I recently spent a week in Bangkok, meeting with colleagues from Cushman & Wakefield Thailand and visiting some of the city’s leading office developments. The trip gave me a first-hand view of a market that is clearly tilting in favour of occupiers: supply is abundant and increasingly aligned with international green building standards, landlords are competing harder to retain tenants, and workplace experience is being enhanced through a more thoughtfully curated range of amenities.
According to Cushman & Wakefield’s Bangkok Office MarketBeat Q2 2026 report, the vacancy rate for Grade A office space in the CBD stood at 21.9%, while gross rents remained stable at THB 943/sqm/month—approximately US$28.6. Although occupancy has improved, landlords continue to compete through incentives and more flexible lease terms. As a result, the effective value available to occupiers has changed considerably, even where headline rents remain unchanged.
What is striking is how familiar this picture looks to Hanoi. In Q2 2026, Hanoi’s office vacancy rate stood at approximately 23%, broadly comparable with Bangkok, while Grade A asking rents remained relatively stable at US$32.2 per sq m per month.
The key difference is the direction of travel. Bangkok has already passed the peak of its supply cycle and is now moving towards recovery. Hanoi, by contrast, is only beginning to enter this phase. Between 2026 and 2028, the market is expected to receive approximately 400,000 sq m of new office space, with the West accounting for around 83% of the pipeline. This submarket is gradually moving towards conditions similar to those seen in Bangkok: abundant supply, increasingly high development standards and growing competition among landlords in the years ahead.
That is why what is happening in Bangkok today offers valuable lessons for the Hanoi market.
Experience Becomes a Competitive Advantage
What stands out in Bangkok is that, despite elevated vacancy, premium developments such as One Bangkok and Dusit Central Park continue to record positive leasing momentum. Achieving strong pre-leasing before completion in a market with abundant choice shows that occupier decisions are no longer driven simply by available space and rental rates.
One Bangkok is a prime example of an integrated development combining offices, hotels, retail and public spaces. It has achieved international certifications covering district-scale green development, smart connectivity and WELL health and well-being standards. In Tower 4, the premium coworking space THE COLLECTIVE on Level 28 extends this experience through customisable meeting rooms, a tea bar, daily breakfast and personalised support services—demonstrating how workplace amenities can extend well beyond a tenant’s private premises.
Dusit Central Park follows a similar approach, combining Grade A offices with a hotel, residences and retail, all connected by a rooftop park spanning more than one hectare. The park is not only a shared amenity for office occupiers, residents and hotel guests; it also acts as a magnet for local residents and tourists, drawing them to visit, explore and share the experience. As a result, Dusit Central Park is more than an office development—it has become a city destination and a “proud address”, where simply being located there can enhance an occupier’s brand.
The common thread across these developments is the shift of amenities beyond individual leased premises into shared spaces operated by the landlord. This allows occupiers to reduce upfront capital expenditure and move in more quickly, without having to create and manage every service or facility themselves.
What Can Hanoi Landlords Learn from Bangkok?
The first lesson is that “flight to quality” is an inevitable trend as occupiers seek to upgrade their workplaces.
Bangkok’s market data points to a clear trend: occupiers are moving out of older buildings and into newer developments with higher operating standards. Rather than competing solely by lowering rents, many Bangkok landlords have responded by upgrading amenities and service quality to maintain their position against newer buildings.
Empire Tower is a case in point. Its owner, AWC, has invested approximately US$40 million to reposition the 58-storey building, which was developed in the late 1990s. Level 53 has been converted into a shared “co-living” space for all occupiers, featuring a lounge, communal kitchen, nap room and collaborative work areas. Levels 53 to 58 have been transformed into an elevated dining destination spanning more than 8,000 sq m. This demonstrates that the flight to quality does not necessarily require new construction. Existing buildings can remain competitive when investment is directed towards the right amenities and user experience.
This approach reflects a broader shift in asset management. Instead of treating rent as the main competitive lever, landlords are increasingly adopting strategies that enhance real estate value through an ecosystem of services and amenities.
Similar signals are beginning to emerge in Hanoi. Recently launched developments are placing greater emphasis on green and sustainability certifications, as well as smart-building technologies, to demonstrate construction quality and long-term performance.
At the same time, some developers are investing more heavily in diverse, user-centric amenities, including landscaped spaces, integrated retail podiums, multifunction rooms, tenant canteens, shared meeting and event spaces, and wellness facilities.
In other words, rather than viewing the forthcoming wave of new office supply purely as a source of competitive pressure, the market could take a more positive perspective: it is an opportunity to create a new generation of office buildings designed and operated around the practical needs of users—an approach that landlords should seriously consider.
The second lesson for landlords is the need for greater flexibility in how every square metre is leased.
Maintaining stable headline rents is no longer enough to remain competitive. Landlords need to assess their position based on the total value of the leasing package, including incentives, fit-out contributions, flexibility in lease terms and the occupier’s total cost over the full lease lifecycle.
Meanwhile, fitted offices, partially fitted premises and furniture-inclusive leasing solutions can significantly reduce costs and operational barriers for occupiers relocating or expanding their workplaces.
As office developments become increasingly similar in terms of design, green certifications and technical specifications, operational quality, service culture and the ability to build a strong tenant community will become the factors that truly differentiate one project from another.
What Should Occupiers Do Now?
The upcoming supply pipeline will give businesses an opportunity to upgrade their workplaces and negotiate more favourable terms. However, they will only capture the full value of this opportunity if they begin preparing early.
Companies with leases expiring within the next two to three years should start reviewing the market now, particularly if they require large floor areas or multiple contiguous floors. Engaging with projects during the pre-leasing stage will provide a broader range of options and more time to negotiate.
Businesses should also define clear requirements for their future workplace, including headcount, space efficiency and employee commuting needs, as well as sustainability standards, technology, amenities and expansion capacity. Options should be compared on the basis of total occupancy cost, including rent, service charges, fit-out expenditure, rent-free periods, landlord contributions and reinstatement obligations.
Most importantly, occupiers should maintain several viable options. The strongest negotiating position comes not only from abundant supply, but also from having sufficient time and information to create genuine competition among alternatives.
Bangkok demonstrates that even in a market with high vacancy, developments that understand occupier needs can still perform well. As new supply—particularly in Starlake—reshapes Hanoi’s office market, landlords will increasingly need to compete through product quality, service and lease terms, while businesses will gain a stronger voice in choosing their workplace.
The next phase of the market will be determined not simply by who offers the lowest rent, but by who understands occupiers best.
