SKYY9 Centre, the Bangkok office tower at the heart of a heated discussion over the Social Security Office’s (SSO) investments, stands as the second-largest office transaction on record in Bangkok, according to Colliers Thailand. The SSO acquired the complex on Asok-Din Daeng Road three years ago for 6.9 billion baht. Colliers notes that, based on office building transaction data in Bangkok spanning the last two decades, this deal ranks highly in value. Yet it remains outside the central business district (CBD), where the top two transactions have historically concentrated, underscoring the nuanced dynamics of Bangkok’s office market and the shifting competitive landscape between CBD and fringe/major-artery corridors. The SKYY9 Centre sits on a 3.48-rai site, features a gross building area (GBA) of about 95,000 square metres, and provides approximately 39,000 square metres of total lettable office space. These structural characteristics frame a larger discussion about value, occupancy, and the evolving cost environment for large-scale office assets in Bangkok.
Comprehensive view of SKYY9 Centre and the SSO investment
The SKYY9 Centre project is a focal point in the ongoing narrative surrounding the SSO’s real estate portfolio and its governance. The government this week established an inquiry panel to examine allegations raised by the opposition People’s Party that the SSO overpaid for SKYY9, with claims that the property had an appraisal price nearer to 3 billion baht. This inquiry, while administrative in nature, has a tangible impact on how market participants perceive public sector real estate transactions, particularly when the scale of the deal is as significant as SKYY9 Centre. The investment transaction itself, completed three years prior to the current review, involved a price of 6.9 billion baht, a figure that places the asset among the most valuable office spaces transacted in Bangkok’s recent history. The contrast between the price paid and the current appraisal discussions highlights a central tension in public asset management: the balance between timely acquisition, future utilisation, and accountability under political scrutiny.
From a market analyst’s perspective, the SKYY9 Centre provides a compelling case study of what high-value office properties look like in Bangkok when measured against both land and construction costs, as well as looming occupancy hurdles. The factsheet for SKYY9 Centre confirms a sprawling site footprint of 3.48 rai, which translates into a relatively compact land envelope by some metropolitan standards but a substantial canvas for high-rise development in Bangkok. The building itself covers a gross building area of 95,000 square metres, and the total lettable office space is approximately 39,000 square metres. These figures indicate a substantial capacity for office provision within a single property, even as the occupancy levels and lease-up pace become the decisive drivers of asset performance in the near to mid-term.
Market participants and researchers have long noted that, even within Bangkok’s robust office market, the value of a tower like SKYY9 hinges not only on its physical attributes but also on location, accessibility, and the surrounding commercial ecosystem. The top-tier properties in the CBD—such as those on Sathon Road—have historically commanded premium valuations due to proximity to corporate hubs, financial services, and international business activities. Yet SKYY9’s location on Asok-Din Daeng Road places it in a corridor that remains highly strategic for occupiers seeking connectivity to central business clusters, transit networks, and a broad catchment of urban amenities. The interplay of CBD prestige and peripheral accessibility creates a dynamic market where valuations can be influenced by occupancy potential, lease terms, and the broader macroeconomic environment impacting corporate real estate budgets.
From the construction cost perspective, the market has clear benchmarks that help frame what is a reasonable cap on value for a project like SKYY9 Centre. Colliers’ rough estimates place land costs at approximately 1.3 million baht per square wah, and construction costs at around 40,000 baht per square metre. When applied to the SKYY9 Centre’s physical metrics, these numbers yield a perspective on the total development and replacement cost that informs the price range for the building in today’s market. Using a 3.48-rai land area, which equals 1,392 square wah, the land value on this site would be roughly 1.81 billion baht (1.3 million baht per square wah multiplied by 1,392 square wah). The gross building area of 95,000 square metres multiplied by 40,000 baht per square metre for construction equates to about 3.8 billion baht in construction costs. Summing these two core cost components suggests a baseline in the vicinity of 5.6 billion baht, underscoring why market participants consider a maximum value in the neighborhood of 5 billion baht could be plausible when factoring in efficiency considerations, financing costs, and other soft costs associated with a project of this scale. The distinction between this rough cost framework and actual market valuations is the critical nuance that investors and regulators scrutinise, especially in light of the ongoing inquiry into whether the SSO paid an appropriate premium for the asset.
