Bangkok Office Market Report 2024 — Vacancy, Rent & Net Absorption
Executive summary
Vacant space across the Bangkok office market rose by 261,095 sqm in 2024, comparing the same 277 buildings against 2023 — tenants gave back more space than they took. 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.
How much vacant space changed, and what it means
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 | 361,539 | 65.7% | 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. The vacancy movement 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. 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 2024 · Full methodology →