http://www.cbre.co.th/en/ CB Richard Ellis Thailand - www.cbre.co.th As of Q2 2010, the total office supply in Bangkok was 7,978,543 sqm, up 1.5% Y-o-Y. No new supply was completed in this quarter. Overall take-up in the Bangkok office market was 6,859,726 sqm, up 0.4% Q-o-Q and 1.4% Y-o-Y. The total occupancy rate also improved slightly from 85.6% to 86% in this http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q2-2010.asp 2010-09-08 Articles http://www.cbre.co.th/imgUpload/ResearchTh_27_1AREMM 80-60.jpg Singapore records largest investment deal since early 2008 • China saw a steady flow of small investment deals as investors continued to tread cautiously back into the market. The period saw various indications that the government intends to maintain its present strategy of cooling the http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---September-2010.asp 2010-09-08 Articles http://www.cbre.co.th/imgUpload/ResearchTh_19_58AMV thumb 80-60.jpg Commercial real estate markets in Asia continued to strengthen in the second quarter of 2010 as the recovery in most regional economies encouraged a significant increase in leasing demand for new premises. Multinationals and financial institutions demonstrated a renewed willingness to expand, a http://www.cbre.co.th/en/Asia-MarketView-Q2-2010.asp 2010-09-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_57_49AIMV 80-60.jpg The Asian real estate investment market experienced a shift in market dynamics during the first half of 2010 as the spike in transaction volume witnessed in the first quarter decelerated during the second quarter. Direct real estate investment in the region was up by 136% y-o-y in the first six http://www.cbre.co.th/en/Asia-Investment-MarketView-1H-2010.asp 2010-08-30 Articles http://www.cbre.co.th/imgUpload/ResearchTh_11_29AREMM 80-60.jpg Japan enjoys active month with foreign investors on verge of return • Activity in China picked up slowly as investors took stock of various cooling measures introduced by the government in recent months and cautiously began to re-enter the market. Buyers continued to mostly be domestic with http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---August-2010.asp 2010-08-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_179PKT hotel - thumb.jpg The hotel market in Phuket in the first quarter of 2010 showed a remarkable recovery in both occupancy rates and Average Daily Rate (ADR). ADR of selected hotels increased by 7.6% Y-o-Y, an increase from last year’s high season. Luxury hotels saw the most dramatic increase in ADR of 10.3% http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q1-10.asp 2010-07-29 Articles http://www.cbre.co.th/imgUpload/ResearchTh_21_14PKT res thumb.jpg Q1 2010 saw a continued recovery in the Phuket property market. The sales volumes were nothing like 2007 levels but showed to us the enduring appeal of Phuket and reflected the fragile global recovery and the lack of high end stock. Obviously the market demand and buyers profile for resort http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q1-10.asp 2010-07-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_177AREMM 80-60.jpg China remains stagnant but Japan enjoys increased activity • China remained at a standstill as the various cooling measures implemented in recent months to expand housing supply and cut out speculators from the mass residential market compelled most investors to retain their wait and see http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---July-2010.asp 2010-07-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_176BKK Off MV 80-60.jpg The total office supply in Bangkok was 7,978,543 m2, down 0.1% Q-o-Q and up 1.5% Y-o-Y (it should be noted that there was a reclassification of buildings and readjustment of total net lettable office areas to reflect current usage). No new supply was completed in this quarter. As of Q1 2010, http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q1-2010.asp 2010-06-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_50_57BKK overall MV 80-60.jpg The events in Bangkok in May 2010 have raised concerns about the recovery we were seeing in many sectors of the Thai property market in the first quarter of 2010. However, it will take months to see what the effect will be on sales and letting volumes, prices and rents. We do not believe there http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q1-2010.asp 2010-06-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_36_24BKK res sales MV 80-60.jpg The majority of condominium sales have come from Thai nationals not just looking to be end users but also to be buy to rent investors. The growing numbers of Thai buyers reflects the improvement in local consumer confidence. The biggest surprise for many people this quarter is that generally http://www.cbre.co.th/en/Bangkok-Condo-Residential-Sales-MarketView-Q1-2010.asp 2010-06-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_28_31BKK res leasing MV 80-60.jpg Despite the global economic situation there has been no sign of a mass exodus of expatriates which would lead to a collapse in demand for apartments. The occupancy rate dropped to 88.2% in Q1 2010. However, future supply is limited. Historically single ownership apartment buildings have http://www.cbre.co.th/en/Bangkok-Residential-Leasing-MarketView-Q1-2010.asp 2010-06-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_22_27TH invest MV 80-60.jpg The most notable transaction during Q1 2010 was the sale of 34,000 square metres of strata title