Figures
Bangkok Office Figures Q4 2023
February 19, 2024 10 Minute Read
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QUARTERLY HIGHLIGHTS
- The total office supply as of Q4, 2023 is 9,522,888 square meters increasing by 29,927 square meters after JLK Tower, a Grade A CBD building completed.
- In Q4 2023, the Grade A+ office market performance saw a positive net take-up of 16,262 square meters and an occupancy rate of 61%, 3.5% higher than Q3 due to physical move-ins to recently completed buildings.
- The total occupied space in Q4 2023 was 7,934,982 square meters, with an overall occupancy rate of 83.3% decreasing 0.2 percentage points from Q3 2023.
- After significant rental reductions at the beginning of the year, average rental rates remained stable in all submarkets in Q4 2023, except for Grade A CBD which fell by 5.1% from THB 975 per square meter per month to THB 925 per square meter per month.
- As of Q4 2023, approximately 858,222 square meters of office space is under construction and scheduled to be completed by 2025 and a total of 767,930 square meters of supply is being planned with expected completions between 2025 - 2029.
- The total office supply as of Q4, 2023 is 9,522,888 square meters increasing by 29,927 square meters after JLK Tower, a Grade A CBD building completed.
- In Q4 2023, the Grade A+ office market performance saw a positive net take-up of 16,262 square meters and an occupancy rate of 61%, 3.5% higher than Q3 due to physical move-ins to recently completed buildings.
- The total occupied space in Q4 2023 was 7,934,982 square meters, with an overall occupancy rate of 83.3% decreasing 0.2 percentage points from Q3 2023.
- After significant rental reductions at the beginning of the year, average rental rates remained stable in all submarkets in Q4 2023, except for Grade A CBD which fell by 5.1% from THB 975 per square meter per month to THB 925 per square meter per month.
- As of Q4 2023, approximately 858,222 square meters of office space is under construction and scheduled to be completed by 2025 and a total of 767,930 square meters of supply is being planned with expected completions between 2025 - 2029.