35 C
Ho Chi Minh City
Saturday, May 18, 2024

Changes underway

By Do An

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Vietnam’s property market is entering a new phase marked by stabilizing trends and surprising shifts across sectors. The current landscape reveals how everything from office rents to shopping mall strategies are evolving in the real estate sector. The real estate market in Vietnam is showing signs of recovery in the first quarter of 2024, according to a new Avison Young report. While sectoral performance varied across different property types, overall market activity is on the rise following a sluggish period of the Lunar New year holiday, or Tet. Market rebalances  The office market underwent considerable changes in Q1. In HCMC, the recent surge in high-quality, green-certified Grade A office space has dramatically altered market dynamics. With about 150,000 square meters of green office space, the market competition intensified among both new and established buildings. The excess supply has put pressure on rents and occupancy across the city. In other words, new buildings like the Hallmark, the METT, and the Nexus are directly competing with older projects, prompting renovations and upgrades in established buildings, such as mPlaza and Vincom Center Dong Khoi. Still, HCMC rents and occupancy rates remained relatively stable in Q1, as property owners strive to maintain their positions, […]
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