There have been no signs of recovery for the office leasing market in Hanoi, while Savills Vietnam, the country’s largest real estate consulting firm, has said fees could continue decreasing in the time to come.
Hanoi office rental fees decreased by 3.6 percent in the first quarter of 2010 over the fourth quarter of 2009 to $27 per square meter. (File photo)
Average office leasing fees in the first quarter of 2010 were lower than the fourth quarter of 2009 by 3.6 percent, around US$27 per square meter per month. However, demand for C-class office space is forecast to increase this year, said a Savills Vietnam representative.
The Savills Vietnam representative said that the decision on banning apartments to be used as business offices will have an impact, leading to higher demand for C class offices.
There are around 610,000 square meters of office space for lease in Hanoi, an increase of 3.5 percent compared to the fourth quarter last year, Savills Vietnam added.
The occupancy rate of offices this quarter achieved 85 percent, an increase of 2 percent, over the previous quarter this year.
