Media Contact

Ha Dinh

Senior Manager, Head of Marcom, Marketing & Communications, Vietnam

 Phone

 Email
Ho Chi Minh City – 12 October 2022

HCMC Office Market

HCMC Office market welcomed 2 new Grade B projects from Korean investor – Cobi
Group in District 7 with total Net Leasing Area of 26,932sqm. The very first few tenants
of those 2 buildings are big names such as Lotteria, Lock&Lock, 7-Eleven.

In Q3/2022, the average vacancy rate of Grade A office was reduced to 6%, down by
4.1 ppts q-o-q and 4.6 ppts y-o-y. Grade A office supply in the CBD area is greatly
limited with prime buildings such as Saigon Center, Deutsches Haus, having vacant
space of less than 500sqm. Grade A average asking rent continued to rise 2.2% q-o-q
and 8.7% y-o-y, reaching 45.9 US$/sqm/month. This average asking rent has recovered
to the same level of pre-Covid 2019.

Meanwhile, although there is new supply, the average vacancy rate of Grade B
remained stable around 9.5%, down by only 0.2 ppts q-o-q and 0.3 ppts y-o-y. The
average asking rent of Grade B slightly improved, which is almost unchanged compared
to last quarter and up by 3.1%, reaching the level of US$25.9/sqm/month.