The commercial real estate market is expected to remain resilient in 2026, with demand increasingly concentrated in hotels, data centres, industrial and logistics assets, and high-quality office and retail space, according to JLL Thailand.
Krit Pimhataivoot, country head and head of capital markets, said investors and occupiers are becoming more selective, focusing on assets aligned with long-term structural trends and evolving user requirements.
Hospitality and tourism remain supportive, with international arrivals projected to reach 35.5 million in 2026. Hotel investment surged to 26.4 billion baht in 2025, driven largely by Bangkok transactions, though volumes are expected to normalise this year.
Industrial and logistics continue to benefit from structural demand, particularly in data centres and high-value manufacturing. Board of Investment-approved digital projects exceeded 746 billion baht in 2025, reinforcing Thailand’s growing role as a regional data hub. Strong uptake in industrial estates, especially in the Eastern Economic Corridor, has reduced vacancy rates and is expected to sustain momentum in 2026.
In capital markets, land acquisitions are proceeding more cautiously, with smaller deal sizes and rising interest in leasehold structures. Foreign investors remain active in sectors linked to Thailand’s long-term macro trends.
The office market is seeing a continued flight to quality, with relocation demand driven by ESG requirements and a shift towards newer, greener buildings. Flexible workspace is also gaining traction as companies prioritise cost efficiency.
Meanwhile, retail performance varies by segment, with experiential concepts and asset repositioning strategies gaining ground. International brand entries remain strong, particularly among fashion and food and beverage operators.
Overall, 2026 is expected to be defined by targeted growth rather than a broad-based rebound, as investors concentrate on sectors supported by digital infrastructure, sustainability and changing consumer behaviour.