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.