2025-08-14-莱坊-Bangkok_Office_Market_Q2_2025页_1mb

报告摘要

Bangkok's office market in Q2 2025 experienced a mix of growth and challenges, driven by new supply, demand dynamics, and macroeconomic factors.

Total Office Supply: Increased to 6.42 million sq m, up 1.7% QoQ and 4.3% YoY.
Occupied Space: Rose to 4.93 million sq m, up 0.8% QoQ and 3.5% YoY.
Occupancy Rate: Declined to 76.8%, down 0.7% pts QoQ and 0.6% pts YoY.
Average Asking Rent: Increased slightly to THB 847 per sq m per month, up 0.2% QoQ and 3.7% YoY.

New Supply: Four new buildings (APAC Tower, KingBridge Tower, BTS Visionary Park, One Origin Sanpao) completed, adding 180,000 sq m of space.
Green-Certified Space: Expanded significantly to 2.28 million sq m, with all new completions targeting LEED Gold standards.
Future Supply: Declined to 930,000 sq m, with no new projects announced. 660,000 sq m under construction, and 250,000 sq m expected to be completed in H2 2025, primarily in non-CBD areas.

Leasing Activity: Strong, with nearly 200,000 sq m of take-up, although a significant portion was owner-occupied in new buildings.
Net Absorption: Increased to 67,000 sq m, driven by new buildings.
Green vs. Non-Green: Green buildings outperformed, recording 115,000 sq m of net absorption, while non-green buildings saw a contraction of 48,000 sq m.

Grade A: Occupancy fell to 77%, down 0.4% QoQ and 1.6% YoY. Average rent dropped 1.2% to THB 1,233.
Grade B: Occupancy dropped to 74%, down 1.6% QoQ and 1.4% YoY. Average rent fell 0.7% to THB 866.
Grade C: Occupancy increased to 80.5%, up 0.7% QoQ and 1.5% YoY. Average rent remained stable at THB 543.

CBD: Average rent fell 1.3% QoQ to THB 957, occupancy dropped to 76%, down 0.6% pts QoQ.
Ploenchit - Chidlom - Wireless: Rents fell 2.6% to THB 1,062, occupancy flat at 76%.
Nana - Asoke - Phrompong: Rents dropped 1.2% to THB 933, occupancy rose 1.3% pts to 81%.
Silom - Sathorn - Rama IV: Rents unchanged at THB 971, occupancy fell 0.5% pts to 75%.
Non-CBD: Average rent rose 2.2% QoQ to THB 688, occupancy fell to 78%, down 0.7% pts QoQ.
Phaholyothin - Viphavadi: Highest rental growth (5.8%) to THB 722, but occupancy dropped 6.2% pts to 71%.
Bangna - Srinakarin: Rents increased 0.7% to THB 624, occupancy fell 0.9% pts to 70%.

Q2 Performance: Strong quarter with high leasing activity and net absorption, though much of the take-up was from owner-occupied spaces.
H2 Outlook: More cautious due to slowing economic growth and macroeconomic headwinds.
Occupier Behavior: Many are delaying major real estate decisions due to uncertainty, particularly related to U.S. tariffs and reduced consumer confidence.
Competitive Pressure: With 250,000 sq m of new supply expected in H2 2025, competition is expected to intensify.
Tenant-Focused Strategies: More buildings are offering flexible leasing terms and fit-out support to secure occupancy.

Thailand's GDP Growth: Projected at 2.3% in 2025 and 1.7% in 2026.
Export Growth: Strong in Q1 2025, particularly in electronics and front-loaded goods to the U.S., but facing tariff pressures in H2.
Tourism: Projected arrivals revised downward, but tourism revenue continues to rise due to higher spending per visitor.
Business Sentiment Index (BSI): Declined in Q2, with tourism-related businesses particularly affected.

CBD (Central Business District): Area with the highest concentration of grade A buildings, 5-star hotels, and luxury shopping malls.
Green Buildings: Classified by LEED or TREES certification.
Grade A Buildings: Top 20% of the market, highest rent, located in CBD and near transit.
Grade B Buildings: Largest sector, good value for money.
Grade C Buildings: Older properties, lowest rent, bottom 40% of the market.
Take Up: Total space leased or occupied, regardless of vacancies.
Net Absorption: Change in occupied space, calculated as take-up minus space vacated.