Ho Chi Minh City office leasing market overview 2026
Ho Chi Minh City maintains approximately 1.7 million sqm of Grade A and B office space (NLA) as of mid-2026, according to CBRE Vietnam. The market saw no new project launches in the first half of the year, helping Grade A and Grade B occupancy rates improve to about 83% and 88% respectively (corresponding vacancy rates of 16.7% and 12.5%). Average rental rates reached USD 47.2/sqm/month for Grade A and USD 27.1/sqm/month for Grade B. During 2026-2028, the market is expected to welcome more than 240,000 sqm of additional Grade A and B space, concentrated around the Ho Chi Minh City International Financial Center area. Together with Hanoi, Ho Chi Minh City is one of the two largest office markets in the country, with FDI inflows, transport infrastructure and the expansion of administrative boundaries following the merger with Binh Duong and Ba Ria – Vung Tau being the key factors shaping the market in 2026.
| Indicator | Figure |
|---|---|
| Total Grade A & B office stock (NLA) | ~1.7 million sqm (HCMC core area) |
| Expected new supply 2026-2028 | Grade A: 165,229 sqm; Grade B: 75,246 sqm |
| Average occupancy rate | Grade A: ~83.3%; Grade B: ~87.5% (vacancy 16.7%/12.5%) |
| Average rental rate | Grade A: USD 47.2/sqm/month; Grade B: USD 27.1/sqm/month; Grade C: USD 8–25/sqm/month |
Office supply by area
District 1 and Thu Thiem account for the largest share of Ho Chi Minh City’s total Grade A and B supply, with about 76% of future Grade A supply for the 2026-2028 period expected to be concentrated around the Vietnam International Financial Center – Ho Chi Minh City (VIFC-HCMC) area, according to CBRE. Thu Thiem is emerging as the new destination for Grade A supply thanks to its large land bank and modern urban planning, while District 1 continues to develop along existing corridors such as Ton Duc Thang and Le Duan. Thu Duc, District 7 and Binh Thanh are the fastest-growing group in terms of new supply, thanks to their land bank and transport infrastructure advantages, according to Cushman & Wakefield. New supply for 2026-2028 is concentrated mostly in Grade A with 165,229 sqm, while Grade B adds around 75,246 sqm.
| Area | Supply characteristics |
|---|---|
| D1 – Thu Thiem (VIFC-HCMC) | ~76% of future Grade A supply 2026-2028 |
| Thu Duc, District 7, Binh Thanh, East area | Fastest supply growth, mainly Grade B |
| Market-wide (2026-2028) | Grade A: 165,229 sqm; Grade B: 75,246 sqm |
Occupancy rate and leasing demand
Ho Chi Minh City office occupancy continued to improve in Q2/2026, although research firms report certain discrepancies. According to CBRE, Grade A and Grade B occupancy rates reached about 83.3% and 87.5% respectively (vacancy of 16.7%/12.5%). At the same time, Cushman & Wakefield recorded higher figures of 89.8% (Grade A) and 91.3% (Grade B), due to differences in survey scope. Leasing demand is driven mainly by business relocation and expansion activity, accounting for 39% and 32% of total large-transaction area respectively, according to CBRE. Technology, finance – banking and FDI enterprises remain the sectors driving the strongest leasing demand, according to Avison Young.
| Grade | Occupancy rate (CBRE) | Occupancy rate (C&W) |
|---|---|---|
| Grade A | ~83.3% | 89.8% |
| Grade B | ~87.5% | 91.3% |
Office tenant structure
Finance – banking – insurance – real estate (FIRE), information technology (ICT) and foreign-invested (FDI) enterprises are the three largest tenant groups in the Ho Chi Minh City office market.
- Finance – banking – insurance: a traditional tenant group, accounting for the majority of large-area transactions in the CBD
- Information technology: leads in office expansion demand, especially in non-central areas
- FDI enterprises (mainly from the US, South Korea and Japan): remain the largest group of international tenants
The 2026 tenant structure is expanding to include manufacturing, healthcare, FMCG and professional services groups, partly driven by market expansion into Binh Duong and Ba Ria – Vung Tau following the administrative merger.
