Ho Chi Minh City Office Market Overview

The Ho Chi Minh City office market in Q1/2026 continues to maintain a stable scale, while recording clear shifts in supply structure and leasing behavior. Data aggregated from a system of more than 1,700 buildings monitored by Maison Office shows that the market is entering a rebalancing phase, where cost factors, workspace quality, and flexibility play a decisive role.

The market size reaches nearly 8 million sqm

As of Q1/2026, the total office supply in Ho Chi Minh City reached approximately 7,634,080 sqm of floor area, with around 1,700 projects across the market. Compared to the same period last year, supply increased slightly by about 5%, reflecting the entry of new projects during the latest development cycle.

By segment, Grade A office supply reached approximately 994,746 sqm (+11.91% YoY), while Grade B stood at around 2,266,866 sqm (+1% YoY). The remaining share is concentrated in Grade C and small-scale buildings, indicating that the market structure continues to lean toward mid-range and popular office segments.

Stable rental prices with clear regional gaps

Office rental prices in Ho Chi Minh City remained stable in Q1/2026. In the central business district (CBD), average Grade A rental rates reached around $48/sqm/month, marking a slight increase of +1% YoY compared to the same period last year.

In non-central areas, Grade A rental prices averaged approximately $30.41/sqm/month, significantly lower than in the CBD. This gap continues to drive tenant relocation toward emerging submarkets such as Thu Thiem and District 7.

For the Grade B segment, average rental rates stood at around $27.8/sqm/month, reflecting a slight adjustment of -1% YoY. This remains the most accessible segment for domestic enterprises, particularly SMEs.

Occupancy rates under pressure from new supply

Occupancy in central areas reached approximately 88.57%, increasing by +2 percentage points YoY. This reflects the continued resilience of the CBD in attracting tenants with high standards in working environment and corporate branding requirements. However, absorption of new supply remains moderate, indicating a gradual adjustment phase in the market.

In non-CBD areas, occupancy also remained stable at around 88.87%, slightly decreasing by -1% YoY. This trend reflects short-term pressure from newly launched projects, as buildings require additional time to reach stable occupancy levels.

For the Grade B segment, occupancy recorded approximately 86%, down -2.9% YoY, highlighting a clear shift in tenant preferences toward higher-quality workspace environments and upgraded building standards.

New supply concentrated in Grade A and CBD expansion areas

New supply in 2026 continues to focus on the Grade A segment, with total additional space reaching approximately 140,692 sqm, of which the CBD contributes around 32,949 sqm. The remaining supply is distributed across non-central areas, bringing total new supply to 107,743 sqm, reflecting the market’s clear expansion beyond the traditional core.

In the short term, Grade B new supply is expected to reach approximately 14,400 sqm, indicating a continued shift toward higher-quality segments that better meet the demands of FDI enterprises and multinational corporations.

The main pipeline of new developments is concentrated in Sai Gon Ward, with notable projects such as The Kross, contributing to Grade A upgrading within the central area. At the same time, supply expansion is gradually moving toward non-CBD zones, shaping a more multi-centered urban office structure.

Market shift and structural rebalancing

The market shift is no longer a one-way movement from the city center to the outskirts, but is gradually evolving toward a multi-choice structure. Enterprises are increasingly prioritizing flexibility in location selection, cost optimization, connectivity, and building quality. The CBD continues to maintain its role in brand positioning and corporate image, while non-central areas are becoming more attractive for expansion demand and long-term optimization strategies.

The market is tilting in favor of tenants

In the context of rising new supply and still-significant vacancy levels in certain areas, the market is gradually shifting into a tenant-favorable phase. Landlords are becoming more flexible in pricing strategies and lease negotiation terms to improve occupancy rates.

This trend creates more opportunities for tenants to negotiate better lease conditions and select office spaces that align more effectively with long-term business development strategies.

Market outlook: competition driven by quality and user experience

In the medium term, the Ho Chi Minh City office market is projected to shift away from strong expansion in total supply and instead compete on asset quality and user experience. Factors such as green building standards, operational technology, flexibility in space design, and service quality will become key differentiators.

The development of the Thu Thiem area is expected to continue reshaping the market structure, while the traditional CBD maintains its role in brand positioning and corporate prestige.

With a total supply approaching 8 million sqm, the Ho Chi Minh City office market in Q1/2026 is entering a clear restructuring phase, where cost efficiency, space quality, and operational effectiveness increasingly become decisive factors in corporate leasing strategies.

The Grade A office segment in Ho Chi Minh City continues to record positive growth momentum, with total supply reaching 994,746 sqm, equivalent to an increase of +11.91% YoY. Of this, supply is mainly concentrated in the CBD with approximately 748,280 sqm, accounting for 75% of total Grade A stock, while non-CBD areas reach 246,466 sqm. This clearly signals a supply expansion cycle, particularly in emerging areas such as Thu Thiem and Phu My Hung.

New supply is mainly driven by international-standard developments integrating features such as green offices (LEED, WELL), smart building systems, and ESG criteria – factors increasingly prioritized by FDI companies and multinational corporations when selecting headquarters. This trend reflects a shift in leasing standards, with around 73% of Grade A supply now being green-certified buildings, which can achieve rental premiums of 8–10% above the market average.

