Here’s a rundown of Bangkok’s Q2 office market performance per area | Real Estate Asia
, Thailand

Here’s a rundown of Bangkok’s Q2 office market performance per area

The average rents in the CBD grew, whilst rents were flat outside the CBD.

Office rents in Bangkok’s CBD witnessed an upward movement, whilst the non-CBD area showed no overall change.

According to Knight Frank, the average rental rate for CBD properties increased to 932 THB per sq m per month, while the average occupancy rate experienced a slight dip, reaching 83%. Ploenchit - Chidlom - Wireless emerged as the top-performing submarket, with an average rent growing by 0.9% Q-o-Q and an occupancy rate increasing by 1.3% Q-o-Q. This positive performance was primarily driven by the demand for new buildings such as One City Centre, Vanissa Building, and Amarin Tower (Renovated). 

Here’s more from Knight Frank:

Moving on to the Silom - Sathorn - Rama IV submarket, the completion of Park Silom contributed to a 2.0% Q-o-Q rent increase, with the addition of over 50,000 sq m of new office space in the area. Despite this increase in supply, the occupancy rate in Silom - Sathorn - Rama IV only declined by 0.7% Q-o-Q, highlighting robust demand as indicated by a net absorption of 36,800 sq m during the quarter.

Office space outside the CBD maintained an average asking rent of 663 THB per sq m per month, and the occupancy rate at 74%. Notably, the Phaholyothin - Viphavadi area witnessed a rent reduction of 1.4% Q-o-Q, which led to a surge in demand. This increase in demand was evident through a net absorption of 9,600 sq m and a notable 1.8% Q-o-Q rise in the occupancy rate. Meanwhile, the Petchburi - Rama IX - Ratchada and Bangna - Srinakarin areas saw no change in rent, with slight decreases in their occupancy rates of 0.4% and 0.1%, respectively.

 

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