Ho Chi Minh City Office Market Overview

Ho Chi Minh City’s office market remained stable in Q2 2026, with modest supply growth, rental rates diverging by segment and occupancy improving across key areas. As companies become more cautious about operating costs, office leasing decisions are shifting from simple rental rate comparisons to a broader assessment of total occupancy costs, building quality and long-term space efficiency.

Ho Chi Minh City Office Supply Expands Selectively

Total office supply in Ho Chi Minh City reached 7,702,957 sqm in Q2 2026, up 0.9% compared with Q1 2026 and 4.4% year-on-year. This moderate increase indicates that the market is expanding selectively, with a stronger focus on absorption capacity, tenant redistribution and supply quality competition rather than rapid growth in new floor area.

Grade A supply reached 994,746 sqm, of which the CBD accounted for 748,280 sqm and Non-CBD areas recorded 246,466 sqm. The Grade B segment reached 2,266,866 sqm, continuing to meet a large share of actual leasing demand from SMEs, representative offices, service companies and businesses that need to control budgets while maintaining a professional working environment.

Office Rental Rates Diverge by Quality and Location

Office rental rates in Ho Chi Minh City continued to diverge clearly by segment and location in Q2 2026. In the CBD, Grade A rents remained at USD 48/sqm/month, up 0.69% year-on-year. Although the increase was limited, it reflects the stable pricing power of the core CBD, where the financial-commercial ecosystem, partner networks and corporate image advantages remain highly concentrated for companies headquartered in the city center.

Grade A Non-CBD rents reached USD 31.38/sqm/month, up 2.52% year-on-year, highlighting the growing appeal of new office hubs outside the CBD, such as Thu Thiem, District 7 and selected near-CBD areas. Meanwhile, Grade B rents declined slightly to USD 27.5/sqm/month, creating more options for companies seeking to optimize total occupancy costs while maintaining stable operational quality.

Occupancy Rates Reflect Actual Market Absorption

The Grade A CBD occupancy rate reached 89.47%, increasing 1.01% compared with Q1 2026 and 1.31% year-on-year. This represents a positive occupancy level in the context of high CBD rents, indicating that tenants in finance, banking, law, consulting, technology, FDI and multinational corporations continue to prioritize a presence in the core CBD.

Grade A Non-CBD recorded an occupancy rate of 88.39%, down slightly by 0.54% quarter-on-quarter but still up 0.09% year-on-year. This movement reflects a certain absorption lag in Non-CBD areas, as tenants require more time to evaluate transport connectivity, surrounding amenities and employee mobility. The Grade B segment reached 87.4%, up 1.63% quarter-on-quarter, showing that reasonably priced office buildings continue to maintain solid demand.

The Market Structure Is Shifting Toward a Multi-Nodal Model

Ho Chi Minh City’s office market is shifting from a model concentrated mainly in the traditional CBD toward a more multi-nodal structure. Sai Gon Ward continues to serve as the financial-commercial core, where Grade A buildings, premium Grade B buildings and tenants prioritizing brand positioning are highly concentrated.

At the same time, An Khanh/Thu Thiem is emerging as a new growth hub for the Grade A segment, supported by the orientation to develop the Ho Chi Minh City International Financial Center. Tan My/District 7 continues to strengthen its role as the southern office hub, suitable for companies requiring large floor plates and connectivity to the southern area. Binh Thanh, Phu Nhuan and Tan Binh continue to serve as near-CBD locations for companies seeking a balance between rental costs, accessibility and workspace quality.

Grade A Segment Diverges Between New and Older Buildings

The Grade A segment is no longer viewed as a uniform category. New-generation Grade A buildings have clearer advantages thanks to large floor plates, column-free or low-column layouts, modern technical systems, green standards such as LEED and WELL, high energy efficiency and the ability to support flexible working models.

By contrast, older buildings that have been operating for many years will face greater competitive pressure if their floor plates are fragmented, technical systems are outdated, employee-support amenities are limited or ESG requirements from international companies are not yet met. As a result, competition in the Grade A segment in the coming period will be shaped by operational quality, space efficiency and the ability to upgrade the workplace experience, rather than location alone.

