Office demand improving but rents remain under pressure | Bangkok Post: business

PROPERTY

Demand for A-grade office space in Bangkok picked up in the first quarter but high vacancies continued to put pressure on rents, according to the property services firm Jones Lang LaSalle (Thailand).

The Bangkok office market saw signs of improvement in the first three months of this year with a higher volume of leasing activities. While improving global and domestic economic conditions encouraged business expansion, more affordable rents drove companies to relocate to better buildings, the company said.

Managing director Suphin Mechuchep said most economies around the world have been recovering from the global financial crisis while Thailand posted strong GDP growth of almost 8% in 2010.