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Healthy Outlook

By on Aug 08, 2017 in Office

With strong demand and limited new supply, the Bangkok office market will remain in healthy condition until 2019, according to property consultant.

Nithipat Tongpun, executive director and head of office services with CBRE Thailand, said the market will not experience any oversupply as long as too many new buildings do not complete development at the same time.

“Demand is expected to continue to grow steadily if there is no economic crisis or political unrest, the two only main conditions that discourage demand for office space in Bangkok.”, he said.

As of the first quarter this year, office supply in Bangkok totaled around 8.64 million square metres with an occupancy rate of 90%, down from 92.3% in the fourth quarter last year, according to a CBRE market research report.

Bangkok office market, CBRE Research

Total office supply rose by 1% quarter-on-quarter or 85,000 sq.m. in the first quarter with four new buildings completed. The north tower of G Tower at the intersection of Ratchadaphisek and Rama IX roads, BHIRAJ TOWER at BITEC in Bang Na, M Tower on Sukhumvit Road between sois 62 and 64, and SC Tower on Phahon Yothin Road in the Ari area.

The occupancy rate of all grade A offices in the first quarter dropped to 91.7% from 93.5% in the previous quarter while occupancy of all grade B offices rose slightly to 92.1% from 92%. Read more

Source: Bangkok Post – 31 July 2017

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