Trang Bui, executive director of Cushman & Wakefield Vietnam, said there was a big difference between retail space in shopping centers and traditional street-front houses as they served different groups of tenants, resulting in different business strategies and budgets. The house is covered by leaflets of other landlords who are looking for tenants. Tourists walk past a front house put up for lease on Ly Tu Trong Street in District 1, HCMC, March 2, 2023. In some cases, the rise is 5-7% and owners still cannot find tenants. The rent of these premises has increased by 15-20% against the pandemic period in 2020-2021.
It said new tenants were mostly international brands, including Uniqlo, Muji, Haidilao and Arabica, which are increasing their presence in Vietnam with rapid expansion.įor street-front houses the picture is different.Ī tour of downtown streets including Ngo Duc Ke, Ho Tung Mau, Nguyen Trai and Bui Vien provides clear evidence of how street-front houses are in need of tenants. Similarly, CBRE Vietnam’s report shows that in the first quarter of the year, shopping malls in HCMC recorded an occupancy rate of 94%, with most leasing out stores on the ground floor at $224 per sq.m per month.Ĭolliers Vietnam said rent at HCMC’s shopping malls in the first quarter increased by 3% on average compared to the same period last year. Their surveys do not include a small number of commercial towers that are currently closed for renovations.Ĭushman & Wakefield said the average rental price of the city's commercial center space in the first quarter increased by 7.1% over the same period last year while the occupancy rate stayed at over 90%.Ī high-class commercial center on Nguyen Hue pedestrian street has found tenants for all of its stores on the first floor even though the rent is as high as US$300-500 per sq.m per month. In some cases, several commercial centers even achieved occupancy rates of up to 95-100%. Several reports by commercial real estate market units have shown the occupancy rate of rental space in Ho Chi Minh City’s shopping malls reached over 90% in the first quarter, and most tenants are foreign brands.
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