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Office leasing continues to fall; vietnam real estate news
Topic Started: Aug 10 2011, 01:15 PM (26 Views)
realestateinvietnam
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The office leasing market is getting dull. Office rents are going down and are forecast to drop further.
The area of offices for lease in HCM City in the first half of this year reached about 67,800 square meters, a drop of nearly double year-on-year, according to a market survey by CB Richard Ellis Vietnam (CBRE).
Oversupply
The drop in demand for offices owes to the fact that many companies had to cut costs and delay business expansion plans due to the economic downturn.
The oversupply increased the number of vacant offices. The market survey shows the rate of vacant grade-A office buildings by the end of June was 38%. New office buildings on the market such as Vincom Center and Bitexco Financial Tower had leased out only 35% and 30% of their offices respectively. Meanwhile, high-rises such as Sun Wah Tower, Metropolitan, Diamond Plaza and Saigon Center still maintained their office occupancy rates at more than 95%.

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