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Tony Milton MRICS

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Fast Facts

Date : Sunday, 04 October 2009
Category : Realty - Hanoi Offices

CHRONOLOGICAL ORDER : Scroll to bottom for latest info


180409-Established downtown properties like Ha Noi Tower, Trang Tien Plaza, Vincom City Tow¬ers, Opera Business Centre and Pacific Place are all reporting full occupancy. With the new office supply, rents have dropped and land¬lords have been competing to lock in large tenants. With new supply from BIDV Tower looming, Grade A rents ended the 1st Quarter of 2009 down 8% from the end of 2008 standing at US$49/sqm. Meanwhile, asking rents for Grade B office space had also dropped to under $33/sqm/month in the 1st Quarter. Actual rents were likely even lower than asking rents as land¬lords applied promotion programmes to attract custom¬ers. While leasing activity re¬mained slow in the 1st Quarter, there has been strong interest in some new Grade C buildings in Nguyen Phong Sac. VNN

200409-Office rent in the capital city of Hanoi witnessed a continu¬ing decline in the 1st Quarter of this year with Grade A office rents dropped 8% to US$49/sqm compared to late last year. Meanwhile, Grade B saw 5% dropped to US$33/sqm. Due to financial problems, cus¬tomers paid more attention to Grade C office buildings mostly on Nguyen Phong Sac in Can Giay. Hanoi may have some 100,000sqm more of Grade A and 13,000sqm more of Grade B office space this year. SGT

280409-Handico started work on the 33 story Handico Tower, a complex of office building and commercial center worth VND732 billion / $41m with total floor space of about 45,000sqm in Me Tri Ha township in Hanoi's Tu Liem District.

050509-Ha Noi may get an additional 1.1 million sqm of office space by 2012. SGT

290609-The CEO Tower on Pham Hung will offer 13,000sqm of office space next month. The CEO Investment JSC said it had rented a 1/5th of the tower's total area. By the end of the year or the early next year Ha Noi's market would have an extra 160,000sqm of office space on Tran Hung Dao, Lang Ha and Tran Duy Hung. SGT

030709-Landlords are more concerned with filling office space than look¬ing for the best rental rates, as cor¬porate tenants are seeking aggres¬sive cost reduction plans. Landlords were keen to secure reliable incomes, offering lower rents, capital contributions and free rent periods to attract quality tenants for longer leases. The CEO Tower in Hanoi's Pham Hung road is offering rental prices of $25 to $40/sqm exc 10% VAT - lower than the levels the developers and marketing agents had planned last year. "Our main concern now is fill¬ing the building with tenants, hopefully in 3-5 months, rather than looking for the best prices. We have leased 20% of the building's space including 2 long-term tenants." For long-term tenants, defined by fixed 48-year contracts, the company offered a price of VND27m / $1,500/sqm excluding tax. "Strategic investors who are financially strong will find this deal more attractive than investing in condominiums, as they can buy off a whole floor at less than VND15 billion ($830,000) and earn substantial profits just by leasing out at the same price that we're offering." The tower will provide 13,000sqm of office space for lease, spanning across 27 floors and 2 basement floors for parking. Two other grade-A buildings were expected to come online this year downtown, including Capital Tower on Tran Hung Dao street and BIDV Tower on Tran Quang Khai street, with a combined stock of 46,000sqm. Proposed rents for these two buildings are expected to be between $50-$60/sqm per month. Vacancy rates in Hanoi's grade-A office buildings were around 3% but the level in grade-B buildings had reached 20% as market supplies had increased over the last couple of months. VIR

120709-Work on the $29.1m Hoang Gia tower including a trade centre, high-class offices for lease and apartments, has begun in Ha Dong District by SME Hoang Gia JSC. The tower block will cover an area of 1,200sq.m, and will have 38 storeys. The building will include supermarkets and offices for lease on the first 5 floors and 270 high ¬end apartments from floors 6-35. VNN

220709-Office rentals in Hanoi have dropped 15-20% since the beginning of 2009 on new deals and lease renewals. The high supply pipeline for this year may result in either static or reduced rentals and lower occupancy rates. The current average grade A rentals in Hanoi's Hoan Kiem dis¬trict were approximately $50/sqm - down from more than $60 in previous years. VIR

