37 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS OVERVIEW OFFICE SEGMENT 0 20 40 60 80 100 89% 2019 86% 202 % 0 86% 2021 89% 2022 93% 2023 Average Occupancy Rate (%) CHALLENGES AND PROSPECTS In response to the shift towards co-working and flexible working spaces, Menara KOMTAR will reconfigure its existing space and introduce coworking and flexible working solutions. Situated within the KOMTAR JBCC complex, the tower can leverage integration with the shopping mall, transportation hub and hotel to create a dynamic ecosystem. The success of these integrated components can significantly contribute to the overall prospects of Menara KOMTAR. Menara KOMTAR is poised to maintain its status as a strategic office space in Johor Bahru, supported by the continuous strong tenancy of JCorp, a core tenant sponsored by the building. Additionally, with the impending RTS development and companies from across the causeway seeking cost-effective rental spaces, the office building is well-positioned for positive prospects. The strategic location, combined with flexible workspace solutions, positions Menara KOMTAR as a forward-thinking and adaptable choice for businesses in the evolving work environment.
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