Knight Frank Chartered (Thailand) Co Ltd

Non-CBD Offices Overtake Bangkok’s Core in Occupancy Shift

Bangkok’s office market is showing clear signs of geographic rebalancing in Q4 2025, with decentralised districts outperforming the traditional CBD.

Occupancy in non-CBD locations rose to 79%, increasing 1.5 percentage points quarter-on-quarter. In contrast, CBD occupancy declined to 75%, slipping 0.4 percentage points over the same period

The shift becomes more pronounced when examining demand momentum. Non-CBD markets recorded approximately +40,000 sq m of net absorption during the quarter, while the CBD experienced negative absorption

The data indicates a measurable shift in occupier expansion and relocation activity toward decentralised corridors.

Sub-market performance reinforces this trend. Bangna–Srinakarin posted the strongest quarterly improvement, with occupancy rising 5.3 percentage points to 76%. Petchburi–Rama 9–Ratchada also strengthened, reaching 83% occupancy, supported by continued positive absorption

Meanwhile, core CBD clusters such as Ploenchit–Chidlom–Wireless and Silom–Sathorn–Rama IV recorded slight occupancy declines.

Rental dynamics further illustrate the divergence. Average CBD rents softened 0.4% QoQ to THB 965 per sq m per month, while non-CBD rents edged down only 0.1% to THB 688

The narrowing performance gap reflects a recalibration in corporate location strategy, where cost efficiency, infrastructure connectivity, and modern building specifications are increasingly outweighing traditional CBD prestige.

This structural adjustment comes just ahead of a significant 2026 supply cycle, which could further redistribute tenant demand as new projects compete for anchor occupiers. As companies reassess workplace footprints and long-term leasing strategies, decentralised mixed-use hubs and infrastructure-linked districts appear to be gaining sustained strategic relevance.

For urban development analysts, listed property developers, and corporate real estate decision-makers, this shift signals more than a quarterly fluctuation—it reflects a gradual reshaping of Bangkok’s commercial map.