Bhiraj Buri Group , a comprehensive real estate developer in Thailand, has announced good news at the start of the year. Bhiraj Tower at BITEC has received an unexpectedly positive response from both Thai and foreign office tenants, achieving an office space rental rate exceeding 80% within less than a year.

          Since its official launch in the first quarter of last year, Bhiraj Tower at BITEC, the only Grade A office building for rent in the Sukhumvit-Bangna area, has attracted major operators from various businesses and industries to secure office space. Notable tenants include Siam Commercial Bank Public Company Limited, Regus (Thailand), a global workspace provider, as well as Origin Property Public Company Limited and All Inspire Development Public Company Limited, major real estate developers, and Kayaba, a world-class shock absorber manufacturer from Japan.

          According to CBRE, a leading global real estate consultancy, the shortage of office space in Bangkok's Central Business District (CBD) has been a clear trend in recent years due to continuously increasing demand, contrasting with the limited supply. This has resulted in rising rental rates, prompting many companies to consider relocating their offices outside the CBD while still enjoying convenient access to public transport, major roads, and even expressways.

          Consequently, areas outside the CBD have become high-growth potential locations. Many of these areas benefit from public transport systems, making travel to the CBD easier. Particularly, the demand for office buildings in the Sukhumvit-Bangna area has been steadily increasing. In the near future, it is anticipated that most new office spaces will be located outside the CBD, such as Bangna, outer Sukhumvit, Ratchadapisek, and Rama IX. Additionally, the rapid growth in the IT sector, startups, and companies led by the younger generation has created new trends for small businesses, which are likely to expand from small offices to larger office buildings to enhance their corporate image and accessibility via public transport.

          Mr. Pitiphat Buri , Managing Director of Bhiraj Management Co., Ltd. under Bhiraj Buri Group, stated, “As a pioneer and developer of various projects in the Sukhumvit-Bangna area, including the BITEC Exhibition and Convention Center and Bhiraj Tower at BITEC, the first Grade A office building in the Sukhumvit-Bangna area, I am very pleased that this building has received such a positive response from tenants across various businesses, resulting in an occupancy rate of over 80% within less than a year. This is evidence that the Sukhumvit-Bangna area has growth potential and that the demand for office space in this area will continue to rise. Bhiraj Buri Group is committed to further developing office projects in various forms to reinforce our expertise in comprehensive office building development.”

          “To meet the increasing market demand in the Sukhumvit-Bangna area, Bhiraj Buri Group has launched its latest project, Summer Lasalle Office Campus, which addresses the market gap for modern tenants who prefer flexible working hours and can manage their work-life balance comfortably. The project emphasizes quality of life and inspires productivity for employees with a new low-rise office building format that caters well to both MNCs and medium-sized businesses. A key feature of the Summer Lasalle project is the development of horizontal space over an area of more than 61 rai, with over 30 percent dedicated to green space, which I believe will attract modern tenants very well,” Mr. Pitiphat Buri added.

          Bhiraj Tower at BITEC is a 29-story Grade A office building located within the BITEC Exhibition and Convention Center, connected to Bangna BTS Station, with a total office rental space of 32,000 square meters. It features a central green area (Roof Garden) and a jogging track of 2,200 square meters on the 29th floor, offering stunning views of Bangkok, including the Chao Phraya River and Bang Kachao, which is considered the green lung of Bangkok. This office building will become part of a mixed-use project, fully equipped with comprehensive amenities.

Thank you for the information from www.bhirajburi.co.th