曼谷零售市场2025年下半年

They Were Built by a Strategy the World Already Proved An overview review of Bangkok’s Retail market in 2H 2025by Knight Frank Thailand 2H 2025 knightfrank.co.th/research Net Leasable Area (NLA) refers to the net area within a Shopping mall that is specifically allocated to support the Shoppingmall’s demand and can be leased to generate revenue in accordance with the role of each Shopping mall. NLA is measuredfrom the internal wall‑to‑wall area of each leasable unit and excludes all common areas and non‑revenue‑generatingplatform support spaces. maintaining rental returns. Ownersof prime‑location assets now havestronger bargaining power, whetherin curating their tenant mix, settinglease terms, or gradually increasingrents to reflect higher costs and thepopularity of their centres. schemes, particularly mixed‑use andlifestyle malls in suburban locationsand major tourist destinations. Market Overview Bangkok retail property marketin 2025 is in a phase of measuredexpansion. The overall supply ofshopping centre space continuesto grow, while utilisation remainshigh and on an improving trend. Akey indicator of market conditionsis the total Net Leasable Area (NLA),which in 2025 is projected to reachapproximately 8.2 million squaremetres, representing a roughly 3.3%year‑on‑year increase. This level ofgrowth is less exuberant than in pastboom cycles but reflects a pace thatis more aligned with the gradualrecovery in the wider economy anddomestic consumption. Developersstill perceive long‑term opportunityand are proceeding with new On the demand side, the averageoccupancy rate stands at about91%, up approximately 1.5% fromthe previous year, indicating thatthe market has been able to absorbnew space coming on stream.Major domestic and internationalretailers continue to expandtheir store networks, while F&Band lifestyle service operatorsstill rely on shopping centres astheir primary platform to reachconsumers. An occupancy rate above90% suggests that most centresare close to full, which, from aninvestment perspective, supports However, the outlook is not withoutits challenges. The pipeline of futureprojects remains sizeable at about 1.1million square metres of additionalspace, implying a substantial uplift insupply relative to the existing stockover the next two to three years. Thiswill intensify competition betweennew‑generation schemes and oldercentres. Properties in secondarylocations, or those that have beenoperating for many years without significant refurbishment,may face greater pressure fromanchor tenants relocating and fromthe need to offer more generoussupport measures – such asrental discounts, joint marketingcampaigns, or more flexible leasestructures – to retain occupancy atacceptable levels. Strategically, shopping centreowners need to shift their mindsetfrom viewing their assets simply as“lettable space” to positioning themas “experience and sales platforms”for their tenants. Curating a tenantmix that clearly targets definedcustomer segments, balancingmass‑market brands with lifestyle andniche concepts, and incorporatingcommunity activities and non‑retailspaces will be crucial to sustainingfootfall. At the same time, digitalcapabilities – such as membershipplatforms and customer data systems– will allow centres to understandshopper behaviour better and torun targeted joint promotions withtenants. Ultimately, these initiativesunderpin the ability to preserve bothrental levels and occupancy over thelonger term. From an investor’s standpoint,the 2025 landscape suggests thatThailand’s retail market remains inan upward cycle, albeit selective.Asset quality and location will be thekey differentiators between winnersand losers. Centres situated in coreurban nodes, close to mass transitor in prime tourist areas, are likelyto maintain high occupancy and toimplement gradual rental uplifts. Bycontrast, assets in weaker locationsmust move quickly to refurbish orreposition themselves in order tocompete with incoming stock. Iflandlords can use this period – whileoccupancy remains robust andthe economy recovers – to realigntheir schemes with new consumerbehaviours, Thailand’s retail propertysector should continue to growsustainably, even as online channelsand digital platforms exert increasinginfluence over the long term. Understanding the Playbook That Transforms Shopping Mall DevelopersInto City Builders March 2026 In This Business,There Is No Such Thing as Luck Picture two malls that opened aroundthe same time, in similar locations,with comparable budgets. Ten yearslater, one has become the heartbeat ofits neighbourhood‑tenants queue forspace, footfall never stops, and assetvalue has multiplied. The other echoeswith emptiness. The question that changed everything:Is there a way to unlock that trappedcapital without selling the assetoutright? ROFR (Right of First Refusal)— acontractual right that gives the fundfirst access to every new property fromits developer‑sponsor, before thatproperty is offer