Market Research B A N G KO K R ATA I L M A R K E T B A N G KO K R E TA I L M A R K E T
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1 s t h al f
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2009
c o l l i e r s i n t e r n at i o n a l
| T H AILAN D
The Knowledge Report B AN G KO K r e ta i l M A R K E T |
1 st h a l f
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2009
BANGKOK RETAIL MARKET HIGHLIGHT • The unstable political atmosphere of continued protests by the red-shirt group caused shoppers to spend carefully, switching to necessity goods rather than luxury and durable goods. Tourist arrivals in Thailand also fell, further lowering spending. Market Indicators 1h 2009 2h 2009F
SUPPLY DEMAND rental rate occupancy rate
• The total supply of Bangkok retail space as of 1H 2009 was 5,129,462 square metres. • A total projected new supply of 1,136,886 sq m is currently under planning. Based on the above plans, in the second half of 2009 there will be an additional 409,823 sq m, with another 271,320 sq m to be added in 2010, and approximately 455,743 sq m planned for 2011 or later. • The retail market experienced continued expansion in 1H 2009, with various brands showing confidence in the market and continuing to expand their branches in upcoming projects in 2H 2009. • During the first half of 2009, the overall occupancy rate of retail space increased, to an average of 95.14% from just 94.67% in the last quarter of 2008. • Shopping mall occupancy rates have gradually increased, from 94.06% in 2008 to 94.20% in 1H 2009, whilst the community mall occupancy increased to 95% in 1H 2009 from just 94.74% in 2008. • The rental rate decreased in every retail location during the first half of 2009 due to landlords having to provide incentives to reduce tenants’ financial burden. This caused the sharp decline in the rental rate in the first half of 2009.
Highly populated areas with a strong pipeline of residential units should attract new retail retail development. Retail projects which have significantly relied on tourist demand will be affected by the lower number of arrivals.
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• Premium locations will be the main attraction for tenants and investors. With the increase in consumption as well as the consumer confidence index, the overall retail market has a reasonably bright outlook.
The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
BANGKOK RETAIL MARKET OVERVIEW With the government’s stimulus package of a THB2,000 cash handout, consumption was expected to increase during this period. However, employment uncertainty and the unstable political atmosphere of continued protests by the red-shirt group caused shoppers to spend carefully, switching to necessity goods rather than luxury and durable goods. Tourist arrivals in Thailand
also fell, further lowering spending. On the other hand, landlords changed their leasing strategy to achieve stable occupancy rates by offering special conditions to retailers on street-front retail space, offering high-profile, high-traffic locations at attractive rates to assist retailers in better positioning their brands.
Supply Trends Additional supply in the first half of 2009
• City Area
The additional supply in during the first half of 2009 was approximately 4,000 square metres of a community mall project as shown below.
Table 1 : Supply added in the city area in 1H 2009
Project name Metro Fashion
Retail Category
Location
Community Mall
Petchaburi Road
Total
Leaseable area (sq m) 4,000 4,000
Source : Colliers International Thailand Research
• Outer City Area
There were approximately 31,900 square metres of four retail projects added in the Outer City area during the first half of 2009.
Table 2 : Supply added in the Outer City area in 1H 2009
Project name China World The Eight Thonglor
Location
Leaseable area (sq m)
Shopping Mall
Wangburapa Road
14,000
Shopping Mall
Sukhumvit Soi 55
5,400
@Park Town In Town
Community Mall
Srivara Road
2,500
Bangkok Mediplex
Supporting Retail
Sukhumvit Soi 42
10,000
Total Source : Colliers International Thailand Research
2
Retail Category
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31,900
The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
• Suburban Bangkok
The additional supply of 114,381 square metres boosted the total supply in the Suburban Bangkok area during the first half of 2009. Table 3 : Supply added in the Suburban Bangkok area in 1H 2009
Project name
Retail Category
Location
Leaseable area (sq m)
Tesco Lotus Plus
Shopping Mall
Srinakarin Road
20,000
Carrefour Shopping Mall
Shopping Mall
Romklao Road
10,500
Carrefour Romklao
Hypermarket
Romklao Road
10,000
Homework Ratchaphruek
Specialty Store
Ratchaphruek Road
38,000
Premiere Place
Community Mall
Srinakarin Road
3,500
@Park Ramintra 109
Community Mall
Ramintra Soi 109
2,500
Navamin City Avenue
Community Mall
Kaset-Navamin Road
23,881
The Paseo
Community Mall
Onnuch-Ladkrabang Road
6,000
Total
114,381
Source : Colliers International Thailand Research
Total Current Supply The total supply of Bangkok retail space as of 1H 2009 was 5,129,462 square metres. The majority was for shopping malls, accounting for 3,026,565 sq m of the total Bangkok retail supply,
followed by hypermarkets and community malls, accounting for 679,950 sq m and 420,735 sq m, respectively.
