2026-05-28-莱坊-Thailand_Logistics_Property_Market_H2_2025_10页_3mb

H2 2025 Thailand Logistics Market Summary

Core Content

In the second half of 2025, Thailand's logistics market showed signs of strengthening fundamentals, driven by improved demand and effective absorption of new supply. The market experienced a moderate increase in total warehouse supply and a more significant rise in occupied space, leading to a notable increase in the occupancy rate.

Key Market Indicators

• Total Warehouse Supply: 6.62 million sq m (+1.9% H-o-H)
• Occupied Space: 5.89 million sq m (+5.6% H-o-H)
• Occupancy Rate: 88.9% (+3.1 percentage points H-o-H)
• Average Asking Rent: THB 161.7 per sq m per month (broadly stable)

Main Regions and Trends

Regional Performance

• Bangkok Metropolitan Region (BMR):

  • Occupancy rate: 92.6%
  • Net lettable area: 2.94 million sq m
  • Supply growth: +1.0% H-o-H, +1.8% Y-o-Y

• Eastern Economic Corridor (EEC):

  • Occupancy rate: 83.5%
  • Net lettable area: 2.62 million sq m
  • Supply growth: +3.7% H-o-H, +5.9% Y-o-Y

• Central Region:

  • Occupancy rate: 92.0%
  • Supply growth: +5.6 percentage points H-o-H, +8.3% Y-o-Y

Supply Growth

• New Supply: 122,034 sq m in H2 2025, contributing to a 1.9% H-o-H and 3.1% Y-o-Y increase in total supply.
• Future Supply: Expected to increase to 95,917 sq m in H2 2026 and over 98,332 sq m in 2027, with a major concentration in the EEC.

Economic and Industrial Context

Economic Recovery

• GDP Growth: Improved to 2.5% in Q4 2025 from 1.2% in Q3, but still below earlier levels.
• Domestic Demand: Private consumption remained stable, government spending provided support, and tourism rebounded.
• Inventory Levels: Returned to accumulation in Q4, increasing by THB 44.8 billion, reversing from a drawdown in Q3.

Export and Import Trends

• Exports: Reached THB 2.22 trillion in Q4, growing by 9.4% Y-o-Y, though slightly moderating from Q3's 11.5%.
• Imports: Remained elevated at just over THB 2.11 trillion, with a more moderate growth pace.

Sectoral Demand Drivers

• Steel Industry: Expanded by 5.6% Y-o-Y, driven by public infrastructure projects, lower prices, and a low base effect.
• Electronics Industry: Recorded a 5.8% Y-o-Y increase in production, with strong growth in HDD, semiconductor devices, IC, and PCBA.
• Motorcycle Industry: Production reached 1.9 million units, with increased domestic sales and exports.

Logistics Demand and Trends

• China Influx: Accelerated inflow of excess inventory from Chinese manufacturers increased storage requirements.
• E-Commerce Growth: Structural demand from the expanding e-commerce sector and ongoing supply chain relocation are expected to sustain strong space absorption.
• Supply Chain Resilience: Logistics demand is increasingly linked to supply chain efficiency rather than broad-based volume expansion.

Rental Rates and Market Dynamics

• Rental Stability: Average asking rents remained stable at THB 161.7 per sq m per month.
• Regional Rents:
  • BMR: THB 164 per sq m per month (+1.0% H-o-H)
  • EEC: THB 163 per sq m per month (-1.0% H-o-H)
  • Central: THB 154 per sq m per month
  • Other: THB 124 per sq m per month
• Market Polarisation: Prime logistics assets in established clusters maintain strong occupancy and stable rents, while secondary locations and older facilities face more competitive conditions.

Outlook

• Market Maturity: The logistics market is transitioning from broad-based expansion to a more consolidation-driven phase.
• Structural Shifts: Demand is increasingly efficiency-driven, supported by supply chain diversification and trade policy stability.
• Future Growth: Expected to remain supported by supply chain diversification and structural investment inflows, even with moderate economic growth.
• Investor Focus: Investors are showing stronger interest in high-quality, technology-driven logistics facilities.

Summary of Key Points

• Strengthening Fundamentals: The logistics market showed resilience with effective absorption of new supply and strong occupancy.
• Regional Variations: The EEC and BMR were the strongest performers, with the Central region also showing improvement.
• Demand Drivers: Key manufacturing sectors such as steel, electronics, and motorcycle industries are driving logistics demand.
• Rental Stability: Asking rents remained stable, with BMR and EEC commanding higher rates due to strong occupancy.
• Future Supply: Development activity is expected to increase in 2026–2027, with a focus on the EEC.
• Market Polarisation: Prime assets in established logistics corridors are likely to outperform secondary locations.

Conclusion

Thailand's logistics market in H2 2025 is entering a more mature and resilient phase, driven by structural shifts in manufacturing and trade policies. The market's performance is increasingly influenced by supply chain efficiency and operational resilience, positioning it as a core enabler of Thailand's industrial competitiveness and export resilience.