Golden Land Property Development’s FYI Center, an office building located at the Rama VI junction, has pre-leased 50 percent of its office space some six months before the project’s expected completion. This is a new record in office pre-leasing history in Bangkok, according to CBRE Thailand.
“We are delighted that FYI Center has gained strong confidence from tenants by pre-leasing our office space. The rental has now risen to THB800 per sqm. per month from THB780 per sqm. per month, the rental we set before the construction’s commencement. Recently, we have appointed CBRE to be the lead leasing agent for FYI Center to present its office space to leading companies,” president of Golden Land, Thanapol Sirithanachai, stated.
He added, “We admit that location is a very important factor, however, development concept is also another key factor that office building developers need to consider. FYI Center has already proven this by representing a workplace for the new generation (Gen-Y) who have changed their working style to be work-life balance.”
CBRE has been working closely with Golden Land in developing the FYI Center in order to create a project that meets the demands of the market. CBRE provided advice and information on design and tenants’ needs among other things to make sure the project would be desirable.
“Location is always the most important factor in a tenant’s decision. Office buildings which are close to a mass transit system such as BTS or MRT are usually first choices. FYI Center can tick the box in terms of location by locating next to the Queen Sirikit National Convention Centre MRT station. A great potential of this location is from future projects in the area,” Nithipat Tongpun, executive director and Head of Office Services, CBRE Thailand, said in a press release.
The success of the FYI Center is just another sign the office market in Bangkok is still strong. CBRE Research reported new supply growth rate is very low at 2.1 percent year-on-year. The overall net take-up also continues to grow which resulted in a 9.7 percent vacancy rate.
