Slow recovery of occupancy rate. With the overall occupancy rate of purpose-built office space in KL City improved slightly to record at 67.5% during 2H22 (1H22: 67.2%) (Knight Frank), the office rental market may begin to experience some stability moving into FY23. However, UOAR may see slow and gradual improvement in rental activities towards pre-pandemic level as market is likely to remain cautious amid challenging operating environments.
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