270709-Grade B office rent in Hanoi is down by 19% after space in many new buildings in the city has been offered at low prices. Many investors are expanding promotion programs to keep tenants and lure new ones. Grade A office rent also fell by 5.6% to around US$46/sqm/mth. Plaschem Plaza was the only grade B office building launched in the 2nd Quarter. SGT

290709-Construction of a 4,500sqm FLC Landmark Tower project will begin in the My Dinh 2 urban area, west of the city. The 32 floor tower will include offices and high-end apartments. The project investor is Ninh Bac financial investment company. VNN

270709-During the 2nd Quarter rents of Grade A office space fell by 5.6% to an average of US$46/sqm while those of Grade B office space dropped by 19.1% to $26. The drop in Grade B rents comes from the reduced rents of buildings launched in 2009 which, when excluded, leaves only a 7.7% drop in rents for stabilised grade B buildings." Grade B vacancies also rose from 5% during the same quarter a year ago to 22.1% even though only 1 new Grade B building, Plaschem Plaza, appeared on the market. Grade A buildings, mean¬while, saw a 2.84% rise in vacancies. VNN

260809-Space 21 Fonexim Co. Ltd a JV between Space 21 of South Korea, Space 21 Singapore and Northern Food Corp under the Ministry of Industry and Trade, started construction on Office Building and Trade Centre at 203 Minh Khai in Hanoi's Hai Ba Trung District. The complex worth $19m will cover 3,240sqm including a 9 story and a 17 story block with total floor space of about 20,000sqm. SGT

200809-Licogi 13 JSC started a $20.8m 25 storey building of high¬ class offices and apartments for lease located on Khuat Duy Tien, Thanh Xuan district. The building, to be constructed on 3,364sqm would have offices for lease from floor 3-15 while the rest, would be built as high class apartments for leasing. VIR

300909-Sentinel Place, a 9 floor building on Ly Thai To will provide approximately 6,500sqm of standard office space and open early 2009. VNN

141009-Hanoi’s total office stock would have increased to 600,000sqm by the end of 2009 with approximately 175,000sqm entering the market during 2009. Major buildings to come online this year include BIDV Tower with 23,000sqm, Capital Tower (20,000sqm) and CMC Tower (12,000sqm). Early 2010 will see the opening of Charmvit Plaza with a gross floor office space of 54,000sqm. CEO Tower has leased around 70% of its 20,000sqm since its opening one month ago, while BIDV Tower has leased more than 50% of it space at $45/sqm excluding VAT. But new office supply in Hanoi would triple in the next 3 years and if all stock under construction is completed, vacancy levels could rise to above 30% across Hanoi. The existing Grade A proper¬ties in Hanoi are primarily locat¬ed in Hoan Kiem district and have high occupancy levels. However, the landlords have reduced rents since 2009 to retain tenants which are typically down 15-20% on the start of 2009. Based on the average rent of $50/sqm this repre¬sents an average current Grade A rate of $40-45/sqm. Properties in Cau Giay dis¬trict command lower rentals than Hoan Kiem district. Average rents are between $20-30/sqm. In these districts, it can be antici¬pated that Grade A properties close to Pham Hung will command the highest rents. Demand for new office space has declined steadily over 2009 with the majority of take ¬up coming from lease renewals and relocations to less expensive space. VIR

161009-Landlords have reduced rents for Grade A and B offices by 6%-9.6% in the 3rd Quarter and at the same time offered more incentives to tenants. For example, the monthly rent at Pa¬cific Palace, Sun City and Vietcombank Tower was offered at US$48-60/sqm in the 1st Quarter but dropped to US$42-52/sqm in September. The capital city will see more stock on the market toward the end of 2009 with more than 60,000sqm in 5 buildings online in the 4th Quarter. SGT

171009-Rents for Grade-A office space in Ha Noi fell 6% during the 3rd Quarter while rents for Grade B space de¬clined 9.6%. The de¬creases, however, helped slow the rise in vacancies, as renters took advantage of the lower rates and many seized the opportunity to centralise operations and fix office costs. The Ha Noi market was also soon to absorb new space, with 5 new projects representing 60,000sqm of new office slated to come on the market shortly. VNN

261009-Rents for grade A and B office buildings are down by 4.5% and 2% respectively. However, the rent for grade A is slightly up by 1% while new suppliers revised down grade B offices by 9% compared to 2nd Quarter. SGT

