During such unprecedented times, many in the food business in particular are quickly taking the delivery route for the first time.
Knight Frank Malaysia managing director Sarkunan Subramaniam said the Singapore government has announced property tax rebates of up to 100% for non-residential properties for the tax payable this year while in Jiangsu province, China, the local government has introduced exemption of property tax and urban land use tax for industries severely affected by the epidemic in the first half of 2020.
"These can be attributed to generally prudent loan affordability standards applied by banks when extending loans to households."
...due to a pronounced and prolonged mismatch between demand and supply.
Essential services, which include supply of utilities, cleaning, security, sewerage, mechanical and electrical, must not be disrupted.
Hence, industry stakeholders must be adequately armed with proactive measures to keep the risk of virus exposure to a minimum, especially in premises such as shopping malls and office buildings where the public will access for essential services.
"It is estimated that 5.5 million sq ft of office space will be completed each year until 2021, far exceeding the average annual demand of 2.3 million sq ft per annum over the past three years."
The real estate firm expects lower activity in leasing and investment of commercial office space as both local and multinational companies delay or put on hold their real estate decisions.