http://www.cbre.co.th/en/ CB Richard Ellis Thailand - www.cbre.co.th http://www.cbre.co.th/imgUpload/ResearchTh_17_572012-Jan_Global_View_Point_210-157.jpg Across the economic landscape since the demise of Lehman Brothers in 2008, occasional signs of improvement in the global economies in recent years have contrasted with equally frequent setbacks and new challenges to market stability. With the hindsight of these last few years, the outlook for 2012 http://www.cbre.co.th/en/Global-ViewPoint-January-2012.asp 2012-02-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_58_23Q3_11_Global_Industrial_MV_210-157.jpg The Global Industrial market largely recovered from the supply chain disruptions caused by the Great East Japan Earthquake over the third quarter of 2011. However despite this, industrial production declined on an annual level as expected, as the global restocking of inventories that occurred over http://www.cbre.co.th/en/Global-Industrial-MarketView-Q3-2011.asp 2012-01-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_41_32q3_11_bangkok_residential_mv_210-157.jpg There were significantly fewer new condominium developments launched in downtown Bangkok in Q3 2011 compared to Q2 2011 (1,200 units compared 6,000) but the percentages sold at launch were still good, we estimate that on average 50% of the units were sold at launch. There was a change in the http://www.cbre.co.th/en/Bangkok-Residential-MarketView-Q3-2011.asp 2011-12-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_24_0q3_11_bangkok_overall_mv_210-157.jpg Apartment - Highlights: • In Q3 2011, there was a slight increase in total supply. The total number of apartment units increased 1.0% Q-o-Q and 4.2% Y-o-Y, from 11,839 units in the last quarter to 11,953 units. • Occupancy in Q3 2011 was at 85.7%, a rise from 85.2% in Q2 http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q3-2011.asp 2011-12-06 Articles http://www.cbre.co.th/imgUpload/ResearchTh_57_38q3_11_office_mv_tn_210-157.jpg We saw the first signs of tenants expanding in Q3 of 2011. This was an across the board trend involving both Thai and multinational companies with both existing operations and new start ups. Take up has been declining in the Bangkok office market since 2006 due to a combination political http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q3-2011.asp 2011-11-29 Articles http://www.cbre.co.th/imgUpload/ResearchTh_48_17q3_11_bangkok_retail_mv_210-157.jpg Consumer confidence and spending continued to grow benefiting the retail sector. It is too early to determine what the impact of the floods will be at the time of writing as we do not know what the full extent of the flooding will be. We assume there will be a short term drop in sales as http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q3-2011.asp 2011-11-29 Articles http://www.cbre.co.th/imgUpload/ResearchTh_14_18q3_11_thailand_invest_mv_210-157.jpg Developers were still continuing to buy sites in the central area and along mass transit lines for condominium and housing developments. However, we think that developers are being more cautious as demand from speculators for condominiums has cooled down; now the market is driven by end users and http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q3-2011.asp 2011-11-28 Articles http://www.cbre.co.th/imgUpload/ResearchTh_5_19q3_11_thailand_indus_mv_210-157.jpg The third quarter was positive for the industrial property market with increased sales of serviced industrial land plots (SILPs) and higher take up of ready built factories (RBFs). There was no significant changes in prices or rents. It is too early to judge what will be the long term impact http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q3-2011.asp 2011-11-28 Articles http://www.cbre.co.th/imgUpload/ResearchTh_57_47q3_11 bangkok_luxury_hotel_mv_210-157.jpg The number of disembarking international passengers at all AOT-managed airports in Bangkok increased by 19% Y-o-Y in Q3 2011. The number of tourists arriving in Thailand from East Asian countries, Thailand’s biggest tourist market, increased by 35% Y-o-Y. There was also positive news http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q3-2011.asp 2011-11-28 Articles http://www.cbre.co.th/imgUpload/ResearchTh_16_17q3_11_pkt_residential_mv_210-157.jpg For the villa market, sales activity slowed from the previous quarter, due in part to it being the traditional low season and due to fears over the global and European economy. Approximately 35 villas were reported as sold, an 18% decline from the previous quarter. Statistically the mid-range http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q3-2011.asp 2011-11-23 Articles http://www.cbre.co.th/imgUpload/ResearchTh_8_23q3_11_pkt_hotel_mv_210-157.jpg For many hoteliers in Phuket, this year marks one of the best performing low seasons. Despite concerns over the global economy, the hotel market in Phuket remained vibrant with the number of disembarking international passengers at Phuket International Airport increasing by 39% Y-o-Y to 484,722 in http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q3-2011.asp 2011-11-23 Articles http://www.cbre.co.th/imgUpload/ResearchTh_278Q3-11 Asia Luxury Residential MV-210-157.jpg • Global economy, tightening measures weigh on buyer sentiment Buyers of luxury residential property in Asia turned more cautions in the third quarter under the impact of the faltering recovery in the United States, deepening Eurozone debt crisis and property cooling measures implemented by http://www.cbre.co.th/en/Asia-Luxury-Residential-MarketView-Q3-2011.asp 2011-11-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_47_0Q3-11 