Bangkok ($31/sqft, 24.6% vacancy) and Manila ($26/sqft, 22.6% vacancy) compete on different axes: Bangkok on rent and tax and Manila on talent depth.
Bangkok ($31/sqft, 24.6% vacancy) and Manila ($26/sqft, 22.6% vacancy) compete on different axes: Bangkok on rent and tax and Manila on talent depth.
| Metric | Bangkok | Manila |
|---|---|---|
| Region | APAC | APAC |
| Country | Thailand | Philippines |
| Class A rent (USD/sqft/yr) | $31 | $26 |
| Class A rent (local) | 1100 THB | 1500 PHP |
| Vacancy | 24.6% | 22.6% |
| Trend | softening | softening |
| Prime yield | 5.6% | 6.6% |
| Premium flex / seat / month (USD) | $380 | $290 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 20% | 25% |
| Metric | Bangkok | Manila |
|---|---|---|
| Typical term | 3 yrs | 3 yrs |
| Typical rent-free | 4 mos | 5 mos |
| Lease norms | Net leases. 3-year terms with renewal options standard (Thai property law caps standard registered lease at 3 years; longer leases require land department registration). Free rent of 3-6 months on a 3-year deal. | Net leases. 3-5 year terms with renewal options standard. Free rent of 4-9 months on a 5-year deal. |
| Tax note | 20% Thai corporate income tax. BOI (Board of Investment) tax holidays available for qualifying activities. International Business Centre (IBC) regime offers reduced rates for regional HQ activities. | 25% Philippine corporate income tax. 20% reduced rate for small companies. PEZA registration provides 4-7 year income tax holiday plus 5% gross income tax in lieu of all national and local taxes for qualifying export-oriented activities. |
| Metric | Bangkok | Manila |
|---|---|---|
| Talent index (0–100) | 74 | 76 |
| Talent note | Deep ASEAN regional services, hospitality, and consumer goods talent. Strong feed from Chulalongkorn, Thammasat, and Mahidol. English fluency varies — strong in international corporate, weaker in domestic. | Deepest English-language BPO talent in Asia. Strong feed from University of the Philippines, Ateneo de Manila, De La Salle, and a deep network of universities. Excellent neutral English accent supports North American customer-facing operations. |
Bangkok: BTS Skytrain (Sukhumvit, Silom Lines) and MRT (Blue, Purple, Yellow Lines). SRT Red Line commuter rail. Suvarnabhumi Airport (BKK) connected via Airport Rail Link.
Manila: LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension.
Manila is the cheaper Class A market on a USD basis.
Manila has the deeper talent index (76/100 vs 74/100).
Bangkok has the lower headline corporate tax (20% vs 25%). Local incentives can change the effective rate materially.
Bangkok typical term is 3 years with 4 months free; Manila runs 3 years with 5 months free.
Bangkok: BTS Skytrain (Sukhumvit, Silom Lines) and MRT (Blue, Purple, Yellow Lines). SRT Red Line commuter rail. Suvarnabhumi Airport (BKK) connected via Airport Rail Link. Manila: LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension.
Score Bangkok, Manila and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.