Table 4 : Total current supply of retail space,1H 2009
Retail Category
City Area (sq m)
Outer City Area (sq m)
Shopping Mall
897,730
Department Store
58,000
Hypermarket Specialty Store
Total (sq m)
North
West
East
658,872
599,545
164,190
706,228
3,026,565
231,842
0
0
0
289,842
40,000
184,450
175,500
140,000
140,000
679,950
4,300
60,000
72,000
99,000
62,500
297,800
0
74,200
25,748
10,000
12,000
121,948
40,754
116,061
72,607
112,767
78,546
420,735
Entertainment Complex Community Mall
Suburban Bangkok (sq m)
Supporting Retail
197,625
62,345
0
0
32,652
292,622
TOTAL (sq m)
1,238,409
1,387,770
945,400
525,957
1,031,926
5,129,462
Source : Colliers International Thailand Research
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
Figure 1 : Supply of retail space by category, 1H 2009
Source : Colliers International Thailand Research
Around half of Bangkok’s retail space is found in Suburban Bangkok and half in the City and Outer City areas.
Suvarnabhumi International Airport, the extension of the BTS route and the general expansion of the city.
Recent retail development has been particularly pronounced in the Eastern Zone of Suburban Bangkok, due to the opening of Figure 2 : Supply of retail space by location, 1H 2009
Source : Colliers International Thailand Research
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
Future Supply Despite the economic downturn and political uncertainty, developers continue with investment projects, even some which have postponed launches from 2H2009 to 2010. A total
projected new supply of 1,136,886 sq m is currently under planning.
Table 5 : Retail space scheduled for completion, 2H 2009-2013f and planned projects
Project name
Estimated
Retail Category
Location
Leaseable area (sq m)
Outlet Mall Chaeng Wattana
Shopping Mall
Chaeng Wattana
NA
Q3 2009
Digital Gateway
Shopping Mall
Rama I
5,500
Q3 2009
completion
Premier Place (Renovation)
Community Mall
Rama IX
20,000
Q4 2009
The Portico
Community Mall
Langsuan
3,119
Q4 2009
Esplanade 2 Rattana Thibet
Shopping Mall
Rattana Thibet
50,000
Q4 2009
Sunday Mall
Shopping Mall
Kamphangphetch 4
20,000
Q4 2009
K Village
Community Mall
Sukhumvit Soi 26
17,967
Q4 2009
Noble Remix
Community Mall
Sukhumvit Soi 34
9,000
2009
Impact Education and Life Style Centre
Community Mall
Chaeng Wattana
3,000
2009
Crystal Design Centre
Community Mall
Ekkamai - Ramintra
42,447
2009
Tops Market Place Sukhumvit 77
Community Mall
Sukhumvit Soi 77
6,800
2009
The Market Bangpho
Community Mall
Bangpho
12,000
2009
The Market Thewet
Community Mall
Thewet
2,300
2009
The Paseo
Community Mall
Nonthaburi
6,000
2009
The Paseo
Communiy Mall
Pathumthani
6,000
2009
Primary Prestige
Community Mall
Nawamin
2,000
2009
Monopoly Park
Community Mall
Rama III
2,045
2009
RS Fresh Air – Sanambinnam
Community Mall
Sanambinnam
NA
2009
OP Garden
Community Mall
Charoenkrung Road
2,800
2009
Tesco Lotus Rangsit Klong 2
Hypermarket
Rangsit
10,000
2009
Fashion Island Hybrid Mall
Shopping Mall
Ramintra
10,000
2009
Cyber World Tower
Shopping Mall
Ratchadaphisek
13,600
2009
Future Park Rangsit
Shopping Mall
Rangsit
60,000
2009
TCC Project on Silom Road
Shopping Mall
Silom Soi 5
NA
2009
TCC Project on Charoenkrung Road
Shopping Mall
Charoenkrung Road
NA
2009
Tawanna 2
Shopping Mall
Bangkapi
16,400
2009
Bangyai Square
Shopping Mall
Bangyai
65,945
2009
Energy Complex Building C
Supporting Retail
Viphavadee - Rangsit
19,700
2009
The Lighthouse
Supporting Retail
Charoen Nakhorn
3,200
2009
Homework Srinakarin
Specialty Store
Srinakarin
7,500
2010
Index Plus
Specialty Store
Bangna - Trad
15,000
2010
Community Mall
Narathiwas Road
5,000
2010
