Bangkok Office Market Report 2020 — Net Absorption, Vacancy & Rent
Executive summary
In 2020 the Bangkok office market handed back a net 58,188 sqm, comparing the same 210 buildings against 2019. Occupancy fell from 89.5% to 88.5%.
Weighted asking rent for the same buildings was flat from ฿727 to ฿724/sqm/month. 5 new buildings completed during the year, adding 151,850 sqm.
Net absorption — what it is and what it says
Rent in 2020
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 2020
5 buildings, 151,850 sqm of new leasable area.
By area (December 2020)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Sathorn | 790,420 | 90.4% | 75,683 | ฿914 |
| Sukhumvit | 597,537 | 87.8% | 73,137 | ฿793 |
| Bangna | 466,241 | 84.9% | 70,616 | ฿580 |
| Rama 9 | 466,178 | 93.5% | 30,473 | ฿554 |
| Rama 4 | 441,918 | 75.3% | 109,094 | ฿1,086 |
| Ratchadapisek | 409,909 | 90.8% | 37,834 | ฿613 |
| Asok | 407,120 | 90.3% | 39,480 | ฿621 |
| Chidlom | 399,113 | 92.4% | 30,221 | ฿1,090 |
| Silom | 346,888 | 73.9% | 90,550 | ฿1,163 |
| New Petchburi | 323,746 | 87.8% | 39,610 | ฿633 |
| Phloen Chit | 273,616 | 84.6% | 42,026 | ฿1,089 |
| Surawong | 213,590 | 91.9% | 17,359 | ฿496 |
| Phaya Thai | 202,960 | 78% | 44,557 | ฿737 |
| Phahonyothin | 179,412 | 92.6% | 13,263 | ฿1,007 |
| Rama 3 | 145,843 | 91.9% | 11,746 | ฿385 |
| Krung Thonburi | 142,765 | 97.8% | 3,162 | ฿346 |
| Ramkhamhaeng | 113,129 | 56.6% | 49,118 | ฿519 |
| Vibhavadi Rangsit | 96,056 | 88.8% | 10,757 | ฿678 |
| Naradhiwat Rajanagarindra | 92,058 | 47.6% | 48,218 | ฿658 |
| Srinagarindra | 36,935 | 83.5% | 6,088 | ฿370 |
| Ratchadamri | 17,347 | 93.2% | 1,176 | ฿807 |
Method & scope
This report is computed from the December 2020 survey of the 222 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 210 buildings present in both December 2019 and December 2020. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents.
Report period: December 2020 · Full methodology →