281009-The Grade A Sentinel Place on Ly Thai To in Hoan Kiem will provide some 6,500sqm of office space in early 2010. In the 3rd Quarter 3 new office buildings namely Plaschem, CEO Tower and Handiresco Towers came on line increasing the total supply of Grade A, B and C offices to 493,000sqm. The average rent for Grade A and B office buildings continued to experience a downward trend but the average occupancy rate for Grade A picked up 1% quarter on quarter while that for Grade B dropped by 9% due to the influx of new supply. Meanwhile, Grade C posted nearly 80% in the occupancy rate with US$17/sqm the average rent. Over 1.1m sqm of office space in all grades, from around 60 projects, is expected to enter the market in the next 3 years. SGT

311009-The 3rd Quarter results show not all is bright for the office sector though rents show signs of bottoming out. “The signs of bottoming out do not mean a recovery. We are not suggesting anyway that the market will recover to where it was for a long time, but we are suggesting that rents at some of the projects stop falling and possibly reach the bottom." The office rent dip in the 3rd Quarter averaged 2.9% across all grades. The quarter saw new net absorption of some 50,000sqm with major contributions from Grade A and C buildings. Overall vacancy stood at 17.5%, down 0.6%. In Hanoi, landlords had to reduce the rents of Grade A and B offices for lease by 6-9.6% in the 3rd Quarter. The capital city will see more stocks toward the end of this year, with more than 60,000sqm of 5 buildings to go online in the 4th Quarter. SGTW

031109-Supply on rent offices would increase in Tu Liem and Cau Giay by 2011. Grade A offices were mainly located in Hoan Kiem and Ba Dinh districts with a total floor area of 135,000sqm in 12 build¬ings. By the end of 2009 the total would jump to 600,000sqm including 23,000sqm in the BIDV Tower alone; Plaschem in Long Bien District; CEO Tower in Tu Liem District; and Handiresco Tower in Ba Dinh Dis¬trict. Rentals and available office space reduced slightly in the 3rd Quar¬ter compared with the 2nd Quarter but demand for of-fice space should increase in the last quarter of this year and in the future. In next 3 years 1.2m sqm of office space in 60 projects will come onto the market, in¬cluding 145.000-345,000sqm in 2010. VNN

211209-The western area of Hanoi City is expected to see a huge supply of high-quality office space for lease due to many new projects in My Dinh, and Tu Liem districts. Investors plan to offer low rents to lure tenants. SGT

221209- Office tenants are moving to the west of the capital, enticed by lower rents and beater infrastructure. Most office tenants are currently occupying buildings in the central business districts of Hoan Kiem, Ba Dinh and Hai Ba Trung. However, as rents in these areas stay high, tenants are looking to cut costs, moving to the more western areas of Cau Giay and Tu Liem districts. The full occupancy of the 27fl CEO Tower within three months of its open¬ing illustrates this trend which is located on Pham Hung in the My Dinh area, after the Viglacera Tower. My Dinh is quickly becoming a new commercial centre. Local and foreign developers have pursued this trend and are pushing the construction of projects like the CMC Tower, opening in December 2009, the Grand Plaza Hanoi, dpening in January 2010 and the Indochina Plaza Hanoi, opening in 2011. It is estimated that over 1.1m sqn of office space in all grades from around 60 projects in Hanoi is expected to enter the market in the next 3 years, mainly in secondary and suburban districts, with the largest supply in Tu Liem and Cau Giay districts. An overabundance of office space is predicted to make office rents lower over the next couple of years. Meanwhile, other new buildings in the city centre such as BIDV Tower and Capital Tower still have vacancies. VIR

210110-Monthly rentals are expected to fall further with an additional 150,000sqm to become available this year. Rents for Grade A office space in the city fell by 2.3% to US$43.71sqm and Grade B rents fell by 1.18% to US$25.89sqm at the end of 2009. SGT

200110-The occupancy rate of grade-A office space this year will double compared to 2009. "This is because the demand is increasing as international schools and domestic and overseas financial compa¬nies are seeking large spaces. The creation of a dual market in Hoan Kiem and the western districts and the increasing rivalry between landlords is likely to put further downward pres¬sure on rentals." VIR