Tesco Lotus (Expansion)
Shopping Mall
Rama III
25,000
2010
Tesco Lotus (Expansion)
Shopping Mall
Rama IV
20,000
2010
Tesco Lotus (Expansion))
Shopping Mall
Rama II
20,000
2010
Tesco Lotus (Expansion)
Shopping Mall
Sukhumvit Soi 50
20,000
2010
Somerset Sukhumvit 55
Supporting Retail
Sukhumvit Soi 55
700
2010
Millennium Mall
Community Mall
Sukhumvit Soi 20
2,120
2010
Planned Project on Sriyan
Community Mall
Sriyan
NA
2010
The City Walk @ Bangkok
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
Table 5 : Retail space scheduled for completion, 2H 2009-2013f and planned projects
Project name
Estimated
Retail Category
Location
Leaseable area (sq m)
Pure Place
Community Mall
Ratchaphruek
15,000
2010
Pure Place
Community Mall
Suan Thon
5,000
2010
Pure Place
Community Mall
Ramkhamhaeng Soi 110
10,000
2010
Metro Sky
completion
Community Mall
Sukhumvit Soi 103/4
2,000
2010
L&H Sukhumvit 19
Shopping Mall
Sukhumvit Soi 19
35,000
2010
Sathorn Square
Shopping Mall
Sathorn
NA
2010
Gateway City Ekkamai
Shopping Mall
Sukhumvit Soi 63
33,000
2010
Central Life
Shopping Mall
Srinakarin
56,000
2010
Crowne Plaza Hotel
Supporting Retail
Sukhumvit Soi 27
NA
Q3 2010
Bangkhen Condominium
Supporting Retail
Bangkhen
NA
2010
The Trilogy
Community Mall
Ratchadaphisek
NA
2011
Central Rama 9
Shopping Mall
Rama IX
120,000
2011
Sam Pheng Trade Centre
Shopping Mall
Sam Pheng
80,000
2011
Platinum Fashion Mall Building 2
Shopping Mall
Pratunam
10,000
2011
Siam Square Block L
Shopping Mall
Rama 1
3,000
2011
Mor Chit Mall
Shopping Mall
Kamphangphetch
NA
2011
Gaysorn Plaza (Expansion)
Shopping Mall
Ratchaprasong
NA
2011
The Terminal
Shopping Mall
Sanphawut Road
11,300
2011
Le Luk
Supporting Retail
Sukhumvit Soi 71
NA
Q2 2011
Royal Rajadamri
Supporting Retail
Rajadamri
4,000
2011
Seacon Square
Shopping Mall
Srinakarin
42,000
2013
Yes Ratchaphruek
Community Mall
Ratchaphruek
NA
NA
Yes Udomsuk
Community Mall
Udomsuk
NA
NA
Nusasiri Rama 2
Community Mall
Rama II
6,443
NA
Sam Yan Centre
Shopping Mall
Sam Yan
NA
NA
Central Suan Lum
Shopping Mall
Rama IV
NA
NA
Central British Embassy
Shopping Mall
Ploenchit Road
160,000
NA
Planned Project on Sathorn Road
Shopping Mall
Sathorn
15,000
NA
Planned Project at Rangsit
Community Mall
Phaholyothin Road
400
NA
Planned Project on Ratchadapisek Road
Supporting Retail
Ratchadapisek Road
3,000
NA
Planned Project at Sukhumvit 101
Supporting Retail
Sukhumvit Road
600
NA
Century The Movie Plaza 2
Shopping Mall
On Nut
NA
NA
J&B
Shopping Mall
Petchburi Road
NA
NA
IDEO Udomsuk
Supporting Retail
Udomsuk
NA
NA
IDEO Phahonyothin
Supporting Retail
Phahonyothin
NA
NA
Somerset Grand Sukhumvit 23
Supporting Retail
Sukhumvit Soi 23
NA
NA
Total Remark : The planned projects are based on reports from developers and may be subject to delay. Source : Developers’ announcements and Colliers International Thailand Research
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1,136,886
The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
Based on the above plans, in the second half of 2009 there will be an additional 409,823 sq m, with another 271,320 sq m to be added in 2010, and approximately 455,743 sq m planned for 2011 or later. Retail developers’ continued use of sales strategies to increase consumer spending by arranging event activities and campaigns every month, together with a falling unemployment rate in 1H
2009, indicates confidence that the retail market will recover in 2H 2009. The new supply of retail space in Suburban Bangkok is projected at an additional 493,435 sq m by 2011, followed by the Outer City area with 387,745 sq m, and the City area with approximately 255,706 sq m.
