RoK firms leasing more office space in Hanoi than in HCM City
Enterprises from the Republic of Korea (RoK) have been paying due attention to leasing office space in Hanoi, according to a recent survey by real estate consultants Savills Vietnam.
Hanoi (VNA) - Enterprises from the Republic of Korea (RoK) have been paying dueattention to leasing office space in Hanoi, according to a recent survey by realestate consultants Savills Vietnam.
Officespace leased by RoK enterprises in Hanoi is 60 percent higher than in Ho Chi Minh City.Samsung is the largest investor in Vietnam, primarily in the northern provincesof Bac Ninh and Thai Nguyen.
Japaneseinvestors, meanwhile, lease the same amount of office space in the two cities.
Hoang Nguyet Minh, commercial leasing director at Savills Hanoi, saidthe capital welcomed three Grade A office projects in the fourth quarter of2020 and first quarter in 2021 - Capital Place, with 93,000 sq.m, ThaiholdingsTower with 23,000 sq.m, and Leadvisors Tower with 18,000 sq.m.
Occupancy at Grade A buildings stood at over80 percent in the period, she added.
As of the end of the first quarter of thisyear, the total office space available for lease in the market amounted to morethan 2 million sq.m, a 10 percent increase year-on-year.
Grade A posted the highest growth, of 24percent, while the figure for Grade B was 9 percent.
Meanwhile,Districts 2 and 7 and Thu Duc district in HCM City hold potential in officespace.
Foreign direct investment (FDI) directly influences the number offoreign tenants and has been on the rise in recent years, except in 2020.
Vietnam attracted 38 billion USD in FDI in2019 - the highest in a decade - then 28.5 billion USD last year. The figurefor the first quarter was 10.13 billion USD, up 18.5 percent year-on-year.
Over 70 percent of tenants in Hanoi are localbusinesses and those from Japan, the Republic of Korea, the US, and Singapore, andthe figure is predicted to continue to increase in the time to come./.
The sudden increase in demand for land, factories, and warehouses in Vietnam has pushed up rental costs at industrial parks (IPs) near major cities, according to Savills Vietnam.
Surging demand, the resolution of legal hurdles and the gradual containment of the COVID-19 pandemic make the real estate industry sanguine about 2021.
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Illustrative photo (Source: regus.com) 
