Office space prices slashed in Hanoi

By Baodautu, Dam Tuan April 4, 2016 | 11:56 pm PT

New office buildings driving rental prices down by 4.2 percent compared to the last quarter.

According to CBRE's Q1 report, new office space has fallen to $28.1/meter square per month.

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TNR and other grade A office buildings in Hanoi have pushed down rental prices in the first quarter. Photo: baodautu

TNR Tower has 52,800 meter squares office space for let, pushing Hanoi’s grade A office space up to 1,158,000 meter squares.

Office tenants in the capital city now have more opportunities to lease offices at more reasonable prices as supply has increased competitiveness and owners of high-end segments have adjusted their prices down in the west of Hanoi and Dong Da and Ba Dinh districts.

The report also shows that the consumption rate has grown 26 percent compared with the last quarter and eight percent to the same period of last year, mostly from domestic customers.

CBRE said that the spotlight in 2016 will be outsourcing industries and the technology, electronics, IT, banking, finance and insurance sectors that will create more demand for more rental areas, renewed rental provisions and contribute to the development of the office leasing market.