2023-09-25 17:00:00
CBRE assesses that the Thai and Asia Pacific real estate markets in mid-2023 will still be challenging. from interest rates continuing to rise Chinese market recovers slowly Forecasting the amount of real estate investment Commercial traffic in Asia Pacific this year fell 15% before starting to recover in the first half of 2024.
CBRE assesses that the Thai and Asia Pacific real estate markets in mid-2023 will still be challenging. from interest rates continuing to rise Chinese market recovers slowly Forecasting the amount of real estate investment Commercial traffic in Asia Pacific this year fell 15% before starting to recover in the first half of 2024.
Meanwhile, the hotel business will benefit from improved confidence. There are signs of a rapid recovery. According to Smith Travel Research (STR), average revenue per available room (RevPAR) and average daily room sales (ADR) have continued to exceed 2019 levels since 2019. Travel restrictions to Thailand have been lifted. Only the occupancy rate was lower than in 2019.
Over 75% of foreign tourists come from Asian countries. Short-haul flights are an important factor affecting the recovery. Meanwhile, the number of tourists from long-haul flights is still lower than before the COVID outbreak.
Chotika Tangsirisap Head of Research and Project Development Consultancy, CBRE Thailand, said it is worth watching that during the low season and during the high season, hotels will maintain prices at higher levels than before the pandemic. or not Including keeping an eye on the travel situation of foreign tourists.
both in terms of numbers and various indications That will affect the recovery of the long-haul travel market. The return of Chinese tourists has not yet completely occurred. But temporary visa exemptions for Chinese tourists are likely to encourage more Chinese tourists.
Bangkok hotel market The number of rooms is expected to increase by 10% by 2025, bringing the total number of rooms to more than 86,000, reinforcing confidence that the market is dynamic and competitive. The slow return of mainland Chinese tourists to previous levels has affected market growth and the recent recovery in room prices has begun to stall. by the number of foreign tourists entering key markets in Asia Pacific (excluding mainland China) in May 2023 is approximately 71% of 2019.
“Q2 2023 is considered the third quarter after the lifting of all epidemic-related restrictions in Thailand. Each sector of the market recovers at its own pace. Some businesses, such as hotels, recover quickly. Others grow gradually, such as the office space market. There are many new areas emerging.”
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For an overview of the Asia Pacific market in “Office space market” There are more space rental transactions. Both traditional and new companies Desiring flexible office space, multinational companies are leading the way in creating new workplaces in favorable conditions. Meanwhile, local companies that are the majority of space tenants are reluctant to move locations. This may be a result of the lack of a professional team to assist with policy making.
In Asia Pacific, office space market may drop as much as 5% because of weak demand. “reduce” In mainland China, as of March 2023, the region’s average office space utilization was 65%, with North Asia having returned to pre-COVID levels.
Ada Choi Head of Occupier Research at CBRE Asia Pacific says demand for high-quality buildings and green buildings remains a prominent trend. “Housing market” of Thailand “Single house” Developers and buyers remain interested. Meanwhile, the condominium market focuses on the middle to low-end segment in the city center and suburbs of Bangkok.
sector“Retail business”Continuously recovering Thailand’s Consumer Confidence Index (CCI) hit its highest level in three years in June. Retail space owners are investing in existing and new locations. It has more than 1 million square meters of net leasable space under construction. Half will be completed in 2025.
“Higher consumer confidence and international tourists returning to the country boost confidence in this market.”
in Asia Pacific The retail sector has also strengthened. Unemployment rate in main locations “reduce” Continuing, markets in many countries expect rents to recover slightly. Especially the Special Administrative Regions of Hong Kong, Tokyo and Singapore.
As for the Thai industrial sector, the demand for industrial land is increasing. From Chinese manufacturers expanding their business overseas Ready-built factories (RBF) and speculative construction have gained attention because of a lack of supply. New developer enters logistics market Focus on creating according to the needs of tenants. (Built-to-Suit)
“Q2 2023 reflects improved confidence in most business sectors. And having a new government has a positive impact on all sectors of society and business.”
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