HCMC to see soaring office demand in next four years As Southeast Asian economies expand, office demand, particularly from technology, e-commerce, and co-working space companies, is expected to rise by an estimated 6 per cent annually between 2018 and 2021, with Ho Chi Minh City seeing a rate of 10 per cent in the period, according to JLL Vietnam. As at the end of the second quarter of 2018, total stock in Ho Chi Minh City’s office market increased to 1,945,000 sq m, with overall Grade A and B occupancy rates standing at a high of above 95 per cent. The overall rental rate is expected to continue its upwards trend with support from healthy demand and increased quality in future supply. A large volume of high-quality Grade B supply is also projected to be completed by 2020 and will likely put pressure on Grade A in the future, especially long-standing Grade A projects with deteriorating construction quality. In Hanoi, demand for Grade A and B office space in 2018-2019 will increase on the back of positive economic growth. Higher occupancy rates were observed in both as new set-up and relocation purposes continue to be the main drivers of office… Read full this story
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