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Bangkok Office Figures Q1 2023

May 23, 2023

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QUARTERLY HIGHLIGHTS

‒   CBRE has reclassified the office basket, resulting in a smaller total office supply in Bangkok of 9,377,891 square meters. Five newly completed buildings in this quarter added a total area of 119,750 square meters to the supply.

‒   There are approximately 990,597 square meters of office space under construction and scheduled to be completed by the end of 2026.

‒   In Q1 2023,  net take-up was negative 5,961 square meters, although an improvement on the previous quarters 23,196 square meters negative take up.

‒   Overall occupancy rate in Q1 2023 was at 84.1%, declining from 85.1% in the previous quarter.

‒   As part of our basket revision, we have introduced a new classification of Grade A+ buildings within the Bangkok CBD in order to try to reflect the growing variation in rental rate between Grade A buildings.