Bangkok Office Market Perspectives: February 2021

Due to the impact of the pandemic, many companies are right sizing their office space in an effort to reduce occupancy costs. As a result, net absorption fell from 75,400 sqm in 2019 to 38,800 sqm in 2020. The average vacancy rate for prime space rose from 6.8% in 2019 to 10.0% in 2020, the first time it has been in double digits since 2013.

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