AP-Industrial MV-210-157.jpg • Industrial production set to moderate in months ahead Industrial production in major developed Asia Pacific markets cooled in the third quarter, with the Purchasing Managers’ Index (PMI) readings across the region all declining on a q-o-q basis to below 50, indicating the slower http://www.cbre.co.th/en/Asia-Pacific-Industrial-MarketView-Q3-2011.asp 2011-11-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_56_39Q3-11 AP-Retail MV-210-157.jpg <p style="text-align: justify;"> • Retail sales growth begins to slow across the region Retail sales growth remained healthy in most parts of Asia Pacific during the third quarter, rising by 7.6% y-o-y in September (excluding Japan). However, the rate of growth began to slow as consumers http://www.cbre.co.th/en/Asia-Pacific-Retail-MarketView-Q3-2011.asp 2011-11-08 Articles http://www.cbre.co.th/imgUpload/ResearchTh_0_57Q3-11_AsiaPacific_Office_MV-210-157.jpg • Occupier demand remains firm in Greater China but weakens elsewhere Greater China markets with the exception of Hong Kong recorded broad based demand in the third quarter as most sectors continued to expand. Other key markets saw corporate activity decline, however, amid the uncertain http://www.cbre.co.th/en/Asia-Pacific-Office-MarketView-Q3-2011.asp 2011-11-08 Articles http://www.cbre.co.th/imgUpload/ResearchTh_25_10Q3-11_AsiaPacific_CapitalMarkets_MV-210-157.jpg • Market sentiment positive but deal flow weakens towards end of quarter Investors in Asia Pacific remained generally upbeat in most markets during the third quarter despite instability in regional stock markets and the worsening economic situation in the United States and Eurozone. http://www.cbre.co.th/en/Asia-Pacific-Capital-Markets-MarketView-Q3-2011.asp 2011-11-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_272q2_11_Bangkok_Residential_MarketView210-157.jpg <p style="text-align: justify">The number of units launched in Q2 2011 increased following a quiet first quarter. Eight projects with 5,888 units were launched in the downtown area compared to eight projects with 1,409 units in Q1. 68% of the units were one bedroom units. Development activity was http://www.cbre.co.th/en/Bangkok-Residential-MarketView-Q2-2011.asp 2011-09-08 Articles http://www.cbre.co.th/imgUpload/ResearchTh_32_45q2_11_office_market_view_tn210-157.jpg The Bangkok office market became more active in quarter 2 with clearer signs of expansion from existing tenants. The total office supply increased to 7,995,433 sq.m., a 0.1% increase Q-o-Q and 0.2% Y-o-Y. The supply grew upon the completion of KPI Head Office during the quarter. The overall http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q2-2011.asp 2011-09-08 Articles http://www.cbre.co.th/imgUpload/ResearchTh_58_21q2_11_phuket_residential_MarketView210-157.jpg The resort property market continues to strengthen across virtually all sectors. This is despite moving into the low season for tourist arrivals which affect quarters 2 and 3. Good News; Developers and property agents are all reporting increasing enquiries and these are now being translated into http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q2-2011.asp 2011-09-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_46_30q2_11_bangkok_overall_MarketView210-157.jpg Apartment - Highlights: • In Q2 2011, there was a slight increase in total supply. The total number of apartment units increased 0.5% Q-o-Q and 3.2% Y-o-Y, from 11,781 units in the last quarter to 11,839 units. • Occupancy in Q2 2011 was at 85.2%, a rise from 84.9% in Q1 2011. http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q2-2011.asp 2011-09-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_4_49Q2_11_bangkok_retail_MarketView210-157.jpg The Retail Sector exhibited a positive performance the first half of this year led by strong domestic consumption, spurred by rising income levels and an improving economy. Big C and Tesco Lotus introduced a new store format called “Extra” which offers a greater range of products and http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q2-2011.asp 2011-09-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_49_41q2_11_thailand_industrial_market_view210-157.jpg Thailand is enjoying an upturn in foreign direct investment in the auto industry mainly from existing manufacturers expanding production. Capacity utilisation for production of motor vehicles was 96.84% in Q2 2011. The logistics sector is also growing with developers such as Hemaraj and Ticon http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q2-2011.asp 2011-09-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_42_19Q2 2011_phuket_hotel_MarketView210-157.jpg The tourism market in Phuket continues to grow strongly and has been attracting new feeder markets from countries that have been experiencing strong economic growth in recent years. The increasing affluence of the region appears to be indirectly benefiting the tourism market in Phuket. The number http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q2-2011.asp 2011-09-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_28_6Q2_11_thailand_investment_marketview210-157.jpg Overall investor sentiment remains positive. There was healthy demand across all sectors for income producing properties. Demand for land was still strong, although not as strong as the beginning of the year due to developers being more cautious about new condominium projects. During this http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q2-2011.asp 2011-09-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_59_50Q2_11 hotel_market_view210-157.jpg The