2026-05-25-莱坊-Bangkok_Office_Market_Q1_2026_8页_5mb

Bangkok Office Market Summary - Q1 2026

Core Content

Bangkok's office market remained highly competitive in Q1 2026, with demand showing a clearer recovery and occupancy improving. However, the ongoing supply of new office spaces continued to exert downward pressure on rents, giving occupiers more options and leverage in lease negotiations. A notable trend was the "flight to quality," where tenants increasingly preferred high-quality, green-certified buildings, especially in non-CBD locations.

Main Views

• Market Overview:

  • Total office supply in Bangkok reached 6.53 million sq m, with a 0.6% QoQ increase.
  • Green-certified office space increased by 7.8% to 2.76 million sq m, making up 42% of total supply.
  • Occupancy rate rose to 77.6%, up 0.6% pts QoQ, and net absorption reached 70,000 sq m, showing a significant uptick in demand.
  • Average asking rent declined by 0.4% QoQ to THB 847 per sq m per month, reflecting the competitive market environment.

• Supply Trends:

  • The supply growth in Q1 2026 was primarily driven by new completions like V. One Tower and existing buildings obtaining green certifications.
  • Future supply until 2031 has moderated to 813,000 sq m, with 67% of the pipeline currently under construction.
  • In 2026, approximately 398,000 sq m (49% of the remaining pipeline) is expected to be completed, further sustaining competitive leasing conditions.

• Demand Dynamics:

  • Leasing activity strengthened, with take-up increasing to 108,000 sq m in Q1 2026.
  • Net absorption rose to 70,000 sq m, indicating stronger demand.
  • Green-certified buildings outperformed non-green ones, with net absorption of 68,921 sq m versus 1,243 sq m for non-green.
  • The CBD saw a slight decline in rents, while non-CBD areas recorded stable or increasing rents and better occupancy improvements.

• Market Segments:

  • Grade A: Occupancy increased by 0.3% pts to 78%, with rents down 0.9% to THB 1,238.
  • Grade B: Occupancy rose by 1.3% pts to 76%, with rents down 0.7% to THB 856.
  • Grade C: Occupancy slightly declined by 0.3% pts to 81%, with rents down 1.0% to THB 542.
  • The overall market saw a slight decline in rents, but non-CBD areas showed more resilience and growth.

• Area Analysis:

  • CBD: Rent declined by 0.6% QoQ to THB 962, while occupancy improved by 0.6% pts to 78%.
  • Non-CBD: Average asking rent rose by 0.1% QoQ to THB 685, with occupancy improving by 1.1% pts to 80%.
  • Specific sub-markets like Petchburi–Rama IX–Ratchada and Bangna–Srinagarindra saw notable occupancy gains and rental increases, indicating a shift in tenant preferences.

Key Information

• Economic Outlook:

  • Thailand's GDP growth outlook for 2026 has weakened to 1.3% from 1.8%, with inflation rising to 3.0%.
  • External risks, including oil price volatility and geopolitical tensions, are expected to continue affecting business sentiment.
  • The Business Sentiment Index (BSI) fell to 47.7 in March 2026, below the neutral 50 level, with a 3-month expected BSI of 44.2.

• Market Trends:

  • The "flight to quality" trend is evident, with tenants favoring green-certified buildings and higher-quality spaces.
  • The expansion of Grade A supply in non-CBD areas is reshaping location preferences and driving demand.
  • Older buildings are increasingly repositioning themselves by obtaining green certifications, enhancing their competitiveness.

• Occupier Behavior:

  • Occupiers are making data-driven decisions, including analyzing employee commute patterns, which has influenced their preference for non-CBD locations with better accessibility.
  • This trend does not indicate a shift away from the CBD but reflects upgrading activity in non-CBD markets.

• Future Outlook:

  • The reduced future supply pipeline compared to previous years may ease pressure on market fundamentals in the long term.
  • However, in the short term, the concentration of new supply in 2026 will continue to provide occupiers with leverage in lease negotiations.
  • External risks, such as geopolitical tensions, may introduce uncertainty and impact corporate expansion plans.

Glossary

• Central Business District (CBD): The region in Bangkok with the greatest concentration of grade A office buildings, 5-star hotels, and luxury shopping malls.
• Green Buildings: Office buildings with green certifications like LEED and TREES.
• Grade A Buildings: Prime properties with the highest market rents, located in the CBD, within 500m of a mass transit station, and with a floor plate of at least 1,000 sq m.
• Grade B Buildings: The largest sector of the office market, offering good value for money.
• Grade C Buildings: Typically older properties with the most competitive rents.
• Take Up: Total amount of space leased or occupied in a specific timeframe.
• Space Vacated: Total amount of space vacated and not re-let.
• Net Absorption: Change in occupied space, calculated as take-up minus space vacated.

Contact Information

• Phanom Kanjanathiemthao – Chairman

  • Email: phanom.kanjanathiemthao@th.knightfrank.com
  • Phone: +66 (0) 2 643 8223 Ext 124

• Nattha Kahapana – Managing Director

  • Email: nattha.kahapana@th.knightfrank.com
  • Phone: +66 (0) 2 643 8223 Ext 300

• Mr. Panya Jenkitvathanalert – Partner, Head of Office Strategy & Solutions

  • Email: panya.jenkitvathanalert@th.knightfrank.com
  • Phone: +66 (0) 2 643 8223 Ext 230

• Nopakit Lerthirunvibul – Senior Manager

  • Email: nopakit.lerthirunvibul@th.knightfrank.com
  • Phone: +66 (0) 2 643 8223 Ext 241