Bangkok prime office rents up 0.7% in Q3

Only Bangkok and Manila saw rental growth in Southeast Asia during the quarter.

Prime office rents in Bangkok rose 0.7% year-on-year and 1.6% quarter-on-quarter in Q3 2025, according to the latest Knight Frank Asia-Pacific Office Highlights. The Thai capital was one of only two Southeast Asian markets—alongside Manila—to record positive rental growth during the quarter, defying the broader regional trend where overall rents declined 1.4% year-on-year.

While landlords continued to prioritise occupancy amid rising vacancies, new premium stock in central Bangkok helped lift overall rental averages. The city’s vacancy rate edged up to 23.5%, reflecting the ongoing addition of new Grade A supply, yet occupier demand for quality spaces has remained steady.

“The Bangkok office market continues to demonstrate resilience amid an environment of cautious sentiment across Asia-Pacific,” said Panya Jenkitvathanalert, partner - head of office strategy and solutions at Knight Frank Thailand. “New completions have temporarily raised vacancy, but we are seeing consistent demand from professional services and multinational firms seeking modern, high-spec spaces that align with their workplace transformation and ESG goals.”

According to the report, landlords across Southeast Asia largely focused on sustaining occupancies rather than driving rents higher, as many tenants reassessed their long-term space strategies. However, Bangkok’s prime segment benefitted from a “flight to quality” trend, with occupiers consolidating into newer, more efficient buildings in central locations such as Ploenchit, Sathorn, and Rama IV.

Market Outlook

Knight Frank Thailand expects market conditions to remain tenant-favourable in the short term, as significant new supply continues to enter the market through 2026. However, rental stability in prime assets is anticipated, supported by Thailand’s steady economic outlook, forecast GDP growth of 2.0% in 2025, and occupier focus on modern, sustainable work environments.

“Bangkok’s ongoing development pipeline presents both opportunities and challenges,” added Panya Jenkitvathanalert, partner - head of office strategy and solutions at Knight Frank Thailand. “Developers who can deliver projects with strong green credentials and flexible leasing terms will be best positioned to attract occupiers seeking long-term value and corporate sustainability alignment.”