Office rental prices hardly increased in Q1 2015

Content image - Phnom Penh Post
Canadia Tower (left) and Vattanac Capital Tower were monitored for the Knight Frank report. Hong Menea

Office rental prices hardly increased in Q1 2015

Rental prices for prime Phnom Penh office space saw an increase of 0.6 per cent in the first quarter of 2015, according to the Knight Frank Asia Pacific Prime Office Rental Index.

Knight Frank country manager Ross Wheble said that ​ with a sustainable future supply pipeline, the office market in Phnom Penh is likely to remain relatively stable over the short to medium term with new completions able to meet future demand growth.

Content image - Phnom Penh Post

The buildings monitored in Phnom Penh for the Knight Frank Asia Pacific Prime Office Rental Index are Canadia Tower, Vattanac Capital Tower and Phnom Penh Tower, he added.

The report said that monthly prime office rent net prices in the capital were priced at $22.1 per square metre and $29.1 per square meter (after services, taxes and charges) in the first quarter.

Wheble said that property prices in Cambodia are still relatively low compared with more developed countries such as Thailand, Malaysia and Singapore.

“Throughout Southeast Asia, markets remained fairly robust. Bangkok topped rental growth across the region with a 3.8 per cent increase quarter-on-quarter as the market continues to defy the political uncertainty still hanging over the country. 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.”

The report studied about 19 cities in the Asia Pacific such as Phnom Penh, Brisbane, Melbourne, Perth, Sydney, Beijing, Guangzhou, Shanghai, Hong Kong, Bangalore, Mumbai, New Delhi, Jakarta, Tokyo, Kuala Lumpur, Singapore, Seoul, Taipei and Bangkok.

“It is anticipated that prime office rents will increase marginally during the remainder of 2015 as vacancy rates begin to decline, placing upwards pressure on rents,” he said.


  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group