offices in Serm Mit tower on Sukhumvit Soi Asloke by Lasalle Investments to S.P. Building co., Ltd. The transaction price was approximately THB 1.5 billion (THB 44,117/sq.m.). Values of prime land http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q1-2010.asp 2010-06-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_13_21BKK hotel MV 80-60.jpg The hotel sector in Bangkok has rebounded due to increasing levels of tourism, up 27.1 Y-o-Y, in Q1 2010. There was a marked improvement in the number of disembarking international passengers at all AOT managed Bangkok airports, increasing by 20.4% Y-o-Y in Q1 2010 compared to a decrease of 13.4% http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q1-2010.asp 2010-06-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_9_38BKK retail MV 80-60.jpg We saw many indicators of improvement in the retail sector in Q1 including occupancy and the retail sales index. Events in April and May that shut down a large area of Central Bangkok will mean a poor quarter 2. We will have to wait and see what the effects will be on Q2 retail sales but it must http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q1-2010.asp 2010-06-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_1_28Indus MV 80-60.jpg The Industrial property market in Thailand has already passed the bottom as we see a strong pickup in investment interest. 882 rai (349 acres) of Serviced Industrial land Plots (SILPs) were sold in the first quarter of 2010. Total industrial land sales increased 175% Q-o-Q from 321 rai to 882 rai http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q1-2010.asp 2010-06-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_55_3AREMM 80-60.jpg Markets generally steady but investors turn more cautious • The mood in China remained cautious as investors remained on the sidelines to observe the impact of recent regulatory changes on the market. Prices in most major cities remained firm but transaction volume continued to slide and http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---June-2010.asp 2010-06-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_167how global is the busi of retail 80-60.jpg • European retailers have clearly prioritised the Middle East, with the region accounting for five of their top six markets outside Europe.  China is also a key target, with Beijing, Hong Kong and Shanghai all featuring prominently.    • Asian retail brands are less http://www.cbre.co.th/en/Bangkok-retail---how-global-is-the-business-of-retail.asp 2010-06-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_46_39Global Office Rents 80-60.jpg Global Economies The global economic recovery as measured by GDP started in mid-2009, and continued in 4Q 2009 when GDP grew at 4% on an annual basis.  In 1Q 2010, global growth has moderated to a pace of 3%. However, the situation for the global economy still remains http://www.cbre.co.th/en/Global-Office-Rents-May-2010.asp 2010-06-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_28_4global retail 80-60.jpg Overview • Economic recovery begins to gather pace The global economic recovery is beginning to gather some momentum, with more positive signs emerging in most parts of the world. Asia and the Pacific are seeing the strongest growth, whilst Europe continues to lag. However, http://www.cbre.co.th/en/Bangkok-Retail-Global-Retail-MarketView-Q1-10.asp 2010-06-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_18_33AIMV 80-60.jpg Asian real estate investment markets remained stable during the first quarter of 2010 as investor sentiment remained largely positive and the steady flow of small and medium sized transactions witnessed in the latter half of 2009 continued to feed through into the opening three months of the year. http://www.cbre.co.th/en/Asia-Investment-MarketView-Q1-2010.asp 2010-06-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_12_36AMV thumb 80-60.jpg Demand for commercial property in Asia continued to grow in the first quarter of 2010 as the improving economic environment encouraged companies to revive expansionary plans and actively search for new premises. Numerous occupiers in the office sector took advantage of the lengthy downward http://www.cbre.co.th/en/Asia-MarketView-Q1-2010.asp 2010-06-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_54_0AREMM 80-60.jpg Markets Remain Stable but China Shows Signs of Cooling • Sentiment in China dipped in April as a raft of new measures directed at expanding the housing supply and cutting out speculators from the mass residential market came into force. Prices in most major cities remained firm despite http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---May-2010.asp 2010-05-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_30_2AREMM 80-60.jpg China leads the way in strong close to first quarter • China enjoyed a busy March as investors swung back into action following Chinese New Year. Developers were active in banking land whilst the period also saw brisk fund raising activity. The government implemented a series of http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---April-2010.asp 2010-04-20 Articles http://www.cbre.co.th/imgUpload/ResearchTh_49_18PKT hotel - thumb.jpg The Phuket hotel market faced reduction in Average Daily Rate (ADR) in Q4 2009. ADR was down 30.9% Y-o-Y from THB 12,853 in Q4 2008 to THB 8,886. Phuket luxury hotels continued to adopt a rate reduction strategy in order to boost occupancy rates and become more competitive. The ADR of selected