Bangkok Office Market Faces Fierce Competition Amid Rising Demand
The surge in multinational companies moving into Thailand has caused a price war among downtown Bangkok office buildings, notably in the Rama IV area with the opening of the One Bangkok mega project. Existing buildings are cutting prices to attract tenants. Projects like One City Centre and upcoming Central Park Offices are adjusting their strategies, offering competitive rates and modern facilities.
Knight Frank Thailand reports that the influx of multinational companies into Thailand has triggered a price war among office buildings in downtown Bangkok.
This competition is intense in the Rama IV area, where the One Bangkok mega project, a joint venture between TCC Assets and Frasers Property Holdings, is expected to open fully by year-end, adding 500,000 square metres of office space.
Current buildings are cutting prices to attract tenants before One Bangkok opens.
One Bangkok aims for sustainability, appealing to multinationals, and has already seen significant uptake of its Tower 4.
However, the presence of more options is pushing even new buildings to adjust prices.
For example, One City Centre on Ploenchit Road, another high-profile project, offers rent at 1,500 baht per square metre and is 70% occupied.
Central Pattana Plc plans to launch its Central Park Offices next year, offering 60,000 sqm at 1,400-1,500 baht per square metre and aiming for 40% reservations by the end of this year.
This competition is intense in the Rama IV area, where the One Bangkok mega project, a joint venture between TCC Assets and Frasers Property Holdings, is expected to open fully by year-end, adding 500,000 square metres of office space.
Current buildings are cutting prices to attract tenants before One Bangkok opens.
One Bangkok aims for sustainability, appealing to multinationals, and has already seen significant uptake of its Tower 4.
However, the presence of more options is pushing even new buildings to adjust prices.
For example, One City Centre on Ploenchit Road, another high-profile project, offers rent at 1,500 baht per square metre and is 70% occupied.
Central Pattana Plc plans to launch its Central Park Offices next year, offering 60,000 sqm at 1,400-1,500 baht per square metre and aiming for 40% reservations by the end of this year.
