Bangkok ($31/sqft, 24.6% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Bangkok on rent and tax and Tokyo on talent depth.
Bangkok ($31/sqft, 24.6% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Bangkok on rent and tax and Tokyo on talent depth.
| Metric | Bangkok | Tokyo |
|---|---|---|
| Region | APAC | APAC |
| Country | Thailand | Japan |
| Class A rent (USD/sqft/yr) | $31 | $113 |
| Class A rent (local) | 1100 THB | 50000 JPY |
| Vacancy | 24.6% | 4.6% |
| Trend | softening | rising |
| Prime yield | 5.6% | 3% |
| Premium flex / seat / month (USD) | $380 | $980 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 20% | 30.6% |
| Metric | Bangkok | Tokyo |
|---|---|---|
| Typical term | 3 yrs | 5 yrs |
| Typical rent-free | 4 mos | 4 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. | Tokyo leases are typically 5-7 years with a 2-year tenant notice. Standard leases are 'fixed-term' (teiki shakuya) or 'ordinary' (futsu shakuya) — fixed-term is increasingly common for Grade A. Rent is base + common-area maintenance billed separately. Restoration to original (genjo kaifuku) is contractual and significant. Personal seal (jitsuin) requirements apply. |
| 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. | Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component. |
| Metric | Bangkok | Tokyo |
|---|---|---|
| Talent index (0–100) | 74 | 84 |
| 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. | The largest single-language white-collar talent pool in the world. Average all-in compensation for senior knowledge workers indexes 84 vs. New York's 100, though English-fluent bilingual talent commands a premium. |
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.
Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks.
Bangkok is the cheaper Class A market on a USD basis.
Tokyo has the deeper talent index (84/100 vs 74/100).
Bangkok has the lower headline corporate tax (20% vs 30.6%). Local incentives can change the effective rate materially.
Bangkok typical term is 3 years with 4 months free; Tokyo runs 5 years with 4 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. Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks.
Score Bangkok, Tokyo 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.