Business

Southern industrial real estate market vibrant in Q3

The industrial real estate market in the south was vibrant and thriving in the third quarter, with many ready-built factories and warehouses entering the market, according to real estate research companies.
Southern industrial real estate market vibrant in Q3 ảnh 1A view of some industrial establishments in Thu Duc city of Ho Chi Minh City (Photo: VNA)

HCM City (VNA) - The industrial real estate market in the south was vibrant and thrivingin the third quarter, with many ready-built factories and warehouses entering themarket, according to real estate research companies.

CEO of Cushman & Wakefield Trang Bui said after about 2-3 years without new industrial land supply in the southern key economic region, the third quarterof 2023 witnessed new supply from Long An with the entry of the Nam Tan TapIndustrial Park developed by Saigontel, which contributed roughly 171ha to themarket.

The average occupancy rate reached nearly 82%, equivalentto a net absorption of 116ha, representing a quarterly increase of 66%. Long Anand Ba Ria - Vung Tau provinces recorded the highest net absorption rates, with59% and 28%, respectively.

It was attributed to the recovery of industrial productionsector.

Cushman & Wakefield forecast that between now and 2026, the future supply is estimated ataround 5,700ha, mainly coming from Binh Duong, Dong Nai, Long An, and Ba Ria -Vung Tau provinces. Amid high demand, land rental prices are expected tocontinue the upward trend.

It said the outlook for the ready-built factory market willremain vibrant, with approximately 2.5 million sq.m of ready-built factoryspace introduced to the market from late 2023 to 2026, with the participationof both domestic and foreign investors. The absorption rate is also expected tocontinue increasing in the coming quarters, benefiting from the relocation ofmanufacturing facilities from China to Vietnam.

The ready-built warehouse sector also noted the entry oftwo new projects into the market in Dong Nai and Binh Duong provinces, with atotal area of some 110,000 sq.m.

John Campbell, Associate Director and head of theIndustrial Services Department at Savills Vietnam, said as of 2023, Vietnam hasa total of 397 IPs covering a total land area of 122,900 ha. Of which, 292 IPs covering more than 87,100ha are operating, while 106 others are underconstruction with a total area of 35,700ha.

IPs across the country have high occupancy rates of over 80%.The northern provinces record 83% while the southern region 91%.

According to him, the scarcity of land supply and rising land prices aredriving the trend towards developing multi-story factories and warehousesoutside Ho Chi Minh City, in order to optimise land investment costs./.

VNA
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