Asia Pacific Office Outlook 2024

HANOI

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

FORECAST

10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000

35.0%

 Net absorption is forecast to reach about 43,600 sqm by the end of 2023, thanks mainly to the leasing of new supply in H1 2023. The market was relatively quiet in the second half of 2023 due to economic hardship.  In 2024, the vacancy rate will head higher to nearly 29% before gradually easing from 2025 as demand starts to recover.  Relocation and expansion activity continues in sectors such as Co-working space, Logistics, and Insurance.  Grade A tenants continue to

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

- 5,000

0.0%

2021

2022

2023F 2024F 2025F 2026F 2027F Net Absorption Vacancy Rate

focus on sustainable standards and hybrid working spaces.

Source: Cushman & Wakefield