Bangkok’s office market in 2025 reflected a year of adjustment and gradual stabilisation following a period of heavy new supply and shifting occupier preferences.

According to assessments from real estate advisory professionals, the market absorbed a significant volume of new completions during the year, particularly in the central business districts, while vacancy rates remained elevated but showed early signs of peaking toward the second half of the year.

Total office stock expanded further in 2025 as several large-scale projects reached completion, adding pressure to older and lower-grade buildings.

This supply influx continued to weigh on average rents across the broader market.

However, demand became increasingly polarised, with Grade A and premium Grade A offices outperforming secondary properties.

Tenants prioritised quality, sustainability features, transport connectivity and flexible floor plates, leading to stronger leasing activity in newly completed or recently refurbished buildings.

Occupier behaviour in 2025 was shaped by cautious expansion plans and cost sensitivity, particularly among multinational firms.

At the same time, sectors such as technology, professional services, finance and flexible workspace operators remained active, underpinning take-up in prime locations.

Landlords responded with competitive leasing strategies, including rental incentives, fit-out contributions and shorter lease terms, to secure and retain tenants in a more competitive environment.

Looking ahead to 2026, market observers expect the pace of new supply to moderate compared with recent years, providing breathing space for demand to catch up.

This easing of development pressure, combined with Thailand’s continued economic recovery and improving business sentiment, is expected to support a gradual improvement in occupancy levels.

Rental growth is likely to remain selective, with prime assets in core locations best positioned to see stabilisation or modest upside, while older buildings may face continued downward pressure unless upgraded.

Advisory firms anticipate that sustainability, energy efficiency and wellness standards will become even more critical in leasing decisions in 2026, reinforcing the competitive advantage of modern office stock.

Overall, the Bangkok office market is projected to move toward a more balanced phase, supported by resilient demand for quality space and a more disciplined supply pipeline in the year ahead.