Demand For Office Space Rising

Urbanland’s Raintree is not officially open yet, but the development is already home to a cluster of businesses

Demand for office space is anticipated to surge this year; however, this is in line with rising supply.

Lim Pusithavrith, a leasing management officer at Vattanac Tower, said that the demand for office space would rise significantly this year because of the flow of new foreign and local companies.

The demand for office space in Vattanac Tower has increased from 25 to 30 percent in the last 12 months, with the occupancy rate reaching 50 percent.

Thida Ann, Associate Director of CBRE Cambodia, said the demand for office space had surged this year due to the increasing number of banks, insurance companies and foreign companies in the market.

However, while demand has increased, so too has supply. According to Ann, 2016 will see an additional four to five Grade B and Grade C office buildings entering the market, including Hongkong Land’s Exchange Square and Urbanland’s Raintree project.

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