ASIA PACIFIC OUTLOOK 2025

BANGKOK

KEY MESSAGES

Supply

Demand

Rents

Key Outlook

There is a growing trend for flight-to -quality relocations from older office properties to newer office buildings across all grades and submarkets in Bangkok, with tenants seeking higher-quality workplaces. Tenants will still have strong negotiating power for rents and terms as landlords look for increasing occupancy levels over rent levels, given the relatively large supply pipeline, especially during the upcoming years.

A total of 309,430 sq m of new office space is currently under construction and due to enter the market from 2025 to 2027.

Tenant demand rebounded strongly in 2024, driven by corporate expansion.

Rental growth is expected to remain unchanged in 2024 at THB936 per sq m per month.

Net absorption is expected to increase to 225,514 sq m by the end of 2024.

Beyond this, rents are forecast to grow slowly, by around 0.4% in 2025, to reach THB940 per sq m per month.

Of this new supply, 63,000 sq m is expected to enter the market in 2025.

Overall, rising office inventory will increase vacancy rates and exert downwards pressure on office rental levels over the upcoming years.

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025