number of disembarking international passengers at all AOT-managed airports in Bangkok increased by 36% Y-o-Y in Q2 2011. It should be noted that the Y-o-Y growth in tourist arrivals to Bangkok this quarter was inflated by the large decline in tourist arrivals due to the civil unrest that http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q2-2011.asp 2011-09-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_3_16Q2 2011 Global Office MarketView 210-157.jpg OVERVIEW • The global economy presented no shortage of economic headwinds and obstacles for commercial real estate in Q2 2011; nevertheless, property sector fundamentals continued to improve. With the relative drought of new construction, tenants continued to face a shortage of http://www.cbre.co.th/en/Global-Office-MarketView-Q2-2011.asp 2011-09-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_262Global Capital MV 210-157.jpg Overview • Despite the strain imposed by the broader global economy, the CBRE Global Capital Value Index grew 15.2% year over year in Q2. Driven by robust growth, the CBRE Asia Pacific Capital Value Index grew 24.4% year over year in Q2, surpassing all other regions. • Investor http://www.cbre.co.th/en/Global-Capital-MarketView-Q2-2011.asp 2011-09-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_10_33AP lux res 210-157.jpg • Buyer sentiment we akens amid further tightening measures Tightened mortgage lending and rising interest rates continued to impact on buyer demand in most Asian markets in the second quarter of 2011. Concern over the regional economic ouutlook rose as the economic situation in the United http://www.cbre.co.th/en/Asia-Luxury-Residential-MarketView-Q2-2011.asp 2011-08-25 Articles http://www.cbre.co.th/imgUpload/ResearchTh_2_13AP indus 210-157.jpg • Industrial production slows in aftermath of Japan earthquake Industrial production in Asia Pacific slowed in the second quarter as the March 11 earthquake in Japan disrupted regional supply chains. The negative impact is expected to be short-term, however, with the automotive and http://www.cbre.co.th/en/Asia-Pacific-Industrial-MarketView-Q2-2011.asp 2011-08-25 Articles http://www.cbre.co.th/imgUpload/ResearchTh_32_12AP capital 210-157.jpg • Big drop in transaction volume as investors in Asia tread more carefully Transaction volume in Asia Pacific totaled US$9.0 billion in the second quarter of 2011, a decline of 39% q-o-q, as investors in Asia turned more cautious following the March 11 earthquake and tsunami in Japan and http://www.cbre.co.th/en/Asia-Pacific-Capital-Markets-MarketView-Q2-2011.asp 2011-08-24 Articles http://www.cbre.co.th/imgUpload/ResearchTh_23_41global view point210-157.jpg • Standard & Poor's' downgrading of U.S. government sovereign debt was more a catalyst, unleashing negative sentiment, which has built up over recent months, rather than the fundamental cause of recent market volatility. The immediate impact of the downgrade has been to encourage a http://www.cbre.co.th/en/Global-ViewPoint-August-2011.asp 2011-08-19 Articles http://www.cbre.co.th/imgUpload/ResearchTh_50_2ap retail 210-157.jpg • <strong>Retail sales growth remains solid across most key markets </strong>Retail sales growth remained brisk in most parts fo the region during the second quarter, rising by 8.2% y-o-y in May (excluding Japan). Manufacturing activity slowed considerably, however, partly due to disruption http://www.cbre.co.th/en/Asia-Pacific-Retail-MarketView-Q2-2011.asp 2011-08-19 Articles http://www.cbre.co.th/imgUpload/ResearchTh_2_6Ap office MV. 210x157.jpg Overview • Expansionary demand focuses on China whilst flight-to-quality increases Demand for prime office space in Asia Pacific continued to grow in the second quarter with corporates remaining focuses on expanding in the key Greater China markets. However, further deterioration http://www.cbre.co.th/en/Asia-Pacific-Office-MarketView-Q2-2011.asp 2011-08-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_255global office210-157.jpg <p style="text-align: justify">The liberalisation and globalisation of trade have resulted in significant changes in the locations from which corporates operate around the world and, indeed, in the international reach of their office presence. This has substantially increased the number of http://www.cbre.co.th/en/Business-Footprints-Global-Office-Locations-2011.asp 2011-07-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_43_26AP investment VP july 2011 210x157.jpg Markets generally quiet but investor interest remains firm. Real estate investment in Asia Pacific remained subdued in June although some markets including Australia and Malaysia enjoyed busier periods. Market sentiment in Japan continued to recover as investors gradually began to turn http://www.cbre.co.th/en/Asia-Pacific-Investment-ViewPoint-July-2011.asp 2011-07-18 Articles http://www.cbre.co.th/imgUpload/ResearchTh_40_50global view point210-157.jpg Gobal Financial Centers (GFCs) occupy a distinctively important position in the world’s commercial property markets,with major concentrations of high-value real estate and large shares of global property investment. The cities with the highest volumes of office investment transactions in http://www.cbre.co.th/en/Global-ViewPoint-June-2011.asp 2011-07-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_252overallQ1-210-157.jpg Economic Overview - Highlights: • Thai economy expected to expand by approximately 4% this year. • Headline inflation increased this quarter to 3.00%. Core inflation also increased this quarter to 1.5%. • Thailand’s trade balance remained in surplus in Q1 2011, http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q1-2011.asp 