Office
Total Grade A office inventory in the CBD area remained stable at 2.47 million sq m in Q1 2025. No new Grade A supply entered the CBD market. The overall vacancy rate rose slightly to 28.1% in Q1 2025, from 27.8% in Q4 2024. Average Grade A office gross rents fell to THB939 per sq m per month in Q1 2025, softening 1.2% y-o-y from THB950 in Q4 2024.
Industrial
Total Ready Built Factory (RBFs) inventory in Q1 2025 remained unchanged at 3.42 million sq m. Overall RBFs vacancy fell to 14.26% in Q1 2025, from 16.5% in Q4 2024. Total Ready Built Warehouse (RBWs) supply also remained stable at 5.99 million sq m in Q1 2025. The overall RBWs vacancy rate dropped to 18.62% in Q1 2025, from 21.4% in Q4 2024. The RBF average asking rent remained stable q-o-q at THB192 per sq m in Q1 2025. The RBW average asking rent in the quarter also remained unchanged q-o-q at THB155 per sq m per month.
Hotel
One new 5-star hotel property opened in Bangkok in Q1 2025, adding 512 rooms. Citywide hotel supply then expanded to 146,628 rooms, up 0.35% from Q4 2024. The city’s average hotel occupancy rate rose to 76.0% in Q1 2025, up from 75.7% in Q4 2024. The average daily rate for all Bangkok hotel classes fell to THB3,812 from THB4,103 in Q4 2024. RevPAR was recorded at THB2,897, down by 12.4% from the THB3,106 figure of Q4 2024.
Retail
Total Grade A retail CRD inventory remained unchanged at 986,218 sq m in Q1 2025. Ahead, the Bangkok retail business is expected to continue to grow with further mall development in the supply pipeline. The average monthly asking rent for prime retail in CRD areas remained stable q-o-q at THB3,717 per sq m in Q1 2025. This represents rental growth of 3.36% y-o-y. The overall prime CRD retail market vacancy rate dropped back to 3.76% in Q1 2025, down 4.15% q-o-q.
Condominium
Bangkok’s condominium market continued to expand in Q1 2025, with 4,485 new condominium units launched citywide, up by 35.2% from Q4 2024. The overall pre-sale rate was at 43.4% in Q1 2025, down from 50% in Q4 2024, with 1,944 units of the new stock being sold. The average unit selling price for newly launched projects was recorded at THB144,547 per sq m, up 9.4% from the THB132,102 per sq m level recorded at 1H 2024 level.
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