Phnom Penh Tower | Cambodia | Colliers International

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Colliers International Thailand

Phnom Penh Tower, 22 floors, available to move in now, international quality office space in the heart of the CBD in the capital of Cambodia. The country is now attracting serious interest from multinationals wishing to invest as the conditions are favourable.

Phnom Penh Tower | Cambodia | Colliers International

Phnom Penh Tower | Cambodia | Colliers International

Phnom Penh Tower | Cambodia | Colliers International

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Highlights: The metrics for the office market in Q2 2011 remained almost the same as for Q1 2011 A more positive trajectory for the office market could be in store for the future if the political situation is perceived as being more stable. Around 100,000 sq m of office space is set to hit the CBD market in H2 2011. Initial strains expected from new supply in 2011 but a limited amount in the next few years will lead to hardening of occupancy and rental rates. The ASEAN Economic Area comes closer to fruition in 2015 and the service sector can benefit from this. Greek fiscal problems and contagion from other European countries remain a concern going forward. Bangkok contains the most office supply for any city in the ASEAN area.

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Supply growth slowing q/q for Q1 2011 with just around 14,180 sq m being completed, all being community malls. Rentals rates escalated q/q by around 4% and take up increased by approximately 1% for the same period. Consumer confidence and spending over the past year are positively affecting the retail sector as a whole. The trend is not only the development of new retail centres but the renovation of older buildings with outdated retail designs and mix. This flight to the top can only be of benefit to customers and the sector as a whole.

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Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1 2011 than the previous quarter. Rates in Q1 2011 are comparable to those registered in Q1 2010. The trend is still for hotels, especially in Luxury segment, to drive rates down in order to compete and this looks set to continue. A "risk discount" seems to be being applied in the case of hotels in areas deemed prone to further political strife. Middle Eastern, Indian and Chinese visitors continue to be a growing presence in the Bangkok tourism industry especially during the low season. However traditional tourist markets, the mainstay of the Upper/Luxury segment (ULS), have begun to return to the city. The effect of the reduction in long term bookings after events last April and May appears to be abating. Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. Only continued strong growth in tourism can mitigate this situation. There will be no respite for the industry for some time to come.

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New launches in Q1 2011 fell to a more sustainable level following the frenetic previous six months. Concerns of an overheating property market have been allayed as a result. The condominium market has begun the process of consolidation. Within urban Bangkok, the Northern and Southern fringes led the way in new launches with around 15% each for the total of the whole of Bangkok. The Suburban area accounted for around 56% of the total. Around 3,500 units were supplied in Q1 2011, a slight decrease q/q. For the past two years, quarterly additions to new supply have been remarkably stable. The earthquake in Chiang Mai in March 2011 caused many potential buyers to pay attention to the resilience of buildings to damage from such events. More may be required to address these concerns although Bangkok is far from areas prone to serious seismic activity.

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The serviced apartment sector continued to show further signs of recovery from the lows of Q2 2010. Overall rental rates and occupancy were up q/q. It appears that the lingering effects of the April/May events of 2010 which directly impacted areas seems to be dissipating rapidly with Central Lumpini and Central CBD recording very positive figures for Q1 2011. However this is no time for complacency as the sector faces another significant infusion of supply over the course of the year that will put pressure on the gains made over the past six months. The earthquake and tsunami in Japan may have a small short term negative influence, however in the longer term expected increased Japanese investment into Thailand will also positively affect the serviced apartment sector.

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Just over 4,700 units were supplied in Pattaya for 2010 representing a nearly 12 % increase from 2009. This was the greatest addition to supply since 1997. New launches for 2010 amounted to just over 3,420 units. With take up and prices remaining stable it would appear that future growth in condominium developments is running in tandem with the growing popularity of the city as a residential resort area. Pratumnak will be the new darling of the city as developers focus on the natural attraction of Pratumnak hill with its position overlooking the city and access to Cosy Beach. Over 650 units were launched in this area in the second half of 2010. Many local developers are now firmly established in the city along with involvement from a number of listed developers. Pattaya city is appearing on the radar screen for other Bangkok based developers as the city turns into a world class destination and future commercial centre.

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