1.6 4.0 106.3 39.88 0.2 3.0 112.4 39.60 0.4 3.0
Q2 15 114.6 43.25 1.0 3.5 107.0 40.16 0.7 3.3 114.1 40.22 1.5 2.7
Q3 15 116.2 43.84 1.4 4.3 107.0 40.17 0.0 3.4 115.6 40.73 1.3 4.8
Q4 15 116.9 44.10 0.6 4.7 106.8 40.09 -0.2 0.7 116.4 41.01 0.7 3.9
2016 Q1 16 118.7 44.81 1.5 4.6 109.8 41.21 2.8 3.3 117.5 41.41 0.9 4.5
Q2 16 120.0 45.28 1.1 4.7 110.1 41.30 0.3 2.9 117.6 41.43 0.1 3.1
Q3 16 120.1 45.32 0.1 3.4 110.1 41.30 0.0 2.9 117.9 41.53 0.3 2.0
Q4 16 120.3 45.39 0.2 2.9 111.8 41.97 1.5 4.7 119.3 42.02 1.2 2.5
2017 Q1 17 123.1 46.46 2.3 3.7 114.5 42.96 2.4 4.3 120.4 42.43 0.9 2.5
Q2 17 125.8 47.48 2.2 4.8 114.6 42.98 0.1 4.1 120.6 42.48 0.2 2.6
Q3 17 126.3 47.65 0.4 5.2 115.1 43.20 0.4 4.5 120.1 42.30 -0.4 1.9
Q4 17 126.6 47.75 0.2 5.2 116.8 43.84 1.5 4.5 120.9 42.58 0.7 1.3
2018 Q1 18 126.9 47.87 0.2 3.1 117.1 43.93 0.3 2.3 121.0 42.65 0.1 0.5
Q2 18 127.1 47.95 0.2 1.0 117.6 44.11 0.4 2.6 121.1 42.68 0.1 0.4
Q3 18 127.9 48.26 0.6 1.3 118.1 44.30 0.4 2.6 121.5 42.80 0.3 1.2
Q4 18 128.9 48.65 0.8 1.8 118.8 44.56 0.6 1.7 122.2 43.07 0.6 1.1
2019 Q1 19 129.1 48.73 0.2 1.7 121.3 45.52 2.1 3.6 124.1 43.73 1.6 2.6
Q2 19 129.0 48.68 -0.1 1.5 121.5 45.60 0.2 3.3 125.0 44.05 0.7 3.2
Q3 19 129.6 48.92 0.5 1.3 122.1 45.80 0.5 3.4 123.9 43.67 -0.9 2.0
Q4 19P 130.0 49.06 0.3 0.9 120.9 45.37 -1.0 1.8 125.0 44.03 0.9 2.3
P = Preliminary

Note:
• Quarterly change (Q-o-Q) refers to the relative change in the index of the quarter compared with the index of the previous quarter.
• Annual change (Y-o-Y) is the relative change of the index in comparison with the corresponding time period one year ago.
 8 w Indeks Sewaan Bangunan Pejabat Binaan Khas Lembah Klang, Johor Bahru & George Town

