-- Rising foreign investment is leading to an office shortage in Phnom Penh, with some analysts expecting pent-up demand to generating a building boom over the next two years, national media said Friday.
"There is nothing of an international standard in Phnom Penh right now. Many businesses are having to rent out villas," Naim Khan-Turk, director of research at the CB Richard Ellis (CBRE) in Ho Chi Minh city, Vietnam, was quoted by Cambodia's daily English newspaper the Phnom Penh Post as saying.
Analysts say the office market hasn't had time to catch up to the pace of economic growth, with only low- or medium-quality offices for rent in the capital, said the paper.
Phnom Penh has only about eight major office buildings available, with most of the space in converted colonial villas, hotels, or refurbished shop houses, it added.
Office space is graded by its location, the quality of the construction and the amenities offered in the building. None of the existing or planned space exceeds B grade, said international property experts.
"We class Grade A as having at least 1,000 square meters of floor space, quality mechanical engineering such as high-speed lifts, efficient buildings and car parks. That is a loose definition. We don't see anything in Phnom Penh meeting those standards," said Khan-Turk.
The shortage of prime office space could make Phnom Penh a potential boom market over the next two years, said the paper.
There are a lot of companies coming to Cambodia and most of the buildings are constructed by South Korean developers, it said.
The quality is not up to international standard, but it is acceptable for offices, it added.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article