2011-07-12 Articles http://www.cbre.co.th/imgUpload/ResearchTh_39_52Global Capital MV210-157.jpg Capital Values The CBRE Global Office Capital Value Index increased 12.0% in Q1 2011, representing a strengthening of the positive trend evident for the past three quarters, which produced year-over-year gains of 2.3% and 10%, respectively. The Americas Capital Value index rose 9.5% http://www.cbre.co.th/en/Global-Capital-MarketView-Q1-2011.asp 2011-07-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_250res sales 210-157.jpg <p style="text-align: justify">Condominium developers started 2011 in a cautious mood and we saw few of the large listed companies launching new developments. The size of the developments in terms of unit numbers were smaller and there were more non-listed developers than listed developers. <p http://www.cbre.co.th/en/Bangkok-Residential-MarketView-Q1-2011.asp 2011-06-23 Articles http://www.cbre.co.th/imgUpload/ResearchTh_249phuket hotel mv 210-157.jpg This was a new record for quarterly arrivals. According to the Airports of Thailand Public Company Limited (AOT), international disembarkations at Phuket International Airport were 649,335, an increased of 26% Y-o-Y. The Average Daily Rate (ADR) of upscale hotels decreased by 1.9% Y-o-Y. http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q1-2011.asp 2011-06-23 Articles http://www.cbre.co.th/imgUpload/ResearchTh_6_11phuket residential MV q1 2011 210x157.jpg We are seeing a recovery in both the resort villa and condominium market in Phuket. The market today is very different from the one that existed before the global financial crisis. The “west is best” in terms of location. The villa market is improving at the top end but most http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q1-2011.asp 2011-06-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_17_43hotel mv q1 2011 210x157.png The number of disembarking international passengers at all AOT-managed airports in Bangkok increased by 9% Y-o-Y while tourism in Phuket grew strongly with the number of disembarking international passengers increasing by 26%Y-o-Y in Q1 2011. As the result of the growth in the tourism market http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q1-2011.asp 2011-06-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_53_59Asia investment VP 210x157.jpg Investor sentiment still upbeat but transaction volume remains low Asia Pacific markets remained largely quiet in May although Taiwan, Korea and Australia recorded an increase in activity following a slow first quarter. Investor interest in post-quake Japan began to recover during the month http://www.cbre.co.th/en/Asia-Pacific-Investment-ViewPoint-June-2011.asp 2011-06-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_4_5Thailand investment MV q1 2011 210x157.jpg There was still demand for development sties but condominium developers were possibly becoming more cautious because the market slowdown in Q1 2011. Although the Bank of Thailand increased the policy interest rate by 25 bps twice this quarter to 2.50% per annum, yields for property investments http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q1-2011.asp 2011-06-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_56_56Thailand Industrial MV - q1 2011 210x157.jpg Total Serviced Industrial Land Plots (SILPs) sales increased from 882 rai (352.8 acres) in Q1 2010 to 1,187 rai (474.8 acres) in Q1 2011 which is a 34.6% increase Y-o-Y but a 39.8% decrease Q-o-Q. In Q1 2011, the total supply of SILPs remained unchanged at 103,769 rai (41,507.6 acres). This http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q1-2011.asp 2011-06-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_54_44retail q1c210-157.jpg <p style="text-align: justify">The economic recovery in the fourth quarter of last year improved consumer confidence which had a knock on impact on shopping patterns, with increased retail spending this quarter. <p style="text-align: justify">Supply is set to increase going forward, based on http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q1-2011.asp 2011-06-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_20_27global industrial210-157.jpg <p style="text-align: justify"> A tightening supply pipeline has led to better than anticipated rental growth The Global Financial Crisis hangover is still with us and in some ways may have lasting affects that will permanently change the Global Industrial market going forward. Cost http://www.cbre.co.th/en/Global-Industrial-MarketView-Q1-2011.asp 2011-06-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_58_23global retail mv 210-157.jpg • Rents are rising again Increased demand for the limited amount of prime space has led to a small increase in prime rents on a global basis. In Asia, rents are rising steadily, underpinned by the ongoing expansion by international luxury and fast fashion brands. Rental growth in the http://www.cbre.co.th/en/Global-Retail-MarketView-Q1-2011.asp 2011-06-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_16_37global office-210-157.jpg <p style="text-align: justify"> Global Office Rental Recovery <p style="text-align: justify">According to CB Richard Ellis’ Global Office Rent Index, all regions experienced year-overyear increases in their rents in Q1 2011, with the global index increasing by a healthy 4.3%, up from its http://www.cbre.co.th/en/Global-Office-MarketView-Q1-2011.asp 2011-06-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_52_25AP viewpoint210-157.jpg The Great East Japan Earthquake: A Preliminary Assessment of Real Estate Impacts Since the Great East Japan