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Commercial space rent in HCMC continues to increase

Since the beginning of the year, many domestic and international retailers have accelerated their expansion in Vietnam, such as Uniqlo with its 11th store of 3,000 m2 in Saigon Center (District 1, HCMC), or Pandora with a new point of sale at Aeon Long Bien (Hanoi).

In particular, businesses real estate is also focusing on building its own ecosystem including retail, to serve the community of residents and customers.

For example, Nova Retail of NovaLand with a chain of stores distributing famous brands such as Nike, GAP, The Face Shop, or Son Kim Retail of Son Kim Group with GS25 convenience store chain and restaurant and spa chains.

The rent of commercial space in HCMC continues to increase - 1

A shopping mall in District 1, Ho Chi Minh City is crowded again at the weekend. Photo: Quynh Danh.

CBRE considers these to be bright spots for the retail market in the coming time, when a number of new categories are opening and expanding, and luxury brands continue to pay attention to the Vietnamese market.

This consultant said that in the first quarter of the year, a number of large-scale commercial centers in the central area of ​​Ho Chi Minh City began to recover with a large number of shoppers.

The average rent on the ground and first floors of these shopping centers increased by 7.5% qoq and 2.5% yoy, reaching 145.1 USD/m2/month. This price is 4 times higher than the rent outside the center, about 35.5 USD/m2/month.

The market has an uneven recovery across regions, as the vacancy in the CBD is very low, while the vacancy in the CBD is 13.7%.“, said Ms. Pham Ngoc Thien Thanh, Deputy Director of Research and Consulting Department at CBRE Vietnam.

She also added that the number of rental inquiries decreased significantly compared to the pre-epidemic period, in which there was a sharp decrease in the food service (F&B), fashion and accessories industries. It is expected that in the next 2 years, there will be an additional 235,000 m2 of supply, but the construction of a new project in the central area continues to be delayed.

In the first quarter report, Cushman & Wakefield also recorded that the retail real estate supply in Ho Chi Minh City in the next 2 years will be supplemented by large projects such as Vincom Megamall Grand Park, Satra Center Mall and Socar Mall.

In the past, investors often tended to build commercial centers in the core area of ​​the city center, but projects are gradually expanding into the surrounding area. In particular, the projects that are and are about to be implemented are mainly concentrated around the 2nd ring road“, commented Ms. Trang Bui, General Director of Cushman & Wakefield.

Looking at the prospect of the retail market in the coming time, Ms. Thien Thanh believes that short-term purchasing power is being limited by difficulties from economy macro, but will “warm” gradually and recover in the last months of the year.

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