Bangkok retail space limited despite growth
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Downtown Bangkok retail space is limited until the end of the year, according to a second-quarter report by property consultant Edmund Tie Thailand.
Total retail stock downtown was 1.34 million sqm for the period, with three retail completions totalling 12,513 sqm as well as one of 6311 sqm in midtown. The next project is set for completion in the first quarter of next year.
Average occupancy levels in the downtown for the quarter were steady at 92.7 per cent from the first quarter despite the new supply. Occupancy increased by 0.6 per cent year-on-year, and the average retail rent remained the same at THB2600 baht (US$78) a sqm per month – a decline of 1.14 per cent on year-on-year.
Retail developments in the midtown market set for completion this year are all part of either office or residential mixed-use projects.
Questions & Answers
Q.How much new retail space was completed in downtown Bangkok during the second quarter?
How much new retail space was completed in downtown Bangkok during the second quarter?
Three new retail developments were completed downtown in the second quarter, adding a total of 12,513 square metres of retail stock. This contributed to the overall limited space available until the end of the year.
Q.What is the current average occupancy rate for downtown retail space in Bangkok?
What is the current average occupancy rate for downtown retail space in Bangkok?
The average occupancy level for downtown retail space during the second quarter remained steady at 92.7 per cent compared to the first quarter. This figure represents an increase of 0.6 per cent year-on-year.
Q.When is the next major retail project in Bangkok expected to be finished?
When is the next major retail project in Bangkok expected to be finished?
The next significant retail development in Bangkok is scheduled for completion in the first quarter of the coming year. The article does not specify its exact location or size within the city.
Q.Have retail rental prices in downtown Bangkok increased or decreased recently?
Have retail rental prices in downtown Bangkok increased or decreased recently?
The average retail rent in downtown Bangkok remained stable at THB2600 per square metre per month during the second quarter. However, this figure represents a year-on-year decline of 1.14 per cent.