On the other hand, rising supply is creating short-term pressure on occupancy rates, especially in newly developed areas. However, this also represents a favorable phase for enterprises to restructure office strategies, optimize costs, and access high-quality buildings under more competitive leasing conditions.

According to data and actual transactions recorded through Maison Office advisory services, demand for Grade A offices continues to be driven by key sectors such as ICT, finance and banking (FIRE), manufacturing, and consulting. FDI tenants account for more than 80% of total transactions. Notable deals at The Hallmark (Thu Thiem), Cobi Tower (District 7), and Saigon Centre (District 1) highlight a clear relocation trend, as businesses increasingly prioritize new urban areas with better cost efficiency, synchronized infrastructure, and international-standard operational quality.

The Grade B office segment in Ho Chi Minh City continues to play a core role in the market, with total supply reaching 2,266,866 sqm, reflecting a modest increase of +1% YoY. The relatively stable trend indicates no significant fluctuations in new supply, suggesting that this segment remains in a mature and steady development phase.

Grade B supply is widely distributed across areas such as Binh Thanh, Phu Nhuan, Tan Binh, and the southern districts (District 7), where location advantages support connectivity and flexible accessibility. Buildings in these areas typically offer diversified leasing sizes and layouts, catering to a wide range of tenants from SMEs to expanding enterprises.

According to data from Maison Office, Grade B offices continue to attract a strong tenant base, including domestic companies, outsourcing firms, and SMEs seeking cost-efficient office solutions in prime urban locations. In a market where businesses increasingly prioritize operational efficiency, this segment is becoming a balanced choice between cost control and workspace quality.

The Grade A office segment in the CBD of Ho Chi Minh City in Q1/2026 continues to maintain a stable rental price level, with an average of 48 USD/sqm/month, slightly increasing by +1% YoY. This reflects steady demand across centrally located buildings, particularly from FDI tenants and large enterprises with strong requirements for location and corporate image.

Occupancy rate recorded at 88.57%, up by 2 percentage points compared to the same period last year, demonstrating continued absorption capacity in the CBD despite the ongoing supply expansion cycle. In 2026, the market is expected to add approximately 32,949 sqm of new supply, mainly from high-quality Grade A developments, which creates short-term competitive pressure.

According to Maison Office’s observation, the Grade A segment is gradually shifting toward quality-driven competition, where ESG standards, smart building features, and workplace experience play a more important role than location alone. With total CBD supply reaching 748,280 sqm, this area continues to serve as the core of the market, while also facing increasing diversification from emerging urban submarkets.

The Grade A office segment in non-CBD areas continues to experience competitive pressure, with average rental rates at 30.41 USD/sqm/month, slightly adjusting by -0.5% YoY. This correction is mainly driven by the rising competitive supply from new developments, while also reflecting cost advantages in areas such as Thu Thiem and District 7 compared to the traditional CBD.

Occupancy rate stands at 88.87%, down slightly by -1% YoY, indicating a transitional phase in market absorption as new supply enters the market. In 2026, non-CBD areas are expected to add approximately 107,743 sqm of new supply, representing a significant proportion of Grade A expansion.

According to Maison Office, tenant demand in non-CBD areas continues to increase, particularly from companies prioritizing cost optimization and workspace efficiency. The shift in leasing preferences shows that businesses are no longer focused solely on location, but also consider strategic development potential, operational flexibility, and long-term expansion capacity, strengthening the role of non-CBD areas as emerging office hubs in Ho Chi Minh City.

In Q1/2026, the Grade B office segment continues to maintain stability, with an average rental rate of 27.8 USD/sqm/month, reflecting a slight adjustment of -1% YoY. This movement is influenced by increasing competition from higher-quality segments in the market, particularly new Grade A supply. However, Grade B still maintains a relatively balanced position due to its cost advantages and broad tenant base.

Occupancy rate remains at 86%, down -2.9% YoY, indicating some adjustment as tenants gradually shift toward higher-standard buildings, especially newly developed Grade A projects. Despite this, demand in the Grade B segment remains stable and less volatile compared to premium segments.

In Q1/2026, Grade B supply is estimated at around 14,400 sqm, reflecting a controlled expansion strategy focused on efficiency rather than scale. According to Maison Office, this segment continues to be driven mainly by SMEs, service companies, and growing businesses, playing an important role in maintaining overall stability of the Ho Chi Minh City office market structure.

Sai Gon Ward continues to play a leading role in driving new office supply in 2026, while also serving as a key growth driver for the Ho Chi Minh City market. The supply expansion is largely supported by high-quality Grade A developments, notably The KROSS, which contributes approximately 32,949 sqm of new CBD supply, reflecting strong premium office development in the central area.

In the 2027–2028 period, supply growth is expected to accelerate further as Nam Tu Liem Ward becomes more prominent, supported by projects such as Hong Phu Plaza and Millennial Tower. Meanwhile, non-CBD pipeline supply is projected to reach 107,743 sqm, while Grade A pipeline in the CBD is estimated at 140,692 sqm, indicating that future growth will be increasingly distributed across multiple urban clusters rather than concentrated solely in the traditional CBD.

This shift reflects a clear evolution toward a multi-centric market structure, in which Sai Gon Ward continues to reinforce its role as a central hub, while Nam Tu Liem Ward emerges as a new growth node, offering long-term development opportunities and broader location options for enterprises in their 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.