Market Size of Commercial Real Estate Industry In Thailand
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 17 Billion |
| Market Size (2029) | USD 22.72 Billion |
| CAGR (2024 - 2029) | 5.97 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Commercial Real Estate Market Overview
The Commercial Real Estate Market In Thailand Market size is estimated at USD 17 billion in 2024, and is expected to reach USD 22.72 billion by 2029, growing at a CAGR of 5.97% during the forecast period (2024-2029).
- The Thai commercial real estate market has been set for a robust performance in 2024. This growth can be attributed to the revival of the country's tourism industry, expanding manufacturing sectors, and a notable trend of investors seeking quality and sustainability in prime assets.
- The Thai real estate market will exhibit resilience in the coming year. This resilience is expected to counterbalance the uncertainties of the global macroeconomic landscape, owing to a range of domestic policy initiatives and a confident domestic market.
- Statistics from 2023 underscored the vibrancy of Thailand's real estate landscape. Investments in targeted manufacturing industries surged by an impressive 66% Y-o-Y. Tourist arrivals, surpassing the government's projections, soared by 152%, underscoring a robust rebound in the hospitality sector. Also, the demand for prime office spaces in Bangkok's Central Business Area (CBA) remains strong, particularly among multinational corporations.
- In 2024, the Thai and Southeast Asian real estate market will witness a significant impact from strategic infrastructure enhancements and a focus on elevating the quality of Grade A real estate in Bangkok.
- The real estate landscape in Bangkok is poised for a notable transformation, driven by a slew of world-class mixed-use projects. These projects, comprising 10 distinct precincts, are projected to add to the city's landscape by 2028 substantially. Specifically, they will contribute over 900,000 sq. m of Grade A office space, 300,000 sq. m of retail centers, 5,400 luxury condominium units, and 5,900 luxury hotel rooms, all concentrated in Bangkok's Central Business Area (CBA). This surge in premium real estate offerings makes Bangkok an attractive destination for investors, multinational corporations (MNCs), and talented individuals seeking prime opportunities.
