JavaScript is off. Please enable to view full site.

Office rent in Ho Chi Minh City 60 pct pricier than Hanoi: report

Friday, August 16, 2019, 15:34 GMT+7
Office rent in Ho Chi Minh City 60 pct pricier than Hanoi: report
An office for lease in Phu Nhuan District, Ho Chi Minh City. Photo: Quang Dinh / Tuoi Tre

People spent 60 percent more renting an office in Ho Chi Minh City than they did in Hanoi in the first half of 2019 as supply fell short of catching up with high demand for office space in Vietnam’s largest city.

The average gross office rent in Ho Chi Minh City from January to June was US$28.5 per square meter, compared to Hanoi’s rate of $17.7 per square meter over the same period, according to a July report by commercial real estate services firm Jones Lang LaSalle (JLL) Vietnam.

Office rent in Ho Chi Minh City and Hanoi rose by 2.5 percent and 3.9 percent, respectively, in the second quarter of 2019 from the first quarter, according to the report.

Only three percent of office space in Ho Chi Minh City was vacant as of Q2 2019, while the vacancy rate was eight percent for Hanoi.

Demands for office space in both cities tended to transition away from the downtown areas during the period, the report noted.

Specifically, there was a growing number of renters in Hanoi who preferred Ba Dinh and Dong Da Districts while more in Ho Chi Minh City sought for office spaces in Tan Binh District and the Phu My Hung area of District 7, according to the report.

JLL Vietnam forecast that office rents in the two cities will remain stable or rise slightly in the next quarters.

Around 67,000 new enterprises were registered in Vietnam in the first half of 2019, according to statistics from the Ministry of Planning and Investment.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Tuoi Tre News

More

Read more

;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news