4.0 Johor Bahru & George Town: Mata Indeks Sewaan, Perubahan dan Purata Sewaan 2009-Q4 2019P
Johor Bahru & George Town: Rental Index Points, Changes and Average Rental 2009 – Q4 2019P
JOHOR BAHRU (JB) GEORGE TOWN (GT)
Index Average Quarterly Yearly Index Average Quarterly Yearly
Rental Change Change Rental Change Change
(RM psm) (%) (%) (RM psm) (%) (%)
Annually 2010=100
2009 96.0 25.25 97.3 23.89
2010 100.0 26.29 4.1 100.0 24.55 2.8
2011 104.2 27.40 4.2 104.5 25.65 4.5
2012 107.0 28.15 2.7 106.9 26.26 2.4
2013 108.4 28.49 1.2 110.0 27.01 2.9
2014 114.6 30.14 5.8 111.8 27.45 1.7
2015 117.4 30.88 2.4 111.3 27.32 -0.5
2016 122.5 32.22 4.3 116.2 28.53 4.4
2017 125.7 33.05 2.6 121.8 29.91 4.8
2018 130.5 34.31 3.8 125.7 30.87 3.2
2019P 130.0 34.19 -0.3 127.6 31.33 1.5
Quarterly 2010=100
2009 Q1 09 94.3 24.81 96.8 23.77
Q2 09 95.1 25.00 0.8 96.8 23.76 0.0
Q3 09 97.2 25.57 2.3 97.7 23.99 1.0
Q4 09 96.6 25.40 -0.7 97.4 23.91 -0.3
2010 Q1 10 98.3 25.85 1.8 4.2 100.0 24.54 2.7 3.2
Q2 10 99.2 26.09 0.9 4.4 100.4 24.64 0.4 3.7
Q3 10 100.2 26.34 1.0 3.0 99.8 24.51 -0.5 2.1
Q4 10 102.3 26.89 2.1 5.9 99.8 24.51 0.0 2.5
2011 Q1 11 101.7 26.73 -0.6 3.4 104.6 25.68 4.8 4.7
Q2 11 103.2 27.12 1.5 4.0 104.5 25.64 -0.2 4.1
Q3 11 106.1 27.89 2.8 5.9 104.2 25.57 -0.3 4.4
Q4 11 106.6 28.03 0.5 4.2 104.5 25.65 0.3 4.7
2012 Q1 12 107.3 28.21 0.7 5.5 106.0 26.03 1.5 1.4
Q2 12 106.7 28.05 -0.6 3.4 106.3 26.10 0.3 1.8
Q3 12 107.5 28.26 0.8 1.3 107.2 26.31 0.8 2.9
Q4 12 107.0 28.15 -0.4 0.4 106.6 26.18 -0.5 2.1
2013 Q1 13 108.0 28.39 0.9 0.6 108.5 26.63 1.7 2.3
Q2 13 109.0 28.65 0.9 2.1 108.5 26.65 0.1 2.1
Q3 13 108.3 28.46 -0.6 0.7 108.6 26.66 0.0 1.3
Q4 13 108.3 28.46 0.0 1.1 108.6 26.66 0.0 1.8
2014 Q1 14 110.0 28.93 1.6 1.9 108.8 26.70 0.2 0.3
Q2 14 113.3 29.79 3.0 4.0 108.8 26.71 0.0 0.2
Q3 14 115.3 30.33 1.8 6.5 109.5 26.88 0.6 0.8
Q4 14 114.5 30.12 -0.7 5.8 110.1 27.04 0.6 1.4
2015 Q1 15 116.6 30.65 1.8 5.9 110.9 27.22 0.7 1.9
Q2 15 117.1 30.78 0.4 3.3 110.9 27.22 0.0 1.9
Q3 15 118.8 31.24 1.5 3.0 111.5 27.36 0.5 1.8
Q4 15 119.1 31.33 0.3 4.0 113.4 27.85 1.8 3.0
2016 Q1 16 120.2 31.61 0.9 3.1 114.9 28.22 1.3 3.7
Q2 16 121.1 31.84 0.7 3.4 116.5 28.61 1.4 5.1
Q3 16 122.7 32.27 1.3 3.3 117.0 28.73 0.4 5.0
Q4 16 123.0 32.34 0.2 3.2 118.1 28.99 0.9 4.1
2017 Q1 17 124.2 32.66 1.0 3.3 120.1 29.49 1.7 4.5
Q2 17 126.2 33.18 1.6 4.2 122.6 30.11 2.1 5.2
Q3 17 127.0 33.39 0.6 3.5 122.9 30.18 0.2 5.0
Q4 17 127.3 33.48 0.3 3.5 123.3 30.28 0.4 4.5
2018 Q1 18 128.1 33.67 0.6 3.1 123.7 30.38 0.3 3.0
Q2 18 128.8 33.86 0.5 2.0 124.3 30.51 0.4 1.3
Q3 18 129.7 34.10 0.7 2.1 125.9 30.91 1.3 2.4
Q4 18 130.8 34.40 0.9 2.7 126.8 31.14 0.8 2.8
2019 Q1 19 130.2 34.22 -0.5 1.6 126.5 31.06 -0.3 2.2
Q2 19 130.0 34.19 -0.1 1.0 128.5 31.55 1.6 3.4
Q3 19 129.5 34.05 -0.4 -0.1 127.9 31.40 -0.5 1.6
Q4 19P 131.4 34.54 1.4 0.4 128.4 31.53 0.4 1.3
P = Preliminary

Note:
• Quarterly change (Q-o-Q) refers to the relative change in the index of the quarter compared with the index of the previous quarter.
• Annual change (Y-o-Y) is the relative change of the index in comparison with the corresponding time period one year ago.
 Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w 9

TECHNICAL NOTES

Purpose-Built Rental Index (PBO-RI) is a commercial property rental indicator. It measures

the average rental changes over time. The index is derived from tenancy of investment
grade purpose-built office buildings in major cities in Wilayah Persekutuan Kuala Lumpur
(WPKL), Selangor, Johor and Pulau Pinang. PBO-RI is developed on quarterly basis and
it measures the change in average rental between two(2) quarters and serves as a useful
short-term indicator of rental movement. For annual index, it is derived by taking simple
average of the four (4) quarters indices for the year.

