Hanoi and Ho Chi Minh City office markets face supply shifts

The office rental markets in Hanoi and Ho Chi Minh City are experiencing distinct trends. In Hanoi, an abundant new supply is driving intense competition regarding pricing and incentives. According to Savills data for Q2 2026, Hanoi's total office supply reached approximately 2.3 million square meters across 190 projects, with an occupancy rate of 86%.

New supply in Hanoi is primarily concentrated in the inner city and western areas. While Class A supply remains limited in Hoan Kiem, high-quality projects are expanding into Ba Dinh and Cau Giay. By 2028, 18 projects are expected to add roughly 495,000 square meters of new office space, predominantly Class A.

In Ho Chi Minh City, the average office rental price has maintained a level of 870,000 VND per square meter per month, with total supply remaining at approximately 3 million square meters as of Q2 2026.