Two of the 10 largest transactions in the history of the Bangkok office market have been completed in the past three months despite a downturn in Asian office markets since the fourth quarter, according to the property agency CB Richard Ellis. Thailand's largest-ever lease, for 61,500 square metres in Chamchuri Square, was signed by DTAC in the last quarter of 2008. Chamchuri Square, located on Rama IV Road, is the largest office building completed since the 1997 crisis.

Citibank signed a lease in the first quarter of this year for more than 20,000 sq m in Interchange 21, a grade A development on Asok Road.

''With a limited amount of new grade A supply, including Asia Centre this year and Sathorn Square next year, we expect the top end of the office market to be one of the first sectors to rebound,'' said Nithipat Tongpun, CBRE Thailand's director and head of office services.

''Prime rental rates in Thailand have not fallen, unlike in Singapore and Hong Kong.''

The global financial turmoil has caused prime office leasing activity to slow dramatically throughout Asia. The office vacancy rate climbed across Asia during the fourth quarter with rises recorded in 14 of the 17 markets.

source : www.bangkokpost.com