Asia Pacific Office Outlook 2024

HANOI

RENT GROWTH

R E N T ( U S D / S QM / M O ) A N D R E N T G R OWT H ( % P E R A N N U M )

FORECAST

34.0

5.0%

4.0%

33.0

3.0%

32.0

 Rents are expected to rise by 3.4% by the end of 2023, driven by new supply at good locations with above average asking rents. Accordingly, citywide average gross rent is projected to reach USD 32.2 sqm/mo.  Rents are expected to remain stable in 2024 as competition from the influx of new supply becomes more prominent. From 2025, rent growth is projected to be around 1–1.3% per year.

2.0%

31.0

1.0%

0.0%

30.0

-1.0%

29.0

-2.0%

-3.0%

28.0

2021

2022

2023F 2024F 2025F 2026F 2027F USD/SQM/MO Rent growth (%)

Source: Cushman & Wakefield