Asia Pacific Office Outlook 2024

BANGKOK

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

FORECAST

35.0%

180,000

160,000

30.0%

140,000

25.0%

 Net absorption is expected to decline to 16,394 sqm in 2023. Beyond this, vacancy is expected to increase to 30.2% from 25.2% as an influx of new office supply enters the market.  The rise in vacancy rate will result from the remaining unoccupied space at new completions. Overall office vacancy is expected to rise further, as an influx of new supply enters the market with low-to-moderate pre-let commitment levels.

120,000

20.0%

100,000

80,000

15.0%

60,000

10.0%

40,000

5.0%

20,000

0.0%

0

2021

2022

2023

2024F 2025F 2026F 2027F

Net Absorption

Vacancy Rate

Source: Cushman & Wakefield