Hanoi Office Market Overview

The Hanoi office market report for Q2 2026 indicates a stable market performance, with Grade A office supply continuing to shift strongly toward Non-CBD areas. In the coming period, Tay Ho Tay – Starlake, Cau Giay and the western area are expected to emerge as new office hubs, adding high-quality office supply to the capital’s commercial real estate market.

Office Supply Increased Slightly as Market Structure Continued to Shift

Total office for lease in Hanoi reached 6,773,213 sqm in Q2 2026, up 3.97% YoY and 0.29% QoQ. The modest quarterly increase suggests that existing office supply did not record any major short-term fluctuation.

In the Grade A segment, total supply stood at 920,045 sqm, up 13.40% YoY. Of this, CBD supply remained at 160,002 sqm, while Non-CBD supply reached 760,043 sqm, increasing 16.69% YoY.

The growth of Grade A office supply in the first half of 2026 was supported by projects entering the market from the beginning of the year, including Tien Bo Plaza in Ba Dinh with approximately 20,000 sqm NLA, IFC Hanoi in Xuan Dinh Ward with around 59,724 sqm NLA, Oriental Square in Xuan Dinh Ward with approximately 14,000 sqm NLA, and The Marc 88 in Cau Giay with around 15,000 sqm NLA. Together, these projects added approximately 108,724 sqm NLA of Grade A office supply, strengthening the role of Non-CBD areas in Hanoi’s new office supply structure.

By supply share, Non-CBD Grade A office space now accounts for more than 82% of total Grade A office stock in Hanoi. This is an important signal of the ongoing shift of high-quality office supply toward areas with larger land banks, improved connectivity infrastructure and stronger potential for large-scale project development compared with the core CBD.

The Grade B segment reached 2,653,287 sqm, up 1.01% YoY and stable compared with the previous quarter. This movement indicates that Grade B office supply has entered a period of lower volatility, while the market’s expansion focus is gradually shifting toward Grade A projects outside the city center.

Non-CBD Grade A Offices Lead Hanoi’s Supply Growth

Hanoi’s Grade A office supply structure is becoming increasingly divided between the CBD and Non-CBD areas. The CBD continues to serve as the traditional office core, suitable for tenants that prioritize a central address, brand image and access to the ecosystem of finance, banking, legal, consulting and professional services.

However, the potential to add new supply in the CBD is becoming increasingly limited. Scarce supply helps existing buildings maintain strong operating performance while supporting stable office rental rates.

In contrast, Non-CBD areas are becoming the main expansion zone for Hanoi’s Grade A office market. The western and northwestern areas of the city benefit from larger land availability, the ability to develop large-scale integrated complexes and convenient connectivity to new residential communities, major transport corridors and Noi Bai International Airport.

The expansion of Non-CBD Grade A office supply also aligns with evolving tenant demand. Instead of prioritizing only a central location, many tenants are beginning to consider total occupancy costs, expansion capacity, technical specifications, building service quality and long-term workplace experience for employees.

Office Rental Rates Improved, with the CBD Maintaining the Highest Rent Level

In terms of office rental rates, the CBD continued to record the highest rent level in the market. The average asking rent for Grade A offices in the CBD reached 34.8 USD/sqm/month in Q2 2026, up 4.82% YoY.

Rental levels in the CBD were supported by limited supply and a high occupancy rate. This remains a resilient submarket in terms of rent retention, especially for buildings with prime locations, professional property management standards and a stable tenant base.

In Non-CBD areas, the average asking rent for Grade A offices reached 26 USD/sqm/month, up 6.12% YoY. The higher growth rate compared with the CBD shows that the positioning of Non-CBD office buildings is improving, particularly in areas with new supply, strong building management capability and convenient connectivity.

This trend also indicates that the rental gap between the CBD and Non-CBD areas remains significant, although Non-CBD areas are gradually raising their rent levels as new, higher-standard supply enters the market.