The 6.9 billion baht acquisition price, from this cost-based lens, implies a significant premium relative to the land and construction cost estimates, reflecting the intangible value embedded in a high-profile asset with strategic leasing potential, brand visibility, and the prospect of long-term steady cash flows. At the same time, the inquiry panel’s review—driven by concerns raised about overpayment—emphasises the need for transparent appraisal methodologies, robust due diligence, and cautious underwriting when public pension funds acquire large-scale office assets. The public sector has a mandate to optimise long-term value while upholding fiduciary responsibilities and political accountability, a balancing act that Underlines the broader policy and governance context within which SKYY9 Centre sits.
In the context of Bangkok’s office market history, SKYY9 Centre’s high transaction value relative to prior deals is a notable data point. Colliers records that the building stands among the top three most valuable office properties transacted over the past two decades, a period that includes a mix of CBD prize assets and major developments across the city’s expanding office supply. The fact that the largest and third-largest transactions in that era occurred on Sathon Road within the CBD while SKYY9 Centre sits outside the CBD adds a layer of nuance to the analysis. It illustrates that while CBD assets consistently command premium prices due to their anchor role in corporate infrastructure, there is meaningful demand for high-quality assets beyond the CBD. This demand is driven by factors such as the asset’s design, the quality of the tenant mix, the flexibility of the space, and the capacity for future upgrade or expansion, all of which can help justify elevated valuations even when the location is non-CBD.
Bangkok office market context and Colliers Thailand insights
Colliers Thailand provides a comprehensive lens into Bangkok’s office market that helps contextualize the SKYY9 Centre deal within a broader trend. The company’s data on Bangkok office towers, spanning 2005 through 2024, shows a total transaction value of 78.4 billion baht across 40 towers and 1.3 million square metres of lettable area. Of this lettable space, a majority—56.8%—is located within the CBD, amounting to 721,026 square metres. The concentration of CBD activity underscores the enduring magnetism of Bangkok’s central business district for multinational corporations, financial institutions, and professional services firms that value proximity to decision-makers, clients, and a dense ecosystem of business services. Yet the distribution of non-CBD activity remains robust, with transactions clustered along major arterial routes and secondary business corridors where developers and landlords have pursued differentiated product offerings to capture additional demand pools.
The non-CBD transaction landscape has historically been weighted toward corridors such as Ratchadaphisek, Vibhavadi Rangsit, and Bang Na roads. These routes serve Bangkok’s expanding labour markets and the city’s peripheral business clusters, offering advantages such as comparatively lower land costs and more room for large-scale development, including multi-tower complexes and integrated business campuses. The geographic diversity of Bangkok’s office market has become a strategic feature, enabling a broader range of occupier choices and investment opportunities. The CBD’s premium pricing remains a benchmark, but non-CBD transactions have shown resilience and growth potential as the city’s urban form evolves and as occupiers seek alternatives to the CBD’s high occupancy costs and limited expansion space.
In the broader market narrative, the occupancy dynamics of SKYY9 Centre—an approximately 45% occupancy rate as of a March 11 statement by the SSO, with 25% of space already occupied and 20% expected to move in by year-end—align with the typical challenge facing many newly repositioned or newly developed office towers. For a property owner and a prospective investor, this occupancy profile translates into a double-edged equation: while the asset has clear upside potential as leasing activity accelerates, the near-term cash flows may be constrained by a relatively modest initial occupancy level. The accepted market rule of thumb—often cited by industry professionals—favours a minimum occupancy threshold around 70% to justify premium pricing and a favourable investment thesis. When occupancy is well below that threshold, a lower price point or more aggressive leasing incentives may be required to attract tenants and achieve a sustainable yield profile. In the SKYY9 Centre case, the 25% presently leased, with a further 20% expected to move in over the year, suggests a path to stabilization, provided leasing velocity remains solid and tenant diversification proceeds apace.
The market’s valuation framework for office assets in Bangkok also rests on more nuanced pillars beyond occupancy rates. Analysts examine net operating income (NOI), cap rates appropriate to property type and location, rent escalation assumptions, and the potential for ancillary income from retail or ancillary space within mixed-use towers. The Office sector’s trajectory is influenced by macroeconomic conditions, including domestic growth, inflation expectations, and interest rates, which in turn shape financing costs, cap rate compression or expansion, and the appetite of local and foreign investors. In the context of SKYY9 Centre, the potential for upside hinges not only on improving occupancy but also on the ability of the asset to command rental premiums relative to competing towers in either the CBD or high-value non-CBD clusters, along with the possibility of creating value through strategic asset management such as lease restructuring, modernization of common areas, and energy efficiency upgrades. While the SSO’s ownership thread is a public sector narrative, the asset’s operating performance will speak to the feasibility and wisdom of such investments in the broader framework of Bangkok’s office market.
