The demand for office space in Phnom Penh is growing, with heavy interest expected in Exchange Square, a new mixed-use tower scheduled to open in the centre of the Cambodian capital early next year.
Ann Sothida, associate director of CBRE Cambodia, said she was confident that the project would be fully booked as it was connected to the main highway leading to the Phnom Penh International Airport. CBRE is the leasing agent for Exchange Square, developed by Hong Kong Land.
“It is in an ideal location for tenants and we’re confident that Exchange Square will be a success,” she told the Khmer Times.
The 20-storey Exchange Square is located on Street 106, near Wat Phnom and a stone’s throw from the US embassy. The first four floors will be occupied by high-end retail space and the remaining floors will offer 18,000 square metres of grade A office space.
An artist’s impression of Exchange Square. (Photo supplied via Khmer Times)
“About 60% of the shopping mall is already taken up by tenants and we’re confident that the office space will also be filled up," said Ms Sothida. "More international businesses are moving into Cambodia and this country seems to be an attractive place for foreign businessmen and investors.”
Other real estate agents are also optimistic about demand for quality office space in Phnom Penh.
“While demand for commercial buildings has slowed down this year, demand for office space grew by about 10% compared with last year,” said Pen Phearun, the general manager of the Canadia building.
“The Canadia building’s office space covers 17,000 square metres and the occupancy rate is now about 90%. This shows that there is demand.”
Hok Meng Heang, the managing director of VTrust Property, agreed with Mr Phearun.
“VTrust Tower is seeing growth in demand for office space and this year we saw occupancy go up by 15%, compared with the same period last year,” he said.
The 15-storey VTrust Tower has 18,000 sq m of office space.
“I am optimistic that demand for office space will grow more in 2017 and for VTrust Tower, I can say with confidence that its occupancy rate next year will be 90%,” said Mr Heang.