July 16, 2010
Source: Xinhua
Supply of office space continues to outstrip demand in Phnom Penh, putting pressure on already squeezed rental prices, with rates down 25 percent in the second quarter, compared to the same period last year, local media reported on Friday.
Keuk Narin, secretary of the National Valuers Association of Cambodia and general manager of Bonna Realty Group, was quoted by the Phnom Penh Post as saying that increasing office space for rent in Phnom Penh was forcing a cut in rental prices.
A quarter-on-quarter comparison of rental rates showed that 2010 second quarter prices fell 2 percent from the first three months of the year, when rates were already 10 percent lower than the 2009's fourth quarter.
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