Land costs, construction costs, and comparable land transactions on Asok-Din Daeng Road
Within the immediate vicinity of SKYY9 Centre, land and development costs provide critical benchmarks for evaluating asset valuations and potential investment returns. The most recent land transaction on Asok-Din Daeng Road, which occurred on the prior year and touched the same micro-location sphere as SKYY9 Centre, involved a price of 800,000 baht per square wah for a 15-rai plot. For context, 15 rai is equivalent to 24,000 square metres, and the land price per square wah, when scaled to 1 square wah, demonstrates how the landed property values in the area can vary significantly based on location, access, and surrounding infrastructure. The 800,000 baht per square wah price is a critical data point for market comparables because it informs expected land values downstream when buyers assess comparable parcels or redevelopment opportunities along this corridor. Using this data point, the financial community can triangulate whether the SKYY9 Centre site’s 3.48-rai footprint reflects typical land valuations relative to recent sales on the same artery or whether the asset carries a premium due to its established structure, existing building permits, or other incentives.
From a construction cost perspective, Grade A office towers in the region have historically faced construction cost ranges of 30,000 to 35,000 baht per square metre. This benchmark aligns with industry norms for premium-grade office development in Bangkok, where modern high-rise towers with high efficiency, advanced mechanical systems, and top-tier architectural design demand significant capital outlay. When combined with a GBA of 95,000 square metres, the construction cost for a project of this scale would be expected to fall in the vicinity of 2.85 billion to 3.325 billion baht, depending on the exact mix of finishes, structural complexities, and the degree to which on-site ancillary facilities, such as a podium or retail elements, are integrated into the project. The juxtaposition of land costs and construction costs helps explain why the maximum price for a complex like SKYY9 Centre could be framed in a broad range, with the upper limit anchored by the high-quality nature of the asset and the potential for exceptional long-term cash flow generation, while the lower limit would reflect more conservative underwriting under scenarios of slower leasing velocity or tighter financing conditions.
It’s worth noting that land pricing dynamics in Bangkok can be highly location-dependent and often reflect supply constraints, access to transit, and future development plans in adjacent districts. The proximity of SKYY9 Centre to major thoroughfares and public transit nodes improves the property’s attractiveness, potentially increasing its value relative to more isolated sites that lack easy access to mass transit or major business clusters. The area’s potential enchantment—coupled with rising demand for high-quality, accessible office space—often translates into a premium for sites with favorable locational characteristics. The data on land values in the immediate vicinity thus provide a proxy for investors evaluating whether the current price paid for SKYY9 Centre is justified relative to land value trends and the asset’s planned or achieved income streams.
When investors assess the price range for SKYY9 Centre, they must integrate these cost factors with broader market conditions, risk considerations, and the asset’s capacity to generate stable cash flows. The roughly 6.9 billion baht price paid by the SSO likely reflects a blend of land value, input costs, development potential, and the strategic value of the asset within the SSO’s portfolio strategy. In a scenario where land and construction costs collectively suggest a base of around 5.0 to 5.6 billion baht, the premium embedded in the 6.9 billion baht transaction could be attributed to the asset’s strategic importance, the terms of the deal, anticipated rental income, and the governance framework under which the SSO operates. The ongoing inquiry into this transaction therefore carries implications for how public sector asset acquisitions are valued and audited, reinforcing the need for transparent appraisal methodologies and robust governance standards to ensure accountability in large-scale public investments.
Occupancy dynamics and leasing outlook for SKYY9 Centre
A critical dimension of SKYY9 Centre’s current profile concerns occupancy. As of March 11, a statement from the SSO highlighted an occupancy rate of about 45%, with 25% of space already occupied and the remaining 20% expected to convert to tenants by year-end. This occupancy trajectory is essential for investors and market observers to understand the asset’s near-term performance and its ability to deliver anticipated returns. From a leasing perspective, achieving and sustaining occupancy above a certain threshold is widely regarded as a signal of asset quality, market desirability, and the effectiveness of the asset’s lease-up strategy. In Bangkok’s market environment, a commonly cited benchmark is a minimum occupancy rate of 70%. When occupancy falls below this threshold, the theoretical resale value of the asset can be suppressed, and buyers may demand a lower purchase price or require stronger leasing incentives to accelerate occupancy growth.
