Cambodia enjoys steady economic growth at 7% of Gross Domestic Product (GDP) for 3 consecutive years from 2016 until 2018 and 2019 is slightly decrease at 6.8%. The largest group of population is at between 16 years old to 35 years old. This aged group is called millennials whose were born between 1980s to late 1990s.
Mr. Mey Phalkun, Founder and Managing Director of PHALKUN COMMERCIAL says “The growth in the number of open office workspace or coworking space and serviced office will approach an exponential scale in 2020 to 2022, in line with wider technological trends, underutilized large office buildings and city traffic congestion.”
With over 4,446 construction projects approved by Ministry of Land Management, Urban Planning and Construction in 2019, the forecast is clear that the commercial office space will be overloaded up to 1,100,000 square meters by end the year 2021. The market gradually reaching to the point of saturation because of traditional industry practices and lack of new players to move the market in new direction to meet with millennials’ need in regional gig economy of ASEAN countries.
Phalkun also added that “Cambodia’s millennial are independent, yet tends to understand and adapt to shared economy, especially flexible workspace for SMEs and Millennials due to the steady urban population growth and maturing business clusters to the Phnom Penh capital city.
PHALKUN COMMERCIAL is a new commercial real estate agency in the kingdom who has been working on created value and profitability through strategic redevelopment and repositioning of underutilized properties in Phnom Penh City, Cambodia. The firm provides focused categories of CRE services such as Office Leasing, Serviced Office Management, Property Management, Commercial Project Marketing and Coworking Consulting.
To address solutions for the over office space supply, we work with landlords and real estate partners not only to fulfill the gab of already served market but also introduce new value propositions for the rapid growth commercial properties by turning the supply to the right unaddressed demand.
“The mission is simple, PHALKUN COMMERCIAL is innovated to serve the both supply side and demand size of commercial office space with our professional. We establish, grow and expand with our commercial stakeholders.”, said Phalkun.