December 28th, 2007
Slowdown In Bangkok Office Market
The Bangkok office market experienced a slowdown in the first quarter of 2007. The reason for this lull is due to limited leasing activity and companies putting expansion plans on hold as political and economic uncertainties persist.
”The impact of the political uncertainty on the Thai economy has caused the country’s GDP forecasts to be revised downwards to 3.0-3.5% compared to the previous forecast of 4.0-4.5% following a decline in consumption and private investment,” said Suphin Mechuchep, managing director of Jones Lang LaSalle Thailand. “The impact is also being felt by the Bangkok office sector which has seen lower levels of new demand.”