The average asking rent of retail space in Hanoi in the second quarter this year slid by a marginal 2.0% quarter-on-quarter (qoq) and 0.3% year-on-year (yoy), mainly due to low rents offered by the new projects in the non-CBD areas, Cushman & Wakefield (C&W) has said in a report.
Retail space in the CBD was priced at more than double the average rent of the secondary and four to five times of those in the West and suburban submarkets, the real estate services firm added.
C&W informed that the opening of two new shopping centers and retail podiums in the April-June quarter resulted in a significant increase in the total retail stock by 4.8% quarter-on-quarter and 7.3% year-on-year. Overall occupancy still trended upwards with huge absorption, mainly contributed by new projects with good performance.
This year, two major projects in the West will be put into operation namely Discovery Complex
FLC Twin Tower, supplying a combined 40,700 square meters. Three projects namely D’Capitale, Ciputra Hanoi Mall and Aeon Ha Dong are under construction and will be operational next year.