Hanoi office market supply and demand trends

The Hanoi office market is experiencing a period of growth characterized by rising supply and increasing demand. In the third quarter of 2026, the market added nearly 60,000 square meters of net leasable area from a new Grade A project, bringing total supply to approximately 1.86 million square meters. This represents an 11% increase year-on-year. New supply has been concentrated in western districts, reflecting a shift toward large-scale office clusters with improved infrastructure.

Demand has also shown a strong recovery, with net absorption in the third quarter of 2026 increasing by 34% from the previous quarter. Key drivers of demand include information technology companies, financial services, and flexible workspace providers who prioritize high-quality operations and sustainable standards.

Looking toward 2028, the market is expected to face heightened competition as an additional 400,000 to 495,000 square meters of office space from roughly 16 to 18 new projects is projected to enter the market. This influx is expected to be concentrated in western districts such as Cau Giay and Ba Dinh. To maintain asset value, experts suggest building owners must focus on green certifications and data-driven management as tenants increasingly prioritize workspace quality and environmental standards.