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Bangkok Services Apartment Market Report Q4 2012

Bangkok Services Apartment Market Report Q4 2012

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Serviced apartments in Bangkok are facing ever greater competition from condominiums, but large numbers of foreign businesses setting up offices in Thailand means there is still some hope for the market.
Expatriates, who are the main customers for serviced apartments, increasingly prefer to live in condominiums that offer similar services in the same locations for a fraction of the cost.
Serviced apartments in Bangkok are facing ever greater competition from condominiums, but large numbers of foreign businesses setting up offices in Thailand means there is still some hope for the market.
Expatriates, who are the main customers for serviced apartments, increasingly prefer to live in condominiums that offer similar services in the same locations for a fraction of the cost.

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Categories:Types, Research
Published by: Colliers International Thailand on Feb 20, 2013
Copyright:Attribution Non-commercial

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02/20/2013

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2011 / 2012new SupplyRenTAlSOccupAncy
ThAilAnd
.ors.o.t
Bangkok Serviced Apartment Market
execuTive SummARy
Serviced apartments in Bangkok are facing ever greater competition from condominiums, but
lare numbers of forein businesses settin u oces in Thailan means there is still some hoefor the maret.Exatriates, who are the main customers for serice aartments, increasinly refer to lie inconominiums that oer similar serices in the same locations for a fraction of the cost.Just 580 serice aartment units were comlete in 2012, the lowest ure for four years,brinin the total number of units in Bano to 18,260. Occuancy rates an aerae rental riceboth increase comare to the reious year.The serice aartment inustry is also threatene by a lon-runnin comlaint from the ThailanHotel Association, which is tryin to ersuae the Ministry of Interior to clam own on sericeaartments oerin short-term an er-ay rentals, which ocially require a hotel licence to beleal. As a result, there is a tren for serice aartments to aly for hotel licences.Because a lare number of forein comanies are settin u oces in Bano ahea of theASEAN Economic Community formin in 2015, an are therefore brinin more exatriates to thecity, there is still some life left in the maret, but oerators hae to ht har to ee aoat. Manyare oerin iscount eals to cororate clients, an are renewin existin leases at the same oreen lower rices before they exire, in the hoes of eein their tenants for the lon term.Aroximately 580 units were comlete in2012, an the total suly of serice aartmentunits at the en of 2012 is nearly 18,260. The
number of new, serviced apartment units
comlete in 2012 was lowest in the ast fouryears.
Q4 2012 | SERVICED APARTMENT
mARkeT indicATORS
hiSTORicAl Supply, Q4 2012
Source: Colliers International Thailan Research
BANgkOk SERvICEd ApARTMENT
 
MARkET REpORT
 
More than 50% of the serice aartment suly in Bano is locatealon Suhumit Roa, in the areas of Early Suhumit an LateSuhumit. The total suly in the Early Suhumit area has been reaterthan in other locations for the ast 20 years with more than 7,300units.More than 150 units are scheule for comletion in2013, aroximately80 of which are in the Late Suhumit Area, with the rest in Other Areas.In aition, another 80 units are uner construction an execte to becomlete in 2014 in the Early Suhumit Area. Only a few serice
apartment projects are under construction, due to serviced apartments
hain ecline in oularity for exatriates urin recent years. Manyconominium rojects an hih-en aartment rojects hae becomereferable for foreiners who wor in Bano because of their lowerrices, similar facilities, an their locations bein in the same areas asserice aartment rojects.
Source : Colliers International Thailan ResearchSource: Colliers International Thailan Research
Supply by lOcATiOn, Q4 2012cumulATive fuTuRe Supply fROm 2013 TO 2014, by lOcATiOn And yeAR
COLLIERS INTERNATIONAL | P. 2
BANgkok SERVICED APARTMENT REPoRT
| Q4 2012
 
hiSTORicAl OccupAncy RATe by gRAde, 2010 TO 2012 by QuARTeR
COLLIERS INTERNATIONAL | P. 3
Source: Colliers International Thailan Research
The aerae occuancy rates in Q4 2012 for grae A an B sericeaartments increase slihtly from the reious quarter. Howeer, theaerae occuancy rates in the secon an thir quarters were lowerthan in the rst quarter of 2012.
BANgkok SERVICED APARTMENT REPoRT
| Q4 2012
The aerae occuancy rate in the last quarter of 2012 in all locationswas u from the reious quarter. Serice aartment rojects aretryin to retain their current clients for lon erios by renewincontracts at the current rate before the exiration ates.
Source: Colliers International Thailan Research
OccupAncy RATeS by lOcATiOn, 2010 TO Q4 2012 by QuARTeR
OccupAncy RATe

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