The Grade B segment recorded an average asking rent of 16 USD/sqm/month, up 6.67% YoY. This remains an important segment for companies that need to control budgets, representative offices, service companies and tenants seeking a stable working environment at a reasonable rental cost.

Grade A Occupancy Increased, while Grade B Faced Stronger Competition

In terms of occupancy rate, Grade A offices in the CBD reached 91.37%, up 1.70 percentage points YoY. This result shows that the central area continues to maintain strong appeal despite the shift of new supply toward Non-CBD locations.

Non-CBD Grade A offices recorded an occupancy rate of 81.71%, up 3.43 percentage points YoY. This improvement reflects the gradual absorption of high-quality supply outside the city center, as tenants increasingly seek larger floor plates, flexible leasing terms and more optimized operating costs.

In the Grade B segment, the occupancy rate reached 83.0%, down 2.35 percentage points YoY. Competitive pressure is becoming more evident among Grade B buildings, particularly assets that have not been upgraded in terms of technical systems, shared amenities, parking facilities or property management quality.

As the rental gap between Grade B offices and Non-CBD Grade A offices is not too large in certain areas, some tenants may consider upgrading to newer buildings with better operational standards and a more professional image.

Hanoi Maintains a Rental Cost Advantage over Ho Chi Minh City

Compared with Ho Chi Minh City office market, the Hanoi office market has a smaller supply scale but continues to maintain a clear rental cost advantage. Total office stock in Hanoi reached 6,773,213 sqm, while Ho Chi Minh City recorded 7,702,957 sqm.

The rental gap between the two markets remains significant. Grade A CBD office rent in Ho Chi Minh City is approximately 38% higher than in Hanoi, while Grade B office rent is around 72% higher. This indicates that Hanoi remains a cost-advantaged market for companies seeking quality office space while maintaining control over rental budgets.

In terms of leasing performance, Hanoi recorded a higher Grade A CBD occupancy rate than Ho Chi Minh City, reflecting limited central supply and stable demand in the core area. Conversely, Ho Chi Minh City recorded a higher Non-CBD Grade A occupancy rate, showing that decentralized office hubs in Ho Chi Minh City have achieved stronger absorption.

Tay Ho Tay – Starlake Is Shaping a New Office Hub

Within the future supply landscape, Tay Ho Tay – Starlake is one of the most notable areas. This new urban district spans more than 186.3 hectares and is developed by Daewoo E&C, with an orientation toward an integrated urban complex comprising residential, commercial, hotel, urban amenities and Grade A office components.

The role of Starlake extends beyond adding new office space. Located in Tay Ho Tay, the area offers connectivity to Ba Dinh, Cau Giay, Nam Tu Liem and Noi Bai International Airport, while also being close to high-end residential communities and the foreign professional community.

As it becomes increasingly difficult to add new supply in the CBD, Starlake could become a Non-CBD Grade A office hub, suitable for FDI companies, technology firms, financial institutions, consulting firms and companies requiring large floor plates. The emergence of multiple office projects in this area will help shift Tay Ho Tay from a new urban district into an important office destination in Hanoi over the medium term.

Future Office Supply Is Fully Concentrated in Non-CBD Areas

In the coming period, new Grade A office supply in Hanoi is expected to reach 348,883 sqm NLA. All of this supply is located in Non-CBD areas, mainly concentrated in Xuan Dinh – Tay Ho, Cau Giay and partly in Dai Kim – Hoang Mai.

Notable pipeline projects include Maslight Tower, Catgo Building Office, Parc Hanoi, West Lake Square, B3CC2A, Detech, Time Square Hanoi and Capital One. Among these, Xuan Dinh Ward leads in new supply, with several Grade A projects expected to be completed during 2027–2028.

The concentration of new supply in Non-CBD areas will reshape the competitive landscape of Hanoi’s office market. As multiple Grade A projects enter the market during the same period, occupancy pressure will depend simultaneously on rental rates, building quality, commercial terms, service amenities, green building standards and property management capability.

