For many consecutive years, Bangkok’s office market stays solid with strong demand. The state of affairs in this sector is defined by a significant construction activity and shifts tenants make in favour of more flexible workspace options. The forecasts note that this trend is going to continue its pace; while almost a million square metres of new office spaces are going to enter the market of Bangkok by the end of 2023. The majority of these new developments will appear in the neighbourhoods situated close to the major transit lines. Coworking spaces have already become a key source of office demand in Bangkok, in recent years, while the community of startuppers and freelancers in the city grows in the geometrical progression. The leasing activity is high, which is seen in the growth of rents by around 3-5% annually. The majority of office spaces with high rental rates have been occupied in Bangkok. Still, as it has been mentioned above, the brand-new venues, which are continuously emerging on the city’s scape, will likely manage to drag those tenants who are nowadays using Class B suites. At the same time, the landlords feel rather reluctant regarding the rise of rents in fear of losing tenants, especially in those buildings that already need to be upgraded.
