Bangkok Office Market Report 2023 — Net Absorption, Vacancy & Rent
Executive summary
In 2023 the Bangkok office market handed back a net 11,699 sqm, comparing the same 264 buildings against 2022. Occupancy fell from 80.8% to 80.6%.
Weighted asking rent for the same buildings was flat from ฿844 to ฿836/sqm/month. 10 new buildings completed during the year, adding 461,594 sqm.
Net absorption — what it is and what it says
Rent in 2023
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 2023
10 buildings, 461,594 sqm of new leasable area.
By area (December 2023)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Bangna | 1,010,241 | 86.3% | 138,409 | ฿644 |
| Sathorn | 844,185 | 84.2% | 133,429 | ฿931 |
| Rama 4 | 779,618 | 61.1% | 303,617 | ฿1,181 |
| Sukhumvit | 776,111 | 71.2% | 223,445 | ฿943 |
| Chidlom | 573,077 | 79.1% | 119,845 | ฿994 |
| Rama 9 | 506,578 | 76.4% | 119,581 | ฿647 |
| Silom | 447,988 | 83.1% | 75,614 | ฿928 |
| Ratchadapisek | 426,589 | 87.2% | 54,637 | ฿645 |
| Asok | 407,120 | 86.3% | 55,838 | ฿646 |
| Phaya Thai | 372,409 | 73% | 100,375 | ฿957 |
| Phloen Chit | 358,616 | 75.8% | 86,807 | ฿1,164 |
| New Petchburi | 338,636 | 83.4% | 56,268 | ฿753 |
| Phahonyothin | 305,433 | 74% | 79,437 | ฿798 |
| Rama 3 | 230,565 | 69.2% | 70,904 | ฿733 |
| Surawong | 215,873 | 89% | 23,775 | ฿488 |
| Krung Thonburi | 142,765 | 97.1% | 4,087 | ฿318 |
| Naradhiwat Rajanagarindra | 128,856 | 65.6% | 44,337 | ฿592 |
| Ramkhamhaeng | 124,256 | 66.2% | 42,046 | ฿511 |
| Vibhavadi Rangsit | 96,056 | 90.7% | 8,936 | ฿634 |
| Chaeng Watthana | 78,000 | 95.9% | 3,194 | ฿639 |
| Srinagarindra | 36,935 | 72.4% | 10,195 | ฿393 |
| Ratchadamri | 17,347 | 59.5% | 7,020 | ฿781 |
Method & scope
This report is computed from the December 2023 survey of the 279 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 264 buildings present in both December 2022 and December 2023. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents.
Report period: December 2023 · Full methodology →