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Bangkok Office Rents Continue to Rise Q4 2013

By on Mar 10, 2014 in Research

Bangkok Office MarketView, Q4 2013

Bangkok Office MarketView Q4 2013Office rents increased for both grade A and grade B offices in CBD and non-CBD areas. The highest rents were in new grade A buildings in the CBD. In Q4 2013, average rents for grade A office space in the CBD rose by 1.2% Q-o-Q and by 7.0% Y-o-Y to THB 820 per square metre per month. We expect rents will continue to grow but at a slower rate as office buildings that command a premium rent are almost full.

At the moment the spread between average CBD Grade A rents, THB 820 per square metre per month and Grade B non CBD rents, THB 540 per square metre per month is only THB 280 per square metre per month.

We saw that some grade B CBD offices located near mass transit stations achieved higher rents than those of grade A CBD offices located farther away from mass transit stations.

Based on the projects that have already been announced, 450,000 square metres of new office space will be completed between 2014-2016. Bhiraj Tower, AIA Sathorn Tower and FYI Centre are the only projects that will be developed in the CBD but only Bhiraj Tower and AIA Sathorn Tower will be Grade A offices. Currently, 57% of the total anticipated new space will be Grade A office buildings and only 30% of the office space under construction will be in the CBD.

This is an extract from Bangkok Office MarketView Q4 2013, click to download the full report at Bangkok Office Marketview.

Toby has been living in Bangkok for a number of years and has a strong research background. With his years in Thailand Toby brings a wide range of property knowledge to his research writing

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