Business

Demand for office-for-lease to be up in Q.4

The office-for-lease market is likely to see a large number of customs in the fourth quarter of this year, CB Richard Ellis Group (CBRE) in Vietnam and Savills Vietnam Company forecasted.
The office-for-lease market is likely to see a large number of customsin the fourth quarter of this year, CB Richard Ellis Group (CBRE) inVietnam and Savills Vietnam Company forecasted.

According to Nguyen Minh Tuan, Deputy Director of CBRE, the demand ofoffice space in Hanoi increased in third quarter, with a totalrented area of 13,000 sq.m, mainly in Grade B buildings.

The vacancy rate continued to decrease to 12 percent from 15 percent in the previous quarter.

The average rental price of Grade A buildings rose again to 40USD persq.m. However, the number of successful transaction was negligible, Tuansaid.

Meanwhile, the rental price of Grade Boffice slightly decreased to 26.2 USD per sq.m from 26.8 USD per sq.m inthe previous quarter. In the western areas of the city, small buildingswith rental price of 18 USD per sq.m and below were much in demand, headded.

Do Thu Hang, head of research and consultancyat Savills Vietnam said the office-for-lease market in Hanoimaintained a stable occupancy at 86 percent.

Areport of Savills Vietnam said in Ho Chi Minh City, more than 60,000sq.m of office space were put on the market in the third quarter, up 5percent over the total supply of the second quarter, but the rentalprice and occupancy rate were lower than in Hanoi market, an average of28 USD per sq.m and under 50 percent, respectively.

Truong An Duong, head of research at Savills Vietnam in HCM Citysaid, around 217,000 sq.m of space would be added to the market in2012, mainly in the central business area and Tan Binh, Binh Thanh andPhu Nhuan districts.

“The entrance of large new supply and vacancy of 230,000 sq.m will cause rents to continue declining”, he said./.
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