2025年第三季度曼谷写字楼市场

Q3 2025An overview review of Bangkok’s Office market in Q3 2025by Knight Frank Thailand knightfrank.co.th/research Bangkok’s office supply reached 6.49 million sq min Q3 2025, following the completion of Central ParkOffices. Subsequently, green-certified space expandedsignificantly to 2.35 million sq m. Leasing activitymoderated but was still relatively strong with net Mr. Panya JenkitvathanalertPartner, Head of OfficeStrategy & SolutionsKnight Frank Thailand MARKET OVERVIEW The Thai economy softened in Q3 2025compared to the previous quarter.On the supply side, activity slowedas manufacturing output declined,partly due to temporary productionhalts in certain industries, which alsoweighed on related service sectors.On the demand side, domesticspending moderated, particularlyin private investment, while foreigntourism receipts also fell. In contrast, Meanwhile, the Business SentimentIndex (BSI) declined from the previousquarter, mainly due to weakermanufacturing confidence in export-oriented food and beverage industriesfollowing earlier export surges andthe impact of Reciprocal tariffs. Thenon-manufacturing index rose slightly 2.35million sq mGreen-certified space expanded, reflectingrising demand for sustainable workplaces. Total supply of office space for rent in Bangkok increased by 1.0% QoQ to reach6.49 million sq m following the completion of Central Park Offices, which added63,000 sq m of new space to the market. Subsequently, total supply of green space FUTURE SUPPLY Following the completion of Central Park Offices and no new projects announced,future supply pipeline has declined to 867,000 sq m. Approximately 600,000 sqm is currently under construction, representing 69% of future supply. Within Q4 867,000sq mFuture supply pipeline declined, with600,000 sq m (69%) currently under DEMAND 37,000sq mNet absorption remained positive, supportedby 55,000 sq m absorption in green buildings,while non-green space contracted by 18,000 Take up eased from the exceptionally high levels of the previous quarterto 96,000 sq m, broadly in line with levels in Q4 2024 and Q1 2025. Net absorptiontotaled 37,000 sq m, driving a 1% increase in total occupied space to 4.97 millionsq m. The performance gap between green and non-green buildings continued MARKET DYNAMICS BY SEGMENT Overall, the market occupancy rate declined slightly, falling by 0.2% pts QoQ to76.6%. The Grade A and Grade B segments saw minimal changes, with occupancyat 77.1% and 74.1%, respectively. Meanwhile, occupancy in Grade C fell by 0.5% pts Despite pressures on occupancies, asking rents continued to rise overall.The market average asking rent rose to THB 853 per sq m per month with CentralPark Offices having increased early bird prices from THB 1,400 to THB 1,500 uponthe project’s completion. Average asking rents increased by around 1% QoQ THB 853Average asking rent increased (+0.9% QoQ)per sq m per month. MARKET DYNAMICS BY AREA 76.6% The CBD office marketposted a modest rental increase, with the average askingrent rising 0.8% QoQ to THB 968 per sq m per month. The occupancy rate Market occupancy softened slightly,down 0.2 pts QoQ. Ploenchit–Chidlom–Wirelesssaw rents edge down 0.2% to THB 1,072,while occupancy slipped 0.2% pts to 75%.Nana–Asoke–Phrompongrecorded a 0.8% rental increase to THB 933,though occupancy declined 1.4% pts to 79%. The Non-CBD marketalso recorded mild rental growth, with average askingrents up 0.3% QoQ to THB 691 per sq m per month, while occupancy was Petchburi–Rama IX–Ratchadasaw rents increase 0.7% to THB 735,with occupancy improving 0.1% pts to 81%.Phaholyothin–Viphavadirecorded a slight 0.1% rent increase to THB 723, sq m - nearest thousand REVIEW & OUTLOOK In Q3 2025, Bangkok’s office market continued to experience intensifyingcompetition for tenants amid a softening economic environment. Despite this,leading developments such as One Bangkok and Central Park Offices continuedto attract a healthy number of occupiers, reaffirming the flight to quality amongcorporates seeking well-managed, future-ready workplaces. Leasing decisions Sustainability mandates are also having a stronger influence on tenantpreferences, particularly among multinational corporations. Tenants are seekingbuildings that align with global sustainability commitments, including energy At the same time, cost consciousness is rising as companies prepare for potentialeconomic headwinds. Many tenants are taking advantage of the current tenant-favorable market to upgrade or relocate while attractive leasing terms remainavailable, a window that may narrow over the next few years as the new supplypipeline gradually declines. Several firms are managing relocation costs by Beyond physical space, the office market is increasingly defined by servicequality and tenant experience. With more high-quality projects now available, thedifferentiating factor has become the hospitality mindset of landlords. Leadingbuildings are investing in dedic