Competition Is Shifting from Location to Operational Quality

In the previous cycle, central location was the strongest competitive advantage for office buildings. However, with the growth of Non-CBD Grade A supply, the Hanoi office market is entering a broader competitive phase, where tenants evaluate multiple factors before making leasing decisions.

Rental rate remains an important variable, but it is no longer the only criterion. Companies are paying greater attention to total occupancy costs, fit-out costs, handover conditions, rent-free periods, future expansion capacity, workplace quality and employee experience.

For landlords, this requires a more comprehensive competitive strategy. Buildings with stable technical systems, strong property management services, relevant amenities, flexible leasing policies and sustainable operational standards will have a clearer advantage in attracting and retaining high-quality tenants.

Market Outlook: Non-CBD Areas Enter an Acceleration Phase

Overall, the Hanoi office market in Q2 2026 maintained a stable foundation. Office supply increased slightly, rental rates improved across key segments and the Grade A occupancy rate continued to rise.

In the short term, the CBD is expected to maintain its advantage thanks to limited supply, a high occupancy rate and stable demand from traditional tenant groups. However, long-term growth drivers will come from Non-CBD areas, particularly Tay Ho Tay – Starlake, Cau Giay and the western submarkets.

The 2026–2028 period is likely to mark a shift in the Hanoi office market from a city-center-focused model toward a more decentralized office market structure. Within this structure, the CBD will continue to serve as the traditional office core, while Non-CBD areas will take on the role of expanding new Grade A office supply, creating more options for businesses and increasing competitive pressure in terms of operational standards, tenant experience and asset performance across the market.

Updated: Q2 2026 – Data compiled from Maison Office’s internal database

Grade A office supply in Hanoi reached 920,045 sqm in Q2 2026, up 13.4% YoY. This was a notable increase in the context of total market supply rising by only 3.97% YoY, indicating that the Grade A segment is the key driver in the ongoing upgrade of office supply quality in the capital.

This growth was mainly supported by Grade A projects entering the market in the first half of 2026, including Tien Bo Plaza in Ba Dinh, IFC Hanoi and Oriental Square in Xuan Dinh Ward, as well as The Marc 88 in Cau Giay. Together, these projects added approximately 108,724 sqm NLA, significantly expanding the scale of high-quality office supply in Hanoi.

Notably, most new Grade A supply is concentrated in Non-CBD areas. Within the existing Grade A office stock, the CBD maintained approximately 160,002 sqm, while Non-CBD areas reached 760,043 sqm, accounting for more than 82% of total Grade A supply across the market. This structure shows that the Hanoi office market is clearly shifting from a city-center-focused model toward new office hubs in Tay Ho Tay, Cau Giay and the western area.

The expansion of Non-CBD Grade A supply reflects growing demand for buildings with large floor plates, modern technical specifications, professional working environments and more competitive rental costs compared with the city center. In the coming period, as more Grade A projects in Xuan Dinh – Tay Ho, Cau Giay and Hoang Mai enter the market, competition in this segment will depend increasingly on operational quality, commercial terms and the ability to meet the long-term standards of corporate tenants.

Grade B office supply in Hanoi reached 2,653,287 sqm in Q2 2026, up slightly by 1.01% YoY. This modest increase indicates that the Grade B segment is entering a more stable supply phase, while the market’s new development focus is shifting toward Grade A projects in Non-CBD areas.

In the short term, the market has not recorded any significant new Grade B supply. This reflects a trend in which developers are prioritizing higher-quality office projects, particularly outside the city center, where larger land banks remain available and can accommodate corporate demand for larger floor plates.

Although Grade B is no longer the leading segment for new supply growth, it continues to play an important role in Hanoi’s office market. This segment remains suitable for companies that need to control rental budgets, representative offices, service companies, SMEs and tenants that prioritize convenient connectivity but do not yet require Grade A standards.

