Bangkok office vacancy reads 21.9% or 31.8%, by grade
Tenants are leaving older towers for new ones, so the newest buildings fill up while landlords across the market offer rent-free months instead of cutting rents.
Two respected consultants measured Bangkok's office vacancy in 2026 and got numbers almost ten points apart. Cushman & Wakefield found 21.9% for Grade A space in the central business district in the second quarter. JLL found 31.8% for prime space in the first quarter, the first reading above 30% since 2000.
Neither is wrong. They count different buildings in different quarters, and together they describe a market splitting in two.
Why the numbers differ
JLL's prime stock was 1.76 million square metres after One Bangkok Tower 5 became fully operational and added about 99,000 square metres. That is a small base, so one large tower moves the rate sharply. JLL also recorded net absorption of minus 2,500 square metres in the quarter, because big occupiers vacated older buildings while others took space in new projects.
Cushman & Wakefield tracks a wider pool. Bangkok has about 9.15 million square metres of office space, with 5.03 million in the central business district. Grade A is 38% of the total. In the second quarter no new office building opened, and Grade A CBD vacancy fell from 23.3% to 21.9%, the lowest since the first quarter of 2023.
So one firm saw a new tower arrive and vacancy jump. The other saw a quarter with no completions and vacancy fall. Both fit a market where tenants chase new space.
Flight to quality, with a bill attached
Cushman & Wakefield describes tenants moving from older buildings to newer, better-equipped ones. Grade B is 58% of the city's space and, in the firm's words, "the workhorse of the Bangkok office market and also the oldest." More than 52% of Grade B buildings are over 10 years old, while Grade A made up 78% of new supply in the past decade.
Rents show the strain. Cushman & Wakefield's average Grade A asking rent was flat at THB943 per square metre per month. Landlords offered rent-free periods, fit-out allowances and flexible lease terms instead of cutting the headline number. JLL's prime gross rent rose 1.1% on the quarter to THB1,023, though it noted that most landlords held rents or discounted and offered incentives.
For a tenant, that means the real price is in the lease terms, not the asking rent. For an owner of an ageing building, it means renovation is the cost of keeping tenants.
More supply, mostly better supply
The pipeline is large but slower than before. Cushman & Wakefield counts about 616,130 square metres due across Bangkok from 2026 to 2031, led by the central business district and outer areas such as Late Sukhumvit, Bangna-Trad and Phahon Yothin. It expects slower new supply to keep Grade A CBD vacancy steady or falling, with rents flat and pressure showing up as concessions.
JLL expects prime vacancy to stay near 31% in the near term and prime rents to grow about 1.5% year on year by the end of 2026, led by new premium developments. The next premium addition is One Bangkok Tower 2, with about 73,000 square metres expected in the third quarter of 2026.
Its first anchor is already named. Sumitomo Mitsui Banking Corporation said in January 2026 that it will move into Tower 2 in the fourth quarter of 2026, its first local office relocation in more than a decade, according to a One Bangkok release. Frasers Property's group chief executive, Panote Sirivadhanabhakdi, said the move marks a turning point for the district.
What to watch
The third-quarter reports from JLL and Cushman & Wakefield will show the first effect of Tower 2. If JLL's prime vacancy stays near 31% while Cushman & Wakefield's Grade A figure keeps falling, the gap confirms that demand is going to the newest space. Owners of Grade B buildings should watch the rent-free months on offer nearby, because that is where the pressure shows first.
FAQ
What is Bangkok's office vacancy rate in 2026?
It depends on the measure. Cushman & Wakefield reported 21.9% for Grade A space in the central business district in the second quarter of 2026. JLL reported 31.8% for prime space in the first quarter.
Why is vacancy high when tenants want new offices?
New towers arrive in large blocks, such as the 99,000 square metres at One Bangkok Tower 5, and tenants who move there leave older buildings with empty floors.
Are Bangkok office rents falling?
Not on paper. Cushman & Wakefield's Grade A asking rent was flat at THB943 per square metre per month, but landlords are offering rent-free periods and fit-out allowances.