Earthquake struck off the Pacific coast of Japan on March 11, 2011, all-out restoration efforts by the Japanese government and civil sectors have progressed quickly. For those not http://www.cbre.co.th/en/Asia-Pacific-ViewPoint-May-2011.asp 2011-05-30 Articles http://www.cbre.co.th/imgUpload/ResearchTh_30_18ap residential210-157.jpg • Governments across Asia continued to introduce cooling measures during the first quarter as they attempted to rein in surging residential prices. Trading volume in China, Hong Kong and Singapore fall during the period. Prices nevertheless remained on an upward trend although most cities http://www.cbre.co.th/en/Asia-Luxury-Residential-MarketView-Q1-2011.asp 2011-05-27 Articles http://www.cbre.co.th/imgUpload/ResearchTh_237ap indus210-157.jpg • Export growth across Asia Pacific remained brisk in the first quarter of 2011 on the back of strong intra-regional trade. The Great East Japan earthquake is set to dampen industrial production although the impact is not expected to persist for long.   • Expansionary activity http://www.cbre.co.th/en/Asia-Pacific-Industrial-MarketView-Q1-2011.asp 2011-05-27 Articles http://www.cbre.co.th/imgUpload/ResearchTh_52_37Off MV-210-157.jpg As of Q1 2011, the total office supply remained at 7,984,423 sqm., a 0.1% increase Y-o-Y, with no increase this quarter. The overall take-up in the Bangkok office market was 6,895,475 sqm., up by 0.1% Q-o-Q and 0.9% Y-o-Y. The occupancy rate improved marginally from 86.3% in the previous quarter http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q1-2011.asp 2011-05-27 Articles http://www.cbre.co.th/imgUpload/ResearchTh_56_59ap capital 210-157.jpg • Investment activity falls slightly Transaction volume in Asia Pacific fell slightly in Q1 2011 to be US$14.4 billion, however it remains comfortably above the quarterly average.  There was a large variation in activity across the region, with a rise of 8% in Asia and a fall of 69% http://www.cbre.co.th/en/Asia-Pacific-Capital-Markets-MarketView-Q1-2011.asp 2011-05-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_45_57ap retail 210-157.jpg • Greater China underpins solid retail sales growth Retail sales growth in most Asia Pacific markets continued to expand in the first quarter with Greater China and selected Southeast Asian cities leading the way.  Consumer confidence dipped in a number of markets following the March http://www.cbre.co.th/en/Asia-Pacific-Retail-MarketView-Q1-2011.asp 2011-05-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_41_28ap-office 210-157.jpg <p style="text-align: justify"> • Expansionary demand continues to grow in first quarter Corporate expansion remained the major demand driver for prime office space in Asia Pacific during the first quarter of 2011, with occupiers particularly active in absorbing space in the leading http://www.cbre.co.th/en/Asia-Pacific-Office-MarketView-Q1-2011.asp 2011-05-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_39_31apivp-210-157.jpg Investment markets record quiet month but sentiment still positive • April was largely a quiet month for real estate investment in Asia Pacific although some markets, most notably Australia, showed signs of increased activity following a slow start to the year. A number of countries http://www.cbre.co.th/en/Asia-Pacific-Investment-ViewPoint-May-2011.asp 2011-05-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_16_26apivp-210-157.jpg Steady month for investment deals as markets shrug off Japan quake • Real estate investment activity in Asia Pacific remained generally steady in March as several countries gradually got back into gear following the Chinese New Year holidays. Selected markets saw some investors adopt a more http://www.cbre.co.th/en/Asia-Pacific-Investment-ViewPoint-April-2011.asp 2011-04-18 Articles http://www.cbre.co.th/imgUpload/ResearchTh_230global retail busi 210-157.jpg Global Retailers Seek Growth In Emerging Destinations <p style="text-align: justify"> Dubai Challenges London as Leading Global Retail Hotspot Emerging markets are benefiting from the ongoing global economic instability as international retailers target economies with the best growth http://www.cbre.co.th/en/Bangkok-retail---how-global-is-the-business-of-retail-2011.asp 2011-04-18 Articles http://www.cbre.co.th/imgUpload/ResearchTh_229PKT res 210-157.jpg Phuket saw record tourist arrivals in quarter 4, 2010. We have started to see a recovery in property sales with activity at the very top and bottom ends of the market but more limited demand for mid range condominiums and villas. The supply of completed resort condominiums was approximately 3,500 http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q4-10.asp 2011-03-29 Articles http://www.cbre.co.th/imgUpload/ResearchTh_28_55PKT hotel210-157.jpg This was a new record for quarterly arrivals. According to the Airports of Thailand Public Company Limited (AOT), international and domestic disembarkations at Phuket International Airport increased by 33.7% Y-o-Y and fell by 0.1% Y-o-Y, respectively. The Average Daily Rate (ADR) of upscale http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q4-10.asp 2011-03-29 Articles http://www.cbre.co.th/imgUpload/ResearchTh_227global office mv-210-157.jpg OVERVIEW FOR ALL REGIONS • Overall Global Economy Although commercial real estate and the global economy are recovering from the global financial crisis, both are doing so at a disjointed pace, with some regions and property types healing faster than others.  