According to CBRE, office rental rates in Hanoi are trending slightly upward. They have reached nearly 1% compared to the same period in 2023, while prices Rent an office in Ho Chi Minh City recorded a growth rate of 3.7%.
The market report just released by CBRE shows that throughout 2024, the office markets in Hanoi and Ho Chi Minh City have recorded a slight increase over the past 5 years.
Rent and occupancy rates are both increasing.
The Hanoi office market recorded higher absorption in the Grade B segment, reaching 44,635 sq m. This is compared to the 22,760 sq m absorption recorded in Grade A. The reason for this is the favorable leasing policies of the office buildings in this segment.
Meanwhile, the Ho Chi Minh City market shows demand Rent Grade A office space . Larger significant acknowledgment compared to B-class. With 38,000 sqm of leasable area compared to the 14,613 sqm recorded for B-class.
The vacancy rate for Class A office space in Hanoi rose from 20.71% in Q3 2023 to 24.41% in Q3 2024. This was primarily due to the completion of new buildings in the Ba Dinh–Dong Da area and the western part of the city.
Overall, although the Hanoi office market shows more “rent cost sensitivity” than Ho Chi Minh City, the Hanoi market has recently begun to follow the trend of renting high-quality buildings like in Ho Chi Minh City.
Green certificates are being emphasized
Also, according to CBRE, this trend is not only seen in newly completed office buildings in Hanoi. Existing office buildings are also adapting by undertaking renovations. Pursuing green building certifications in recent years. This response reflects the commitment of office buildings to sustainability. In order to meet the innovative standards of tenants in the Hanoi market.
It is worth noting that all new Grade A buildings in Ho Chi Minh City completed since 2019 have achieved Green building certification, such as Green Mark and LEED. Thanks to their high quality, these new buildings have successfully attracted reputable corporate tenants. With leasable areas ranging from 1,000 to 2,000 m2, and even nearly 10,000 m2.
According to CBRE experts' forecasts, in the next 3 years, future supply is expected to reach nearly 170,000 m2 in Hanoi and over 100,000 m2 in Ho Chi Minh City. By 2030, this number could reach over 600,000 m2 in Hanoi and over 300,000 m2 in Ho Chi Minh City, provided that projects are licensed in a timely manner.
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