CBRE Thailand, a leading global real estate consulting firm, has released its Q1 2026 market report, showing that the office market in Bangkok continues to improve steadily, with an overall occupancy rate rising to 79.3%, marking the second consecutive quarter of growth. The net take-up in Q1 2026 exceeded 11,000 square meters, resulting in a positive net take-up for the eighth consecutive quarter.

The trend of "Flight to Quality," where tenants move to higher-quality office buildings, continued in Q1, with demand remaining concentrated in A+ grade office buildings in the central business district. Meanwhile, A grade buildings outside the central area also continued to attract tenants. In Q1, there were no new office spaces completed, and looking ahead, new space availability is expected to remain limited, with the total new office space over the next five years projected to be lower than the amount entering the market in 2025 alone. At the same time, the rental rate gap between the best buildings and others in the market is widening across all locations, with the highest-potential buildings still able to command higher rents, while older or less competitive buildings are facing increasing pressure. By 2026, many older office buildings that have been in operation for a long time but still have good potential are set to undergo major renovations. Additionally, other buildings may be upgraded, repurposed, or demolished, which will increase the demand for office relocations in the market.

Ms. Rungrat Veerapakarn, Managing Director of CBRE Thailand, stated, “What we are seeing is that tenants are still active, taking more time to compare a larger number of options before making decisions. Many companies may not be expanding significantly but are willing to relocate if they find better quality and more cost-effective spaces or workplaces that better meet their employees' needs.”

On the other hand, Ms. Chotika Thangsirithap, Head of Project Development Advisory and Market Research at CBRE Thailand, added, “The overall office market is gradually improving. Currently, the market has recorded positive net take-up for eight consecutive quarters, while the new space entering the market is relatively low. Older buildings are also becoming more proactive in adjusting strategies and repositioning themselves. These factors will drive a new wave of tenant relocations, further widening the gap between strong buildings and average ones.”

CBRE Thailand anticipates that the demand for office space that is well-equipped and advantageous in the market will remain stable, with stronger buildings continuing to outperform the overall market.