> **来源：[研报客](https://pc.yanbaoke.cn)** # H2 2025 Thailand Logistics Market Summary ## Core Content In the second half of 2025, Thailand's logistics market showed signs of strengthening fundamentals, driven by improved demand and effective absorption of new supply. The market experienced a moderate increase in total warehouse supply and a more significant rise in occupied space, leading to a notable increase in the occupancy rate. ## Key Market Indicators - **Total Warehouse Supply**: 6.62 million sq m (+1.9% H-o-H) - **Occupied Space**: 5.89 million sq m (+5.6% H-o-H) - **Occupancy Rate**: 88.9% (+3.1 percentage points H-o-H) - **Average Asking Rent**: THB 161.7 per sq m per month (broadly stable) ## Main Regions and Trends ### Regional Performance - **Bangkok Metropolitan Region (BMR)**: - Occupancy rate: 92.6% - Net lettable area: 2.94 million sq m - Supply growth: +1.0% H-o-H, +1.8% Y-o-Y - **Eastern Economic Corridor (EEC)**: - Occupancy rate: 83.5% - Net lettable area: 2.62 million sq m - Supply growth: +3.7% H-o-H, +5.9% Y-o-Y - **Central Region**: - Occupancy rate: 92.0% - Supply growth: +5.6 percentage points H-o-H, +8.3% Y-o-Y ### Supply Growth - **New Supply**: 122,034 sq m in H2 2025, contributing to a 1.9% H-o-H and 3.1% Y-o-Y increase in total supply. - **Future Supply**: Expected to increase to 95,917 sq m in H2 2026 and over 98,332 sq m in 2027, with a major concentration in the EEC. ## Economic and Industrial Context ### Economic Recovery - **GDP Growth**: Improved to 2.5% in Q4 2025 from 1.2% in Q3, but still below earlier levels. - **Domestic Demand**: Private consumption remained stable, government spending provided support, and tourism rebounded. - **Inventory Levels**: Returned to accumulation in Q4, increasing by THB 44.8 billion, reversing from a drawdown in Q3. ### Export and Import Trends - **Exports**: Reached THB 2.22 trillion in Q4, growing by 9.4% Y-o-Y, though slightly moderating from Q3's 11.5%. - **Imports**: Remained elevated at just over THB 2.11 trillion, with a more moderate growth pace. ## Sectoral Demand Drivers - **Steel Industry**: Expanded by 5.6% Y-o-Y, driven by public infrastructure projects, lower prices, and a low base effect. - **Electronics Industry**: Recorded a 5.8% Y-o-Y increase in production, with strong growth in HDD, semiconductor devices, IC, and PCBA. - **Motorcycle Industry**: Production reached 1.9 million units, with increased domestic sales and exports. ## Logistics Demand and Trends - **China Influx**: Accelerated inflow of excess inventory from Chinese manufacturers increased storage requirements. - **E-Commerce Growth**: Structural demand from the expanding e-commerce sector and ongoing supply chain relocation are expected to sustain strong space absorption. - **Supply Chain Resilience**: Logistics demand is increasingly linked to supply chain efficiency rather than broad-based volume expansion. ## Rental Rates and Market Dynamics - **Rental Stability**: Average asking rents remained stable at THB 161.7 per sq m per month. - **Regional Rents**: - **BMR**: THB 164 per sq m per month (+1.0% H-o-H) - **EEC**: THB 163 per sq m per month (-1.0% H-o-H) - **Central**: THB 154 per sq m per month - **Other**: THB 124 per sq m per month - **Market Polarisation**: Prime logistics assets in established clusters maintain strong occupancy and stable rents, while secondary locations and older facilities face more competitive conditions. ## Outlook - **Market Maturity**: The logistics market is transitioning from broad-based expansion to a more consolidation-driven phase. - **Structural Shifts**: Demand is increasingly efficiency-driven, supported by supply chain diversification and trade policy stability. - **Future Growth**: Expected to remain supported by supply chain diversification and structural investment inflows, even with moderate economic growth. - **Investor Focus**: Investors are showing stronger interest in high-quality, technology-driven logistics facilities. ## Summary of Key Points - **Strengthening Fundamentals**: The logistics market showed resilience with effective absorption of new supply and strong occupancy. - **Regional Variations**: The EEC and BMR were the strongest performers, with the Central region also showing improvement. - **Demand Drivers**: Key manufacturing sectors such as steel, electronics, and motorcycle industries are driving logistics demand. - **Rental Stability**: Asking rents remained stable, with BMR and EEC commanding higher rates due to strong occupancy. - **Future Supply**: Development activity is expected to increase in 2026–2027, with a focus on the EEC. - **Market Polarisation**: Prime assets in established logistics corridors are likely to outperform secondary locations. ## Conclusion Thailand's logistics market in H2 2025 is entering a more mature and resilient phase, driven by structural shifts in manufacturing and trade policies. The market's performance is increasingly influenced by supply chain efficiency and operational resilience, positioning it as a core enabler of Thailand's industrial competitiveness and export resilience.