See The Space provides in-depth insights into the District 1 office leasing market, helping businesses understand trends, compare segments, and make optimal office rental decisions.
MARKET REPORT
Grade A • Grade B • Grade C | Q1/2026 Edition
1. MARKET OVERVIEW
District 1 serves as Ho Chi Minh City's primary Central Business District (CBD), hosting the highest concentration of multinational corporations, financial institutions, banks, and diplomatic missions in Vietnam. With over 400 office buildings across all grades, District 1 commands approximately 40% of total HCMC office supply and consistently records the city's highest rental rates.
As of Q4/2025, total leasable office space in District 1 stands at approximately 1,070,000 m², spread along key thoroughfares including Le Duan, Nguyen Hue, Ton Duc Thang, Ham Nghi, Dong Khoi, and Nguyen Thi Minh Khai.
Key Market Indicators
| INDICATOR | VALUE / DESCRIPTION |
| Total GFA (District 1) | ~1,070,000 m² (Q4/2025) |
| Total HCMC Supply (Grade A & B) | 1,800,000 m² (Q3/2025) |
| District 1 Market Share | ~40% of HCMC total supply |
| Average Occupancy Rate | >92% – highest among all districts (CBRE Q4/2025) |
| Citywide Vacancy Rate | ~13% (Q3/2025) – declining year-on-year |
| Grade A Vacancy | ~10% |
| Grade B Vacancy | ~15% |
| Primary Demand Drivers | Finance, technology, legal services, international startups |
2. GRADE A OFFICES
Grade A represents the premium segment of District 1's office market, concentrated within the Nguyen Hue – Ton Duc Thang financial corridor. These buildings feature intelligent BMS systems, internationally recognized green certifications (LEED, LOTUS, WELL), and world-class property management services. Grade A supply is tightly clustered and commands significant premiums over other grades.
2.1 Rental Rates & Occupancy
| METRIC | FIGURE | NOTES |
| Average Asking Rent | ~USD 59.9/m²/month | Down 1.5% QoQ (Q3/2025) |
| Rent Range | USD 50 – 75/m²/month | Varies by floor, view & amenities |
| Average Occupancy | ~89–92% | Stable, high absorption |
| Typical Floor Plate | 500 – 5,600 m²/floor | Flexible subdivision available |
| Primary Tenants | MNCs, banks, fintech, tech companies |
2.2 Notable Grade A Buildings
| BUILDING | ADDRESS | HIGHLIGHTS |
| Deutsches Haus | 33 Le Duan | German standard, LEED Gold |
| Bitexco Financial Tower | 2 Hai Trieu | 68 floors, District 1 icon |
| Vietcombank Tower | 5 Cong Truong Me Linh | Grade A+, Saigon River views |
| Saigon Centre 2 | 65 Le Loi | Mixed-use: office + retail |
| The Nexus Tower | Ton Duc Thang | New 2024, ~35,000 m² |
| Riverfront Financial Centre | CBD Riverside | New 2024, Grade A+ |
| Marina Central Tower | 2 Ton Duc Thang | 55 floors, >45,000 m², 2025 |
| ThaiSquare The Merit | Nguyen Thi Minh Khai | 17 floors, new 2024 |
| The Kross | District 1 CBD | Expected Q1/2026, ~32,000 m² |
2.3 Key Trends – Grade A
• Demand for Grade A space surged by over 18% in 2025, driven primarily by technology, AI, fintech, and blockchain companies.
• Green building credentials are now a prerequisite: two-thirds of new Grade A projects carry LEED, WELL, or EDGE certification.
• Locations within walking distance of metro stations (Ben Thanh, Ba Son, Ham Nghi) are projected to see rental premiums of 5–12%.
• Intelligent BMS, energy optimization systems, and ESG compliance are becoming baseline requirements for Grade A tenants.
3. GRADE B OFFICES
Grade B is the most prevalent segment in District 1, offering a practical midpoint between premium quality and cost efficiency. This segment is well suited to small-and-medium enterprises (SMEs), domestic companies, and international firms seeking a central address without the premium associated with Grade A.
3.1 Rental Rates & Occupancy
| METRIC | FIGURE | NOTES |
| Average Asking Rent | ~USD 33.2/m²/month | Down 0.5% QoQ (Q3/2025) |
| Rent Range | USD 25 – 45/m²/month | Location-dependent |
| Average Occupancy | 85–90% | Stable |
| Cost Saving vs. Grade A | ~30–40% | Clear cost advantage |
| Primary Tenants | SMEs, domestic firms, representative offices |
3.2 Key Trends – Grade B
• Grade B accounts for the largest share of office options across HCMC, with strong presence along central and semi-central corridors of District 1.
