Strong leasing activity is observed across market

• Grade A buildings including Grand Terra, Capital Place, Lancaster Luminaire, and Taisei Square recorded strong net absorption of approximately 18,400 sqm in 9M 2025, driven by robust demand from domestic and international tenants for modern, green office spaces. Technology, manufacturing, and finance-banking sectors continued lead office demand.
• Grade B occupancy improved to 86.7% in Q3 2025, with 46,200 sqm absorbed over the nine month period. This growth was primarily driven By active transactions activity at newly completed buildings as well as major lease commitments at the office component of Vincom Ba Trieu.

Grade A market remains quiet while Grade B welcomes new supply in West precinct

• Grade A office supply in Hanoi remained stable at approximately 558,253 sqm, as no new supply was launched during the quarter. As of Q3 2025, the overall Grade A vacancy rate decreased to 18.2%, down 2.7 ppts q-o-q, mainly due to strong leasing activity, particularly in premium buildings.
• Grade B welcomed new supply with the addition of Pearl Tower in West precinct, contributing 27,867 sqm to the market and bringing total Grade B supply to 1,448,138 sqm.

Gross asking rents remain stable q-o-q while showing modest increases y-o-y

• In Q3 2025, most existing office buildings in Hanoi proactively maintained stable asking rents to attract and retain tenants amid rising competition from future supply.
• Grade A’s gross asking rent remained stable at USD 37.1 per sqm per month, with minor change q-o-q and a slight 0.8% y-o-y increase. Similarly, Grade B’s gross asking rents reached USD 20.5 per sqm per month, remaining stable q-o-q with a modest 1.3% y-o-y increase.

Outlook: Starlake NUA emerges as Hanoi’s new office cluster

• Grade A office supply is set to expand in Q4 2025, with key developments including The Office (20,000 sqm NLA) in the CBD and Oriental Square (13,911 sqm NLA) in the West Westlake area. Future supply from 2026 onwards will predominantly concentrate in decentralized locations, especially in the West and West Westlake precincts.
• The Grade B segment will also welcome key developments scheduled for completion in Q4 2025 – Q1 2026, including Rox Tower (60,000 sqm NLA) and The Marc 88 (15,119 sqm NLA), both located in non-CBD areas.