Prime office project put up for lease
By Dinh Dung - The Saigon Times Daily
HCMC - Capital Tower, a Grade A office project in Hoan Kiem District in the capital city of Hanoi, is scheduled to be put up for lease this quarter, offering tenants more options in office space supply.
Savills Vietnam, exclusive leasing agent for Capital Tower, says the new commercial development on Tran Hung 
Dao Street in Hanoi’s central business district is ready for fitting out.
The market research company says Capital Tower is expected to become a distinguished Grade A office building attracting renowned international and Vietnamese organizations given the prime location and design.
The office building will provide some 23,000 square meters of prime office space to the market, offering floor plates from 900 square meters to 1,200 square meters. It also offers smaller areas from 140 square meters for tenants.
As designed, each floor has full floor-to-ceiling double glazed windows providing exceptional views and natural lighting. There is ample vertical transportation provided by six international high speed lifts, three levels of basement parking, back up power, central air-conditioning and fire safety equipment.
Savills says the office building has pre-leased approximately 20% of its space and some first tenants are Lien Viet Bank and GP Bank.
Related to the office market in Hanoi, Savills was upbeat in a recent report saying that demand for office space is expected to slightly increase this year due to positive signs of the economic recovery, the return of foreign companies to Vietnam and expansion by local companies.
Savills predicted downward pressure on rent due to the likely oversupply of office space in the coming time and projected that an additional 170,000 square meters of office space would be launched into Hanoi’s office market this year with nearly 1.5 million square meters of office space of all grades from around 100 projects expected to be ready for tenancy in the next four years.