Knight Frank Chartered (Thailand) Co Ltd

Green offices dominate Bangkok leasing as demand gap widens

Bangkok, May 2026 – Bangkok’s office market is seeing a clear shift in occupier preferences, with demand increasingly concentrated in green-certified buildings as companies prioritise sustainability, efficiency and overall workplace quality.

In the first quarter of 2026, green-certified office buildings recorded net absorption of around 69,000 square metres, nearly four times higher than the previous quarter and accounting for the vast majority of demand growth. In contrast, non-certified buildings saw only marginal gains of approximately 1,000 square metres, highlighting a widening performance gap between the two segments.

This divergence reflects a structural shift rather than a short-term trend. Occupiers are placing greater emphasis on buildings that offer modern specifications, energy efficiency and improved workplace environments, aligning with broader corporate ESG commitments and evolving employee expectations.

The trend is also being supported by an expanding supply of certified space. Green-certified buildings now account for around 42% of total office stock, driven not only by new developments but also by the repositioning of existing assets.

This growth has not been driven solely by new developments such as V. One Tower. A significant portion has also come from existing buildings undergoing upgrades and securing LEED O+M (Operations and Maintenance) certifications, which apply to fully operational buildings with at least one year of occupancy. Recent certifications include The Ninth Towers, CRC Tower at All Seasons Place and Gaysorn Amarin, reflecting a broader trend of older assets being repositioned to improve environmental performance. Since 2020, more than 20 existing office buildings in Bangkok have obtained LEED O+M certification, underscoring the increasing focus among landlords on enhancing building standards to remain competitive.

While overall leasing activity has strengthened, demand is becoming increasingly quality-driven. Tenants are prioritising long-term value, operational efficiency and employee experience, rather than simply expanding space.

As a result, older and non-certified buildings are facing rising leasing pressure. Landlords are increasingly required to adjust pricing, offer incentives or invest in upgrades to retain occupiers, particularly as competition intensifies.

Looking ahead, the shift towards higher-quality, sustainable office space is expected to persist. With a substantial volume of new supply scheduled for completion in 2026, competitive conditions will remain, but demand is likely to continue favouring buildings that can meet increasingly sophisticated occupier requirements.

This is expected to further widen the gap between high-performing and underperforming assets, reinforcing the importance of quality, sustainability and active asset management in Bangkok’s evolving office market.

Panya Jenkitvatanalert, Partner and Head of Office Strategy, Knight Frank Thailand said “The performance gap between certified and non-certified buildings is widening rapidly, and the market is likely to become more polarised between assets that can compete and those that cannot. ESG is no longer just a branding consideration, but an integral part of corporate strategy and cost management. This will continue to concentrate demand in high-quality, future-ready buildings.”