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Strong Demand for Office Space in Bangkok New Projects

According to JLL’s Thailand Property Intelligence Centre, the Bangkok office market has enjoyed a single-digit average vacancy rate for the second consecutive year in 2015 and is currently standing at 9%. Prime office buildings enjoy lower vacancies, averaging 7%.

Daniel Lorenzzo

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New office development projects in Bangkok slated to open later this year are experiencing strong pre-commitment levels, continuing a trend that began in 2013.

According to JLL’s Thailand Property Intelligence Centre, the Bangkok office market has enjoyed a single-digit average vacancy rate for the second consecutive year in 2015 and is currently standing at 9%.

Prime office buildings enjoy lower vacancies, averaging 7%

Healthy demand for space in new projects is being driven by large domestic and multi-national firms seeking to expand their office footprint, but being faced with limited options in existing buildings as vacancy rates in existing prime office buildings are near all-time lows, according to JLL, a professional services firm specializing in real estate.

One prime example is G Tower on Rama IX Road, the latest addition to The Grand Rama 9 New CBD project, an iconic mixed-use development by Grand Canal Land PCL.

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Planned for completion in the third quarter this year, more than 65% of the office space in G Tower has already been pre-leased.

Krungthai-AXA Life Insurance PCL is G Tower’s first major anchor tenant and will occupy nearly 15,000 sqm when the project completes later this year.

Secured by JLL, Krungthai-AXA Life Insurance’s relocation represents the largest office leasing transaction recorded in Bangkok in 2015. With several other major occupiers presently finalizing negotiations, G Tower should be nearly 100% pre-leased on opening.

Source: Strong Demand for Office Space in New Projects

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Real Estate

Covid-19 puts flexible space markets under strain

Long-term future of flexible space remains bright says JLL, but the global Covid-19 outbreak has had serious negative effects on commercial real estate, including flexible space.

Daniel Lorenzzo

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Despite varied market conditions and end-user demand across the region, the Covid-19 outbreak has put some operators under financial strain

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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Real Estate

Thai Cabinet slashes 2020 property tax by 90%

The Cabinet today approved a 90 percent reduction in the Land and Building Tax this year to help the general public cope with economic disruption from COVID-19, and prevent potential issues with land and building taxation in the future.

National News Bureau of Thailand

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BANGKOK(NNT) – The Cabinet has approved a reduction in Land and Building Tax this year of 90 percent to help ease economic disruption from the COVID-19 pandemic.

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Real Estate

Asia Pacific Commercial Real Estate Investment down 23%

While the short-term outlook is weak, and investor sentiment is expected to remain fragile in the coming months, CBRE expects a quick rebound in activity once the pandemic is contained and travel restrictions are lifted.

Daniel Lorenzzo

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Activity in Japan also remained strong, with transaction volume rising 30%

Asia Pacific commercial real estate investment volume fell to US$22.6 billion in Q1 2020, representing a decline of 23% y-o-y* and marking the lowest quarterly total in almost three years, according to the latest data from CBRE.

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