Office vacancy in Asia Pacific continued a slow decline in Q1 2012, however, this trend is likely to end in Q2, given slowing occupier demand and new supply coming online across the region, according to the latest Asia Pacific Office MarketView report published by CBRE, the world’s leading commercial real estate services firm.
The minor dip in overall office vacancy in Asia Pacific resulted from diverging performance in markets across the region. Nearly half the countries in Asia Pacific recorded a drop in vacancy, slightly offsetting those regions that experienced an increase in vacancy. In Asia, overall vacancy in Bangkok, Hong Kong, Shanghai and Beijing continued to decline, while Tokyo, Singapore, Kuala Lumpur and New Delhi all saw vacancy rise.
In Bangkok, the Grade-A CBD vacancy rate fell to 18.3%, down from 20.5% in Q4 2011, as space in 2 new buildings completed in late 2011 was gradually filled. Limited future supply and steady leasing momentum will support further rental growth in 2012.
Demand for office space in other cities in Asia Pacific weakened further in Q1 2012, as corporates continued to seek opportunities to reduce real estate costs via consolidation and/or relocation. This trend is spurring the release of secondary space in a number of key markets, which will continue to exert pressure on vacancy. Demand for large floor plates also fell during the quarter, with most leasing deals completed over the period for smaller spaces. In terms of industry sector, financial institutions—particularly major international banks—remained generally inactive. Professional services including IT and consumption-related sectors accounted for the bulk of office leasing demand.
Thailand’s Prime Minister concerned over illegal gambling during Euro 2020
Police in Thailand is tasked with monitoring illegal gambling. Raids regularly take place resulting in fines and or jail time for people found to be hosting or playing in illegal gambling events.
Thailand maintains Emergency Decree while easing Covid-19 restrictions
The Center for COVID-19 Situation Administration (CCSA) has extended the Emergency Decree until November 30th, but further relaxed some measures.
Thailand Raises Public Debt Ceiling from 60% to 70% of GDP
Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60%...
Thailand Approves Package to Attract Wealthy Foreigners and Professionals
Thailand’s Cabinet has approved an economic stimulus and investment promotion package aimed at attracting wealthy foreigners and highly skilled professionals...
The Role of Telemedicine Today: During and Beyond the COVID-19
Lockdowns, quarantine periods, and hospitals fast filling to the brink needed the medical community to come up with solutions fast....
Malaysia, Thailand banks to join the ASEAN Banking Integration Framework
Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to...