Commercial real estate rental market in HCMC heats up again

Despite the current complicated Covid-19 pandemic, the commercial real estate rental market in Ho Chi Minh City has gradually recovered at the end of the year. 
A coffee shop is prepared for opening.
In the areas near Ho Con Rua (Turtle Lake), Notre Dame Cathedral of Saigon, Nguyen Hue pedestrian street in District 1, BBQ restaurants, coffee shops, milk tea shops are heating up again with crowded people at night, especially at the weekend.

At the end of the year, most of the shopping malls, supermarkets, convenience stores in HCMC are gradually recovering, the on-site food services have also resumed so that more and more customers come to dine in.

The data of the Cho Tot Nha website showed that business premise rental in December reduced 70 percent compared with the price May but surged over 300 percent over September.

A house for leasing in the area of Turtle Lake
According to Jones Lang Lasalle Vietnam (JLL Vietnam) specializing in providing real estate consultancy and management services, the customers are still waiting for finding leasing opportunities at affordable prices. In the medium and long term of the vaccine coverage and new normalcy, Ho Chi Minh City is expected to be the top destination for international brand names which would promote the leasing activities in the upcoming time.

JLL Vietnam predicted that the house leasing offer would be stable while the leasing price could be increased as the owners would remove some preferential policies and deals when the department stores are re-opened.

Meanwhile, the commercial real estate leasing report of Savills Vietnam in HCMC showed that the medium and small customers had faced obstacles when they had to terminate the rental contracts or halt to re-sign the contracts due to strict social distancing regulations in the third quarter of 2021. Savills Vietnam expected the house leasing market would be strongly recovered in the fourth quarter of 2021 and at the beginning of 2022.

Other news