Bangkok Office Market Report 2020 — Vacancy, Rent & Net Absorption
Executive summary
Vacant space across the Bangkok office market rose by 58,188 sqm in 2020, comparing the same 210 buildings against 2019 — tenants gave back more space than they took. 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.
How much vacant space changed, and what it means
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 | 276,539 | 84.8% | 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. The vacancy movement 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. 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 2020 · Full methodology →