Bangkok Office MarketView Q1 2010

The total office supply in Bangkok was 7,978,543 m2, down 0.1% Q-o-Q and up 1.5% Y-o-Y (it should be noted that there was a reclassification of buildings and readjustment of total net lettable office areas to reflect current usage). No new supply was completed in this quarter.

As of Q1 2010, overall take-up in the Bangkok office market was 6,832,801 m2, up 0.7% Q-o-Q and 1.2% Y-o-Y. The total occupancy rate also improved slightly from 85% to 85.6% in this quarter.

The vacancy rate was 14.4%, a fall from 14.9% at the end of 2009.

In Q1 2010, the overall rents dropped for the fifth consecutive quarter, since the beginning of 2009. Grade A offices in the CBD area faced a 0.3% Q-o-Q and 3.8% Y-o-Y drop in rents, down to THB 683/m2 in this quarter from THB 685/m2
in Q4 2009.