Impact of the administrative merger on the Ho Chi Minh City office market
The administrative merger has mainly changed the legal address and management boundaries of the Ho Chi Minh City office market, without significantly affecting supply or rental rates in the short term. From July 1, 2025, under Resolution 1685/NQ-UBTVQH15 and Resolution 60/UBTVQH15 of the National Assembly Standing Committee, Ho Chi Minh City officially merged with Binh Duong and Ba Ria – Vung Tau, while district-level units were abolished, leaving 168 ward/commune-level administrative units. The former District 1, previously made up of 10 wards, was reorganized into 4 wards: Sai Gon, Tan Dinh, Ben Thanh and Cau Ong Lanh. Many office buildings have had to update their new administrative addresses on lease agreements and business registration certificates, while the former Binh Duong and Ba Ria – Vung Tau have become expanded office markets with their own separate supply (about 37,121 sqm and 17,465 sqm respectively). Businesses should cross-check building addresses against the new ward names before signing a contract.
How much does office space cost to rent in Ho Chi Minh City?
Office rental rates in Ho Chi Minh City currently vary by grade and location, averaging about USD 27.1/sqm/month for Grade B and USD 47.2/sqm/month for Grade A, according to CBRE Vietnam. Grade A buildings in the central area record the highest rates thanks to location, operating standards and green building certification. The main factors affecting rental rates include building grade, location, fit-out condition and the current vacancy rate of each segment.
Rental rates by office grade (A/B/C)
Grade A has the highest rental rate in the market, averaging USD 47.2/sqm/month, thanks to its concentration in the District 1 and Thu Thiem CBD area, international operating standards and developer reputation. Grade B averages USD 27.1/sqm/month, significantly lower due to a wider, more dispersed location outside the center. The low vacancy rate for Grade A in Q2/2026 (16.7%) is helping landlords keep rents stable, while Grade B, with a vacancy rate of 12.5%, is more competitive due to the growing number of new projects outside the center. Grade B currently holds the largest market share by number of projects thanks to its ability to meet a wide range of business budgets.
- Grade A: premium buildings, central location, green certification, highest rental rate
- Grade B: good standards, reasonable price, widely distributed outside the center
- Grade C: basic amenities, low cost, no official pricing data yet from major research firms
| Grade | Rental rate (USD/sqm/month) | Representative buildings |
|---|---|---|
| Grade A | 47.2 | Bitexco Financial Tower, Vietcombank Tower, Deutsches Haus, Saigon Centre Tower 1, Times Square |
| Grade B | 27.1 | Saigon Centre Tower 2, MB Sunny Tower, Lim Tower 2 |
| Grade C | Contact us | HQ Tower, The Gallarie Metro 6, Loyal Office Building, Dinh Le Building |
Rental rates by area
The District 1 and Thu Thiem CBD area has the highest rental rates in the market, while the near-center districts and Thu Duc have significantly lower rates thanks to a larger land bank and lower operating costs. Price differences between areas mainly come from the density of Grade A buildings, infrastructure connectivity and remaining land available for new project development. When comparing prices under the old and new administrative boundaries after the merger, note that some buildings have changed ward names, but their actual location and price segment remain unchanged.
| Area | Reference price level |
|---|---|
| District 1 – CBD | Highest in the market |
| Thu Thiem | High, approaching District 1 levels, gradually rising with new Grade A supply |
| Near-center (D4, Binh Thanh, Phu Nhuan) | Average |
| South Saigon (D7, Phu My Hung) | Average |
| Thu Duc | Lower than the central area |
Additional costs beyond the rental rate
In addition to the listed rental rate, businesses leasing office space in Ho Chi Minh City typically have to pay several additional fixed and usage-based costs. Rental rates listed on the market usually do not include these fees, so businesses need to clarify them with the landlord before signing a contract in order to budget accurately.
- Building management fee
- Value-added tax (VAT)
- Parking fee
- Air-conditioning costs outside office hours
- Fit-out construction costs
- Deposit
Classification of office space for lease in Ho Chi Minh City
Office space for lease in Ho Chi Minh City is classified according to three main criteria: grade, area and type. This classification helps businesses quickly identify the segment that suits their budget, headcount and operating model before searching for specific premises. Each criterion reflects a different aspect of leasing demand — grade relates to quality and location, area relates to headcount, and type relates to flexibility and contract term.
