Ho Chi Minh City Figures Q4 2024

Office: In HCMC, the leasing demand for Grade A outpaced Grade B, with 38,000 sqm leased compared to only 14,613 sqm in Grade B throughout 2024. Together with the improved net absorption, the vacancy rate of Grade A decreased by 1.23 ppts in 2023 to 17.6% in 2024, while Grade B’s vacancy is stayed at 11.3%. Transactions were mainly expansions from IT, Financial Services, and Manufacturing industries.
Retail: HCMC retail market welcomed 117,000 sqm of new net leasable area from four shopping malls: newly opened in 2024. This led to the highest net absorption recorded since 2017 in HCMC, with 132,000 sqm and a drop in average vacancy from 9% to 7%. 
Condominium: While HCMC continued to face limited new supply with 5,050 units in 2024, new residential supply in Hanoi increased significantly with nearly 38,000 new launched units this year. The absorption of new projects reached over 70%. Primary selling prices increased by nearly 24% y-o-y.
Industrial land: The Southern market has experienced the annual net absorption of 265 hectares, reflecting a 52% decrease compared to 2023. This decline has been attributed to the limited availability of industrial land in major markets. The average rent of industrial parks in the South reached US$175/sqm/remaining term, up by 1.4% y-o-y.
RBW/RBF: The RBW/RBF sectors have shown strong growth in 2024. RBF recorded the highest net absorption in the last three years; while RBW in the South saw net absorption double.