The demand for office space is inherently tied to the economy; Economic growth means more jobs are created, which in turn drives more demand for all types of spaces for workers, including offices.
The market recorded a new supply in Q3 of 22,350sqm from the Epic Tower project (19 Duy Tan, Nam Tu Liem), bringing the total supply of Grade A and B in Hanoi to a total of 1,65 million sqm of office space. Office rents in the whole market increased slightly at US$34/sqm/month for Grade A, and US$20/sqm/month for Grade B.
The market witnessed a positive absorption volume of 40,000 sqm in the first half of the year 9 months of 2022, coming from companies in the fields of insurance (25%), manufacturing and manufacturing (25%), technology (20%), services (10%) and logistics (5%), mainly concentrated in the buildings on the edge of the center and the West area.
In the next 3 years, the Hanoi office market will witness a series of new office projects in the west and central areas, namely Techcombank Tower (36,300 sqm), Lancaster Luminaire (21,500 sqm), BRG Diamond Park Plaza (33,800 sqm), Lotte Mall Hanoi (41,000 sqm) and Landmark 55 (60,000 sqm).
