Infrastructure development is very important for a nation and vital for its economic growth. Development of infrastructure of a country is generally led by the construction and manufacturing industry of that nation. Technological innovations which are leading the various segments of this industry towards progress and various new developments are changing the way the industry is growing. Changing home buyers’ preferences and reduced labor costs are bringing to light the enormous potential that the industry holds and the vast opportunities that are there to be exploited in this industry. Further, the growing trend of automation in the construction and manufacturing industry has resulted in the reduction of costs, thus contributing to the rise of the industry.
Office buildings are those which are constructed to be used by companies or organizations so that they are able to perform their business operations that are related to the office. This category also includes those buildings as well, in which more than half of the floor space is used by offices and rest is used for other purposes, thus they are being called mixed-use buildings. The Malaysian office buildings construction market has observed some fluctuations in the recent years in terms of value and average annual growth rate.
The report titled“Office Buildings (Construction) in Malaysia: Market Analytics by Category & Cost Type to 2021”provides an in-depth and detailed analysis of the operating environment of the market. For the various players active in the value chain of the construction sector in Malaysia, it is an important tool. It is also an essential help for the new players that are poised to enter the market. Various large scale projects, both public as well as private have dominated the construction sector and the activities inherent to it over the preceding years. These are driven largely by the Malaysian government and the investors so that the five year pans launched by the Malaysian government could be successfully implemented and the nation could be transformed from a developing one to a developed one.
The 11thMalaysian Plan that has been launched by the government for the years 2016 to 2020 focuses on the construction sector of the country since transformation of the construction sectors is vital for Malaysia and is the way forward to drive the country on the path of economic growth. The 11thPlan focuses on continuing a separate program namely “Construction Industry Transformation Programme” in order to completely transform the construction industry. The programme covers the five year focus period and the market is expected to expand well in the coming years.
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