280110-New supply of office space that has gone into operation since the previous quarter in 5 districts in the city created a significant increase of some 600,000sqm. New supply includes BIDV Tower and Capital Tower with some 45,000sqm of Grade¬ A office space. The market has seen occupancy across Grade A, B and C soften further and continue its downtrend since the last quarter, when it recorded a significant decline of 18% in the occupancy rate of Grade A office. The average rent for all grades was about US$29sqm in the last quarter. However, the average rents of Grade A and Grade B office premises have seen a continuous fall in the last 5 Quarters, a reduction of 18% compared with the highest rental rate of in the 4th Quarter of 2008. Demand for office space is ex¬pected to slightly increase this year due to positive signs of the recov¬ery of the economy, the return of foreign companies to Vietnam and expansion among local companies. It is projected that an additional 170,000sqm of office space will be launched into the market this year, and nearly 1.5m sqm of office space of all grades from around 100 projects are expected to be ready for tenancy in the next 4 years. SGT

050210-The PVI Tower in Ha Noi's Cau Giay 27-storey office project covers nearly 5,000sqm and is expected to cost US$50m. VNN

220210-It is predicted that there will be downward pres¬sure on rents due to the likely over-supply of office space in the coming time with a projected additional 170,000sqm of office space launched into Hanoi's of¬fice market this year with nearly 1.5m sqm of office space of all grades from around 100 projects expected to be ready for tenancy in the next 4 years. SGT

060410-There is now about 610,000sqm of office space in Ha Noi – up 3.5% compared with Q4 2009. Average occupancy across all grades and districts slightly increased to about 85% which was an increase of about 2% quarter on quarter. Occupancy rates of Grades B and C increased noticeably when compared with Q4 2009. Otherwise, the average rent for all grades and districts in Q1 2010 saw a decline of 3.6% against Q4 2009, achieving around US$27/sqm mth. Based on the initial positive impact of the regulation that bans the use of apartments for office space or trading areas, it appears the Grade C market will continue improving throughout the remainder of the year. In the next 4 years, pearly 1.9m sqm of additional office space from about 120 projects are planned to come online, which will result in an oversupply. SGT

140410-The market saw a slight decrease of 3.5% quarter ¬on quarter to US$42.16sqm for Grade A office rent. Mean¬while, Grade B office remained stable with rents averaging out at US$26.77sqm. In the 1st Quarter, there was a Grade B project named Capital Tower with some 21,000sqm joining the market and vacancy in Hanoi market totals around 80,000sqm, the biggest number since 2004. However, more projects due to join the market this year will cause supply to far outpace demand, and vacancy in the market will increase up to 150,000sqm by the end of this year. SGT

200410-In the next 4 years nearly 1.9m sqm of additional office space from about 120 projects would come online in the capital city. Some 95% of new space would be out of the central business district (CBD). If only half of the above 1.9m sqm was realised, the stock would still be too big. Average occupancy lev¬els across all grades and dis¬tricts had increased slightly to about 85% which was an increase of about 2% quarter-on-quarter. The average rent for all grades and districts this quarter recorded a decline of 3.6% against the last quarter, ending at around $27/sqm per month. Grade A rents showed a modest increase while Grade B rents had reduced nearly by half compared with late 2009. As of last month, Hanoi was home to more than 610,000sqm of office space, a slight increase of 3.5% compared with the 4th Quarter of last year, contributed by 86 office buildings across all grades and 10 districts. The two latest buildings, the Hanoi Tourism Tower and Sky City Tower, provid¬ed an additional 17,600sqm to the stock this quarter. VIR

080510-Average rents have reduced continu¬ously since 2008 from around $60-$45sqm for Grade A offices and $37-$22 for Grade B space in 2009. In the 1st Quarter of 2010 Grade A rates in Hanoi reduced by 3.55% com¬pared to the last quarter of 2009 to $42sqm. Rents for Grade B space remained at $25sqm. Vacancies are 9.26% for Grade A buildings and 21.56% for Grade B. The market will receive a huge volume of space in 2010 and 2011 especially in the west, with big projects such as Keangnam Hanoi Land¬mark Tower, Grand Plaza and Crowne Plaza coming online. The oversupply will be seen strongly at the end of 2010 with more than 150,000sqm available. VIR

