Bangkok Office Market Report 2016 — Net Absorption, Vacancy & Rent
Executive summary
In 2016 the Bangkok office market absorbed a net 81,924 sqm, comparing the same 177 buildings against 2015. Occupancy rose from 88.7% to 90.4%.
Weighted asking rent for the same buildings rose from ฿627 to ฿729/sqm/month. 7 new buildings completed during the year, adding 393,096 sqm.
Net absorption — what it is and what it says
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
7 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 | 273,616 | 89.1% | 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. Net absorption 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.
Report period: December 2016 · Full methodology →