Ho Chi Minh City to welcome one of its largest office complexes this year

The Marina Central Tower offers 71,500sqm of NLA.

In 2025, the market will welcome Marina Central Tower, one of the Ho Chi Minh City’s largest office complexes with 71,500 sqm NLA. According to a report from JLL, as a large new space becomes available, existing properties may need to adjust their rents and/or upgrade their facilities to remain competitive.

JLL adds: “Demand for high-standard, sustainable Grade A office space will still be high as MNCs explore HCMC as their regional and global tech support hub. Grade B leasing activity remained subdued in 2H25 ahead of the anticipated launch of Hong Fu Plaza Tower (~20,000 sqm NLA) in 2026.”

Here’s more from JLL:

Despite economic headwinds, the Grade A CBD office market recorded positive absorption of around 8,500 sqm, led by Asia-based firms in premium locations.

In the non-CBD, a Japanese logistics company drove approximately 6,000 sqm of take-up by setting up its IT hub in HCMC. Grade B demand was driven by leasing activity in CBD buildings and a large take-up recorded by a school in the South, contribute to 2,800 sqm.

One Grade B building enter the market

In the non-CBD, a Japanese logistics company drove approximately 6,000 sqm of take-up by setting up its IT hub in HCMC. Grade B demand was driven by leasing activity in CBD buildings and a large take-up recorded by a school in the South, contribute to 2,800 sqm.

Meanwhile, the debut of Halo Signature Building (15,535 sqm) temporarily pushed the Grade B vacancy rate up to 11.6% in Q2, compared to 10.6% in Q1.

Gross asking rent remains resilient

Gross asking rents remained stable across both segments in Q2 2025, averaging USD 53.1 per sqm per month in the CBD and USD 28.4 per sqm per month in non-CBD areas. Amid market instability, landlords prioritized competitive pricing to attract tenants.

In the Grade A segment, CBD capital values held firm at USD 9,155 per sqm. Market yield for this segment remained stable q-o-q at 6.5% but rose 20 bps y-o-y, reflecting the lingering impact of broader economic conditions on investor sentiment.