While Bangkok has seen a decline in its commercial real estate sales during the past three quarters, new construction continues to move forward. The abundant supply and weakened demand are good news for buyers looking to purchase real estate in Bangkok, as many are now offering price discounts and other promotions. The leasing commercial real estate is now an excellent option for those who are not ready to buy property.
Commercial Real Estate Offered at Bargain Prices
Recently, the government began offering various stimulus packages to kick-start the commercial real estate market in Bangkok. These combined with the promotions now being offered by developers make this an excellent time to lease or purchase new commercial properties. The suburban and midtown areas offer many good options for business owners who wish to expand or move into a larger facility.
There continues to be a significant number of expatriates renting high-end properties valued at more than THB 20,000 per month. These turn out to be wealthy investors and entrepreneurs with various business interests in the region. These investors are often looking for upscale commercial property they can lease or buy and then lease out to small business owners. Savvy investors can find good bargains at the moment on commercial property leases.
Continued Commercial Real Estate Growth in Midtown and Downtown
Thailand continues to have a strong import-export sector with investors now flocking there from all over the world. Bangkok offers many lucrative avenues for the lease of commercial property, not only in downtown Bangkok but also in outlying communities. With about 40% of all commercial property now located in midtown and downtown Bangkok, big retail developers are now planning renovations that will increase property values in the region. The suburban area commercial property has been offering good deals for those who want a high-quality commercial space at an affordable price.
Major Fashion Brands Looking for Commercial Property
Developers are moving into areas like Central Plaza Bangna, Siam Discovery, and Central Plaza Pinklao with plans to renovate existing industrial property and/or build new projects as needed. Major fashion brands are currently looking for property in Bangkok so they can expand their sales from Europe to Southeast Asia. Expats and new investors make up the two major groups searching for deals on commercial property leases.
Developers Take Advantage of Sluggish Economy to Make Big Moves in Commercial Sector
A weak economy has contributed to the slowdown in retail improvements in the provincial cities. Banks have been reluctant to lend money to first time developers, choosing to wait out the stock market challenges. As new investors take advantage of these sentiments, commercial lease costs could go up. Experts are hoping for stronger consumer spending, which would initiate new development in the downtown and suburban areas.
Getting Affordable Leased Space in Prime Areas
If you sometimes find yourself needing an upscale place to meet with foreign investors, advertising executives, or potential customers, then a serviced office space is an excellent solution. Servcorp Serviced Offices have office space in many sizes, along with boardrooms, which are fully furnished with attractive decor. You can get an impressive address in Thailand for your business and many other amenities for one low monthly price from Servcorp. Please call +66 2 231 8100 if you would like a free quote on office space or meeting rooms.