Figure 3 : Future new supply of retail space by location
Source : Colliers International Thailand Research
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
With the city’s expansion to the east and north of Bangkok, numerous residential projects are continually being developed as a result of public developments such as Ratchapruek Road and other major arterial roads, and the planned red line mass transit system. This trend is further supported by the expansion of the new BTS route from Onnut Station to Baring Station (Sukhumvit Soi 107), which is scheduled to be completed by
2010 and the completion of the Industrial Ring Road connecting Phuchaosamingprai to Rama III and Prapadaeng. Some 191,200 sq m will be added to the Eastern Zone, or 39% of total new retail supply in Suburban Bangkok, while another 255,792 sq m is slated for the Northern Zone and 46,443 sq m for the Western Zone.
Figure 4 : Future new supply of retail space in Suburban Bangkok
Source : Colliers International Thailand Research
Shopping malls are mostly planned for the City and Outer City areas and tend to be part of mixed-use developments which could include other commercial or residential elements. The key players are well known and experienced developers. There are 228,500 sq m of shopping mall planned in the City area and
328,000 sq m in the Outer City area. In Suburban Bangkok, with the development of new housing projects, coupled with a growing lifestyle preference to shop close to residences, there is 123,090 sq m of community mall planned.
Figure 5 : Future new supply of retail space by location and category
Source : Colliers International Thailand Research
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
DEMAND TRENDS The retail market experienced continued expansion in 1H 2009, with various brands showing confidence in the market and
continuing to expand their branches in upcoming projects in 2H 2009.
Table 6 : Planned brand branch expansion in 2H 2009
Brand
Product
No. of stores planned to open in 2009
Mr.Bun
Fast Food
21
IT CITY
IT
5
IStudio
IT
2
Gourmet
Supermarket
1
AD TIME
Watch
4-5
Swatch
Watch
7
DQ Grill
Fast Food
3
Bridgestone
Autocare
NA
Boonthavorn
House Hardware
1
Source : Colliers International Thailand Research
Occupancy and Rental Rates During the first half of 2009, the overall occupancy rate of retail space increased, to an average of 95.14% from just 94.67% in the last quarter of 2008. A number of retailers engaged in the
distribution of foods, necessity goods, pharmaceuticals and cosmetics performed well.
City Area
The City area has a well diversified demand base, comprising international tourists, business travellers and Thais, and the overall occupancy rate has remained high, at 95.90% as at 1H 2009.
Table 7 : Supply, Take-up and Vacancy rate in the City area, 1H 2009
Retail Category
Supply (sq m)
Take-up (sq m)
Vacancy rate (%)
Shopping Mall
897,730
870,798
3.00%
Department Store
58,000
55,680
4.00%
Hypermarket
40,000
38,800
3.00%
Specialty Store
4,300
4,171
3.00%
Community Mall
40,754
38,309
6.00%
Supporting Retail Total (sq m)
197,625
179,839
9.00%
1,238,409
1,187,597
4.10%
Source : Colliers International Thailand Research
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
Outer City Area
The average occupancy rate in this area was approximately 93.78%, as of 1H 2009.
Table 8 : Supply, Take-up and Vacancy rate in the Outer City area, 1H 2009
Retail Category
Supply (sq m)
Take-up (sq m)
Vacancy rate (%)
Shopping Mall
658,872
599,574
9.00%
Department Store
231,842
231,842
0.00%
Hypermarket
184,450
175,228
5.00%
Specialty Store
60,000
60,000
0.00%
Entertainment Complex
74,200
72,716
2.00%
Community Mall
116,061
109,097
6.00%
Supporting Retail
62,345
52,993
15.00%
1,387,770
1,301,450
6.22%
Total (sq m) Source : Colliers International Thailand Research
Suburban Bangkok
The highest supply of retail space is in Suburban Bangkok. The occupancy rate is helped by the strong supermarket sector, which often acts as the anchor tenant for retail developments to attract other retailers and build traffic in the project. The occupancy rate is 95.52%.
