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Bangkok

SQMT
SQFT
Space Unit of Measure

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Financial Data Currency[1]

Yes

Transfer Taxes

Office Occupier Market Condition

1,1,1,1

Ease of Doing Business – How conducive is the regulatory environment to starting and operating a business. Source: The World Bank, Doing Business – 2020

Labor Cost – Wages for skilled office workers. Source: Global Wage Index, Hickey & Associates 2020

Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2020

Tenant Favorable – Assessment of the real estate market condition for office space. Source: Colliers International

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Typical Loss Factor

15 - 25%

From rentable to useable square meters

Loss Factor Notes:

Rentable area includes carpark. Therefore, without accounting for carpark, the loss factor is 15 - 25%.

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-5mo.

Typical number of rent-free months.

Payment of Fees/Commissions

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

3yrs.-9yrs.

Typical lease term in years.

Lease Term Notes:

The typical lease term is 3 years. Longer leases need to be registered and a tax is payable. Therefore, longer leases tend to be in multiples of 3 years (i.e., 3 + 3 + 3).

Or, if the tenant wants to register the lease, the maximum term is 30 years, but those are very rare in the market.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Service Charge Notes:

Additional charges are applicable for the building maintenance.

Based on consumption basis.

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

The tenant's right to sublease or assign the space typically is NOT negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

Unless requested for subsidiaries.

Statutory Subletting/Assignment

This is NOT a statutory right.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Workplace

Regional Office Space

8sm-15sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Regional HQ Office Space

8sm-15sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Bangkok market is typical.

Desk Sharing

Desk-sharing is not a common practice in the market.

Urbanization of the workforce is: Equal to several other considerations driving location decisions

Industrial Occupier Market Condition

1,1,1,1

Ease of Doing Business – How conducive is the regulatory environment to starting and operating a business. Source: The World Bank, Doing Business – 2020

Labor Cost – Wages for manuafacturing and warehouse/distribution office workers. Source: Global Wage Index, Hickey & Associates 2020

Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2020

Tenant Favorable – Assessment of the real estate market condition for industrial space. Source: Colliers International

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

3mo.-6mo.

Typical number of rent-free months.

Payment of Fees/Commissions

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

3yrs.-10yrs.

Typical lease term in years.

Lease Term Notes:

The typical lease term is 3 years. Longer leases need to be registered and a tax is payable. Therefore, longer leases tend to be in multiples of 3 years (i.e., 3 + 3 + 3).

Or, if the tenant wants to register the lease, the maximum term is 30 years, but those are very rare in the market.

Operating Expenses & Service Charges Included

Quoted market rent typically includes operating expenses (service charges).

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Service Charge Notes:

Additional charges are applicable for the building maintenance.

Based on consumption basis.

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

The tenant's right to sublease or assign the space typically is NOT negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

Unless requested for subsidiaries.

Statutory Subletting/Assignment

This is NOT a statutory right.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Operating Environment Data provided in partnership with Hickey & Associates. Rankings reported on a scale of 1 (least favorable) to 10 (most favorable).

Human Capital

3, 7 3/10

Labor Force Growth
Labor force growth rate (past 5 years)

5, 5 5/10

Wage Inflation
Rise in wages (past 5 years, local currency)

4, 6 4/10

Millenials
Proportion of population in the age 20-39 cohort


3, 7 3/10

High School Edu Equiv
Proportion of population attaining this level

2, 8 2/10

University Edu
Proportion of population attaining this level

3, 7 3/10

Overall Edu
Composite average of High School & University


4, 6 4/10

Human Capital Composite

Business Climate

1, 9 1/10

Innovation
Presence of innovative factors in economy

8, 2 8/10

Economic Risk
Resilience of economy to unexpected events

6, 4 6/10

Business Environment
Friendliness of business environment

7, 3 7/10

Incentives
Value potential, diversity/number of programs


6, 4 6/10

Business Climate Composite

Operating Environment Composite

5, 5 5/10

Combined average score of Human Capital and Business Climate factors

[1]Currency conversion works for estimate purposes only and may not reflect real-time values.

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s).

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