Abstract:
This study aims to analyze the feasibility of investing in a modern-style warehouse and office space for rent in Doi Saket District, Chiang Mai Province. The results indicate that the project presents outstanding business opportunities due to the continuously growing market demand, driven by the economic expansion in Chiang Mai, the growth of the logistics and e-commerce sectors, as well as small and medium-sized enterprises (SMEs). Additionally, the projects location in Doi Saket offers advantages in terms of infrastructure and convenient access to major transportation networks. The area also benefits from competitive land costs, enhancing the project\'s long-term development potential. In terms of marketing, the project primarily targets businesses in the transport and automotive industries, which demonstrate high demand for warehouse and office rental services. Other potential target groups include construction material businesses and agro-processing industries in the future. Doi Saket remains a Blue Ocean market with limited competition, providing the project with significant marketing advantages in location, high-quality materials, modern building functions, and the application of Smart Warehouse technologies. Regarding operations and management, the project offers a business model and services that align with market demand. The infrastructure is well-prepared and sufficient to support business operations, while the project benefits from a clear and efficient management plan, operated by a team with expertise in commercial real estate. The project demonstrates potential investment interest with an initial estimated capital expenditure of approximately 38,477,900.00 THB. The financial analysis indicates a payback period (PB) of approximately 10 years and 2 month, while the internal rate of return (IRR) under the normal scenario is 6.57 percent, which is lower than the weighted average cost of capital (WACC) of 6.62 percent. Consequently, the net present value (NPV) amounts to -145,887.14 THB, reflecting that the project is not capable of generating returns sufficiently higher than its cost of capital. In conclusion, the modern-style warehouse and office rental project in Doi Saket District, Chiang Mai, is not financially viable under the current conditions. Although the project exhibits feasibility in terms of business, marketing, and management perspectives, financial constraints remain evident. Therefore, it is recommended that adjustments in cost structure and revenue management strategies be considered to enhance the projects investment worthiness and long-term potential.