Colliers Thailand | Overall | Bangkok | 05 September 2023
Bangkok Property
Market Update Q2 2023
Primary Authors
& Contributors
• The overall Bangkok condominium
Karlo Pobre
Deputy Managing Director
Consultancy Services
+6681 647 3559
Karlo.Pobre@colliers.com
• Both local and foreign interests are
Panita Chalermchokvijit
Associated Director
Advisory Services • The average sales take-up remains
+6683 599 9495
Panita.Chalermchokvijit
@colliers.com
Condominium
market in Q2 2023 continued to be
upbeat, with the newly launched
units reaching 7,877 - collectively
represented by some 15 new
projects.
high with transactions gearing
towards competitively priced
products. Purchases are mostly
geared towards units priced between
THB1,000,001 and THB3,000,000.
relatively healthy, albeit artificially
and slightly declining for the quarter
given the surge in new projects. We
predict demand to pick up with sales
take-up likely to exceed 50% in the
next quarter.
Source: Colliers Thailand
Single Detached
House
• Demand for the luxury and super luxury
segments appear strong following growing
prominence of local affluents in Bangkok as
well as increasing interest from foreign
investors.
• As a response to healthy market reception,
developers are hiking up prices albeit at a
modest pace amid rise in overall cost.
Office
• Grade A offices continue to face stronger
headwinds with the rental rate decreasing
on its five consecutive month. The rate is
down by 1.3% and 3.3% on a quarter and
annual bases, respectively - settling at
THB1,085 per sq m per month.
• New requirements appear less urgent as
some potential occupiers adopt a wait-and-
see approach. This, also in anticipation of
softening rental levels.
Townhouse
• Lesser townhouse projects were introduced
during the quarter as developers appear
shifting their focus to condominium and
single detached projects.
• Demand for townhouses slightly increase by
2% QoQ. Investors are advised to take an
optimistic yet cautious approach for new
investment amid challenges in overall
increasing cost.
Hospitality
• Bangkok market continues to rebound with
occupancy and ADR levels improving at a
steady pace and likely to surpass pre-
pandemic levels in the next 6 to 8 months
• Some eleven new hotels were introduced
in this quarter, most of which are under the
midscale and upscale segments
• The number of foreign visitors in Bangkok
reached 12 million as at the end of the first
half of the year.
Retail
• The market continues to build up
momentum with both rental and occupancy
figures breaching pre-pandemic levels.
• We expect upcoming shopping malls to be
sizeable with more than 500,000 sq m of
retail space in the span of two years, a
downward pressure on both occupancy and
rental levels are probable, especially in the
CBD area
Industrial
• Demand for warehouse remains robust,
backed by the continuous growth of e-
commerce as well as relocation of
manufacturing bases from China.
• Investments in industrial increased by 86%
since the start of the year, reaching THB11
trillion to date. This, with relatively robust
demand on land from Chinese, American and
Singaporean manufacturers.
 Talk to us now to see how we can better serve you:

Tysen Kamin Karlo Pobre Phattarachai Taweewong

Deputy Managing Director | Deputy Managing Director | Director |Research
Capital Markets & Investment Services | Valuation, Advisory & Research| +668 6546 3683
+662 656 7000 +6681 647 3559 Phattarachai.Taweewong@colliers.com
Tysen.Kamin@colliers.com Karlo.Pobre@colliers.com

Manita Santikarn Panita Chalermchokvijit

Associate Director Associate Director
Office Services Advisory
+6689 393 3955 +6683 599 9495
manita.santikarn@colliers.com Panita.Chalermchokvijit@colliers.com

Sorravich Siriwattanapornchai Nirawan Lerkapibanwong

Associate Director Senior Manager
Industrial Services Valuation
+6683 077 6445 +6682 398 6893
sorravich.siriwattanapornchai@colliers.com Nirawan.L@colliers.com

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