Record-high Bangkok office vacancy, resilient prime retail, and an industrial sector splitting in two — EEC land prices surging while warehouse leasing softens. Original research on office, retail and industrial real estate across Thailand.
Thailand's commercial property market is not moving as one. Bangkok's prime office sector is working through the highest vacancy rate it has seen since the year 2000, while prime retail has stayed comparatively resilient. Industrial real estate is arguably the most interesting split of all: land prices inside the Eastern Economic Corridor are surging on Chinese manufacturing investment even as ready-built warehouse leasing softens. This report walks through each sector with sourced figures from commercial real estate advisory firms and Thai government data, and explains what the divergence actually means for occupiers, investors and developers.
Bangkok's prime office vacancy hit 31.8% in Q1 2026 — the first time it has crossed 30% since the year 2000, according to JLL. Yet Grade A rents have held closer to stable than the vacancy figure alone would suggest, because the vacancy is concentrated in older or less well-located stock rather than spread evenly across the market. New supply keeps arriving regardless: One Bangkok's Tower 5 (99,000 sqm) came fully online in Q1 2026, with Tower 2 (73,000 sqm) expected in Q3 2026, adding further competitive pressure into an already-soft leasing environment.
| Metric | Figure | Context |
|---|---|---|
| Prime/Grade A vacancy | 31.8% (Q1 2026) | First time exceeding 30% since 2000; absorption constrained by economic uncertainty |
| Grade A rent range | THB 900-1,500+/sqm/month | Newest "Grade A+" towers in Ploenchit and Wireless Road push the top end |
| CBD Grade A average rent | THB 937/sqm/month (Q3 2025) | Prime rents forecast to grow ~1.5% year-on-year by end-2026 despite high vacancy |
| Major new supply | One Bangkok Tower 5 (99,000 sqm), Q1 2026 | Tower 2 (73,000 sqm) expected Q3 2026 -- more supply arriving into an already-soft market |
Prime Bangkok retail vacancy sits at a comparatively low 4.6%, with prime net effective rents around THB 1,714/sqm/month holding firm. Prime retail stock reached 3,871,500 sqm following the completion of Central Park Bangkok, and roughly 85,000 sqm more is due across two prime projects in H1 2026. F&B tenants are driving demand, accounting for around half of the most recent quarter's 43,700 sqm of net absorption — a healthier occupier picture than the office sector is currently showing.
| Metric | Figure | Context |
|---|---|---|
| Prime net effective rent | THB 1,714/sqm/month | Holding firm despite new supply |
| Vacancy rate | 4.6% | Marginal improvement; temporary vacancy from renovation works at major centres |
| Prime retail stock | 3,871,500 sqm (+1.1% QoQ) | Growth driven by Central Park Bangkok's completion |
| 2026 new supply | ~85,000 sqm across two prime projects, H1 2026 | Added supply pressure amid fragmented consumer sentiment |
| Quarterly net absorption | 43,700 sqm | F&B tenants account for roughly half of total take-up |
Nationwide, industrial land averages THB 8.31 million per rai — but that average masks a sharp regional divergence. Inside the Eastern Economic Corridor, Chonburi land runs up to THB 9.5 million per rai, with Chonburi and Rayong both up 20-30% over the past two years, driven substantially by Chinese manufacturing investment buying land directly. At the same time, the leasing side of industrial real estate tells a softer story: industrial estate land vacancy has actually tightened to 6.2% (strong ongoing demand for plots), while ready-built warehouse vacancy has risen to 15.54% amid global economic headwinds and new speculative supply. Ready-built factories (194 THB/sqm/month) are holding steadier demand than ready-built warehouses (158 THB/sqm/month).
| Metric | Figure | Context |
|---|---|---|
| Nationwide industrial land (avg) | THB 8.31 million/rai | Broadly stable nationally even as EEC pricing diverges upward |
| Chonburi industrial land | Up to THB 9.5 million/rai | +20-30% over the past two years, driven substantially by Chinese investment |
| Chachoengsao industrial land | THB 7.75 million/rai | Part of the broader EEC price surge |
| Rayong industrial land | THB 7.5 million/rai | Also up 20-30% over two years alongside Chonburi |
| Industrial estate land vacancy | 6.2% (down from 6.52%) | Land demand remains strong despite global economic uncertainty |
| Ready-built warehouse vacancy | 15.54% (up from 15.23%) | Slowing amid global conditions and new supply |
| Ready-built warehouse rent | THB 158/sqm/month | Average across the market |
| Ready-built factory rent | THB 194/sqm/month | Demand for ready-built factories has stayed steadier than for warehouses |
Office, retail and industrial figures are drawn from published market-dynamics research by commercial real estate advisory firms (JLL, CBRE, Cushman & Wakefield) and industry research (Krungsri Research), largely covering Q1 2026 with some figures from Q3-Q4 2025 where more recent data was not available at time of writing — each figure's period is noted alongside it in this report. BAANLYY has not independently re-derived these firms' raw datasets; figures are cited as reported. Government context (industrial estate zoning, EEC policy) draws on the Eastern Economic Corridor Office (EECO), the Industrial Estate Authority of Thailand (IEAT) and the Department of Public Works and Town & Country Planning (DPT). This is market intelligence for general orientation, not a substitute for a current agency report or licensed advice on any specific transaction.
Yes, on the prime/Grade A measure — vacancy hit 31.8% in Q1 2026, the first time it has exceeded 30% since the year 2000, according to JLL. Rents have held up better than the vacancy rate alone would suggest (Grade A CBD rents around THB 937/sqm/month with modest forecast growth), because the vacancy is concentrated in specific buildings and older stock rather than spread evenly, and the newest "Grade A+" towers still command a premium. More supply — including One Bangkok's later towers — is arriving through 2026, which will keep pressure on landlords to compete on incentives even where headline rents hold.
Less so than office. Prime retail vacancy sits at a comparatively low 4.6%, and prime net effective rents of roughly THB 1,714/sqm/month have held firm. About 85,000 sqm of new prime retail supply is expected in H1 2026, which will test that resilience, but the retail sector's better absorption (43,700 sqm in the most recent quarter, driven heavily by F&B tenants) suggests occupier demand has kept closer pace with new supply than in office.
These are two different parts of the same market moving in opposite directions. Land inside the Eastern Economic Corridor (Chonburi, Rayong, Chachoengsao) has risen 20-30% over two years, driven substantially by Chinese manufacturing investment buying land outright — a land-banking and manufacturing-footprint story. Ready-built warehouse leasing, by contrast, is a logistics-demand story, and that side has softened (vacancy up to 15.54%) amid global economic headwinds and new speculative supply. Land value and warehouse rental demand are not the same market, even though both sit under "industrial real estate."
By sector: EEC industrial land (Chonburi, Rayong, Chachoengsao) for land value growth, driven by Chinese manufacturing investment; Bangkok prime retail for resilient rents and low vacancy; and Bangkok Grade A+ office towers (the newest, best-located buildings) even as the broader office market sits at record-high vacancy. The common thread is that quality and location are separating the winners from the rest within every sector — averages hide a genuinely bifurcated market.
Primary and official sources are cited above. Government rules, fees and procedures in Thailand change over time and vary by office; always confirm current requirements with the relevant authority before relying on them. BAANLYY never takes paid placement in editorial content.
See BAANLYY's dedicated office, retail and industrial market intelligence pages for area-level detail.
Hero photo by Kaboompics.com on Pexels. General information only, not investment advice. Commercial real estate figures move quickly and vary by source methodology; confirm current data with a licensed commercial real estate advisory firm before acting.