Thursday, July 15, 2010

Central Hanoi face shortage of retail spaces for lease

Jul 12th, 2010

The central Hanoi has been in shortage of retail spaces for lease to the second quarter of 2010, according CBRE, with no vacancy and average price of about $54.6 per square metre.

The total supply of retail spaces in Hanoi is approximately 60,000 square metres.

The vacancy rate of the central Hanoi is zero percent; outside the centre is 20 percent, down by 10 percent compared to the previous quarter (due to the participants of Saigon Co.opmart).

In this quarter, market for retail spaces for lease in Hanoi welcomed the first supermarket of Saigon Co.opmart in Hanoi and the 44 nationwide in Fodacon Building on Nguyen Trai road, Ha Dong district.

This chain of supermarkets has contributed total 7,500 square metres of retail spaces into the market. With the participation of Saigon Co.opmart, total retail space supply in Hanoi has risen up by 13.14 percent compared to the same period of last year and 3.86 percent compared to the first quarter of 2010.

Except the central area, leasing price has increased by about 1.59 percent compared to the previous quarter. Offered prices for retail spaces fluctuate from $29 to $70 per square metre monthly.

The vacant rate of the entire market is 10.8 percent, down by 2.5 percent compared to the first quarter.

Some complex has created a new trend by leasing retail spaces in the basements such as SavicoPlaza, Royal City, Big C at the Garden (in Hanoi) and C.T Plaza and VincomCentre, etc. (in Hochiminh city).

The retail turnover has increased significantly by about 28.2 percent, in the first six months, indicating an increase in consuming demand.

There have been expansions of a number of prestigious domestic retail brands and franchised brands in the second quarter. Both turnover and number of retail stores have increased, indicating the stable development potential of retail market in Hanoi in the next quarters.


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