Office: Many landlords have trimmed asking rents to attract new tenants and extended subsidies such as rent-free periods and lease renewal discounts for new and existing tenants.
Industrial: Thailand’s industrial market continued to suffer from the COVID-19 situation in the first half of 2021, making it difficult for landlords to raise prices or rental levels, while new supply continued to enter the market.
Retail: Malls were seriously affected by social distancing measures, including domestic travel restrictions, reduced opening hours, suspended sales of non-essential items, and the closure of some rental spaces; together with collapse of inbound tourism numbers.
Condominium: Developers have made efforts to offer more promotions and incentives to reduce unit inventories during the COVID-19 environment, but prevailing weak domestic purchasing power is still holding back demand.
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