However, competitive pressure on the Grade B segment is becoming more evident as Non-CBD Grade A supply increases. In some areas, the rental gap between Grade B offices and Grade A offices outside the city center is not too large, encouraging some tenants to consider upgrading to newer buildings with better operational standards, more comprehensive amenities and a more professional image.

In the coming period, the competitiveness of Grade B buildings will depend increasingly on their ability to maintain management quality, improve technical systems, optimize amenities and offer flexible leasing policies. Buildings with good locations, efficient floor plates and reasonable rental costs will still be able to retain stable tenants as the market enters a new competitive cycle.

The Grade A office segment in Hanoi’s CBD recorded an average asking rent of 34.8 USD/sqm/month in Q2 2026, up 4.82% YoY. This remained the highest rent level in the Hanoi office market, reflecting the advantages of central location, limited supply and stable demand from tenants with high requirements for corporate image.

The Grade A CBD occupancy rate reached 91.37%, up 1.7 percentage points YoY. This result shows that the central area continued to maintain strong operating performance, particularly among buildings with prime locations, stable management quality and convenient access to the ecosystem of finance, banking, legal, consulting and professional services.

Notable Grade A office buildings in Hanoi’s central area include Capital Place, Lotte Center Hanoi, Pacific Place, BIDV Tower, International Centre, CornerStone Building, Sun Red River Building and BRG Tower. These office assets benefit from strong locations, operational quality and the ability to attract major tenants, particularly FDI companies, financial institutions, law firms and professional services firms.

In 2026, the CBD has not recorded any new Grade A supply, with 0 sqm added to the market. Limited new supply continues to reinforce the shortage of high-quality office space in the core CBD, thereby supporting rental levels and helping existing buildings maintain high occupancy rates.

The Grade A office segment in Hanoi’s Non-CBD areas recorded an average asking rent of 26 USD/sqm/month in Q2 2026, up 6.12% YoY. This increase shows that office buildings outside the city center are gradually improving their market positioning, supported by new supply with higher standards, larger floor plates and stronger capability to meet corporate operational requirements.

The Non-CBD Grade A occupancy rate reached 81.71%, up 3.43 percentage points YoY. Although still lower than the CBD, this improvement reflects positive absorption in new office areas, particularly as tenants place greater emphasis on reasonable rental costs, flexible leasing terms and long-term expansion capacity.

Future Non-CBD Grade A supply is expected to reach 348,883 sqm NLA, accounting for all new Grade A supply in the Hanoi market. Notable projects include Maslight Tower in Cau Giay with approximately 79,947 sqm NLA, Catgo Building Office in Tay Ho with 15,936 sqm NLA, Parc Hanoi with 45,000 sqm NLA, West Lake Square with 5,500 sqm NLA, and B3CC2A with 65,000 sqm NLA in Xuan Dinh Ward.

In addition, Cau Giay is expected to record further future supply from Detech with approximately 45,000 sqm NLA and Time Square Hanoi with 40,000 sqm NLA. In the southern part of the city, Capital One in Hoang Mai is expected to add around 52,500 sqm NLA. This distribution shows that new Grade A supply is strongly concentrated in Tay Ho Tay – Xuan Dinh, Cau Giay and partly in Hoang Mai, helping expand the Grade A office map beyond the traditional core CBD.

In the coming period, the increase in Non-CBD supply will create more options for FDI companies, technology firms, financial institutions, insurance companies, consulting firms and businesses requiring large floor plates. As multiple Grade A projects enter the market at the same time, competition will depend increasingly on building quality, operational standards, commercial terms, service amenities and the ability to retain long-term tenants.

The Grade B office segment in Hanoi recorded an average asking rent of 16 USD/sqm/month in Q2 2026, up 6.67% YoY. This increase indicates that leasing demand in the Grade B segment remained stable, particularly from companies that need to control rental budgets, prioritize convenient connectivity and maintain reasonable operating costs.

