> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Bangkok Office Market Summary - Q1 2026 ## Core Content Bangkok's office market remained highly competitive in Q1 2026, with demand showing a clearer recovery and occupancy improving. However, the ongoing supply of new office spaces continued to exert downward pressure on rents, giving occupiers more options and leverage in lease negotiations. A notable trend was the "flight to quality," where tenants increasingly preferred high-quality, green-certified buildings, especially in non-CBD locations. ## Main Views - **Market Overview**: - Total office supply in Bangkok reached 6.53 million sq m, with a 0.6% QoQ increase. - Green-certified office space increased by 7.8% to 2.76 million sq m, making up 42% of total supply. - Occupancy rate rose to 77.6%, up 0.6% pts QoQ, and net absorption reached 70,000 sq m, showing a significant uptick in demand. - Average asking rent declined by 0.4% QoQ to THB 847 per sq m per month, reflecting the competitive market environment. - **Supply Trends**: - The supply growth in Q1 2026 was primarily driven by new completions like V. One Tower and existing buildings obtaining green certifications. - Future supply until 2031 has moderated to 813,000 sq m, with 67% of the pipeline currently under construction. - In 2026, approximately 398,000 sq m (49% of the remaining pipeline) is expected to be completed, further sustaining competitive leasing conditions. - **Demand Dynamics**: - Leasing activity strengthened, with take-up increasing to 108,000 sq m in Q1 2026. - Net absorption rose to 70,000 sq m, indicating stronger demand. - Green-certified buildings outperformed non-green ones, with net absorption of 68,921 sq m versus 1,243 sq m for non-green. - The CBD saw a slight decline in rents, while non-CBD areas recorded stable or increasing rents and better occupancy improvements. - **Market Segments**: - **Grade A**: Occupancy increased by 0.3% pts to 78%, with rents down 0.9% to THB 1,238. - **Grade B**: Occupancy rose by 1.3% pts to 76%, with rents down 0.7% to THB 856. - **Grade C**: Occupancy slightly declined by 0.3% pts to 81%, with rents down 1.0% to THB 542. - The overall market saw a slight decline in rents, but non-CBD areas showed more resilience and growth. - **Area Analysis**: - **CBD**: Rent declined by 0.6% QoQ to THB 962, while occupancy improved by 0.6% pts to 78%. - **Non-CBD**: Average asking rent rose by 0.1% QoQ to THB 685, with occupancy improving by 1.1% pts to 80%. - Specific sub-markets like Petchburi–Rama IX–Ratchada and Bangna–Srinagarindra saw notable occupancy gains and rental increases, indicating a shift in tenant preferences. ## Key Information - **Economic Outlook**: - Thailand's GDP growth outlook for 2026 has weakened to 1.3% from 1.8%, with inflation rising to 3.0%. - External risks, including oil price volatility and geopolitical tensions, are expected to continue affecting business sentiment. - The Business Sentiment Index (BSI) fell to 47.7 in March 2026, below the neutral 50 level, with a 3-month expected BSI of 44.2. - **Market Trends**: - The "flight to quality" trend is evident, with tenants favoring green-certified buildings and higher-quality spaces. - The expansion of Grade A supply in non-CBD areas is reshaping location preferences and driving demand. - Older buildings are increasingly repositioning themselves by obtaining green certifications, enhancing their competitiveness. - **Occupier Behavior**: - Occupiers are making data-driven decisions, including analyzing employee commute patterns, which has influenced their preference for non-CBD locations with better accessibility. - This trend does not indicate a shift away from the CBD but reflects upgrading activity in non-CBD markets. - **Future Outlook**: - The reduced future supply pipeline compared to previous years may ease pressure on market fundamentals in the long term. - However, in the short term, the concentration of new supply in 2026 will continue to provide occupiers with leverage in lease negotiations. - External risks, such as geopolitical tensions, may introduce uncertainty and impact corporate expansion plans. ## Glossary - **Central Business District (CBD)**: The region in Bangkok with the greatest concentration of grade A office buildings, 5-star hotels, and luxury shopping malls. - **Green Buildings**: Office buildings with green certifications like LEED and TREES. - **Grade A Buildings**: Prime properties with the highest market rents, located in the CBD, within 500m of a mass transit station, and with a floor plate of at least 1,000 sq m. - **Grade B Buildings**: The largest sector of the office market, offering good value for money. - **Grade C Buildings**: Typically older properties with the most competitive rents. - **Take Up**: Total amount of space leased or occupied in a specific timeframe. - **Space Vacated**: Total amount of space vacated and not re-let. - **Net Absorption**: Change in occupied space, calculated as take-up minus space vacated. ## Contact Information - **Phanom Kanjanathiemthao** – Chairman - Email: phanom.kanjanathiemthao@th.knightfrank.com - Phone: +66 (0) 2 643 8223 Ext 124 - **Nattha Kahapana** – Managing Director - Email: nattha.kahapana@th.knightfrank.com - Phone: +66 (0) 2 643 8223 Ext 300 - **Mr. Panya Jenkitvathanalert** – Partner, Head of Office Strategy & Solutions - Email: panya.jenkitvathanalert@th.knightfrank.com - Phone: +66 (0) 2 643 8223 Ext 230 - **Nopakit Lerthirunvibul** – Senior Manager - Email: nopakit.lerthirunvibul@th.knightfrank.com - Phone: +66 (0) 2 643 8223 Ext 241 ```