Office
Total Grade A office inventory in the CBD area expanded to 2.34 million sq m in Q3 2024, up from 2.32 million sq m in Q2 2024, an increase of 0.8%. The completion of the new Supalai Icon office project added 19,286 sqm of Grade A supply in the CBD market. The overall vacancy rate remained unchanged at 26.3% in Q3 2024, up from 25.4% in Q2 2024.
Average overall Grade A gross rents remained stable in Q3 2024 at THB936 per sq m per month. Rental levels are expected to further 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
A total of 1,383 rai of new Serviced Industrial Land Plots (SILPs) completions at Smart Park Industrial Estate in Rayong entered the Thailand market in Q3 2024, taking total SILPs inventory to 216,420 rai. The SILPs vacancy rate decreased to 8.82% in Q3 2024 from 9.05% in Q2. Overall SILPs sales continued to grow as demand for industrial land remained strong. The average land price level remained stable at THB7.20 million per rai. Ahead, new supply of 15,304 rai is under construction.
Total Ready Built Factory (RBFs) inventory in Q3 2024 remained at 3.22 million sq m. RBF leasing market activity continued. Overall RBF vacancy fell to 15.8% in Q3 2024, from 16.5% in Q2. Total Ready Built Warehouse (RBWs) supply expanded 0.67% q-o-q to 5.67 million sq m in Q3 2024, from 5.63 million sq m in Q2. The overall RBW vacancy rate fell to 20.9% in Q3 2024, from 21.2% in Q2 2024. The average RBFs monthly asking rent remained stable at THB190 per sq m in Q3 2024. The average asking rent for RBWs in the quarter was 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.
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