The 45% current occupancy at SKYY9 Centre indicates there is substantial potential for the asset to improve its operating metrics if leasing momentum continues. The 25% already committed occupancy reflects a level of market interest, though the conversion of the currently committed 20% into actual leases by year-end will depend on several factors, including macroeconomic conditions, rent levels relative to competing properties, and the efficacy of the property management team’s leasing strategy. The market’s ability to attract high-quality tenants—particularly international corporations and regional headquarters that typically seek Grade A office space—will determine whether SKYY9 Centre can realize its full leasing potential. The lease-up process is often influenced by the negotiation of concessions, light fit-out packages, and the flexibility provided in lease terms, such as duration, renewal options, and escalation schedules. If successful, the asset’s occupancy could approach or exceed the 70% threshold within a planned horizon, delivering improved cash flows and a more compelling valuation thesis for current and prospective investors.
In addition to occupancy, the asset’s rent structure, tenant mix, and the quality of on-site amenities can influence the speed and sustainability of lease-up. For a high-quality office tower, amenities such as advanced building management systems, energy efficiency, modern lobbies, conference facilities, and integrated lighting and climate control systems can enhance tenant satisfaction and retention, while also enabling the owner to command premium rents aligned with market norms for Grade A properties. The SKYY9 Centre’s ability to leverage such features will depend on a combination of capital expenditure, ongoing operating costs, and a carefully designed asset management program. As Bangkok’s office market remains competitive, the ability to deliver differentiated value through amenity packages, better service levels, and a compelling branding narrative could yield faster occupancy gains and stronger long-term performance.
Colliers’ broader data across Bangkok’s office towers provides a useful lens for interpreting SKYY9 Centre’s occupancy dynamics. The city-wide market has demonstrated resilience and growth over the two decades comprising Colliers’ data, with a sizable volume of transactions anchored in the CBD and a broad spectrum of non-CBD projects that contribute to Bangkok’s office stock. The CBD’s dominance in terms of space and value—holding 721,026 square metres or 56.8% of total lettable area across 40 towers—acts as a benchmark for premium leasing benchmarks. Yet the non-CBD clusters, including Sukhumvit, Silom, and Sathon, have shown continuing vitality, often driven by the introduction of new premium towers and the expansion of corporate occupancy into these corridors. SKYY9 Centre’s location outside the CBD, coupled with its significant GBA, means the asset competes for tenants within a high-value segment of Bangkok’s office market. The question for market participants and the SSO’s strategy is whether SKYY9 Centre can deliver a more resilient occupancy profile and a sustainable income stream that can support its high upfront cost, particularly if the asset’s occupancy rate remains at least at mid-60s to low-70s as leasing gains unfold.
Largest deals on Sathon Road and CBD-focused transactions: comparables and implications
The largest and third-largest transactions in Bangkok’s office market to date have occurred on Sathon Road, which anchors the CBD and reinforces the market’s tendency to price top-tier assets at premium levels. The largest transaction, a 15-billion-baht deal in 2017, involved the sale by a family-owned landlord to its own corporate vehicle with the goal of listing that company on the Stock Exchange of Thailand (SET). This transaction demonstrated how strategic corporate structures and listing objectives can influence property deals and valuations, particularly in high-profile CBD corridors. Sathon Road’s position as a premier CBD location means that land appraisal prices in the 2016–2019 window ranged from 450,000 to 750,000 baht per square wah, illustrating the scale of premium land values in this corridor during that period. The Sathon Road project boasted a gross building area of approximately 300,000 square metres and provided more than 142,000 square metres of total lettable space, underscoring the magnitude of a unit that sits within Bangkok’s premium office segment.
The contrast between the CBD’s top-tier deals on Sathon Road and SKYY9 Centre’s location on Asok-Din Daeng Road highlights a broader market trend: while CBD properties attract the highest valuations due to density of demand and strategic accessibility, well-constructed, high-quality towers located just outside the CBD can still command substantial value if they offer compelling features such as modern design, efficient layouts, good transit connectivity, and the potential for long-term lease stability. The SKYY9 Centre’s 95,000 square metres of GBA and 39,000 square metres of lettable area, paired with its 3.48-rai site, reflect the scale and sophistication expected of Bangkok’s modern office towers, even when not located within the CBD core. The price sensitivity around these assets is shaped by the balance between land values, replacement costs, and the anticipated cash flows associated with occupancy growth and lease-up velocity.
