The real estate scene in Thailand is undergoing significant transformations.
Thailand’s commercial real estate sector is gearing up for a strong performance in 2024, buoyed by positive developments and strategic moves. According to JLL, as cited by Hospitality Net, the industry is expected to display resilience, driven by the country’s recovering tourism sector, burgeoning manufacturing industries, and a focus on prime assets in key sectors. This optimism stems from promising statistics from 2023, including a 66 percent year-on-year increase in investment in targeted manufacturing sectors and a 152 percent surge in tourist arrivals.
Adding to this promising outlook, Bangkok Post reports an influx of new property offerings from 10 world-class mixed-use development projects in Bangkok’s central business district (CBD). Michael Glancy, country head at JLL, believes these projects will position Bangkok as a hub for some of the finest and most cost-effective commercial real estate in the Asia-Pacific region.
Over the next four years, Bangkok is set to see a significant rise in grade A office spaces, premium retail malls, luxury condominiums, and upscale hotels, contributing significantly to the trend of seeking high-quality properties.
Further fueling this upward trend, Colliers notes that despite a surge in new office spaces, demand increased to 176,000 square meters in 2023. The total office supply reached 9.89 million sqm, with an additional 1.3 million sqm expected in the next three years. This suggests a healthy balance between supply and demand in Thailand’s real estate market, prompting landlords to adjust their rental offerings and developers to proceed cautiously with future large-scale projects.
Thailand’s real estate excellence was also showcased at the 18th PropertyGuru Asia Property Awards Grand Final 2023, where Thai developers and projects received prestigious honors. Andaman Asset Solution was recognized as the Best Boutique Developer (Asia), while KingBridge Tower by KingBridge Tower Company Limited won multiple awards, including Best Office Development (Asia), Best Office Architectural Design (Asia), and Best Office Interior Design (Asia). Additionally, Rawayana by Phuket9 secured awards for Best Mixed-Use Architectural Design (Asia) and Best Commercial Landscape Design (Asia).
Overall, Thailand’s real estate market is on a remarkable path toward growth and innovation. With a revitalizing tourism sector, the arrival of high-quality mixed-use developments, and strategic policy initiatives, Thailand’s real estate market is positioned as a leading player in the Asian region, ready to tackle the challenges of a volatile global macroeconomic landscape.
Source: PropertyGuru
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The editorial team at Invest Bangkok Property