The trend toward multi-story warehouses and flexible, multi-functional warehouses remains strong. — Photo diendandoanhnghiep.vn

HÀ NỘI — The total supply of ready-built warehouses in southern and northern Việt Nam reached 4.4 million square metres (sq.m) last year.

A report by JLL Việt Nam shows that despite ongoing volatility in the global economy, the domestic modern ready-built warehouse market continued to grow steadily. 

Major developers proactively expanded supply and flexibly adjusted product offerings to meet the needs of manufacturing and logistics companies.

In northern Việt Nam, supply continued to expand with 256,000sq.m of new warehouse space, bringing total supply to more than 2.04 million sq.m.

The trend toward multi-story warehouses and flexible, multi-functional warehouses remains strong, helping developers optimise land costs while better meeting the diverse needs of tenants.

Leasing demand remained stable, with net absorption in Q4 2025 reaching 125,000sq.m, exceeding the combined absorption of the first three quarters. 

For the full year, total net absorption reached 236,000sq.m, up 13 per cent year-on-year. The main driver continued to be manufacturing companies, further supported by increased demand from more active year-end consumer spending.

The average asking rent in northern Việt Nam in Q4 last year reached US$4.93 per sq.m per month, up 1.48 per cent quarter-on-quarter and 6.62 per cent year-on-year. 

The overall market growth was mainly driven by higher rents at newly launched projects, while rents at existing projects remained relatively stable.

Northern Việt Nam is expected to see an additional 683,000sq.m of new supply this year, concentrated in Bắc Ninh and Hưng Yên. Leasing demand is forecast to remain stable, driven by manufacturing and third-party logistics (3PL) companies.

The ready-built warehouse market in southern Việt Nam remained stable last year despite the impact of the global economic headwinds and the US tariff policies.

Net absorption surpassed 97,600sq.m in the fourth quarter of last year, bringing total absorption for the year to 453,000sq.m – up more than 70 per cent compared to 2024. The growth was mainly driven by 3PL logistics companies and businesses serving the domestic market during the peak consumption season.

On the supply side, a notable project was BWID’s two-story warehouse at Thuận Đào Industrial Park, with a total area of 120,000sq.m. The total prime ready-built warehouse supply in southern Việt Nam reached approximately 2.4 million sq.m by the end of last year, up 11.2 per cent year-on-year.

The average rent in Q4 2025 reached $5.04 per sq.m per month, posting slight increases quarter-on-quarter and year-on-year. However, net effective rents remained competitive thanks to flexible incentive policies as the market entered a phase of strong supply growth.

Southern Việt Nam’s logistics market is expected to add 313,000sq.m of new ready-built warehouse supply in Đồng Nai and Bình Dương this year.

Notably, Sembcorp will make its first investment in a hybrid ready-built warehouse model in the region, scheduled for handover by the end of the year.

Commenting on market prospects, Lê Thị Huyền Trang, managing director and head of consulting and research at JLL Việt Nam, noted that last year demonstrated the strong adaptability of both the northern and southern markets. 

Developers not only expanded scale but also focused on improving operational quality and optimising warehouse design, particularly multi-story and flexible-use warehouse models, she said. — VNS