Non-CBD office locations gain ground in Bangkok as occupiers seek value

Grade A decentralised offices are driving stronger leasing momentum.

Bangkok's office market is undergoing a gradual decentralisation as occupiers increasingly favour non-CBD locations that offer greater value, flexibility and accessibility, according to Knight Frank Thailand.

The property consultancy said non-CBD areas recorded significantly stronger net absorption than CBD locations in the first quarter of 2026, supported by new supply and changing occupier preferences.

Knight Frank noted that the trend is not a broad exodus from the CBD, but rather reflects the growing availability of Grade A office buildings in decentralised locations. These projects offer specifications comparable to prime CBD offices while providing more competitive rental rates.

The firm said occupiers are also placing greater emphasis on employee commuting patterns, with some non-CBD locations offering more convenient access and shorter travel times for workers. This has helped boost occupancy growth in decentralised markets, which continue to outperform the CBD in terms of demand momentum.

Rental performance in non-CBD areas has remained relatively stable, contrasting with slight declines in core office districts.

"This is not just a decentralisation of locations, but a decentralisation of quality - reshaping how competition is defined across Bangkok's office market," said Panya Jenkitvatanalert, Partner and Head of Office Strategy at Knight Frank Thailand. "Occupiers now have greater access to high-specification space beyond the CBD, without compromising on quality."

Despite the shift, Knight Frank said the CBD remains important for companies seeking prestige, connectivity and proximity to key business districts. However, the gap between CBD and non-CBD markets is narrowing as the quality of decentralised office stock continues to improve.

Looking ahead, the consultancy expects the decentralisation trend to continue, supported by a substantial pipeline of new Grade A office developments in emerging locations throughout 2026.