Bangkok new office supply to hit 426,000sqm in 2023

New supply is expected to reach 377,000sqm by end-2022.

According to a Knight Frank report, Bangkok’s new office supply is expected to hit 377,000sqm by the end of this year. New supply could hit 426,000sqm by 2023, and 295,000 sqm by 2024. 

“The total size of the future lettable area in the pipeline remained approximately 1.76 million sq m, accounting for 30% of the current level of office supply. Around 65% of the future supply will be in the CBD,” the report said.

Here’s more from Knight Frank:

After COVID-19 was classified endemic and the related restrictions eased, consumer confidence increased, and the Bangkok office market saw a demand uptick. Our database showed market movement this quarter was primarily characterised by relocation, followed by expansion and consolidation, respectively. 

From Q1 to Q2 2022, Take-up rose significantly from 54,000 sq m to 80,000 sq m, while space vacated reduced significantly from -145,000 sq m to -36,000 sq m. This improvement results in positive net absorption of 44,000 sq m.