Commercial real estate rents are expected to increase across all sub-markets and sub-segments in Thailand, primarily asthe supply of prime product remains low. Foreign entities will find opportunity to develop real estate through local partnerships,primarily as bank financing in Thailand remains relatively expensive. Global economic headwinds, however, could negatively impactall real estate sub-segments, the retail segment could suffer from lower wage growth and slower tourist arrivals, while the officesegment could suffer from weaker business sentiment. The industrial sub-sector, which will provide the least attractive yields, willhave to contend with weaker export growth owing to weaker global growth.
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