HCMC Office Leasing Market Outlook 2025
The office leasing market in Ho Chi Minh City has experienced robust and continuous growth in recent years, driven by rapid changes in the demands and working habits of businesses. Specifically, in 2024, the market recorded impressive absorption rates, reflecting the strong development of economic sectors and the increasing demand for modern facilities. Based on this foundation, it is expected that in 2025, the office market in Ho Chi Minh City will witness significant milestones in both supply and leasing demand.
See more: Hanoi Office Leasing Market Outlook 2025
Table of Contents
1. Overview of the Ho Chi Minh City Office Leasing Market in 2024
In 2024, the office leasing market in Ho Chi Minh City witnessed remarkable growth, with a total absorption area of 96,400m² in the first nine months of the year—marking the highest level in over a decade. The trend towards choosing premium office spaces, especially buildings with green certifications, has contributed to this boom. Key projects such as Marina Central Tower, Riverfront Financial Centre, The Nexus, Daikin Tower, The Hallmark, The Mett, and others have quickly become “beacons” attracting tenants thanks to their modern design, sustainability, and flexible leasing policies, thus appealing to both domestic and international businesses.
The demand for office spaces remains concentrated primarily in the IT, pharmaceutical, banking, and high-tech sectors. Companies are not only seeking high-class working environments but also placing high demands on smart solutions and sustainable working conditions. Along with the strategic location advantages of District 1 and District 7, Thu Duc City has emerged strongly with a series of international-standard projects, while Tan Binh District continues to impress with its proximity to the international airport and modern buildings, meeting diverse tenant needs.
Despite the rapid growth rate, office rental prices in Ho Chi Minh City remain stable due to smart strategies from developers, such as offering free rent during the initial phase or providing fit-out cost support. As a result, the market maintains a high occupancy rate while ensuring long-term asset value. With the continuous introduction of high-end office projects and stable demand from key economic sectors, Ho Chi Minh City is increasingly reinforcing its role as a dynamic, leading commercial hub in Southeast Asia.
2. Potential for the Development of the Ho Chi Minh City Office Market
The Ho Chi Minh City office market is experiencing a strong surge, fueled by the increasing leasing demand from both domestic and international businesses. In 2024, a net absorption area of 96,400 m² marked a significant milestone, clearly reflecting the trend of business expansion, particularly in the technology, finance, and manufacturing sectors. The rise of advanced office buildings, with smart designs and green certifications, further enhances the attractiveness of the market.
Additionally, with the increasingly developed transportation infrastructure, exemplified by the completion of Metro Line 1, areas such as Thu Duc and District 7 have gained momentum. This shift opens up golden opportunities for both investors and tenants, painting a bright future for the office market in Ho Chi Minh City. With the current growth momentum, Ho Chi Minh City continues to solidify its position as the economic leader of the region, ushering in a new chapter of sustainable and prosperous development.
3. Forecast for the Ho Chi Minh City Office Market in 2025
In 2025, the Ho Chi Minh City office market is expected to experience several notable changes, shaped by the increase in new supply, shifts in tenant demand, as well as rental price factors and the impact of technology. These factors will continue to influence market competition, opening up new trends in the industry.
3.1 New Supply Trends
In 2025, Ho Chi Minh City is projected to add 165,000m² of new office supply, with several major projects in both central and non-central areas of the city. This significant supply increase will expand the total office space available for lease in the market.
From 2026 to 2029, the city is expected to see an average of 85,000m² of new office space annually, primarily focused on emerging areas like Thu Thiem New Urban Area and Phu My Hung. These areas are increasingly establishing themselves as new office hubs, complementing the existing central business district. However, with this large influx of supply, the vacancy rate in the market is projected to rise sharply, reaching 24% in 2025 and potentially remaining at 24%-26% until 2029.
3.2 Tenant Demand and Preferences
The absorption rate of Class A office spaces in Ho Chi Minh City is forecasted to remain stable in 2025, as large enterprises in sectors such as technology, pharmaceuticals, finance, and banking continue to represent a significant portion of the demand. Tenant preferences are shifting towards flexible, modern workspaces with green certifications, reflecting the growing emphasis on sustainable and environmentally friendly spaces. Despite the rise in new supply, the office market will benefit from the economic recovery, with businesses continuing to seek smart office solutions to enhance operational efficiency and attract talent.
3.3 Rental Prices and Market Competition
Office rental prices in Ho Chi Minh City are expected to increase by approximately 5% in 2025, which is considered the highest increase in the period from 2024 to 2029. However, from 2026 to 2029, average rental prices will stabilize, with annual changes of less than 1%, around 0.4%-0.5%. This slow growth in rental prices is mainly due to the pressure from the constant influx of new supply, especially in non-central areas.
The competition between developers will intensify as vacancy rates remain high. Incentive policies such as initial rent-free periods and fit-out cost support may become more widespread to attract tenants and maintain high occupancy rates amidst abundant supply.
3.4 Technology and Future Office Models
Technology will continue to play a key role in shaping the future office model in Ho Chi Minh City. New office buildings are expected to integrate more intelligent solutions, ranging from space management via IoT (Internet of Things) technology to energy optimization and reduced operational costs.
Flexible office models such as coworking spaces and hybrid offices will become dominant trends, meeting the rapidly changing market demands. At the same time, the demand for spaces that enhance the working experience, optimize health, and improve employee productivity will continue to grow, raising the standards of office projects in the future.
2025 will mark a significant turning point in the development of the Ho Chi Minh City office market. With a strong increase in supply, intense competition, and changing tenant preferences, the market will not only face challenges but also encounter opportunities to expand its reach in the regional landscape. Modern technology, future office models, and sustainable development strategies will be key factors enabling the market to adapt and thrive in the long term.
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