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Co-working spaces in Bangkok are re-shaping small to medium business office options

The Thaiger

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Co-working spaces in Bangkok are re-shaping small to medium business office options | The Thaiger

PHOTO: The Great Room

Co-working spaces are opening up around Bangkok and providing a more flexible framework for businesses to grow. Advances in technology, a more mobile workforce, and unpredictable economic growth are reshaping the business environment.

In the Bangkok office market, a traditional three-year lease with options to renew and the tenant fitting out the space remains the typical way of leasing office premises for most occupiers. CBRE reports that multinational firms, with offices in different countries, are increasingly looking for flexible lease terms as real estate costs continue to be one of their major concerns.

Companies are also looking at agile working where staff no longer have allocated desks and, in some cases, it is easier to get third parties to design, build, and operate this space rather than companies doing it themselves.

Some of the current pricing being offered by co-working space operators is very competitive and the cost combined with flexibility is making leasing from third parties more attractive than companies leasing space, fitting them out, and managing their own premises.

In Bangkok, co-working space has continued to be an emerging source of office demand and CBRE has leased over 44,000 sqm, accounting for around 25% of CBRE’s total new office letting volume in the last 2 years, to co-working space operators.

International operators like JustCo, WeWork, Spaces, and The Great Room have opened multiple centres over the recent year and more are scheduled to open this year. The aim of these operators is to revolutionise the way occupiers source office accommodation. They want to provide office space as a service rather than a traditional lease.

CBRE believes that co-working space operators are not just targeting startups companies but also multinational firms especially those seeking to build more flexibility into their real estate portfolio. The use of co-working space can provide flexibility for companies to accommodate fluctuation in space requirements.

Accounting rules have changed and rent payable under leases must now go on the balance sheet, whereas it appears that sourcing office space as a service does not count as a lease and therefore need not be on the balance sheet.

This means occupiers do not need to commit to a traditional three-year lease term. Instead, they are paying their rental as a service fee on a per desk or membership basis rather than per square metre. Co-working space operators are also providing tailor-made solutions with companies enjoying exclusive use of the space and not sharing it with others, making this a viable alternative to a traditional lease for large local and multinational companies.

As millennials will become the largest generation within the workforce in the future, CBRE foresees that companies are forced to re-think their workplace quality to make it capable of encouraging collaboration and innovation as well as promoting employee wellbeing. More companies will transform their offices into agile workplaces either doing it themselves or relying on a coworking space operator to provide the solution.

SOURCE: CBRE

Co-working spaces in Bangkok are re-shaping small to medium business office options | News by The Thaiger

PHOTO: Soimilk

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ASEAN

Bangkok and Nonthaburi to get 2 extra holidays during ASEAN summit

May Taylor

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Bangkok and Nonthaburi to get 2 extra holidays during ASEAN summit | The Thaiger

November 4 and 5 have been approved as official holidays for Bangkok and Nonthaburi as a result of the 35th Asean Summit and Related Summits being held at Impact Arena Muang Thong Thani in Bangkok.

Deputy government spokeswoman Traisulee Traisoranakul confirmed yesterday that the measure was being taken in an effort to alleviate traffic problems in both areas during the summit, adding that other state enterprises and the Bank of Thailand could implement the holidays for their subsidiaries at their own discretion and on a case-by-case basis.

“Government agencies in Bangkok and Nonthaburi will stop working on these dates. Meanwhile, state enterprises and the Bank of Thailand will consider announcing November 4 and 5 as holidays for their subsidiaries on case-by-case basis.”

“However, government agencies which have a necessity to provide urgent or previously scheduled services to their clients that cannot be postponed may stay open on November 4 and 5, depending on the decision by the heads of these departments.”

Some other public or regional holidays coming up…

Bangkok and Nonthaburi to get 2 extra holidays during ASEAN summit | News by The Thaiger

SOURCE: The Nation

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Bangkok

Colourful European ecstasy tablets targeting Thai youth

The Thaiger

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Colourful European ecstasy tablets targeting Thai youth | The Thaiger
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The Narcotics Control Board are warning about cartoon-character labelled ecstasy pills that are being smuggled from Europe and heading for Thailand and a growing market of younger users. Some of the colourful pills had been cast as characters from Minions movies and The Simpsons.

The Office of the Narcotics Control Board deputy secretary-general Niyom Termsrisook told reporters about the ecstasy pills following the arrest of a woman in Pathum Thani, just north of Bangkok, last week. The woman was arrested with about 28,000 cartoon-character ecstasy pills on October 8. Niyom said they had been tracked back to a European supplier.

“The pills were produced in France and the Netherlands. Drug dealers have also been expanding their markets to south east Asia. The drugs are smuggled through airports in Cambodia and Vietnam.”

“The pills are stored in Cambodia before being smuggled through natural border passages to Thailand.

Niyom alleged the smugglers were victims of human traffickers hired by African traffickers.

He said that local sellers of the ecstasy pills are targeting young pub goers as the drugs have a sex-stimulant property.

A source at the ONCB said a quantity of cartoon-character ecstasy pills was earlier seized at Suvarnabhumi airport in the capital. The pills were smuggled from the Netherlands where they were priced at 60 baht per pill.

SOURCE: Chiang Rai Times

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Bangkok

Thai High Speed Railway linking airports now to be signed off on October 25

The Thaiger

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Thai High Speed Railway linking airports now to be signed off on October 25 | The Thaiger

The State Railway of Thailand and the Charoen Pokphand Group-led consortium are putting pen to paper and signing the contract for the high-speed train project on October 25.

The much-discussed high speed railway will link Suvarnabhumi, Don Mueang and U-Tapao international airports. The new SRT board was approved by the Thai cabinet today.

Deputy PM Anutin Charnvirakul says he is confident the contract will now be signed, adding that he has already met with Supachai Chearavanont, CEO of the CP group, and assured him of the government’s full cooperation and support.

The Charoen Pokphand-led consortium won the bid to develop the 224-billion baht high-speed train infrastructure as a signature project for the government’s flagship Eastern Economic Corridor (EEC) high-tech investment hub. The train service is scheduled to be operational in 2024 (The Thaiger is taking bets now).

Recently, however, the CP-led consortium raised concerns over land expropriation and eviction problems and asked for the government to share the risk on this issue. The Transport Ministry has already rejected the request putting the onus on CP as part of the proposal.

Mr. Anutin explained that, in any large infrastructure project involving expropriation of land, it is usual for the government or state agency not to be able to hand over the land to the contractor all at once. In such cases, the contracted completion date can be moved back.

He said the CP-led consortium should proceed with the high-speed train project without further delay because 70% of the land is ready to be handed over.

Meanwhile, the deputy PM admits that he didn’t know why the entire SRT board resigned en masse, delaying the signing of the contract, and denied that he had put pressure on the board to quit. He also denied that Transport Minister Saksayam Chidchob, also of the Bhumjaithai party, objected to the SRT board’s mass resignation because the latter wanted the contract to be signed quickly.

SOURCE: Thai PBS

Thai High Speed Railway linking airports now to be signed off on October 25 | News by The Thaiger

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