Jones Lang LaSalle appointed sole leasing agent at Suntowers.

Sunflower Group has appointed Jones Lang LaSalle as the sole leasing agent for Suntowers, a Grade A office complex located on Vibhavadi Rangsit Road in Bangkok, marking the first time the group has named a sole agent for the property since its completion in 1995.

Mrs Pojanard Prinyapatpakorn, Managing Director of Suntowers Limited, an affiliate of Sunflower Group, said: “Over the past 12 months we have received more and more leasing enquiries for Suntowers as companies look for affordable quality office space in convenient locations outside the central business district. By appointing Jones Lang LaSalle as the sole leasing agent, we want to make sure that Suntowers captures most of the leasing opportunities that are rising in the Vibhavadi Rangsit area.”

Ms. Yupa Sathienpabayut, Head of Office Leasing at Jones Lang LaSalle, said: “In the current economic environment, companies are looking for strategies to minimize operational costs. Some of these companies opt to reduce occupancy costs by relocating to a more affordable office building in a fringe location that offers quality office space and convenient access. The Bangkok northern corridor, including Vibhavadi Rangsit Road, is one of the city’s fringe office locations where corporate occupiers have shown strong interest.”

According to a recent study by Jones Lang LaSalle, the Bangkok northern corridor office market, which covers a part of Phayathai and Ratchadapisek Roads, Phaholyothin Road, and Vibhavadi Rangsit Road, offers 2.2 million square metres of space, with an average vacancy rate of approximately 15 per cent. While the average rental in the area stands at around Bt400 per square metre per month, Grade A buildings enjoy a higher average rental rate of about Bt570 per square metre per month.

“The fact that very few Grade A office buildings are located along Vibhavadi Rangsit Road serves as a competitive advantage to Suntowers,” says Ms Yupa.

SOURCE: Property Report