Bangkok Office Figures Q3 2023

November 19, 2023 10 Minute Read

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-   The total supply is 9,492,961 square meters increasing by 113,465 square meters from four newly completed buildings: Siam Patumwan House (47,495 square meters), PUNN (21,000 square meters), Pier 111 (38,000 square meters), and Quant Sukhumvit 25 (6,970 square meters). 
-   In Q3 2023, the Grade A+ office market performance saw positive net take-up and higher occupancy compared to Q2 2023 due to physical move-ins. 
-   The total occupied space in Q3 2023 was 7,924,482 square meters,  with an overall occupancy rate of 83.5% decreasing 1.2 pp from Q2 2023.  
-   Average rental rates remained stable in all submarkets after significant falls in Q1 2023. 
-   As of Q3 2023, approximately 863,132 square meters of office space is under construction and scheduled to be completed by 2026, and a total of 687,930 square meters of supply is being planned.