Bangkok--18 Feb--CB Richard Ellis Office rents in Singapore almost doubled in 2007 growing by 92.3%, according to the latest Asia Pacific Office Market Review from CB Richard Ellis. Singapore’s grade A office rents are now 3,700 baht per square metre per month. Ho Chi Minh City saw the second highest rental growth with rents of 2,070 baht per square metre increasing by 91% over 2007. In terms of total occupation costs, Mumbai is the most expensive city in Asia Pacific with total occupation costs of almost 6,000 baht per square metre per month, eight times more expensive than Bangkok which was the third cheapest city in Asia for office rents ahead of Kuala Lumpur and Jakarta. Grade A rents in Bangkok did not increase last year whereas rents rose by 12% in Kuala Lumpur and 10.4% in Jakarta. The current grade A rents for offices in Bangkok’s Central Business District (CBD) is Baht 739 baht per square metre per month. The reason for the performance of Bangkok’s office market was weak demand. “We hope that the new Thai government will take measures to stimulate investment in services business creating office based jobs,” commented Mr. James Pitchon, Executive Director at CB Richard Ellis. The completion of the Athenee Tower with a total lettable area of 45,000 square meters added the first grade A supply to the Bangkok office market since the second quarter of 2006. Additional grade A supply will come on stream in the CBD in 2008. The 90,000-square-metre Chamchuri Square, next to Samyan MRT station on Rama IV, will be Bangkok’s largest office project since 1997. The 41,000-square-metre Interchange 21 will be another office building to be completed this year, located at the Asoke-Sukhumvit intersection with proximity to the Asoke BTS station and Sukhumvit MRT station.About CB Richard Ellis CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). In 2007, CB Richard Ellis was named one of the 50 “best in class” companies by BusinessWeek, and one of the 100 fastest growing companies by Fortune. CB Richard Ellis established an office in Bangkok in 1988, followed by Phuket office in 2004, and Samui and Pattaya offices in 2007. CB Richard Ellis (Thailand) Co., Ltd. has grown to be a leading real estate services provider, offering strategic advice and execution for sales and leasing for all types of property, property and facilities management, valuation and advisory, and research and consulting. In 2007, CB Richard Ellis was awarded “Best International Agent” by Property Report Thailand. For more information, visit the company's website at www.cbre.co.th. For further information: Mr. James Pitchon Executive Director 662 654 1111 Ms. Ngamjai Jearrajarat Corporate Communications Manager 662 654 1111 Ext. 522