2026年第二季度曼谷写字楼市场

Q2 2026 knightfrank.co.th/research Q2 2026 was Bangkok’s largest completion quarterin years. Five new buildings totalling approximately207,000 sq m entered the market, lifting total stock by3.2% QoQ to 6.75 million sq m. Around 39% of the newspace was already committed at completion, drivingnet absorption of approximately 76,000 sq m. Even so,the supply influx outpaced demand, with the overalloccupancy rate declining by 1.3% pts QoQ to 76.4%. The market-wide average asking rent rose 1.3% QoQto THB 858 per sq m per month, largely reflecting theentry of new premium stock rather than adjustments atexisting buildings. Mr. Panya JenkitvathanalertPartner, Head of OfficeStrategy & SolutionsKnight Frank Thailand Market Overview Economic Overview Thailand’s 2026 outlook hasimproved, with the Bank of Thailandraising its GDP growth forecast to2.3% from 1.5%, citing export andinvestment momentum tied to theglobal technology and AI cycle,THB 400 billion in governmentmeasures to cushion energy costs,and a milder-than-feared impactfrom the Middle East conflict aslarger firms diversified sourcing andtransport routes. Growth nonetheless remains uneven.Household spending remains underpressure from slowing incomegrowth and rising living costs, whichare expected to constrain privateconsumption once governmentsupport measures expire. Inflation isprojected to rise temporarily due tosupply-side pressures before easingas these factors subside. Headlineinflation forecasts remain unchangedat 2.8% for 2026 and 1.4% for 2027. Business sentiment improved inJune 2026 but remained subdued.The Business Sentiment Index (BSI)rose sharply from 42.5 to 46.1,while the 3-month expected BSIincreased to 48.0. Both remainedbelow the neutral 50 level, indicatingcontinued caution despite easingMiddle East tensions, lower energyprices, and temporary support fromthe “Thais Help Thais Plus” scheme. Supply Five buildings completed in Q2 2026,adding approximately 207,000 sq mand lifting total supply by 3.2% QoQto 6.75 million sq m. Around 39%of the newly delivered space waspre-committed at completion, ledby a 50%-committed One BangkokTower 5. Green-certified office spacerose by 6.8% QoQ to 2.95 million sq m,accounting for 44% of total supply,as most of the new completions carrycertifications. Future Supply With this quarter’s completionsdelivered, the remaining pipelineto 2031 stands at 612,000 sq m, ofwhich approximately 56% is underconstruction. Around 197,000 sq mis still scheduled for the second halfof 2026, so supply pressure will persistthrough year-end, though at a muchreduced scale compared with thesecond quarter. Demand Headline demand surged with thecompletions. Take-up reachedapproximately 134,000 sq m andnet absorption approximately76,000 sq m, the strongest quarterin recent years. The composition matters, however.Roughly 82,000 sq m of theabsorption reflects space handedover in the newly completedbuildings, meaning demand acrossexisting stock was broadly flat toslightly negative, with space vacatedremaining elevated at approximately58,000 sq m. Green-Certified BuildingsContinue to Attract StrongerDemand The green/non-green dividewidened further. Green-certifiedbuildings recorded net absorption ofapproximately 92,000 sq m,boosted by the certified newcompletions, while non-greenbuildings netted a loss of around16,000 sq m, extending the structuralshift of occupiers toward modern,certified space. Market Dynamicsby Segment Despite strong demand, the evenstronger supply placed downwardpressure on market occupancy.The overall market occupancy ratefell 1.3% pts QoQ to 76.4%, despitethe strongest net absorption recordedin recent years. By grade: •Grade Aoccupancy declined by1.2% pts QoQ to 77% •Grade Boccupancy declined by1.4% pts QoQ to 74% •Grade Coccupancy declined by1.1% pts QoQ to 79% The market-wide average asking rentrose 1.3% QoQ to THB 858 per sq mper month. The increase is primarilycompositional rather than broad-based repricing. By grade: •Grade Arents increased by 2.2%QoQ to THB 1,268 •Grade Brents increased by 0.4%QoQ to THB 864 •Grade Crents increased by 0.1%QoQ to THB 542 Underlying pricing conditions remaintenant favorable. Most existingbuildings held asking rents flat, andwith substantial new space still to beabsorbed, landlords of older stock areexpected to stay flexible on terms. Market Dynamicsby Area In the CBD market,average askingrents rose 0.7% QoQ to THB 977, whileoccupancy declined 0.6% pts QoQto 75%. •Ploenchit–Chidlom–WirelessAsking rents edged up 0.3% QoQto THB 1,075, while occupancyincreased 0.3 percentage pointsto 75% •Nana–Asoke–Phrom PhongAsking rents declined 1.1% QoQto THB 898, while occupancy rose0.7 percentage points to 80% •Silom–Sathorn–Rama IVAsking rents climbed 3.0% QoQto THB 1,018, while occupancyfell 1.4 percentage points to 74% The Non-CBD marketaverageasking rents rose 3.0% QoQ to THB693, while occupancy declined 2.2%pts QoQ to 78%. •Petchburi–Rama IX–RatchadaAsking ren