Bangkok retail space limited despite growth
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.