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Bangkok Office Rental Rates Continue to Rise

By on Mar 22, 2016 in Office, Property News

Bangkok office highlights include:
– Grade A CBD rents rose by 5.5% year on year.
– The total net take-up for the overall market in 2015 was 198,000 square meters, increasing by 10% year on year.
– 318,000 square meters of office space are under construction and due for completion between 2016-2018.

For 2016 rents are expected to continue to increase as the vacancy rate is expected to remain lower than 10% with limited new supply. Demand is expected to be static or a little higher compared to 2015. Total Bangkok office supply increased by 0.6% quarter on quarter with 2 large offices being completed; SET @93 Ratchada and Major Tower in the Thong Lor area.

The overall vacancy rate was 8.6%, dropping slightly by 0.2 percentage points quarter on quarter. The total net take-up (growth in the amount of occupied space) for Q4 2015 was 57,500 square metres, an increase of 10% year on year.

About 50%  (about 100,000 square metres) of Bangkok office space is due for completion in 2016 and is already committed through pre-leasing and owner occupied buildings.

As of Q4 2015, the  total amount of occupied office space was up 0.8% quarter on quarter and 2.6% year on year. Grade  A CBD  office rents rose by 1.9% quarter on quarter and 5.5% year on year.

Source: CBRE Research Market View – Bangkok Office, Retail and Luxury Hotel Q4 2015

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