Base Year

The base year for the Purpose-Built Office Rental Index (PBO-RI) is 2010. This year is used
as the beginning or the reference year for index construction where an arbitrary value of 100
is assigned. Index computation however began with Q1 2009 for quarterly and year 2010 for
annually.

Purpose-Built Office

Purpose-Built Office (PBO) is used to denote buildings that are intentionally built with
office as a dominant use. Dominant use means not less than 75% of the net lettable area
is used as an office. Net lettable floor area is measured according to the Uniform Method
of Measurement of Buildings of the Royal Institution of Surveyors Malaysia (RISM).

Data Description

Only tenanted privately-owned buildings are included in the index computation. Owner-
occupied buildings and stratified buildings which are not tenanted are excluded. For index
development, each block of building is considered as one individual building. As such, an
office building with an annexed building is considered as having two blocks of buildings.

Rental Data Collection

Rental Data is obtained from the Property Manager’s Returns (Form D) under Sub-rule
2(2), Second Schedule of the Valuers, Appraisers and Estate Agents Act 1981 (Act 242)
and Rules. Each rental data is treated as one observation and included in the index
computation if:

i. The lease period is at least four quarters (or one year);

ii. The tenancy is for office use and located on all floors except basement, ground
and mezzanine; and

iii. The rental information given in Form D is complete.

10 w Indeks Sewaan Bangunan Pejabat Binaan Khas Lembah Klang, Johor Bahru & George Town

Data Update

Index for the current quarter is developed based on rental data available. However, there
is a possibility that new rental data are submitted to NAPIC in the future quarter. Hence,
final index will be computed in the following quarter. For example, preliminary index for Q4
2019P is published on 2019P publication and the final index for Q4 2019 will be published
on Q1-Q2 2020P publication.

Methodology

The PBO-RI is a hedonic rental index. The index is estimated based on a vector
of characteristics (attributes) embodied in the purpose-built office. The vector of
characteristics, comprising mainly location and physical attributes, are those statistically
identified as significant in determining the rental of purpose-built office.

The significant attributes regressed in the hedonic model are:

WPKL Selangor

i. Rental per square foot i. Rental per square foot

ii. Lettable Area ii. Lettable Area
iii. Number of Floors iii. Number of Floors
iv. Level of Floor iv. Level of Floor
v. Building Area v. Building Area
vi. Remaining Tenancy Period
vii. Building Age

Johor Bahru George Town

i. Rental per square foot i. Rental per square foot

ii. Number of Floors ii. Number of Floors
iii. Building Age iii. Services Charges
iv. Level of Floor iv. Remaining Tenancy Period
v. Lettable Area v. Building Area
vi. Services Charges vi. Building Age
vii. Remaining Tenancy Period
 Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w 11

Computation of Rental Index

The PBO-RI is primarily developed from 10 separate rental models. They comprised;

• Three model for the composite index;

• Seven models by sub-region.

The 10 rental indices are Laspeyres indices, which measure current rental in relation to
those of the selected base period 2010.

The index is computed by taking the ratio of the current rental of a selected area to
the rental of the selected area at base period and multiplying it by 100. This can be
translated into the following statistical formula:

Where
“exp” symbolizes ‘exponential’

Pi (t) = the hedonic regression model coefficient of variable Xj at current

period, t
Pi (0) = the hedonic regression model coefficient of variable Xj at the base
period, 0 (year 2010)
Qi (0) = the mean of variable Xj at the base period,0 (year 2010)
12 w Indeks Sewaan Bangunan Pejabat Binaan Khas Lembah Klang, Johor Bahru & George Town

Geographical Stratification

WPKL

Wilayah Persekutuan Kuala Lumpur is divided into two regions; City Centre and Outside
City Centre. Two sub-indices based on geographical location are developed for every
review period.

Figure 7: Regions in W.P. Kuala Lumpur

 Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w 13

Selangor

Selangor is divided into three regions; Petaling Jaya / Subang Jaya, Shah Alam and Seri
Kembangan. Three sub-indices based on geographical location are developed for every
review period.

Figure 8: Regions in Selangor

14 w Indeks Sewaan Bangunan Pejabat Binaan Khas Lembah Klang, Johor Bahru & George Town

Johor & Pulau Pinang

As purpose-built offices are concentrated in the city of Johor Bahru and George Town,
there is only one sub-region for each state. Only one index is developed for every review
period for each sub-region.

Figure 9: Johor Bahru Region

Klang Valley, Johor Bahru & George Town Purpose-Built Office Rental Index w 15

Figure 10: George Town Region

Cawangan Jabatan Penilaian dan Perkhidmtan Harta
Valuation and Property Services Department Branch Offices

IBU PEJABAT PERAK JOHOR

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