Bangkok’s office market expanded by 235,000 square metres in 2024, maintaining the same growth pace as the previous year, according to a report by Knight Frank. However, developers have scaled down future projects, reducing the upcoming supply pipeline to 1 million square metres.
Leasing activity remained strong, with net absorption reaching 48,000 square metres. This pushed total occupied space up by 1% to 4.86 million square metres.
Green-certified buildings attracted most of the demand. These properties recorded a net absorption of 50,000 square metres, while non-green buildings saw a slight decline. Both central business district (CBD) and non-CBD areas performed well, with net absorptions of 27,000 and 22,000 square metres respectively.
The market is entering a more competitive phase. A significant 540,000 square metres of new office space is expected to enter the market in 2025—the largest increase in the near future. Landlords will need to position their properties wisely to remain competitive.
Grade A buildings are likely to benefit most from this trend. Tenants continue to prefer high-quality offices that offer strong amenities and advanced digital infrastructure.
Owners of older properties face important decisions. They must evaluate whether to renovate or repurpose their buildings, and how much work is needed. Upgrade costs will vary based on factors such as location, size, and current features. Each property will need a tailored approach.
Panya Jenkitvathanalert, Partner and Head of Office Strategy and Solutions at Knight Frank, said all office grades are being improved. “Grade A buildings already offer full facilities,” he said. “But Grade B and C buildings should focus on retrofitting and refurbishment to stay competitive, keep tenants, and attract new ones.”
Another emerging trend is a return to traditional office setups. Some companies are requiring employees to spend more days in the office or even return full-time. This shift is growing, as many workers respond well to the structure, collaboration, and social aspects of office life.
In Thailand, fewer companies have mandated returns compared to the wider Asia-Pacific region. However, those that have done so report lower employee turnover and higher acceptance. This suggests a selective but firm return to conventional office models.
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