Ho Chi Minh City to add 233,000 sqm of office space by 2030
The sizeable pipeline and tenants’ preference for new premium space could intensify competition, pressuring existing landlords to adjust rents and leasing strategies to retain occupiers.
Ho Chi Minh City’s Grade A office pipeline includes over 32,000 sq m in H2 2026 and a further 233,000 sq m between 2027 and 2030.
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Only one major project will add over 32,000sqm in H2 2026.
Ho Chi Minh City's Grade A office market maintained positive momentum in the second quarter of 2026, with net absorption reaching 8,300 sq m and taking the first-half total to 11,700 sq m, according to JLL.
With no new Grade A office completions during Q2, total supply remained unchanged at 663,600 sq m. JLL said leasing activity in the first half was concentrated largely at Saigon Marina IFC, which was completed in 2025, with relocations driving demand. Financial services, real estate, technology and professional services were the main sources of occupier activity.
Limited new supply and continued improvements in occupancy, particularly in the CBD, helped reduce overall vacancy. The CBD Grade A vacancy rate fell to 17.6% at the end of June, down 1.2 percentage points from the previous quarter, JLL reported.
Rents remained stable, with net effective rents at USD 50.3 per sq m per month in the CBD and USD 26 per sq m per month in non-CBD locations. JLL said the nearly two-fold rental differential highlights tenants' continued willingness to pay a premium for CBD locations, reflecting preferences for accessibility, location and brand prestige.
The near-term supply outlook, however, points to rising competition. JLL said The Kross is the only major project expected to complete in 2026, adding more than 32,000 sq m of leasable office space to the CBD in the second half. A further 233,000 sq m is expected to enter the market between 2027 and 2030.
JLL expects tenants' continued preference for new, premium office space, combined with the sizeable supply pipeline over the next three to five years, to intensify competition among existing buildings. Landlords are likely to face greater pressure to adjust rental and leasing strategies to attract and retain occupiers.