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TRX Faces Challenging Environment

With about four million sqft of new office space set to enter the market in Q1 2019, leasing is becoming a challenge for the TunRazak Exchange (TRX).

This comes as over half of the new office space set to be ready soon includes the 2.6 million sqft at Exchange 106, Indonesian Mulia Group’s six-star office tower, reported The Star.

“The timing is not right. They (owners of Exchange 106) will be competing with the stock that is already in the market, and those that are entering the market at about the same time,” said the industrial source.

The source noted that while infrastructure – the ingress and egress – to the TRX are fantastic, they are not yet ready. As such, even if tenancies were to end by end-2018, potential tenants may not be able to move in by Q1 2019 as they would need months to prepare the place.

“How are they going to do that when the infrastructure – the ingress and egress – are not ready?” asked the source.

A real estate agent, who wished to remain anonymous, said: “Infrastructure, the ingress and egress have to come up to speed”.

WCT is overseeing the infrastructure development in TRX, while the NAZA group bagged a major upgrading works in JalanTunRazak, which will connect to TRX and beyond. Gadang Holdings Bhd is also undertaking engineering works at MRT TRX Plaza.
Image sourced from TRX.my

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