For some http://www.cbre.co.th/en/Global-Office-MarketView-March-2011.asp 2011-03-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_34_15overall 210-157.jpg <strong>Economic Overview - Highlights: </strong>• In Q4 2010 Thailand's GDP grew by 7.8% Y-o-Y and 1.2% Q-o-Q. • Headline inflation increased by 47% Y-o-Y to 2.8%. Core inflation increased significantly Y-o-Y but remained unchanged from last quarter. • Unemployment rate http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q4-2010.asp 2011-03-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_22_56res sales 210-157.jpg The various sectors of the Bangkok condominium market performed differently during quarter 4 of 2010. In the second half of 2010, there was a rush from developers to launch one bedroom units, especially units close to mass rapid transit stations, while there were fewer launches of larger size two http://www.cbre.co.th/en/Bangkok-Condo-Residential-Sales-MarketView-Q4-2010.asp 2011-03-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_18_45investment 210-157.jpg Despite the Bank of Thailand announcing measures of decreasing LTV’s for condominium to 90% and the LTV’s for houses to 95% to cool the property market, developers still continued to acquire sites for residential projects. There have been concerns about an influx of foreign money into http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q4-2010.asp 2011-03-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_20_18res leasing MV-210-157.jpg The rent of apartment in the main expatriate rental area was decreased a little bit as the developer recognize the competition with the newly completed condominium. Tenants prefer new buildings with modern facilities such as wi-fi internet access, attractive common areas, well equipped fitness http://www.cbre.co.th/en/Bangkok-Residential-Leasing-MarketView-Q4-2010.asp 2011-03-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_13_53Indus MV210-157.jpg Total Serviced Industrial Land Plots (SILPs) sales increased from 477 rai (190.8 acres) in Q3 2010 to 1,971 rai (788.4 acres) in Q4 2010 which is a 313.2% increase Q-o-Q. 3,622 rai (1,448.8 acres) were sold in 2010, while only 901 rai (360.4 acres) were sold in the previous year. The total value http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q4-2010.asp 2011-03-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_18_12BKK retail MV 210-157.jpg The Retail Sales Index increased to 169.16 in November from an average of 163.95 in the previous quarter, while the Consumer Confidence Index (CCI) rose to 80.8 in December from an average of 80.5 in Q3. In comparison with 2009, the value of credit card spending in Q4 2010 rose significantly. An http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q4-2010.asp 2011-03-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_11_33BKK hotel MV210-157.jpg The number of disembarking international passengers at all AOT-managed airports in Bangkok increased by 24% Q-o-Q and 9% Y-o-Y. Tourism in Phuket also continued to grow rapidly with the number of disembarking international passengers increasing by 34% Y-o-Y in Q4 2010. The growth in the number of http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q4-2010.asp 2011-03-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_219BKK Off MV-210-157.jpg The total office supply, by the end of Q4 2010, rose to 7,984,423 sq.m., a 0.1% increase Q-o-Q and 0.01% Y-o-Y. The supply grew by 5,880 sq.m. upon the completion of Sivatel during the quarter. The overall take-up in the Bangkok office market was 6,891,574 sq.m., up by 0.4% Q-o-Q and 1.5% Y-o-Y. http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q4-2010.asp 2011-03-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_2182h10REITS-210-157.jpg Asian REIT markets strengthened in the second half of 2010 as acquisition activity rose and interest in IPO activity intensified. The total market capitalisation of Asian REITs rose by 46.8% y-o-y to US$95 billion for the whole year, with stellar growth recorded in the second half following the http://www.cbre.co.th/en/REITS-Around-Asia-2H-2010.asp 2011-03-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_217AIMV 2H 10-210-157.jpg Activity in the Asian real estate investment market continued to gain momentum towards the end of the year, underpinned by the rapid resurgence of capital values for prime investment grade properties, improved business sentiment and strong investor confidence. Hong Kong was the standout performer, http://www.cbre.co.th/en/Asia-Investment-MarketView-2H-2010.asp 2011-03-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_216AMV Q410-210-157.jpg Asian commercial property markets continued to benefit from improved business sentiment in the fourth quarter of 2010 as multinational companies focused on growth markets in the region and Asian corporations expanded to capture a larger market share. Overall office rents in Asia rose by 3.9% q-o-q http://www.cbre.co.th/en/Asia-MarketView-Q4-2010.asp 2011-03-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_24_15PKT hotel210-157.jpg The third quarter of 2010 has shown sustained tourism demand despite the ongoing Euro zone debt crisis, the slow global economic recovery, and the rapid appreciation of the Thai baht. However, the performance of hotels continue to lag behind improvements in tourism numbers. The Average Daily Rate http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q3-10.asp 2011-01-19 Articles http://www.cbre.co.th/imgUpload/ResearchTh_24_5PKT res 210-157.jpg In the third quarter we saw a continued recovery in tourism arrivals and expect that this trend will continue into the high season in the fourth quarter. The best performing sectors of the property market were in the very best properties that have sea