泰国物流房地产市场2025年上半年

Logistics An overview review of Logistics market in H1 2025by Knight Frank Thailand H1 2025 knightfrank.co.th/research Thailand’s logistics property market softened in the firsthalf of 2025 as macroeconomic headwinds weighed onsentiment. Total ready-built warehouse (RBW) supplygrew by 1.2% half-on-half to 6.49 million sq m, but netabsorption dropped sharply to just 20,335 sq m from151,000 sq m in H2 2024. Leasing decisions were delayedamid weaker consumption and rising costs. Occupancy edged down to 85.8%, a modest decline of0.7 percentage points. Most occupiers are retainingspace, but expansion has slowed considerably. The EECrecorded the steepest decline, while the Central regionimproved due to steady domestic consumption andno new supply. Average asking rents rose 0.8% to THB161.5 per sq m per month, though this reflects landlordpricing discipline rather than demand strength. Thailand’s economy expanded 3.0% in H1, but privateconsumption decelerated, government spendingfell, and inventories built up - signals of underlyingweakness. Export growth was strong but front-loadedahead of U.S. tariff adjustments. Demand remainsfragile, with selective support from e-commercelogistics, but the overall market is in a cautious holdingpattern. Mr. Marcus BurtenshawPartner, Head of IndustrialStrategy & SolutionsKnight Frank Thailand MARKET OVERVIEW Thailand’s Goods & ServicesBalance on Chain VolumeMeasures In Q2 2025, the Thai economy expanded by 2.8%, decelerating from a 3.2%expansion recorded in Q1 as a production slowdown in the non-farm sectoroccurred. For the entire first half of 2025, Thailand’s GDP expanded by 3.0%. Thai Baht (Millions) On the expenditure side, both private final consumption and governmentconsumption expenditure declined from the previous half. Private consumptiondisplayed a deceleration largely attributed to a slowdown in spending on services,with a growth of 2.3% Y-o-Y in H1 2025, a decrease from 3.3% Y-o-Y in H2 2024.Government consumption expenditure is also falling from 5.8% Y-o-Y in H2 2024to 2.8% Y-o-Y in the first six months of 2025. However, fixed capital formationincreased by 5.2% Y-o-Y, thanks to improvements in private investment,particularly in machinery and equipment. Exports value in terms of real GDP in H1 2025 grew by 12.3% year-on-year,accelerating from the 10.7% growth recorded in H2 2024, led by front-loadedexports ahead of the expiry of the U.S. Reciprocal Tariffs suspension, particularlyon computers, machinery and equipment, and integrated circuits and parts.Meanwhile, imports value has a slower growth rate from 9.3% in H2 2024 to 6.4%in H1 2025. Headline inflation remained negative at -0.3% in June 2025, marking athird consecutive month due to declining prices of fresh food and energy items. On the production side, the agricultural sector expanded by 6.1% Y-o-Y in H1 2025,while the non-agricultural sector showed signs of a slower growth rate, recordedat 2.7% Y-o-Y. The service sector experienced a contraction of 3.8% Y-o-Y in H12025, compared to 4.4% Y-o-Y in H2 2024. Specifically, within the service sector,there was a notable deceleration in the transportation and storage sector, from9.1% in H2 2024 to 4.8% in H1 2025. When looking at the logistics-related indicators from the Office of IndustrialEconomics (OIE), the production index experienced a slight increase from93.4 in Q4 2025 to 96.7 in Q2 2025. At the same time, the finished goodsinventory index saw a rise from 99.5 to 105.3. This combination suggests thatwhile production activity has picked up, demand may not be keeping pace,leading to an accumulation of unsold goods. If this trend continues, it couldsignal a slowdown in future production, which would weigh on logistics andstorage-related activities. SUPPLY 6.49Total supply of ready-built warehousesin H1 2025 (+75,900 sq m from H2 2024)million sq m CURRENT SUPPLY The total supply of ready-built warehouses in Thailand reached 6.49 million sq min H1 2025, an additional 75,900 sq m of warehouse space compared to H2 2024.This addition represents a growth of 1.2% H-o-H and 3.6% Y-o-Y. Total supplyadded in this half is driven by new supply in Chonburi and Samutprakarn, while35% of the total supply added is the expansion within existing projects. The newsupply remained below 100,000 sq m since the second half of 2024, reflecting thatlogistics property players are being cautious in their development strategies. SUPPLY DISTRIBUTION Bangkok Metropolitan Region (BMR) continued to have the largest market share.During the first half of 2025, its supply increased by 2.2% Y-o-Y to 2.9 million sqm, or 44.7% market share of ready-built warehouses. The new supply added wasin Samut Prakarn, which accounted for the largest portion at 40.7%, followed byBangkok, Samut Sakhon, and Nonthaburi, which maintained the same supply. The second-largest supply is in the EEC region, which accounts for 38.9% ofthe total supply, expanding by 5.6% Y-o-Y to reach 2.53 million s