Bangkok Office Market Report 2023 — Vacancy, Rent & Net Absorption
Executive summary
Vacant space across the Bangkok office market rose by 11,699 sqm in 2023, comparing the same 264 buildings against 2022 — tenants gave back more space than they took. Occupancy fell from 80.8% to 80.7%.
Weighted asking rent for the same buildings was flat from ฿844 to ฿836/sqm/month. 10 new buildings completed during the year, adding 381,594 sqm.
How much vacant space changed, and what it means
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, 381,594 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 | 361,539 | 76% | 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. The vacancy movement 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. 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 2023 · Full methodology →