Outlook 2023 Thailand






 718,352 sqm of new space is currently under construction from 2023 to 2026.  Of this, 269,395 sqm across five projects is expected to complete in 2023.

 Tenant demand rebounded strongly in 2022; net absorption is forecast to reach 157,887 sqm.  The office leasing market is expected to continue to be active, driven by strong tenant demand. The overall vacancy rate is expected to decline marginally to 11% from 12% in the year ahead.  In response to an influx of space, we expect to see office leasing activity continue to be tenant favourable.

 Rents are forecast to grow by 5% in 2022, before slowing to 2.8% in 2023 to reach THB1,193/sqm/month.  After this time, rents are expected to grow more slowly as new supply enters the market.

 The Bangkok office market is forecast to see greater competition to secure tenants and so remain tenant favorable in the near term.  Landlords are expected to offer competitive terms in order to retain existing tenants and attract new occupiers.

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