Grade B Segment Maintains Its Role as a Market Balancer

With a scale of 2,266,866 sqm, Grade B offices continue to play a balancing role in Ho Chi Minh City’s supply structure. This segment remains suitable for SMEs, service companies, domestic enterprises, representative offices and businesses that need to optimize costs while maintaining a stable working environment.

In Q2 2026, Grade B rents declined slightly, while occupancy increased quarter-on-quarter, reflecting solid absorption among buildings that meet actual market needs. However, as future Grade B supply continues to enter the market, existing buildings will need to improve property management services, shared amenities, parking facilities, technical systems and leasing policies to maintain competitiveness.

Future Office Supply in 2026F–2028F

According to Maison Office data, future office supply in Ho Chi Minh City during the 2026–2028 period is expected to add approximately 242,472 sqm of NLA, including 140,692 sqm of Grade A offices and 101,780 sqm of Grade B offices.

New supply will be concentrated mainly in Sai Gon Ward, An Khanh/Thu Thiem, Tan My/District 7, Thu Duc and selected near-CBD areas, indicating that the market structure will continue to shift toward a multi-nodal model.

A notable point is that future Grade A supply is no longer concentrated solely in the traditional core CBD. Alongside The Kross in Sai Gon Ward, projects such as TD Tower, Hong Fu Plaza, Millennial Tower and Parc Tower highlight the expanding role of Non-CBD areas in providing large floor plates, new buildings and modern operational standards.

In the Grade B segment, new supply will be significant thanks to projects such as OPUSK, Metro IX and One Hub 2. These projects will broaden options for companies seeking offices with good operational quality, convenient connectivity and more competitive rental costs compared with Grade A buildings. In the coming period, competition between buildings will focus more on handover quality, amenities, leasing policies and the ability to meet tenant expansion needs.

HCMC IFC and Long-Term Impacts on the Office Market

The formation of the Ho Chi Minh City International Financial Center, or HCMC IFC, is one of the factors that could reshape the office market over the medium and long term. HCMC IFC is oriented to connect the existing city center with Thu Thiem and the Saigon River corridor, with the goal of positioning Ho Chi Minh City as a regional financial gateway by 2030.

According to market materials, the IFC area is forecast to potentially add a cumulative 800,000 sqm of Grade A supply by 2030. This will provide an important foundation for attracting financial institutions, investment funds, fintech companies, law firms, audit firms, consulting firms and international businesses. For Thu Thiem, the key advantages lie in new-generation office supply, improving urban infrastructure and the potential to form a financial-professional services ecosystem large enough to compete with the traditional CBD.

Tenant Trends: From Floor Area to Operational Efficiency

Office leasing demand in Ho Chi Minh City is shifting from the mindset of “leasing enough space” to “leasing space that creates operational value.” Companies now evaluate offices based on their ability to support collaboration, optimize productivity, retain employees and enhance corporate image, rather than simply comparing area and rental rates.

This shift makes factors such as large floor plates, flexible layouts, interaction areas, shared meeting rooms, natural light, ventilation, indoor air quality and green standards increasingly important. According to surveys summarized in market materials, 92% of companies prioritize spaces that support collaboration, 84% consider employee experience an important factor and 64% prioritize buildings with green and sustainable standards.

Tenants Are Becoming More Selective in Leasing Decisions

Office tenants in Ho Chi Minh City are assessing landlord-provided amenities more carefully. Criteria such as 24/7 security, backup power, parking, property management services, air quality, IT infrastructure, high-speed internet and flexible work-support spaces have a greater influence on leasing decisions.

Competition between buildings is therefore shifting from rental rates to operational capability, business-support amenities and the ability to create a better workplace experience for employees. Buildings with stable operations, comprehensive amenities and strong technical systems will have an advantage in attracting high-quality tenants, particularly FDI companies and professional service firms.

Health, Wellbeing and ESG Become New Competitive Criteria

Employee health, workplace wellbeing and sustainability are becoming part of corporate office strategies. Factors such as green buildings, energy efficiency, air quality, mental wellbeing-oriented design, quiet zones and collaboration areas are receiving more attention during the building selection process.

In Vietnam, ESG in office real estate is still in the early stage of development, but this trend will become increasingly clear as international companies raise their requirements for emissions reporting, workplace environment and operational standards. Buildings with green certifications, energy management systems and good air quality will be better positioned to sustain long-term competitiveness.

