Hanoi's new office supply expected bet88 slot reach 24,500 sq m in 2025

Hanoi is expected bet88 slot welcome new office supply of 24,500 sq m in 2025, according bet88 slot Cushman & Wakefield, a global real estate services firm.

In 2024, the capital city witnessed the office supply of some 35,000 sq m.

On average, Hanoi’s total stock will grow by at 7.7% per annum through the 2025–2029 period.

Net absorption is forecast bet88 slot reach around 40,400 sq m by the end of 2024, mainly thanks bet88 slot leasing demand from tenants looking bet88 slot capitalize on market conditions with better negotiation advantages and better offers.

In 2025 and 2026, the vacancy rate will gradually ease bet88 slot around 23% bet88 slot 24% as demand starts bet88 slot recover. Starting from 2027, the vacancy rate will climb bet88 slot 27% or 28% due bet88 slot the influx of new supply.

Primary leasing activities still came from key industry sectors such as banking, manufacturing, IT/technology, insurance, and logistics.

Rents are expected bet88 slot increase only slightly, by 0.2% by the end of 2024. Accordingly, the citywide average gross rent is projected bet88 slot reach per sq m per month. Landlords are open bet88 slot negotiations with tenants. These adjustments and incentives are designed bet88 slot attract new tenants bet88 slot fill vacant space and bet88 slot facilitate leasing of remaining available areas.

Rents are expected bet88 slot increase at around 1.7% bet88 slot 2.2% in 2025-2026 with the influx of new supply. From 2027, rent growth is projected bet88 slot be at around 1.0% per year.