Bangkok Office Market Report 2017 — Net Absorption, Vacancy & Rent
Executive summary
In 2017 the Bangkok office market absorbed a net 27,547 sqm, comparing the same 180 buildings against 2016. Occupancy rose from 89.9% to 90.5%.
Weighted asking rent for the same buildings fell from ฿719 to ฿660/sqm/month. 16 new buildings completed during the year, adding 687,046 sqm.
Net absorption — what it is and what it says
Rent in 2017
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 2017
16 buildings, 687,046 sqm of new leasable area.
By area (December 2017)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Sathorn | 788,820 | 91% | 70,970 | ฿797 |
| Sukhumvit | 500,213 | 92.7% | 36,473 | ฿703 |
| Rama 9 | 447,578 | 96% | 18,117 | ฿453 |
| Asok | 407,120 | 93.5% | 26,430 | ฿631 |
| Ratchadapisek | 367,172 | 90.4% | 35,337 | ฿627 |
| Chidlom | 332,113 | 95.5% | 15,100 | ฿1,113 |
| Bangna | 303,018 | 75.4% | 74,478 | ฿565 |
| Rama 4 | 299,918 | 91.4% | 25,743 | ฿685 |
| Phloen Chit | 273,616 | 82.5% | 47,978 | ฿1,000 |
| Silom | 269,888 | 92.6% | 19,993 | ฿742 |
| New Petchburi | 263,746 | 88% | 31,660 | ฿525 |
| Surawong | 207,890 | 91% | 18,610 | ฿490 |
| Phaya Thai | 175,705 | 92.3% | 13,587 | ฿513 |
| Krung Thonburi | 142,765 | 98.9% | 1,532 | ฿246 |
| Phahonyothin | 136,412 | 96.6% | 4,673 | ฿796 |
| Rama 3 | 122,243 | 89.9% | 12,354 | ฿422 |
| Vibhavadi Rangsit | 96,056 | 92.9% | 6,806 | ฿613 |
| Ramkhamhaeng | 83,400 | 85.9% | 11,771 | ฿449 |
| Naradhiwat Rajanagarindra | 72,514 | 59.2% | 29,566 | ฿507 |
| Srinagarindra | 33,570 | 86.9% | 4,382 | ฿335 |
Method & scope
This report is computed from the December 2017 survey of the 189 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 180 buildings present in both December 2016 and December 2017. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents.
Report period: December 2017 · Full methodology →