According to Savills Vietnam, in the first quarter of 2026, the Hanoi office market recorded a total supply of 2.3 million m2 of floor space. From now until 2028, the market is expected to add about 403,000 m2 of office space, with most of the supply concentrated in developed areas such as Tay Ho Tay, West and Southeast Hanoi - places with large land funds and synchronously planned.
This trend reflects the multi-polar development of the market, as new areas increasingly take on the role of expanding supply. Meanwhile, Hoan Kiem and Ba Dinh areas - traditional administrative, financial and commercial centers of the Capital recorded very few new Grade A office projects.
Mr. William Gramond - Director of Commercial Leasing, Savills Hanoi - commented: "New commercial centers are expanding markets rather than directly competing with the city center (CBD). While businesses that need large premises often seek out these emerging areas, traditional centers still attract businesses that focus on reputation, connectivity and brand positioning. Due to the limited new supply in this area in the future, high-quality Grade A offices in the city center are expected to still be strongly sought-after products.
According to Savills Vietnam, the occupancy rate of Grade A office projects in the CBD area reached 95% in Q2/2026, higher than the level of 81% in the non-CBD area. Although the average rental price is significantly higher, the occupancy rate of Grade A office projects in the CBD area (Hoan Kiem, Ba Dinh) remains stable year-on-year, showing that demand for Grade A offices in the central area has not decreased at all.
For many businesses, especially in the fields of finance, consulting, professional services or multinational corporations, being present in the central area still brings irreplaceable advantages. Not only convenient in connecting with customers, partners and management agencies, this area also owns a commercial, hotel, service and transportation ecosystem that has been formed for many years.
These factors continue to maintain the attractiveness of the central area, while creating space for new Grade A office projects in Ba Dinh - a place that combines the advantage of central location with modern development standards.
According to a report by Cushman & Wakefield Vietnam, Hanoi is still one of the cities with the smallest scale of Grade A office supply in the Asia-Pacific region, although the rental price is among the highest in the region.
This shows that the market is still relatively limited in terms of high-end supply compared to the regional average, but still continues to attract demand from tenants looking for higher quality, more efficient and ready-to-future workspaces.
An important structural trend is that office supply is shifting out of the center. While Hoan Kiem is still Hanoi's traditional CBD area, office supply is now distributed in many areas, including Ba Dinh, Dong Da, Cau Giay and Tay Ho. Ba Dinh concentrates many high-class buildings, while Cau Giay currently accounts for the largest proportion of supply in the entire market.
In the coming time, the development momentum of the market is shifting more strongly to the West, with Starlake and Tay Ho Tay expected to become the next large office clusters attracting significant attention.
In the coming time, Hanoi is forecast to welcome a significant supply wave in the next 3 to 5 years, with more than 120,000 m2 of new office space expected to enter the market each year, mainly from Grade A projects located outside the traditional CBD area.
