Thailand Commercial Real Estate - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026 - 2031)

According to Mordor Intelligence, Thailand commercial real estate market size in 2026 is estimated at USD 19.02 billion, growing from 2025 value of USD 18.01 billion with 2031 projections showing USD 25.03 billion, growing at 5.62% CAGR over 2026-2031.

This report is Segmented by Property Type (Offices, Retail, Logistics, Others), by Business Model (Sales, Rental), by End-User (Individuals/Households, Corporates & SMEs, Others), and by Geography (Bangkok, Chiang Mai, Phuket, Hua Hin, Koh Samui, Rest of Thailand). The Market Forecasts are Provided in Terms of Value (USD).

Thailand Commercial Real Estate Market Trends and Insights

Eastern Economic Corridor incentives are Attracting Industrial FDI

The EEC Board of Investment approved USD 2.7 billion of data-center projects in the first five months of 2024, validating the special zone's pull for high-load digital infrastructure. A 10-year EEC Visa offering a flat 17% income tax eliminates a top talent barrier, while expressway and high-speed-rail links backed by USD 17.8 billion in public funding bind the corridor to Bangkok ports and airports. Industrial land values reached USD 169,000 per rai in H1 2024, up 17% year over year, signaling tightening supply. Relocation from China amid trade-war drag accelerated the trend; TCC Group's USD 545 million park outside Bangkok is designed expressly for such entrants.

Flight-to-Quality Demand for Grade-A Green Offices

Corporate occupiers are moving swiftly toward buildings that satisfy international ESG frameworks, and 90% of all new leases signed in 2024 landed in assets holding LEED Gold or comparable labels. The Clean Air Management Act adds regulatory urgency by linking operational emissions to tenant reporting obligations. Financing is following the same path: Central Pattana's USD 218 million sustainability-linked bond successfully priced below conventional debt, confirming robust investor appetite. Bangkok's stock is aging; 60% now exceeds 20 years, so landlords unable to fund retrofits face rising obsolescence risk. New towers such as Mitsubishi Estate's One City Centre capture the countertrend, booking blue-chip tenants at premium rents that outpace broader market declines.

Surplus Legacy Office Stock is Pressuring Effective Rents

Vacancy in Bangkok climbed to 27.8% by Q4 2024 as 300,000 m2 of new supply entered a market already softened by hybrid work. A bifurcation has emerged: ESG-certified towers achieve high take-up, while buildings from the late-1990s struggle to attract interest without major capex. Landlords delaying upgrades risk multi-year vacancies that undercut debt-service coverage.

Other drivers and restraints analyzed in the detailed report include:

1. E-commerce Fulfillment Hubs are Expanding Logistics Take-Up
2. Tourism-Led Rebound Boosting Hospitality & Retail Footfalls
3. Cumbersome Land-Lease Tenure for Foreign Investors

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

The office segment retained 38.22% of Thailand's commercial real estate market share in 2025, even as vacancies widened; premium ESG-ready towers kept occupancy near 90% and lifted blended rents by 4%. Lease renegotiations increasingly bundle coworking passes and hotel club memberships, indicating a broadening service envelope. Retail space is moving back into favor as tourism rebounds, and Central Pattana's USD 3.68 billion expansion program targets 200 sites by 2028 with entertainment-anchored designs. Logistics square footage is growing roughly 6% annually on the back of omni-channel fulfillment, with automated racking and mezzanine floors now standard for build-to-suit deals.

Others, industrial parks, data centers, and hospitality, represent the fastest-growing slice, logging a 8.74% CAGR outlook. Board-of-Investment incentives for cloud and semiconductor assembly are shifting land absorption further east into Chonburi and Rayong. Data-center approvals worth USD 2.7 billion illustrate how digital infrastructure has become a discrete asset class inside the Thailand commercial real estate market. Hotel RevPAR at Asset World Corp properties exceeded 2019 levels by 63%, underscoring resilience even as climate insurance costs mount for coastal holdings. The Board of Investment's push to host mega-events adds a new demand stream for MICE-capable hotels.

Complete Report Scope:

• By Property Type
  • Offices
  • Retail
  • Logistics
  • Others (industrial real estate, hospitality real estate, etc.)
• By Business Model
  • Sales
  • Rental
• By End-user
  • Individuals / Households
  • Corporates & SMEs
  • Others
• By Geography
  • Bangkok
  • Chiang Mai
  • Phuket
  • Hua Hin
  • Koh Samui
  • Rest of Thailand

List of Companies Covered in this Report:

1. Central Pattana PLC
2. WHA Corporation PCL
3. Amata Corp PLC
4. Frasers Property Thailand
5. Supalai PLC
6. Pace Development Corp PLC
7. Raimon Land PLC
8. Asset World Corp
9. Singha Estate PLC
10. Origin Property PLC
11. AP Thailand PLC
12. Sansiri PLC
13. Property Perfect PLC
14. CBRE Thailand
15. JLL Thailand
16. Savills Thailand
17. Colliers International Thailand
18. Knight Frank Thailand
19. RE/MAX Thailand
20. Hipflat

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support