Which area in Bangkok recorded the highest office leasing demand in Q3?

Net absorption in this area hit 8,700sqm during the quarter.

According to Knight Frank, offices in the Bangkok CBD experienced negative net absorption, while areas outside the CBD showed positive outcomes. Notably, the Phaholyothin – Viphavadi area recorded the quarter's highest demand for leasing.

Here’s more from Knight Frank:

The average rental rate for CBD properties decreased to THB 929 per sq m per month, and the average occupancy rate also experienced a decline, settling at 82%. All major sub-markets within the CBD witnessed a decrease in both asking rent and occupancy rate in the recent quarter. The Ploenchit-Chidlom-Wireless area maintained its position as the most expensive zone, with the highest rent at THB 1,055, as well as the most rapid rental growth at 2.8% Y-o-Y. 

The Nana-Asoke-Phrompong area introduced two new completions, which led to a decline in its occupancy rate by 1.5% Q-o-Q and 5.5% Y-o-Y. The Silom-Sathorn-Rama IV area, which experienced the highest demand as indicated by a net absorption of 42,800 sq m Y-o-Y, retained its status as the most occupied area in the CBD with an occupancy rate of 83%.

Office spaces located outside the CBD registered no change in their average asking rent at THB 662 per sq m per month, while the average occupancy rate saw a small uptick to 74%. The Petchburi-Rama IX– Ratchada area remained the sub-market with the highest rent and occupancy figures, at THB 726 and 80%, respectively. 

Meanwhile, the Phaholyothin–Viphavadi area observed the quarter's highest net absorption among all sub-markets, at 8,700 sq m, which propelled its average occupancy rate to 75%, marking a 1.6% increase Q-o-Q. In contrast, the Bangna–Srinakarin area experienced a rental drop of 3.2% Q-o-Q following an earlier increase this year, likely attributable to elevated vacancy rates in the region.