Bangkok Office Market Report 2018 — Vacancy, Rent & Net Absorption
Executive summary
Vacant space across the Bangkok office market fell by 10,935 sqm in 2018, comparing the same 189 buildings against 2017 — tenants took more space than they gave back. 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.
How much vacant space changed, and what it means
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 | 276,539 | 86.4% | 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. The vacancy movement 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. 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 2018 · Full methodology →