Savills Vietnam reported that as multinational groups continue to reconfigure their global operating models, GCCs are evolving beyond conventional back-office functions into sophisticated hubs for technology, innovation and strategic operations.
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A corner of Ho Chi Minh City |
Lai Thi Nhu Quynh, Associate Director of Commercial Leasing Services at Savills Ho Chi Minh City, said the proliferation of GCCs is not only fueling additional office demand but also reshaping market standards, structure, and development strategy over the medium and long term. New GCCs are taking on more strategic roles, with a focus on technology, research and development (R&D), data, and innovation, which are core elements of the global value chain.
The trend is already visible in Ho Chi Minh City’s leasing activity. In the first nine months of 2025, Savills tracked 145 office leasing transactions across all grades, with information technology occupiers accounting for 37% of total newly leased area. Average deal size stood at 924 sq.m.
According to Quynh, a quality workforce remains a primary draw for large-scale GCCs. At the same time, Grade A office rents in Ho Chi Minh City stay highly competitive regionally. Compared with Singapore, Hong Kong (China), and Tokyo (Japan), rental rates are considerably lower, allowing companies to optimize long-term operating costs without compromising global standards.
By the end of the fourth quarter 2025, the city’s total office supply reached about 2.9 million sq.m, with Grade A space comprising about 17%, or more than 490,000 sq.m. Within the Grade A segment, 76% of supply carries green building certifications. The rise of next-generation GCCs is directly influencing the structure and quality of the local office market, particularly in the Grade A and A+ segments.
Geographically, GCCs tend to adopt a clearly defined location strategy. The central core continues to be favored for management, leadership, and international transaction functions, while emerging central areas such as Thu Thiem and parts of Thu Duc are becoming preferred destinations for large-scale GCCs, R&D centers, and delivery hubs, thanks to greater flexibility in floor area expansion and lower cost pressures.
Source: VNA