- Strong occupier demand driven by manufacturing shifts and e‑commerce growth
- Vietnam, Indonesia and Thailand see rising logistics demand amid supply chain diversification
- 54% of global markets and 60% of APAC markets expect rental growth, reinforcing upward pricing pressure
Ho Chi Minh city, May 2026 – Vietnam is emerging as one of Southeast Asia’s most active logistics markets, as companies accelerate supply chain diversification and expand manufacturing and distribution networks across the region, according to Cushman & Wakefield’s Waypoint 2026 report. Rising occupier demand, driven by e-commerce, manufacturing activity and regional trade flows, is beginning to tighten market conditions, positioning Vietnam and the wider Southeast Asia region as increasingly critical nodes in global supply chains.
Demand across Asia Pacific continues to be anchored by e‑commerce and manufacturing, with SEA benefiting from supply chain regionalisation and production shifts as companies diversify operations across multiple markets. Countries such as Vietnam, Indonesia and Thailand are seeing strengthening occupier activity as a result, reinforcing their roles as key hubs for both production and distribution.
Vietnam’s momentum is supported by manufacturing growth, export-oriented investment and the continued expansion of domestic consumption. As occupiers diversify supply chains across the region, demand for logistics and industrial space in Vietnam is increasingly concentrated in well-connected locations close to major ports, airports, highways and manufacturing clusters.
In the Southern Key Economic Zone, including Ho Chi Minh City, Dong Nai and Tay Ninh, industrial markets continue to benefit from an established manufacturing base, large consumer catchment and improving regional connectivity. According to Cushman & Wakefield’s HCMC MarketBeat Q1 2026, total industrial park land supply reached approximately 36,400 hectares, while ready-built factory (RBF) and ready-built warehouse (RBW) supply stood at around 6.8 million sqm and 6.6 million sqm, respectively. Occupancy remained healthy, reaching over 90% for both RBF and RBW, while industrial land occupancy stood at 74.8%.
In the Northern Key Economic Zone, including Hanoi, Hai Phong, Bac Ninh, Hung Yen, Quang Ninh, Phu Tho and Ninh Binh, markets are gaining traction from electronics, high-value manufacturing and cross-border trade flows. According to Cushman & Wakefield’s Hanoi MarketBeat Q1 2026, average occupancy across the region reached 63% for industrial park land, 86% for RBF and 82% for RBW, with Hanoi recording near-full occupancy across the three industrial asset classes and satellite provinces continuing to see active leasing demand.
“In recent years, Cushman & Wakefield has observed a clear wave of activity from electronics and high-tech manufacturers, not only expanding their presence but also entering Vietnam for the first time,” said Thuan Nguyen, Leasing Director, Cushman & Wakefield Vietnam. “This trend is helping to reinforce Vietnam’s role as a strategic link in the global supply chain. At the same time, investors’ site selection criteria are also evolving significantly, from a location-led approach to a more holistic assessment in which infrastructure quality, developer capability and the ability to meet increasingly stringent operational standards are becoming decisive factors.”
“In parallel, the warehouse and factory segment serving high-value goods and cross-border trade is entering a major upgrade cycle, with development standards moving closer to international benchmarks to better meet the rising requirements of manufacturers and logistics operators,” he added.
Vietnam’s momentum reflects a broader tightening trend across the region. Across APAC, 43% of markets are expected to see vacancy decline over the next three years, as absorption strengthens against more measured supply pipelines. As a result, competition is increasing for well‑located, high-quality logistics space, particularly in areas with strong infrastructure connectivity.
At the same time, occupier requirements are evolving. The report highlights a growing shift towards modern, automation-ready and energy-efficient facilities, as businesses prioritise resilience, efficiency and long-term supply chain performance. This is driving greater focus on asset quality, with newer, more advanced logistics space increasingly preferred.
Dennis Yeo, Head of Investor Services and Logistics & Industrial, Asia Pacific, Cushman & Wakefield, said: “Southeast Asia is moving into a new phase of growth as supply chain diversification becomes more structural rather than cyclical. As demand continues to scale, we expect greater competition for high-quality assets, particularly in well-connected locations. This will place increased emphasis on early decision-making by occupiers and create opportunities for investors and developers who can deliver modern, future-ready logistics facilities aligned with evolving operational and technology requirements.”
Note: For comprehensive global and regional analysis, please refer to Cushman & Wakefield’s Waypoint 2026 report.
