Raymond Land is hosting a big event. launch of a new elite class "A" office building under the brand "One City Center".
Since the beginning of 2023, the leased office space amounts to 61,000 square meters, with more than 50% of the space already occupied by tenants. Demand has accelerated, so it is planned to increase the number of tenants to 75% by the second quarter of 2023.
The joint venture with Mitsubishi Estate Raimon-Land is more focused on recovery, focusing on projects that generate income quickly. Raimon-Land decided to invest in a Class A office building in a luxurious location.
In this project, Raimon Land, together with Mitsubishi Estate, a major partner from Japan, is investing in the construction of One City Center (OCC), a luxury Class A office building connected to the BTS Ploenchit station. The project cost is 8,800 million baht, while Raimon Land owns 60% of the shares, Mitsubishi Estate owns 40%, with a rental area of 61,000 square meters, divided into 86% of office space, 14% of retail space.
The demand for Class A office space is high. Interestingly, since the fourth quarter of 2022, the Bangkok office building market with a total area of more than 10 million square meters. Class A offices are 1.5 million square meters. Many tenants are interested in renting office space in Class A buildings. More and more companies are moving away from low-quality and old buildings.
It is important for companies that offices maintain green building standards. Which reflects the demand for rentals focused on quality buildings and environmental sustainability. This corresponds to the commercial advantages of One City Center, the first certified eco-friendly project in Thailand. This is also complemented by a very flexible air conditioning system.
It is expected that 60% of the tenants will be foreign companies and another 40% - Thai companies.
The total rental area of One City Center is 125-1300 sq.m.
The average rental rate in the area is high and is 1000-1600 baht/square meter per month, OCC's strategy is to set a reasonable price within the market price. The average rental rate is planned at 1500 baht/sq.m.
The target clients are foreign and Thai companies that need a good corporate image.
The launch of the project will change the climate of the area and affect the prices of residential real estate, including.