These are the key office developments to watch out for in Hanoi

Starlake NUA is set to emerge as a new Grade A office cluster.

The Hanoi office market is expected to see increased availability this year according to a JLL report, with key developments, including Hanoi Centre Office in the CBD and Oriental Square in Starlake. Starlake is increasingly establishing itself as a new office cluster in Hanoi. Key developments for grade B in 2025–2026 include Pearl Tower (SSG Group), Rox Tower (Rox Group), and The Marc 88 (Hai Son Company).

“CBD rents are forecast to rise modestly. Non-CBD rents will likely see increases due to new, premium buildings; however, substantial upcoming supply will limit project-level rent growth,” the report added.

Here’s more from JLL:

Although net absorption at some buildings declined due to tenant restructuring during Q2, the market overall continued to show positive signs.

Strong leasing activity in new, high-quality buildings led to a total net leasing of 3,400 sqm in H1 2025 with a 150 bps y-o-y decrease in the vacancy rate.

No new supply is introduced in the quarter

Grade B offices continued to attract healthy leasing demand, particularly at newly completed buildings. This improvement contributed to a net absorption of approximately 5,350 sqm Q2 in total of 21,100 sqm in the first half of the year.

No projects were completed over the quarter. Grade A vacancy rate edged up to 20.9%, a 140 bps increase q-o-q, primarily due to some project restructuring. Meanwhile, grade B segment saw an improvement in vacancy rate, declining by 38 bps q-o-q and 166 bps y-o-y, reaching 13.4% in Q2 2025.

Gross asking rent remains resilient

In Q2 2025, both Grade A and Grade B properties demonstrated stability in their gross asking rents, settling at USD 37.1 and USD 20.5 per square meter per quarter, respectively.

Some existing projects with low occupancy are incentivizing tenants to lease space while most buildings continue to maintain stable rental rates.