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Hanoi Office Outlook 2025

20/12/2024
  • Hanoi is expected to welcome new supply of nearly 35,000 sqm in 2024, coming from two projects in the Secondary and West submarkets.
  • The year 2025 will observe about 24,500 sqm of new supply entering the market, coming from two projects: one in the CBD and the second in the West submarket.
  • On average, Hanoi’s total stock will grow by at 7.7% per annum through the 2025–2029 period.

EN-HANOI-NEW-SUPPLY

  • Net absorption is forecast to reach around 40,400 sqm by the end of 2024, mainly thanks to leasing demand from tenants looking to capitalize on market conditions with better negotiation advantages and better offers.
  • In 2025 and 2026, the vacancy rate will gradually ease to around 23% to 24% as demand starts to recover. Starting from 2027, the vacancy rate will climb to 27% or 28% due to the influx of new supply.
  • Primary leasing activities still came from key industry sectors such as Banking, Manufacturing, IT/Technology, Insurance, and Logistics.
  • Grade A tenants continue to focus on sustainable standards and hybrid working spaces.

ENHANOIDEMANDVACANCY

  • Rents are expected to increase only slightly, by 0.2% by the end of 2024. Accordingly, the citywide average gross rent is projected to reach US$32 per sqm per month. Landlords are open to negotiations with tenants. These adjustments and incentives are designed to attract new tenants to fill vacant space and to facilitate leasing of remaining available areas.
  • Rents are expected to increase at around 1.7% to 2.2% in 2025-2026 with the influx of new supply. From 2027, rent growth is projected to be at around 1.0% per year.

HANOIRENTRENTGROWTH

  • Sustainability and green buildings are going to be the key trend for new developments.
  • The Starlake New Urban Area (the West region of Hanoi), which is oriented to be a new commercial and business hub in the future, is increasingly attracting new developments. New infrastructure and new projects, either planned or under construction, are likely to allow the area to attract greater occupier attention.

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