http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q4-09.asp 2010-04-20 Articles http://www.cbre.co.th/imgUpload/ResearchTh_40_34PKT res thumb.jpg Q4 2009 saw a continued recovery in the Phuket property market. Sales of resort property improved but were still at low levels and mainly concentrated in a limited number of projects. The level of built but unsold inventory of completed condominium and villa units is low. Prices for built http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q4-09.asp 2010-04-20 Articles http://www.cbre.co.th/imgUpload/ResearchTh_5_51APE 80-60.jpg True to the analysts’ prediction on Asia’s quick recovery from the global financial crisis, the market rebounded strongly in the second half of 2009. The healthy forecasts for India, China and the Asean countries have, to some extent, put to rest some initial doubts over the http://www.cbre.co.th/en/Asia-Property-Edge-July---Dec-2009.asp 2010-03-31 Articles http://www.cbre.co.th/imgUpload/ResearchTh_1_55BKK overall MV 80-60.jpg Both the economy and the property market improved in the fourth quarter of 2009. In the condominium sector developers focused on one bedroom units. LPN and Supalai both publicly listed developers sold over 4,000 condominium units in projects launched in one weekend in November. At the same http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q4-2009.asp 2010-03-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_46_20BKK res sales MV 80-60.jpg The majority of condominium sales have come from Thai nationals not just looking to be end users but also to be buy to rent investors. The growing numbers of Thai buyers reflects the improvement in local consumer confidence. The biggest surprise for many people this quarter is that generally http://www.cbre.co.th/en/Bangkok-Condo-Residential-Sales-MarketView-Q4-2009.asp 2010-03-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_41_17BKK res leasing MV 80-60.jpg Despite the global economic situation there has been no sign of a mass exodus of expatriates which would lead to a collapse in demand for apartment. The occupancy rate dropped to 89.8% in Q4 2009. However, future supply is limited. Historically single ownership apartment buildings have http://www.cbre.co.th/en/Bangkok-Residential-Leasing-MarketView-Q4-2009.asp 2010-03-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_40_21TH invest MV 80-60.jpg There was an increase in the number of building transactions in Q4 2009. The most notable transactions were TPARK LOGISTICS PROPERTY FUND (TLOGIS) and CIMB Thai Bank. TPARK LOGISTICS PROPERTY FUND (TLOGIS) bought 15 warehouses with usable area of 70,731 square meters from Ticon industrial PLC, for http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q4-2009.asp 2010-03-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_36_19Indus MV 80-60.jpg Overall demand in the industrial property market remained weak, only 321 rai was sold, an increase 36.0% Q-o-Q but down 53.2% Y-o-Y. A Thai home decorating company bought 61 rai of industrial land plot in Hemaraj Eastern Seaboard Industrial Estate, Rayong. 2009 was a bad year for the industrial http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q4-2009.asp 2010-03-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_29_43BKK hotel MV 80-60.jpg The hotel sector in Bangkok still faced reduced levels of tourism, down 3.8% Y-o-Y, in 2009. This figure is a marked improvement from the first half of the year with Q1 showing Y-o-Y decline of 13.4% and Q2 down 14.4%. The second half of the year showed a Y-o-Y improvement of 5.3% in Q3 and 18.4% http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q4-2009.asp 2010-03-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_20_0BKK retail MV 80-60.jpg The total retail supply in Bangkok increased to 5.38 million m2. Consumer confidence improved from the last quarter. The Consumer Confidence Index (CCI) increased from 76.5 in November to 77.7 by the end of the quarter. This is the highest level since September 2008. This key indicator suggests http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q4-2009.asp 2010-03-17 Articles http://www.cbre.co.th/imgUpload/ResearchTh_55_5AREMM 80-60.jpg Markets generally quiet but sentiment remains upbeat • Activity in China was muted as the country took over a week’s vacation for Chinese New Year. Sentiment remained strong however and fund raising activity by overseas investors continued as they looked to get back into the Chinese http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---March-2010.asp 2010-03-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_42_19BKK Off MV 80-60.jpg The Total office supply in Bangkok was 7,983,435 m2 at the end of 2009. Overall take-up in the Bangkok office market was 6,787,992 m2, up 0.2% Q-o-Q and 0.7% Y-o-Y. The vacancy rate was 14.9% up from 13.9% at the end of quarter 3 and 13.5% at the end of 2008. Bangkok office market rents have http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q4-2009.asp 2010-03-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_3_10REITS 80-60.jpg Asian REITs continued to recover in the second half of 2009 as the stock markets in Asia improved overall and conditions in the credit market became more relaxed. The total market capitalisation of Asian REITs rose 17.6% in the second half and 34.5% for the whole of 2009 thanks to the recovery in http://www.cbre.co.th/en/REITS-Around-Asia-2H-2009.asp 2010-03-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_36_8AMV thumb 80-60.jpg Asian commercial real estate markets witnessed a steady