ASIA PACIFIC OUTLOOK 2025

BANGKOK

DEMAND & VACANCY

Tenant demand rebounded strongly in 2024, driven bycorporate leasing activity growth.

-150,000 -100,000 -50,000 0 50,000 100,000 150,000 200,000 250,000 300,000

35.0%

FORECAST

Net absorption is expected to increase to 225,514 sq m by the end of 2024. Vacancy is expected to increase to 27.5% in 2024 from 22.8% in 2023 as an influx of new supply enters the market. Overall, rising office inventory will increase vacancy rates and exert downwards pressure on office rental levels over the coming years.

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

NET ABSORPTION (SQM) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield