FIGURES | THAILAND INDUSTRIAL | Q1 2022

FIGURES | THAILAND INDUSTRIAL | Q1 2022

General sentiment positive despite declines in

sector indices
+31.5% y-o-y +0.17% y-o-y +4.52% y-o-y
Supply of SILP Supply of RBF Supply of MLP

KEY INDICATORS
‒ Thailand’s export of goods and services increased in Q2 2022 by 2.7% Q-o-Q and 10.8% Y-o-
Y to USD 75,583 million.
‒ The net flow of Foreign Direct Investment (FDI) into the manufacturing sector in Q1 2022
totaled USD 1.756 billion, compared to USD 1.907 billion in Q4 2021.
‒ SILP total supply in Q1 2022 increased to 164,441 rai with total sales of 259 rai, decreasing
41.7% Q-o-Q from 444 rai in Q4 2021 but increasing 31.5% Y-o-Y from 197 rai in Q1 2021.
‒ Total supply of RBF increased slightly to 2,350,212 square meters, an increase of 6,880
square meters or 0.3% Q-o-Q and 0.2% Y-o-Y. The occupancy rate has increased to 80.0%
from 79.3% in the previous quarter.
‒ The total supply of MLP increased to 4,159,695 sq. m., an increase by 39,248 sq. m. from the
previous quarter of 4,120,447 sq. m. or a 1% increase Q-o-Q and 4.5% Y-o-Y. The occupancy
rate also increased to 90.8% from 90.1% in the previous quarter.
The Manufacturing Production Index (MPI) as of Q2 2022 was 98.05 points, a decrease from the end of
Q1 2022 by 11.9 points Q-o-Q. The Industrial Capacity Utilization (ICU) in Q2 2022 was 62.4%, a 6.9pp
decrease from Q1 2022 at 69.3%.
The Thailand’s Industrial Sentiment Index (TISI) as of June 2022 was 86.3 points, decreasing from the
end of March 2022 at 89.2 points or a 3.3% Q-o-Q decrease.
Car production in Thailand in Q2 2022 decreased to 390,033 units, a 18.8% Q-o-Q decrease from 480,078
units and a 3.0% Y-o-Y increase from 378,768 units. Domestic car sales decreased to 196,107 units, a
decrease of 15.2% Q-o-Q from 231,189 units while increased 11.5% Y-o-Y from 175,838 units.
The total number of outbound containers that were shipped out in Q2 2022 was 1,181,557 twenty-foot
equivalent units (TEU), decreasing slightly by 1.1% Q-o-Q while up by 0.6% Y-o-Y. These containers are
shipped out from two major seaports in Thailand, the Laem Chabang Port and Bangkok Port. 90.7% of
outbound containers were shipped from Laem Chabang Port, Thailand’s largest seaport, while 9.3%
passed through Bangkok Port.

1 CBRE RESEARCH © 2022 CBRE (THAILAND) CO., LTD.

 FIGURES | THAILAND INDUSTRIAL | Q1 2022

Modern Logistics Properties (MLP) FIGURE 1: Supply, Demand and Occupancy Rate of MLP
Sq.m.
In Q1 2022, the total supply of MLP in our survey basket was 4,159,695 square meters, with
4,500,000 30%
39,248 square meters of new supply added to the last quarter of 2021: a 1% increase Q-o-Q and
4,000,000
4.5% increase Y-o-Y. The increase came from both WHA and Frasers Property increasing its 25%
3,500,000
available supply by 23,190 square meters and 16,058 square meters, respectively.
3,000,000 20%
2,500,000
The vacancy rate of Modern Logistics Properties (MLP) in our survey basket fell to 9.2% from 15%
2,000,000
9.9% in 2021, a 0.7 percentage point improvement Q-o-Q due to the increase in net new take-up 1,500,000 10%
of 62,203 square meters. The total amount of leased space was at 3,775,428 square meters, 1,000,000
increasing from 3,487,764 square meters or 8.2% Y-o-Y. 5%
500,000
0 0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 2022