Grade B supply is currently distributed across several key office areas, including Cau Giay, Dong Da, Ba Dinh, Hoan Kiem, Thanh Xuan, Nam Tu Liem and Hai Ba Trung. Notable buildings include VCCI Tower, Geleximco Building, ICON4 Tower, Ngoc Khanh Plaza, Asia Tower, Capital Tower, Diamond Flower Tower and Century Tower. These buildings continue to meet the needs of SMEs, representative offices, service companies and tenants seeking a stable business address at a reasonable cost.

The Grade B occupancy rate reached 83%, down 2.35 percentage points YoY. This movement reflects stronger competitive pressure as Non-CBD Grade A supply continues to increase, creating more options for tenants seeking to upgrade their workplace while maintaining more competitive costs compared with the CBD.

In 2026, the Grade B segment has not recorded any new supply, with 0 sqm added to the market. This shows that the Grade B market is entering a stable phase in terms of scale, while new development activity is increasingly concentrated in Grade A projects in Non-CBD areas. In the coming period, Grade B buildings will need to strengthen their competitiveness by upgrading technical systems, optimizing shared amenities, improving property management quality and maintaining flexible leasing policies.

New Grade A office supply in Hanoi is showing a clear concentration in Xuan Dinh Ward and Yen Hoa Ward. Within the future project pipeline, these two areas lead with approximately 131,436 sqm NLA and 119,947 sqm NLA, respectively. This reflects the ongoing shift of high-end office supply toward areas with larger land banks, more developed infrastructure and stronger expansion potential compared with the traditional city center.

In Xuan Dinh, growth momentum is driven by the Tay Ho Tay – Starlake area, where a new Grade A office cluster is taking shape with projects such as Catgo Building Office, Parc Hanoi, West Lake Square and B3CC2A. This area benefits from integrated urban planning and connectivity to Ba Dinh, Cau Giay, Nam Tu Liem and Noi Bai International Airport, making it suitable for FDI companies, technology firms, financial institutions and professional services companies requiring large floor plates.

Meanwhile, Yen Hoa continues to strengthen its role as one of Hanoi’s western office hubs, with notable projects such as Maslight Tower and Time Square Hanoi. The area benefits from the existing business ecosystem in Cau Giay, particularly among technology, finance, education, commerce and business support services, along with convenient connectivity to the Pham Hung – Duy Tan – Trung Kinh corridor.

The concentration of new supply in Xuan Dinh and Yen Hoa indicates that the Hanoi office market is entering a clearer phase of decentralized development. Over the medium term, these two areas are likely to remain key growth drivers for the Non-CBD Grade A segment, while also helping reshape the capital’s premium office supply map.

Before the administrative boundary adjustment, the Hanoi office market operated under a relatively centralized model, where the Hoan Kiem – Ba Dinh area served as the traditional CBD core. This zone led the market in high-quality supply, premium rental levels, and demand from international tenants. At this stage, the market structure was still heavily centered on the traditional core, with expansion mainly spreading westward but without clearly defined independent office hubs.

Supply concentrated in the CBD and western expansion areas

During this period, Grade A office supply was primarily concentrated in the central area, which hosts landmark buildings and the headquarters of banks, international organizations, law firms, and multinational corporations. Hoan Kiem and Ba Dinh were the two leading districts, functioning as the administrative and financial core of the capital.

In parallel, the western area including Cau Giay, Nam Tu Liem, and My Dinh began to emerge as an expanding supply zone, particularly with large-scale office developments along the Pham Hung – Duy Tan – Cau Giay corridor. However, before the merger, this area mainly played a supporting satellite role to the CBD rather than functioning as an equal growth pole.

As a result, the market structure was essentially dual-centered, but growth momentum still revolved around the traditional core.

Rental prices stratified by location

The market recorded a clear rental price differentiation between central and expansion areas. Grade A buildings in the CBD consistently maintained the highest price segment, while western areas offered more competitive rental levels, providing suitable options for companies seeking larger spaces at optimized costs.

