The total supply of apartments in Bangkok has decreased, while the average occupancy rate has increased, with Sukhumvit leading in occupancy
The total supply of apartments fell to 9,626 units due to closures, leading to a decrease of 0.9% 0- o-Q and 0.6% Y-o-Y, with no newly completed units in Q3 2024. Sukhumvit continued to host most of the supply, accounting for 83.9% of the total apartments in downtown Bangkok.
The average occupancy rate for downtown Bangkok apartments reached 91.8%, an increase of 0.4% Q-o-Q. Sukhumvit has the highest demand, recording the highest average occupancy at 92.2%, followed by Silom/Sathorn at 90.8% and Central Lumpini/Siam at 88.4%
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Sukhumvit has the highest average asking rent for Grade A apartments and large units are preferred
The average asking rent for Grade A apartments was THB 555 per square meter, reflecting a decrease of 10% Q-o-Q. Sukhumvit (THB 563) had the highest average asking rent, followed by Central Lumpini/Siam (THB 542), and Silom/Sathorn (THB 509)
According to CBRE Residential Leasing transactions, three-bedroom units in apartments remained the most popular unit type, with larger units preferred, accounting for 45.8% of transactions.
The overall occupancy rate of Bangkok serviced apartments fell this quarter
The total supply of serviced apartment units was down to 16,544 from closures with no new supply this quarter. Most of these units are concentrated in the Sukhumvit area, which accounts for 66.4% of Bangkok’s total supply.
Bangkok serviced apartments occupancy rate was 77.9%, a decrease of 0.7% Q-o-Q and 3.2% Y- o-Y. Riverside had the highest occupancy rate at 85.2% followed by Central Lumpini/Siam at 82.1% Lastly, Sukhumvit, the area with the largest number of service apartment units recorded an occupancy rate of 77.4%
Three serviced apartment projects currently under construction are expected to add 417 units Ca slight fall after total units were reduced) to the total supply by 2026
International branded residences accounted for 34.5% of the total supply, with The Ascott Limited leading the market share at 40.8% and Chatrium Hotels and Residences leading the Thai brand-operated service apartment at 10.7% market share.
Sukhumvit maintains the highest rent for Grade A serviced apartments
The average asking rent for Grade A serviced apartments in Bangkok increased by 1.3% Q-o-Q reaching THB 1,161 per square meter. Sukhumvit (THB 1,189) has the highest asking rent, followed by Silom/Sathorn (THB 1124), and Central Lumpini/Siam (THB 1,075).
According to CBRE Residential Leasing transactions, one-bedroom units in serviced apartments were the most popular, accounting for 60% of transactions.
Source: CBRE
