2026-02-24-莱坊-Thailand_Manufacturing_Property_Market_H2_2025_13页_6mb

Thailand Manufacturing Market Summary - 2H 2025

Core Content Overview

Thailand's manufacturing market in the second half of 2025 demonstrated strong performance, driven by robust foreign direct investment (FDI) inflows, a surge in demand for serviced industrial land plots (SILP), and a tightening ready-built factory (RBF) market. The country's strategic position in the U.S. market, particularly in high-technology manufacturing, further reinforced its appeal to global investors.

Key Market Trends

FDI Inflows

• Total FDI approvals in 2H 2025 reached THB 1.14 trillion across 2,259 projects, a significant increase from THB 629.6 billion in Q2.
• The digital sector led FDI inflows, capturing the largest share of investment value despite fewer projects.
• Machinery and vehicles also saw substantial investment, while Metal & Materials experienced the fastest growth in investment value.

Serviced Industrial Land Plots (SILP)

• Total supply increased by 0.8% H-O-H to 185,498 rai.
• Land sold reached a record 12,955 rai, with a cumulative sales rate of 93.5%.
• Average asking price rose by 5.0% to THB 6.65 million per rai, marking a 9.84% year-on-year increase.
• EEC was the largest contributor, accounting for 63.6% of total SILP supply and 10,497 rai in sales, with an average asking price of THB 8.18 million per rai.
• Bangkok Metropolitan Region maintained the highest asking price at THB 14.00 million per rai.
• Demand was highly concentrated in core regions, with North and West seeing the most significant H-O-H increases in sales rate (9.0% and 10.0% respectively).

Ready-Built Factory (RBF) Market

• Supply increased marginally by 0.34% H-O-H to 3.29 million sq.m.
• Occupancy rate reached a record 98.4%, with EEC nearing full saturation at 99.94%.
• Average asking rent rose to 202.9 THB per sq.m/month, with the EEC commanding the highest rates at 217.1 THB per sq.m/month.
• The Bangkok Metropolitan Region and Central also saw strong occupancy growth, indicating a shift toward a landlord's market.

Main Drivers of Growth

• Supply chain relocation: U.S. firms are diversifying away from China, with Thailand emerging as a key alternative, particularly in telecommunications equipment, computer components, and power equipment.
• Tariff advantages: Thailand enjoys preferential tariff treatment in several high-value electronics and technology subcategories, making it an attractive option for U.S. importers.
• Infrastructure and policy stability: The EEC, with its advanced infrastructure and supportive policies, remains the preferred location for high-value industrial investments.
• Digitalization: The growth in AI applications and data center investments has spurred demand for advanced components and digital infrastructure.

Structural Shifts in the Market

• The market is transitioning from a volume-driven phase to a capital-efficient and asset-quality driven regime.
• New factory operations and expansions declined significantly, with new operations falling 41% and expansions 35%.
• Factory closures decreased by 34.5%, indicating improved business retention.
• Industrial land absorption increased to 12,955 rai, with a higher average FDI per project of around 505 million THB.
• The digital sector is becoming more land and capital-intensive, with projects not always requiring traditional factory licenses.

Outlook

• Demand will remain robust but increasingly specialised, reflecting the ongoing shift toward high-tech and digital industries.
• Structural factors such as power capacity, infrastructure readiness, and trade policy stability will become more critical for investors than cyclical economic concerns.
• Market tightening is expected to continue, with scarcity and differentiation driving uneven price growth.
• Investors are advised to focus on high-quality assets, strategic locations, and execution risk rather than scale.
• Peripheral markets may remain stagnant, while core regions and selective spillovers into the Central and Western regions could offer new opportunities.

Key Figures

• FDI approvals in 2H 2025: 2,259 projects totaling THB 1.14 trillion.
• SILP sales in 2H 2025: 12,955 rai, with EEC accounting for 10,497 rai.
• Average asking price for SILP: THB 6.65 million per rai.
• RBF occupancy rate: 98.4%, with EEC at 99.94%.
• Average asking rent for RBF: 202.9 THB per sq.m/month.

Conclusion

Thailand's manufacturing sector is undergoing a significant transformation, with a clear shift toward specialized, capital-intensive, and high-value industries. The EEC remains the epicenter of this change, driven by tariff advantages, infrastructure development, and strategic positioning. As the market matures, asset quality and strategic location will become more important than sheer volume, and investors are encouraged to adopt a selective and long-term approach to capital allocation.