The typical rental range across the market was 10 – 45 USD/sqm/month, with the main variation driven by location, asset quality, and building operational standards.

This pricing stratification clearly reflects the pre-merger market characteristics: the central area represented brand value and corporate image, while expansion zones competed more on cost efficiency.

Tenant structure dominated by high-value industries

Pre-merger leasing demand was primarily driven by finance, insurance, real estate, legal services, international organizations, ICT, and professional consulting sectors. Most large-scale tenants prioritized CBD locations to leverage central positioning, connectivity, and brand visibility.

Meanwhile, the western area began attracting technology firms, outsourcing companies, and expanding enterprises, particularly around the Duy Tan – Cau Giay cluster. However, this demand stream still played a supplementary role within a CBD-centric structure.

This can be considered a “center-led” market phase, where leasing demand remained heavily anchored to the traditional central business district.

Supply expansion axis radiating from the traditional core

Supply growth during this period mainly followed a radial expansion from the CBD toward the west, rather than forming a clear multi-polar structure as seen today. New projects were largely developed along transport corridors and new urban developments extending outward from the central core.

This resulted in a highly concentrated market with low supply dispersion, where competition was still largely determined by location advantages.

According to Maison Office’s observations, this was a phase where “central address” remained the most important competitive advantage for office buildings, while ESG standards, green certifications, and smart building features had not yet become key differentiators as they are in the current cycle.

Key characteristics of the pre-merger market

Overall, the Hanoi office market before the merger can be identified by four main characteristics:

• Key areas: Hoan Kiem, Ba Dinh, Cau Giay
• Rental range: 16 – 35 USD/sqm/month
• Main tenant structure: finance, legal, international organizations, ICT
• Supply development axis: expansion from the traditional core toward western Hanoi

This structure laid the foundation for the post-merger transition phase, where the market gradually moved from a centralized model to a more multi-polar configuration, with emerging growth hubs such as Xuan Dinh and Yen Hoa becoming increasingly prominent.

After the administrative merger, the Hanoi office market has entered a more clearly defined restructuring phase, gradually shifting from a centralized model around the Hoan Kiem – Ba Dinh core to a multi-polar structure. In this new configuration, areas such as Xuan Dinh and Yen Hoa are emerging as key drivers of new supply growth. This change is not only administrative in nature but also reflects a fundamental shift in the capital’s office development map.

If the central area previously played an almost absolute role in driving Grade A supply, the post-merger period has seen the formation of an increasingly evident “expanded CBD” model, where emerging office clusters now share growth responsibilities with the traditional core.

Supply shifting strongly toward new growth poles

One of the most notable post-merger changes is the clear relocation of Grade A supply away from the traditional CBD. Xuan Dinh Ward leads new supply with approximately 131,436 sqm, while Yen Hoa Ward records around 119,947 sqm, making them the two most prominent emerging office clusters in the market.

Growth in Xuan Dinh is driven by the Starlake Tay Ho Tay urban area, which gathers a series of high-quality office projects and is gradually forming a new office hub for Hanoi. Meanwhile, Yen Hoa continues to strengthen its role as a western office nucleus, benefiting from a mature ecosystem of technology firms, professional services, and developed infrastructure connectivity.

This trend indicates that new supply is no longer expanding in a linear spillover from the traditional core, but is instead developing into a clearly multi-polar structure.

Stable pricing structure but increasingly differentiated competition

Following the merger, rental prices remain generally stable; however, competition between areas has become more pronounced. The central core continues to command premium pricing due to its location advantages and symbolic value, while expansion areas are becoming more competitive thanks to modern buildings with CBD-level quality but more cost-efficient pricing.

The typical rental range across the market remains between 10 – 45 USD/sqm/month, but the key differentiation now lies in asset quality and operational experience rather than location alone.

This reflects a clear shift in post-merger competition from location-based competition to quality-based competition.

