Office: Total Grade A office stock in the CBD area increased to 2.32 million sq m in Q2 2024, up from 2.19 million sq m in Q1 2024, an increase of 5.8%. The overall vacancy rate increased to 26.3% in Q2 2024, up from 25.4% in Q1 2024. Average gross rents remained unchanged at the rate of THB936 per sq m per month in Q1 2024. Rental levels are expected to stabilize in the upcoming quarters.
Retail: Total Grade A retail inventory in Central Retail District (CRD) locations remained unchanged at 986,218 sq m in 1H 2024. The average asking rental rate remained stable at THB3,596 per sq m per month in 1H 2024. The vacancy rate of the prime CRD retail market in 1H 2024 slightly increased to 3.38%, up from 3.11% in 2H 2023.
Condominium: Bangkok’s condominium market in 1H 2024 continued to grow from 2H 2023. Total condominium inventory for Bangkok citywide as of 1H 2024 was 486,420 units. The overall pre-sale rate was 59.2% in 1H 2024, up from 57.5% in 2H 2023, with 6,103 units of the new stock being sold. The average unit selling price for newly launched units was recorded at THB158,486 per sq m, down 3.5% compared to the 2H 2023 level.
Industrial: No new Serviced Industrial Land Plot (SILPs) supply entered the market in Q2 2024. Total SILPs inventory remain unchanged at 215,037 rai. The SILPs vacancy rate dropped to 9.05% from 9.30% in Q1 2024. The average land price level climbed to THB7.20 million per rai in Q2 2024, up from THB7.12 million per rai in Q1 2024.
Total Ready Built Factory (RBFs) inventory in Q2 2024 remained at 3.22 million sq m. RBF leasing market activity continued. Overall RBF vacancy fell to 16.5% in Q2 2024, down from 16.9% in Q1. The average RBF monthly asking rent remained stable at THB190 per sq m. Total Ready Built Warehouse (RBWs) inventory expanded 0.4% q-o-q to 5.63 million sq m in Q2 2024, up from 5.61 million sq m in Q1 2024. The overall RBW vacancy rate rose to 21.24% in Q2 2024, up from 20.95% in Q1 2024. The average asking rent for RBWs in Q2 2024 remained unchanged at THB154 per sq m per month.
Hotel: The average hotel occupancy rate in 1H 2024 was 75.2%, similar to the 75.4% rate in 2H 2023. The average daily rate (ADR) for all hotel sectors was THB3,675, a similar rate to THB3,678 in 2H 2023. RevPAR in H1 2024 was recorded at THB2,762 compared to THB2,772 in 2H 2023. Three new hotels opened in 1H 2024, adding a total of 1,045 keys to the existing supply. Bangkok’s total hotel supply was recorded at 143,759 rooms in 1H 2024, up from 142,714 rooms in 2H 2023.
