Bangkok Office Market Report 2017 — Vacancy, Rent & Net Absorption
Executive summary
Vacant space across the Bangkok office market fell by 27,547 sqm in 2017, comparing the same 180 buildings against 2016 — tenants took more space than they gave back. Occupancy rose from 89.9% to 90.5%.
Weighted asking rent for the same buildings fell from ฿719 to ฿660/sqm/month. 18 new buildings completed during the year, adding 722,823 sqm.
How much vacant space changed, and what it means
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
18 buildings, 722,823 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 | 276,539 | 82.7% | 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. The vacancy movement 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. 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 2017 · Full methodology →