Downtown Hanoi seen lacking office space for rent

Office space for rent in downtown Hanoi City is almost fully occupied, so it may be tough for tenants to find offices in the coming time, according to real estate services provider Savills Vietnam.

Hanoi has a total of 1.6 million square meters of office space for rent. There were two more Grade A and B office-for-rent projects coming into service in the downtown last year.

There is another Grade A office building project which is far from the city center, which has been operational for over a year, while the downtown area has had no new projects of this kind since 2014.

It is tough to find large office space for rent in the downtown area, said Savills Vietnam, adding more foreign direct investment inflow in Vietnam has fueled the demand for offices, especially those in the high-end segment.

Therefore, occupancy on the Hanoi office market has been on the rise for the past two years, say, 94% in the previous quarter.

Notably, office occupancy in inner-city areas has reached 97%, which might rise further if there are no new office projects up and running later this year.

Office tenants in downtown Hanoi are mainly from the finance, banking, insurance and real estate sectors.

Office space of grades A, B, and C are priced at VND630,000, VND390,000 and VND280,00 per square meter per month respectively.

SGT

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