2025年第一季度曼谷写字楼市场

Thailand Research Office Q1 2025 knightfrank.co.th/research inflation trends. The central bankremains concerned about deterioratingcredit conditions and increasedfinancial market volatility, andemphasizes the need for responsive,coordinated policies to mitigate trade-related shocks and preserve economicstability. The Thai economy is expected toslow in 2025 amid heightened globaluncertainty driven by evolving U.S.trade policies and potential retaliatorymeasures, which are reshapingglobal trade, reducing efficiency, anddampening growth prospects. Theimpact of these tensions is likely tointensify in the second half of the year,with Thailand’s growth projected at 2%under a lower-tariff scenario and just1.3% if tariffs rise further. Meanwhile,subdued tourism and tightenedfinancial conditions add to domesticpressures, prompting the Bank ofThailand to lower its policy rate by0.25% pts. to support the weakeningoutlook. Headline inflation is projectedto fall below target due to supply-sidefactors and government subsidies,though risks from protectionism andsupply chain shifts could affect future 6.314million sq m Bangkok’s total office supply increased. 1.1million sq m The projected supply pipeline grew withover 800,000 sq m under construction. The Business Sentiment Index (BSI)rose in March, reflecting improvedsentiment in the first quarter, primarilysupported by stronger confidence inthe manufacturing sector. This uptickwas partly due to accelerated exportsahead of the U.S. reciprocal tariff setto take effect in April. In contrast,sentiment in the non-manufacturingsector declined, led by weakness intourism. Meanwhile, the 3-monthforward BSI remained stable comparedto the previous quarter. 31,000sq m Net absorption reached led by strongperformance at green buildings. 77.5% The overall market occupancy rateincreased THB845 Average asking rent increased per sq mper month. SUPPLY source coming from older buildings completing upgradesand obtaining green certifications. Meanwhile, LadpraoHills will be converted into hotel space entirely, removing6,000 sq m from total supply. Bangkok’s total office supply rose to 6.314 million sq mfollowing the completion of WorkLab on Rama 4 Road,marking a 3.1% annual increase. Green-certified office spacealso grew to approximately 2.1 million sq m, with the main FUTURE SUPPLY by Central Pattana. Approximately 835,000 sq m is currentlyunder construction. Projections continue to show that 2025will see the highest volume of new supply, with an estimated524,000 sq m expected to enter the market. The total lettable area in Bangkok’s future supply pipelinehas risen to 1.1 million sq m, following the announcementof several new projects, most notably GR9 at the Rama 9intersection and The Central on Phaholyothin Road, both DEMAND while non-green buildings saw a decline of 17,000 sq m.Demand in the CBD remained strong, with 35,000 sq m ofnet absorption, whereas the non-CBD area saw a marginalcontraction of 1,000 sq m. Leasing activity remained generally positive, despite a slightdecline in both total take-up and net absorption. With netabsorption reaching 31,000 sq m, total occupied space grewby 1% to 4.89 million sq m. Green buildings continued tolead demand, recording a net absorption of 51,000 sq m, NET ABSORPTION (GREEN VS NON-GREEN)THOUSAND SQ M MARKET DYNAMICS BY SEGMENT With demand outpacing supply to start of the year, the overall market occupancy rate rose by 0.5% pts to 77.5%, markinga second consecutive quarter of growth. Occupancy improved across all building grades, led by Grade A, which saw thestrongest rebound with a 2.1% pts increase, continuing the segment’s recovery from the low point in Q3 2024. Grade Bremains the weakest performer at 76%, while Grade C held steady at 80%. In Q1 2025, the market-wide asking rent edged up by 0.3% quarter-on-quarter (QoQ) to THB 845 per sq m per month.The average asking rent increased across all building grades. Grade A rents rose marginally by 0.2% to a new market highof THB 1,248, while Grade B increased by 0.3% to THB 872. Grade C led the quarterly growth, with a 0.4% rise to THB 543 persq m per month. BAHT / SQ M / MONTH MARKET DYNAMICS BY AREA The CBD office marketposted a moderate rental increase,with the average asking rent rising 0.2% QoQ to THB 966per sq m per month. The occupancy rate improved to 77%,up 0.7% QoQ. The Non-CBD marketalso posted a steady rental rise,with average asking rents up 0.2% QoQ to THB 670 per sq mper month. Occupancy remained at 79%. Petchaburi-Rama IX-Ratchada- saw rents increase 0.2%QoQ to THB 729, with occupancy rising 0.3% QoQ to 80%. Phloen Chit-Chit Lom-Wireless- saw a marginal rentalincrease of 0.1% QoQ to THB 1,091, while occupancydeclined 0.5% QoQ to 76%. Phahon Yothin-Vibhavadi- recorded a 0.3% QoQ rentalincrease to THB 683, though occupancy dipped 0.3% QoQto 78%. Nana-Asok-Phrom Phong- recorded a 0.2% QoQ rentalincrease to THB 944, while occupancy declined slightlyby