Development in workplace supply to capture proprietors

1.5m sq m of brand-new area within 2 years The conclusion of over 1.5 million square metres of brand-new Bangkok workplace area within the next 2 years continues to put pressure on workplace propertyowners. Ponpinit Upathamp, acting chief monetary officer of SET-listed designer Grand Canal Land, stated the bulk of the brand-new supply would be in the main service district (CBD) place on Rama IV Road. “This brand-new supply will impact the total workplace market in the near future,” he stated. Over the past coupleof quarters, the Bangkok workplace market hasactually seen modifications in workplace area use behaviour amongst renters, particularly those in the monetary and innovation sectors, he stated. “These renters had adjusted their technique to use smallersized areas, impacting workplace propertymanagers throughout the market, with tenancy slowly reducing consideringthat the veryfirst quarter this year,” stated Mr Ponpinit. The tenancy rate of the business’s 3 workplace towers hasactually fallen over successive quarters. The rate fell in the 2nd quarter this year to 84%, down from 87% in the veryfirst quarter. In the 4th quarter of 2022, the rate fell to 90% from 91% tape-recorded in both the 2nd and 3rd quarters. The towers — G Tower, The Ninth Tower and Unilever House — are situated near CentralPlaza Grand Rama IX and the Phra Ram 9 MRT station on Ratchadaphisek and Rama IX roadways. The integrated lettable location of the 3 structures is approximately 145,000 square metres. “Despite the truth that our significant occupants required smallersized areas, they selected to restore their agreements with us since
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