Bangkok Office Market Report 2022 — Net Absorption, Vacancy & Rent
Executive summary
In 2022 the Bangkok office market handed back a net 95,742 sqm, comparing the same 242 buildings against 2021. Occupancy fell from 83% to 81.6%.
Weighted asking rent for the same buildings was flat from ฿840 to ฿847/sqm/month. 8 new buildings completed during the year, adding 311,350 sqm.
Net absorption — what it is and what it says
Rent in 2022
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 2022
8 buildings, 311,350 sqm of new leasable area.
By area (December 2022)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Bangna | 871,041 | 85% | 130,840 | ฿616 |
| Sathorn | 824,901 | 86.2% | 113,749 | ฿899 |
| Sukhumvit | 717,711 | 78.2% | 156,199 | ฿900 |
| Rama 4 | 594,618 | 75.1% | 147,851 | ฿986 |
| Chidlom | 573,077 | 80% | 114,708 | ฿1,049 |
| Rama 9 | 466,178 | 89.2% | 50,444 | ฿626 |
| Ratchadapisek | 422,089 | 87.4% | 53,138 | ฿616 |
| Silom | 410,888 | 72% | 115,197 | ฿1,024 |
| Asok | 407,120 | 86.2% | 56,317 | ฿636 |
| Phaya Thai | 372,409 | 69.6% | 113,307 | ฿947 |
| Phloen Chit | 358,616 | 69.3% | 110,064 | ฿1,165 |
| New Petchburi | 338,636 | 82.7% | 58,568 | ฿744 |
| Phahonyothin | 265,433 | 70.9% | 77,213 | ฿770 |
| Surawong | 215,873 | 90.2% | 21,196 | ฿489 |
| Rama 3 | 185,843 | 84.9% | 28,041 | ฿534 |
| Krung Thonburi | 142,765 | 97.2% | 3,982 | ฿320 |
| Naradhiwat Rajanagarindra | 128,856 | 67.5% | 41,936 | ฿607 |
| Ramkhamhaeng | 121,906 | 60.9% | 47,717 | ฿480 |
| Vibhavadi Rangsit | 96,056 | 90.3% | 9,270 | ฿587 |
| Chaeng Watthana | 78,000 | 97.7% | 1,783 | ฿550 |
| Srinagarindra | 36,935 | 73.8% | 9,661 | ฿386 |
| Ratchadamri | 17,347 | 60.8% | 6,794 | ฿791 |
Method & scope
This report is computed from the December 2022 survey of the 264 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 242 buildings present in both December 2021 and December 2022. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents.
Report period: December 2022 · Full methodology →