Office: Total Grade A office stock in the CBD area expanded to 2.19 million sq m in Q1 2024, up from 2.03 million sq m in Q4 2023, an increase of 8.2%. The completion of three new office buildings added 166,449 sqm of Grade A supply in the CBD market, comprising Siam Pathumwan House (51,449 sq m), One Bangkok (Phase 1) Tower 4 (95,000 sq m), and The EmSphese (20,000 sq m). The overall vacancy rate climbed to 25.4% in Q1 2024, up from 22.8% in Q4 2023, with the volume of new supply combined with only moderate occupancy levels of leasable space. 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 as the Bangkok office market remains tenant-favorable.
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 Q1 2024 remained stable at 3.22 million sq m. New factory-for-rent supply of 591,888 sq m is in development. RBFs vacancy decreased to 16.9% in Q1 2024, down from 16.2% in Q4 2023. The average RBF asking rent remained stable at THB190 per sq m per month.
Total Ready Built Warehouse (RBWs) inventory expanded 0.7% q-o-q to 5.61 million sq m in Q1 2024, up from 5.57 million sq m in Q4 2023, with 37,028 sq m from the ALPHA Phanthong project entering the market in the quarter. The overall RBWs vacancy rate rose to 20.95% in Q1 2024, up from 20.34% in Q4 2023. The average asking rent for RBWs in Q1 2024 climbed to THB154 per sq m per month, up THB152 per sq m per month in Q4 2023. New warehouse-for-rent supply of 682,890 sq m is in development.
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.
