2021-12-08-莱坊-Bangkok_Office_Market_2021_Q3_2021_10页_1mb

报告摘要

The market experienced negative net absorption, leading to a decline in total occupied space and occupancy rate to an 11-year low of 82.7%. Average asking rent decreased by 0.7% Q-O-Q.
Supply remained stable at 5.53 million sq m with no new additions, while future supply projects indicate growth in CBD areas.
Economic recovery is underway, with improved business sentiment and planned border reopening in November, potentially boosting demand for offices.
Rents fell across grades, with grade A performing best due to high occupancy rates.

Supply: Total office space unchanged at 5.53 million sq m. No new supply added, and no withdrawals occurred. Future pipeline includes 7 projects.
Demand: Net absorption was -16,800 sq m, with a 38% drop in take-up and increased vacancies. Leasing activity decreased compared to Q2.
Occupancy: Market occupancy declined to 82.7%, but grade A hit 90.4%, highlighting grade disparities.
Rents: Average asking rent fell to 786 THB/sq m. Grades B and C saw similar declines, though variations by sub-market exist.
Economic Context: Thailand's GDP projected to grow 0.7% in 2021 and 3.9% in 2022. Border reopening for vaccinated travelers expected to stimulate office demand.

Increased new supply anticipated, continuing the market's tightening. Recovery expected post-border reopening, with potential K-shaped outcomes.
Short-term focus on cost efficiency as hybrid work persists; long-term reliance on quality space maintained.
Market cycle phases studied, with future balance projection for landowner and tenant roles.

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