Bangkok is the 15th most affordable premium office location in the world. The city also ranks as the 5th and 2nd cheapest premium office market in Asia Pacific and Southeast Asia respectively.
December 18, 2020
JLL’s Premium Office Rent Tracker compares occupancy costs for premium office buildings across the world’s leading real estate markets. This sixth edition includes 100 office markets and submarkets across 86 cities and is JLL’s benchmark view on the best achievable office rent in the world’s top office markets.
This research provides a useful barometer of relative occupancy costs. It highlights the most expensive office locations and markets that offer the best value globally and by region, as well as key trends to watch.
Premium office rents are showing signs of greater resiliency than the broader Grade A market. Rents for premium buildings have fallen in major office markets over the past year by an average of 3.0% in local currency terms. This compares to a decline of 5.2% in net effective rents for the broader Grade A office market. This provides tentative evidence that premium space is more resilient, supporting a flight to quality as office workplace requirements adjust to the ‘new normal’.
Hong Kong-Central’s rents – the world’s most expensive – have declined by over 20% in the past year.
The technology sector is a key driver of demand for premium space, second only to the banking and finance sector.