From a land pricing perspective, the 2017 Sathon Road deal’s land appraisal range between 450,000 and 750,000 baht per square wah offers a reference for market expectations about premium corridors. While the SKYY9 Centre’s site-specific land value is reported in public discussions as part of the broader cost estimate framework, the 2017 Sathon Road data also demonstrates how land values can vary widely within Bangkok’s office geography based on corridor desirability, with notable premium attached to CBD-adjacent or CBD-core assets. The combined effect of land valuation and construction cost influences the overall investment thesis for large office towers, where the potential for long-term rental growth, capital appreciation, and defensive income streams becomes the key driver of value, especially in a city that continues to attract regional and multinational tenants seeking a stable, modern workplace hub.
Furthermore, the 2017 Sathon Road transaction’s structure—selling to a corporate affiliate with an eye toward listing on a major exchange—illustrates how corporate governance considerations, market access opportunities, and capital markets strategies can intersect with real estate deals. The implications for investors include understanding how listing plans and corporate reorganizations can affect asset valuations, lease-up potential, and the timing of sale opportunities. While SKYY9 Centre is not described in the same transactional framework as the 2017 Sathon Road deal, the CBD-outside-CBD dynamic remains integral to Bangkok’s office market narrative. The market’s mix of large, premium CBD assets and high-quality non-CBD towers shows that investors must calibrate expectations for occupancy, rental growth, and exit strategies across a diverse landscape of property types, locations, and governance structures.
Through Colliers’ data on Bangkok office towers from 2005 to 2024, the market’s overall scale and diversity become even more apparent. The total value of office tower transactions over this period—78.4 billion baht across 40 towers—reflects significant capital activity and investor interest in Bangkok’s office sector. The mix of CBD-dominant transactions and non-CBD deals underscores Bangkok’s evolving urban form, as developers continue to leverage the city’s expanding transit network and shifting corporate preferences to create new premium assets in areas that offer a blend of accessibility, branding, and cost efficiency. The SKYY9 Centre sits within this evolving landscape as a high-profile asset that raises questions about public sector value, private sector benchmarking, and the ongoing interplay between governance, market dynamics, and asset performance in Bangkok’s competitive office market.
The broader data set: Bangkok office market transactions and distribution by area
Colliers Thailand’s historical compilation shows how Bangkok’s office market has unfolded over nearly two decades, offering a nuanced view of where the city’s office leasing and investment activity cluster. CBD-based towers constitute more than half of the lettable space among the observed transactions, reflecting the CBD’s enduring draw for multinational corporate tenants and the premium associated with central access to finance, policy, and a dense ecosystem of business services. The Sukhumvit, Silom, and Sathon corridors collectively represent a substantial share of non-CBD activity, reflecting Bangkok’s continued urban expansion and the creation of second-tier business districts that mirror the CBD’s high-quality infrastructure. The concentration of activity along Ratchadaphisek, Vibhavadi Rangsit, and Bang Na roads among non-CBD transactions indicates a broader geography of office demand that extends beyond traditional core corridors, suggesting a multi-polar market structure that supports a range of investment strategies, from premium CBD towers to large-scale peripheral developments.
In terms of market density and scale, the largest single transaction in the CBD corridor—on Sathon Road—highlights how strategic location can yield outsized valuations when paired with a landlord’s strategic intent, such as listing a corporate vehicle on the stock exchange. The asset’s GBA and lettable area provide a reference framework for evaluating the scale of Bangkok’s premium office towers. The interplay between CBD location, land appraisals, and development costs helps explain why top-tier CBD assets often command high valuations even when non-CBD towers offer comparable features and performance potential. Ultimately, the market’s long-run trajectory will be shaped by demand consistency, investor risk appetite, macroeconomic conditions, and policy factors that influence foreign investment and office demand in Bangkok.
As the market continues to evolve, the experience of SKYY9 Centre—and the public and private sector discussions surrounding it—will likely inform future asset pricing, governance practices, and due diligence standards for government-backed real estate investments. The ongoing inquiry provides a reminder of the importance of transparent appraisal methodologies and governance practices, ensuring that public sector investments are aligned with fiduciary obligations and market realities. It also highlights the broader importance of location, asset quality, and leasing strategy in determining the ultimate value of large office towers in Bangkok’s dynamic market.
