Office space for rent in ho chi minh city in the first 6 months 2020
Office space for rent in ho chi minh city in the first 6 months 2020 experienced many fluctuations and effects of covid-19 but office supply is still on an upward trend and rents may not affect much because the disease soon is extinguished in Vietnam.
The supply of new office space for rent in Ho Chi Minh
It is expected that from 2020 to the end of 2022, the HCMC office market will have more than 350,000m2 of new NLA if the projects are built on schedule. These projects are mainly located in districts 1, 7 and Binh Thanh. With abundant supply in the coming years, the Grade A vacancy in the CBD area is expected to reach 5.9%, 6.3% and 16.7% respectively. In contrast, the vacancy rate of Grade B in the same period will decrease to 8.6%, 3.6% and 4.4%, respectively.
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The price of office space for rent in Ho Chi Minh
The year 2019 not only recorded the largest supply in the past 5 years of the office market but also witnessed the remarkable growth of the Grade B office segment in Ho Chi Minh City. Rents of Grade A and Grade B segments continued to record growth trends with an average growth rate of 5.9% and 5.7%, respectively over the past 5 years. If the epidemic is prevented in the first six months of 2020, the growth of HCMC office rents will be maintained at a positive level. In contrast, rents will fall from 8% to 10% – in case companies continue to suffer losses and are forced to ask landlords to lower rents if the disease situation is not under control.
The trend of office space for rent in Ho Chi Minh
Vietnam’s office market has changed a lot over the past decade. Many Grade A office buildings with international quality were completed; Shared economies, flexible working spaces as well as green buildings are the leading trends in the market. As of 2019, the total office supply will reach more than 1.3 million sqm of effective floor area. However, the scarcity of land in the CBD along with the development of new infrastructure has supported the development in non-CBD areas such as District 2, District 7, and Binh Thanh district.
Flexible workspaces and the arrival of technology companies have continued to lead the demand of the office market in recent years. Not only domestic flexible workspace operators, but also foreign operators are also actively expanding their market share in this emerging market.
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