Outlook for Ho Chi Minh City’s Office Market in H2 2026

In the second half of 2026, Ho Chi Minh City’s office market is expected to remain stable, although competition will deepen across each segment. Average rental rates are unlikely to fluctuate sharply, while commercial terms, rent-free fit-out periods, handover conditions and tenant support capabilities will become key differentiators between buildings.

For office tenants, this is a suitable time to review space requirements, reassess total budgets and compare location options before current leases enter the renewal stage. Companies planning new leases, expansions or office restructuring within the next 6–12 months should begin market surveys early to gain more negotiation advantages and better control potential risks during relocation or fit-out.

Ho Chi Minh City’s office market in the coming period will be shaped by three key trends: HCMC IFC will unlock new demand from finance, technology and professional services; building quality will become a more distinct competitive factor; and tenants will increasingly prioritize flexible, modern and human-centric workplaces. In this context, office leasing decisions should be approached through market data and long-term operational strategy, rather than as a reactive process when the current lease is close to expiry.

The Grade A office segment in Ho Chi Minh City maintained total supply of 994,746 sqm in Q2 2026, up 9.58% compared with the same period last year. Of this, the CBD accounted for 748,280 sqm, representing approximately 75% of total Grade A supply and increasing 13.16% YoY; while Non-CBD areas reached 246,466 sqm, with no significant change recorded compared with the same period.

Grade A supply remains primarily concentrated in the core CBD, where premium office buildings, a well-developed financial-commercial ecosystem and strong business connectivity are highly concentrated. This continues to be the preferred location for FDI companies, financial and banking institutions, law firms, consulting firms, technology companies and multinational corporations that need to maintain a central business presence.

In Non-CBD areas, current supply remains smaller in scale, yet its role in the market’s long-term expansion strategy is becoming increasingly evident. Areas such as Thu Thiem, District 7 and selected emerging office corridors benefit from larger land banks, large floor plates, improving infrastructure and the potential to develop next-generation office buildings based on green standards, smart office solutions and international operating models.

The Grade B office segment in Ho Chi Minh City recorded total supply of 2,266,866 sqm in Q2 2026, edging up 0.14% compared with the same period last year and remaining largely stable compared with Q1 2026. With a significantly larger scale than Grade A, Grade B continues to serve as the core segment by floor area, meeting the majority of actual leasing demand in the market.

Grade B supply is widely distributed across the CBD, near-CBD areas and emerging office corridors such as District 3, Binh Thanh, Phu Nhuan, Tan Binh, District 7 and Thu Duc City. This segment is well suited to SMEs, service companies, trading firms, logistics operators, technology companies, representative offices and expanding enterprises that need to maintain control over leasing budgets.

As Grade A rents remain at high levels, the Grade B segment plays a balancing role in the market, supported by more reasonable costs, diverse locations and improving operational quality. Many existing Grade B buildings have upgraded technical systems, common areas, amenities, parking facilities and property management services to better meet the requirements of modern tenants.

The Grade A CBD office segment in Ho Chi Minh City recorded an average rental rate of USD 48/sqm/month in Q2 2026, up 0.69% YoY. The occupancy rate reached 89.47%, increasing 1.31% YoY. Leasing demand in the CBD remained stable, mainly driven by banking and financial institutions, law firms, consulting firms, technology companies, FDI enterprises and multinational corporations.

The CBD continues to serve as Ho Chi Minh City’s premium office core, supported by its central location, strong business connectivity and concentrated financial-commercial ecosystem. As high-quality Grade A supply in the city center remains limited, rental levels in this area have remained more stable compared with Non-CBD locations.

By the end of 2026, new Grade A CBD supply is expected to be added through The Kross, a Grade A office building located at 3A–3B Ton Duc Thang Street, Sai Gon Ward. The project has a scale of approximately 32,949 sqm and is scheduled for completion in October 2026, contributing additional premium office options to the core CBD.

The entry of The Kross is expected to intensify competition in the Grade A CBD segment, particularly in terms of handover quality, leasing policies, rent-free fit-out periods and the ability to accommodate large office requirements. However, with the current occupancy rate approaching 90%, new supply is more likely to drive tenant redistribution among premium buildings rather than create strong downward pressure on rents in the short term.

