Phnom Penh Office Rents Rise 0.6% in Q1

• 31 December 2015
• Property Focus
• 1217 Views

Rent rises of 0.6% in Q1 2015, saw Phnom Penh move up to 5th in the Knight Frank Asia Pacific Prime Office Rental Index for Q1 with only the four major Australian cities above it, while Bangkok topped rental growth in the region.

“Throughout Southeast Asia, markets remained fairly robust. Bangkok topped rental growth across the region, with a 3.8% increase quarter-on-quarter, as the market continues to defy the political uncertainty still hanging over the country,” wrote Nicolas Holt, Asia Pacific Head of Research at Knight Frank.

“In Phnom Penh, rents climbed marginally despite a significant increase in net absorption as landlords vied for new tenants in a more competitive market following the completion of Vattanac Capital Tower,” he added. The report shows that Phnom Penh’s 12mth percentage rise in prime office rents of 7.6% is by far one of the most robust in the region.

Overall in the region, rental growth was experienced in 13 of the 19 markets tracked, with three recording no rental movement and three recording rental declines.

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank, together with its US alliance partner, Newmark Grubb Knight Frank, operate from 370 offices, in 55 countries, across six continents and has over 12,000 employees. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants?.