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Real Estate With Poor Transactions Makes Office Rental Cost Rise

Real Estate With Poor Transactions Makes Office Rental Cost Rise

While most of the real estate segments are showing signs of declining selling prices because of declining liquidity, real estate office rental cost are trending up.

The demand for office rental cost increased sharply after the epidemic

The demand for office rental cost increased sharply after the epidemic

According to statistics from the Ministry of Construction, in the third quarter of 2022, there are no new Grade A and B office buildings in the whole country that have been opened and put into operation. For Grade C offices, prominently in the quarter was the Bcons Tower VI office building project in Binh Duong which was launched to the market. The new supply of office space is still in short supply and is mainly supplemented by rental space in mixed-use buildings.

Office rental cost demand and capacity in the third quarter of 2022 increased slightly compared to the second quarter of 2022. For traditional office buildings, the basic occupancy rate remains stable. However, for modern and flexible offices like Co-working, the search and rental demand is on the rise. Especially, the shared offices in the central area always reach over 90% occupancy.

The average office rental cost of the whole market in the third quarter of 2022 continued to increase compared to the previous quarter. In, office rental cost in the Hanoi area increased by 2-3% and increased sharply in some areas such as Ba Dinh, Thanh Xuan, and Hai Ba Trung districts; Office rental cost rates in HCMC. Ho Chi Minh City increased about 4-5% and increased sharply in some areas such as District 4, District 7, and Binh Thanh. Average rent in Hanoi and Ho Chi Minh City Specifically, Ho Chi Minh City is as follows:

Specifically, in Hanoi, the rent for a Grade A office rental cost is about 700,000 VND/m2/month, and the Grade B office rental cost is about 380,000 VND/m2/month. And in the city. In Ho Chi Minh City, the rent for Grade A office rental cost space is about 1,150,000 VND/m2/month, Grade B office rental cost is quite stable at about 650,000 VND/m2/month.

You can read the previous article here: Getting used to Uncertainty at Workplace

The high occupancy rate of commercial premises

In the third quarter of 2022, the commercial space market was supplemented with new supply from a number of commercial centers and large supermarkets that were opened and put into operation such as TTC Plaza Duc Trong (Lam Dong) with a scale of 12,000 m2. Lotte Mart Vinh (Nghe An) scale 20,400m2,…

Demand for business premises in large commercial centers and supermarkets and retail space for townhouses in the third quarter of 2022 tend to increase slightly compared to the previous quarter. In Vietnam, there has been a positive recovery after being affected by the epidemic for a long time, especially in the area of ​​big cities and localities with potential for resort tourism development such as Hanoi, Ho Chi Minh City, etc. Ho Chi Minh, Binh Duong, Khanh Hoa,…

The occupancy rate of business premises at large commercial centers and supermarkets in the third quarter of 2022 remained at an average level of about 80-90%. For commercial centers in the central area, the occupancy rate of business premises continues to remain high above 95%.

The average market rental price of premises in commercial centers, supermarkets, and retail space in townhouses in the third quarter of 2022 was basically stable compared to the previous quarter.

Specifically, in Hanoi, the average asking price on the ground floor and first floor outside the center is 600,000 VND/m2/month, in the central area, the average asking price is 3,000,000 VND/m2/month.

In Ho Chi Minh City, the average asking price on the ground floor and first floor of the non-CBD area is at 900,000 VND/m2/month, the central area is 4,600,000 VND/m2/month.

Hotel office rental cost increases by 5-10%

Hotel office rental cost increases by 5-10%

According to the Ministry of Construction, in the whole country, there are no 3 – 5 star hotel projects and newly opened and put-into-operation tourist resorts. The average demand and occupancy of hotel rooms in the whole market in the third quarter of 2022 increased compared to the second quarter of 2022 because the third quarter of the year is still the peak season for domestic tourism, so the demand for sightseeing will continue. continued to grow strongly during this period.

Besides, the number of international visitors to Vietnam in 2022 is gradually recovering and growing well because the State’s policies to support and attract international tourism have been effective. The average rental price of hotel rooms and resorts in the whole market in the third quarter of 2022 increased by 5-10% of office rental cost compared to the previous quarter.

Industrial real estate rental prices increase

The industrial real estate market has been supplemented with new supply from a number of newly started and launched projects such as Soc Son Clean Industrial Park 302.8 hectares, Dong Anh Industrial Park 300 hectares, Bac Thuong Tin Industrial Park 112 hectares, and Industrial Parks. Phu Nghia expanded 389 hectares, Phung Hiep Industrial Park 174.9 hectares in Hanoi, Son My I Industrial Park 1,070 hectares in Binh Thuan;…

Demand for industrial real estate rental in the third quarter of 2022 continued the upward trend compared to the previous quarter. The occupancy rate of industrial zones in the third quarter of 2022 remains high, especially for the supply of ready-made industrial real estate. For these areas, the occupancy rate is usually over 90%, with the occupancy rate of industrial parks in the North being about 83%, and the occupancy rate of industrial parks in the southern provinces being about 83%. about 84%. Land rental prices in industrial parks in the third quarter of 2022 increased slightly by about 5% compared to the previous quarter.

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