150510-It is hard to say whether or not there is an over-supply of offices for lease in the capital's western area but office buildings in the area along Pham Hung, Nguyen Phong Sac and My Dinh streets have provided a significant supply to the mar¬ket. The buildings have contributed a considerable per¬centage to the total grade A area of 170,000-180,000sqm this year while the figure in 2009 was 116,000sqm. Along Nguyen Phong Sac alone, over 20 buildings have come into operation. The rental price in the city's central area is currently around US$47sqm while the price in the western sub-market is hover¬ing between $13-17sqm. Flexible contract structure and im¬proved infrastructure have pushed the number of tenants up 20% to 25% in the 1st Quarter. VNN

200510-Office rent in the capital city of Hanoi had decreased in the 1st Quarter of this year due to abundant supply. The market saw a slight decrease of 3.55% quar¬ter-on-quarter to US$42.16sqm for Grade A office rent. Meanwhile, Grade B office re¬mained stable with rents averaging out at US$26.77sqm. Vacancy in Hanoi market totals around 80,000sqm, the biggest number since 2004. However, more projects due to join the market this year will cause supply to far outpace de¬mand, and vacancy in the market will increase up to 150,000sqm by the end of this year. Landlords at all grades of office have revised down rents to meet the market demand, but more sup¬ply will continue to put greater pressure on office rent in the com¬ing time. Demand for office space is expected to increase slightly due to positive signs of the recovery of the economy, the return of foreign companies to Vietnam and expan¬sion among local companies. An addi¬tional 170,000sqm of office space will be launched into the market this year, and nearly 1.5m sqm of office space of all grades from around 100 projects in the next 4 years. SGTW

200610-Hanoi and Ho Chi Minh City are report¬ed to have the highest office and accommodation leasing costs for foreigners in ASEAN countries in a recent annual report in early 2010 by Japan External Trade Organisa¬tion. The rent rate was Hong Kong ($72.8), Mumbai ($70.8) and Shanghai ($64.8), Singapore with $46.4 and Bangkok with $19.8, Seoul ($49.8) or New Delhi ($35.8) and Beijing ($57.2). Hanoi ranked expensive with the rent of $42 per square metre. VIR

020710-Prices of grade-A offices for lease in Hanoi has a slight decrease of 3.5% year-on-year, standing at US$42.16/square meter/month on average. Those of grade-B of¬fices are about US$26.77/square meter/month on average. It is estimated that the area of vacant offices for lease in Hanoi is about 80,000 square me¬ters, the biggest number since 2004. SGTW

100710-Hanoi's office for lease market was stable compared the 1st Quarter with average occupancy increasing to nearly 87%, or a rise about 2%. Meanwhile office rent saw a decline of about 4% compared with the 1st Quarter. There are some 640,000sqm of office space in the capital city of Hanoi, con¬tributed by 95 office buildings across all grades, in which 9 more office build¬ings entered the market in the quarter providing about 28,600sqm of additional office space. Office take-up by Grade A increased steadily while Grade B continued to decrease compared with the previous quarter. In the next 4 years, nearly 1.8m, sqm of additional office space from about 130 projects would come online, most of which is outside the central business districts. Oversupply of office space is an¬ticipated to significantly affect the office market in the next few years. Rental rates are expected to remain stable for office buildings in the CBD with greater competitive pressure on rents in the area west of Hanoi because a large new supply is to be launched into the market. VNN

140710-Grade A office occupancy rates increased as the take-up space of space in the 2nd Quarter increased to more than 8,400sqm, com¬pared to only 1,600sqm in the previous quarter. Average occupancy of office in all grade increased slightly to 86.7%, an increase of about 2% compared with the 1st Quarter. However, rent was still on the way down, falling about 4% compared with previ¬ous quarter. Buildings such as BIDV and Sentinel Place are see-ing healthy demand and are now more than 50% full. In the western districts the sup¬ply pipeline was large, however the space was split over a relatively small number of projects. Landlords in the west¬ern area are under pressure due to the shear the size of projects. Hanoi has 112 office for lease projects ranging of A, B and C grades with total supply of more than 600,000sqm. To 2013 roughly of 813,000sqm of new supply will come online to the Hanoi market. VIR

280710-It is expected said that by the end of 2011 Hanoi's total office supply will hit 1.2m sqm. Of this, the South Kore¬an Charmvit Group-backed project contributed 54,000sqm in July, while Keangnam will offer 94,000sqm when it comes online in 2011. These 2 projects together will occupy approximately 12.3% of Hanoi's office market. VIR

