Commercial real estate to remain resilient

Strategic sectors to lead the way in 2026

- KANANA KATHARANGSIPORN

The commercial real estate market is expected to remain resilient in 2026, with demand concentrated in hotels, data centres, industrial and logistics assets, and high-quality office and retail space, according to property consultancy JLL Thailand.

Krit Pimhataivoot, country head and head of capital markets, said investors, developers, and occupiers are adjusting to shifting demand drivers, tighter capital discipline and evolving use patterns across sectors.

“Growth opportunities remain, but they are increasingly concentrated in assets aligned with long-term macro trends and changing occupier and investor requirements,” he said.

RESILIENT HOSPITALITY

In the hospitality sector, Thailand continues to demonstrate resilience despite intensifying competition from neighbouring countries and a slower recovery in the Chinese market.

International arrivals are forecast to reach 35.5 million in 2026, representing an 8% growth from 32.9 million in 2025. While Chinese tourists have been slower to return, arrivals from markets such as India and Russia recorded notable growth last year.

Hotel investment remained strong, reaching 26.4 billion baht in 2025, nearly double the 10-year historical average between 2016 and 2025, with more than 75% of transaction volume concentrated in Bangkok.

Most transactions were value-added in nature, with new owners expected to reposition assets. Investment activity in 2026 is projected to normalise to around 13 billion baht, reflecting a more measured transaction environment.

DATA CENTRE BOOM

In the industrial and logistics sector, structural demand drivers are shaping opportunities, with data centres and high-value industries emerging as increasingly important sources of demand alongside e-commerce.