Bangkok, November 27, 2025 — JLL Thailand (NYSE: JLL), a leading real estate services firm, has released its latest analysis of Thailand’s real estate market, highlighting the sectoral shifts defining 2025 and the themes expected to guide investment and occupier decisions in 2026. Drawing on insights from its Capital Markets, Hotels, Property Management, Office Leasing, and Research & Consultancy departments, the firm provides a detailed view of investor appetite, performance trends, and operational priorities across asset classes.

Thailand’s hotel trading performance has moderated since January, despite tourism promotion campaigns and visa facilitation measures aimed at stimulating travel. Slower-than-expected international arrivals and stronger competition from neighbouring destinations have placed pressure on occupancy and room rates.

The rapid growth of Vietnam’s tourism sector is being closely watched. While not displacing Thailand’s position, Vietnam’s rising visibility as a more popular destination for both tourism and investment warrants attention.

Investor appetite for hotel assets remains intact but increasingly selective. Demand is strongest for properties with repositioning potential, assets in Bangkok and key resort locations, and hotels capable of delivering operational efficiency improvements. Compared with last year, investors are paying more attention to product differentiation, operating performance, and value-add opportunities.

“Performance dynamics have evolved when compared to the same period last year,” said Pimpanga Yomchinda, Executive Vice President, Asia-Pacific Investment Services, Hotel Investment Advisory. “Investors are still active, but they are more discerning. Locations, asset profiles, and the ability to enhance performance now play a much greater role in decision-making. As we move toward 2026, tourism momentum, regional competition, and operational efficiency will be key drivers shaping investment outcomes.”

The office market in 2025 is marked by active space optimisation, demand for hybrid-ready workplaces, and a continued shift toward buildings with strong sustainability credentials. Businesses are prioritising layouts that support collaboration, efficiency, and employee wellbeing.

Thananun Ruengveeravich, Head of Leasing, notes that office space has transformed into a critical business tool impacting talent acquisition and organizational performance, serving as a brand ambassador expressing ESG and DEI identity highly valued by Generation Z. Many companies are seizing tenant-favorable market conditions to implement strategic upgrades while optimizing space efficiency by 10-30%.

Professional services, financial services, and technology sectors are driving 2025 leasing activity, fueled by landlord initiatives offering turnkey solutions that minimize occupier CAPEX for relocations.