2025年第四季度曼谷写字楼市场

An overview review of Bangkok‘s Office market in Q4 2025by Knight Frank Thailand knightfrank.co.th/research Bangkok’s office market recorded stable supplyconditions in Q4 2025. Total stock stood at 6.49million sq m, unchanged from the previous quarterbut representing growth of 2.9% compared with thesame period last year. Occupied space continued toexpand at a modest pace to reach approximately 5.00million sq m. As a result, the overall occupancy rateimproved by 0.4 % pts QoQ to 77%, while remainingbroadly in line with the level recorded a year earlier.Meanwhile market-wide average asking rent edgeddown slightly by 0.3% QoQ to THB 850 per sq m permonth. Nevertheless, rents remained higher on anannual basis, posting growth of 1.0% YoY. Mr. Panya JenkitvathanalertPartner, Head of OfficeStrategy & SolutionsKnight Frank Thailand Market Overview Thailand’s economy expanded inQ4 2025 compared with the previousquarter. On the supply side, activityimproved as manufacturing outputincreased, supported by strongerdomestic and external orders as wellas the resumption of production atfactories that had temporarily shutdown for process upgrades. Therecovery in manufacturing also liftedrelated service sectors, particularlythose linked to trade and logistics.On the demand side, domesticspending has strengthened. Privateconsumption rose, partly benefitingfrom government support measures,while private investment continuedto expand. Central governmentexpenditure also increased, providingan additional boost to overalleconomic momentum. Meanwhile,external demand improved further,with merchandise exports growingacross several categories, especiallyelectronics and agricultural products.In December, the Business SentimentIndex (BSI) remained broadly stable.For 2025 overall, the index edgedup slightly, mainly supported bythe manufacturing sector followingaccelerated shipments in thefirst half of the year ahead of theimplementation of U.S. reciprocaltariffs. The three-month expected BSIincreased from the previous monthto 54.4, driven by stronger sentimentin non-manufacturing, particularlyretail trade, amid expectations of the“Half-Half Plus Phase 2” programin early 2026. However, confidencesoftened somewhat following thedissolution of parliament. Supply Total supply of office space for rentin Bangkok remained stable duringQ4 2025 at 6.49 million sq m. Whileno significant new completionswere recorded within the quarter,the market still expanded by 2.9%compared with the same period lastyear, reflecting the 183,000 sq mincrease from Q1 to Q3. Subsequently,total supply of green space remainedat 2.35 million sq m or approximately36% of supply. Future Supply With several major projects nowcompleted and limited newannouncements entering the pipeline,future supply has moderated toaround 851,000 sq m. Approximately68% of this total is currently underconstruction, providing a relativelyclear view of additions that willmaterialize over the next few years.2026 is set to be a pivotal year forthe Bangkok office market, withapproximately 436,000 sq m, or 51%of the remaining pipeline, scheduledfor completion. Several projectsoriginally targeted for delivery inQ4 2025 have now been deferred intonext year, concentrating new supplyinto a shorter timeframe. Thesecompletions are expected to sustaina competitive leasing environment. Demand Leasing remained healthy byhistorical standards. Take upremained stable from the previousquarter, rising slightly to 102,000 sqm. Meanwhile, net absorption wasrecorded at 25,000 sq m, supportinga 0.5% QoQ rise in total occupiedspace to about 5.0 million sq m. Theperformance gap between green andnon-green buildings neverthelesscontinued to widen. Although non-green space returned to positive netabsorption, the gain was modest ataround 6,300 sq m. By comparison,green buildings captured 18,500 sq m,underlining the ongoing preferencefor more sustainable workspaces. Market Dynamicsby Segment Overall, market occupancy improvedmodestly, rising by 0.4 % pts QoQto reach 77%. On an annual basis,occupancy was largely unchanged,indicating that demand growth iscurrently tracking additions to supply. Across grades, movements weregenerally limited but positive. BothGrade A and Grade B occupancyincreased by 0.3 % pts QoQ. GradeC experienced the most notablechange, with occupancy rising by 0.8% pts. On an annual basis, Grade Arecorded the greatest improvement,with occupancy rising by 1.8% pts,reinforcing the continued flight toquality among occupiers. Rental trends did not move uniformlyacross the market. The headlineaverage for Bangkok declined by0.3% QoQ to THB 850 per sq m permonth. Segmented by grade, Grade Arents achieved a modest increase of0.5% QoQ to THB 1,247, Grade B rentsedged up by 0.2% QoQ to THB 865,while Grade C saw a slight decline of0.5% QoQ to THB 545. Market Dynamicsby Area The CBD office marketposted adecline in rent, with the averageasking rent falling 0.4% QoQ to THB965. The occupancy rate softened