Bangkok as cheapest office location in Asia Pacific

[webfact]

OFFICE RENTS
Bangkok as cheapest office location in Asia Pacific
The Nation


Some office for rents demand above-average rents, like this fully-equipped facility from Glowfish.

BANGKOK: -- Bangkok became the cheapest office location in Asia Pacific despite the increase in average rents by 5.3 per cent year-on-year for prime grade A CBD office buildings, according to CBRE Global Research and Consulting's semi-annual Prime Office Occupancy Costs survey.

In contrast, Hong Kong remained the highest priced market in the world for the third consecutive year, with three other Asian markets including Hong Kong-West Kowloon and Tokyo in the top five most expensive office locations - reflecting the growing dominance of the region in the global economic scene.

Out of the 127 cities surveyed, Bangkok was ranked at 115th, with the rent of Bt842 per square metre per month. It is 12 positions below Manila and 69 positions below Jakarta, becoming the cheapest in Asia Pacific.

"Bangkok office rents increased for both grade A and grade B offices in CBD and non-CBD areas. The total amount of completed office space is 8.1million square metres and the total take up in Q1 2013 was 35,000 square metres. Around 500,000 square metres of space is expected to be completed in all areas over the next three years. Almost half of this space will be owner occupied and there will be only two new CBD grade A buildings. Rents for prime buildings in Bangkok are going to continue to rise," said Nithipat Tongpun, Executive Director - Head of Office Services at CBRE Thailand.

In contrast, Hong Kong-Central's overall occupancy costs Bt6,539 per square metre per month. Beijing's Finance Street (THB 5,422), Beijing's Jianguomen CBD (THB 5, 200) and New Delhi's Connaught Place CBD (THB 4,974) rounded out the top five. New York's Midtown Manhattan (10th) returned to the top ten markets for the first time since early 2012, joined by Moscow (7th) and London's City (9th).


-- The Nation 2013-06-24

[lee b]

incorrect

[tinhead]

Would like to know what rents are like in Myanmar (capital city, not Rangoon), Lao, Khmer and Vietnam. Suspect those cities weren't counted. Anyone seen the report?

[JeffreyWitty]

hubba-hubba

[Padova44]

Are the rents pro-rated to the rate at which Bankgok is sinking? Between a city built on mud and global warming, folks will soon enough be paid to canoe around Bangkok.

[BrianCR]

office space is 8.1million square metres and the total take up in Q1 2013 was 35,000 square metres. Who wrote this rubbish?

[yoshiwara]

Thailand is a relatively inexpensive base to locate to for managing business elsewhere in Asia, but air fares do cut into that differential.

[ajarnpot]

as the old adage goes you get what you pay for

[IMA_FARANG]

I wonder if that includes the "tea money" required in Thailand to make the "office space" actually available?