Bangkok Office Market Report 2019 — Net Absorption, Vacancy & Rent
Executive summary
In 2019 the Bangkok office market absorbed a net 11,080 sqm, comparing the same 200 buildings against 2018. Occupancy rose from 90.7% to 90.9%.
Weighted asking rent for the same buildings rose from ฿673 to ฿691/sqm/month. 3 new buildings completed during the year, adding 115,255 sqm.
Net absorption — what it is and what it says
Rent in 2019
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 2019
3 buildings, 115,255 sqm of new leasable area.
By area (December 2019)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Sathorn | 790,420 | 92.1% | 62,479 | ฿885 |
| Sukhumvit | 585,537 | 91.3% | 51,164 | ฿740 |
| Rama 9 | 447,578 | 94.9% | 22,610 | ฿474 |
| Bangna | 442,218 | 89.8% | 45,204 | ฿507 |
| Ratchadapisek | 409,909 | 92.1% | 32,301 | ฿647 |
| Asok | 407,120 | 91.1% | 36,113 | ฿648 |
| Rama 4 | 381,918 | 79% | 80,243 | ฿889 |
| Chidlom | 375,113 | 95.3% | 17,480 | ฿1,160 |
| New Petchburi | 323,746 | 88.6% | 36,955 | ฿665 |
| Phloen Chit | 273,616 | 87.8% | 33,440 | ฿1,109 |
| Silom | 269,888 | 91.5% | 22,952 | ฿726 |
| Surawong | 215,873 | 92.2% | 16,736 | ฿491 |
| Phaya Thai | 202,960 | 81.6% | 37,251 | ฿838 |
| Krung Thonburi | 142,765 | 98.6% | 1,932 | ฿305 |
| Phahonyothin | 142,412 | 94% | 8,609 | ฿1,115 |
| Rama 3 | 131,843 | 91% | 11,827 | ฿427 |
| Ramkhamhaeng | 113,129 | 52% | 54,307 | ฿540 |
| Vibhavadi Rangsit | 96,056 | 91.3% | 8,388 | ฿649 |
| Naradhiwat Rajanagarindra | 72,514 | 57.6% | 30,727 | ฿503 |
| Srinagarindra | 36,935 | 84.8% | 5,598 | ฿338 |
Method & scope
This report is computed from the December 2019 survey of the 211 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 200 buildings present in both December 2018 and December 2019. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents.
Report period: December 2019 · Full methodology →