Thursday 23 November 2017

Bangkok office occupancy rate hits 20-year high

CBRE, the international real estate consultancy, reported that despite rising rents and political unrest, office vacancy rates in Bangkok fell below 10 percent last year for the first time in two decades.

Bangkok office occupancy rate hits 20-year high

Sathon Square Tower, one of Bangkok's newest office buildings. Photo: Skyscrapercity

March 3, 2014

CBRE said political unrest over the past four months, including daily anti-government protests in the capital, has had little impact on office occupancy rates.

James Pitchon, executive director of CBRE Research and Consulting said "the total office stock in Bangkok was 8.1 million square metres at the end of 2013 and the occupancy rate was 90.4 per cent."

He also added that rents rose 5-9 per cent year-on-year, depending on quality and location of the building.

Bangkok office rents are still among the cheapest in the region, costlier only than those of Manila, Wellington and Canberra while office rents in central Hong Kong are six times more expensive than in Bangkok.

CBRE forecast office rents to rise further in the near future due to a limited number of new properties coming on the market by 2016.

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