recovery of demand in the fourth quarter along with further improvement in the regional macro economic environment. This helped rentals stabilise and several markets recorded two consecutive quarters of rental increments, signaling the end of http://www.cbre.co.th/en/Asia-MarketView-Q4-2009.asp 2010-03-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_32_9AIMV 80-60.jpg Asian real estate investment markets recovered strongly in the second half of 2009 after enduring a difficult start to the year. Investment turnover bottomed out in the first quarter but improved thereafter as investor confidence returned, underpinned by low financing costs, the recapitalisation http://www.cbre.co.th/en/Asia-Investment-MarketView-2H-2009.asp 2010-02-26 Articles http://www.cbre.co.th/imgUpload/ResearchTh_145Global MV 80-60.jpg LOOKING BETTER The Regional Economies Improving health of the major economies across the globe is the encouraging news of the day, notwithstanding the sovereign debt issues now stirring.  As measured by GDP, the US saw growth at a six-year high in 4Q 2009.  China's http://www.cbre.co.th/en/Global-MarketView-February-2010.asp 2010-02-22 Articles http://www.cbre.co.th/imgUpload/ResearchTh_34_42AREMM 80-60.jpg Asian Investment markets see quiet start to 2010 • China witnessed a steady month with investor sentiment remaining upbeat. The government introduced a number of policies to cool the market whilst the period also witnessed municipal governments in various cities clamp down on developers http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---February-2010.asp 2010-02-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_34_42PKT hotel q2 thumb.jpg The major factor in Q2 2009 is the reduction in occupancy rates. Occupancy was down overall by 12.3% to 45.9% y-o-y. All grades of hotels were affected, the hardest hit being first class hotels which saw a drop of 13.2% to 49.4% y-o-y. Rates in luxury hotels also showed a decline showing a http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q2-09.asp 2010-02-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_29_1PKT hotel - thumb.jpg The major factor in Q3 2009 is the reduction in occupancy rates Y-o-Y. Occupancy was down to 51.4% from 60.4 in Q3 2008. All grades of hotels were affected, the hardest hit being luxury hotels which saw occupancy at 38.9% compared to 54% in the same period last year, mid range hotels also showed a http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q3-09.asp 2010-02-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_21_50PKT res thumb.jpg The residential market on a whole has slowed significantly since the end of 2008 due to the effects of the global economic crisis. This has been exacerbated by the instability in the Thai political situation notably the close of the airport in December 2008. As we enter the second half of the year http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q3-09.asp 2010-02-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_17_17AREMM 80-60.jpg Markets generally quiet as 2009 draws to a close • The China real estate market remained upbeat in December with several investment deals under active negotiation. Domestic insurance funds remained active while the market also saw an increased number of investors acquiring real estate http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---January-2010.asp 2010-01-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_43_47BKK res sales MV 80-60.jpg For the second consecutive quarter the majority of sales have come from Thai nationals, who are not just looking to be end users but also to be buy to rent investors. Thai purchasers believe that prices have reached the bottom and are going to rise and see property as a reliable investment when http://www.cbre.co.th/en/Bangkok-Condo-Residential-Sales-MarketView-Q3-2009.asp 2009-12-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_47_48BKK res leasing MV 80-60.jpg Five apartment buildings were completed, with a total of 62 units. The total supply of apartments units was 11,151 increasing by 0.56% Q-o-Q and 4.5% Y-O-Y. The total number of condominium units in downtown Bangkok grew by 1.7% Q-o-Q and 14.1% Y-O-Y to a total of 61,522 units. Grade A rents http://www.cbre.co.th/en/Bangkok-Residential-Leasing-MarketView-Q3-2009.asp 2009-12-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_37_38BKK overall MV 80-60.jpg The third quarter of 2009 saw improvements in many sectors of the property industry when compared to the first half of 2009. Every sector continues to encounter challenges. The hotel and industrial sectors continue to feel the full force of the global economic situation. The luxury condominium http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q3-2009.asp 2009-12-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_135TH invest MV 80-60.jpg There were two notable building transactions in the third quarter of 2009. Bangkok Broadcasting & Television Co. Ltd acquired 28 units at the Star Estate @ Rama III condominium project from Eastern Star Real Estate Public Co. Ltd for THB 124,594,047. In addition Bliss-Tel Public Co. Ltd paid http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q3-2009.asp 2009-12-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_134Indus MV 80-60.jpg Overall demand in the industrial property market remained weak, only 236 rai were sold, down 7.5% Q-o-Q and 82.2% Y-o-Y. A Chinese agricultural company bought 100 rai in Rojana Industrial Park, Ayutthaya. Automotive production has improved