Serviced Industrial Land Plot (SILP) Total Supply Total Take-up Vacancy Rate
Source: CBRE Research, Q1 2022
The total supply of SILP in our survey basket in Q1 2022 increased by 649 rai, as Bhakasa
Industrial Estate in Samut Prakarn was completed, raising the total supply to 164,441 rai
(approximately 65,015 acres or 26,311 hectares). FIGURE 2: Supply, Demand and Occupancy Rate of SILP
Rai Occupancy Rate
The total SILP take-up in Q1 2022 was 126,250 rai, a marginal increase of 0.2% Q-o-Q from the
180,000 100%
previous quarter and 0.8% increase Y-o-Y from 125,289 rai in Q1 2021.
160,000 95%
140,000 90%
The total sales of SILP in our survey basket in Q1 2022 was 259 rai, a 41.7% decrease Q-o-Q from 120,000
444 rai but increased by 31.5% Y-o-Y from 197 rai in Q1 2021. In the first quarter of 2022, WHA 85%
100,000
was the developer with the highest SILP transfer in our survey basket with a total of 184 rai 80%
80,000
from their industrial estates. 60,000 75%
40,000 70%
20,000 65%
0 60%
2006200720082009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1
2022
Total Supply Total Take-up (%) of Completed SILPs Sold

Source: CBRE Research, Q1 2022

2 CBRE RESEARCH © 2022 CBRE (THAILAND) CO., LTD.

 FIGURES | THAILAND INDUSTRIAL | Q1 2022

FIGURE 3: Supply, Demand and Occupancy Rate of RBF

Ready-Built Factories (RBF)
Sq.m. Vacancy Rate
In Q1 2022, the total supply of RBF in our survey basket was 2,350,212 square meters, with 6,880 2,500,000 35%
square meters of new supply from Frasers Property added to the last quarter of 2021: a 0.3% Q-
o-Q and 0.2% Y-o-Y increase. 30%
2,000,000
25%
The total take-up of Ready-Built Factories in our survey basket this quarter has increased to
1,500,000 20%
1,880,475 square meters, a 1.2% increase Q-o-Q and 2.8% increase Y-o-Y. The vacancy rate has
decreased from 20.7% in Q4 2021 to 20.0% in Q1 2022 showing a slight improvement in demand.
1,000,000 15%
10%
Outlook 500,000
5%
In Q1 2022, although there was no significant improvement to the industrial market, many 0 0%
indicators showed consistent recovery in demand for all types of industrial properties. As travel 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2020 2021 Q1
restrictions have been lifted, Thailand’s industrial sector has become more active as foreign 2022
investors have been able to travel, not only for logistics properties that are still growing in Total Supply Total Take-up Vacancy Rate
parallel with e-commerce businesses, but also to relocate their manufacturing plants to parts of
Source: CBRE Research, Q1 2022
the country with privileges offered by the Board of Investment (BOI).
Looking forward to 2022, CBRE expects to see a continuing improvement in exports, along with
the higher investment from foreign companies as the world economy continues to recover. The
on-going conflict between China and Taiwan that resulted in the blockade on thousands of
Taiwanese products to be export to China, could potentially benefit Thailand if these Taiwanese
manufacturers are looking to relocate their manufacturing base. The weakened Thai baht could
also encourage the decision making from foreign investors as well as the potential for more Thai
exports.

3 CBRE RESEARCH © 2022 CBRE (THAILAND) CO., LTD.

 FIGURES | THAILAND INDUSTRIAL | Q1 2022

QUARTERLY REPORTS

Bangkok Property Report Phuket Property Report

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Bangkok’s definitive property sector source.
The Bangkok Property Report provides in-depth analysis of the Bangkok real estate market,
including property supply and demand, occupancy, take-up, prices, rental trends and other
indicators.
The Phuket Property Report, the latest half yearly subscription report by CBRE Research in Thailand,
is an initiative designed to bring professional analysis and transparency to the growing Phuket
property market.
The report provides detailed information and analysis from CBRE’s comprehensive and unrivalled
Phuket and overall Thailand database, combined with our own exhaustive market and property
surveys.

Contact
Research & Consulting, Thailand Research & Consulting, Thailand Research & Consulting, Thailand Industrial & Logistic Services, Thailand
Rathawat Kuvijitrsuwan Nicholas Vettewinkel Thanawin Suppakarnpanich Adam Bell
Head of Research & Consulting Director Senior Analyst Head of Industrial & Logistics
+66 (0)2 119 2930 +66 (0)2 119 2929 +66 (0)2 119 2928 +66 (0)2 119 7905
rathawat.kuvijitrsuwan@cbre.com nicholas.vettewinkel@cbre.com thanawin.suppakarnpanich@cbre.com adam.bell@cbre.com

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