RSQUARE Vietnam Crosses 1M m² in Cumulative Transacted Space: ‘Locking Horns with Global Real Estate Firms'”

South Korean proptech firm makes strides competing with CBRE, Savills, and JLL.

As competition among global advisory firms intensifies in Vietnam’s commercial real estate market, proptech firm RSQUARE Vietnam has surpassed 1 million m² in cumulative managed and transacted space, solidifying its local footprint.

According to industry sources on the 15th, Vietnam’s commercial property market is evolving beyond simple brokerage into asset management and workplace space strategies, driven by multinational manufacturers expanding facilities and enterprises restructuring offices. Global consultancies, including CBRE Vietnam, Savills Vietnam (managing over 13 million m²), and JLL Vietnam (specializing in office and industrial advisory), continue to dominate leasing and large-scale asset operations across Hanoi and Ho Chi Minh City.

In this landscape, RSQUARE Vietnam, which entered Ho Chi Minh City in 2021, has closed approximately 350 transactions and crossed the 1-million-m² milestone. In the first half of 2025, the firm posted KRW 10 billion in contracted revenue, surpassing its entire 2024 annual total in just six months. Its localized client base now comprises 40% Vietnamese companies, 30% multinational corporations, and 30% South Korean firms.

Capitalizing on a proprietary database compiled from on-site surveys of 26,400 offices, 12,700 factories, and 600 industrial parks, RSQUARE has executed design and construction projects for Daewoo E&C’s Starlake City and Naver’s offices. Through a partnership with local firm YEWON, it is also expanding into interior remodeling and vertical building extensions.

Kim Seong-suk, adjunct professor of real estate at Kyung Hee Cyber University, noted that directly comparing RSQUARE Vietnam with the global “Big Three” remains premature given differences in business scale and local history: “The established client networks and asset management track record of global firms remain formidable barriers to entry. RSQUARE Vietnam faces the crucial task of turning its data-driven brokerage into consistent profitability while proving its execution capabilities in interior fit-out and remodeling.”