061010-Ha Noi' s office occupancy rate average increased to 91% - a 4% jump on the 2nd Quarter. SGT

211010-The office segment in 3rd Quarter witnessed a dip in occupancy and rent from the preceding quarter. Average rent was reported at US$26sqm, a slight drop of 0.8% from the 2nd Quarter. Demand for office space had slid as more companies in the city had entered the property development sector, with 102 build¬ings offering around 717,000sqm of office space and there would be an extra 1.3m sqm of office space from 99 building projects going up on the market in the next 4 years. SGT

211010-After a lengthy downturn, occupancy rates and rents for Grade B offices have significantly increased. Most net absorption was the 18,000sqm in the Grade B Capital Tower, which has over 85% occu¬pancy, up 1.5 times from the 2nd Quarter. Grade B average asking rent was $28.20sqm, up 6.74% quarter on quarter and about 7.6% on-year. Vacancies fell from 18% to 12.21% on quarter. The occupancy rates of the segment was about 85%. Grade A building rents have fallen but remained high at over $40sqm. In the near future, the Grade B segment would have an addition of more than 100,000sqm in office space from projects like Viet A Tower, Newtatco and those at No.44 Hoang Hoa Tham street and No.252 Hoang Quoc Viet, and there will be 1.3m sqm of office space from 99 projects within 4 years. VIR

The office market in the capi¬tal of Hanoi, especially in the western part, is projected to see an oversupply in the coming time given a long list of office development projects set to enter the market this year. Supply surpasses demand. Market observers have projected Grade A office supply will double this year and next, leading to a surplus supply. Among the office projects that will soon join the market, Char¬mvit Tower will supply the market with 45,000sqm of office space, and Capital Tower with 23,000sqm. Office developers in Hanoi's cen¬tral business districts and western part, will face greater pressure as there will be an extra 150,000-200,000sqm of office space available on the market this year. Hanoi's office market had an additional 32,600sqm of office in the final quarter of last year, the biggest monthly figure since 2007. Grade A office accounts for some 60% of that number thanks mainly to BIDV Tower and Cham Vit Tower. The market witnessed stable office rents with the rate for grade A offices put at US$41-42 per square meter and that for grade B at US$27. The office market has seen a significant improvement as the rate of real take-up space increased during the past three quarters; however, the Hanoi office market would see existing office buildings facing more pressure in the short term given new supply from big office buildings such as Crown Complex and Keangnam Landmark Tower. SGT

110111-Hanoi's office-for-lease market showed positive recov¬ery signs in 4th Quarter of 2010 with net absorption of 32,600sqm of Grade A and B office space, the highest rate of quarterly absorption since 2007. About 58% of space absorbed this quarter was taken up in Grade A buildings, mainly in BIDV and Charm Vit Tower, which were new offices gone into operation last year. In total, around 72,000sqm of office space were leased out across the city last year. The increase in office demand has helped decrease the vacancy rates in Grade A office buildings from 25% to 18%. Without taking into account Charm Vit Tower and BIDV Tower, Grade A vacancies remained stable at about 3% in last two years. Vacancy rate in Grade B buildings almost unchanged, at 15%. More than 20% of enquiries last year requiring space of more than 500sqm compared to 12% in 2009. Most enquiries were for 50-250sqm while those asking for 250-¬500sqm space account for 15%. In the Grade A segment, while the asking rents of some projects decreased, the rents of some buildings that are under new ownership or have undergone reno¬vations such Vincom and Central Building strongly increased their asking rents. Average asking rents were around $41-$42sqm. Grade B segments showed the remarkable recovery with the average asking rents were around $27-$28%, an 11.83% increase year on year. However, there will be a significant supply added to existing stock in 2011 so existing projects with vacant space would face competitive pressures from the big projects such Crown Complex and Keangnam Landmark Tower, Indochina Plaza that will be opened this year. VIR

160211-From about 70,000 square metres in 2007, Hanoi now has more than 740,000sqm of office for lease. In the next four years, approximately 1.5 million square metres of office space from approxi¬mately 125 projects is planned to enter the market. In 2011, the total new office supply may equal half of the current supply, VIR

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