Hanoi Figures Q4 2024

Office: Grade A leasing demand was subdued as big corporations prepare for movements in 2025, while Grade B performance remains positive. Rental rates of both segments showed stability while vacancy rate recorded in both grades showed slight improvement
Retail: The growth rate of rental prices in 2024 remained positive. Hanoi witnessed an upward trend in rental rates in the CBDs, with the average rental rate reaching $172.7/sqm/month, up 16.2% y-o-y, the vacancy rates in the CBDs remained low at only 1.7%. In the non-CBD areas, the average vacancy rate stands at 10.5% with rental prices showing an increase of 10.1% y-o-y. 
Residential: In 2024, new condominium supply in Hanoi tripled that of 2023, exceeding 30,900 units—the highest annual launch since 2020. Strong absorption amid such abundant supply reflects positive purchasing power and high demand for housing. This trend is expected to continue over the next 2-3 years, supporting stable primary selling price growth projected at an average of 6-8% per year.
Industrial: In 2024, the industrial real estate sector has continued to be a bright spot within the overall real estate market. The strong commitment to expanding production by global manufacturers, evidenced by FDI disbursement hitting a historical record high of US$25bn, has been a catalyst for the strong market performance in 2024.