Currently, Frasers Property Commercial (Thailand) manages a total of 5 office buildings, including Mitrtown Office Tower, FYI Center, Goldenland Building, and under the Golden Venture Real Estate Investment Trust (GVREIT), Sathorn Square and Park Venture. This totals over 209,000 square meters of office space, housing employees from leading companies in Thailand and abroad across various industries, with over 20,000 users daily and an occupancy rate of 90%.



Mr. Witthawat Kuttatep, Senior Vice President of Commercial Projects at Frasers Property Commercial (Thailand), noted that in 2020, Thailand and the world faced the first wave of the COVID-19 pandemic, which directly impacted the Thai office market. Many companies adopted work-from-home policies, leading to a more than 50% decrease in demand for office rentals or expansions in 2020.

As a provider of office rental spaces, it became essential to adapt to the new trend in office space services by seamlessly integrating standard (Core) and flexible (Flex) office space models. This approach offers a variety of space options tailored to user needs while aiming to maintain a tenant retention rate of 90%.

Core & Flex is a new office space service model that combines standard office spaces (Core), which tenants can design and decorate according to their preferences, with flexible spaces (Flex) that come fully equipped with necessary amenities and managed by a professional management team. A key feature is the provision of shared common areas among tenants, such as reception areas, meeting rooms, and kitchens.





The company has piloted the Core & Flex concept in organizing space for the Head Office of Frasers Property Thailand to enhance flexibility in adjusting office space to accommodate business growth at the Mitrtown Samyan building.

For 2021, the company anticipates a recovery in demand for office rentals or expansions, which is expected to improve compared to 2020, the year when demand for office space hit its lowest in a decade. This optimism is based on the business sector's ability to adapt and cope with the aftermath of the first wave of COVID-19 last year. The sectors expected to grow well include digital businesses, e-commerce, finance, and health services.