in Q3 2009 with manufacturing firms increasing http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q3-2009.asp 2009-12-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_8_2BKK hotel MV 80-60.jpg The hotel sector is still faced with reduced levels of tourism. Latest figures show that tourist numbers dropped 4.1% Y-o-Y. This is however a marketed improvement on figures from the first half of the year with Q1 showing a Y-o-Y decline of 17.9% and Q2 down 18.5%. Easing political tensions and a http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q3-2009.asp 2009-12-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_57_31BKK Off MV 80-60.jpg Overall take-up in the Bangkok office market was 6,773,065 sqm, up 0.1% Q-o-Q and 0.8% Y-o-Y. The total occupancy rate also improved slightly from 86.0% to 86.1% in this quarter.  The vacancy rate was 13.9%, indicating a fall from the 14.0% recorded in Q2 2009. Bangkok office http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q3-2009.asp 2009-12-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_31_36BKK retail MV 80-60.jpg Bangkok’s total retail space stood at 5.26 million m2. Supply increased in both downtown and suburban areas, while there was no new supply in the midtown area during the quarter. The shopping mall format accounted for the highest percentage of total supply, with 53.3% of total retail space. http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q3-2009.asp 2009-12-11 Articles http://www.cbre.co.th/imgUpload/ResearchTh_11_15AREMM 80-60.jpg Markets remain busy as year end approaches • The Chinese real estate investment market remained lively in November with institutional funds and SOEs actively pursuing deals for prime assets. Insurance companies continued to lay the groundwork for future deals following the expansion of their http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---December-2009.asp 2009-12-09 Articles http://www.cbre.co.th/imgUpload/ResearchTh_9_28GMOOC nov 09 thumb.jpg Global Economies Many economic indicators are showing positive signs.  GDP turned the corner in 3Q 2009 for many countries including both Japan and the US, which grew by 4.8% and 3.5% respectively; quarter-over-quarter, annualized.  Financial markets have stabilized and credit http://www.cbre.co.th/en/Global-MarketView-Office-Occupancy-Costs-Nov-2009.asp 2009-12-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_40_2AMV thumb 80-60.jpg In the third quarter, Asian economies exited the cycle of violent contractions which characterised the most severe phase of the recession. The Asian property leasing market gave signs of approaching the bottom. Upticks in rentals were recorded across several market sectors. Low interest rates http://www.cbre.co.th/en/Asia-MarketView-Q3-2009.asp 2009-12-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_127global retail thumb.jpg • Economic downturn begins to slow Economic and retail indicators around the globe appear to be showing signs of greater stability. Some countries are now emerging from recession, with the Asia Pacific region leading the way; North America and Europe are lagging. However, the recovery is http://www.cbre.co.th/en/Bangkok-Retail-Global-Retail-MarketView-Q3-09.asp 2009-12-01 Articles http://www.cbre.co.th/imgUpload/ResearchTh_59_1AIMV 80-60.jpg The Asian real estate investment market continued to gain momentum in the third quarter of 2009 as capital values generally stabilised and the bid-ask spread narrowed, particularly for quality yield-accretive assets in prime locations. Cash rich domestic buyers continued to underpin investment http://www.cbre.co.th/en/Asia-Investment-MarketView-Q3-2009.asp 2009-11-24 Articles http://www.cbre.co.th/imgUpload/ResearchTh_1_0Global MV q3 80-60.jpg <strong>GAUGING THE RECOVERY</strong> Introduction Our last Global MarketView recognized that the global economy had pulled back from the brink, and 3Q data from around the world reinforces this view.  Many economic indicators are now flashing positive signals, but the improvement http://www.cbre.co.th/en/Global-MarketView-Q3-2009.asp 2009-11-19 Articles http://www.cbre.co.th/imgUpload/ResearchTh_14_17AREMM thumb.jpg Transaction volume remains solid but Hong Kong cools China witnessed steady investment activity in October as banks continued to snap up quality en-bloc office properties while second-tier cities including Wuhan, Chengdu and Chongqing also saw plenty of activity. Prices recovered to the http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---November-2009.asp 2009-11-10 Articles http://www.cbre.co.th/imgUpload/ResearchTh_3_38PKT res. thumb.jpg The second quarter of 2009 continued to be a quiet period for property sales in Phuket, with a reduced number of enquiries and buyers compared to the beginning of last year. The effects from the global economic crisis and Thailand’s political instability are certainly still impacting sales http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q2-09.asp 2009-10-12 Articles http://www.cbre.co.th/imgUpload/ResearchTh_121AREMM thumb.jpg Market retains momentum heading into fourth quarter September was another active month for real estate markets around Asia as the rebound witnessed since the beginning of the second quarter continued at a steady pace. China and Hong Kong both reported a stable flow of investment deals while http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---October-2009.asp 2009-10-09 Articles http://www.cbre.co.th/imgUpload/ResearchTh_9_17BKK res sales MV thumb.jpg The biggest