Ratchadapisek–Rama 9 office rents hit by 30-50% discounts amid intense competition

Office space in Bangkok's Ratchadapisek–Rama 9 area and co-working spaces are facing fierce competition, with landlords offering rent discounts of up to 30-50%, according to Cushman & Wakefield Thailand.

Office space in the Ratchadapisek–Rama 9 area and co-working spaces are facing intense competition, with landlords offering rent discounts of as much as 30-50%, according to property consultancy Cushman & Wakefield Thailand.

The discounts reflect a challenging leasing environment in the Bangkok submarket, where an oversupply of office space and the rise of flexible working arrangements have put downward pressure on rents. Landlords are increasingly resorting to aggressive incentives to attract and retain tenants.

Cushman & Wakefield Thailand noted that the competition is particularly acute in the Ratchadapisek–Rama 9 corridor, a major office and commercial hub east of Bangkok's city centre. Co-working operators in the area are also feeling the pinch as demand for traditional leased space shifts.

Market participants expect the discounting trend to persist in the near term as new office supply continues to enter the market and vacancy rates remain elevated. Tenants are likely to continue benefiting from favourable leasing terms.