In this paper, we consider the time-varying channel estimation in millimeter wave (mmWave) multiple-input multiple-output MIMO systems with hybrid beamforming architectures. Different from the existing contributions that considered single-carrier mmWave systems with high mobility, the wideband orthogonal frequency division multiplexing (OFDM) system is considered in this work. To solve the channel estimation problem under channel double selectivity, we propose a pilot transmission scheme based on 5G OFDM, and the received signals are formed as a fourth-order tensor, which fits the low-rank CANDECOMP/PARAFAC (CP) model. By further exploring the Vandermonde structure of factor matrix, a tensor-subspace decomposition based channel estimation method is proposed to solve the CP decomposition, where the uniqueness condition is analyzed. Based on the decomposed factor matrices, the channel parameters, including angles of arrival/departure, delays, channel gains and Doppler shifts are estimated, and the Cram\'{e}r-Rao bound (CRB) results are derived as performance metrics. Simulation results demonstrate the superior performance of the proposed method over other benchmarks. Furthermore, the channel estimation methods are tested based on the channel parameters generated by Wireless InSites, and simulation results show the effectiveness of the proposed method in practical scenarios.
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