Office: Total Grade A office stock in the CBD area rose to 2.03 million sq m in the second quarter of 2023. Rental rates remain stable, overall vacancy set to rise as an influx of new supply enters the market with low to moderate pre-let commitment levels, and tenants continue to reevaluate their workplace strategies amid right-sizing and flight to quality trends.
Retail: Retail demand in existing shopping malls in prime CRD areas gradually picked up. The overall vacancy rate dropped to 4.46% in the first half of 2023, continuing its downward trajectory from 4.82% in 2H 2022 and 6.0% in 1H 2022.
Condominium: Bangkok’s condominium market gradually recovered over 1H 2023, with market sentiment improving with the growing Thai economy. New supply was limited, with just 12,282 new condominium units launched in 1H 2023, down 42.1% on 2H 2022.
Industrial: Total Ready Built Factory (RBFs) inventory in Q2 2023 was 3.2 million sq m. The average RBF asking rent remained unchanged q-o-q at THB189 per sq m per month. Total Ready Built Warehouse (RBW) inventory expanded to 5.34 million sq m in Q2 2023. The average asking rent for RBWs remained unchanged q-o-q at THB152 per sq m per month.
Hotel: Bangkok’s hotel market continued to improve in 1H 2023. Thirty-six new hotels opened in the city during the 1H period, adding 4,290 rooms.
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