Bangkok’s Office Rents Rising

[george]

Bangkok’s office rents rising

BANGKOK: -- Office rents in Bangkok’s central business district are expected to continue to rise steadily because of the shortage of space, according to the latest research released on Monday by the property consultant Jones Lang La Salle.

This may lead to the resumption of previously abandoned projects, the property experts said.

Less than twenty percent of the city’s office space is currently vacant, compared to the peak vacancy rate of a third.

Seven office buildings now under construction are projected to add 240,000 square metres to the city’s office space within the next year. There is currently 7.2 million square metres of office space available in Bangkok, according to the Jones Lang La Salle report.

As the market for office space rental picks up, there are incentives for developers to start new building projects, the chief researcher at Jones Lang La Salle, Benjawan Lueprayoon told TNA.

At present, top grade office space in Bangkok’s central business district can fetch as much as 540 to 640 baht per square metre per month.

In the next two years, due to limited supply and growing demand, the rate could soar to as high as 800 baht per square metre, Ms. Benjawan said.

--TNA 2005-05-16

[~G~]

At present, top grade office space in Bangkok’s central business district can fetch as much as 540 to 640 baht per square metre per month.

In the next two years, due to limited supply and growing demand, the rate could soar to as high as 800 baht per square metre, Ms. Benjawan said.

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Some places are already charging 700-750