frontage with an established reputation and http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q3-10.asp 2011-01-19 Articles http://www.cbre.co.th/imgUpload/ResearchTh_1_52Global Office Development Cycle210-157.jpg Since the turn of the new millennium, the world’s advanced economies have begun to lose their pre-eminent position of holding a majority share in the world’s markets, and the proportionate share held by the world’s emerging economies has soared. This fact has already begun to http://www.cbre.co.th/en/Special-Report-Global-Office-Development-Cycle.asp 2011-01-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_212AREMM210-157.jpg China, Japan lead the way in strong close to 2010 • December was a busy month in China and the period saw the completion of several major deals. Domestic investors accounted for the bulk of transactions and the period saw CITIC Group acquire the last prime office development site in the http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---January-2011.asp 2011-01-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_211Global MV210-157.jpg 2011 OUTLOOK FOR OFFICE REAL ESTATE Introduction Economies and commercial real estate markets around the world are “getting better.” Life signs are positive—not perfect—and they seem to improve with each passing day. However, while markets have improved, they http://www.cbre.co.th/en/Global-MarketView-December-2010.asp 2010-12-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_59_31AREMM-210-157.jpg Steady month for investment markets as year-end approaches • November was a steady month in China and the period saw the largest en-bloc commercial property deal completed in Beijing so far this year. Deals generally involved domestic buyers and sellers as foreign investors remained http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---December-2010.asp 2010-12-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_33_34BKK res sales MV210-157.jpg The condominium sector is clearly split into two areas that are at different stages of their cycles. The market for larger downtown units has been slow with few new project launches and the clearing of constructed-but-unsold inventory by developers using discounts and promotions. The focus http://www.cbre.co.th/en/Bangkok-Condo-Residential-Sales-MarketView-Q3-2010.asp 2010-12-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_208overall 210-157.jpg Economic Overview - Highlights: • In Q3 2010 Thailand's GDP grew by 6.7% Y-o-Y and contracted by 0.2% Q-o-Q.  • Core and headline inflation remained relatively unchanged with only a slight fluctuation in core inflation.  • Unemployment rate remained low, at 0.9 http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q3-2010.asp 2010-12-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_40_49TH invest MV210-157.jpg The market is dominated by Thai investors. Low deposit rates of less than 1.5% and limited alternative investment opportunities drove money into the property market, both from retail investors and companies whose core business is not property. Income-producing properties are still in high demand http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q3-2010.asp 2010-12-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_36_42Indus MV210-157.jpg 477 rai (190.8 acres) of Serviced Industrial Land Plots (SILPs) were sold in Q3 2010. Total SILP sales increased by 63.4% Q-o-Q and 102.1% Y-o-Y. 1,651 rai (660.4 acres) were sold in the first three quarters of 2010, while only 580 rai (232 acres) were sold in the first three quarters of the http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q3-2010.asp 2010-12-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_27_25BKK res sales MV210-157.jpg The retail sector, which was hit hard during the second quarter, showed an improvement in this quarter. The Retail Sales Index increased to 161.45 in August from an average of 157.7 in the previous quarter, while the Consumer Confidence Index (CCI) rose from 77.1 by the end of the previous quarter http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q3-2010.asp 2010-12-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_27_8BKK hotel MV210-157.jpg The hotel sector in Bangkok saw increased levels of tourists only a few months after the political unrest which had resulted in the closure of many hotels in the central business district. The improvement indicates the strength and the resiliency of the Thai tourism market. The number of http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q3-2010.asp 2010-12-09 Articles http://www.cbre.co.th/imgUpload/ResearchTh_18_9BKK res leasing MV-210-157.jpg Number of expatriate in Thailand increased slightly in Q3 2010. However, the occupancy rate dropped to 84.5%, recognizing the competition of newly complete condominiums. The rent of apartment in the main expatriate rental area was decreased a little bit. Tenants prefer new buildings with modern http://www.cbre.co.th/en/Bangkok-Residential-Leasing-MarketView-Q3-2010.asp 2010-12-09 Articles http://www.cbre.co.th/imgUpload/ResearchTh_16_55BKK Off MV210-157.jpg The total office supply in Bangkok stood at 7,978,543 sqm at the end of Q3 2010, up 1.5% Y-o-Y. No new supply was completed in this quarter. The overall take-up in the Bangkok office market was 6,866,172 sqm, up 0.1% Q-o-Q and 1.4% Y-o-Y. The total occupancy rate also improved slightly from http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q3-2010.asp 2010-12-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_201AIMV q310-210-157.jpg Demand for commercial property in Asia continued to be active in the third quarter of 2010 as the