Hanoi’s office market increasingly attractive to foreign tenants: Savills Hanoi
Hanoi’s office market is said to be more attractive than its counterparts in other Southeast Asian cities and even in the Asia-Pacific region because of cheaper rentals and greater supply, according to real estate consultants Savills Hanoi.
Hanoi (VNA)- Hanoi’s office market is said to bemore attractive than its counterparts in other Southeast Asian cities and even inthe Asia-Pacific region because of cheaper rentals and greater supply, accordingto real estate consultants Savills Hanoi.
It is also believed to possess the factors necessary for it to developfurther in the future.
According to the director of Savills Hanoi, MatthewPowell, Vietnam is a target market of multinational companies, especially thoseoperating in technology, financial services, and life insurance.
Hoang Nguyet Minh, commercial leasing director at Savills Hanoi, said the capitalwelcomed three Grade A office projects in the fourth quarter of 2020 and thefirst quarter in 2021 - Capital Place, with 93,000 sq m, Thaiholdings Tower with23,000 sq m, and Leadvisors Tower with 18,000 sq m.
Occupancy at Grade A buildings stood at over 80 percent in the period, sheadded.
As of the end of the first quarter of this year, the total office areaavailable for leasing in the market amounted to more than 2 million sq m, a 10 percentincrease year-on-year.
Grade A posted the highest growth, of 24 percent, while the figure for Grade Bwas 9 percent.
Foreign direct investment (FDI) directly influences the number of foreign tenantsand has been on the rise in recent years, except in 2020.
Vietnam attracted 38 billion USD in FDI in 2019 - the highest in a decade -then 28.5 billion USD last year. The figure for the first quarter was 10.13 billionUSD, up 18.5 percent year-on-year.
Over 70 percent of tenants in Hanoi arelocal businesses and those from Japan, the Republic of Korea, the US, and Singapore,and the figure is predicted to continue to increase in the time to come./.
The office market in Hanoi was expected to face a shortage of supply with competition between offices for lease and co-working spaces likely to rise in the future, but was performing well at present, according to experts.
The flexible office market in HCM City comprising co-working and serviced offices is among the fastest growing in the Asia Pacific, market researchers said.
The office market in Ho Chi Minh City continued stable growth in the first half of this year, with some increases in rental prices and areas, according to major property consultant firms.
Hanoi’s condominium supply volume and sales are expected to improve in 2021, with between 24,000 and 26,000 units to be put on the market, CBRE Vietnam said at a January 7 event to announced its Q4 2020 quarterly report.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
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The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
Illustrative image (Photo: VNA) 
