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Commercial rents hit new high in HCMC central areas

By Vu Le   July 17, 2022 | 06:10 pm PT
Commercial rents hit new high in HCMC central areas
Ho Chi Minh City's central business district. Photo by VnExpress/Quynh Tran
A shophouse on the main street of Nguyen Hue is being offered at US$350 per square meter per month, the highest commercial rent ever reported in HCMC.

Rents in the central business district (CBD) of the city averaged $270 in the second quarter, according to property consultancies CBRE Vietnam and Cushman & Wakefield.

At malls in central areas they were $206, up 50 percent year-on-year and 7.5 times that in non-CBD areas.

Nguyen Hong Hai, chairman of office rental agency VNO Group, expected rents in CBD areas to keep rising due to limited supply.

But occupancy rates were lower than expectations due to lower footfalls in malls.

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