Hanoi Grade A Offices in Late 2026: Why Tenants Have the Upper Hand

In just a few quarters, Hanoi's Grade A office market has moved from scarcity to relative oversupply. New supply concentrated in the west, rising vacancy and landlords competing on price, incentives and service quality mean that late 2026 is an unusually good time for companies looking for, or renewing, Grade A space in Hanoi.

Key points

• Hanoi Grade A vacancy rose to 26.2% in Q2 2026, from 16.5% at end-2025.
• Grade A occupancy in Q3 2026 was about 72%, with average rent around USD 29/m²/month, down on the previous quarter.
• Around 400,000 m² of new office space is expected in Hanoi by 2028, mostly Grade A in the west.
• Landlords are offering longer rent-free periods, fit-out support and more flexible terms to retain and attract tenants.

Hanoi's Grade A office market in 2026 by the numbers

2026 brought the largest wave of supply in years. About 95,700 m² of new office space was added in the first half, with IFC Hanoi in West Lake contributing most of it in Q2. This pushed Grade A vacancy up by nearly 10 percentage points in two quarters.

In Q3 2026, Grade A occupancy was about 72%, below Grade B (about 84%). Average Grade A rent was about USD 29/m²/month, lower than the previous quarter as landlords adopted more flexible leasing. Measured as gross rent including service charge, the Q2 average was about USD 36.8/m²/month, slightly down year on year. Whatever the measure, the trend is the same: rents have stalled.

Why tenants have the advantage

1. A wave of new supply

Hanoi expects about 400,000 m² of office space from around 20 projects by 2028, mostly Grade A and concentrated in West Lake. With many buildings chasing tenants, choice shifts to the occupier.

2. High vacancy creates leasing pressure

With roughly a quarter of Grade A space vacant, both new and existing buildings are under pressure. New buildings need anchor tenants; existing buildings need to keep occupiers as leases expire.

3. Landlords are adding incentives

Landlords are extending rent-free periods, adding incentives, upgrading services and pursuing green certification. Beyond rent, tenants can now negotiate longer fit-out periods, fit-out contributions, caps on annual increases and expansion rights.

4. A chance to upgrade

Most Hanoi leasing deals come from companies relocating to newer, higher-quality buildings rather than simply renewing. Companies can move into green-certified buildings (LEED, EDGE) with flexible floor plates and better amenities at a similar or even lower total cost.

The advantage is not equal everywhere

Most new supply is in the west, especially West Lake, Cau Giay and Nam Tu Liem, where tenants have the most choice and negotiating room. The central districts (Hoan Kiem, Ba Dinh) have few new Grade A buildings, and some prime buildings are holding rents. New, well-run buildings also cut asking rents less, but are often flexible on incentives.

How tenants can make the most of it

• Start 9 – 12 months early before your lease expires to allow time to compare and negotiate.
• Compare renewal and relocation on total occupancy cost over the term: rent, service charge, incentives, fit-out and moving costs.
• Use alternatives as leverage with your current landlord; many buildings will cut rent or add incentives to keep tenants.
• Secure long-term terms: caps on annual increases, renewal options, expansion or contraction rights.
• Check operating quality: lifts, air-conditioning, security, green certification and the building management team.

SEE the SPACE works for tenants

SEE the SPACE tracks availability, asking rents and actual incentives across Hanoi Grade A buildings, prepares total-cost comparisons, arranges site visits and supports lease negotiation. Our service is free for tenants. Right Space. Right Budget.

Figures compiled from market reports published in 2026 and are indicative only.