Knight Frank Chartered (Thailand) Co Ltd

Office Market, Q1 2024

Knight Frank has observed a rising trend in Asset Enhancement (AE) and improvements aimed at revitalizing aging properties to maintain their competitiveness in the market. These efforts have evolved from purely basic physical refurbishments to now include the integration of advanced technologies and sustainable practices, thereby enhancing both the functionality and appeal of the properties.

Key Figures

• The total supply of office space in Bangkok increased by 52,700 sq m, from the completion of Punn Tower and JLK Tower, bringing the total to 6.10 million sq m.
• 1.47 million sq m is in the projected pipeline from 2022 to 2028.
• Net absorption declined by -5,500 sq m in Q1.
• The overall occupancy rate declined by 0.6% pts QoQ to 77.0%.

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