Interesting times for Phnom Penh office market
… Worldwide, office demand stemmed from the automotive, high-tech and energy industries. The latter is evident in Cambodia, where drilling off the coast near Sihanoukville has helped to increase office demand. Thus, companies such as Total and Chevron are large office occupiers, and new Japanese oil exploration firms will also establish operations in Cambodia by the end of 2013. The growing insurance industry, particularly life insurance, is also a key office demand driver in Phnom Penh. Cambodian Life, Manulife and Prudential jointly occupy more than 3,000 sqm of office space in Phnom Penh and will likely expand by the end of this year. The top office buildings in Phnom Penh are seeking rents of between $21 and $28 psqm/m, and with the lack of high-quality office developments, rents are unlikely to decrease. …
