CB Richard Ellis reported that according to the latest figures from the Alien occupational Control Division, Department of Employment there were 65,337 expatriates based in Bangkok with work permits as at August 2006. This represents a 12.9 of work permits in Bangkok followed by Indians (12), and British (8 of these new condominium units could be available for rent.Much of the existing supply of apartments and condominiums is now more than ten years old and CB Richard Ellis classifies many of these as being grade B in terms of quality.Rents for grade A or luxury condominiums and apartments have been rising at a faster rate than grade B developments.“We see the gap between grade A and grade B rentals increasing,” said Mr. Theerathorn Prapunpong, Associate Director and head of Residential Leasing Services at CB Richard Ellis.CB Richard Ellis is seeing strong demand for well designed new projects especially mid size three bedroom units of between 150-220 square metres which are achieving rentals of 70,000 – 85,000 baht per month.Queens Park View Residence a 36 unit new development recently completed on Sukhumvit Soi 24 is already 83 on an annual basis and occupancy rates dropped by 8 to 81 for grade A developments on a year on year basis the growth rate in rentals has slowed due to the increase in supply.CB Richard Ellis believes that based on the forecast increase in supply competition will increase. Much of the new supply is grade A in terms of quality and will be managed by international operators and this will put pressure on older developments.The Sathorn area appears to be the most competitive location at the present time rental rates have fallen by about 2.7 year on year.

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