Bangkok CBD Grade A office vacancy falls to lowest level since Q2 2024

Vacancy was at 27.6% in Q4 2025.

Bangkok’s office market experienced nearly 12,000 square meters of net absorption in Q4 2025, according to a report by JLL. Activity was largely driven by large multinational corporations relocating to newly completed premium buildings, including Central Park Offices and One Bangkok Tower 3. 

Refurbished office projects also recorded healthy take-up, as cost-conscious small and medium enterprises opted for upgraded buildings in prime locations. Landlords responded to the market by normalising rental rates and reducing rent-free periods, reflecting a stabilisation strategy across the broader office segment.

Vacancy rates in Bangkok’s Central Business Area (CBA) improved over the quarter, decreasing 71 basis points to 27.6%, the lowest level since Q2 2024. The improvement was supported by a flat supply pipeline, as developers postponed new project openings to the first half of 2026 due to subdued market sentiment and a strategic focus on demand recovery. Prime-grade projects continued to benefit from quality upgrades and the ongoing flight-to-quality trend, although tenants remained cautious in committing to leases.

Prime office gross rents in the CBA rose 0.6% quarter-on-quarter to THB 1,012 per square meter per month, driven by reduced incentives and limited new supply. Landlords shortened rent-free periods to an average of 1.8 months for three-year contracts, pushing net effective rents up by 0.8% quarter-on-quarter. Capital values for prime-grade offices remained broadly stable, reflecting investor caution, while market yields edged slightly higher to 5.6%.

Looking ahead, JLL forecasts the delivery of 172,000 square meters of new premium supply in 2026, increasing CBA Grade A inventory to 1.84 million square meters. This influx is expected to push vacancy to a record 30%, creating a tenant-favoured market with more options and intensifying competition among landlords. Despite this, prime rents are expected to continue modest growth to THB 1,025 per square meter per month, or 0.6% quarter-on-quarter, as landlords balance pricing between new and older assets amid sustained flight-to-quality trends. Capital values are also projected to rise moderately, by up to 1% year-on-year.

JLL highlighted that Bangkok’s premium office market continues to show resilience, with strong demand for high-quality assets and limited immediate supply supporting rental stability, even as future deliveries are expected to create more choice for occupiers.