Tenant structure becoming more diversified

Previously, demand was concentrated in finance, legal services, and international organizations. Post-merger, the tenant mix has become more diversified, with a growing share of ICT companies, FDI enterprises, consulting firms, technology companies, and fast-growing businesses.

In particular, areas such as Xuan Dinh and Yen Hoa are attracting tenants requiring large floor plates, ESG-compliant buildings, modern working environments, and long-term expansion capacity.

According to Maison Office, leasing demand after the merger is no longer purely driven by “central addresses” but increasingly by the balance between cost efficiency, connectivity, and workspace quality.

Supply development shifting from linear expansion to multi-polarization

A key structural change is the transformation of supply development from a linear expansion model radiating outward from the CBD toward the west, into a multi-polar model where several supply clusters coexist and complement each other.

Xuan Dinh represents development driven by integrated urban planning. Yen Hoa represents growth driven by an established business ecosystem. Meanwhile, the traditional CBD continues to play its role as the core of branding and corporate image.

This structure creates a more flexible market and reduces long-term dependence on the central area for growth.

Post-merger market tilts toward tenants

The increase in new supply in expansion areas, along with higher vacancy levels outside the CBD, provides tenants with greater negotiation leverage. Companies now have more options in terms of location, asset quality, and leasing conditions, particularly in the Grade A segment.

More flexible lease terms, fit-out support, rent-free periods, and improved negotiation conditions are becoming more prominent features of the post-merger market.

From a market perspective, this indicates that Hanoi is gradually moving toward a more tenant-favorable environment in certain segments, rather than a landlord-driven market as in the past.

Key characteristics of the post-merger market

Overall, the Hanoi office market after the merger can be characterized by four key elements:

• Key areas: Hoan Kiem Ward, Ba Dinh Ward, Xuan Dinh Ward, Yen Hoa Ward
• Rental range: 16 – 35 USD/sqm/month
• Key tenant structure: Finance, real estate, ICT, FDI, consulting, technology companies
• Supply development axis: Multi-polarization, expanding from the traditional core toward Tay Ho Tay and western Hanoi 

Compared to the pre-merger period, the most significant change is not price levels but market structure from a centralized model to a multi-polar configuration. This also forms the foundation for Hanoi’s office market development trajectory in the 2026–2030 period.

Office Clusters in Hanoi

Based on office building density, supply characteristics, connectivity and tenant demand, Hanoi’s office market can be divided into five main clusters: the traditional CBD, Central Area, West Hanoi, Tay Ho Tay and South Hanoi.

This classification is used for market analysis and office location advisory rather than administrative boundaries. Some areas may overlap geographically or functionally as Hanoi’s office supply continues to expand beyond the traditional core.

This cluster-based approach allows businesses to compare locations by building quality, rent, workforce accessibility and expansion potential rather than relying solely on district or ward boundaries.

Traditional CBD: Hanoi’s commercial and financial core

The traditional CBD is concentrated mainly in Hoan Kiem and Hai Ba Trung, where Hanoi’s premium office stock developed alongside banks, hotels, shopping centers and professional services.

Office supply is concentrated along major central streets such as Tran Hung Dao, Ly Thuong Kiet, Hai Ba Trung and Ngo Quyen, as well as areas surrounding Hoan Kiem Lake. A high concentration of international companies and financial institutions supports the CBD’s role as a key business and transaction center.

The CBD is commonly considered by financial institutions, banks, law firms, audit firms, consultancies and companies that frequently meet clients or international partners. Rental and operating costs are generally higher than in non-CBD locations.

Central Area: the immediate extension of the CBD

The Central Area is concentrated in Ba Dinh and Dong Da, forming a transition zone between the traditional CBD and the western office clusters.

Office supply ranges from Grade A to B+ and B. The area also provides convenient access to government agencies, diplomatic facilities and major routes connecting Hoan Kiem, Cau Giay and Tay Ho.

This cluster suits FDI companies, international organizations, consultancies and professional service firms seeking proximity to the city center with broader choices in floor size and budget than the traditional CBD.

