Office
Total Grade A office inventory in the CBD area expanded to 2.47 million sq m in Q4 2024, up 5.5% q-o-q from 2.34 million sq m in Q3 2024. The completion of the One Bangkok Tower 5 office project added 97,000 sq m, and APAC Tower added 32,000 sq m, of new Grade A supply in the CBD market. The overall vacancy rate climbed to 27.8% in Q4 2024, up from 26.3% in Q3. Average Grade A gross rents increased 1.5% q-o-q to reach THB950 per sq m per month in Q4 2024, from THB936 in Q3 2024.
Retail
Total Grade A retail inventory in Central Retail District (CRD) locations remained unchanged at 986,218 sq m in 2H 2024. Total retail supply of 382,758 sq m across seven projects is now under construction and targeted to enter the citywide market from 2024 to 2027. The average monthly asking rent increased to THB3,717 per sq m in 2H 2024, up from THB3,596 per sq m in 1H 2024. The overall prime CRD retail market vacancy rate in 2H 2024 climbed to 4.15%, up from 3.38% in 1H 2024.Condominium
Bangkok’s condominium market continued to expand in 2H 2024, with growing demand in unit sales. New condominium units launched totaled 7,479 units in 2H 2024, down 27.4% on 1H 2024. The overall pre-sale rate was at 61.6% in 2H 2024, up from 59.2% in 1H 2024, with 4,624 units of the new stock being sold. The average unit selling price for newly launched projects was recorded at THB132,102 per sq m, down by 16.6% compared to the 1H 2024 level.Industrial
Total Ready Built Factory (RBFs) inventory in Q4 2024 expanded to 3.42 million sq m, increasing by 5.95% q-o-q. Overall RBFs vacancy fell to 16.5% in Q4 2024, from 15.8% in Q3. Total Ready Built Warehouse (RBWs) supply expanded to 5.97 million sq m in Q4 2024, up from 5.67 million sq m in Q3. The overall RBWs vacancy rate increased to 21.5% in Q4 2024, from 20.9% in Q3. The average RBFs monthly asking rent increased to THB192 per sq m in Q4 2024, up from THB190 in Q3. The average asking rent for RBWs in the quarter also rose, to THB155 per sq m per month in Q4, up from THB154 in Q3.
Hotel
Citywide hotel supply expanded to 146,116 rooms in 2H 2024, up 1.64% from 1H 2024. The city’s average hotel occupancy rate increased to 75.7% in 2H 2024, up from 73.25% in 1H 2024. The average daily rate for all Bangkok hotel classes rose to THB4,103, up from THB3,675 in 1H 2024. RevPAR was recorded at THB3,106, up by 15.4% from the THB2,692 figure of 1H. International tourist arrivals into Thailand are expected to reach 38 million by the end of 2024.
Learn more by clicking our most recent Bangkok MarketBeat reports below.
