Is Your Firm Recruiting?

[quiksilva]

Over the past four years the vacancy rates in Bangkok's office market have gradually fallen. This can be partly be explained by new buildings entering the market, but the amount of new supply has also been very limited. Today these new buildings, which would previously fill up over the course of 18 months or so, are reporting much lower than average occupancy rates, with a few at less than 50% over a year after their initial launch. (A few exceptions prove this rule, Chamchuri Square which is now home to DTAC who took 63,000 square meters in what was one of Asia's largest office relocations that year)

Occupiers are staying put and renewing in their existing buildings, so many of these older buildings have been able to maintain their occupancy rates, yet in some cases more space is becoming available.

This could be due to tenants making better use of the space they have, or it could be as a result of cut backs and returning their surplus space. I am aware of examples of both, and fortunately am not aware of many firms closing their doors entirely. What it certainly does not show is any significant expansion.

I have been talking about this with a lot of clients recently, and am curious to hear what are your firms doing?

I have set the poll so you can select only one answer, so select the one which most closely represents your firm's overall policy.

EDIT I had to add an option which contradicts the second question because due to the forum's software you have to answer both questions..

Edited September 22, 2010 by quiksilva

[bkkjames]

First QS, if you are in need of help look me up mate cause I am looking around.

Regarding office space - at my former employer's local at Pacific Place, it seems to be a going the way of a 600 THB sqm shell. Over the last year I have lost count of how many companies have moved out. Grade A pricing but definately not Grade A buidling (esp PP1).

I wonder how Sathorn Square leasing is coming along? When is that due to open?

[quiksilva]

Sathorn Square's show unit has only just finished, the building will officially launch at the end of this / early Q1 2011. I have inspected the building already and I have to say the specifications are absolutely first rate, featuring the best floor to ceiling heights in the city and core-window depth ensures plenty of natural light.

At THB 750-800 per sqm they are in line with market for buildings of this quality, and they are getting a fair few inspections but I'm not sure how many of those are shopping are genuine prospective tenants or are out there gathering benchmarks for renewal purposes (I suspect many are of the latter persuasion)

Edited September 22, 2010 by quiksilva