Thailand’s Office Market Faces Oversupply While Shifting Towards Flexibility and Efficiency Cushman & Wakefield Thailand has released the FIT-Out Cost Guide 2025, providing in-depth insights into research figures on contractor costs across APAC countries and an overall market overview. Office Fit Out Cost Guide 2025 | Asia Pacific
Thailand’s office market continues to experience an oversupply phase, driven by significant upcoming developments and evolving tenant preferences. While new supply is set to reshape Bangkok’s skyline, market dynamics indicate that many businesses are downsizing and optimizing their office footprints in response to evolving workforce strategies.
One of the most notable upcoming projects is One Bangkok, located on Rama IV and Wireless roads. This flagship development will add 150,000 square meters of Grade A office space within Signature Tower, which at 430 meters will become Thailand’s tallest building upon completion in 2028. Another major addition is Phase 2 of The Parq, situated at Rama IV and Ratchadaphisek roads, which will introduce 50,000 square meters of prime office space, initially planned for 2024-2025.
However, the market has seen a shift as several large-scale office developments, with a combined lettable area exceeding 200,000 square meters, have postponed construction, pushing back supply originally expected between 2025 and 2028. These delays reflect a more cautious approach considering shifting occupier demand and economic considerations.
Evolving Tenant Preferences & Emerging Opportunities
As businesses reassess their space requirements, many occupiers are downsizing and adopting hybrid work models, resulting in a growing emphasis on space optimization. This trend has increased demand for flexible office solutions, including co-working spaces and serviced offices, as companies seek cost-effective and adaptable work environments.
The shift in demand also presents opportunities for office landlords and developers to repurpose existing office spaces, integrating collaborative areas, wellness facilities, and ESG-focused design to attract tenants seeking higher-value workplace experiences.
Outlook for the Office Market
Despite the oversupply, demand for premium office spaces in strategic locations remains stable, particularly for buildings that offer modern amenities, sustainability features, and enhanced digital infrastructure. Moving forward, landlords who embrace flexibility, invest in tenant experience, and incorporate mixed-use concepts will be better positioned to capture demand in a changing market.
As the office sector continues to evolve, adaptability and innovation will be key in navigating Thailand’s shifting commercial real estate landscape.