2025年第二季度曼谷写字楼市场

Q2 2025 knightfrank.co.th/research Bangkok’s office supply reached 6.42 million sq m in Q2 2025, driven by thecompletion of four new buildings totaling 180,000 sq m. Green-certified spaceexpanded significantly to 2.28 million sq m, as all new completions met or targetedLEED Gold standards. Leasing activity was strong, with take-up nearing 200,000 sqm, although a significant portion was due to owner-occupied space at new buildings.Subsequently, net absorption increased to 67,000 sq m. Despite strong demand,market-wide occupancy dipped by 0.7% pts. to 76.8% due to the influx of new supply.Average rents rose marginally to THB 847 per sq m per month. per visitor rises. At the same time,some domestic business sectors areunder pressure from rising importcompetition and shifting consumerpreferences. Thailand’s economy is projected togrow by 2.3% in 2025 and 1.7% in 2026according to the Bank of Thailand.The 2025 projection reflects a strongerthan expected performance in Q1and positive economic indicators inQ2. Export growth, particularly inelectronics and front-loaded goods tothe United States, has supported themanufacturing and related servicesectors. However, the economy isexpected to slow in H2 2025, as exportsface pressure from U.S. tariffs andprivate consumption moderates dueto softening income and consumerconfidence. While the projectednumber of tourist arrivals has beenrevised downward, tourism revenuecontinues to increase as spending 6.42million sq m Bangkok’s total office supply increased. 930,000 sq m In Q2 2025, the Business SentimentIndex (BSI) declined from the previousquarter, driven mainly by the non-manufacturing sector, especiallytourism-related businesses, as foreigntourist arrivals dropped sharply. Thethree-month expected BSI also fellfrom the previous quarter, reflectinggrowing uncertainties such as theimpact of U.S. reciprocal tariffs andongoing safety concerns. As a result,confidence in the hotel and restaurantsectors declined to a three-year low. The projected supply pipeline declinedwith no new projects announced 67,000sq m Net absorption rose, driven by newbuildings. 76.8% The overall market occupancy rate fell THB847 The average asking rent increased slightlyper sq m per month. SUPPLY Total supply of office space for rent in Bangkok increasedby 1.7% QoQ to reach 6.42 million sq m. Four new buildings,APAC Tower, KingBridge Tower, BTS Visionary Park, andOne Origin Sanpao, were completed, adding around 180,000sq m of new space to the market. At the same time, several older buildings were removed due to obsolescence.Total supply of green space grew by 8.4% to 2.28 million sqm, as all newly completed projects are either certified ortargeting LEED Gold. FUTURE SUPPLY Following recent completions, the future supply pipelinehas declined to 930,000 sq m, as no new projects wereannounced this quarter. Approximately 660,000 sq m iscurrently under construction, with no new groundbreakings from planned developments during the period. Around250,000 sq m is still expected to enter the market in H2 2025,primarily in non-CBD areas, as the completion ofOne Bangkok Tower 5 is now scheduled in early 2026. DEMAND Leasing activity was exceptionally strong this quarter,with nearly 200,000 sq m of take up. Net absorption roseto 67,000 sq m, leading to a 1% increase in total occupiedspace to 4.93 million sq m. However, it is worth notingthat both BTS Visionary Park and KingBridge Tower include significant owner-occupied space, accounting forapproximately 50,000 sq m of the take-up. Green buildingscontinued to outperform non-green ones, recording 115,000sq m in net absorption, while non-green buildings saw acontraction of 48,000 sq m. MARKET DYNAMICS BY SEGMENT Although Q2 saw strong demand, new supply outpacedtake-up, resulting in a 0.7% pts decline in the overalloccupancy rate to 76.8%. Occupancy dropped across bothgrade A and B buildings, decreasing by 0.4% and 1.6%respectively. In contrast, grade C spaces recorded a 0.7% increase to 80.5%, supported by limited new supplyand continued cost-conscious decisions among occupiers.Grade B buildings continue to face heightened competitionfor tenants, with the occupancy rate falling further to 74%. BANGKOK OFFICE OCCUPANCY RATE BY GRADE The market average asking rent increased slightly to THB847 per sq m per month. However, rents declined acrossboth Grade A and B segments. Grade A rents fell by 1.2%to THB 1,233, while Grade B rents dropped by 0.7% to THB866. Grade C rents remained stable at THB 543. The risein the overall market average, despite declines within thesegments, is largely driven by the entry of new buildings that are priced below existing peers in their respectivegrades but still above the overall market average. At thesame time, some of the higher-priced existing buildingswithin each grade are adjusting rents downward to remaincompetitive. This dual trend is compressing rents withinsegments while lifting the overall average.