Ho Chi Minh City has seen rapid expansion of co-working spaces over the last two years, with a sharp increase of over 90 per cent per annum to reach over 37,000 square meters as of the reviewed period (Illustrative photo: baoxaydung.com.vn) Savills Vietnam said in a recent report that vacancies in the Ho Chi Minh City (HCMC) market are continuously declining. This trend can especially be seen in the central business district (CBD) area, with all recent entries rapidly absorbed. Rent remained robust with another quarterly hike of 2 per cent, continuing its five-year momentum into the first quarter of 2019. Rents for top-tier grade offices (Grade A) continued to lead, up 2 per cent on quarter, representing accumulative growth of 13 per cent over the past five successive quarters. Leveraging high demand but limited available stock, landlords have continued to raise rent and hold firm in negotiations, whilst tenants have had to either accept rental hikes or consider alternatives, such as locations outside of the CBD or flexible working spaces. With good macro fundamentals, the HCMC office market is expected to maintain its momentum during 2019. Up to 11 projects with 206,000 square meters are scheduled to come online this year,… Read full this story
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