ASIA PACIFIC OUTLOOK 2025

HANOI

DEMAND & VACANCY

Net absorption is forecast to reach around 40,400 sq m by the end of 2024, mainly thanks to leasing demand from tenants looking to capitalize on market conditions with better negotiation advantages and better offers. In 2025 and 2026, the vacancy rate will gradually ease to around 23% to 24% as demand starts to recover. Starting from 2027, the vacancy rate will climb to 27% or 28% due to the influx of new supply. Primary leasing activities still came from key industry sectors such as Banking, Manufacturing, IT/Technology, Insurance, and Logistics.

35.0%

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

FORECAST

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0 5,000

0.0%

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

Grade A tenants continue to focus on sustainable standards and hybrid working spaces.

NET ABSORPTION (SQM) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield