HCMC office market: Stable demand yet selective supply

At the event, Tu Thi Hong An, Senior Director, Commercial Leasing, Savills HCMC, shared and updated several key developments of the city’s office market. She notes a clear pattern of occupiers increasingly prioritising Grade A buildings in the CBD and fringe CBD areas, with higher requirements for workplace quality, operational standards, sustainability and longer lease terms to ensure stability for long-term development strategies.

Grade A office market performance in HCMC

According to Savills, as of the end of Q3/2025, the Grade A office supply in HCMC reached 553,325 sq m, an increase of 12% YoY, of which the CBD accounted for the largest proportion (424,000 sq m). Average Grade A rents in the CBD are recorded at VND 1.6 million per sq m per month, growing 2% QoQ and 8% YoY, reflecting stable demand for high-quality buildings, particularly in prime urban locations.

Global Capability Centres (GCCs) are assessed as a strategic occupier group, playing an increasingly important role in HCMC’s office demand structure. According to Savills, during 9M/2025, tenants from the IT, finance–insurance and logistics sectors accounted for the majority of new leasing transactions, with the technology sector leading at 37% of net take-up. The average transaction size was 1,000 sq m. Notably, GCCs typically choose Grade A or A+ offices, sign long-term leases of 5–10 years, and have high requirements for ESG standards, technology infrastructure and central or fringe CBD locations.

Against the backdrop of increasingly limited new Grade A supply in HCMC, Savills notes that The Kross is the only Grade A office project expected to enter the CBD market in 2026. Furthermore, the market is not forecasting additional new Grade A projects until at least 2028, further reinforcing the scarcity of internationally standardised office buildings in the city core.

The Kross: Design and scale

The Kross is at 3A–3B Ton Duc Thang Street, Sai Gon Ward, HCMC, and is developed to international Grade A office standards. The project is a mixed-use development comprising Grade A offices, retail podium and serviced apartments, catering to a wide range of occupier needs.

The project has a net lettable area of 33,000 sq m, consisting of 36 above-ground levels and 5 basements. Typical floor plates range flexibly from 994 to 1,053 sq m per floor. The clear ceiling height is 2.75 m (from raised floor to finished ceiling), ensuring an efficient and spacious working environment. The project is scheduled for handover in June 2026.

Developed with a focus on long-term operational efficiency, The Kross features modern architectural design, internationally standardised amenities and a strong sustainability orientation. The project is targeting LEED-Gold and WELL certifications, meeting the increasingly stringent requirements of global occupiers for workplace environment and corporate image.

An adds that 76% of Grade A office supply in HCMC has achieved green building certification, reflecting a clear market trend towards prioritising buildings that meet sustainability and occupant wellbeing standards. The Kross’s pursuit of LEED-Gold and WELL certifications not only aligns with global occupiers’ requirements but also enhances the project’s long-term competitiveness and operational value.

Cooperation signing ceremony

On 6 January 2026, the cooperation signing ceremony between Trung Viet Group, Savills Vietnam and NAI Vietnam took place in HCMC.

Speaking at the ceremony, Neil MacGregor, Managing Director of Savills Vietnam, said:

“With our role as co-marketing and leasing management agent for the project, Savills is committed to bringing in-depth advisory capabilities, international experience and strong local market knowledge, to work alongside the investor and partners in positioning and developing the project in a professional, internationally standardised manner aligned with the long-term needs of occupiers.”

Nguyen Vu Hung, General Director of Trung Viet Real Estate Business Joint Stock Company, shared:

“The Kross represents a major commitment by Trung Viet, developed at a time when the office market is consolidating and upgrading in quality. It reflects our long-term vision and aims to provide high-quality workspaces that support the long-term needs of the business community.”

Nguyen Thanh Tam, General Director of NAI Vietnam Co., Ltd., commented:

“As a member of NAI Global, a global commercial real estate network with over 50 years of history, NAI Vietnam delivers effective marketing and leasing solutions to support the sustainable value of The Kross across its full operational lifecycle.”

Amid increasingly limited Grade A office supply in HCMC’s CBD, the collaboration between Trung Viet Investment, Savills Vietnam, and NAI Vietnam expects The Kross to be a compelling option for enterprises seeking high-quality, stable and sustainable office space in the period ahead.