Bangkok Office Market Report 2024 — Net Absorption, Vacancy & Rent
Executive summary
In 2024 the Bangkok office market handed back a net 261,095 sqm, comparing the same 277 buildings against 2023. Occupancy fell from 78.5% to 75.3%.
Weighted asking rent for the same buildings was flat from ฿881 to ฿881/sqm/month. 5 new buildings completed during the year, adding 203,087 sqm.
Net absorption — what it is and what it says
Rent in 2024
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 2024
5 buildings, 203,087 sqm of new leasable area.
By area (December 2024)
| Area | NLA | Occupancy | Vacant | Weighted rent |
|---|---|---|---|---|
| Bangna | 1,010,241 | 82.7% | 174,296 | ฿645 |
| Sukhumvit | 866,111 | 70.9% | 251,608 | ฿993 |
| Sathorn | 844,185 | 78.2% | 183,676 | ฿930 |
| Rama 4 | 779,618 | 56.5% | 339,035 | ฿1,132 |
| Chidlom | 573,077 | 78.2% | 125,095 | ฿992 |
| Rama 9 | 506,578 | 78.7% | 107,946 | ฿665 |
| Ratchadapisek | 433,609 | 81.7% | 79,488 | ฿632 |
| Silom | 430,988 | 77.4% | 97,257 | ฿983 |
| Asok | 407,120 | 83.4% | 67,712 | ฿660 |
| Phloen Chit | 358,616 | 65.4% | 124,009 | ฿1,115 |
| Phaya Thai | 355,769 | 70.8% | 103,819 | ฿967 |
| New Petchburi | 338,636 | 79.5% | 69,350 | ฿758 |
| Phahonyothin | 311,277 | 71.7% | 87,987 | ฿805 |
| Surawong | 235,618 | 86.9% | 30,777 | ฿495 |
| Rama 3 | 230,565 | 68.5% | 72,565 | ฿805 |
| Krung Thonburi | 149,765 | 96.4% | 5,354 | ฿336 |
| Ramkhamhaeng | 136,338 | 66.1% | 46,178 | ฿522 |
| Naradhiwat Rajanagarindra | 128,856 | 63.7% | 46,717 | ฿607 |
| Vibhavadi Rangsit | 96,056 | 88.7% | 10,880 | ฿640 |
| Chaeng Watthana | 78,000 | 93.1% | 5,404 | ฿628 |
| Srinagarindra | 36,935 | 70.9% | 10,733 | ฿401 |
| Ratchadamri | 17,347 | 60.4% | 6,870 | ฿758 |
Method & scope
This report is computed from the December 2024 survey of the 284 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 277 buildings present in both December 2023 and December 2024. Rents are asking rents, weighted by vacant-space size — not effective (post-incentive) rents.
Report period: December 2024 · Full methodology →