Average asking rent in Hanoi’s retail market in the third quarter (Q3) this year was US$38.8 per square meter per month (/sq.m/m), increasing modestly by 2.4% on-quarter and 0.8% on-year, mainly driven by a higher exchange rate and higher rental rates at projects with improved performances, Cushman & Wakefield (C&W) Vietnam said. 
A trade center in Hanoi. Photo: Internet
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Market performance continued to show improvements with overall vacancy dropping 1.7 percentage points on-quarter and 2.5 percentage points on-year. The vacancy rate was reported at 0.0% for the department store segment, 1.2% for retail podium, and 7.8% for shopping center.
New entrants accounted for most of the total absorption in the quarter, according to the real estate services company.
Currently, the city sees retail inventory of 1.07 million sq.m with Shopping center taking the lead (968,400 sq.m), followed by Retail podium (86,700 sq.m), and Department store (18,000 sq.m).
The city will see supply of 400,000 sq.m of retail space from now until 2020, mostly projects in the west. Among those, Japan-invested Aeon Mall will offer an area of 130,000 sq.m in Ha Dong district by 2019.
