Investment Rating - The report does not explicitly provide an investment rating for the Bangkok office market in Q4 2025 Core Insights - Bangkok's office market recorded stable supply conditions with total stock at 6.49 million sq m, unchanged from the previous quarter but reflecting a growth of 2.9% year-on-year [3][5] - The overall occupancy rate improved by 0.4 percentage points quarter-on-quarter to 77%, remaining consistent with the previous year [5][19] - Average asking rent slightly decreased by 0.3% quarter-on-quarter to THB 850 per sq m per month, but showed a year-on-year increase of 1.0% [5][21] Supply Overview - Total supply of office space for rent in Bangkok remained stable at 6.49 million sq m, with no significant new completions in Q4 2025 [9] - Future supply is projected to be around 851,000 sq m, with approximately 68% currently under construction [10] - 2026 is expected to be pivotal with about 436,000 sq m scheduled for completion, concentrating new supply into a shorter timeframe [10] Demand Dynamics - Leasing activity remained healthy, with take-up rising slightly to 102,000 sq m and net absorption recorded at 25,000 sq m [15] - The performance gap between green and non-green buildings widened, with green buildings capturing 18,500 sq m of net absorption compared to 6,300 sq m for non-green buildings [15][34] - Overall market occupancy improved modestly, with Grade A and Grade B occupancy increasing by 0.3 percentage points quarter-on-quarter, while Grade C saw a rise of 0.8 percentage points [20][22] Rental Trends - The average asking rent for Bangkok declined by 0.3% quarter-on-quarter to THB 850 per sq m per month, with Grade A rents increasing by 0.5% to THB 1,247 [21][31] - The CBD office market experienced a rental decline, with average asking rent falling 0.4% quarter-on-quarter to THB 965 [27] - Non-CBD market rents decreased slightly by 0.1% quarter-on-quarter to THB 688, while occupancy increased by 1.5 percentage points to 79% [28][31] Market Dynamics by Area - The CBD area saw a slight decline in occupancy to 75%, while the Non-CBD market recorded an increase in occupancy to 79% [27][28] - Specific sub-markets such as Petchburi–Rama IX–Ratchada saw rents decline by 0.5% with occupancy rising to 83% [28] - Bangna–Srinagarindra experienced a rental increase of 0.8% with occupancy improving significantly by 5.3 percentage points to 76% [30]