# Bangkok prime retail stock stable at 3.86m sqm

- **Source:** Real Estate Asia
- **Published:** 2026-08-18T23:25:17.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-retail/news/bangkok-prime-retail-stock-stable-386m-sqm
- **Topics:** Commercial & Industrial, Government & Policy, Regional Markets

## Featured rationale

With weaker consumer sentiment, subdued tourism and higher energy costs constraining growth, developers may delay supply and investment while prioritising margins and selective leasing.

## AI summary

Bangkok prime retail stock remained at 3.86 million sq m in Q2 2026, while vacancy rose 14 basis points quarter-on-quarter to 4.7%.

## Original article

The vacancy rate increased to 4.7% in the second quarter.

Bangkok's prime retail market faced weaker consumer sentiment in the second quarter of 2026, with elevated household debt and rising energy costs weighing on spending, although government stimulus measures provided some support, according to JLL.

International leasing remained active, led by expansion by Asian food and beverage chains and continued growth in the household goods segment. However, JLL said average new lease sizes declined significantly as retailers adopted more selective expansion strategies and efficient store formats.

Prime retail stock remained unchanged at 3.86 million sq m in Q2, with no new supply entering the market. The vacancy rate edged up 14 basis points quarter-on-quarter to 4.7%, broadly in line with Q2 2025.

More than half of prime retail centres recorded tenant departures during the quarter, although JLL said there was no clear pattern to the exits. Overall market conditions remained relatively stable, supported by gradual absorption at centres opened in previous years, the absence of new competing supply during the first half, successful mall reopenings following renovations and leasing momentum carried over from late 2025.

Prime retail gross rents increased 1% quarter-on-quarter in Q2. Excluding adjustments related to the reclassification of prime supply, underlying rental growth was more modest at 0.6%, JLL said.

The consultancy noted that higher energy costs, weak consumer sentiment and subdued tourism continued to constrain rental growth, prompting developers to prioritise margin preservation. Retail investment activity also remained subdued, keeping yields broadly stable.

JLL expects tourism and energy cost pressures to continue weighing on the market through 2026. Tourist-focused malls could face further footfall pressure as Middle East conflicts delay the recovery in tourism, particularly among high-spending regional visitors.

Rising energy costs are also putting pressure on developer margins, encouraging a more cautious investment stance. JLL said major developers have delayed some projects under construction by quarters and pushed proposed pipeline developments back by several years.

## Chinese translation

> Translation model: grok_cli

### 曼谷优质零售存量稳定在386万平方米

2026年第二季度，曼谷优质零售市场面临较弱的消费情绪，高企的家庭债务和不断上升的能源成本拖累支

空置率在第二季度升至4.7%。

据仲量联行（JLL）称，2026年第二季度曼谷优质零售市场面临较弱的消费情绪，高企的家庭债务和不断上升的能源成本拖累支出，不过政府刺激措施提供了一定支撑。

国际租赁仍保持活跃，由亚洲餐饮连锁扩张以及家居用品细分的持续增长引领。不过，仲量联行表示，随着零售商采取更具选择性的扩张策略和更高效的店铺业态，新签租约的平均面积显著下降。

优质零售存量在第二季度保持不变，为386万平方米，没有新供应入市。空置率环比微升14个基点至4.7%，大致与2025年第二季度持平。

超过半数优质零售中心在当季录得租户撤离，不过仲量联行表示撤离没有明显规律。整体市场状况仍相对稳定，得益于往年开业中心的逐步消化、上半年没有新的竞争性供应、翻新后商场成功重新开业，以及从2025年末延续的租赁动能。

优质零售毛租金在第二季度环比上涨1%。仲量联行表示，剔除与优质供应重新分类相关的调整后，基础租金增长更为温和，为0.6%。

该顾问机构指出，更高的能源成本、疲弱的消费情绪和低迷的旅游业继续制约租金增长，促使开发商优先保护利润率。零售投资活动也保持低迷，收益率大致稳定。

仲量联行预计，旅游业和能源成本压力将在整个2026年继续拖累市场。以游客为导向的商场可能面临进一步的客流压力，因为中东冲突推迟旅游业复苏，尤其是高消费区域游客的复苏。

不断上升的能源成本也在挤压开发商利润率，促使其采取更谨慎的投资立场。仲量联行表示，主要开发商已将部分在建项目推迟数个季度，并将拟议的管线项目推后数年。