Ho Chi Minh City Figures Q3 2024

Office: In Q3 2024, two new Grade B buildings were completed, with one building in the CBD receiving a LEED Gold certificate. The robust supply from 2023 continues to impact the performance of Grade A properties across the city. The citywide vacancy rate for Grade A offices has decreased slightly by 1.4 percentage points q-o-q, averaging 19.4%, yet it remains high compared to the past three years.
Retail: Parc Mall in District 8 was open, adding 34,000 sqm new supply to the HCMC retail market. In 9M 2024, newly leased retail space was recorded at 100,000 sqm, the highest in the past 3 years. 
Condominium: Q3 2024 marked the official dates that the three revised Housing Law, Real Estate Business Law, and Land Law became effective. While new supply remained modest, previously suspended projects reentered the market, and the absorption of existing inventory improved. Selling prices saw an increase in both primary and secondary markets.
Industrial land: In Q3, the Southern market absorbed over 85 hectares of industrial land. The occupancy rate remains stable at 89%. Manufacturers are increasingly expanding to regions such as Long An and Ba Ria-Vung Tau, drawn by the ample supply of industrial land and more competitive rental rates. While electronics investments dominate in the North, the South experiences a diverse demand across industries.
RBW/RBF: The RBW/RBF sectors have shown significant improvement compared to the first half of 2024. The occupancy rate for RBW rose by 4% from the previous quarter, reaching 65%, while RBF saw a 7% increase, bringing their occupancy rate to 88%.