The highest rents were recorded at the Park Ventures Ecoplex, an office building on Wireless Road, where the asking price was 900 baht per square metre per month.
The average grade-A rents rose to 713 baht per square meter month from 702 baht in last year’s fourth quarter, a rise of 1.6%.
The Park Ventures Ecoplex had earlier charged the highest rates in the city, at 875 baht per square meter per month, and has since revised up its rates.
The total office supply in Bangkok increased to 8.14 million square meters, up by 2% year on year.
The supply grew by about 32,000 square meters in the quarter, but no new grade-A offices were added in central business district locations. Net new take up of office space in Bangkok was 35,000 square meters, while the overall occupancy rate improved slightly to 86.1%.
‘The office market continues to improve steadily, with an increase in the net take up and a higher occupancy rate. Provided there is no major external economic shocks or domestic political events, the outlook for the Bangkok office market is positive,’ said Nithipat Tongpun, the executive director and head of office services at CBRE Thailand.
He said there is very little new space being completed in Bangkok this year so if tenants want to upgrade or expand, then there is limited choice, especially for tenants requiring large spaces.
He added that rents are rising in the highest-quality and best located buildings and it is strongly recommended that tenants plan well in advance of lease expiry dates.