The Grade A Non-CBD office segment in Ho Chi Minh City recorded an average rental rate of USD 31.38/sqm/month in Q2 2026, up 2.52% YoY. The occupancy rate reached 88.39%, edging up 0.09% YoY. According to Maison Office data, Non-CBD areas continued to maintain stable absorption, supported by cost advantages, larger floor plates and more competitive leasing conditions compared with the core CBD.

New Grade A Non-CBD supply is expected to reach 107,743 sqm, concentrated in areas that are expanding their role within Ho Chi Minh City’s multi-nodal office market structure. Notable projects include Hong Fu Plaza and Millennial Tower in Tan My Ward, District 7; Parc Tower in Tan Dinh Ward; and TD Tower in An Khanh Ward, District 2.

The increase in Grade A Non-CBD supply highlights the growing importance of decentralized office hubs such as District 7, An Khanh/Thu Thiem and selected near-CBD areas. These locations are becoming notable alternatives for companies seeking Grade A office standards while optimizing total leasing costs, usable area and future expansion capacity.

With rental rates significantly lower than Grade A CBD offices, the Grade A Non-CBD segment remains suitable for FDI companies, technology firms, trading businesses, logistics operators and professional service providers. In the coming quarters, competition in this segment is expected to focus more on operational quality, green building standards, on-site amenities and leasing policies, rather than rental rates alone.

The Grade B office segment in Ho Chi Minh City recorded an average rental rate of USD 27.5/sqm/month in Q2 2026, down 2.07% YoY. The occupancy rate reached 87.4%, decreasing 1.32% YoY but increasing 1.63% compared with Q1 2026. This movement reflects an improvement in short-term leasing demand, although rental levels remain under downward adjustment pressure compared with the same period last year.

With lower costs than Grade A offices, wider supply distribution and more diverse locations, Grade B continues to be a suitable segment for SMEs, service companies, trading firms, logistics businesses, technology companies, representative offices and expanding enterprises. These tenant groups tend to carefully evaluate total occupancy costs, management fees, fit-out expenses and operational stability.

New Grade B supply is expected to reach 101,780 sqm, concentrated in Non-CBD and near-CBD areas. Notable projects include OPUSK in Thu Thiem, Metro IX in Thu Duc Ward, One Hub 2 in Tang Nhon Phu Ward, the 28 Phan Dinh Giot building in Tan Son Hoa Ward and a Grade B project in Sai Gon Ward.

In the coming quarters, competition in the Grade B segment is expected to become more evident between existing buildings and new supply. Buildings with flexible floor plates, good handover quality, convenient parking, stable property management and competitive leasing policies will have an advantage in attracting businesses that need to optimize budgets while maintaining workspace quality.

Sai Gon Ward continues to lead new office supply in 2026, while remaining the established administrative and financial core of Ho Chi Minh City. Additional supply in this area is mainly driven by high-quality Grade A projects, notably The Kross, which is expected to add approximately 32,949 sqm of new office space to the CBD. This further strengthens Sai Gon Ward’s position in the premium office segment, where demand remains concentrated among finance, banking, legal, consulting, technology firms and multinational corporations.

Entering the 2027–2028 period, supply growth momentum is forecast to shift more clearly toward Non-CBD areas, particularly Tan My Ward, with projects such as Hong Fu Plaza and Millennial Tower. In parallel, the An Khanh/Thu Thiem area and Tan Dinh Ward are also expected to record new Grade A projects, including TD Tower and Parc Tower. Total future Grade A supply in Non-CBD areas is projected to reach 107,743 sqm, while the total Grade A pipeline across the market is estimated at approximately 140,692 sqm.

This shift indicates that the Ho Chi Minh City office market is evolving toward a more clearly multi-nodal structure. Sai Gon Ward continues to serve as the core for brand positioning, the financial-commercial ecosystem and corporate prestige, while Tan My Ward, An Khanh/Thu Thiem and near-CBD areas provide broader options for companies seeking large floor plates, new buildings, modern operating standards and more competitive rental costs for long-term leasing strategies.

The Ho Chi Minh City office market is evolving toward a multi-polar structure, where the traditional CBD continues to play a core role, while both supply and leasing demand are gradually shifting toward new growth hubs.