change in Q2 2009 has been the nationality of purchasers. In 2008 up to 50% of primary sales purchasers for off plan sales were foreigners. In the second quarter of 2009 we saw that change to Thais making up 80% of purchasers both for primary sales from developers and resales in http://www.cbre.co.th/en/Bangkok-Condo-Residential-Sales-MarketView-Q2-2009.asp 2009-09-24 Articles http://www.cbre.co.th/imgUpload/ResearchTh_1_35BKK hotel MV thumbnail.jpg The major talking point in this quarter is the decline in the number of international tourists. Numbers fell 18.6% Q-o-Q and 14.4% Y-o-Y to around 3 million from 3.5 million in Q2 2008. Political instability and the global economic recession continued to be the main factor with the addition of http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q2-2009.asp 2009-09-24 Articles http://www.cbre.co.th/imgUpload/ResearchTh_57_15BKK overall MV thumb.jpg The second quarter of 2009 started badly with civil disturbances in Bangkok over the Songkran (Thai New Year) holidays in April. However, despite this inauspicious commencement to the quarter there were signs of improvement in certain property sectors. The luxury condominium market saw a http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q2-2009.asp 2009-09-24 Articles http://www.cbre.co.th/imgUpload/ResearchTh_17_4BKK res leasing MV q209 thumb.jpg The surprise of the quarter was that despite the global economic recession the number of expatriates with work permits in Bangkok rose by 13.2% y-o-y to 79,511 according to figures from the Alien Occupational Control Division, Department of Employment. We also checked with the major http://www.cbre.co.th/en/Bangkok-Residential-Leasing-MarketView-Q2-2009.asp 2009-09-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_1_49TH invest MV thumbnail.jpg Q2 2009 has seen a disappointing number of transactions, one however is worthy of noting, that being the purchase, by LPN Development Plc. of three development sites. The total value was approximately THB 700 million for three land plots in different locations. With regard to whole building http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q2-2009.asp 2009-09-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_46_25Indus MV q209 thumb.jpg The major highlight of this quarter was that sales of Serviced Industrial Land Plots (SLIP’s) rose by 187% q-o-q to 255 rai in Q2 2009 SILP’s but this was due to the Thailand Tobacco Monopoly buying 240 rai at Rojana Industrial Park. Only 344 SILPs have been sold in 2009 to date, this http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q2-2009.asp 2009-09-14 Articles http://www.cbre.co.th/imgUpload/ResearchTh_34_2AREMM thumb.jpg Busy month for Asian markets as rebound gathers pace Investment activity in Asian real estate markets continued to gain momentum in August as market sentiment strengthened amid further signs of economic recovery. It was another busy month in China, with positive sentiment and the ready http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---September-2009.asp 2009-09-08 Articles http://www.cbre.co.th/imgUpload/ResearchTh_18_55BKK Off MV thumb - jp.jpg Overall take-up of the Bangkok office market was 6,763,812 sqm, up 0.2% q-oq and 0.9% y-o-y. The driver of demand in this quarter was DTAC which took up 61,000 sqm in Chamchuri Square. The occupancy rate of the Bangkok office market also improved slightly to 86.0% from 85.8% in the last http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q2-2009.asp 2009-09-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_112Asia MV q209 thumb.jpg Property leasing markets around Asia showed signs of stablising in the second quarter of 2009 as corporates became less pessimistic about the regional economic outlook. Although rents continued to decline in most cities, the downward momentum began to ease. MNCs remained focused on reducing costs http://www.cbre.co.th/en/Asia-MarketView-Q2-2009.asp 2009-08-26 Articles http://www.cbre.co.th/imgUpload/ResearchTh_42_16REITS 1h 09 80-60.jpg Asian REITs rebounded strongly in the first half of 2009 as conditions in global capital markets improved and the availability of credit increased following government injections of capital into the banking system. The market capitalisation of Asian REITs rose 14.3%, with J-REITs recording a 14.7% http://www.cbre.co.th/en/REITS-Around-Asia-1H-2009.asp 2009-08-26 Articles http://www.cbre.co.th/imgUpload/ResearchTh_9_1AIMV 1h 09-80-60.jpg The Asian property investment market enjoyed a stronger second quarter of 2009 following a subdued start to the year, with direct real estate investment volume edging up 41% from the first quarter. The improved investment turnover was attributable to a certain extent to debt-funded owners http://www.cbre.co.th/en/Asia-Investment-MarketView-1H2009.asp 2009-08-21 Articles http://www.cbre.co.th/imgUpload/ResearchTh_57_54Global MV 80-60.jpg BACK FROM THE BRINK... BUT WHAT NEXT? From a global economic viewpoint, the patient appears to have stabilized, but remains in intensive care.  