West Hanoi: a major office supply cluster

West Hanoi is concentrated mainly in Cau Giay and Nam Tu Liem, where large-scale modern office developments have expanded alongside Hanoi’s westward urban growth.

The area provides substantial office stock, varied floor plates and more options for companies with large headcounts or future expansion requirements within the same building.

Technology, telecommunications, finance, manufacturing and FDI companies are common tenant groups in West Hanoi. Available land, newer urban developments and access to residential areas in western Hanoi continue to support leasing demand.

Tay Ho Tay: a new growth hub for Grade A supply

Tay Ho Tay, centered around Starlake and Ngoai Giao Doan, is one of Hanoi’s key areas for new premium office development.

Projects in this cluster benefit from integrated urban planning, larger sites, modern floor plates and mixed-use developments combining offices with retail, hotels, residential space and urban amenities.

Tay Ho Tay is suitable for FDI companies, technology and financial firms, and corporations seeking Grade A offices or long-term headquarters locations. The area is also extending Hanoi’s premium office concentration northwest of the traditional CBD.

South Hanoi: balancing space and cost

South Hanoi is concentrated mainly in Thanh Xuan and Ha Dong, with office buildings distributed along major transport corridors connecting central Hanoi with the southwestern part of the city.

Supply is dominated by Grade B+ and B properties, generally at more accessible rental levels than the CBD. Businesses can find a broad range of unit sizes suited to different operating requirements and budgets.

The area is commonly considered by technology, trading, service and SME tenants whose employees are concentrated in Thanh Xuan, Ha Dong or nearby residential districts.

CBD vs. Non-CBD: Hanoi office supply is shifting outward

Hanoi’s Grade A office market shows a clear distinction between CBD and Non-CBD locations. The CBD continues to benefit from its central position, established business concentration and higher occupancy, while most future supply is moving outside the traditional core.

Grade A rents in the CBD are approximately 34% higher than in Non-CBD areas, while occupancy remains above 91%. These figures indicate continued tenant demand for central locations and established business infrastructure.

By contrast, all 348,883 sqm of expected new supply is located in Non-CBD areas. This pipeline indicates that future office development is moving increasingly toward West Hanoi and Tay Ho Tay.

The rental gap also gives occupiers access to newer Grade A buildings at lower rates than the CBD. However, Non-CBD occupancy remains lower as recently completed and upcoming projects require time to be absorbed by the market.

Hanoi is therefore moving from a market concentrated around the CBD and one western pole toward a more clearly multi-polar office structure, with the traditional center remaining the core while new supply hubs expand westward and into Tay Ho Tay.

Which criteria should businesses use when choosing an office cluster?

The right office location depends on a company’s operating model, clients, workforce and budget. Rent is only one part of the decision, as floor efficiency, commuting time and operating expenses can materially affect total occupancy costs.

Financial, legal and consulting firms, or businesses that frequently receive clients, may prioritize the traditional CBD and Central Area. Technology companies, FDI firms and larger occupiers may find West Hanoi more suitable due to its larger and more varied office stock.

Businesses seeking new Grade A offices, integrated urban planning or a long-term headquarters location can extend their search to Tay Ho Tay. South Hanoi is generally better suited to companies prioritizing cost control and access to the workforce in southwestern Hanoi.

Hanoi’s office market is moving toward a multi-polar structure

The traditional CBD remains the market core due to its central location, established commercial environment and concentration of businesses. However, increasing supply in West Hanoi and Tay Ho Tay is changing the city’s office distribution.

Instead of concentrating mainly around Hoan Kiem – Ba Dinh and a single western pole, Hanoi is developing several office clusters with distinct functions and tenant profiles. This creates greater differentiation in rental levels, building quality, floor sizes and workforce accessibility.

Maison Office uses this cluster-based framework to help businesses narrow their search area before comparing individual buildings. Final decisions should be based on actual vacancy, total occupancy costs, commercial terms and on-site inspections at the time of the office search.