Ho Chi Minh City office rents hold steady as landlords compete on value
Improved leasing activity and selective supply expansion signal resilient demand, while competition on quality and flexible terms may limit near-term rental increases, particularly for older buildings.
Ho Chi Minh City office rents remained broadly stable in Q3 2026, with monthly Grade A CBD rents ranging from US$50 to US$55 per square metre.
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Monthly Grade A rents in the CBD ranged from USD50 to USD55 per square metre.
Ho Chi Minh City's office market saw improved leasing activity in Q3 2026, driven by business expansion, relocations and workplace restructuring, while rental rates remained broadly stable as landlords competed on building quality and leasing flexibility, according to Avison Young.
The property consultancy said tenant demand was becoming more diversified, with manufacturing, industrial, healthcare, fast-moving consumer goods (FMCG) and foreign direct investment (FDI) companies supporting leasing activity alongside traditional occupiers in finance, technology and professional services.
Tenants are increasingly assessing space efficiency, building quality, amenities, connectivity, technology infrastructure and the overall working environment, rather than focusing solely on location and floor area. Avison Young noted that businesses are placing greater emphasis on optimising office space and costs instead of pursuing expansion alone.
On the supply side, high-quality office developments continued to progress. OpusK in Thu Thiem topped out in late Q3 2026, marking further progress on the mixed-use project, which includes Grade A+ office space.
Office rents remained largely unchanged from the previous quarter. Grade A rents in the central business district (CBD) ranged from US$50 to US$55 per square metre per month, while non-CBD locations recorded rents of around US$45 to US$50 per sqm per month. Average Grade B rents in the CBD stood at approximately US$33.50 per sqm per month.
According to Avison Young, well-occupied, high-quality buildings were generally able to maintain rental levels, while older properties increasingly offered flexible leasing terms to remain competitive.
Leasing activity during the quarter was largely centred on lease renewals, changes in office size and relocations between buildings, rather than significant rental adjustments. Some landlords offered rent-free periods and fit-out support, while existing buildings upgraded common areas, improved amenities and enhanced operational standards to retain and attract tenants.
Avison Young's assessment points to a market increasingly focused on space efficiency and workplace quality, with leasing terms, service standards and building performance becoming more important differentiators as office supply expands selectively.