Looking at the Bangkok office market in 2025 from the perspective of professionals working directly in office leasing, it is quite clear that the market remains highly competitive, although pressure has started to ease compared with the past two to three years. This view is consistent with market data and analysis from industry experts, including insights shared by Mr. Aukit Pronpattanapairoj, Director of Office Leasing at Cushman & Wakefield Thailand.
New Supply Slows, but Competition Remains 
In the past year, only two new office buildings were completed, adding approximately 101,000 square meters of office space. This represents a significant decline of about 84% compared with the previous year, when 12 new buildings were delivered, totaling around 615,000 square meters. These figures clearly indicate that the supply expansion cycle seen over the past several years has begun to slow.
However, a slowdown in new completions does not mean the market will recover immediately. A large amount of office space delivered in earlier years—particularly in the CBD—still needs time to be absorbed by tenants.
A Growing Concentration of Grade A Offices in the CBD
One of the most important structural changes in recent years has been the rapid increase in Grade A office buildings in the CBD. This is a point that has also been highlighted previously by Mr. Aukit Pronpattanapairoj of Cushman & Wakefield Thailand.
Most new office buildings developed in the CBD over the past few years are Grade A properties. As a result, total Grade A office space in the CBD has expanded to approximately 2.53 million square meters, while total office stock across Bangkok reached around 8.99 million square meters by the end of 2025.
This has intensified competition within the Grade A segment, particularly for older buildings that now face higher expectations from tenants in terms of building quality, technology, and environmental standards.
Demand Continues, but Without a Sharp Increase 
Based on market data and the practical experience of the Cushman & Wakefield Thailand office leasing team, demand for office space in Bangkok continues to grow, despite the large volume of new supply added in previous years. Demand remains concentrated in Grade A buildings, driven both by new entrants to the market and by existing tenants relocating or expanding their leased space.
As a result, the overall vacancy rate for Grade A offices declined to approximately 23.8% in the fourth quarter of 2025, down from around 26.0% previously. While vacancy levels remain relatively high, the downward trend is a positive sign for the market.
Rents Are Gradually Stabilizing
In terms of rental levels, the average rent for Grade A office space has shown a gradual quarter-on-quarter increase, suggesting that the market is moving toward a more balanced phase rather than aggressive price competition. This trend is in line with views previously shared by Mr. Aukit.
Average Grade A office rents stood at approximately THB 943 per square meter per month in the fourth quarter of 2025, a slight increase from the previous quarter. However, on a year-on-year basis, rents remain marginally lower than the same period last year.
Looking ahead, the outlook is becoming clearer. Newly completed Grade A buildings with strong leasing performance are no longer required to compete heavily on price, which supports the expectation of gradual rental growth in 2026.
Looking Ahead: High Competition, but Lower Pressure in 2026 
Looking toward 2026, the overall market outlook suggests that competition will remain intense, but the volume of new supply entering the market will be significantly lower than in the past two to three years. This should help ease pressure on leasing performance to some extent.
A clear trend is the continued relocation from older buildings to newer offices that offer stronger environmental standards, advanced technology, and modern amenities suited to multinational occupiers. At the same time, many tenants remain cost-conscious, driving growing interest in coworking spaces, serviced offices, and plug-and-play office solutions.
In response, many building owners have started to adjust their strategies by subdividing floors or offering fitted offices with furniture to provide greater flexibility—particularly in older buildings.
Conclusion: A Market in Transition
The Bangkok office market has not fully shifted back to a landlord-driven market, but it is no longer experiencing the extreme oversupply conditions seen at the peak of the cycle. Tenants still have options, but decisions are increasingly based on overall value rather than price alone. Meanwhile, landlords must be clear about their target tenant profiles and how their buildings differentiate in an increasingly competitive environment.
Overall, the market is in a transition period—steady rather than dramatic, and gradually moving toward balance.