The severe trauma caused by last year's large shocks to the global financial system-- the subprime crisis, the collapse of debt securitization and http://www.cbre.co.th/en/Global-MarketView-August-2009.asp 2009-08-13 Articles http://www.cbre.co.th/imgUpload/ResearchTh_17_28AREMM thumb.jpg Transaction volume rises as recovery gathers momentum Asian real estate investment markets rebounded strongly in July as the improvement in sentiment which began at the beginning of the second quarter continued to gain momentum. China saw the completion of a number of major transactions http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---August-2009.asp 2009-08-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_107APE h109-80-60.jpg At the close of the first half of this year, we began to see some clear signs of life emerging. The market place is stirring to activity, in some markets more than others, but the overall mood is definitely more positive compared to a year ago as investors and occupiers have sensed that the market http://www.cbre.co.th/en/Asia-Property-Edge-Jan---June-2009.asp 2009-08-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_12_7AREMM thumb.jpg Recovery gathers pace as second quarter closes Investment activity in Asian markets continued to gain momentum in June as the second quarter ended on a far more positive note than when it began. China and Hong Kong continued to rebound strongly, while sentiment and transaction activity improved http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---July-2009.asp 2009-07-08 Articles http://www.cbre.co.th/imgUpload/ResearchTh_59_49global retail q109 thumb.jpg • Economic downturn is a global phenomenon Whilst regions and countries are being affected differently, the globally synchronised downturn in economic activity is impacting retail markets across the world. Regionally, the sharpest economic declines have been seen in Europe and North http://www.cbre.co.th/en/Bangkok-Retail-Global-Retail-Rents-Q1-09.asp 2009-07-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_37_13PKT hotel q109 - thumb.jpg The first quarter of 2009 has been dismal for Phuket to say the least. 2009 is now expected to be one of the worst years for Thailand’s hotel industry, and worse than 2005; post-tsunami. The quarter was marked by significant declines in occupancy and room rates compared to 2008. The effects http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q1-09.asp 2009-07-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_32_21PKT res. q109 thumb.jpg There has been a continued drop in demand levels since the onset of the global economic crisis last year, coupled with Thailand’s political instability. Thailand’s tourism sector suffered the worst in the first quarter in recent history, and Phuket has seen significant slumps in http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q1-09.asp 2009-07-03 Articles http://www.cbre.co.th/imgUpload/ResearchTh_32_41BKK overall MV q109 thumb.jpg The Bangkok property market survived the first quarter 2009 despite on 7.1% drop in GDP. The level of demand fell in most sectors but we have not seen significant falls in rentals or pricing. In the housing sector Q1 2009, sales rates improved in all areas compared to the previous quarter. This http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q1-2009.asp 2009-06-19 Articles http://www.cbre.co.th/imgUpload/ResearchTh_27_29BKK res sales MV q109 thumb.jpg The downtown supply of completed condominiums increased by 1,737 units during the first quarter of 2009. The increase has led to a total supply of 58,006 units which is 3.1% higher q-o-q and 10.5% higher y-o-y. Six projects - Supreme Garden, Bangkok Residence, Le Raffine’39, The Clover http://www.cbre.co.th/en/Bangkok-Condo-Residential-Sales-MarketView-Q1-2009.asp 2009-06-17 Articles We have not as yet seen a mass exodus of expatriates which would lead to a collapse in demand for apartments. The occupancy rate is 89.3% and rents have only dropped by a small amount. Work permit numbers still appear to be increasing to 87,345 for Bangkok although we have some concerns about the http://www.cbre.co.th/en/Bangkok-Residential-Leasing-MarketView-Q1-2009.asp 2009-06-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_98BKK retail MV q109 thumb.jpg Retail sales fell by 10.2% y-o-y in February. The fall in retail sales will limit tenants’ expansion and could force weaker tenants to close branches. The Consumer Confidence Index (CCI) increased slightly at the beginning of 2009, in January to 75.2; however, the index fell in both February http://www.cbre.co.th/en/Bangkok-Retail-MarketView-Q1-2009.asp 2009-06-15 Articles http://www.cbre.co.th/imgUpload/ResearchTh_53_52BKK Off MV thumb - jp.jpg http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q1-09.asp 2009-06-12 Articles http://www.cbre.co.th/imgUpload/ResearchTh_7_18hotel mv Q1 80-60 thumb.jpg The Thai hotel sector is facing the twin challenges of increased supply and a falling demand. Demand is declining due to a number of factors. - the global recession has cut business travel and MICE events. - the global recession has reduced personal travel and the http://www.cbre.co.th/en/Bangkok-Property-Luxury-Hotel-MarketView-Q1-2009.asp 2009-06-12 Articles http://www.cbre.co.th/imgUpload/ResearchTh_58_33Indus MV q109 thumb.jpg Only 89 rai (35.6 acres) of Serviced Industrial Plots were sold in Thailand in the first quarter of 2009. This was a drop of 87% q-o-q and 93% y-o-y. The occupancy rate of Ready Built Factories for rent was 77.5% down from 82.8% last quarter. We have not seen a significant increase in factory http://www.cbre.co.th/en/Thailand-Industrial-MarketView-Q1-2009.asp 2009-06-12 Articles http://www.cbre.co.th/imgUpload/ResearchTh_95bkk invest q109 80-60 thumb.jpg During Q1 2009, we saw an increase in interest and enquiries about revenue-producing assets, even though there were no major reported transactions of this type. The few land sales seen were completed by developers, some of whom are