Friday , May 24 2024

Office building rents up in HCMC’s Thu Thiem despite bearish market

While rents for office buildings declined all over Ho Chi Minh City in the first quarter, they rose by 8% year-on-year in Thu Thiem, according to real estate consultancies.

The average occupancy rate in Thu Thiem, the new urban area in the city’s Thu Duc City, stood at 99%, 13% higher year-on-year and 5% quarter-on-quarter due to low supply, Savills Vietnam said in a recent report.

According to Cushman & Wakefield, the average rent in Thu Thiem increased to US$38 per square meter per month.

Savills said Thu Thiem is gradually becoming a new hub, attracting a lot of attention from prospective tenants due to its transport connectivity with District 1 and competitive rents for office buildings.

Besides, office buildings there tend to be green and with new technologies, design and layouts that save 20% space compared to old-standard buildings, it said.

Cushman & Wakefield said Thu Thiem would get new grade A office buildings in the second and third quarters with rents of up to $52, comparable to rates in the central business district.

Trang Bui, CEO of Cushman & Wakefield Vietnam, expected Thu Thiem to compete with the central business district and other urban districts.

Buildings in Thu Thiem have 1,600-1,800 square meters of space in a single floor, while it is difficult to find anything with more than 1,000 sq.m in District 1.

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