The Effect of Changes in Working Styles on Office Space Demand in Klang Valley

Chiam, Ruchelle Chyi Chian (2023) The Effect of Changes in Working Styles on Office Space Demand in Klang Valley. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

Text 1. RES#ChiamChyi ChianRuchelle#19WVR12006.pdf Restricted to Registered users only Download (1MB)

Abstract

In recent years, the office market has been in declining due to demand and supply mismatch. The pandemic has made the situation worse, as seen by the low occupancy rate that has been observed in the office sector since 2015. This is a result of businesses and organisations changing their work styles to comply with the Standard Operating Procedure (SOP) established by the government to stop the spread of the virus and the modernization of information and communication technologies (ICT). Hence, this research study will focus on understanding the current working style, the demand for office space during the hit of pandemic and how the current working style affects the demand for office space. Working styles including conventional working styles, teleworking styles like mobile working, working from home, flexible working arrangement, and working in co-working spaces are all discussed in this article. The market report on how the office market has been performing is also examined. The results revealed that firms and organisation has downsized their office space mostly due to change of working style as lesser employees are working in the office and is has not been necessary for workers to return to the office every day. However, as we are gradually going back to pre-pandemic normalcy, it was found that some organisations plan to expand their office space in order to switch back to the conventional working style. Because the necessity for an office space depends on the working strategy that businesses employ, it is thus concluded that the working styles have a direct impact on the demand for offices.