HCMC office market structure Pre-merger

This phase marks a transition from a centralized model to a multi-nodal structure, where new growth hubs are gradually forming alongside traditional central areas. Thu Thiem, Nam Tu Liem, and surrounding districts begin to emerge in parallel with the CBD, indicating a clear shift in spatial distribution and market dynamics.

The traditional CBD, including District 1 and District 3, still plays a central role in concentrating high-quality Grade A supply. At the same time, eastern expansion areas continue to develop, supported by new demand flows moving outward from the city core, reflecting a more diversified market structure.

Leading CBD buildings during this period include:

During this period, demand for office space in the CBD is mainly driven by brand presence, financial connectivity, and corporate credibility rather than cost optimization. This is also the reason why rental prices in the CBD tend to remain relatively high and more stable compared to other areas of the city.

The distribution of office supply across different sub-centers continues to reflect a gradually decentralizing market structure.

This structure shows that, prior to the merger, Ho Chi Minh City’s office supply was no longer concentrated exclusively in the traditional CBD but had started to distribute across multiple functional hubs. This forms the foundation for a clearer multi-polar model in the subsequent phase.

Formation of cbd expansion corridor

Alongside the central core, Binh Thanh and Phu Nhuan are gradually emerging as an “expanded CBD”, absorbing spillover demand from surrounding districts and benefiting from stronger inter-district connectivity.

This phase also marks the rise of Grade B buildings along Nguyen Huu Canh, Dien Bien Phu, and Nguyen Van Troi corridors.

Actual data from Maison Office for the 2024–2025 period records significant transaction volumes in these areas, particularly from technology, logistics, and professional services sectors.

Thu Thiem Pre-merger: Formation of a new-gen CBD

Even before administrative restructuring, Thu Thiem was no longer viewed as a mere extension of District 2, but increasingly recognized by the market as a future office hub.

A key distinction of Thu Thiem lies not in price level, but in the quality of new supply, with larger floor plates, stronger ESG compliance, and better suitability for corporate consolidation demand from large enterprises.

This represents a structural difference compared to the traditional CBD, which is more constrained by land availability and long-established development patterns.

South Saigon and the emergence of District 7 office hub

Unlike the traditional CBD, which is mainly driven by financial and professional services, the District 7 office market is largely shaped by urban development dynamics and corporate operational efficiency. Demand here is strongly influenced by Korean FDI companies and manufacturing supply chains, creating a distinct tenant ecosystem compared to the central districts.

Key buildings in the area:

This also forms the foundation for District 7 to gradually develop into an independent office sub-market, relatively detached from the traditional CBD structure.

Office Market Structure Pre-merger From An Operational Perspective

From a pure data perspective, the pre-merger market can be understood as a three-layer structure:

This is an important point, as many post-merger interpretations tend to view the market as multi-polar, while in reality this structure had already been formed earlier and was not yet redefined under the new administrative boundaries.

Leasing trends before merger begin to shift

Prior to the merger, office leasing trends in Ho Chi Minh City began shifting from a primary focus on central location advantages toward a more balanced evaluation approach. While District 1 and District 3 remained key areas for brand positioning and corporate presence, many tenants increasingly considered total occupancy costs, space efficiency, operational performance, and workplace experience.

This shift gradually stimulated demand expansion into non-CBD areas such as Binh Thanh, Phu Nhuan, District 7, and Thu Thiem, where improved pricing advantages and newer building quality provided stronger value propositions. Key criteria such as green building standards, tenant amenities, and operational flexibility became more influential in leasing decisions.

From Maison Office’s perspective, this period marks the transition from a location-driven leasing model to a workplace strategy-driven model, laying the foundation for stronger multi-centre development and more diversified demand distribution in the post-merger phase.

Maison office perspective: The market was already in a phase transition before the merger

From a deeper perspective, the pre-merger period was not simply a phase preceding an administrative change, but a stage where the Ho Chi Minh City office market had already begun shifting in its structural development cycle. These signals were reflected in the traditional CBD gradually reaching supply constraints, while new Grade A developments started moving beyond the old core, particularly in Thu Thiem and expansion zones.

At the same time, tenant demand also evolved, shifting from a location-first mindset to a stronger focus on operational efficiency, building quality, and workspace strategy. This simultaneous shift in both supply and demand laid the foundation for a multi-polar model that had already begun forming before the merger, rather than emerging only afterward.

