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CLICK TO ENLARGETHE industrial property market saw solid year-on-year growth in the first half of 2021, as the Covid-19 pandemic pushed demand for more warehouse space in the country.
Going forward, the outlook for the local industrial market is expected to remain steady, as changes brought on by the pandemic are anticipated to spur growth for this segment.
Knight Frank Malaysia capital markets executive director Allan Sim says the industrial property market is expected to benefit in the medium term, supported by a brighter outlook in Malaysia’s industrial production index (IPI).
“Malaysia’s IPI was lower by 5.2% year-on-year in July 2021, its first decline since November 2020, weighed down by lower output in the manufacturing (-6.5%) and electricity (-6.6%) sectors.”
Despite the decline, Sim is still optimistic about the outlook.
“When we look at the bigger picture and the underlying factors affecting the July IPI, in particular, the manufacturing sector, we can derive that the softening of output was largely driven by the imposition of the enhanced movement control order in parts of Selangor and Kuala Lumpur in the first two weeks of the month.”
Sim says the year-on-year drop was also anticipated, especially when compared with July 2020.
“Back in July 2020, Malaysia as a nation had entered into the recovery movement control order after months of lockdown since March 2020, as compared to the deterioration in terms of the infection numbers witnessed in July this year.”
City Valuers & Consultants Sdn Bhd real estate services and business development head Ruben KelvinWhile the country’s manufacturing sector is expected to remain under pressure in the immediate term, Sim says the headline IHS Markit Malaysia manufacturing purchasing manager’s index for August 2021 has improved for two consecutive months.
This, he says, suggests that the PMI had bottomed out in June 2021.
“The sentiment seems to trend towards recovery and we would expect the IPI figures to reflect the same trajectory in the coming months.
Additionally, Sim says the gradual reopening of the economy, coupled with the higher inoculation rate among workers in the manufacturing sector, augurs well for this segment. “The global shortage of semiconductors and the ever-increasing demand for logistics services will drive the demand of industrial offerings into 2022,” he says.
Although IPI figures are expected to trend upwards in the months ahead, Sim says the positive spill-over effect on the industrial real estate market may only be witnessed in the medium term.