Classification by grade
The Ho Chi Minh City office market is currently divided into 4 main groups: Grade A, Grade B, Grade C and budget offices, distinguished mainly by location, amenities and rental rate. Grade A differs from Grade B and C in its central location, green building certification and modern building technology systems. Which grade suits which business depends on scale and budget — multinational corporations tend to choose Grade A, while small and medium-sized or newly established businesses are better suited to Grade B, C or budget offices.
| Grade | Characteristics | Suitable for |
|---|---|---|
| Grade A | Premium buildings, central location (D1, Thu Thiem), modern amenities, green certification | Multinational corporations |
| Grade B | Good standards, reasonable price | Medium and large enterprises |
| Grade C | Basic amenities, low cost | Startups, small enterprises |
| Budget offices | Renovated townhouses or small buildings | Newly established businesses |
Classification by area
The Ho Chi Minh City office market has three common area groups, corresponding to different headcount sizes of tenant businesses.
- Small offices (50-100 sqm): suitable for startups, teams of under 10 people, usually Grade B/C or coworking
- Medium offices (100-200 sqm): suitable for 10-20 staff, Grade B or part of a Grade A floor
- Large offices (over 200 sqm): whole floors or entire buildings, suitable for over 20 staff, concentrated in Grade A/B
Classification by type (traditional, officetel, serviced office)
The Ho Chi Minh City office market currently has 5 common types, differing mainly in contract term, level of ready-made fit-out and suitable tenant profile.
- Traditional office: leasing a whole floor, self-designed, long-term contract of 2-5 years – suitable for businesses seeking long-term stability
- Officetel: a combined living-working apartment, suitable for individual business owners or very small enterprises, with more flexible contract terms than traditional offices
- Serviced office (all-inclusive office): fully furnished, with reception and support services – suitable for businesses wanting to save setup time and focus resources on their core business
- Coworking space: shared space, flexible leasing terms – suitable for freelancers, startups and small teams seeking a community connection
- Virtual office: provides a business registration address, mail-receiving and reception services, with no need for physical space – suitable for newly established businesses and online businesses
Areas with concentrated office leasing in Ho Chi Minh City
Ho Chi Minh City’s office supply is currently concentrated mainly in 5 main areas, each associated with a different tenant segment and price level. The five areas are District 1 (traditional CBD), Thu Thiem (new financial center), the near-center area (District 4, Binh Thanh, Phu Nhuan), South Saigon (District 7, Phu My Hung) and Thu Duc (technology hub).
District 1 – CBD
District 1 is Ho Chi Minh City’s traditional CBD, home to the majority of Grade A and B offices with a high occupancy rate, reaching about 92% in the Grade A segment according to Avison Young, Q2/2026. The area stands out for its density of internationally branded buildings, high operating standards and comprehensive amenities (banks, hotels, shopping centers). Its biggest limitation is that new development land is almost exhausted, making prime premises scarce and keeping rental rates high. The most suitable tenants in District 1 are multinational corporations, financial – banking institutions and businesses that need a central address to conduct business with partners and clients.
Thu Thiem – new financial center
Thu Thiem is planned to become Ho Chi Minh City’s new financial center, tied to the development of the Vietnam International Financial Center (VIFC-HCMC). Compared with District 1, Thu Thiem has the advantage of a larger land bank, modern urban planning and the ability to develop large-floorplate Grade A buildings to international standards, with some projects already achieving green certifications such as Green Mark Gold. Rental rates in Thu Thiem are gradually approaching District 1 levels as new Grade A supply continues to enter the area. It is suitable for businesses looking to get ahead of long-term development trends, particularly in finance – banking and information technology.
Near-center area (District 4, Binh Thanh, Phu Nhuan)
The near-center area, comprising District 4, Binh Thanh and Phu Nhuan, offers more reasonable rental rates than District 1, concentrated mainly in Grade B and C offices. Each district in this group has its own characteristics: Binh Thanh has a large supply along its main roads, near Landmark 81; District 4 has the advantage of quick connectivity to District 1 via bridges; Phu Nhuan sits between District 1 and Tan Son Nhat Airport, convenient for businesses that frequently host international guests. Suitable tenants include small and medium enterprises, startups, or companies wanting to save on rental costs while staying close to the center.
South Saigon area (District 7, Phu My Hung)
Phu My Hung is a modern urban area with a green working environment, cohesive planning and a high-end residential density. Office supply in this area is concentrated mainly in Grade B, along with some Grade A projects catering to higher-end demand. Suitable tenants include foreign enterprises, technology companies and educational institutions, thanks to its integrated living-working environment and ready-made international professional community. Pricing and market volatility here are relatively more stable than in the central area, as it faces less pressure from land scarcity than District 1.
