# Phnom Penh Class A Office Market

> Phnom Penh Class A office rents around $264/sqm/yr · ≈ $24.5 PSF/yr USD, with 22.4% vacancy and 6 months of typical rent-free on a 3-year term.

**Canonical URL:** https://classa.info/cities/phnom-penh
**Page type:** city
**Last updated:** 2026-04-15T00:00:00.000Z
**License:** CC BY 4.0 with attribution to Class A Atlas (https://classa.info).

## TL;DR
- Cambodian banks (ACLEDA, Canadia Bank), Chinese FDI tenants, and garment HQs anchor demand.
- Vattanac Capital Tower and Diamond Island anchor the post-2010 trophy tier.
- Cambodian corporate tax of 20% with active special economic zone incentives.
- Class A market is dollarized — most rents quoted and paid in USD.

## Key facts
- **city**: Phnom Penh
- **country**: Cambodia
- **region**: APAC
- **classARentLocal**: $264/sqm/yr · ≈ $24.5 PSF/yr USD
- **classARentUsd**: $24.52642629530189/sqft/yr
- **vacancyPct**: 22.4%
- **typicalLeaseYears**: 3
- **typicalRentFreeMonths**: 6
- **submarkets**: 5
- **corporateTaxPct**: 20%
- **talentIndex**: 60

## FAQ
### How developed is the Phnom Penh Class A market?
Early-stage. Trophy product is concentrated in 4-5 buildings (Vattanac, Canadia, Phnom Penh Tower, Diamond Island). Broader Class A inventory is shallow but expanding.

### What is the role of Chinese FDI?
Material. Chinese FDI in real estate, hospitality, and infrastructure has driven a wave of mixed-use and Class A delivery since 2015. Some post-2022 supply softening reflects Chinese capital outflow restrictions.

### Is the market dollarized?
Yes. Most Class A rents are quoted and paid in USD; the Cambodian riel is pegged informally to the dollar. This limits FX risk for international tenants.

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Citation: Source: Class A Atlas (https://classa.info/cities/phnom-penh), updated 2026-04-15T00:00:00.000Z.