• Large, flexible floor plates (50–2,000+ m²) accommodate a wide range of team sizes and configurations.
• Growing trend of tech startups and e-commerce companies choosing Grade B buildings to maintain a central address at lower cost.
• Occupancy rates exceed 90% in well-located buildings on Nguyen Hue, Le Loi, Pasteur, and Ton Duc Thang.
4. GRADE C OFFICES
Grade C provides the most affordable entry point for businesses requiring a District 1 address. It is well suited to early-stage startups, sole traders, and small teams that prioritize location over building specification. Grade C stock is distributed throughout both central and semi-central parts of District 1
4.1 Rental Rates & Occupancy
| METRIC | FIGURE | NOTES |
| Rent Range | USD 10 – 25/m²/month | Or from VND 250,000/m² |
| Average Occupancy | 85–90% | Sustained by high demand |
| Typical Unit Size | 20 – 200 m² | Ideal for teams of 2–20 |
| Primary Tenants | Startups, SMEs, representative offices, sole traders |
4.2 Key Trends – Grade C
• Since 2023, a notable migration has been observed from Grade A to high-quality Grade C buildings, driven by cost optimization while retaining a central business address.
• Many Grade C buildings in District 1 have undergone interior upgrades and service improvements to compete with coworking operators.
• Grade C remains an attractive option for business registration purposes, allowing companies to hold a District 1 address at minimal cost.
5. GRADE COMPARISON SUMMARY
| CRITERIA | GRADE A | GRADE B | GRADE C |
| Rent (USD/m²/month) | 50 – 75 | 25 – 45 | 10 – 25 |
| Avg. Rent Q3/2025 | USD 59.9 | USD 33.2 | ~USD 15 |
| Occupancy Rate | 89–92% | 85–90% | 85–90% |
| Min. Leasable Area | 500 m²+ | 50 m²+ | 20 m²+ |
| Green Certification | LEED / WELL / LOTUS | Select buildings | None |
| Smart BMS | Standard | Partial | Not available |
| Best Suited For | MNCs, banks, HQs | SMEs, mid-size firms | Startups, small teams |
| Forecast Rent Growth 2026 | 5–12% (metro areas) | 3–6% | Stable |
6. SUPPLY PIPELINE & MARKET OUTLOOK
6.1 Upcoming Projects
| PROJECT | GRADE | GFA | EXPECTED DELIVERY |
| The Kross | A | ~32,000 m² | Q1/2026 |
| Saigon Marina IFC | A | Large-scale | Late 2025 – 2026 |
| Marina Central Tower | A | >45,000 m² | 2025 (pre-leasing active) |
6.2 Outlook & Projections – 2026
• Total District 1 supply is projected to exceed 1.2 million m², representing over 23% of HCMC's total office inventory.
• HCMC will absorb an additional 196,412 m² from 15 major projects across 2025–2027, predominantly targeting international occupiers.
• Metro-adjacent locations (Ben Thanh, Ba Son, Ham Nghi) are forecast to command rental premiums of 5–12% above the district average.
• Green and smart offices are becoming the new baseline — older stock faces mounting pressure to retrofit or risk obsolescence.
• Flexible and coworking office models continue to gain momentum, particularly within Grade B and C segments.
7. CONCLUSIONS & RECOMMENDATIONS
| BUSINESS PROFILE | RECOMMENDATION |
| MNCs, global banks, HQ operations | Grade A – prioritize Marina Central, Deutsches Haus, The Kross |
| Mid-size firms, domestic finance | Grade A- or Grade B – Nguyen Hue, Pasteur, Le Loi corridors |
| Startups, tech, representative offices | Grade B or refurbished Grade C – near metro stations |
| Cost-optimized, District 1 address needed | Grade C or coworking – from VND 250,000/m²/month |
District 1 remains Ho Chi Minh City's most dynamic and sought-after office market. With occupancy rates consistently above 92%, a continuous pipeline of high-quality supply, and sustained inbound investment from technology and financial services companies, the market is well positioned for stable growth through 2026 and beyond.
Explore the list of available offices in District 1 — continuously updated by See The Space: District 1 office spaces.
Contact See The Space team for any further support or enquiries at:
| 📞 Hotline: 0768 999 647 📧 Email: leasing@seethespace.vn 🌐 Website: seethespace.vn |
