Trends regarding office rents in Bangkok are displaying strong evidence that the Thai economy and real estate market are growing in positive directions, as office rent prices have risen by 5.2% and occupied space increased by 2.76% since this time last year.
Occupied space in and around the city is now at 90.3%. The areas in highest demand by office-seekers are on Phloenchit and Wireless Roads, both located in Bangkok’s downtown business district. Some of the largest companies in Thailand, such as Agoda, have already relocated to this area, despite the fact that prices here are of the priciest in the country. Some office properties in this area are currently fetching a monthly rent of over THB1,000 per square meter. Areas outside of the central business district are showing similar signs as well, with rents reaching THB900 per square metre.
Office space rents and occupancy rates will likely continue this upward trend for two main reasons. Firstly, the market for office space prevailed throughout the height of Bangkok’s political unrest; a situation that is now dwindling. Second and more importantly, Bangkok is one of the world’s most rapidly developing cities and with the upcoming ASEAN Integration the city is gearing up for a major boost.