improved regional economic environment encouraged multinationals to roll out new business start-ups and implement expansionary plans. Although there are concerns that the possibility of a slower http://www.cbre.co.th/en/Asia-MarketView-Q3-2010.asp 2010-11-30 Articles http://www.cbre.co.th/imgUpload/ResearchTh_200AIMV q310-210-157.jpg <p style="text-align: justify">Activity in the Asian real estate investment market rose significantly during the third quarter of 2010 and the period saw a noticeable improvement in investor sentiment. The quarter saw most of the region’s major real estate markets regain momentum after they http://www.cbre.co.th/en/Asia-Investment-MarketView-Q3-2010.asp 2010-11-24 Articles http://www.cbre.co.th/imgUpload/ResearchTh_11_26grrq310_thumbnail.jpg <p style="text-align: justify">The global economic recovery is well underway but the pace of recovery varies significantly by region and between the mature and emerging markets. <p style="text-align: justify">Growth is slower in the more advanced markets as high levels of unemployment hold back http://www.cbre.co.th/en/Bangkok-Retail-Global-Retail-MarketView-Q3-10.asp 2010-11-19 Articles http://www.cbre.co.th/imgUpload/ResearchTh_11_33Global MV office rent cycle Q310-210-157.jpg Overview As economic sentiment has picked up in most regions across the globe, levels of occupier demand are starting to show signs of improvement. More companies are looking to expand and net absorption is positive in a number of markets this quarter including Hong Kong, Washington D.C and http://www.cbre.co.th/en/Global-MarketView-Office-Rental-Cycle-Q310.asp 2010-11-18 Articles http://www.cbre.co.th/imgUpload/ResearchTh_196Global Office Rents-nov10-210-157.jpg Global Economies As measured by headline GDP, the global recovery continues to take hold—albeit at a more moderate pace—as we move through 2H 2010. In 3Q, the world’s economic output grew at a pace of 2.3% on an annualized basis. By comparison, economic growth has averaged http://www.cbre.co.th/en/Global-Office-Rents-November-2010.asp 2010-11-18 Articles http://www.cbre.co.th/imgUpload/ResearchTh_16_43REITS-210-157.jpg Asian REITs witnessed mixed fortunes in the first half of 2010 with some markets seeing increased IPO and acquisition activity and others enduring delisting applications, mergers and consolidations. REITs in Japan, Taiwan, Korea and Hong Kong outperformed their respective stock markets, all of http://www.cbre.co.th/en/REITS-Around-Asia-1H-2010.asp 2010-11-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_16_38AREMM-210-157.jpg <p align="left"> Markets witness quiet month but sentiment remains positive • Investment activity in China remained largely muted although a number of major office transactions remained under discussion and were edging closer to completion. A dichotomy between the residential and http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---November-2010.asp 2010-11-10 Articles http://www.cbre.co.th/imgUpload/ResearchTh_21_17AREMM 230-160.jpg Asian investment markets remain upbeat as third quarter closes • China saw a steady flow of small transactions and a number of big deals were under discussion, although nothing major closed. Buyers and sellers remained split between foreign and domestic investors although the former http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---October-2010.asp 2010-10-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_193PKT res 230-160.jpg The Phuket market is starting to move forward and in our view is set to establish a redefined character in the nature of products that are saleable, the method by which they can be successfully developed, and the type of developer that can capitalise on this new order. The signs are there in http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q2-10.asp 2010-10-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_192PKT hotel 230-160.jpg The hotel market in Phuket in the second quarter of 2010 did not experience the same growth momentum as the previous quarter but still showed resilience against domestic political turmoil and the global economy. The Average Daily Rate (ADR) of selected hotels increased by 3.1% Y-o-Y. Luxury hotels http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q2-10.asp 2010-10-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_191TH invest MV 230-160.jpg Yields for income-producing property investments have remained flat for the second quarter of 2010, with no notable changes from the previous quarter. The benchmark interest rate remained the same during Q2 2010 at 1.25% per annum, increasing by 25 bps in July 14th 2010. This level of interest http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q2-2010.asp 2010-09-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_190BKK overall MV 230-160.jpg The second quarter of 2010 was dominated by the occupation of Central Bangkok by protestors and their forced removal by security forces on May 19th. Overall the turmoil had little short-term effect on the Bangkok property market with the exception of hotels. The Zen Department Store which forms http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q2-2010.asp 2010-09-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_189BKK res leasing MV 80-60.jpg Despite the global economic situation there has been no sign of a mass exodus of expatriates which would lead to a collapse in demand for apartments. The occupancy rate dropped to 87.1% in Q2 2010. However, future supply is limited. Historically single ownership apartment buildings have http://www.cbre.co.th/en/Bangkok-Residential-Leasing-MarketView-Q2-2010.asp 2010-09-14 Articles