Thu Duc – technology hub
Thu Duc is forming a technology and innovation ecosystem, driven by a cluster of universities, the Ho Chi Minh City High-Tech Park and research centers concentrated in the area. Transport infrastructure that is and will strongly affect the area includes Metro Line 1 (Ben Thanh – Suoi Tien) and connecting corridors such as Ha Noi Highway and Pham Van Dong, which shorten travel time to District 1. Suitable tenants in Thu Duc include ICT, AI and R&D businesses and technology startups seeking reasonable premises costs near a young, high-quality workforce.
Criteria for choosing the right office space for lease
Choosing the right office depends on a business’s industry, scale and budget, and there is no single standard that fits every case. The four most important criteria when choosing an office are location, area, budget and building amenities.
Office location
Location is the top criterion when choosing an office, directly affecting employees’ commute and connectivity with partners and clients. A good location should meet the following conditions:
- Close to major transport corridors, with convenient connections to business areas
- Close to the industry’s target partners and clients
- Surrounding amenities that support work and daily life (dining, banking, healthcare)
- Population density and the level of development of the area
Leased area
The area to be leased is determined mainly based on current headcount and future expansion plans, not just immediate needs.
- Calculated based on current headcount and expansion plans
- Space for the working area, meeting rooms, reception area, storage or equipment
- Ensuring comfortable working space standards and compliance with safety regulations
- Allowing extra space for headcount growth over the next 1-2 years
Budget and rental costs
A reasonable office rental budget should be determined based on actual total monthly costs, not just the listed rental rate on a price quote.
- Determine an overall budget before searching, not just based on the listed rental rate
- Compare the actual total cost (rent + service fees + VAT) between options
- Consider the contract term and periodic rent increase clauses
- Ask the leasing party to provide a detailed cost breakdown before deciding
Building amenities
In-building amenities directly affect a business’s day-to-day operating experience, especially in multi-story buildings with high headcount density.
- High-speed elevator system, able to handle peak hours
- Sufficient, secure parking
- Security and access control systems
- Green building certification (LEED, LOTUS) if the business prioritizes sustainability
- Smart building management system (BMS)
Office leasing trends in Ho Chi Minh City
The Ho Chi Minh City office market is shifting along 3 main trends, reflecting changes in how businesses operate and prioritize sustainability: flexible workspaces, green offices and smart buildings.
Flexible workspaces
The trend toward flexible workspaces is growing in Ho Chi Minh City, reflected in the popularity of coworking, serviced offices, short-term contracts and hybrid models. Businesses are shifting to these models mainly to optimize operating costs, adapt quickly to fluctuating headcount and meet growing demand for hybrid work following changes in how businesses operate. According to CBRE, the development of AI is also affecting headcount planning, prompting tenants to reassess their space needs toward greater flexibility and efficiency rather than committing to fixed long-term space. The businesses leading this trend include startups, technology companies and foreign branches new to the market.
Green offices with LEED, LOTUS certification
The proportion of office buildings in Ho Chi Minh City achieving green certification is rising, with about 63% of upcoming Grade A and B supply oriented toward meeting green building standards, according to Savills. LEED and LOTUS differ in scope of application: LEED is an international US green building certification, while LOTUS is Vietnam’s own green certification developed by the Vietnam Green Building Council (VGBC), better suited to local climate conditions and standards. Green offices benefit tenant businesses by saving on operating and energy costs, meeting the ESG standards of multinational corporations, and enhancing brand image. This trend is currently concentrated mainly in Grade A, in the Thu Thiem and District 1 areas.
- LEED: an international green building certification, assessed based on energy, water and materials criteria
- LOTUS: Vietnam’s own green building certification, suited to local climate conditions and standards
Smart buildings
The trend of applying smart technology to office building operations is becoming more common in Ho Chi Minh City, especially in newly constructed projects. Common smart systems being integrated include building management systems (BMS) – mentioned earlier in the building amenities section – along with biometric access control technology and energy-saving sensors. Specific benefits for tenant businesses include lower operating costs, enhanced security and an improved daily working experience for employees. This trend is usually associated with Grade A, concentrated in newly built buildings in Thu Thiem and District 1.
