The office-for-lease market is likely to see a large number of customs in the fourth quarter of this year, CB Richard Ellis Group (CBRE) in Vietnam and Savills Vietnam Company forecasted.
According to Nguyen Minh Tuan, Deputy Director of CBRE, the demand of office space in Hanoi increased in third quarter, with a total rented area of 13,000 sq.m, mainly in Grade B buildings.
The vacancy rate continued to decrease to 12 percent from 15 percent in the previous quarter.
The average rental price of Grade A buildings rose again to 40USD per sq.m. However, the number of successful transaction was negligible, Tuan said.
Meanwhile, the rental price of Grade B office slightly decreased to 26.2 USD per sq.m from 26.8 USD per sq.m in the previous quarter. In the western areas of the city, small buildings with rental price of 18 USD per sq.m and below were much in demand, he added.
Do Thu Hang, head of research and consultancy at Savills Vietnam said the office-for-lease market in Hanoi maintained a stable occupancy at 86 percent.
A report of Savills Vietnam said in Ho Chi Minh City, more than 60,000 sq.m of office space were put on the market in the third quarter, up 5 percent over the total supply of the second quarter, but the rental price and occupancy rate were lower than in Hanoi market, an average of 28 USD per sq.m and under 50 percent, respectively.
Truong An Duong, head of research at Savills Vietnam in HCM City said, around 217,000 sq.m of space would be added to the market in 2012, mainly in the central business area and Tan Binh, Binh Thanh and Phu Nhuan districts.
“The entrance of large new supply and vacancy of 230,000 sq.m will cause rents to continue declining”, he said./.