With relatively little new supply in the pipeline, Bangkok’s grade A office sector could be one of the first to rebound when the economic situation improves, according to CB Richard Ellis.
Nithipat Tongpun, CB Richard Ellis (CBRE) head of office services, said prime rental rates in Thailand have not fallen, unlike Singapore and Hong Kong.
The last six months has seen two of the biggest transactions in the history of the office market in Bangkok, including DTAC’s record deal to lease 61,500 sq m in Chamchuri Square, a new grade A office development on Rama IV Road.
Chamchuri Square is the largest office building completed since the 1997 crisis, and over 80 percent of space has been filled since its opening late last year.
