Thailand’s property market has begun to decline since the rise of the pandemic. The vacancy rate of grade B and C offices in central Bangkok is expected to almost double to 30% next year, which was known to be the highest since 1997. It was mainly due to the influx of future supply, and that’s why it’s more important than ever to focus on A-grade buildings. So, without further ado, let’s delve into exactly what an A-grade property is and how the Grade A office building trend changed this year.
What makes an A-grade building is not just its geographic location and its facilities, it is a building that ‘ticks all the boxes’ of an ideal building. So here we ask Bart Roger G Claeys, Executive Sales Director at Lazudi Thailand (Commercial Properties – Thailand), how he defined Grade A office building “Grade A buildings offer state-of-the-art services to their tenants, and this isn’t just a fancy lobby. In today’s market, Grade A providers focus very much on sustainability and leaving a green footprint working hard on energy consumption reduction. Since Covid, touchless access and security are a must-have, and facial recognition, automated access control, and more hi-tech tools have found their way into the workspace. And, of course, moving people back to the office after ‘Work From Home’ has been the norm for many years; Grade A offices provide unique experiences for all employees who work in the building, and facilities range from coffee shops and restaurants to banking services and retail options to global fitness brands who now choose to have a branch or even flagship within convenient reach of their clientele. Netizens are lured by employers who can offer this kind of convenience, and it’s not exceptional that employees prefer to work on this kind of project as opposed to a slightly higher salary. One can conclude that a Grade A is not only defined by what functions it can provide but also by its quality and appeal and how this building holistically can contribute to a place where people WANT to work.”
In the New Normal world, workplace trends have shifted from office working to more remote or hybrid working. Those who still need to work at the office will look to relocate to a newer office with better quality, so it is vital to keep renovating and upgrading those office buildings.
This brings us to the end of this article about the Grade A office building. If you want to know more about different types of office buildings or other commercial property services in general, please do not hesitate to contact our Lazudi Commercial team; we are always here to assist you!
