Bangkok Overall Figures Q4 2024

Residential: The overall condominium market in 2024 saw the lowest number of newly launched units since 2021, with significant drops of more than 40% in the Midtown and Suburban areas compared to 2023. The downtown market has seen the trend new projects launched that offer a low number of units continue. 
Office: Occupancy dropped due to level of new supply exceed new take-up despite it was the highest record since 2019. Only average rents in Grade A+ and Grade A Non-CBD buildings rose while Grade A CBD remained stable as offices in the well-connected locations in these submarkets were able to command premium.
Retail: Following a period of subdued retail activity in the second and third quarters, retail performance rebounded in Q4 2024, fueled by peak seasonal demand and upcoming holidays. CCI rose to 57.9 in December 2024 (latest available data), marking the third consecutive period of improvement and the highest reading since June 2024. 
Hotel: Hotel performance improved across all key indicators both Q-o-Q and Y-o-Y, driven by a rising number of international tourists during the long holidays and peak season. In 2024, Thailand welcomed 35.5 million international tourists, including 6.7 million from China.
Industrial & Logistics: Industrial market in 2024 continued to benefit from strong demand for SILP and RBF from relocations and company expansion.
Economic: GDP in Q4 2024 grew by 3.2% Y-o-Y, from an increase of 3.0% in the previous quarter.