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 has
recorded the best occupancy rate and rental prices in the last five years,
according to Savills Vietnam.



The property consultancy said at a press
conference on October 11 that the average occupancy rate has hit a five-year
high – 95 percent, up 11 percent year on year. Rental prices of retail space
have increased by about 7 USD per square metre to some 45 USD per square metre.



Notably, all retail space for lease in the inner
district of Hoan Kiem has been occupied. Other downtown districts like Hai Ba
Trung, Dong Da and Tay Ho also reported improvement in both rental prices and
occupancy rates.



Do Thu Hang, Deputy Director of Savills Hanoi’s
research division, said the 8.1-percent rise in retail sales revenue has helped
boost retail space occupancy. Meanwhile, personal consumption in Vietnam is
forecast 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 retail
market, helping to augment occupancy to an ideal rate, she added.



Property experts said Vietnam’s consumer
confidence 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 are
favourable factors for the retail space for lease market to continue
flourishing.-VNA