From Maison Office’s viewpoint, the subsequent administrative adjustment primarily served to reframe the market more clearly, rather than create an entirely new structure. Therefore, when looking back at the Ho Chi Minh City office market before the merger, the key insight is not only where the center was located, but how office hubs had already evolved and differentiated prior to any changes in administrative boundaries.

The administrative merger of wards is creating changes that go beyond administrative factors, impacting how the Ho Chi Minh City office market is segmented, priced, and how supply is absorbed. In the context of total supply reaching 7.63 million sqm as of Q1/2026, the key trend is not only the growth of Grade A offices, but also a shift toward a multi-polar structure, with Thu Thiem and non-CBD clusters playing an increasingly important role.

Repositioning the CBD structure after the merger

For many years, the Ho Chi Minh City office market operated under a centralized structure, with District 1 and parts of District 3 acting as the core financial and commercial hub. This area concentrates the majority of Grade A supply, the highest rental price levels, and the leading occupancy rates in the market. This structure was formed based on limited central land availability, concentrated demand from FDI tenants, and the historical advantage of the traditional CBD.

After the merger, this structure has not disappeared but is being expanded. The concept of the office center is no longer limited to the traditional core but is shifting toward a multi-center model, where Sai Gon Ward and Ben Thanh Ward continue to serve as the traditional nucleus, while An Khanh Ward is gradually emerging as a new growth hub of the office market.

This change brings Ho Chi Minh City closer to the structure of mature global cities, where multiple commercial centers coexist instead of relying on a single dominant core.

Supply is not only expanding but also fragmenting

Data for Q1/2026 shows that total office supply in Ho Chi Minh City reached 7.63 million sqm, up +5% YoY. Within this, Grade A supply reached 994,746 sqm (+11.91% YoY), while Grade B reached 2,266,866 sqm (+1% YoY).

A notable highlight is the strong growth bias toward higher-quality assets, particularly in central areas, where Grade A supply in the CBD increased by +13.16%, significantly higher than the +8.29% growth recorded in non-CBD areas.

These figures indicate that the market is not only expanding in scale but also clearly diversifying in quality tiers. Grade A assets in central locations continue to lead price levels, while new supply clusters, especially Thu Thiem, are increasing competition through higher standards of green certification and operational quality. In contrast, Grade B buildings remain under pressure due to pricing competition.

This structural shift shows that competition in the office market is moving away from purely location-based advantages toward a stronger emphasis on asset quality and positioning strategy.

Thu Thiem is shifting from a new supply area into a new office hub

One of the most notable changes after the merger is the evolving role of Thu Thiem. Previously viewed mainly as an extension of the traditional CBD, the area is now gradually being repositioned as a new office hub, competing through asset quality rather than cost advantages.

This shift is clearly reflected in the emergence of next-generation Grade A buildings, characterized by large floor plates, green building standards, and high-quality operational management.

Key buildings in Thu Thiem area

The presence of these projects indicates that Thu Thiem is no longer just an expansion supply zone, but is progressively forming a new growth pole, attracting an increasing number of FDI, financial, and technology enterprises.

Rental prices are being formed under a new logic

One of the most important changes after the merger is not short-term rental fluctuations, but the way price benchmarks are being formed.

Previously, office rental prices were primarily tied to central location advantages. Today, pricing mechanisms are increasingly driven by asset quality, operational efficiency, green building standards, and infrastructure connectivity.

This explains why some non-CBD buildings, especially in Thu Thiem, can still maintain competitive rental levels compared to central areas. The pricing advantage in the market is gradually shifting from location-based factors to asset quality, reflecting a structural change in how office rental prices are established.

Maison Office Insight

The ward merger does not create a new market, but it is actively rewriting the value map of the existing one.

If the previous phase of Ho Chi Minh City was driven by a concentrated CBD model, the current cycle is opening a multi-centre structure where several hubs share growth roles, with clearer supply stratification and continuous redefinition of price benchmarks.

From Maison Office’s perspective, this is a period where businesses need to reassess their location strategy, as advantages in the new cycle may no longer come from choosing the most expensive address, but from selecting the right asset that aligns with long-term operational and growth objectives.