Following the administrative boundary expansion, HCMC has entered a new development phase with strong expectations for socio-economic transformation. Alongside opportunities in infrastructure and urban planning, the real estate market, particularly the office segment, is forecasted to benefit significantly. 

According to Savills Vietnam, as of Q2/2025, total office stock in HCMC reached 2.9 million m², increasing slightly QoQ with the addition of several Grade C projects outside the central area. With limited new supply, market performance remained stable, with average rents at VND 843,000/m²/month and a high occupancy of 88%. The Savills Property Price Index (SPPI) showed HCMC’s office performance index has stayed within 96–98 points over the past three years. Q2/2025 recorded 96 points, reflecting the market’s resilience despite restricted new supply. 

Leasing demand was driven primarily by key sectors such as information technology, finance, banking and maritime transport; industries with steady growth that form the backbone of development. ” 

New Prospects Post-Merger: Opportunities for High-Quality Projects

The administrative boundary merger opens opportunities to create new growth corridors, unlock land reserves, and attract further investment flows. This is particularly important as the HCMC office market continues to face limited existing supply. 

From now until 2027, the city is expected to add 234,000 m² of new office space, with more than half concentrated in the CBD and the remainder distributed across established non-CBD office clusters. This pipeline will not only ease short-term pressure but also highlight significant growth potential for future high-quality projects. 

Notable upcoming projects include Saigon Marina IFC, The Kross in the premium Grade A segment within the central area, as well as OneHub Saigon Tower 2 and Millennial Tower in the former District 9 and District 7. Strategically located, large-scale, and built to international standards, these projects are set to reshape HCMC’s office landscape.

Lai Thi Nhu Quynh, Associate Director, Commercial Leasing at Savills HCMC, shared:  

"The biggest impact of the administrative merger on the office market is the redefinition of the ‘CBD’. With the boundary expansion, areas previously seen as fringe locations, including South Saigon, Thu Thiem, and Thu Duc, may now be incorporated into the extended CBD. This broader concept of the CBD reduces reliance on the former Districts 1 and 3, diversifying office supply and demand. Businesses now have more choices between the old and expanded centres, where rental gaps are narrowing. For instance, choosing an office in Thu Thiem may be preferable over the previous District 1, thanks to more competitive rents while still offering premium building quality and a central address."

The Rise of Flexible Workspaces

According to the Savills Impacts report, by 2034, Millennials, Gen Z, and Gen Alpha will account for 80% of the workforce in developed economies and in Viet Nam. Millennials will hold core leadership roles, Gen Z will form the second-largest workforce, while Gen Alpha begins to emerge. Future offices will therefore need to create multi-generational, tech-driven, sustainable, and health-focused ecosystems. 

In Viet Nam, this trend is reflected in the rising demand for open layouts, natural light, ergonomic design, and hybrid work models. Offices today are evolving beyond workplaces into hubs of collaboration, creativity, and talent retention. 

As Viet Nam’s financial and economic hub, HCMC is undergoing a pivotal adjustment post-merger. Beyond urban governance implications, this transition opens new room for office supply—especially Grade A and sustainable projects. With stable leasing demand and limited supply, the development of non-traditional CBD clusters and flexible workspace adoption is expected to reshape the market’s structure. Overall, the mid- to long-term outlook for HCMC’s office market remains positive, with geographic shifts and quality benchmarks set to be the defining factors ahead.

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