Hanoi office market sees rising supply and demand in Q3 2026

The Hanoi office market experienced significant shifts in the third quarter of 2026, characterized by a substantial increase in both supply and demand. According to a report by Cushman & Wakefield Vietnam, the market added 59,724 square meters of net leasable area from a new Grade A project in the Starlake Tay Ho Tay area. This brought the total office supply in Hanoi to approximately 1.86 million square meters, representing a 3% increase from the previous quarter and an 11% increase year-on-year.

In the first nine months of 2026, new supply reached over 110,100 square meters from four projects, primarily located in the western part of the city. This concentration reflects the development of large-scale office clusters with improving infrastructure, as tenants look beyond traditional central districts to optimize costs.

Demand showed strong recovery, with net absorption reaching 12,423 square meters in the third quarter, a 34% increase from the previous quarter and a 173% increase compared to the same period last year. Total absorption for the first nine months reached 39,267 square meters. Demand for Grade A offices is being driven by information technology companies, financial services, and flexible workspace providers. These tenants prioritize high-quality operations, sustainable development standards, and environments that support talent attraction.