Table 9 : Supply, Take-up and Vacancy rate in Suburban Bangkok, 1H 2009
Retail Category
Supply (sq m)
Take-up (sq m)
Vacancy rate (%)
Shopping Mall
1,469,963
1,386,665
5.67%
Hypermarket
445,500
435,762
2.19%
Specialty Store
233,500
231,943
0.67%
Entertainment Complex
47,748
45,361
5.00%
Community Mall
263,920
252,483
4.33%
Supporting Retail
32,652
29,386
10.00%
2,493,283
2,381,600
4.48%
Total (sq m) Source : Colliers International Thailand Research
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
Shopping mall occupancy rates have gradually increased, from 93.60% in 2007 to 94.20% in 1H 2009, whilst the community
mall occupancy increased to 95% in 1H 2009 from just 93.4% in 2006.
Figure 6 : Average occupancy rate of shopping malls and community malls, 2006-1H 2009
Source : Colliers International Thailand Research
Target shoppers in the retail market in the City area include the international tourists visiting Bangkok, due to the decreasing number of international travellers to Bangkok which caused the decline in shopper numbers in the City area; thus, landlords had
to provide incentives to reduce tenants’ financial burden. This caused the sharp decline in the rental rate in this area in the first half of 2009.
Table 10 : Average rental rate for retail space by location, Q4 2008 & 1H 2009
Q4 2008
1H 2009
Average rental rate
Average rental rate
(THB/sq m/month)
(THB/sq m/month)
City Area
1,400 - 2,500
1,200 - 2,100
Outer City Area
1,200 - 2,000
1,100 - 2,000
800 - 1,200
600 - 1,200
Location
Suburban Bangkok Area
Note : The average rental rate is based on the rent that an established brand can expect to pay for a medium location on the ground floor of a retail centre with an average size of 50 sq m. Source : Colliers International Thailand Research
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
While location is the most important factor in determining rental rate, the rent that different types of retail business can afford and the size of the space are also important. The rental rate of retail space has decreased more in some business categories,
especially in the fashion, beauty salon and restaurant sectors, as many customers are putting off non-essential purchases. The approximate rental rate typically paid by each type of retail business is shown below.
Table 11 : Average rental rate for retail space by type of retail business, 1H 2009
Business Category Fashion Restaurant Banking Fitness Centre Coffee Shop Bookshop
Average rental rate (THB/sq m/month) 1,800 – 2,600 800 – 1,400 1,500 – 3,000 300 – 600 1,000 – 2,000 500 – 1,000
Supermarket
300 – 400
Beauty Salon
900 – 1,000
Services e.g. Mobile, Laundry, Post Office, Flower Shop
1,000 – 1,300
Source : Colliers International Thailand Research
Outlook: The overall retail market has a reasonably bright outlook, with the increase in consumption as well as the consumer confidence index. Premium locations will be the main attraction for tenants and investors. We have seen some signs of economic recovery. Manufacturing output, particularly in the automotive and electronics industries and private consumption, has been impressive. The unemployment rate fell in July. Highly populated
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areas with a strong pipeline of residential units should attract new retail development. However, retail projects which have significantly relied on tourist demand will be affected by the lower number of arrivals.
The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
APPENDIX Retail Market Categories The retail market in Thailand can be divided into seven main categories, based on size, characteristics, goods sold, and pricing. The different retail formats serve shoppers at different locations, depending on the availability of land and retail space as well as investment opportunities. These seven categories are: 1) Shopping Mall/Shopping Centre - a building or set of buildings that contains a variety of retail units, with interconnecting walkways enabling visitors to easily pass from unit to unit. Many shopping malls consist of department store, kiosks, shops and supermarkets. Shopping malls are sizable buildings, providing various goods and services, and normally placed in the core and sub-centre areas of Bangkok, such as Central World, Siam Paragon and MBK Centre.
also distinguishes specialty stores from department stores and supermarkets, such as Home Pro, Home Works and Index Living Mall. 6) Entertainment Complex - generally comprises entertainment facilities such as movie theatres, bowling alleys, karaoke, retail space, and restaurants, such as Major Cineplex. 7) Supporting Retail - a retail establishment which comprises shops located in office buildings or hotel buildings and generally support the building occupants with services such as restaurants, laundries, minimarts and supermarkets.
