Ha Noi: office supply strongly increases

18/10/2017 13:54

In the third quarter of 2013, the total supply of retail market, office, trading center has strongly increased, 18%/ q- o-q and 25%/ y-o-y, including 140 projects and 897.000m2. 

 

 

Trading center at Royal City has been launched into market pushing the supply of retail market higher with 181.000m2 rental space. This is one of Asia’s biggest trading centers, attracting many foreign investors especially in the field of electronic supermarkets.

However, the average capacity with the downward trend from the second quarter accounts for 85% in the 3rd quarter. The average price is 1.2 million/m2/month, 2% lower. The introduction of the huge trading center with cheaper rent and flexible policies makes other retail centers decrease tax, even retail centers at prime wards.

As expected, till 2014 there will be 25 projects launched into market in Hanoi, providing about 358.000m2, equal 40% of the current supply. Retail markets mainly focus on prime wards, accounting for 50% of total supply. Meanwhile, because of space limitation, prime areas have the lowest level of supply, accounting for 1%.

Vietnam National Administration of Tourism said: there were 1.9 million foreigners in Ha Noi, 20% increase y-o-y and accounting for 35% total visitors. China is the leading country (1.4 million visits, 37% higher), followed by Korean and Japan.

According to experts, average revenue/room is 4% lower compared to average rent of all hotels (1.66 millionVND/room/night). The average capacity of the whole market is 53%; meanwhile, 5 star hotels have good performance and the price is 2.2 million VND/room/night.

In the future, 23 hotel projects will be launched into market with 6.800 rooms, mainly 5 star hotels. Tu Liem dist has the largest share (3.000 rooms), accounting for 45% and in the fourth quarter, a new 5 star hotel project will provide 450 more rooms. 

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