CBRE indicates that real estate in the first half of 2024 has begun to recover.

At the same time, the hotel business will benefit from improved confidence. There are signs of a rapid recovery, as according to Smith Travel Research (STR), average revenue per available room (RevPAR) and average daily room sales (ADR) have continued to exceed 2019 levels since 2019. Travel restrictions to Thailand have been lifted . Only the occupancy rate was lower than in 2019.

More than 75% of foreign tourists come from Asian countries. Short flights are an important factor affecting recovery. At the same time, the number of tourists from long-haul flights remains lower than before the outbreak of Covid-19.

Chutika Tangsirisap It is noteworthy that during the low season and during the high season, hotels will maintain prices at higher levels than before the pandemic, said head of research and project development consulting, CBRE Thailand. Including monitoring the travel status of foreign tourists.

Whether in terms of numbers or various indicators, this will affect the recovery of the long-distance travel market. The full return of Chinese tourists has not yet occurred. But temporary visa exemptions for Chinese tourists are likely to encourage more Chinese tourists.

The hotel market in Bangkok is expected to increase by 10% by 2025, bringing the total number of rooms to more than 86 thousand rooms, which enhances confidence that the market is dynamic and competitive. The slow return of mainland Chinese tourists to previous levels has weighed on market growth and the recent recovery in room rates is beginning to stall. The number of foreign tourists entering key markets in the Asia-Pacific region (excluding mainland China) in May 2023 is approximately 71% of 2019.

“The second quarter of 2023 is the third quarter after all pandemic-related restrictions were lifted in Thailand. Each market sector is recovering at its own pace. Some companies, such as hotels, are recovering quickly, others are growing gradually, such as the office space market. There are many areas emerging new.”

To get an overview of the Asia Pacific market in… “Office space market” There are more space leasing transactions. Both traditional and new companies Desiring flexible office space, multinational companies are leading the way in creating new workplaces in favorable conditions. Meanwhile, local companies that make up the majority of space tenants are reluctant to move locations. This may be a result of the lack of a professional team to assist in policy making.

In the Asia-Pacific region, the office space market may decline by up to 5% due to weak demand. “decrease” In mainland China, as of March 2023, the region’s average office space utilization stood at 65%, with North Asia returning to pre-Covid-19 levels.

Ada Choi Head of Occupier Research at CBRE Asia Pacific says demand for high-quality, green buildings continues to be a prominent trend. “Housing market” Thailand “Single house” Developers and buyers remain interested. Meanwhile, the residential market is focused on the mid- to low-end segment in the city center and suburbs of Bangkok.

section“retail trade”Continuously recovering Thailand’s Consumer Confidence Index (CCI) reached a three-year high in June. Retail space owners are investing in existing and new locations. The project’s net leasable area under construction is more than one million square metres. Half will be completed in 2025.

“Rising consumer confidence and the return of international tourists to the country are boosting confidence in this market.”

In Asia Pacific the retail sector is also strengthening. Unemployment rate in major locations “decrease” Continuing this, markets in many countries expect rents to rebound slightly. Especially the special administrative regions of Hong Kong, Tokyo and Singapore.

As for the Thai industrial sector, the demand for industrial land is increasing. Chinese manufacturers are expanding their business overseas and prefabricated factories (RBFs) and speculative construction have gained interest due to the shortage of supply. A new developer enters the logistics market focusing on building according to the needs of tenants. (Built to fit)

“The second quarter of 2023 reflects improved confidence in most business sectors. The presence of a new government has a positive impact on all sectors of society and business.