HCMC, 03rd Feb 2026 – Cushman & Wakefield unveiled its Q4 2025 HCMC Office Marketbeat Report, encapsulating the key highlights of the Office segment in the last 3 months. According to the report, the office market entered a more measured phase in Q4 2025, as new supply slowed and leasing momentum softened toward year-end. Grade B assets sustained the bulk of absorption while Grade A landlords adjusted pricing to accelerate occupancy.
“The office market is not slowing — it is maturing,” said Nguyet Minh Hoang, Country Head of Cushman & Wakefield Vietnam. “We are seeing tenants adopt a ‘right space, right cost, right quality’ strategy. Companies want offices that support productivity and talent retention while remaining financially efficient. At the same time, landlords are becoming more proactive in pricing and incentives to secure commitments.
This dynamic is healthy — it drives transparency and pushes the market toward higher-quality, more efficient stock. We believe the projects that combine strong fundamentals, professional management, and sustainable features will define the next growth cycle of Ho Chi Minh City’s office sector.”
Supply: new supply slows down, market size continues to expand
Q4 2025 recorded ~25,554 sqm of new supply, a decrease of 41.2% compared to Q3 2025. The total supply reaches approximately 1,713,680 sqm (+1.51% QoQ; +4.83% YoY).
Current Cumulative Supply Q4 2025
Source: Cushman & Wakefield
Note: Gross Rent is calculated based on Net Leasable Area (NLA), inclusive of Service Charges.
USD/VND exchange rate in Q4 2025 = 26,500.
Grade B continues to dominate in terms of scale (~1,060,369 sqm), while Grade A (~650,851 sqm) focuses on supplementing high-quality projects in strategic locations.
Demand: value-based segmentation
In Q4 2025, total market net absorption reached 16,658 sqm, a sharp decrease of -61.9% QoQ compared to Q3 2025 and -49.9% YoY compared to Q4 2024. This reflects the slow seasonal rhythm of the year-end and cautious tenant sentiment - most major decisions regarding new leases or large-scale expansions were executed in the middle of the year. However, this remains a positive signal in a context where new supply did not increase; the absorption of approximately 16,658 sqm helped the overall market vacancy rate continue to improve slightly.
Net absorption only reached 186 sqm for Grade A offices, significantly lower than 24,132 sqm in Q3 2025 and 11,052 sqm in Q4 2024. Occupancy rates remained stable, maintaining around 86%. Large enterprises are taking advantage of offered incentives from landlords to maintain or renew lease contracts at prime locations, where brand image and green operation standards (ESG) are top priorities.
Market performance Q4 2025
Source: Cushman & Wakefield
Note: Gross Rent is calculated based on Net Leasable Area (NLA), inclusive of Service Charges.
USD/VND exchange rate in Q4 2025 = 26,500.
Grade B recorded 16,472 sqm of net absorption, decreased -15.9% QoQ and -25.8% YoY, but accounting for nearly the entire market absorption within the quarter. This shows that Grade B - especially in Non-CBD areas - continues to be the main demand driver, benefiting from cost optimization trends and moving out of the CBD, reflecting the greater sustainability of this segment during the market correction period.
Rental price: adjustment in Grade A, Grade B remains stable
For Grade A, the average rental price in Q4 2025 reached ~52.89 USD/sqm/month, down 3.96% QoQ and 1.46% YoY. The decline is mainly due to new buildings coming into operation with actual asking rents lower than expected. This led to an adjustment in the Grade A price level following the surge in Q3 2025 and reflects a strategy prioritizing rapid fill-rates at new projects.
For Grade B, Rental prices remained stable at ~33.97 USD/sqm/month, decreasing slightly by -0.91% QoQ but still rising slightly by 0.40% YoY. This demonstrates the stability of the Grade B segment. The segment continues to hold a competitive positioning to support occupancy rates, while benefiting from the flow of tenants moving from Grade A and the CBD to optimize costs.
In general, the Q4 2025 market showed clear divergence: Grade A adjusted to absorb new supply, while Grade B maintained stability, keeping the tempo for the entire market during the rebalancing phase.
Market outlook – “flight-to-quality” office hub orientation
The HCMC office market is expected to add ~291,891 sqm of Net Leasable Area (NLA), concentrated in the CBD, Thu Duc City, and District 7.
The market is entering a new competitive cycle where operation quality, amenities, and sustainability standards are becoming decisive factors in tenant retention.
Mid-term demand drivers continue to be selective: Demand is still led by IT, Pharma, Strategic Consulting, and High-tech sectors. The focus is shifting from location to usage efficiency, ESG standards, and adaptability to hybrid models, thereby supporting sustainable occupancy rates for both Grade A & B.