The path forward for officers, investors, and tenants
Looking ahead, the SKYY9 Centre transaction and the related inquiry illuminate several practical considerations for officers within the SSO, private investors, and prospective tenants evaluating Bangkok’s office market. For the SSO and its stakeholders, the evaluation prioritizes maintaining public trust by ensuring transparent valuation processes and robust governance standards around large-scale real estate acquisitions. The inquiry’s outcomes could influence future investment guidelines, appraisal standards, and procurement procedures for the SSO and other public sector bodies engaged in strategic property transactions. For investors, SKYY9 Centre’s case underscores the importance of understanding not only the asset’s physical characteristics and location but also the governance and regulatory context in which the asset exists. The interplay between public sector accountability and market-based valuations can affect perceived risk and return, potentially influencing yield expectations, discount rates, and capital availability for similar assets.
From a tenant’s perspective, Bangkok’s office market continues to offer a wide range of options that balance location, amenities, and cost. Occupiers evaluating SKYY9 Centre will weigh the asset’s features—such as its GBA, lettable space, modern design, and potential for long-term lease stability—against competing towers in both CBD and non-CBD corridors. The occupancy trajectory will be one of the key factors shaping tenant decisions, as well as the anticipated value of long-term leases in a market where rent growth and space efficiency are increasingly scrutinised by corporate real estate teams. Even as occupancy improves, tenants remain mindful of the total cost of occupancy, which includes rents, service charges, and operating costs that may vary between CBD and non-CBD locations.
The broader Bangkok market, informed by Colliers’ decade-spanning data and the latest public-sector transactions, suggests a market characterized by resilience and ongoing evolution. Transaction volumes, asset valuations, and occupancy dynamics indicate that Bangkok remains an attractive destination for both local and international investors seeking exposure to a diversified office market. The city’s continued growth, supported by expanding transit networks and an increasing mix of modern, high-quality office towers, bodes well for the long-term prospects of premium assets such as SKYY9 Centre, even as the market remains vigilant about valuation discipline, governance, and the alignment of asset pricing with actual rental performance and occupancy trends.
In sum, SKYY9 Centre embodies a complex interplay of valuation, governance, occupancy, and strategic location within Bangkok’s vibrant office market. The deal’s size, the surrounding regulatory scrutiny, and the asset’s non-CBD location together provide a unique case study for how public sector investments intersect with private market valuations, how occupier demand translates into lease-up performance, and how investors weigh the risks and rewards of large-scale office towers in one of Southeast Asia’s fastest-evolving metropolitan markets. The outcome of the inquiry and the ongoing leasing trajectory of SKYY9 Centre will continue to influence perceptions of public sector real estate investments and the strategic planning choices of both landlords and tenants across Bangkok’s office landscape.
Conclusion
The SKYY9 Centre, a landmark Bangkok office tower on Asok-Din Daeng Road, stands at the crossroads of public sector investment scrutiny and a dynamic, multi-polar office market. The SSO’s 6.9 billion baht acquisition three years ago, the ongoing inquiry into whether the asset was overpaid, and the building’s substantial scale—3.48-rai site, 95,000 square metres GBA, and 39,000 square metres of lettable space—collectively frame a sophisticated picture of Bangkok’s office real estate landscape. With occupancy at about 45% as of March and a projection that 20% more space will be leased by year-end, the asset’s trajectory will be closely watched by investors and policymakers alike. The market context provided by Colliers, including the Bangkok office market’s two-decade data and the CBD vs non-CBD dynamics, underscores how high-value deals can emerge both within the CBD and in strategic fringe corridors.
Notably, the largest CBD deal on Sathon Road and the 2017 transaction’s structure offer important comparables for assessing valuation, land costs, and market sentiment about large office towers. At the same time, the non-CBD SKYY9 Centre demonstrates that a well-located, well-designed asset can command significant attention even outside the CBD, particularly when it offers high-quality space, strong connectivity, and compelling leasing potential. The broader data set from Colliers Thai market research—covering 40 towers and 1.3 million square metres of lettable space—illustrates Bangkok’s office market’s breadth and complexity, with a CBD-dominated but increasingly diverse landscape. As the government’s inquiry unfolds and as leasing activity continues, SKYY9 Centre will remain a focal point for assessing the dynamics of public sector real estate investments, market pricing discipline, and the evolving contours of Bangkok’s office leasing ecosystem.
