Ho Chi Minh City Figures Q1 2025

Office: Grade A offices continued to experience improvement in vacancy rate, decreased by 0.9 ppts y-o-y, at 16.9%, mainly driven by the trend of tenants opting for high-quality buildings in District 1 and Thu Duc City. 
Retail: The Centre Mall in District 6 opened with 15,000 sqm NLA and a 75% occupancy rate. Net absorption decreased by 61.6% to 6,322 sqm; the average market vacancy rate increased marginally by 0.2 ppts q-o-q. 
Residential: The new launches in HCMC remained modest with 408 new launched units (high-rise and low-rise). For condominium, primary prices continued to increase by 0.6%, while secondary prices increased by 4% q-o-q.
Industrial land: The Southern Vietnam industrial land market maintained a stable occupancy rate of 89%. The average asking rent for industrial land in Tier 1 Southern markets (excluding HCMC) reached US$170/sqm/remaining lease terms, exhibiting a modest quarterly increase of 2% and a y-o-y growth of 4%.
RBW/RBF: The ready-built warehouse and factory markets recorded positive performance, with occupancy rates reaching 72% and 89% as of Q1 2025. This represents year-on-year increases of 14 percentage points for warehouses and 3 percentage points for factories.