Bangkok Office Market Report 2018 — Net Absorption, Vacancy & Rent
Executive summary
In 2018 the Bangkok office market absorbed a net 10,935 sqm, comparing the same 189 buildings against 2017. Occupancy rose from 90.5% to 90.7%.
Weighted asking rent for the same buildings was flat from ฿665 to ฿663/sqm/month. 6 new buildings completed during the year, adding 125,841 sqm.
Net absorption — what it is and what it says
Rent in 2018
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 2018
6 buildings, 125,841 sqm of new leasable area.
By area (December 2018)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Sathorn | 790,420 | 92.5% | 59,138 | ฿861 |
| Sukhumvit | 579,757 | 91.9% | 47,151 | ฿737 |
| Rama 9 | 447,578 | 95% | 22,283 | ฿472 |
| Asok | 407,120 | 91.6% | 34,323 | ฿631 |
| Chidlom | 375,113 | 95.3% | 17,670 | ฿1,173 |
| Ratchadapisek | 373,172 | 91.2% | 32,729 | ฿588 |
| New Petchburi | 323,746 | 88.9% | 35,871 | ฿663 |
| Bangna | 303,018 | 83.7% | 49,535 | ฿501 |
| Rama 4 | 299,918 | 91.4% | 25,878 | ฿687 |
| Phloen Chit | 273,616 | 86.2% | 37,681 | ฿1,044 |
| Silom | 269,888 | 92% | 21,506 | ฿686 |
| Surawong | 210,173 | 91.3% | 18,331 | ฿471 |
| Phaya Thai | 175,705 | 91.7% | 14,548 | ฿495 |
| Krung Thonburi | 142,765 | 98.9% | 1,532 | ฿246 |
| Phahonyothin | 136,412 | 93.6% | 8,690 | ฿1,212 |
| Rama 3 | 131,843 | 89.2% | 14,278 | ฿440 |
| Vibhavadi Rangsit | 96,056 | 87.1% | 12,355 | ฿644 |
| Ramkhamhaeng | 83,400 | 71% | 24,185 | ฿378 |
| Naradhiwat Rajanagarindra | 72,514 | 58.4% | 30,164 | ฿505 |
| Srinagarindra | 36,935 | 84.1% | 5,884 | ฿338 |
Method & scope
This report is computed from the December 2018 survey of the 201 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 189 buildings present in both December 2017 and December 2018. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents.
Report period: December 2018 · Full methodology →