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.
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.
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.(more…)
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.(more…)
200,000 doses of COVID-19 vaccine Distributed to 13 Thai provinces
Health authorities are now expected to give the first injection of this COVID-19 vaccine on 1st March, with a subcommittee...
Can the Subscription Economy Save Financial Services?
Going back to the pre-Covid “normal” is not an option for financial services. Fortunately, the rise of the subscription economy...
BoI Plans More Efforts to Promote BCG Economy
BANGKOK (NNT) – The Board of Investment (BoI) is working with related agencies to rev up promotion of the bio-,...
COVID-19 situation in Thailand as of 24 February 2021
The post Coronavirus Disease 2019 (COVID-19) situation in Thailand as of 24 February 2021, 11.30 Hrs. appeared first on TAT...
How can Biden win over a still sceptical Asia?
The United States abandoned economic leadership in Asia four years ago. Rather than promote and strengthen the multilateral institutions and...
Thailand’s Stock Exchange (SET) continues 2nd year of project to tackle global warming
The Stock Exchange of Thailand (SET), jointly with environmental partners, has gained substantial results in reducing greenhouse gas emissions by...
Subscribe via Email
Economics1 week ago
Impacts of global economy and COVID-19 on Thailand
Ecommerce1 week ago
Covid-19 and cyberattacks: which emerging markets and sectors are most at risk?
Asean1 week ago
Canada, Indonesia Trade Talks Begin for Comprehensive Economic Partnership Agreement
Economics1 week ago
BOI Provided Investment Privileges Worth Bt481.15 Billion Last Year