Vietnam Hanoi's commercial real estate market performed well in the first quarter!

Hanoi, Vietnam's commercial area is the largest ever

Regarding the real estate market in Vietnam's capital Hanoi in the first quarter, Savill Vietnam reported that commercial real estate totaled about 1.4 million square meters, reaching a record high. The largest project in Hanoi totaled 16,000 square meters of supply.

According to the report, commercial real estate is performing well with high occupancy rates in the rapidly growing condominium and residential areas, and further development is expected.

Hoang Dieu Trang, senior manager of commercial property leasing at Savills Vietnam, said: Global brands have expressed interest in Hanoi, but the market does not yet offer high-quality retail space that meets the needs of tenants.

Expectations for investment in densely populated areas in Hanoi

According to JLL Vietnam's quarterly report on the property market in Hanoi, released on Thursday, the occupancy rate reached nearly 90% in the first quarter of this year, up 1.6 percentage points from the previous quarter.

Demand for high-profile, high-quality real estate in densely populated areas remains strong, according to JLL. Inquiries for retail real estate leasing from high-end food and beverage and fashion companies such as Zara and Uniqlo have surged, he said.

Convenience stores such as Circle K and Vin Mart also continue to expand their store openings. As of the first quarter, the total space in Hanoi reached 80,100 square meters, mainly rising in the suburbs a little further from the city center. , Hanoi, districts other than Ba Dinh, Hoan Kiem, Dong Da and Hai Ba Trung saw sharp increases compared to the previous year.

Market-wide rents were USD 28.8 per month, up 0.02 percent quarter-on-quarter and 1.1 percent year-on-year. In central Hanoi, average rent rose 0.2% quarter-on-quarter to $84.9/month, while outlying suburban areas saw a modest increase of 0.03% to $27.7/month. have become.

First floor rents in Dong Da, Ba Dinh, and West Hanoi, the largest supply districts for retail space, were $30.4/m2 in Q1 as newly developed retail spaces absorbed market demand in 2018. stabilized on the moon.

Popular areas around Lotte and Aeon Mall

Mr. Trang of Savills said, "Many projects are concentrated in urban centers, large shopping malls and entertainment facilities, and will continue to attract a wide range of demographics, from young people to families."

Especially retail projects in housing estates are expected to grow. He also mentioned that large-scale projects such as Lotte Mall and Aeon Mall have had a huge impact on surrounding real estate.

 

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