Hanoi office market faces increased competition through 2028

The office market in Hanoi is entering a period of heightened competition as significant new supply is expected to enter the market. According to Savills, the total office supply reached approximately 2.3 to 2.4 million square meters in the second quarter, with occupancy rates between 83% and 86%.

Projections indicate that by 2028, Hanoi will see an additional 400,000 to 495,000 square meters of office space from roughly 16 to 18 new projects. This new supply is expected to be concentrated in areas outside the traditional center, particularly in the western districts such as Cau Giay and Ba Dinh.

This influx of supply is shifting the competitive landscape. Tenants are increasingly prioritizing workspace quality, environmental standards, and operational efficiency over mere location or price. Experts suggest that building owners must focus on green certifications and proactive, data-driven management to retain tenants and maintain asset value in this expanding market.