At the end of Q3 2021, the supply of office space in Bangkok continued to increase steadily to 9.120 million sq.m. from the launch of one new office building project in the CBD called Siamscape with the total office NLA of 13,854 sq.m.
Overall occupancy rates remained stable in Q3 2021. However, Colliers expects occupancy rates to drop while new supply enters the market and many tenants continue downsizing during renewal and relocation transactions.
The demand for office space mostly comes from the e-commerce segment, co-working spaces, and financial institutions. Colliers Thailand found that in Q3 2021 many tenants still wanted to renew their lease while reducing the size of their offices.
Overall, tenants had higher bargaining power in order to get better agreements from the office landlords, especially when working with tenant representation.
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