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Thailand MarketBeat Reports

19/10/2023
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Office: Total Grade A office stock in the CBD area remained unchanged in Q3 2023 at 2.03 million sq m, with no new supply entering in the period. Total new Grade A office space for the year to date in the CBD market was recorded at 88,600 sq m. Average gross rental rates remained stable at THB936 per sq m per month. The overall vacancy rate declined to 23.2% in Q2 2023, down from 24% in Q1. 

Retail: Retail demand in existing shopping malls in prime CRD areas gradually picked up. The overall vacancy rate dropped to 4.46% in the first half of 2023, continuing its downward trajectory from 4.82% in 2H 2022 and 6.0% in 1H 2022.

Condominium: Bangkok’s condominium market gradually recovered over 1H 2023, with market sentiment improving with the growing Thai economy. New supply was limited, with just 12,282 new condominium units launched in 1H 2023, down 42.1% on 2H 2022.

Industrial: Total Ready Built Factory (RBFs) inventory in Q3 2023 remained unchanged at 3.2 million sq m. New supply of 191,888 rai is in development and is scheduled to enter the market in 2024. RBF vacancy climbed to 16.9% in Q3 2023, from 15.6% in Q2. The average RBF asking rent increased to THB190 per sq m per month, up from THB189 per sq m per month in Q2. 

Hotel: Bangkok’s hotel market continued to improve in 1H 2023. Thirty-six new hotels opened in the city during the 1H period, adding 4,290 rooms.

Learn more by clicking our most recent Bangkok MarketBeat reports below.

CURRENT MARKETBEAT

Office Buildings CBD
Bangkok Office Report

Growth in Grade A office space leasing demand was primarily generated by tenant relocations from older office buildings to newer properties, as well as office activity from domestic and international companies. We also witnessed take-up of remaining unoccupied space at new and recent office completions, generating further new leases.

Click here to download the report

Shopping Retail
Bangkok Retail Report

Bangkok’s retail market continued to improve during 1H 2023 driven by growing demand from domestic and foreign consumers.

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Warehouse Internal Rack
Bangkok Condominium Report

Bangkok’s condominium market gradually recovered over 1H 2023, with market sentiment improving with the growing Thai economy. New supply was limited, with just 12,282 new condominium units launched in 1H 2023, down 42.1% on 2H 2022.

Click here to download the report

Warehouse Internal Rack
Bangkok Industrial Report

Total Ready Built Warehouse (RBWs) inventory expanded to 5.55 million sq m in Q3 2023, from 5.34 million sq m in Q2, growing 4% q-o-q. The completion of four new warehouse projects added 154,372 sq m of net lettable area to the market.

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generic-building
Bangkok Hotel Report

Bangkok’s hotel market continued to improve in 1H 2023. Thirty six new hotels opened in the city during the 1H period, adding 4,290 rooms.

Click here to download the report

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