Outlook 2023 Thailand

BANGKOK

DEMAND & VACANCY

NET ABSORPTION (SQM) AND VACANCY RATE (%)

FORECAST

-40,000 -20,000 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000

14.0%

 Tenant demand rebounded strongly in 2022, driven by corporate expansion. Notwithstanding, the Grade A Office market in the CBD continues to be tenant favorable.  Net absorption is forecast to reach 157,887 sqm in 2022. Beyond this, vacancy is expected to decline marginally to 11% from 12% before largely tracking sideways.

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

2020

2021

2022F 2023F 2024F 2025F 2026F Net Absorption Vacancy Rate

Source: Cushman & Wakefield