Cambodia assets take sharp flip in H1
An increase in COVID-19 cases diode to over seventieth decreases in the prime workplace and retail occupancy in Kampuchea.

Office occupancy was cut by seventy-three while retail occupancy was cut by seventy-two within the half of 2021 compared to the previous six months, in keeping with CBRE Kampuchea.

Prime workplace rents were at associate approximately $23.00 per area unit (sq. m.) per month, while prime retail mall rents were at $33.00 per sq. m. per month.

“The half of the year has seen costs and rents drop across most sectors, with the sole real exception being the workplace market, wherever resurgent leasing demand and additional competitive offers from Landlords has helped get some optimism back to the market,” aforesaid CBRE Kampuchea administrator James Hodge.

CBRE pegged coming strata workplace average rates to possess the worth of a sale of $3,100 per sq. m. and quoting rents of $23.33 per sq. m. per month.

Join the Real estate developers community in Cambodia
Approximately 117,017 sq. m. of workplace area is about to be completed within the capital town of Pnom Penh this year, with more or less fifty-fifth completed throughout the primary [*fr1].

The retail market, on the opposite hand, struggled to endure the visit occupancy within the half of the year, as 38,000 sq. m. of the retail area has been completed within the half. Another 64,000 sq. m. is anticipated for completion within the last half.

Average high condominium sales costs fell to $2,802, while prime condominium rents cut to $12.35 per sq. m. per month.

In Pnom Penh alone, 7,909 completed condominium units square measure expected for completion this year, below the ten,825 forecast at the beginning of the year.

Quoting costs for condominiums within the high-end and mid-range market segments have fallen half a dozen.2% and 7.1%, severally. Rents unfit by two.7% and 0.7%, severally.

“The year started off with overabundant optimism; Kampuchea came out of 2020 comparatively unharmed by Covid-19, however, this took a pointy reversion when community transmission began to increase markedly from the center of Q1. As Q2 unfurled, Pnom Penh found itself facing city-wide imprisonment, and while that imprisonment has over, the comparatively high volume of cases being Janus-faced and in progress uncertainty has diode to a variety of difficulties for developers and investors active within the city’s assets markets,” Hodge more.

As of the top of a Gregorian calendar month, there have been fifty,485 recorded COVID-19 cases in Kampuchea. It trails behind Singapore once it involves vaccinations within the association, having inoculated nineteen.9% of its population.