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Phnom Penh’s office market is comprised of refurbished colonial style villas, converted shophouses, adapted rooms of local hotels, small low rise business centers and purposely built single tenant offices of local commercial enterprises. There are a growing number of office building under construction and/or renovation. We count as many as 12 office buildings in Phnom Penh center, that deserve to be mentioned as they are regarded as an equivalent of appropriate business office environment that is close to that of the West.
Canadia Bank development (OCIC Tower) is located in the heart of what has recently become Phnom Penh’s banking area. The site area is approximately 6,000 sqm. The development will be comprised of 32 stories with Canadia Bank’s headquarters occupying a significant part of it. The total gross area will be approximately 35,000 sqm with three levels of underground parking and will be attributed to banking facilities, offices for lease, and retail. The asking renting price is $30 per sqm. Known tenants: I-One (Apple Mac Store)
IOC (Intelligent Office Centre) is in the heart of the business area on Monivong Street. However, as the building has very little parking facilities, it is very inconvenient to utilize this 6 story structure. Though the street access is easy, Monivong Street is divided by a separator making it difficult to approach the building if on the other side of the road. Price per sqm: unknown
Hong Kong Centre is ideally located on Sothearos street close to the Royal Palace, restaurants, and convenient stores. It was the best office building in Phnom Penh at one point. The ground floor is dedicated to an airline and hospital representatives as well as Siemens representative offices. Other major tenants that occupy this 4 story structure include Total Cambodge – French petroleum company and Thai Airways’ cargo division. Price per sqm : unknown
Phnom Penh Center is probably the most popular office center at the moment as it is conveniently located near Independence Monument and provides an easy access with minor traffic congestion. This 6 story building is nestled in the premises of what used to be a university campus. The neighboring two buildings are still used as an academic facilities whereas Building A and part of Building F are used as serviced offices. The main interior features (bathrooms, stairs) are very old fashioned reminding of the times when the building was a university. The exterior is in a fair condition and the surrounding premises are not well kept. However, this building offers the largest parking area in the whole city. Price per sqm: USD 11
VTRUST Property have recently renovated the second and third floor of the Parkway Square Shopping Center. Parkway complex was the first and major multi purpose center in Phnom Penh providing sort of one stop and shop destination. It was a first attempt to introduce western inspired modern facilities to Phnom Penh. Parkway became largely successful; however, due to a lack of maintenance and deterioration, it lost its popularity and currently has rather a negative connotation. Nevertheless, VTRUST Office Center has brought life back into the complex. Tenants today include: Levi's Corporation, Burumgrad Hospital, Opus Cambodia, 5 Arc architects, Cosmos and more. Large secured parking available, a fitness center with an olympic size swimming pool is located on the ground floor and a supermarket is open 7 days a week.
Attwood Center is a new addition to the office market of Phnom Penh. Built by one of the biggest and well known companies of Phnom Penh Attwood Import-Export LTD (the family behind Intercontinental Hotel) the building looks modern and efficient. Located on National Road N 4 close to the airport, this 4 story office center is perceived to be far from the city’s commercial life. However, with the increasing significance of Russian boulevard and extension of a traditional commercial center, this location has a great future potential. The relatively low rent price ($9-$12) compensates for its isolated location. Attwood Center also has an F&B outlet and some minor retail on the ground floor for the use of its tenants launching a new trend on the office market of Phnom Penh.
International Business House is due for completion at the end of 2008 and will provide Phnom Penh with an additional 4500 sqm of an office space on 8 floors. Location is central and parking garage will be provided. The asking rent price is $15-$20 per sqm for lower floors and $14 for upper floors. As the building is still under construction, it is difficult to judge the quality of it.
DELANO'S Business Center Delano Business Center
GS’s International Financial Center will be a part of GS mixed use development project. Located on the riverside between the Russian embassy, new Sofitel Hotel and Royal Group’s site 22, the site covers over 6 Ha and is subject to a comprehensive development. The site will include a condominium tower, IFC office tower, and a shopping center. Exact details as well as timeline of the project are unknown as the project is still in the initial planning stage. GS is a well respected Korean development company with a proven track record and, therefore, Grade A rating of an office tower is expected. 52 levels are still not finalized and may be changed in the near future.
Sun Wah Financial Center will be a part of Sun Wah mixed use development project on a 15,000 sqm site and will include 3 luxury residential blocks, a 45 story first class office building, a five star hotel, a private club house and a large shopping mall. The location is central, right behind Naga Casino on Samdech Hun Sen Park street. Sun Wah hired a local division of Archetype, architectural and design agency, to develop an initial design. However, due to the company’s involvement in large Vietnamese project in HCMC, Phnom Penh’s project is currently on hold. Sun Wah is a well known Korean developer with an extensive experience
Vattanac Bank building will be a mixed-use development on a 10,000 sqm site. The first tower, facing Monivong will be dedicated to Vattanac’s Bank HQ headquarters, a 6 story building with an average GFA of 1,300 sqm. The bank will occupy the majority of the space. The HQ tower will be linked, by a bridge, to the second tower, comprising 18 stories with 1,300 sqm gross floor plates with 14,000 sqm net leasable area. The office complex will provide 2 level underground parking. The high rise tower’s ground and 1st floor are proposed as retail and F&B areas of approximately 2,000 sqm. Though an initial completion date was scheduled for Q2 2009, as of now, the construction hasn’t started.
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