Bangkok Office Market Report 2016 — Vacancy, Rent & Net Absorption
Executive summary
Vacant space across the Bangkok office market fell by 81,924 sqm in 2016, comparing the same 177 buildings against 2015 — tenants took more space than they gave back. Occupancy rose from 88.7% to 90.4%.
Weighted asking rent for the same buildings rose from ฿627 to ฿729/sqm/month. 8 new buildings completed during the year, adding 393,096 sqm.
How much vacant space changed, and what it means
Rent in 2016
The two differ because the mix of surveyed buildings changes — when newer, pricier buildings enter the survey the overall average looks higher even if existing buildings did not raise rents. For trend reading, rely on the like-for-like figure.
New supply completed in 2016
8 buildings, 393,096 sqm of new leasable area.
By area (December 2016)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Sathorn | 788,820 | 90.8% | 72,629 | ฿742 |
| Sukhumvit | 500,213 | 87.4% | 63,058 | ฿1,226 |
| Rama 9 | 447,578 | 95.5% | 20,034 | ฿489 |
| Asok | 407,120 | 93.9% | 24,828 | ฿622 |
| Ratchadapisek | 327,241 | 91.3% | 28,513 | ฿615 |
| Bangna | 303,018 | 76.6% | 70,844 | ฿553 |
| Chidlom | 300,113 | 96.2% | 11,289 | ฿847 |
| Rama 4 | 288,714 | 91% | 25,913 | ฿683 |
| Phloen Chit | 276,539 | 89.2% | 29,749 | ฿938 |
| Silom | 269,888 | 91.9% | 21,936 | ฿727 |
| New Petchburi | 263,746 | 86.3% | 36,219 | ฿528 |
| Surawong | 207,890 | 93.3% | 13,991 | ฿487 |
| Phaya Thai | 175,705 | 91.6% | 14,716 | ฿516 |
| Krung Thonburi | 142,765 | 98.1% | 2,727 | ฿344 |
| Rama 3 | 122,243 | 86.5% | 16,546 | ฿430 |
| Vibhavadi Rangsit | 96,056 | 93.2% | 6,512 | ฿622 |
| Phahonyothin | 92,166 | 99.3% | 670 | ฿418 |
| Ramkhamhaeng | 83,400 | 68.1% | 26,584 | ฿438 |
| Naradhiwat Rajanagarindra | 72,514 | 63.1% | 26,723 | ฿496 |
| Srinagarindra | 33,570 | 87.1% | 4,316 | ฿278 |
Method & scope
This report is computed from the December 2016 survey of the 182 office buildings OfficeBangkok tracks — not a census of every Bangkok building. All figures count only buildings surveyed that year, so a year with thinner coverage is not flattered by a full-stock denominator. The vacancy movement and the rent change use a like-for-like panel of 177 buildings present in both December 2015 and December 2016. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents. Figures in this report are frozen to that survey and do not move as newer data arrives; for current numbers, see the market pages.
Report period: December 2016 · Full methodology →