In Q3 2012 the total number of downtown apartment units decreased slightly by 0.8% Q-o-Q and 2.4% Y-o-Y, from 11,763 units in the last quarter to 11,671 units this quarter. This is because one apartment was demolished and one was converted into an office building.
Occupancy in Q3 2012 was 88.6%, up from 88.3% in Q2 2012. A total of 10,380 units were occupied this quarter, up from 10,346 units in the last quarter.
The Central Lumpini area posted the best results and the highest achieved rents with Grade A rents of THB 466 sq.m./month, down 3.0% Q-o-Q and up 7.7% Y-o-Y.
The number of expatriates holding work permits in Thailand increased 14.1% Y-o-Y, increasing from 103,929 in Q2 2012 to 109,405 in Q3 2012.
Japanese nationals made up 24% of the total. In addition, work permits of Chinese nationals increased by 15% Q-o-Q.
Nine projects were launched in Q3 2012 in the downtown area. The number of newly launched units increased from 808 units in the previous quarter to 5,372 units in this quarter. Fifty-seven percent of the units in newly launched projects were one-bedroom, followed by two-bedroom units accounting for 17%.
Is There a Silver lining amid COVID-19?
Thinking of the future impact of this pandemic on office buildings, it may have already dawned on many of us that a majority of potential long-term trends and health measures will become permanent work-life features in the times to come.
The time is ripe to embrace Industry 4.0
Traditional brick-and-mortar retail has suffered tremendously, as countries have been implementing effective stay-at-home and social distancing policies to mitigate virus spread, while those worst hit have enacted strict draconian lockdowns
We have entered a time where, seemingly, interconnectedness is the new enemy, staying in is the new going out, and antisocial is the new social. COVID-19 has brought us on the cusp of growing accustomed to new norms and sounded a wake-up call in terms of how we live.
Covid-19 puts flexible space markets under strain
In the wake of operator defaults, landlords will be forced to re-evaluate the role of flexible space in their portfolios.
The global Covid-19 outbreak has had serious negative effects on commercial real estate, including flexible space. Of late, many operators have experienced the flexible nature of the business working against them, as many occupiers have opted to surrender desks and implement work-from-home plans.
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