KRONOS Office Building Wins Best Luxury Office Title

February 2, 2024

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Kronos Office Building, an ultra-luxury office building in Bangkok’s primary business hub of Sathorn, has clinched the ‘Best Luxury Office Development’ title at the ‘Dot Property Southeast Asia Awards 2023’. This regional accolade underscores its exceptional world-class standards. With a valuation exceeding 4 billion baht, Kronos Office Building underlines the unwavering demand for Grade A office buildings offering office and retail spaces. As the trend of returning to in-office work gains momentum, the project has unveiled strategies to expand its tenant base and aims to achieve a 70% tenancy rate by 2024. This success is attributed to its strategic location, cutting-edge technology, and lifestyle-focused facilities.

Mr. Natee Panichewa, President of Phaibul Enterprises Co., Ltd. states, “Our commitment goes beyond merely creating another office building in the Central Business District (CBD). Our aim was to establish a workplace that epitomizes an exceptional lifestyle with work-life balance. Winning the ‘Best Luxury Office Development’ award at the ‘Dot Property Southeast Asia Awards 2023’ is a testament to our success. Kronos Office Building distinguishes itself with its ‘The Manhattan on Sathorn’ design concept, developed in collaboration with industry-leading partners in architecture, landscape, systems engineering, and structural design, including Palmer & Turner, Thai Obayashi, and Project Asia. This approach parallels the standards of renowned office buildings in major global cities. What sets us apart are our comprehensive facilities, which align with modern trends and focus on flexible workspaces that encourage collaboration, wellness, and work-life balance. Notable tenants include EQUILAB, Thailand’s first premium soft workout studio, and AYLA COFFEE & MORE, a café that blends seamlessly into the lobby, as if it was designed for the building, and offers a delightful pre-work experience with healthy beverages and premium snacks.”

Kronos Office Building, rising 28 stories high, is a beacon of ultra-luxury office space on North Sathorn Road, a prime business district in Bangkok. Covering 28,765 square meters, the building features spacious, column-free floors each offering 1,150-1,270 square meters of rental space and ceiling heights of 3-6 meters. With parking available for 321 cars, its crown jewel is the 27th floor: a sprawling 1,000 square meter space complemented by a 300 square meter balcony that affords sweeping views of the city and the Chao Phraya River, accentuated by a prominent clock on the building. Competitively priced between 900-1,200 baht per square meter, it offers a compelling alternative to the average Grade A office rent of 1,184 baht in the CBD. Currently, 40% of its space hosts a diverse roster of businesses, from embassies to tech startups, reflecting the business community’s trust in Kronos Office Building as a leading business hub for both domestic and global enterprises.

Adds Mr Natee, “Currently, we are finalizing negotiations with six new clients from a variety of sectors including embassies, insurance, finance, banking, law, healthcare, and logistics. These prospective tenants are seeking ultra-luxury office spaces in the city center to make a lasting impression on their partners and clients. Looking toward 2024, our strategy involves broadening our reach to encompass both Thai and international corporations across 11 key sectors, including consulting, technology, the digital economy, online entertainment, healthcare and aviation. To increase our market appeal, we offer flexible short-term leases coupled with outstanding pre- and post-rental services. Our upcoming initiatives feature a dedicated wellness floor that will house health-focused businesses such as spas, salons, and workout studios. Already, leading brands have chosen our luxurious setting for hosting their grand events, and we expect to attract many more throughout the year.” Mr. Natee projects a 70% occupancy rate by the fourth quarter of 2024.

The office rental market in 2024 is poised for intense competition, particularly within the Grade A segment in the CBD. The burgeoning supply, fueled by a slate of new projects set to open throughout the year, is shaping a dynamic landscape. Despite this influx, the premium market segment — especially Grade A buildings in the CBD — shows promising signs of growth in occupancy rates, continuing an upward trend since the second quarter of 2023. Research from various agencies points to three critical factors in a building’s appeal: prime location, state-of-the-art technology, and facilities aligned with modern lifestyle preferences. New office buildings expected to open in the next three years are projected to integrate these elements, giving them a competitive advantage over more traditional office spaces.