Office: Total Grade A office stock in the CBD area remained unchanged in Q4 2023 at 2.03 million sq m, with no new supply entering in the period. The overall vacancy rate continued to decline to 22.8% in Q4 2023, down from 23.2% in Q2 and 24% in Q1, due to growing demand from domestic and multi-national companies driving take-up of office leasing space. Average gross rents maintained a healthy rate of THB936 per sq m per month in Q4 2023.
Retail: Total Grade A retail stock in Central Retail District (CRD) locations expanded to 986,218 sq m in 2H 2023, up from 926,218 sq m in 1H 2023. Total inventory prime retail stock grew by 6.5% y-o-y. The overall vacancy rate fell to 3.11% in 2H 2023, down from 4.46 % in 1H 2023. The average asking rental rate climbed to THB3,596 per sq m per month in 2H 2023, compared to THB3,543 per sq m in 1H 2023, up by 1.5% y-o-y.
Condominium: Bangkok’s condominium market continued to improve in 2H 2023, driving by growing demand in unit sales. New condominium units launched totaled 10,943 units in 2H 2023, down 10.9% on 1H 2023. The overall pre-sale rate was 57.5% in 2H 2023, up from 52.6% in 1H, with 6,289 units of the new stock being sold. The average unit selling price for newly launched projects was recorded at THB164,250 per sq m, up by 4.1% compared to the 1H 2023 level.
Industrial: Total Ready Built Factory (RBFs) inventory in Q4 2023 expanded to 3.22 million sq m, up from 3.20 million sq m in Q3, growing 0.5% q-o-q. RBF vacancy climbed to 18.2% in Q4 2023, up from 16.9% in Q3. The average RBF asking rent remained stable at THB190 per sq m per month. Total Ready Built Warehouse (RBWs) inventory expanded to 5.57 million sq m in Q4 2023, up from 5.55 million sq m in Q3, growing 0.4% q-o-q. The overall RBW vacancy rate dropped to 20.34% in Q4, down from 23.23% in Q3, with high occupancy rates achieved at newly completed warehouse projects. The average asking rent for RBWs in Q4 remained unchanged from Q3 at THB152 per sq m per month.
Hotel: Bangkok’s total hotel supply was recorded at 142,714 rooms in 2H 2023, up from 142,315 rooms in 1H 2023, growing by 0.3%. The Central Business District (CBD) remains the dominant submarket, with 52.2% of total supply. The city’s average hotel occupancy rate in 2H 2023 rose to 75.4%, up from 71.8% in 1H.
