BANGKOK RANKED 92ND IN GLOBAL OFFICE RENTS

Real Estate Press Releases Tuesday June 26, 2018 14:23
Bangkok--26 Jun--CBRE Thailand
Bangkok, 26 June 2018 – CBRE Research has just released the 2018 Prime Office Occupancy Costs report which surveys the rents of the most prime office building in 120 cities around the world.

Based on the survey, Bangkok was the 92nd most expensive city with the most prime offices, as of Q1 2018, achieving average rent at THB 1,186 per square metre per month. Hong Kong (Central) had the most expensive prime office rents at THB 8,673 per square metre per month. This is followed by London's West End and Beijing's Finance Street at THB 6,649 and THB 5,684 per square metre per month, respectively.

Global Prime Office Occupancy Costs
Source: CBRE Research, Q1 2018
Note: Office rents include service charges and taxes and are standardized on a net internal area basis.
Exchange rate as of Q1 2018 according to Bank of Thailand: USD 1 = THB 31.54

Palma de Mallorca, Spain, had the cheapest prime office rent out of total 120 cities in the survey achieving rents of only THB 505 per square metre per month. Cape Town, South Africa and Montreal (Suburban), Canada, were the second and third cheapest office rents at THB 587 and THB 632 per square metre per month.

On the bright side, Bangkok was the city with the second largest annual increases in prime rents with the best buildings like Gaysorn Tower at Ratchaprasong intersection, seeing a 16.9% annual increases in US dollar terms. Durban in South Africa had the biggest increase with a 21.4% rise compared to last year. At the other end of the scale, Dubai, Shanghai (Puxi) and Midtown Manhattan, New York, saw the biggest drops in rental with falls of between 9.4% – 15.4%.

CBRE Research expects that Bangkok's office rents will continued to rise for the next three years and that the best buildings will command a premium over average grade A office rents.
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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE established an office in Bangkok in 1988, followed by its Phuket office in 2004. CBRE Thailand has grown to be the leading real estate services provider, offering strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; appraisal and valuation; and research and consulting. Please visit our website at www.cbre.co.th


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