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Hong Kong office rents highest in Asia, Bangkok rents lag

Proprty Report
Hong Kong office rents highest in Asia, Bangkok rents lag - Thailand - Hong Kong - office property - commercial property

Bangkok office space rents remained stagnant over the past year, while Hong Kong prices are the highest in Asia. Montly office rents in Bangkok at approximately US$22 per sqm are dwarfed by the current prices in Hong Kong’s Central Business District: close to US$164 per sqm, according to the most recent data from CB Richard Ellis (CBRE) Asia Pacific Office Marketview.

Tokyo has the second highest prices at US$109 per sqm with the Nariman Point district in Mumbai coming in third at US$95 per sqm.

The current prices in Bangkok are some of the lowest in Asia, with only Jarkarta and Manila being lower.

Almost eight million sqm of office space is completed in Bangkok with 270,000 sqm of new buildings planned for completion by the end of 2014.

“We are starting to see some increase in demand driven by the overall strength of the Thai economy,” stated James Pitchon, executive director of CBRE Thailand.

Annual new demand for Bangkok office space fell from 2006 to 2009 and improved slightly in 2010, but it is still well below the levels seen between 2000 – 2005.


Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.