Bangkok Office Market Report 2021 — Net Absorption, Vacancy & Rent
Executive summary
In 2021 the Bangkok office market handed back a net 120,369 sqm, comparing the same 220 buildings against 2020. Occupancy fell from 86.3% to 84.3%.
Weighted asking rent for the same buildings fell from ฿819 to ฿796/sqm/month. 9 new buildings completed during the year, adding 235,199 sqm.
Net absorption — what it is and what it says
Rent in 2021
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 2021
9 buildings, 235,199 sqm of new leasable area.
By area (December 2021)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Sathorn | 802,420 | 87% | 104,368 | ฿891 |
| Bangna | 685,441 | 85.5% | 99,093 | ฿617 |
| Sukhumvit | 675,237 | 80.1% | 134,312 | ฿865 |
| Rama 9 | 466,178 | 89.9% | 47,044 | ฿582 |
| Chidlom | 450,908 | 84% | 72,370 | ฿1,130 |
| Rama 4 | 441,918 | 74.8% | 111,257 | ฿1,056 |
| Ratchadapisek | 409,909 | 86.6% | 55,119 | ฿635 |
| Asok | 407,120 | 86% | 56,844 | ฿635 |
| Phaya Thai | 372,409 | 71.2% | 107,325 | ฿921 |
| Silom | 360,888 | 73.8% | 94,509 | ฿1,051 |
| Phloen Chit | 334,616 | 80.1% | 66,520 | ฿1,111 |
| New Petchburi | 327,626 | 88.8% | 36,734 | ฿644 |
| Surawong | 215,873 | 91.4% | 18,554 | ฿499 |
| Rama 3 | 185,843 | 92.8% | 13,308 | ฿422 |
| Phahonyothin | 177,433 | 80.5% | 34,602 | ฿1,041 |
| Krung Thonburi | 142,765 | 97.5% | 3,554 | ฿330 |
| Naradhiwat Rajanagarindra | 128,856 | 60% | 51,507 | ฿685 |
| Ramkhamhaeng | 115,479 | 53.3% | 53,889 | ฿503 |
| Vibhavadi Rangsit | 96,056 | 89.3% | 10,232 | ฿610 |
| Chaeng Watthana | 78,000 | 97.2% | 2,179 | ฿550 |
| Srinagarindra | 36,935 | 78.9% | 7,785 | ฿368 |
| Ratchadamri | 17,347 | 91.4% | 1,488 | ฿805 |
Method & scope
This report is computed from the December 2021 survey of the 244 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 220 buildings present in both December 2020 and December 2021. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents.
Report period: December 2021 · Full methodology →