The need for commercial space in Quarter 1 slightly increased as compared to the previous quarter as exchanges of goods rose during the traditional Lunar New Year (Tet) holiday and international brands continued to expand their networks in Vietnam, according to the Ministry of Construction.
Asia Pacific’s commercial real estate market has felt the brunt of COVID-19 so far this year, with a sharp decline in investment volumes and rental prices across most major commercial asset classes, according to real estate services firm JLL.
Land for lease at industrial parks (IPs) in the south of Vietnam is becoming increasingly scarce, according to data from real estate consultants Jones Lang LaSalle (JLL) on the supply of industrial land in southern IPs during the second quarter of this year.
While the COVID-19 epidemic has basically been controlled in Vietnam and business activities have resumed, the retail space market in Hanoi is gloomy with rentals down from 20-30 percent.
The market segment for offices and retail space for lease in Hanoi has seen stable rental prices in the third quarter of the year, according to the CB Richard Ellis Vietnam, Co., Ltd (CBRE).
More foreign shops such as France-based Auchan and US-based 7-Eleven convenience stores will lead to competition for rental spaces, particularly in downtown HCM City, according to a new report.
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