Ho Chi Minh City’s office market has achieved rapid growth fuelled by steady demand and burgeoning supply, reinforcing the city’s status as a premier destination for both local and international corporations seeking strategic growth opportunities in Southeast Asia, according to real estate consulting firm Knight Frank.
Ho Chi Minh City's office market is experiencing record absorption in 2024, demonstrating its vitality and resilience as well as consolidating its position as an attractive destination for both domestic and foreign businesses looking for strategic development opportunities in Southeast Asia, according to Knight Frank, one of the world's leading real estate consultancies.
The office market in Ho Chi Minh has become vibrant recently with the operation of two office buildings in Thu Thiem new urban area which provides an additional 85,000 sq.m of floor space.
Vietnam saw positive performance in the office market in its largest cities, Hanoi and HCM City, during the first nine months of this year, according to foreign real estate research firms based in Vietnam.
Hanoi’s office market is said to be more attractive than its counterparts in other Southeast Asian cities and even in the Asia-Pacific region because of cheaper rentals and greater supply, according to real estate consultants Savills Hanoi.
A hybrid working model comprising both remote and office-based work is a trend that many companies will embrace since working methods have changed globally after the pandemic broke out, including in Vietnam, experts have predicted.
Many businesses have struggled due to the COVID-19 pandemic, but co-working spaces have bucked the trend and is expected to expand in the coming time, fuelled by companies seeking flexible leasing contracts, according to Savills experts.
The office market in Vietnamese cities like Hanoi and HCM City is likely to recover faster post-COVID-19 than other major cities in the Asia Pacific, experts have predicted.
Ho Chi Minh City’s office market has started to feel the effects of the COVID-19 pandemic, with grade A buildings impacted more than grade B, experts have said.
The office market in Ho Chi Minh City continued stable growth in the first half of this year, with some increases in rental prices and areas, according to major property consultant firms.
