In the early months of the year, the domestic economy has shown signs of recovery, inflation has been controlled under the pressure of monetary policy easing, exchange rate fluctuations, and the maintenance of macroeconomic stability, thereby creating momentum for economic development.
A series of Grade A office buildings on the Nguyen Chi Thanh - Lieu Giai axis.
This has also been clearly reflected in the office leasing market. According to the market report by Savills Vietnam, the commercial real estate market—offices and retail—generally recorded stable growth in Q1 thanks to increased supply and demand in line with economic growth, although there are still some short-term difficulties such as the office demand in certain areas not keeping pace with rapidly increasing supply, and some commercial spaces remaining “unsold due to delays in renovation and upgrading.
Among these, the Hanoi office market in Q1/2025 was recorded to be on a positive recovery trend with increasing occupancy rates and stable rental prices. This is a positive signal for investors and businesses intending to expand or enter the Hanoi office real estate market.
Gross rental prices tended to remain slightly stable in 2024 and Q1/2025, ranging around VND 540,000 - 560,000/m²/month.
Major transactions focused on high-value sectors such as finance, insurance, real estate (FIRE), consulting, and information and communication technology (ICT). This is a signal indicating strong growth of businesses in these sectors.
Hanoi office market performance in Q1/2025. (Source: Savills)
Office supply did not witness any sudden increase, mainly fluctuating around more than 2,000,000 m² over the years, indicating the market has maintained a stable scale.
Market research results for Q1 also show that Hanoi's office supply reached 2.33 million m², up 10% year-on-year, primarily from the Grade B segment. Grade A supply remains scarce, especially in the central area.
Observations on the market show that office space leasing service providers are also actively seeking new supply, ready to respond when the market grows in the near future. A representative from the leasing unit TNL revealed that they are striving to add Grade A office supply in the western area with a total leasable floor area of more than 60,000 m² in the second half of 2025. If so, the western area will continue to hold the largest share of supply (by the end of 2024, this area accounted for 41% of the market share).
TNL Lease Property And Investment Joint Stock Company, a member of ROX Group, is a brand specializing in leasing office buildings, shopping malls, industrial zones, and retail spaces. In addition to modern and convenient spaces for working, shopping, and entertainment, TNL also provides clients with solutions in project management, product development, business strategy building, and marketing. Currently, TNL manages 1 million m² of leasable space nationwide and aims to increase the leased area to 3 million m² by 2027 and expand to international markets. |