List of representative office buildings for lease in Ho Chi Minh City
Ho Chi Minh City has many reputable Grade A office buildings, concentrated mainly in the District 1 CBD and part of District 3. The list below was selected based on three criteria: building grade, central location and green building certification — reflecting the most popular choices among multinational corporation and financial institution tenants.
Grade A buildings in the CBD area
The District 1 CBD area is home to most of Ho Chi Minh City’s A+/A grade buildings, according to RSQUARE’s internal classification. The most representative buildings in this area all have prime locations, iconic architecture or reputable developer brands — from the city’s iconic lotus-bud-shaped tower to commercial-office complexes right on the central pedestrian street. This group suits multinational corporations, financial – banking institutions and businesses that need a reputable headquarters address to conduct business with international partners.
| Building | Location | Highlights |
|---|---|---|
| Bitexco Financial Tower | 2 Hai Trieu, District 1 | Lotus-bud-shaped architecture, an icon of Ho Chi Minh City, with a rooftop helipad |
| Vietcombank Tower | 5 Me Linh Square, District 1 | Vietcombank’s Ho Chi Minh City headquarters, riverside location on the Saigon River |
| Deutsches Haus | 33 Le Duan, District 1 | Developed by a German company, achieved LEED green building certification |
| Saigon Centre Tower 1 | 65 Le Loi, District 1 | Adjacent to Takashimaya shopping mall, office block achieved LEED Platinum certification |
| Times Square | 22-36 Nguyen Hue, District 1 | A commercial – office – hotel complex on Nguyen Hue pedestrian street |
Representative green office buildings
Ho Chi Minh City has many office buildings that have achieved international LEED green building certification, at various levels from Gold to Platinum. The most common certification levels in this market are LEED Gold and LEED Platinum, the highest level in the rating system of the U.S. Green Building Council (USGBC). Benefits of green certification for tenant businesses include savings on operating energy costs, meeting the ESG standards of multinational corporations, and enhancing brand image.
| Building | Certification | Level |
|---|---|---|
| Metropolitan Tower | LEED | Gold |
| mPlaza Saigon | LEED (v4.1 O+M) | Platinum |
| Saigon Centre Tower 1 (office block) | LEED | Platinum |
| The Nexus | LEED, WELL | Gold (LEED), Silver (WELL) |
| President Place | LEED | Gold |
How to lease the right office in Ho Chi Minh City?
The process of leasing office space in Ho Chi Minh City consists of 5 main steps, from identifying needs to completing the fit-out before operations begin.
- Identify needs: Businesses need to clarify the area, budget and desired location before starting the search – refer to the criteria presented in the “Criteria for choosing the right office space for lease” section to identify the right segment.
- Search and shortlist suitable buildings: Based on the identified needs, businesses build a shortlist of buildings that meet the criteria for grade, location and budget to compare before an on-site survey.
- On-site inspection of premises: Directly check the amenities, technical infrastructure (elevators, parking, air-conditioning systems) and legal status of the building, rather than relying solely on advertised information.
- Negotiate rental price and contract terms: Negotiate key terms including contract term, deposit amount, periodic rent increase policy and additional fees beyond the listed rental rate.
- Sign the contract and complete the fit-out: After agreeing on the terms, the business signs the official contract and proceeds
RSQUARE – Office leasing advisory in Ho Chi Minh City
RSQUARE is an office leasing advisory firm in Ho Chi Minh City with a large database and comprehensive advisory services. RSQUARE’s biggest difference from other brokerage firms lies in its proprietary, verified real estate data source, along with a “one-stop” service supporting clients from initial consultation through to legal completion. RSQUARE helps businesses lease office space by shortening the search time, comparing multiple options at once and connecting related services such as legal, banking and construction – entirely free of charge for the tenant.
Database of over 55,000 properties
RSQUARE has a database of over 55,000 properties in Vietnam, among the largest in the commercial real estate brokerage industry.
- Proprietary, verified data
- Diverse coverage: offices, factories, industrial park land
- Helps businesses shorten search time and compare multiple options at once
Free one-stop advisory service
RSQUARE provides a one-stop advisory service, entirely free for tenants from start to finish of the office leasing process.
- Free consultation from needs assessment to contract negotiation
- Support connecting related services (legal, banking, construction)
- Contact: +84-28-3636-9641