2) Department Store - a retail establishment specializing in a wide range of products without a single predominant merchandise line. Department stores usually sell such products as apparel, furniture, appliances and electronics, and additionally select other lines of products such as hardware, toiletries, cosmetics, photographic equipment, jewellery, toys, and sporting goods. Department stores are sizable buildings, providing various goods and services, and are normally placed in the core and sub-centre areas of Bangkok, such as Central and Robinson. 3) Hypermarket - a retail establishment combining a department store and supermarket, hypermarkets provide a wide range of both food and non-food products. The result is a very large retail facility comprising a wide range of products under one roof, including full lines of groceries and general merchandise. The ideal superstore is able to fully serve customers’ basic needs. The hypermarket’s typical business model focuses on high-volume, and low-margin sales. Because of their large footprints (a typical Tesco Lotus covers 6,000-30,000 m², a typical Carrefour 8,50010,000 m²), they serve the needs of shoppers demanding large quantities of goods. However, retailing is also provided at affordable prices. In addition, several hypermarkets are located in suburban or outer areas, easily accessible by car. 4) Community Mall - a relatively new small retail format designed to meet the changes in customers’ needs and lifestyles. Their customers prefer to shop at retail stores that provide onestop shopping near their homes. The community mall, where all of the space has been rented out, emphasizes easy access for people in its neighbourhood, within two to five minutes’ drive. The mall offers a casual ambience, where customers can shop, drink coffee or eat snacks and dine in a relaxing atmosphere, and is normally located in the centre of community areas or near residential projects, such as J Avenue and The Crystal. 5) Specialty Stores - stores specializing in a specific range of merchandise and related items. Most stores have an extensive breadth and depth of stock in their speciality items and provide a high level of service and expertise. The pricing policy is generally in the medium to high range, depending on factors like the type and exclusivity of merchandise and ownership. This also depends on the type of stores - whether they are owner-operated, or a chain operation with the advantage of bulk purchasing and a centralized warehousing system. The wide range of merchandise
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The Knowledge Report | 1st Half | 2009 | Bangkok Retail Market
APPENDIX Retail Location • City Area This popular shopping area for Thais, tourists and expatriates includes Ploenchit Road, Wireless Road, Sathorn Road, Silom Road, Surawongse Road, Phayathai Road, Rama I Road and the section of Sukhumvit Road between Soi 1 and Soi 39 to the north and Soi 2 to Soi 26 to the south, Petchaburi Road (both sides) between Phayathai Intersection and Sukhumvit Soi 39 to the north, as well as Rama IV Road between Sukhumvit Soi 26 to Phayathai Intersection to the south.
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• Outer City Area This area is convenient because of its proximity to many of the residential areas as well as some commercial buildings, e.g. office buildings and local attractions. The area encompasses Sukhumvit Road (from Soi 39 to Soi 71), Petchaburi Road (from Sukhumvit Soi 39 to Klongtan intersection), Ramkamhaeng Road (from Klongtan intersection to Bangkapi intersection), Ladprao Road, Vibhavadi Road (from Dindaeng to Laksi intersection), Ratchawithi Road, Krung Kasem Road, Charoenkrung Road, Charan Sanit Wong Road, Ratchada-Thapra Road, Somdej Phrapinklao Road, the beginning of Barommarachachonnani Road, Itsaraphap Road and Sirindhorn Road. The area also covers Narathiwas Ratchanakarin Road, Rama III Road and Rama IV (from Sukhumvit Soi 26 to Sukhumvit Soi 46/1).
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Colliers International 17/F Ploenchit Center Klongtoey Bangkok 10110 Tel: 662 656 7000 Fax: 662 656 7111
• Suburban Bangkok This is the area that lies on the border of Bangkok and is crowded with many housing projects with easy access to the City area. Suburban Bangkok can be divided into three parts: Northern Zone, Western Zone and Eastern Zone. Northern Zone is the area that starts from Laksi Intersection on Vibhavadi Rangsit to the north, and Chaeng Wattana Road, Kaset-Nawamin Road, Ladplacao Road, Ramintra Road, Ratana Thibeth Road, to Chaophraya River on the west. Eastern Zone is the area that starts from Sukhumvit Soi 71 to Bangna-Trad Road, Samrong, Theparak and Sukhaphiban I, II and III. Western Zone is the area that encompasses Ratburana Road, Suksawat Road, Prachauthit Road, Rama II Road, Ratchaphruek Road and Phetchakasem Road.
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This report and other research materials may be found on our website at www.colliers.co.th Questions related to information herein should be directed to the Research Department at the number indicated above. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies.