New supply lifts Northern Vietnam warehouse stock to 2.2m sqm

The growth was driven by two key projects.

Northern Vietnam's ready-built warehouse market recorded strong leasing momentum in Q1 2026, with net absorption reaching approximately 96,000 sqm, nearly double the level recorded a year earlier, according to JLL.

Manufacturing and retail occupiers led demand, particularly in Hai Phong and Hung Yen provinces.

The market added 162,000 sqm of new supply during the quarter through the completion of BWID Pho Noi A and Jeil Logistics Hai Phong, increasing total warehouse stock to almost 2.2 million sqm. The influx of new space pushed occupancy slightly lower to 64.6%.

Average asking rents rose 3.9% quarter-on-quarter to USD5.12 per sqm per month, supported by premium pricing at newly completed projects and rental escalations at high-performing assets.

JLL expects approximately 550,000 sqm of additional warehouse space to enter the market during the remainder of 2026, with manufacturing activity and domestic consumption continuing to underpin demand.