Retail space for lease in Hanoi has recorded the best occupancy rate and rental prices in the last five years (Photo: VNA)Hanoi (VNA) – Retail space for lease in Hanoi hasrecorded the best occupancy rate and rental prices in the last five years,according to Savills Vietnam.
The property consultancy said at a pressconference on October 11 that the average occupancy rate has hit a five-yearhigh – 95 percent, up 11 percent year on year. Rental prices of retail spacehave increased by about 7 USD per square metre to some 45 USD per square metre.
Notably, all retail space for lease in the innerdistrict of Hoan Kiem has been occupied. Other downtown districts like Hai BaTrung, Dong Da and Tay Ho also reported improvement in both rental prices andoccupancy rates.
Do Thu Hang, Deputy Director of Savills Hanoi’sresearch division, said the 8.1-percent rise in retail sales revenue has helpedboost retail space occupancy. Meanwhile, personal consumption in Vietnam isforecast to keep growing at a fast pace compared to other regional countries.Inflation at below 5 percent is also a good sign for the retail market.
These factors have strongly supported the retailmarket, helping to augment occupancy to an ideal rate, she added.
Property experts said Vietnam’s consumerconfidence index has also reached a high level compared to the last five years,showing a bright prospect of the retail market as well as local consumers’readiness to spend and optimism about their financial capacity. These arefavourable factors for the retail space for lease market to continueflourishing.-VNA
VNA
