Exchange Square by Hong Kong Land, a new Grade-A office space building, will be launched in greater Phnom Penh. Along with this is the optimism of real estate experts that the office market space demand will see growth in 2017.
Ann Sothida, associate director of CBRE Cambodia and leasing agent for Exchange Square, said that the 20-storey office building is set to open in the first quarter of 2017. The building is divided into two— the first section has 4 storeys for retail and shopping. The office building covers a total area of 18,000 square meters.
"The company that developed this plan is an expert and is successful in this field. So, there's no need to worry about competition," she said. She adds that "the project’s situated in a good location because it’s nearby both the CBD and the Phnom Penh International Airport."
The office building and shopping mall of Exchange Square is located at #106 Street, Wat Phnom commune, Daun Penh district - behind the US Embassy in Cambodia.
Sothida said that until now the building is around 60 per cent booked, retail and office space. She continued, "The market building will have potential for 2017 because there are big businesses, expanding markets, and international investors stepping into Cambodia."
Pen Phearun, general manager of the Canadia Building, said that demand for office building late this year seems relatively quiet compared to the early part of the year. But so far, demand for office space saw a growth of 10 per cent, compared to the same period last year. He remained optimistic that the 2017 demand for office buildings will rise higher as he saw a lot of investors from China enter Cambodia.
“For the Canadia office building, the office space covers approximately 17,000 square meters, and the occupancy rate so far has covered approximately 90 per cent. Office space in the Canadia building is from the 16th floor to the 27th floor and several floors below," Phearun said.
This office space was rented for $25 plus service management fee of $5 per square meter, he said.
Managing director of real estate firm VTRUST PROPERTY Co, Ltd – Mr. Hok Meng Heang – said that the demand of office space this year really saw slow growth compared to a year earlier. But so far, demand for office buildings in VTRUST TOWER saw a growth of 15 per cent, compared to the same period last year. He added that VTRUST TOWER has a height of 15 floors and covers a total area of 18,000 square meters and goes from $16 to $20 dollars, plus a service management fee of $4 or more.
He said that "for 2017, he’s optimistic about demand for office buildings and I expect the occupancy rate will increase by 90 per cent."
This story was featured in the January 2017 print edition of PROPERTY VIEW magazine, produced by the CVEA.
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