continuing to expand their development portfolio despite economic http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q1-2009.asp 2009-06-12 Articles http://www.cbre.co.th/imgUpload/ResearchTh_94BKK Off MV - thumbnail.jpg As of Q1 2009, the total stock of Bangkok office space increased to 7,864,435 m<sup>2</sup>. There were three newly completed office projects during this quarter with a combined area of 67,300 m<sup>2</sup>. Asia Centre and Sala at Sathorn are located in the CBD, while Central Chaengwattana is http://www.cbre.co.th/en/Bangkok-Office-MarketView-Q1-2009.asp 2009-06-12 Articles http://www.cbre.co.th/imgUpload/ResearchTh_56_5AREMM 80-60.jpg Market activity increases amid signs of recovery May saw the further strengthening of investor sentiment across the region and there was a rise in activity in most key markets. Hong Kong and China were the strongest performers but market conditions also improved in Japan, Korea, India and http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---June-2009.asp 2009-06-05 Articles http://www.cbre.co.th/imgUpload/ResearchTh_92GMOOC may 09 thumb.jpg Global Economies The foundation of the global economy has been tested to a degree not seen since the Great Depression.  What began as a U.S. housing crisis quickly became a worldwide financial crisis.  Tightening credit markets made it difficult for businesses and individuals to obtain http://www.cbre.co.th/en/Global-MarketView-Office-Occupancy-Costs-May-2009.asp 2009-06-04 Articles http://www.cbre.co.th/imgUpload/ResearchTh_2_12AIMV q1 09 thumb.jpg Asian property investment sales fell 83% to US$3.1 billion in the first quarter of 2009, as compared with the corresponding period a year earlier as investors’ appetite for risk remained weak and the gap between buyer/seller expectations continued to deter investment activity. http://www.cbre.co.th/en/Asia-Investment-MarketView-Q1-2009.asp 2009-05-22 Articles http://www.cbre.co.th/imgUpload/ResearchTh_53_42Asia MV q109 thumb.jpg Conditions in the Asian property leasing market generally deteriorated over the first quarter of 2009 as companies remained cautious about their real estate commitments amid the poor economic climate and uncertain business outlook. The period witnessed corporates across the region continue to http://www.cbre.co.th/en/Asia-MarketView-Q1-2009.asp 2009-05-22 Articles http://www.cbre.co.th/imgUpload/ResearchTh_15_46AREMM+May09 thumbnail.jpg Sentiment improves but markets see little activity April saw further signs that conditions were beginning to improve in a number of markets around Asia, although signficant transactions continued to be thin on the ground. Greater China was once again at the forefront of the recovery and the month http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---May-2009.asp 2009-05-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_22_48asia prop edge 2h 08 thumbnail.jpg It is now common knowledge that sale and leasing activities have slowed considerably, and CBRE’s Q4 08 financial results bear this out. Revenue for the Asia Pacific region, which includes operations in Asia, Australia and New Zealand totalled US$123.6 million for the fourth quarter of 2008, http://www.cbre.co.th/en/Asia-Property-Edge-Jul---Dec-08.asp 2009-05-04 Articles http://www.cbre.co.th/imgUpload/ResearchTh_87AREMM 80-52.jpg Greater China leads in signs of stabilisation <p style="text-align: justify">The month of March has brought signs that stability is beginning to re-emerge in certain Greater China markets as the Central Government’s economic stimulus measures begin to take effect. The extension of loans http://www.cbre.co.th/en/Asian-Real-Estate-Market-Monitor---April-2009.asp 2009-04-07 Articles http://www.cbre.co.th/imgUpload/ResearchTh_11_54PKT res. MV thumbnail 80-60.jpg <p style="text-align: justify">Both sales rates and new project launches in the Phuket villa market declined markedly during the second half of 2008, and we saw this continue in early 2009. Many buyers appear willing to wait in case better deals become available later this year. Compared to other http://www.cbre.co.th/en/Phuket-Residential-MarketView-Q4-08.asp 2009-03-30 Articles http://www.cbre.co.th/imgUpload/ResearchTh_85PKT hotel MV thumbnail 80-60.jpg <p style="text-align: justify">The Phuket hotel market, faced by a global decline in tourism and lingering political concerns, faced a difficult Q4 2008. Occupancy rates were down considerably compared to Q4 2007, but it has been reported that to us that both tourist arrivals and hotel occupancies http://www.cbre.co.th/en/Phuket-Hotel-MarketView-Q4-08.asp 2009-03-30 Articles http://www.cbre.co.th/imgUpload/ResearchTh_84BKK overall MV thumbnail.jpg Almost all sectors in the Bangkok property market slowed appreciably during Q4 2008, and it became evident that global economic issues would substantially impact the Thai property market. New launches and sales of residential property declined sharply, and demand for industrial property dried up http://www.cbre.co.th/en/Bangkok-Overall-MarketView-Q4-2008.asp 2009-03-16 Articles http://www.cbre.co.th/imgUpload/ResearchTh_7_9TH invest MV thumbnail.jpg Few transactions took place during Q4 2008 as buyers and sellers were unable to agree on prices, and it seems that many buyers were expecting to see distressed assets appear on the market, similar to 1997. We do not believe this will generally be the case, as bank lending has been more prudent http://www.cbre.co.th/en/Thailand-Investment-MarketView-Q4-2008.asp 2009-03-16 Articles