Bangkok office market faces 436,000 sqm supply wave in 2026

New supply pipeline to intensify Bangkok office competition.

Bangkok’s office market is preparing for a major influx of new space in 2026, with around 436,000 sq m of offices scheduled for completion this year, according to research from Knight Frank.

The consultancy says the significant pipeline could create a key inflection point for the Thai capital’s office sector, even as market conditions showed signs of stabilising toward the end of 2025.

Data from Knight Frank shows total office supply in Bangkok stood at 6.49 million sq m in Q4 2025, unchanged quarter-on-quarter. Occupied space increased to 5.0 million sq m, lifting overall occupancy to 77%, up 0.4 percentage points from the previous quarter.

Leasing activity remained steady during the period. According to Knight Frank, net absorption reached about 25,000 sq m in Q4, while total take-up exceeded 102,000 sq m, indicating ongoing tenant demand.

Sustainability trends are also shaping leasing decisions. The consultancy notes that green-certified buildings now account for roughly 36% of total office supply, with these assets continuing to outperform non-green buildings in terms of net absorption.

However, the short-term outlook is dominated by a substantial development pipeline. Knight Frank reports about 851,000 sq m of office space remains under active development, with more than half—436,000 sq m—expected to be delivered in 2026 alone.

This compressed delivery schedule is likely to intensify leasing competition across both central business district and decentralised locations, the firm says.

Performance across asset classes may diverge. Grade A office rents increased 0.5% quarter-on-quarter to THB1,247 per sq m per month, according to Knight Frank, even as the overall market average slipped 0.3% to THB850 per sq m.

“The Bangkok office market is clearly moving toward greater stability, with demand gradually aligning with supply,” said Panya Jenkitvathanalert. “However, 2026 will be a pivotal year. The volume of new completions scheduled within a short timeframe will intensify competition across most submarkets.”

He added that landlords are expected to focus on differentiation through building quality, ESG positioning and incentive packages, while occupiers may find greater flexibility when negotiating leases as new developments compete to secure anchor tenants.